1917 Apple St · Portage, IN 46368

$192,000

2 bd · 1.5 ba · 2,296 sqft · MultiFamily public records · 1 Days on market

Built 1976 10,018 sqft lot

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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
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Large 2 Story Duplex. Each Unit is 1148 sq. ft. 2 bedrooms and 1.5 Baths. . Shed as well. . Rent Potential is extremely good with these units. Conveniently Located Near Major Roads and the South Shore Train. Sold AS IS.

Key facts

• 0.23 acre lot
• 2 parking spots
• Built 1976

Property features AI

Finance

• Financial info: Special service area: No; Owner reports rental income for units (example rents shown): one unit listed at $400 and another at $1,000; security deposits shown

Exterior

• Parking: 2 parking spaces (total)
• Utilities: Public water; Public sewer
• Home design: Two- to four-unit property; Fee simple ownership; 2 units in building; Built 41–50 years ago; Built before 1978
• Construction: Brick and cedar construction
• Exterior features: Lot dimensions approximately 104 x 98; Lot less than 0.25 acre

Interior

• Kitchen: Stove
• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Baseboard heating
• Interior features: 8 total rooms

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.5-bath units multifamily listed at $192k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $604/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $192k).
• Cap rate 13.8% vs local median 4.0% in Portage — 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 72/100 on livability (#111 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools D, amenities F, commute F.
• Portage Township Schools (suburban): math 26% / reading 36% proficiency, ranked #221 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.3%/yr); 316 active listings in the ZIP; solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).
• At $3,188/mo this rent would consume 50% of the median local household income ($76k/yr) (locally 856% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Porter County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $54k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $192,000

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 1976 — 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 D-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. 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.
7. 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.
8. 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: 1.66% ✓
• Cap rate: 13.84%
• Cash-on-cash: 26.96%
• DSCR: 2.20
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.29% rent growth · sell at horizon

5-year hold

• IRR: 22.3%
• Equity multiple: 1.93×
• Total profit: $50,048
• Equity at exit: $28,628

10-year hold

• IRR: 31.2%
• Equity multiple: 3.98×
• Total profit: $160,453
• Equity at exit: $16,601

Cash invested: $53,760 (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 46368

• Rents YoY: 4.3%
• Active inventory: 316
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $3,188 medium
• Mortgage (P&I): −$1,007
• Tax from tax record: −$224 /mo · $2,685/yr
• Insurance: −$80
• HOA: −$0
• Vacancy / Maint / Mgmt: −$669
• Net cashflow: $1,208

Break-even live

Break-even rent $1,659

Max offer price $192,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,317	-5% $1,262	+0% $1,208	+5% $1,154	+10% $1,099
Rent	-10% $956	-5% $1,082	+0% $1,208	+5% $1,334	+10% $1,460
Rate	-1.0pp $1,305	-0.5pp $1,257	base $1,208	+0.5pp $1,158	+1.0pp $1,108

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1.5	$3,188
Total (2 units)			$3,188

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: $48,000
• Closing costs: $5,760
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-20
   status Pending 219-char remark

   Show marketing remark (219 chars)

   Large 2 Story Duplex. Each Unit is 1148 sq. ft. 2 bedrooms and 1.5 Baths. . Shed as well. . Rent Potential is extremely good with these units. Conveniently Located Near Major Roads and the South Shore Train. Sold AS IS.

2. 2026-05-20
   status Pending

   Show marketing remark (219 chars)

   Large 2 Story Duplex. Each Unit is 1148 sq. ft. 2 bedrooms and 1.5 Baths. . Shed as well. . Rent Potential is extremely good with these units. Conveniently Located Near Major Roads and the South Shore Train. Sold AS IS.

3. 2026-05-19
   listed $192,000 Active 219-char remark

   Show marketing remark (219 chars)

   Large 2 Story Duplex. Each Unit is 1148 sq. ft. 2 bedrooms and 1.5 Baths. . Shed as well. . Rent Potential is extremely good with these units. Conveniently Located Near Major Roads and the South Shore Train. Sold AS IS.

4. 2026-05-19
   listed $192,000 Active

   Show marketing remark (219 chars)

   Large 2 Story Duplex. Each Unit is 1148 sq. ft. 2 bedrooms and 1.5 Baths. . Shed as well. . Rent Potential is extremely good with these units. Conveniently Located Near Major Roads and the South Shore Train. Sold AS IS.

ⓘ 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: $2,685 · $224/mo
• Projected year-2 tax: $2,685 · $224/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 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $38,256
• − Mortgage interest: −$10,755
• − Property taxes: −$2,685
• − Insurance: −$960
• − Repairs & maintenance: −$3,060
• − Management: −$3,060
• − Depreciation: −$5,585
• Taxable income: $12,150
• Est. tax owed @ 24.0%: −$2,916
• After-tax cash flow: $11,579/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: Portage Township Schools
• NCES district ID: 1809150
• Math proficiency: 26% ▼ -15.00%
• Reading proficiency: 36% ▼ -10.00%
• Median HH income: $53,880
• Composite: 27.37/100
• National rank: #6978
• State rank: #221 of 301 in IN

Livability — Portage

• Score: 72/100
• State rank: #111
• US rank: #5725

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portage, IN
• County: Porter County · 151,647 people
• City population: 40,301
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 40,301
• Household income: $76,368
• Rent vs Own: 26.6% rent · 73.4% own
• Severe rent burden: 856.0

Population outlook (Porter County) Hauer SSP2

• Today (2025): 177,804 people
• By 2030: 181,552 · +2.1%
• By 2040: 185,830 · +4.5%
• By 2050: 187,498 · +5.5%
• By 2075: 189,585 · +6.6%
• By 2100: 183,722 · +3.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 18% Two or more races 10% Black 10% Asian 1%
• Hispanic origin (detail): Mexican 13% Puerto Rican 4%
• Common ancestry: Romanian 6% Slovak 2% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 6%

Political lean MEDSL · Porter

• 2024 margin: R (+10.5) · D 43.8% · R 54.3% · Other 1.8%
• 2008→2024 swing: -17.7pp toward R · 2008: 7.2pp · 2024: -10.5pp
• All cycles: 2024: R+10.5 2020: R+6.1 2016: R+6.8 2012: D+3.8 2008: D+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -195.94%
• Current HPI: 181.3254
• Rent YoY: ▲ 4.29%
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-20 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-20 Pending — MRED as Distributed by MLS Grid
• 2026-05-19 Listed $192,000 MRED as Distributed by MLS Grid
• 2026-05-19 Listed $192,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2024): $2,685 · +5.5% YoY. Source: county tax records.