2804 Schrage Ave · Whiting, IN 46394

$250,000

2 bd · 1.0 ba · 784 sqft · MultiFamily public records · 22 Days on market

Built 1961 5,000 sqft lot Est $257k · at est.

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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).

• Cash flow +14.1/30.0
• ARV discount +8.7/15.0
• Appreciation +8.3/10.0
• DSCR +4.3/10.0
• 1% rule +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Investor's Dream in Prime Whiting Location Welcome to 2804 Schrage Ave, a rare opportunity to own two updated 2-bedroom homes on one lot in one of Whiting's most desirable rental areas! Whether you're house hacking or building your investment portfolio, this unique property offers strong rental income potential. The front home features a spacious layout with a full basement, perfect for additional storage or future living space. The rear home is a comfortable slab-style residence with an efficient floor plan. Both homes are equipped with central air conditioning, offering modern comfort year-round. Situated on a well-maintained lot with a private yard, this property offers both tenants and owners space to relax outdoors. Just minutes from downtown Whiting, Lake Michigan, and the refinery, this location remains a top choice for long-term tenants and commuters alike. Live in one and rent the other, or rent both for consistent monthly cash flow. Properties like this are hard to come by. Don't miss your chance to own a true income-generating gem!

Key facts

• Efficient floor plan
• Full basement
• Private yard

Tags

• FULL BASEMENT
• CENTRAL AIR CONDITIONING
• PRIVATE YARD
• WELL MAINTAINED LOT
• STRONG RENTAL INCOME POTENTIAL
• EFFICIENT FLOOR PLAN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $35 ($423/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (15.0% below list).
• Recommended offer: $212k (15.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#447 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, employment C-, schools F.
• School City Of Whiting (suburban): math 15% / reading 43% proficiency, ranked #244 of 301 in IN (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 39 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 39% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $18k of equity ($2k loan paydown + $17k appreciation (6.6% local appreciation)).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.6% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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.
• Current owner paid $48k; list at $250k implies a 426% gain — meaningful room to come down on a strong offer.

Recommended offer $212,500 (15.0% below list)

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-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. 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?
5. 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.
6. 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.
7. 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: 0.85% ✗
• Cap rate: 6.46%
• Cash-on-cash: 0.60%
• DSCR: 1.03
• GRM: 9.8

CMA / ARV

• ARV (median comp): $257,050
• List price: $250,000
• Delta: -2.74%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Projected returns pro-forma

6.63% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.3%
• Equity multiple: 2.20×
• Total profit: $83,881
• Equity at exit: $167,242

10-year hold

• IRR: 16.9%
• Equity multiple: 4.47×
• Total profit: $242,800
• Equity at exit: $312,393

Cash invested: $70,000 (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 46394

• Home prices YoY: 2.1%
• Active inventory: 39
• Price-to-rent: 19.6×

Monthly cashflow live

• Estimated rent: $2,125 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$228 /mo · $2,740/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $35

Break-even live

Break-even rent $2,080

Max offer price $250,000

Occupancy floor 93%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,124
Total (2 units)			$2,125

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2045 New York Ave Apt 2 Whiting, IN	2.0	1.0	800	$1,400	$1.75	43d	1	0.90mi
1228 Lakeview Ave Whiting, IN	2.0	1.0	700	$1,225	$1.75	3d	1	0.92mi
1500 W Fred St Unit 2 Whiting, IN	1.0	1.0	700	$995	$1.42	4d	1	0.94mi
1500 W Fred St Unit 1 Whiting, IN	2.0	1.0	750	$1,000	$1.33	43d	1	0.94mi
1500 W Fred St Unit 4 Whiting, IN	2.0	1.0	750	$995	$1.33	43d	1	0.94mi
1323 121st St #2 Whiting, IN	3.0	1.0	1000	$1,250	$1.25	12d	1	0.96mi
1442 John St Unit 2 Whiting, IN	1.0	1.0	800	$1,075	$1.34	10d	1	1.01mi
1308 119th St Unit 2R Whiting, IN	2.0	1.0	700	$1,200	$1.71	3d	1	1.17mi
1200 119th St Whiting, IN	2.0	2.0	962	$2,166	$2.25	17d	1	1.22mi
1200 119th St Whiting, IN	2.0	2.0	962	$2,128	$2.21	1d	1	1.22mi
1116 119th St Unit 5 Whiting, IN	1.0	1.0	750	$1,150	$1.53	24d	1	1.24mi

Listing history 10 events

1. 2026-05-11
   status Pending 1058-char remark

   Show marketing remark (1058 chars)

   Investor's Dream in Prime Whiting Location Welcome to 2804 Schrage Ave, a rare opportunity to own two updated 2-bedroom homes on one lot in one of Whiting's most desirable rental areas! Whether you're house hacking or building your investment portfolio, this unique property offers strong rental income potential. The front home features a spacious layout with a full basement, perfect for additional storage or future living space. The rear home is a comfortable slab-style residence with an efficient floor plan. Both homes are equipped with central air conditioning, offering modern comfort year-round. Situated on a well-maintained lot with a private yard, this property offers both tenants and owners space to relax outdoors. Just minutes from downtown Whiting, Lake Michigan, and the refinery, this location remains a top choice for long-term tenants and commuters alike. Live in one and rent the other, or rent both for consistent monthly cash flow. Properties like this are hard to come by. Don't miss your chance to own a true income-generating gem!

