612 W 149th St · East Chicago, IN 46312

$350,000

3 bd · 2.0 ba · 2,215 sqft · MultiFamily public records · 42 Days on market

Built 1927

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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 +20.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +5.2/10.0
• Appreciation +4.8/10.0
• Rent growth +4.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Why settle for one when you can have two? Exceptional opportunity to add a well-performing asset to your investment portfolio or create the perfect setup for a large multi-generational family!! This unique property features two separate brick homes on one parcel, offering an excellent opportunity to expand your investment portfolio or create space for multi-generational living. 614 is a 4 Bed 2.5 Bath 3,148 sq ft Tri-level including a sunroom, Family Room Second Kitchen in Lower Level, 612 is a 3 Bed 3 Bath 2,215 sq ft Bi-level plus a basement unit 3 bedroom with a kitchen and 1 bath. Conveniently located with easy access to Downtown Chicago, this commuter-friendly property offers low taxes and strong income potential. Both units are currently leased, providing immediate cash flow for the next owner.

Key facts

• Basement unit
• Sunroom
• 2 parking spots

Tags

• SUNROOM
• BASEMENT UNIT

Property features AI

Finance

• Other: 3 total units in the building; Unit 1 (first floor): 4 beds, 3 baths, 5 rooms — Rent $1,600, security deposit $1,600, tenant pays all; Unit 2 (second floor): 3 beds, 3 baths, 4 rooms — Rent $1,400, security deposit $1,400, tenant pays all; Unit 3: 3 beds, 1 bath — Rent $1,000, tenant pays all; Lease terms month-to-month for listed units
• Financial info: Special service area: No; Possession at closing subject to tenants' rights

Exterior

• Parking: 2 parking spaces (total)
• Utilities: Public water; Public sewer
• Home design: Two- to four-unit property; Fee simple ownership; Built more than 90 years ago; Originally built before 1978
• Construction: Brick construction
• Exterior features: Lot less than 0.25 acre; Lot dimensions approximately 0.17

Interior

• Kitchen: Stove; Refrigerator
• Bedrooms: 10 bedrooms total; Building includes 3-bedroom units
• Bathrooms: 4 full bathrooms; 2 half bathrooms
• Heating & cooling: Natural gas heating
• Interior features: Finished partial basement; 10 total rooms
• Laundry & utility: Tenants pay all utilities

What this means for you Summary

Snapshot

• This is a 1×3bd/3ba + 1×4bd/2.5ba + 1×3bd/1ba units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $468 ($6k/yr) — positive. Per door: $156/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $340k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#371 in IN) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: health & safety D+, schools F, crime F.
• School City Of East Chicago (suburban): math 7% / reading 15% proficiency, ranked #293 of 301 in IN (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 89% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.1%/yr); 79 active listings in the ZIP; lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $3,583/mo this rent would consume 102% of the median local household income ($42k/yr) (locally 1227% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $1k of equity ($2k loan paydown + $-1k appreciation (-0.3% 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 (-0.3% appreciation + 8.0% rent growth), your $98k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 5 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.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $339,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 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 1927 — 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. 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?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 1.02% ✓
• Cap rate: 7.90%
• Cash-on-cash: 5.73%
• DSCR: 1.26
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $93,030
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
519 W 144th St	0.61mi	3/2.0	2,160 (-2%)	12mo	$90,000	$42	58

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.3% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 7.0%
• Equity multiple: 1.34×
• Total profit: $33,569
• Equity at exit: $96,350

10-year hold

• IRR: 16.0%
• Equity multiple: 2.98×
• Total profit: $194,273
• Equity at exit: $111,685

Cash invested: $98,000 (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 46312

• Home prices YoY: -0.1%
• Rents YoY: 8.1%
• Active inventory: 79
• Price-to-rent: 25.6×

Monthly cashflow live

• Estimated rent: $3,583 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$381 /mo · $4,574/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$752
• Net cashflow: $468

Break-even live

Break-even rent $2,990

Max offer price $350,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
1× unit	3	3	$1,138
1× unit	4	2.5	$1,308
1× unit	3	1	$1,138
Total (3 units)			$3,583

