535 Weatherwood Ln · Valparaiso, IN 46383

$175,000

2 bd · 2.5 ba · 1,360 sqft · Condo public records · 59 Days on market

Built 1982 $129/sqft · 14% above area Est $229k · 24% under $350/mo HOA · 23% of rent

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Why this score? — see what drove the D- 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 +5.8/30.0
• Schools +5.2/10.0
• Livability +4.1/5.0
• 1% rule +3.6/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• DSCR +0.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious Townhome with Endless Potential in a Prime Location! Opportunity is knocking! This 3-bedroom, 2.5-bath townhome offers an abundance of space and a layout designed for comfortable living. Featuring a finished basement, you'll have plenty of room for entertaining, a home office, or additional living space to fit your lifestyle. The main living area includes a cozy fireplace--perfect for relaxing evenings--while the attached 1-car garage adds everyday convenience. With lawn care and snow removal taken care of, you can truly enjoy low-maintenance living year-round. This home does need some TLC, making it a fantastic opportunity to build equity and make it your own. Located in a great area close to everything, the potential here is undeniable. Bring your vision and turn this into something special!

Key facts

• Attached garage
• Finished basement
• Cozy fireplace

Tags

• FINISHED BASEMENT
• COZY FIREPLACE
• ATTACHED GARAGE
• LOW MAINTENANCE LIVING

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $-351 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $113k (35.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (14.2% below list).
• Recommended offer: $113k (35.4% below list) — sets the bar for cash-flow.
• Cap rate 3.9% vs local median 2.8% in Valparaiso — 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 82/100 on livability (#12 in IN, #1,149 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities D-, commute F.
• Valparaiso Community Schools (suburban): math 56% / reading 64% proficiency, ranked #18 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 257 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $5k 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 59 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $112,973 (35.4% 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 59 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 0.86% ✗
• Cap rate: 3.89%
• Cash-on-cash: -8.60%
• DSCR: 0.62
• GRM: 9.7

CMA / ARV

• ARV (median comp): $228,956
• List price: $175,000
• Delta: -23.57%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.52% rent growth · sell at horizon

5-year hold

• IRR: -30.5%
• Equity multiple: -0.01×
• Total profit: $-49,707
• Equity at exit: $26,093

10-year hold

• IRR: -28.9%
• Equity multiple: -0.39×
• Total profit: $-67,894
• Equity at exit: $15,131

Cash invested: $49,000 (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 46383

• Rents YoY: 3.5%
• Active inventory: 257
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,502 high
• Mortgage (P&I): −$918
• Tax from tax record: −$197 /mo · $2,361/yr
• Insurance: −$73
• HOA: −$350
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $-351

Break-even live

Break-even rent $1,946

Max offer price $112,973

Occupancy floor —

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1204 Carrsbrooke Dr Valparaiso, IN	3.0	2.0	1237	$1,435	$1.16	44d	1	0.48mi
1302 Eisenhower Ave Valparaiso, IN	2.0–3.0	2.0	1134	$1,697	$1.50	1d	5	0.52mi
1710 Vale Park Rd Valparaiso, IN	2.0–3.0	1.0–1.5	1054	$1,345	$1.28	1d	2	0.71mi
453 Golfview Blvd Valparaiso, IN	1.0–2.0	1.0–2.0	805	$1,698	$2.11	1d	15	0.91mi
705 Napoleon St Valparaiso, IN	2.0	1.0	900	$1,400	$1.56	44d	1	0.95mi
2903 Black Partridge Ln Valparaiso, IN	2.0	2.0	1000	$1,355	$1.35	24d	1	0.96mi
2903 Black Partridge Ln Valparaiso, IN	2.0	2.0	1000	$1,355	$1.35	44d	1	0.96mi
3101 Black Partridge Ln Valparaiso, IN	2.0	2.0	1000	$1,355	$1.35	44d	1	0.99mi
927 Hampton Ct Valparaiso, IN	2.0	2.0	1100	$1,240	$1.13	44d	1	1.01mi
926 Hampton Ct Valparaiso, IN	2.0	1.0	900	$1,180	$1.31	44d	1	1.03mi
3201 Black Partridge Ln Valparaiso, IN	2.0	2.0	1000	$1,355	$1.35	44d	1	1.04mi
3108 Black Partridge Ln Valparaiso, IN	2.0	2.0	1100	$1,395	$1.27	44d	1	1.05mi
1605 Potawatomi Ln Valparaiso, IN	2.0	2.0	1100	$1,385	$1.26	44d	1	1.07mi
1607 Potawatomi Ln Valparaiso, IN	2.0	2.0	1100	$1,385	$1.26	44d	1	1.08mi
1600 Pointe Dr Valparaiso, IN	1.0–2.0	1.0–2.0	940	$1,385	$1.47	1d	3	1.08mi
506 Parkside Ave Valparaiso, IN	3.0	1.0	1250	$2,095	$1.68	7d	1	1.13mi
101 E Chicago St Valparaiso, IN	3.0	1.0	1200	$1,600	$1.33	44d	1	1.14mi
1807 Beech St Valparaiso, IN	2.0	1.0	900	$1,225	$1.36	1d	1	1.16mi
2700 Gleneagles Blvd Valparaiso, IN	2.0	2.0	986	$1,277	$1.30	7d	1	1.22mi
451 Brookshire Dr Valparaiso, IN	2.0	1.0	960	$1,200	$1.25	1d	1	1.22mi
822 Jefferson St Valparaiso, IN	3.0	1.0	1260	$2,300	$1.83	17d	1	1.23mi
1901 Wood St Valparaiso, IN	1.0	1.0	885	$1,100	$1.24	1d	1	1.24mi
1604 Firestone Ln Unit B Valparaiso, IN	2.0	1.5	1200	$1,400	$1.17	13d	1	1.36mi
1604 Firestone Ln Valparaiso, IN	2.0	2.0	1200	$1,400	$1.17	13d	1	1.36mi
2210 Beech St Valparaiso, IN	1.0–3.0	1.0–2.0	1033	$2,382	$2.31	1d	18	1.36mi
60 University Dr Unit 210 Valparaiso, IN	2.0	2.5	1300	$1,195	$0.92	13d	1	1.41mi
1401 Laporte Ave Valparaiso, IN	2.0	2.0	907	$1,699	$1.87	24d	1	1.41mi
1401 Laporte Ave Valparaiso, IN	3.0	3.0	1273	$2,250	$1.77	3d	1	1.41mi
1401 Laporte Ave Valparaiso, IN	2.0	2.0	907	$1,699	$1.87	19d	1	1.41mi
1401 Laporte Ave Valparaiso, IN	3.0	3.0	1273	$2,250	$1.77	20d	1	1.41mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Likely covers: landscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $175,000 Active 59 DOM
2. 2026-06-17
   days on market $175,000 Active 58 DOM
3. 2026-06-16
   days on market $175,000 Active 57 DOM
4. 2026-06-15
   days on market $175,000 Active 56 DOM
5. 2026-06-13
   days on market $175,000 Active 54 DOM
6. 2026-06-13
   days on market $175,000 Active 53 DOM
7. 2026-06-10
   price $175,000 Active 50 DOM
8. 2026-06-09
   days on market $185,000 Active 50 DOM
9. 2026-06-08
   days on market $185,000 Active 49 DOM
10. 2026-06-07
    days on market $185,000 Active 48 DOM
11. 2026-06-04
    days on market $185,000 Active 45 DOM
12. 2026-06-03
    days on market $185,000 Active 44 DOM
13. 2026-06-02
    days on market $185,000 Active 43 DOM
14. 2026-06-01
    days on market $185,000 Active 42 DOM
15. 2026-05-31
    days on market $185,000 Active 41 DOM
16. 2026-04-20
    listed $185,000 Active 814-char remark