2. 2026-04-28
   status Active 1058-char remark

   Show marketing remark (1058 chars)

   Investor's Dream in Prime Whiting Location Welcome to 2804 Schrage Ave, a rare opportunity to own two updated 2-bedroom homes on one lot in one of Whiting's most desirable rental areas! Whether you're house hacking or building your investment portfolio, this unique property offers strong rental income potential. The front home features a spacious layout with a full basement, perfect for additional storage or future living space. The rear home is a comfortable slab-style residence with an efficient floor plan. Both homes are equipped with central air conditioning, offering modern comfort year-round. Situated on a well-maintained lot with a private yard, this property offers both tenants and owners space to relax outdoors. Just minutes from downtown Whiting, Lake Michigan, and the refinery, this location remains a top choice for long-term tenants and commuters alike. Live in one and rent the other, or rent both for consistent monthly cash flow. Properties like this are hard to come by. Don't miss your chance to own a true income-generating gem!

3. 2026-04-22
   status Pending 1058-char remark

   Show marketing remark (1058 chars)

   Investor's Dream in Prime Whiting Location Welcome to 2804 Schrage Ave, a rare opportunity to own two updated 2-bedroom homes on one lot in one of Whiting's most desirable rental areas! Whether you're house hacking or building your investment portfolio, this unique property offers strong rental income potential. The front home features a spacious layout with a full basement, perfect for additional storage or future living space. The rear home is a comfortable slab-style residence with an efficient floor plan. Both homes are equipped with central air conditioning, offering modern comfort year-round. Situated on a well-maintained lot with a private yard, this property offers both tenants and owners space to relax outdoors. Just minutes from downtown Whiting, Lake Michigan, and the refinery, this location remains a top choice for long-term tenants and commuters alike. Live in one and rent the other, or rent both for consistent monthly cash flow. Properties like this are hard to come by. Don't miss your chance to own a true income-generating gem!

4. 2026-04-13
   listed $250,000 Active 1058-char remark

   Show marketing remark (1058 chars)

   Investor's Dream in Prime Whiting Location Welcome to 2804 Schrage Ave, a rare opportunity to own two updated 2-bedroom homes on one lot in one of Whiting's most desirable rental areas! Whether you're house hacking or building your investment portfolio, this unique property offers strong rental income potential. The front home features a spacious layout with a full basement, perfect for additional storage or future living space. The rear home is a comfortable slab-style residence with an efficient floor plan. Both homes are equipped with central air conditioning, offering modern comfort year-round. Situated on a well-maintained lot with a private yard, this property offers both tenants and owners space to relax outdoors. Just minutes from downtown Whiting, Lake Michigan, and the refinery, this location remains a top choice for long-term tenants and commuters alike. Live in one and rent the other, or rent both for consistent monthly cash flow. Properties like this are hard to come by. Don't miss your chance to own a true income-generating gem!

5. 2025-12-04
   historical
6. 2025-11-13
   price $230,000
7. 2025-07-30
   price $240,000
8. 2025-07-08
   listed $250,000 Active
9. 2015-05-28
   soldstatus $47,500
10. 2014-05-22
    listed $59,900

ⓘ 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: $2,740 · $228/mo
• Projected year-2 tax: $2,740 · $228/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,500
• − Mortgage interest: −$14,004
• − Property taxes: −$2,740
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,040
• − Management: −$2,040
• − Depreciation: −$7,273
• Taxable loss: −$3,847
• Est. tax savings @ 24.0%: +$923
• After-tax cash flow: $1,346/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: School City Of Whiting
• NCES district ID: 1813200
• Math proficiency: 15% ▼ -15.00%
• Reading proficiency: 43% ▼ -5.00%
• Median HH income: $48,365
• Composite: 25.1/100
• National rank: #7530
• State rank: #244 of 301 in IN

Livability — Whiting

• Score: 63/100
• State rank: #447
• US rank: #15882

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Whiting, IN
• County: Lake County · 422,878 people
• City population: 11,894
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 11,894
• Household income: $66,176
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 366.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 48% Hispanic / Latino 43% Two or more races 10% Black 7% Native American 4%
• Hispanic origin (detail): Mexican 38% Puerto Rican 5%
• Common ancestry: Romanian 12% Lithuanian 3% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 75% English-only · Spanish 23% Arabic 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: ▲ 6.63%
• Current HPI: 327.0867
• 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

+317.4% since first listed

10 events — show timeline

• 2026-05-11 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-28 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-04-22 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-13 Listed $250,000 NIRA MLS as Distributed by MLS Grid
• 2025-12-04 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-11-13 Price Changed $230,000 NIRA MLS as Distributed by MLS Grid
• 2025-07-30 Price Changed $240,000 NIRA MLS as Distributed by MLS Grid
• 2025-07-08 Listed $250,000 NIRA MLS as Distributed by MLS Grid
• 2015-05-28 Sold (MLS) $47,500 NIRA MLS as Distributed by MLS Grid
• 2014-05-22 Listed $59,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+8.9%/yr

Latest (2024): $2,740 · +5.3% YoY. Source: county tax records.