2516 Mccool Rd · Portage, IN 46368

$179,900

3 bd · 1.0 ba · 880 sqft · SingleFamily public records · 6 Days on market

Built 1920 6,600 sqft lot $204/sqft · 15% below area Est $212k · 15% under

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Why this score? — see what drove the C- 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 +16.7/30.0
• ARV discount +14.3/15.0
• DSCR +5.2/10.0
• 1% rule +3.7/10.0
• 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

Lovely 3 bedroom 1 bath ranch. Well maintained and close to all the downtown shopping. Why rent when you can buy! This home features an eat in kitchen, nice sized living room , new siding, new vanity in the bathroom, new laminate floors in the kitchen, interior is freshly painted and ready for you to move in!

Key facts

• Spacious yard
• Near dining
• Near shopping

Tags

• SPACIOUS YARD
• DESIRABLE LOCATION
• FUNCTIONAL LAYOUT
• MOVE-IN READY CONDITION
• NEAR SHOPPING
• NEAR DINING

Property features AI

Exterior

• Parking: No dedicated parking
• Utilities: Public water; Public sewer; Natural gas connected; Electricity connected (circuit breakers); Cable available
• Home design: Single-story; Built in 1920
• Construction: Year built: 1920
• Exterior features: Deck; Neighborhood view; No pool

Interior

• Kitchen: Gas range; Stainless steel appliances; Refrigerator; Microwave
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fan(s)
• Interior features: Ceiling fans; Eat-in kitchen; 5 total rooms
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $111 ($1k/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 $157k (12.6% below list).
• Recommended offer: $157k (12.6% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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; 1 comparable units currently listed for rent nearby; 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $157,257 (12.6% below list)

Questions for the listing agent

1. Built in 1920 — 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 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: 0.87% ✗
• Cap rate: 7.03%
• Cash-on-cash: 2.64%
• DSCR: 1.12
• GRM: 9.5

CMA / ARV

• ARV (median comp): $211,900
• List price: $179,900
• Delta: -15.10%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2516 Mccool Rd	0.00mi	3/1.0	880 (0%)	1mo	$176,500	$201	99
2550 Mccool Rd	0.06mi	2/1.0 (-1)	886 (+1%)	8mo	$125,000	$141	84
2423 Orange St	0.17mi	2/2.0 (-1)	894 (+2%)	14mo	$164,000	$183	69
6932 Gaylord Ave	0.30mi	2/1.0 (-1)	1,004 (+14%)	14mo	$105,000	$105	46
6665 Lakewood Ave	0.72mi	3/1.5	1,008 (+14%)	5mo	$247,000	$245	36

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: -10.8%
• Equity multiple: 0.60×
• Total profit: $-20,064
• Equity at exit: $26,824

10-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $153
• Equity at exit: $15,554

Cash invested: $50,372 (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: 9.5×

Monthly cashflow live

• Estimated rent: $1,573 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$113 /mo · $1,356/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $111

Break-even live

Break-even rent $1,432

Max offer price $179,900

Occupancy floor 88%

Sensitivity live

Price	-10% $213	-5% $162	+0% $111	+5% $60	+10% $9
Rent	-10% $-13	-5% $49	+0% $111	+5% $173	+10% $235
Rate	-1.0pp $202	-0.5pp $157	base $111	+0.5pp $64	+1.0pp $17

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
254 Sandalwood St Portage, IN	2.0–3.0	2.0	1088	$1,399	$1.29	2d	1	1.17mi

Listing history 8 events

1. 2026-05-07
   status Pending 430-char remark
2. 2026-05-01
   listed $179,900 Active 430-char remark
3. 2021-06-18
   soldstatus $138,000 311-char remark

   Show marketing remark (311 chars)

   Lovely 3 bedroom 1 bath ranch. Well maintained and close to all the downtown shopping. Why rent when you can buy! This home features an eat in kitchen, nice sized living room , new siding, new vanity in the bathroom, new laminate floors in the kitchen, interior is freshly painted and ready for you to move in!

4. 2021-04-26
   listed $140,000 311-char remark

   Show marketing remark (311 chars)

   Lovely 3 bedroom 1 bath ranch. Well maintained and close to all the downtown shopping. Why rent when you can buy! This home features an eat in kitchen, nice sized living room , new siding, new vanity in the bathroom, new laminate floors in the kitchen, interior is freshly painted and ready for you to move in!

5. 2017-09-16
   historical
6. 2017-03-15
   listed $80,000
7. 2008-11-13
   historical
8. 2007-11-12
   listed $94,900

ⓘ 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: $1,356 · $113/mo
• Projected year-2 tax: $1,443 · $120/mo
• Expected delta: +$86/yr (+$7/mo · 6.4%)

ⓘ 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 2/10 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,871
• − Mortgage interest: −$10,077
• − Property taxes: −$1,356
• − Insurance: −$900
• − Repairs & maintenance: −$1,510
• − Management: −$1,510
• − Depreciation: −$5,233
• Taxable loss: −$1,715
• Est. tax savings @ 24.0%: +$412
• After-tax cash flow: $1,743/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

+86.0% since first listed

9 events — show timeline

• 2026-05-26 Sold (MLS) $176,500 NIRA MLS as Distributed by MLS Grid
• 2026-05-07 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-01 Listed $179,900 NIRA MLS as Distributed by MLS Grid
• 2021-06-18 Sold (MLS) $138,000 NIRA MLS as Distributed by MLS Grid
• 2021-04-26 Listed $140,000 NIRA MLS as Distributed by MLS Grid
• 2017-09-16 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2017-03-15 Listed $80,000 NIRA MLS as Distributed by MLS Grid
• 2008-11-13 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-11-12 Listed $94,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.4%/yr

Latest (2024): $1,356 · +3.5% YoY. Source: county tax records.