2733 Locust St · Portage, IN 46368

$155,000

3 bd · 1.0 ba · 1,824 sqft · SingleFamily public records · 70 Days on market

Built 1949 0.40 ac lot $85/sqft · 29% below area Est $233k · 33% 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 +27.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• 1% rule +6.9/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming Cape Cod positioned on three oversized lots at the end of a quiet cul-de-sac, offering privacy and room to expand. The home features a sunken living room with a gas fireplace, a practical galley kitchen with all appliances included, and a rec room off the kitchen with french doors leading to the deck. The main floor primary bedroom provides direct access to the full bath. A standout feature is the alley-access 2 car garage, complete with a steel beam hoist and pit. A rare setup ideal for mechanics, hobbyists, or anyone needing a functional workshop. This property is an INVESTORS SPECIAL with strong upside. With its generous lot size, flexible layout, and unique garage features, it's an excellent opportunity for investors, flippers, or buyers looking for a solid project with a respectable ARV.

Key facts

• Galley kitchen
• Rec room
• Sunken living room

Tags

• SUNKEN LIVING ROOM
• GAS FIREPLACE
• GALLEY KITCHEN
• REC ROOM
• FRENCH DOORS
• DECK

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $458 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $146k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 14d 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).

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.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $43k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 17y ago; this cycle's ask has dropped $18k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $109k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.19% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.66%
• DSCR: 1.56
• GRM: 7.0

CMA / ARV

• ARV (median comp): $232,626
• List price: $155,000
• Delta: -33.37%
• 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
2733 Locust St	0.00mi	3/1.0	1,956 (+7%)	1mo	$136,000	$70	87
5234 Central Ave	0.17mi	2/2.0 (-1)	1,784 (-2%)	4mo	$254,900	$143	76
5271 Central Ave	0.16mi	3/2.5	1,680 (-8%)	6mo	$130,000	$77	69
2868 Edgewood St	0.47mi	3/2.0	1,746 (-4%)	1mo	$343,400	$197	66
2798 Emerson St	0.62mi	2/1.0 (-1)	1,746 (-4%)	12mo	$200,000	$115	49
5464 Stone Ave	0.72mi	3/2.0	1,700 (-7%)	4mo	$255,000	$150	48
2966 Arlene St	0.49mi	3/1.0	2,020 (+11%)	14mo	$259,900	$129	48
2698 County Line	0.54mi	4/2.0 (+1)	2,016 (+10%)	2mo	$247,000	$123	47
5001 Marquette Rd	0.74mi	3/2.0	1,675 (-8%)	4mo	$259,500	$155	45
3094 Cooley St	0.74mi	4/2.0 (+1)	1,800 (-1%)	12mo	$291,000	$162	45
2980 Elmwood St	0.65mi	3/2.0	1,590 (-13%)	8mo	$190,000	$119	38
3093 May St	0.73mi	4/3.0 (+1)	1,565 (-14%)	6mo	$275,000	$176	24

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: 3.8%
• Equity multiple: 1.15×
• Total profit: $6,446
• Equity at exit: $23,111

10-year hold

• IRR: 14.4%
• Equity multiple: 2.23×
• Total profit: $53,288
• Equity at exit: $13,402

Cash invested: $43,400 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,842 high
• Mortgage (P&I): −$813
• Tax from tax record: −$120 /mo · $1,435/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $458

Break-even live

Break-even rent $1,262

Max offer price $155,000

Occupancy floor 70%

Sensitivity live

Price	-10% $546	-5% $502	+0% $458	+5% $414	+10% $370
Rent	-10% $312	-5% $385	+0% $458	+5% $531	+10% $603
Rate	-1.0pp $536	-0.5pp $497	base $458	+0.5pp $418	+1.0pp $377

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5091 Central Ave Portage, IN	3.0	1.0	1644	$2,000	$1.22	2d	1	0.31mi
4546 Marquette Rd Lake Station, IN	3.0	2.0	1621	$1,800	$1.11	2d	1	0.89mi
5211 Rachel Ave Unit 5208 Portage, IN	2.0	1.5	1320	$1,392	$1.05	16d	1	0.90mi
5211 Rachel Ave Unit 5214 Portage, IN	3.0	1.5	1320	$1,474	$1.12	4d	1	0.90mi
5211 Rachel Ave Unit 5210 Portage, IN	2.0	1.5	1320	$1,475	$1.12	2d	1	0.90mi
2870 Vigo St Lake Station, IN	3.0	2.0	1446	$1,850	$1.28	44d	1	0.92mi
2701 Union St Lake Station, IN	3.0	2.0	1958	$1,700	$0.87	44d	1	0.99mi
5423 Tulip Ave Portage, IN	3.0	1.0	1872	$2,000	$1.07	13d	1	1.11mi
5750 Blossom Ave Portage, IN	3.0	2.0	1232	$2,500	$2.03	25d	1	1.46mi

Listing history 16 events

1. 2026-05-06
   status Pending 812-char remark

   Show marketing remark (812 chars)

   Charming Cape Cod positioned on three oversized lots at the end of a quiet cul-de-sac, offering privacy and room to expand. The home features a sunken living room with a gas fireplace, a practical galley kitchen with all appliances included, and a rec room off the kitchen with french doors leading to the deck. The main floor primary bedroom provides direct access to the full bath. A standout feature is the alley-access 2 car garage, complete with a steel beam hoist and pit. A rare setup ideal for mechanics, hobbyists, or anyone needing a functional workshop. This property is an INVESTORS SPECIAL with strong upside. With its generous lot size, flexible layout, and unique garage features, it's an excellent opportunity for investors, flippers, or buyers looking for a solid project with a respectable ARV.

