3415 W 47th Ave · Ross, IN 46408

$225,000

2 bd · 1.0 ba · 1,848 sqft · MultiFamily public records · 35 Days on market

Built 1972 0.45 ac lot ↓ 12% since listing

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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 +21.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Well-maintained duplex offering a strong opportunity for both owner-occupants and investors. One unit has been fully updated with new windows, luxury vinyl flooring, an updated kitchen with quartz countertops, and stainless steel appliances including refrigerator, electric range, and microwave. The bathroom has also been renovated. Interior and exterior have been recently painted, and the home features a newer layer of shingles. The second unit has updates as well, including some newer windows and general improvements. Property is serviced by well and septic. Property will be delivered vacant at closing. Great setup for house hack or to set new rents post-closing.

Key facts

• Quartz countertops
• Renovated bathroom
• Newer windows

Tags

• UPDATED KITCHEN
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• RENOVATED BATHROOM
• NEWER LAYER OF SHINGLES
• NEWER WINDOWS

Property features AI

Finance

• Financial info: Multi-unit property with 2 total units; Gross income: $28,800; Net operating income: $28,800; Insurance expense: $1,200; Taxes (new): $1,200

Exterior

• Parking: Driveway
• Utilities: Well water; Septic sewer
• Home design: Single-story property; Built in 1972
• Construction: Shingle roof; Crawl space foundation
• Exterior features: Aluminum-framed windows; Neighborhood view; Rain gutters; Shed(s); Other exterior features

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Two 2-bedroom units (multi-unit property)
• Flooring: Carpet; Tile; Laminate
• Bathrooms: 2 full bathrooms (total for property)
• Heating & cooling: Forced air heating; Ceiling fans for cooling
• Interior features: Granite counters; Open floor plan; Pets allowed

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $356 ($4k/yr) — positive. Per door: $178/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Lake Ridge New Tech Schools (suburban): math 11% / reading 20% proficiency, ranked #287 of 301 in IN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 102 active listings in the ZIP; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,254/mo this rent would consume 57% of the median local household income ($47k/yr) (locally 619% 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 $7k 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.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.

Recommended offer $218,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% 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 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.00% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.78%
• DSCR: 1.30
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.9%
• Equity multiple: 0.78×
• Total profit: $-13,822
• Equity at exit: $33,548

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $16,985
• Equity at exit: $19,454

Cash invested: $63,000 (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 46408

• Home prices YoY: -31.6%
• Active inventory: 102
• Price-to-rent: 16.6×

Monthly cashflow live

• Estimated rent: $2,254 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$151 /mo · $1,810/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $356

Break-even live

Break-even rent $1,803

Max offer price $225,000

Occupancy floor 79%

Sensitivity live

Price	-10% $484	-5% $420	+0% $356	+5% $292	+10% $229
Rent	-10% $178	-5% $267	+0% $356	+5% $445	+10% $534
Rate	-1.0pp $469	-0.5pp $413	base $356	+0.5pp $298	+1.0pp $239

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,254
Total (2 units)			$2,254

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-02
   status $225,000 Pending 35 DOM
2. 2026-06-01
   days on market $225,000 Active 35 DOM
3. 2026-05-31
   days on market $225,000 Active 34 DOM
4. 2026-04-28
   price $225,000
5. 2026-04-27
   listed $255,000 Active

ⓘ 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: $1,810 · $151/mo
• Projected year-2 tax: $1,861 · $155/mo
• Expected delta: +$51/yr (+$4/mo · 2.8%)

ⓘ 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 ≥102°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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,048
• − Mortgage interest: −$12,603
• − Property taxes: −$1,810
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,164
• − Management: −$2,164
• − Depreciation: −$6,545
• Taxable income: $636
• Est. tax owed @ 24.0%: −$153
• After-tax cash flow: $4,121/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: Lake Ridge New Tech Schools
• NCES district ID: 1805460
• Math proficiency: 11% ▼ -18.00%
• Reading proficiency: 20% ▼ -9.00%
• Median HH income: $34,568
• Composite: 12.67/100
• National rank: #9607
• State rank: #287 of 301 in IN

Livability — Ross

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Ross, IN
• County: Lake County · 422,878 people
• City population: 15,571
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 15,747
• Household income: $47,453
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 619.0

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 0.68)
• Race & ethnicity: Black 41% White 32% Hispanic / Latino 22% Two or more races 12%
• Hispanic origin (detail): Mexican 14% Puerto Rican 7%
• Common ancestry: Romanian 5% Iranian 1% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 87% English-only · Spanish 12% Chinese 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: ▼ -72.08%
• Current HPI: 155.6238
• 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

-11.8% since first listed

2 events — show timeline

• 2026-04-28 Price Changed $225,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-27 Listed $255,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-4.1%/yr

Latest (2024): $1,810 · +6.6% YoY. Source: county tax records.