2198 Crisman Rd · Portage, IN 46368

$278,000

2 bd · 2.5 ba · 2,856 sqft · SingleFamily public records · 62 Days on market

Built 1950 8,842 sqft lot $97/sqft · 35% below area Est $446k · 38% under

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Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• Cash flow +5.5/30.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• 1% rule +0.1/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This one of a kind home will leave you with endless possibilities for entertainment with lots of space on all three levels! This home boasts an original fireplace, hardwood floors and beautiful brickwork that isn't seen in many homes today. If you like style, you'll surely love the arched doorways and beautiful wooden doors on the main level. There's also still room to add your own style without compromising the atmosphere. This home is being sold AS-IS.

Key facts

• Beautiful brickwork
• Arched doorways
• Wooden doors

Tags

• ORIGINAL FIREPLACE
• HARDWOOD FLOORS
• ARCHED DOORWAYS
• WOODEN DOORS
• BEAUTIFUL BRICKWORK

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath single-family listed at $278k.

Deal economics

• At list price, monthly cash flow is $-588 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (37.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (49.2% below list).
• Recommended offer: $141k (49.2% below list) — sets the bar for 1% rule.

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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $141,239 (49.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.51% ✗
• Cap rate: 3.76%
• Cash-on-cash: -9.06%
• DSCR: 0.60
• GRM: 16.4

CMA / ARV

• ARV (median comp): $445,917
• List price: $278,000
• Delta: -37.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6281 Venus Ave	0.51mi	3/2.0 (+1)	2,678 (-6%)	6mo	$240,000	$90	54
2152 Michael Dr	0.30mi	3/3.0 (+1)	2,476 (-13%)	3mo	$324,900	$131	54
2138 Pennsylvania St	0.55mi	3/3.0 (+1)	2,810 (-2%)	14mo	$289,900	$103	53
6416 Old Porter Rd	0.54mi	3/1.5 (+1)	2,642 (-8%)	4mo	$245,000	$93	49
2201 Michael Dr	0.32mi	3/3.0 (+1)	2,532 (-11%)	14mo	$325,000	$128	47
6029 Cardinal Ave	0.66mi	3/2.0 (+1)	2,580 (-10%)	1mo	$289,000	$112	45
1960 Pleasant Meadows St	0.58mi	3/2.0 (+1)	2,970 (+4%)	18mo	$191,000	$64	44
2275 Windwood St	0.46mi	3/3.0 (+1)	2,648 (-7%)	18mo	$315,000	$119	44
2461 Saturn St	0.57mi	3/1.5 (+1)	2,744 (-4%)	20mo	$239,900	$87	42
2435 Jacqueline St	0.65mi	3/2.0 (+1)	2,576 (-10%)	11mo	$294,000	$114	37
2063 Karen St	0.41mi	3/2.0 (+1)	2,464 (-14%)	21mo	$280,000	$114	34
2049 Willowcreek Rd	0.54mi	3/2.0 (+1)	2,480 (-13%)	15mo	$150,000	$60	33

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

Projected returns pro-forma

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

5-year hold

• IRR: -31.3%
• Equity multiple: -0.04×
• Total profit: $-80,727
• Equity at exit: $41,451

10-year hold

• IRR: -30.2%
• Equity multiple: -0.43×
• Total profit: $-111,119
• Equity at exit: $24,036

Cash invested: $77,840 (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: 16.4×

Monthly cashflow live

• Estimated rent: $1,412 medium
• Mortgage (P&I): −$1,458
• Tax from tax record: −$130 /mo · $1,556/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $-588

Break-even live

Break-even rent $2,156

Max offer price $174,203

Occupancy floor —

Sensitivity live

Price	-10% $-430	-5% $-509	+0% $-588	+5% $-666	+10% $-745
Rent	-10% $-699	-5% $-643	+0% $-588	+5% $-532	+10% $-476
Rate	-1.0pp $-448	-0.5pp $-517	base $-588	+0.5pp $-660	+1.0pp $-733

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: $69,500
• Closing costs: $8,340
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $278,000 Active 62 DOM
2. 2026-06-18
   days on market $278,000 Active 59 DOM
3. 2026-06-17
   days on market $278,000 Active 58 DOM
4. 2026-06-16
   days on market $278,000 Active 57 DOM
5. 2026-06-15
   days on market $278,000 Active 56 DOM
6. 2026-06-13
   days on market $278,000 Active 54 DOM
7. 2026-06-13
   days on market $278,000 Active 53 DOM
8. 2026-06-09
   days on market $278,000 Active 50 DOM
9. 2026-06-08
   days on market $278,000 Active 49 DOM
10. 2026-06-07
    days on market $278,000 Active 48 DOM
11. 2026-06-04
    days on market $278,000 Active 45 DOM
12. 2026-06-03
    days on market $278,000 Active 44 DOM
13. 2026-06-02
    days on market $278,000 Active 43 DOM
14. 2026-06-01
    days on market $278,000 Active 42 DOM
15. 2026-05-31
    days on market $278,000 Active 41 DOM
16. 2026-04-20
    listed $278,000 Active 458-char remark

    Show marketing remark (458 chars)

    This one of a kind home will leave you with endless possibilities for entertainment with lots of space on all three levels! This home boasts an original fireplace, hardwood floors and beautiful brickwork that isn't seen in many homes today. If you like style, you'll surely love the arched doorways and beautiful wooden doors on the main level. There's also still room to add your own style without compromising the atmosphere. This home is being sold AS-IS.

17. 2005-02-04
    listed $100,000 91-char remark

    Show marketing remark (91 chars)

    As is porperty, estate sale, do not have Seller's Residential Real Estate Sales Disclosure.

ⓘ 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: $1,556 · $130/mo
• Projected year-2 tax: $1,960 · $163/mo
• Expected delta: +$404/yr (+$34/mo · 25.9%)

ⓘ 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 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: $16,949
• − Mortgage interest: −$15,572
• − Property taxes: −$1,556
• − Insurance: −$1,390
• − Repairs & maintenance: −$1,356
• − Management: −$1,356
• − Depreciation: −$8,087
• Taxable loss: −$12,369
• Est. tax savings @ 24.0%: +$2,968
• After-tax cash flow: $-4,082/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

+178.0% since first listed

2 events — show timeline

• 2026-04-20 Listed $278,000 NIRA MLS as Distributed by MLS Grid
• 2005-02-04 Listed $100,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2024): $1,556 · +8.3% YoY. Source: county tax records.