5008 Alexander Ave · East Chicago, IN 46312

$132,500

2 bd · 1.0 ba · 773 sqft · MultiFamily public records · 20 Days on market

Built 1913 3,550 sqft lot ↓ 7% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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: 3 units. confirmed

Listing remarks

Investor Opportunity - Triplex with Detached Coach House! Unlock the potential of this income-producing multi-unit property located in an established neighborhood. This unique offering includes a main building with two spacious 3-bedroom, 1-bath units and a separate 2-bedroom, 1-bath coach house, creating multiple streams of rental income and flexible investment possibilities. Each unit features a functional floor plan with generous living spaces and abundant natural light. The detached coach house offers added privacy, making it an attractive option for tenants, multi-generational living, or supplemental rental income. This property is being sold as-is and is ready for renovation and impr

Key facts

• Added privacy
• Detached coach house
• Triplex

Tags

• TRIPLEX
• DETACHED COACH HOUSE
• FUNCTIONAL FLOOR PLAN
• GENEROUS LIVING SPACES
• ABUNDANT NATURAL LIGHT
• ADDED PRIVACY

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Electricity available; Public water; Public sewer; Natural gas available
• Home design: Two-story multifamily property; Built in 1913; Property condition: fixer
• Construction: Shingle roof; Basement present
• Exterior features: Covered porch or patio; No pool

Interior

• Kitchen: No appliances listed
• Bedrooms: Three-unit building: one 2-bedroom unit and two 3-bedroom units
• Flooring: Other flooring
• Bathrooms: 3 full bathrooms
• Heating & cooling: No heating listed; No cooling listed
• Interior features: Other interior features; Interior entry basement; Three full bathrooms total
• Laundry & utility: Laundry: Other

What this means for you Summary

Snapshot

• This is a 2×3bd/1ba + 1×2bd/1ba units multifamily listed at $132k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $542/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $132k).
• Recommended offer: $131k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.0% vs local median 8.2% in East Chicago — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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+, crime F, amenities 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.
• Zoned schools: Carrie Gosch Pk Center (150 students, 84% FRL); Joseph Block Middle School (math 3% / reading 13%, grade F, #317 of 330 statewide, top 96%, 487 students, 82% FRL); East Chicago Central High School (math 23% / reading 56%, grade F, #221 of 369 statewide, top 63%, 1,079 students, 77% FRL).
• Zoned-school proficiency averages 24% at this address vs 11% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the School City Of East Chicago average implies; a family-tenant draw the district grade alone would hide.
• 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 26d 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 $3,158/mo this rent would consume 90% 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 $514 of equity ($916 loan paydown + $-402 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 $37k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $18k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,512 (1.5% 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 1913 — 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: 2.38% ✓
• Cap rate: 21.01%
• Cash-on-cash: 52.55%
• DSCR: 3.34
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 58.8%
• Equity multiple: 4.08×
• Total profit: $114,426
• Equity at exit: $36,475

10-year hold

• IRR: 63.2%
• Equity multiple: 9.74×
• Total profit: $324,206
• Equity at exit: $42,281

Cash invested: $37,100 (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: 10.0×

Monthly cashflow live

• Estimated rent: $3,158 medium
• Mortgage (P&I): −$695
• Tax from tax record: −$120 /mo · $1,442/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$663
• Net cashflow: $1,625

Break-even live

Break-even rent $1,102

Max offer price $132,500

Occupancy floor 44%

Sensitivity live

Price	-10% $1,700	-5% $1,662	+0% $1,625	+5% $1,587	+10% $1,550
Rent	-10% $1,375	-5% $1,500	+0% $1,625	+5% $1,749	+10% $1,874
Rate	-1.0pp $1,691	-0.5pp $1,658	base $1,625	+0.5pp $1,590	+1.0pp $1,555

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,212
1× unit	2	1	$947
Total (3 units)			$3,158

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: $33,125
• Closing costs: $3,975
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
220-2 E Chicago Ave Unit Chicago Ave unit 2F East Chicago, IN	2.0	1.0	750	$1,100	$1.47	26d	1	0.70mi
4436 Olcott Ave Unit B East Chicago, IN	2.0	1.0	850	$1,400	$1.65	26d	1	1.06mi
4402 Magoun Ave Unit H East Chicago, IN	1.0	1.0	700	$750	$1.07	0d	1	1.23mi
1311 E # E Unit Columbus Dr unit 1 East Chicago, IN	3.0	1.5	1056	$1,350	$1.28	8d	1	1.27mi
4001 McCook Ave Unit 2 East Chicago, IN	3.0	1.0	960	$1,650	$1.72	4d	1	1.29mi
523 E Columbus Dr East Chicago, IN	2.0	1.0	750	$1,050	$1.40	26d	1	1.34mi

Listing history 21 events

1. 2026-06-21
   days on market $132,500 Active 20 DOM
2. 2026-06-18
   days on market $132,500 Active 17 DOM
3. 2026-06-17
   days on market $132,500 Active 16 DOM
4. 2026-06-16
   days on market $132,500 Active 15 DOM
5. 2026-06-15
   days on market $132,500 Active 14 DOM
6. 2026-06-13
   days on market $132,500 Active 12 DOM
7. 2026-06-13
   pricedays on market $132,500 Active 11 DOM
8. 2026-06-09
   days on market $135,000 Active 8 DOM
9. 2026-06-08
   days on market $135,000 Active 7 DOM
10. 2026-06-07
    days on market $135,000 Active 6 DOM
11. 2026-06-04
    days on market $135,000 Active 3 DOM
12. 2026-06-03
    days on market $135,000 Active 2 DOM
13. 2026-06-02
    pricedays on marketlisting id $135,000 Active 1 DOM
14. 2026-05-31
    days on market $140,000 Active 64 DOM
15. 2026-05-12
    price $140,000
16. 2026-04-19
    status Active
17. 2026-03-30
    status Pending
18. 2026-03-27
    price $145,000
19. 2026-03-27
    status Active
20. 2026-03-09
    status Pending
21. 2026-02-18
    listed $150,000 Active

ⓘ 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: $1,442 · $120/mo
• Projected year-2 tax: $1,442 · $120/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 1/10 Low FEMA zone X (unshaded) · 0% 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: $37,896
• − Mortgage interest: −$7,422
• − Property taxes: −$1,442
• − Insurance: −$662
• − Repairs & maintenance: −$3,032
• − Management: −$3,032
• − Depreciation: −$3,855
• Taxable income: $18,452
• Est. tax owed @ 24.0%: −$4,428
• After-tax cash flow: $15,067/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

-6.7% since first listed

7 events — show timeline

• 2026-05-12 Price Changed $140,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-19 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-03-30 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-03-27 Price Changed $145,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-27 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-03-09 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-02-18 Listed $150,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-3.5%/yr

Latest (2024): $1,442 · +10.4% YoY. Source: county tax records.