    Show marketing remark (814 chars)

    Spacious Townhome with Endless Potential in a Prime Location! Opportunity is knocking! This 3-bedroom, 2.5-bath townhome offers an abundance of space and a layout designed for comfortable living. Featuring a finished basement, you'll have plenty of room for entertaining, a home office, or additional living space to fit your lifestyle. The main living area includes a cozy fireplace--perfect for relaxing evenings--while the attached 1-car garage adds everyday convenience. With lawn care and snow removal taken care of, you can truly enjoy low-maintenance living year-round. This home does need some TLC, making it a fantastic opportunity to build equity and make it your own. Located in a great area close to everything, the potential here is undeniable. Bring your vision and turn this into something special!

17. 2003-05-13
    listed $119,500 553-char remark

    Show marketing remark (553 chars)

    Very well maintained 3 full (not a loft situation) bedrooms and 2 1/2 bath condo. The bedroom in the basement also features a day light window. Basement has 544 finished square feet bringing total up to 1904'. Furnace, central air, water heater and sump pump less than 3 years old. Building has had roof replaced about 4 years ago. Wonderful wooded location, close to everything. Kitchen has garden window. All appliances included except stove (may be bought separately) Shelves above kitchen and dining room windows DO NOT STAY. Home Warranty included.

ⓘ 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: $2,361 · $197/mo
• Projected year-2 tax: $2,361 · $197/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $18,020
• − Mortgage interest: −$9,803
• − Property taxes: −$2,361
• − Insurance: −$875
• − Repairs & maintenance: −$1,442
• − Management: −$1,442
• − HOA: −$4,200
• − Depreciation: −$5,091
• Taxable loss: −$7,193
• Est. tax savings @ 24.0%: +$1,726
• After-tax cash flow: $-2,487/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: Valparaiso Community Schools
• NCES district ID: 1811970
• Math proficiency: 56% ▼ -9.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $56,736
• Composite: 51.69/100
• National rank: #1691
• State rank: #18 of 301 in IN

Livability — Valparaiso

• Score: 82/100
• State rank: #12
• US rank: #1149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Valparaiso, IN
• County: Porter County · 151,647 people
• City population: 83,039
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 42,183
• Household income: $76,224
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 1478.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 9% Two or more races 6% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 9% Lithuanian 3% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3%

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: ▼ -151.84%
• Current HPI: 197.9925
• Rent YoY: ▲ 3.52%
• 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

+54.8% since first listed

2 events — show timeline

• 2026-04-20 Listed $185,000 NIRA MLS as Distributed by MLS Grid
• 2003-05-13 Listed $119,500 NIRA MLS as Distributed by MLS Grid

Property tax history

+7.9%/yr

Latest (2024): $2,361 · +9.9% YoY. Source: county tax records.