132-136 S Elgin St · Griffith, IN 46319

$319,900

3 bd · 1.5 ba · 1,620 sqft · MultiFamily public records · 125 Days on market

Built 1963 9,365 sqft lot Est $347k · 8% under

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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 +27.9/30.0
• ARV discount +11.0/15.0
• DSCR +9.9/10.0
• 1% rule +7.6/10.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Investor-ready duplex with immediate cash flow and upside potential! This updated duplex is currently fully occupied with two tenants, generating strong monthly rental income. One unit rents for 1,387/month and the second for 1,295/month. Both units feature updated interiors with durable luxury vinyl plank flooring, offering a modern look with low maintenance--ideal for long-term investment performance. A major bonus: the sale includes an adjacent lot, creating added value and future potential. Whether you're looking to expand, hold for appreciation, or add flexibility to your portfolio, this extra parcel sets the property apart. A solid opportunity for investors seeking immediate income, updates already in place, and additional land value--all in one purchase.

Key facts

• Updated interiors
• 9,365 sq ft lot
• 2 garage spots

Tags

• UPDATED INTERIORS
• LUXURY VINYL PLANK FLOORING
• STRONG MONTHLY RENTAL INCOME

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $320k.

Deal economics

• At list price, monthly cash flow is $990 ($12k/yr) — positive. Per door: $330/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $320k).
• Recommended offer: $282k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 4.9% in Griffith — 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 70/100 on livability (#146 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Griffith Public Schools (suburban): math 31% / reading 38% proficiency, ranked #189 of 301 in IN (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 66 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $4,033/mo this rent would consume 65% of the median local household income ($75k/yr) (locally 504% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $90k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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.

Recommended offer $281,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.26% ✓
• Cap rate: 10.01%
• Cash-on-cash: 13.26%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (median comp): $346,971
• List price: $319,900
• Delta: -7.80%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $11,272
• Equity at exit: $47,698

10-year hold

• IRR: 12.8%
• Equity multiple: 2.02×
• Total profit: $91,222
• Equity at exit: $27,659

Cash invested: $89,572 (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 46319

• Home prices YoY: -25.5%
• Active inventory: 66
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $4,033 medium
• Mortgage (P&I): −$1,678
• Tax from tax record: −$385 /mo · $4,622/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$847
• Net cashflow: $990

Break-even live

Break-even rent $2,780

Max offer price $319,900

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,032
Total (3 units)			$4,033

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: $79,975
• Closing costs: $9,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
422 N Dwiggins St Griffith, IN	2.0	1.0	1135	$1,650	$1.45	24d	1	1.24mi

Listing history 24 events

1. 2026-06-18
   days on market $319,900 Active 125 DOM
2. 2026-06-17
   days on market $319,900 Active 124 DOM
3. 2026-06-16
   days on market $319,900 Active 123 DOM
4. 2026-06-15
   days on market $319,900 Active 122 DOM
5. 2026-06-13
   days on market $319,900 Active 120 DOM
6. 2026-06-13
   days on market $319,900 Active 119 DOM
7. 2026-06-09
   days on market $319,900 Active 116 DOM
8. 2026-06-08
   days on market $319,900 Active 115 DOM
9. 2026-06-07
   days on market $319,900 Active 114 DOM
10. 2026-06-04
    days on market $319,900 Active 111 DOM
11. 2026-06-03
    days on market $319,900 Active 110 DOM
12. 2026-06-02
    days on market $319,900 Active 109 DOM
13. 2026-06-01
    days on market $319,900 Active 108 DOM
14. 2026-05-31
    days on market $319,900 Active 107 DOM
15. 2026-02-13
    listed $319,900 Active 771-char remark

    Show marketing remark (771 chars)

    Investor-ready duplex with immediate cash flow and upside potential! This updated duplex is currently fully occupied with two tenants, generating strong monthly rental income. One unit rents for 1,387/month and the second for 1,295/month. Both units feature updated interiors with durable luxury vinyl plank flooring, offering a modern look with low maintenance--ideal for long-term investment performance. A major bonus: the sale includes an adjacent lot, creating added value and future potential. Whether you're looking to expand, hold for appreciation, or add flexibility to your portfolio, this extra parcel sets the property apart. A solid opportunity for investors seeking immediate income, updates already in place, and additional land value--all in one purchase.

16. 2023-10-10
    soldstatus $285,000 Closed 458-char remark

    Show marketing remark (458 chars)

    Homeower it would be Great to Live in 1 unit and Rent the other. Well that's one option for this solid brick 2 unit. Or Investors Rent both units. Either way half the job has already been done for you. 1 unit is occupied with a leased tenant paying $1,350 per month. The property has been recently remodeled and waiting for a new owner. To add more value the property comes with an adjacent buildable lot. This is a must see!! Schedule an appointment today!!

