3936 Pulaski St · East Chicago, IN 46312

$205,000

2 bd · 2.0 ba · 1,344 sqft · MultiFamily public records · 6 Days on market

Built 1924 3,690 sqft lot Est $222k · 8% under

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +18.3/30.0
• ARV discount +10.9/15.0
• DSCR +5.7/10.0
• 1% rule +4.8/10.0
• Appreciation +4.8/10.0
• Rent growth +4.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

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Key facts

• Fenced yard
• Full basement
• 3,690 sq ft lot

Tags

• FULL BASEMENT
• DETACHED 2-CAR GARAGE
• FENCED YARD

Property features AI

Finance

• Financial info: Gross scheduled income: $22,800; Estimated taxes (listed): $3,386

Exterior

• Parking: Detached garage facing rear; 2-car garage
• Utilities: Public water; Public sewer
• Home design: Two-story building; Built in 1924
• Construction: Has basement
• Exterior features: Public water; Public sewer

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Two 2-bedroom units (multifamily)
• Flooring: Vinyl flooring
• Bathrooms: Two full bathrooms
• Heating & cooling: Hot water heating; Other cooling
• Interior features: Laminate countertops; Unfinished basement
• Laundry & utility: Laundry on lower level

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $205k.

Deal economics

• At list price, monthly cash flow is $186 ($2k/yr) — positive. Per door: $93/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (1.8% below list).
• Recommended offer: $201k (1.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#371 in IN) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: health & safety D+, schools F, crime F.
• School City Of East Chicago (suburban): math 7% / reading 15% proficiency, ranked #293 of 301 in IN (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 89% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.1%/yr); 79 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,013/mo this rent would consume 57% of the median local household income ($42k/yr) (locally 1227% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $795 of equity ($1k loan paydown + $-622 appreciation (-0.3% local appreciation)).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-0.3% appreciation + 8.0% rent growth), your $57k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $160k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $201,300 (1.8% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 7.38%
• Cash-on-cash: 3.90%
• DSCR: 1.17
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $221,760
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3924 Elm St	0.19mi	2/2.0	1,452 (+8%)	3mo	$240,000	$165	76

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.3% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 4.9%
• Equity multiple: 1.24×
• Total profit: $13,634
• Equity at exit: $56,434

10-year hold

• IRR: 14.0%
• Equity multiple: 2.73×
• Total profit: $99,332
• Equity at exit: $65,415

Cash invested: $57,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46312

• Home prices YoY: -0.1%
• Rents YoY: 8.1%
• Active inventory: 79
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $2,013 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$243 /mo · $2,920/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $186

Break-even live

Break-even rent $1,777

Max offer price $205,000

Occupancy floor 86%

Sensitivity live

Price	-10% $303	-5% $245	+0% $186	+5% $128	+10% $70
Rent	-10% $27	-5% $107	+0% $186	+5% $266	+10% $346
Rate	-1.0pp $290	-0.5pp $239	base $186	+0.5pp $133	+1.0pp $79

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,012
Total (2 units)			$2,013

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3926 Butternut St #2 East Chicago, IN	2.0	1.0	1100	$1,350	$1.23	25d	1	0.13mi
3802 # E Unit Butternut St unit 2 East Chicago, IN	2.0	1.0	1140	$1,000	$0.88	25d	1	0.25mi
2607 E 141st St East Chicago, IN	3.0	1.0	1016	$1,400	$1.38	14d	1	0.30mi
1311 E # E Unit Columbus Dr unit 1 East Chicago, IN	3.0	1.5	1056	$1,350	$1.28	8d	1	0.59mi
3601 # E Unit Ivy St unit 3 East Chicago, IN	1.0	1.0	900	$700	$0.78	0d	1	0.65mi
4001 McCook Ave Unit 2 East Chicago, IN	3.0	1.0	960	$1,650	$1.72	4d	1	1.08mi

Listing history 5 events

1. 2026-06-21
   days on market $205,000 Active 6 DOM
2. 2026-06-18
   days on market $205,000 Active 3 DOM
3. 2026-06-17
   days on market $205,000 Active 2 DOM
4. 2026-06-15
   remarks 493-char remark
5. 2026-06-15
   listed $205,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $2,920 · $243/mo
• Projected year-2 tax: $2,920 · $243/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,156
• − Mortgage interest: −$11,483
• − Property taxes: −$2,920
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,932
• − Management: −$1,932
• − Depreciation: −$5,964
• Taxable loss: −$1,101
• Est. tax savings @ 24.0%: +$264
• After-tax cash flow: $2,502/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: School City Of East Chicago
• NCES district ID: 1802880
• Math proficiency: 7% ▼ -10.00%
• Reading proficiency: 15% ▼ -7.00%
• Median HH income: $28,423
• Composite: 8.36/100
• National rank: #9909
• State rank: #293 of 301 in IN

Livability — East Chicago

• Score: 64/100
• State rank: #371
• US rank: #13869

Category grades

Amenities F Commute A+ Cost of living A+ Crime F Employment F Housing A Health & safety D+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Chicago, IN
• County: Lake County · 422,878 people
• City population: 26,022
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 26,022
• Household income: $42,125
• Rent vs Own: 57.1% rent · 42.9% own
• Severe rent burden: 1227.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 484,026 people
• By 2030: 478,091 · -1.2%
• By 2040: 462,974 · -4.3%
• By 2050: 449,894 · -7.1%
• By 2075: 436,169 · -9.9%
• By 2100: 426,607 · -11.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (56%)
• Race & ethnicity: Hispanic / Latino 56% Black 36% Two or more races 11% White 7%
• Hispanic origin (detail): Mexican 45% Puerto Rican 6%
• Common ancestry: Romanian 2%
• Foreign-born: 16% · Canada
• Languages at home: 59% English-only · Spanish 40%

Political lean MEDSL · Lake

• 2024 margin: Lean D (+5.6) · D 52.1% · R 46.5% · Other 1.5%
• 2008→2024 swing: -28.6pp toward R · 2008: 34.3pp · 2024: 5.6pp
• All cycles: 2024: D+5.6 2020: D+15.1 2016: D+20.6 2012: D+31.0 2008: D+34.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.30%
• Current HPI: 267.9232
• Rent YoY: ▲ 8.06%
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

+185.1% since first listed

12 events — show timeline

• 2026-06-15 Listed $205,000 NIRA MLS as Distributed by MLS Grid
• 2024-05-29 Sold (MLS) $160,000 NIRA MLS as Distributed by MLS Grid
• 2024-04-26 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-04-16 Listed $160,000 NIRA MLS as Distributed by MLS Grid
• 2022-07-22 Sold (MLS) $130,000 NIRA MLS as Distributed by MLS Grid
• 2022-06-23 Pending — NIRA MLS as Distributed by MLS Grid
• 2022-06-16 Listed $130,000 NIRA MLS as Distributed by MLS Grid
• 2022-02-20 Price Changed $775 RENT.
• 2018-11-30 Sold (MLS) $74,000 NIRA MLS as Distributed by MLS Grid
• 2018-10-03 Listed $77,000 NIRA MLS as Distributed by MLS Grid
• 2008-06-22 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-11-04 Listed $71,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2024): $2,920 · +9.8% YoY. Source: county tax records.