5113 Burnham Ave #241 · Portage, IN 46368

$85,000

3 bd · 2.0 ba · 1,680 sqft · Manufactured · 1 Days on market

Built 2024 Good condition $680/mo HOA · 29% of rent

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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
• Condition / age +4.0/5.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this practically brand-new home (built 2024) offering modern, low-maintenance living in the beautifully maintained Ingram Manor community. Step past the professionally built, covered front porch into a bright, open-concept main living area anchored by a cozy fireplace. The layout flows seamlessly into a contemporary kitchen where all appliances are just two years old and convey with the property. The thoughtful floor plan boasts very generous bedroom sizes, highlighted by a full primary en-suite with a modern stand-up shower. Living here means built-in budget convenience, as your monthly lot fee covers both water and trash utilities. Perfectly situated at 5113 Burnham Ave, you ar

Key facts

• Covered front porch
• Contemporary kitchen
• Cozy fireplace

Tags

• COVERED FRONT PORCH
• OPEN-CONCEPT MAIN LIVING AREA
• COZY FIREPLACE
• CONTEMPORARY KITCHEN
• FULL PRIMARY EN-SUITE
• MODERN STAND-UP SHOWER

Property features AI

Finance

• Other: Vacant occupant status
• HOA & community: Part of Ingram Manor homeowners association; Monthly HOA fee of $680; HOA covers grounds maintenance and trash

Exterior

• Parking: Concrete parking
• Security: Carbon monoxide detector; Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Single-story home; Built in 2024
• Construction: Shingle roof; Crawl space foundation
• Exterior features: Neighborhood view; Maintenance-provided grounds (HOA)

Interior

• Kitchen: Gas range; Microwave; Refrigerator; Dishwasher; Kitchen island
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Central heating (forced air); Central air conditioning; Ceiling fans
• Interior features: Ceiling fans; Recessed lighting; Open floor plan; Kitchen island; Living room fireplace
• Laundry & utility: Washer; Dryer; Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $85k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $560 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Cap rate 14.2% 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); 311 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

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

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.

Recommended offer $85,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.72% ✓
• Cap rate: 14.19%
• Cash-on-cash: 28.22%
• DSCR: 2.26
• GRM: 3.1

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: 25.0%
• Equity multiple: 2.07×
• Total profit: $25,362
• Equity at exit: $12,674

10-year hold

• IRR: 34.2%
• Equity multiple: 4.47×
• Total profit: $82,628
• Equity at exit: $7,349

Cash invested: $23,800 (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: 311
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $2,313 high
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$680
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $560

Break-even live

Break-even rent $1,604

Max offer price $85,000

Occupancy floor 71%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4146 Viceroy St Portage, IN	4.0	2.5	2025	$2,975	$1.47	16d	1	1.31mi
5423 Tulip Ave Portage, IN	3.0	1.0	1872	$2,000	$1.07	12d	1	1.32mi
4176 Viceroy St Portage, IN	3.0	2.0	1498	$2,750	$1.84	10d	1	1.45mi
3101 County Line Rd Portage, IN	3.0	2.0	1177	$1,900	$1.61	1d	1	1.48mi
4191 Viceroy St Portage, IN	3.0	2.0	1498	$2,750	$1.84	1d	1	1.48mi

HOA detail

• Monthly dues: $680 · $8,160/yr
• Likely covers: watertrash

Listing history 2 events

1. 2026-06-17
   remarks 699-char remark
2. 2026-06-17
   listed $85,000 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $27,753
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$2,220
• − Management: −$2,220
• − HOA: −$8,160
• − Depreciation: −$2,473
• Taxable income: $6,218
• Est. tax owed @ 24.0%: −$1,492
• After-tax cash flow: $5,223/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This nearly new manufactured home in Ingram Manor offers a modern, low-maintenance living experience with a covered front porch and a bright, open-concept main living area. It is ready for immediate occupancy and can be further enhanced with minor updates to increase its value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Updating the flooring in the bathrooms — Modern flooring can improve both resale and rental value.
• Both Upgrading the kitchen appliances — Upgrading to more modern appliances can increase both resale and rental value.
• Both Landscaping improvements — Enhancing the landscaping can improve curb appeal and attract more potential buyers/tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Updating the flooring in the bathrooms — Modern flooring can improve both resale and rental value. ↑
• Both Upgrading the kitchen appliances — Upgrading to more modern appliances can increase both resale and rental value. ↑
• Both Landscaping improvements — Enhancing the landscaping can improve curb appeal and attract more potential buyers/tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-06-15 Listed $85,000 NIRA MLS as Distributed by MLS Grid