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $350,000 Active 42 DOM
2. 2026-06-17
   days on market $350,000 Active 41 DOM
3. 2026-06-16
   days on market $350,000 Active 40 DOM
4. 2026-06-15
   days on market $350,000 Active 39 DOM
5. 2026-06-13
   days on market $350,000 Active 37 DOM
6. 2026-06-13
   days on market $350,000 Active 36 DOM
7. 2026-06-09
   days on market $350,000 Active 33 DOM
8. 2026-06-08
   days on market $350,000 Active 32 DOM
9. 2026-06-07
   days on market $350,000 Active 31 DOM
10. 2026-06-04
    days on market $350,000 Active 28 DOM
11. 2026-06-03
    days on market $350,000 Active 27 DOM
12. 2026-06-02
    days on market $350,000 Active 26 DOM
13. 2026-06-01
    days on market $350,000 Active 25 DOM
14. 2026-05-31
    days on market $350,000 Active 24 DOM
15. 2026-05-07
    listed $350,000 Active
16. 2025-12-18
    listed $350,000 Active 812-char remark

    Show marketing remark (812 chars)

    Why settle for one when you can have two? Exceptional opportunity to add a well-performing asset to your investment portfolio or create the perfect setup for a large multi-generational family!! This unique property features two separate brick homes on one parcel, offering an excellent opportunity to expand your investment portfolio or create space for multi-generational living. 614 is a 4 Bed 2.5 Bath 3,148 sq ft Tri-level including a sunroom, Family Room Second Kitchen in Lower Level, 612 is a 3 Bed 3 Bath 2,215 sq ft Bi-level plus a basement unit 3 bedroom with a kitchen and 1 bath. Conveniently located with easy access to Downtown Chicago, this commuter-friendly property offers low taxes and strong income potential. Both units are currently leased, providing immediate cash flow for the next owner.

17. 2024-03-08
    historical
18. 2022-05-11
    price $1,200
19. 2008-12-01
    listed $94,900
20. 1998-01-24
    historical
21. 1998-01-07
    listed $175,000
22. 1998-01-07
    listed $175,000

ⓘ 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: $4,574 · $381/mo
• Projected year-2 tax: $4,574 · $381/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 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,996
• − Mortgage interest: −$19,605
• − Property taxes: −$4,574
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,440
• − Management: −$3,440
• − Depreciation: −$10,182
• Taxable income: $5
• Est. tax owed @ 24.0%: −$1
• After-tax cash flow: $5,616/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 East Chicago
• NCES district ID: 1802880
• Math proficiency: 7% ▼ -10.00%
• Reading proficiency: 15% ▼ -7.00%
• Median HH income: $28,423
• Composite: 8.36/100
• National rank: #9909
• State rank: #293 of 301 in IN

Livability — East Chicago

• Score: 64/100
• State rank: #371
• US rank: #13869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Chicago, IN
• County: Lake County · 422,878 people
• City population: 26,022
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 26,022
• Household income: $42,125
• Rent vs Own: 57.1% rent · 42.9% own
• Severe rent burden: 1227.0

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: Majority Hispanic (56%)
• Race & ethnicity: Hispanic / Latino 56% Black 36% Two or more races 11% White 7%
• Hispanic origin (detail): Mexican 45% Puerto Rican 6%
• Common ancestry: Romanian 2%
• Foreign-born: 16% · Canada
• Languages at home: 59% English-only · Spanish 40%

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: ▼ -0.30%
• Current HPI: 267.9232
• Rent YoY: ▲ 8.06%
• 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

+100.0% since first listed

8 events — show timeline

• 2026-05-07 Listed $350,000 MRED as Distributed by MLS Grid
• 2025-12-18 Listed $350,000 NIRA MLS as Distributed by MLS Grid
• 2024-03-08 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2022-05-11 Price Changed $1,200 RENT.
• 2008-12-01 Listed $94,900 NIRA MLS as Distributed by MLS Grid
• 1998-01-24 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 1998-01-07 Listed $175,000 NIRA MLS as Distributed by MLS Grid
• 1998-01-07 Listed $175,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.2%/yr

Latest (2024): $4,574 · +10.5% YoY. Source: county tax records.