17. 2023-09-09
    status Pending 458-char remark

    Show marketing remark (458 chars)

    Homeower it would be Great to Live in 1 unit and Rent the other. Well that's one option for this solid brick 2 unit. Or Investors Rent both units. Either way half the job has already been done for you. 1 unit is occupied with a leased tenant paying $1,350 per month. The property has been recently remodeled and waiting for a new owner. To add more value the property comes with an adjacent buildable lot. This is a must see!! Schedule an appointment today!!

18. 2023-08-25
    status Active 458-char remark

    Show marketing remark (458 chars)

    Homeower it would be Great to Live in 1 unit and Rent the other. Well that's one option for this solid brick 2 unit. Or Investors Rent both units. Either way half the job has already been done for you. 1 unit is occupied with a leased tenant paying $1,350 per month. The property has been recently remodeled and waiting for a new owner. To add more value the property comes with an adjacent buildable lot. This is a must see!! Schedule an appointment today!!

19. 2023-08-04
    historical Active Under Contract 458-char remark

    Show marketing remark (458 chars)

    Homeower it would be Great to Live in 1 unit and Rent the other. Well that's one option for this solid brick 2 unit. Or Investors Rent both units. Either way half the job has already been done for you. 1 unit is occupied with a leased tenant paying $1,350 per month. The property has been recently remodeled and waiting for a new owner. To add more value the property comes with an adjacent buildable lot. This is a must see!! Schedule an appointment today!!

20. 2023-07-19
    listed $295,000 Active 458-char remark

    Show marketing remark (458 chars)

    Homeower it would be Great to Live in 1 unit and Rent the other. Well that's one option for this solid brick 2 unit. Or Investors Rent both units. Either way half the job has already been done for you. 1 unit is occupied with a leased tenant paying $1,350 per month. The property has been recently remodeled and waiting for a new owner. To add more value the property comes with an adjacent buildable lot. This is a must see!! Schedule an appointment today!!

21. 2020-12-24
    soldstatus $200,000
22. 2020-12-24
    soldstatus $200,000
23. 2020-10-10
    listed $219,000
24. 2020-10-08
    listed $219,000

ⓘ 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: $4,622 · $385/mo
• Projected year-2 tax: $4,622 · $385/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 2/10 Low 6 d/yr ≥101°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,396
• − Mortgage interest: −$17,919
• − Property taxes: −$4,622
• − Insurance: −$1,600
• − Repairs & maintenance: −$3,872
• − Management: −$3,872
• − Depreciation: −$9,306
• Taxable income: $7,206
• Est. tax owed @ 24.0%: −$1,729
• After-tax cash flow: $10,151/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: Griffith Public Schools
• NCES district ID: 1804170
• Math proficiency: 31% ▼ -15.00%
• Reading proficiency: 38% ▼ -5.00%
• Median HH income: $54,808
• Composite: 30.37/100
• National rank: #6254
• State rank: #189 of 301 in IN

Livability — Griffith

• Score: 70/100
• State rank: #146
• US rank: #7400

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Griffith, IN
• County: Lake County · 422,878 people
• City population: 17,847
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 17,847
• Household income: $74,662
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 504.0

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 White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 17% Black 13% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 14% Puerto Rican 1%
• Common ancestry: Romanian 14% Iranian 4% Lithuanian 2%
• Foreign-born: 6% · Canada, Philippines, China
• Languages at home: 88% English-only · Spanish 9% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

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: ▼ -95.17%
• Current HPI: 278.3139
• Rent YoY: —
• 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

+46.1% since first listed

10 events — show timeline

• 2026-02-13 Listed $319,900 NIRA MLS as Distributed by MLS Grid
• 2023-10-10 Sold (MLS) $285,000 NIRA MLS as Distributed by MLS Grid
• 2023-09-09 Pending — NIRA MLS as Distributed by MLS Grid
• 2023-08-25 Relisted — NIRA MLS as Distributed by MLS Grid
• 2023-08-04 Contingent — NIRA MLS as Distributed by MLS Grid
• 2023-07-19 Listed $295,000 NIRA MLS as Distributed by MLS Grid
• 2020-12-24 Sold (MLS) $200,000 NIRA MLS as Distributed by MLS Grid
• 2020-12-24 Sold (MLS) $200,000 NIRA MLS as Distributed by MLS Grid
• 2020-10-10 Listed $219,000 NIRA MLS as Distributed by MLS Grid
• 2020-10-08 Listed $219,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+10.5%/yr

Latest (2024): $4,622 · +81.6% YoY. Source: county tax records.