1717 Crocker St

Chesterton, IN 46304

$249,000F

2 bd · 1.0 ba · 800 sqft · Built 1927 · SingleFamily · Active · 152 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,299/mo
• Mortgage (P&I): −$1,306
• Tax + insurance: −$297
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $-577/mo
• Annual: $-6,926/yr
• Cap rate: 3.51%
• Cash-on-cash: -9.93%
• DSCR: 0.56
• 1% rule: 0.52%
• Cash to close: $69,720

Investor read

• This is a 2-bed/1.0-bath single-family listed at $249k.
• At list price, monthly cash flow is $-577 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (40.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (47.8% below list).
• It's been on market 152 days — a 12% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $130k (47.8% below list) — sets the bar for 1% rule.
• 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.
• Location reads 77/100 on livability (#43 in IN, #3,223 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Duneland School Corporation (suburban): math 53% / reading 53% proficiency, ranked #30 of 301 in IN (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 222 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).
• Porter County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 15 sale attempts since 28y 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 $35k; list at $249k implies a 609% gain — meaningful room to come down on a strong offer.
• Cap rate 3.5% vs local median 2.6% in Chesterton — 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.
• This rent is only 17% of the median local income ($91k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 152 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
• Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.