2. 2026-04-29
   price $155,000 812-char remark

   Show marketing remark (812 chars)

   Charming Cape Cod positioned on three oversized lots at the end of a quiet cul-de-sac, offering privacy and room to expand. The home features a sunken living room with a gas fireplace, a practical galley kitchen with all appliances included, and a rec room off the kitchen with french doors leading to the deck. The main floor primary bedroom provides direct access to the full bath. A standout feature is the alley-access 2 car garage, complete with a steel beam hoist and pit. A rare setup ideal for mechanics, hobbyists, or anyone needing a functional workshop. This property is an INVESTORS SPECIAL with strong upside. With its generous lot size, flexible layout, and unique garage features, it's an excellent opportunity for investors, flippers, or buyers looking for a solid project with a respectable ARV.

3. 2026-03-15
   price $162,250 812-char remark

   Show marketing remark (812 chars)

   Charming Cape Cod positioned on three oversized lots at the end of a quiet cul-de-sac, offering privacy and room to expand. The home features a sunken living room with a gas fireplace, a practical galley kitchen with all appliances included, and a rec room off the kitchen with french doors leading to the deck. The main floor primary bedroom provides direct access to the full bath. A standout feature is the alley-access 2 car garage, complete with a steel beam hoist and pit. A rare setup ideal for mechanics, hobbyists, or anyone needing a functional workshop. This property is an INVESTORS SPECIAL with strong upside. With its generous lot size, flexible layout, and unique garage features, it's an excellent opportunity for investors, flippers, or buyers looking for a solid project with a respectable ARV.

4. 2026-02-25
   listed $173,400 Active 812-char remark

   Show marketing remark (812 chars)

   Charming Cape Cod positioned on three oversized lots at the end of a quiet cul-de-sac, offering privacy and room to expand. The home features a sunken living room with a gas fireplace, a practical galley kitchen with all appliances included, and a rec room off the kitchen with french doors leading to the deck. The main floor primary bedroom provides direct access to the full bath. A standout feature is the alley-access 2 car garage, complete with a steel beam hoist and pit. A rare setup ideal for mechanics, hobbyists, or anyone needing a functional workshop. This property is an INVESTORS SPECIAL with strong upside. With its generous lot size, flexible layout, and unique garage features, it's an excellent opportunity for investors, flippers, or buyers looking for a solid project with a respectable ARV.

5. 2015-10-09
   soldstatus $109,000 328-char remark

   Show marketing remark (328 chars)

   Adorable Cape Cod sitting on 3 lots on a cul-de-sac. Sunken living room with gas fireplace, galley kitchen with all appliances, including washer & dryer. Rec room off the kitchen with French doors to deck. Main floor master bedroom with access to full bath. Alley entrance 1.5 car garage with steel beam hoist & pit.

6. 2015-04-19
   listed $109,000 328-char remark

   Show marketing remark (328 chars)

   Adorable Cape Cod sitting on 3 lots on a cul-de-sac. Sunken living room with gas fireplace, galley kitchen with all appliances, including washer & dryer. Rec room off the kitchen with French doors to deck. Main floor master bedroom with access to full bath. Alley entrance 1.5 car garage with steel beam hoist & pit.

7. 2015-01-09
   historical
8. 2014-07-07
   listed $112,000
9. 2012-11-02
   historical
10. 2012-05-24
    listed $103,921
11. 2011-09-23
    historical
12. 2011-08-12
    listed $103,921
13. 2011-04-01
    historical
14. 2010-06-28
    listed $99,900
15. 2010-06-15
    historical
16. 2009-12-14
    listed $99,999

ⓘ 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: $1,435 · $120/mo
• Projected year-2 tax: $1,435 · $120/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 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: $22,099
• − Mortgage interest: −$8,682
• − Property taxes: −$1,435
• − Insurance: −$775
• − Repairs & maintenance: −$1,768
• − Management: −$1,768
• − Depreciation: −$4,509
• Taxable income: $3,162
• Est. tax owed @ 24.0%: −$759
• After-tax cash flow: $4,735/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

+55.0% since first listed

16 events — show timeline

• 2026-05-06 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $155,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-15 Price Changed $162,250 NIRA MLS as Distributed by MLS Grid
• 2026-02-25 Listed $173,400 NIRA MLS as Distributed by MLS Grid
• 2015-10-09 Sold (MLS) $109,000 NIRA MLS as Distributed by MLS Grid
• 2015-04-19 Listed $109,000 NIRA MLS as Distributed by MLS Grid
• 2015-01-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2014-07-07 Listed $112,000 NIRA MLS as Distributed by MLS Grid
• 2012-11-02 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-05-24 Listed $103,921 NIRA MLS as Distributed by MLS Grid
• 2011-09-23 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-08-12 Listed $103,921 NIRA MLS as Distributed by MLS Grid
• 2011-04-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-06-28 Listed $99,900 NIRA MLS as Distributed by MLS Grid
• 2010-06-15 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2009-12-14 Listed $99,999 NIRA MLS as Distributed by MLS Grid

Property tax history

+4.6%/yr

Latest (2024): $1,435 · +9.6% YoY. Source: county tax records.