4941 Northcote Ave · East Chicago, IN 46312

$199,900

6 bd · 2.0 ba · 2,332 sqft · MultiFamily public records · 9 Days on market

Built 1915 4,480 sqft lot

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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 +28.5/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• 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: 2 units. confirmed

Listing remarks

Calling all investors, rehabbers, and owner-occupants looking to build equity! Zoned R-4, and subject to buyer verification and City approvals. This solid brick duplex offers tremendous upside potential and multiple value-add opportunities. Featuring two spacious units, each unit includes 2 bedrooms, a kitchen, dining room, walk-in pantry, and an additional flex room that can be utilized as an office, den, storage space, or other permitted use. The full basement presents a unique opportunity for additional income potential. Zoned R-4, and subject to buyer verification and City approvals, the basement may offer the possibility of conversion into a third unit. Whether you choose to create add

Key facts

• Two spacious units
• Zoned r-4
• Full basement

Tags

• ZONED R-4
• SOLID BRICK DUPLEX
• TWO SPACIOUS UNITS
• FULL BASEMENT
• WALK-UP ATTIC
• DETACHED 2-CAR CONCRETE GARAGE

Property features AI

Exterior

• Parking: Detached garage; 2 garage spaces; Additional parking; Paved parking; On-street parking; Garage faces rear with alley access
• Utilities: Electricity available; Public water; Public sewer; Natural gas available
• Home design: Two-story property; Built in 1915; Property listed as fixer
• Construction: Shingle roof
• Exterior features: Insulated windows; Neighborhood and trees/woods view; Enclosed front and rear porches; No pool

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Total rooms: 10; Two-unit property (2 total units); Property currently vacant
• Flooring: Carpet; Tile; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating (natural gas); Individual unit heating with unit controls; Ceiling fans; Other cooling
• Interior features: Ceiling fans; Walk-in closets; Pantry; Laminate counters; Eat-in kitchen; Unfinished basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $652 ($8k/yr) — positive. Per door: $326/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Cap rate 10.2% vs local median 8.2% in East Chicago — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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+, crime F, amenities 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.
• Zoned schools: William Mckinley Elementary School (math 8% / reading 9%, grade F, #939 of 994 statewide, top 95%, 488 students, 80% FRL); Joseph Block Middle School (math 3% / reading 13%, grade F, #317 of 330 statewide, top 96%, 487 students, 82% FRL); East Chicago Central High School (math 23% / reading 56%, grade F, #221 of 369 statewide, top 63%, 1,079 students, 77% FRL).
• Market conditions: Rents rising fast (+8.1%/yr); 79 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,380/mo this rent would consume 68% 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 $775 of equity ($1k loan paydown + $-607 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 $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.19% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.97%
• DSCR: 1.62
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 16.4%
• Equity multiple: 1.81×
• Total profit: $45,336
• Equity at exit: $55,030

10-year hold

• IRR: 24.3%
• Equity multiple: 4.09×
• Total profit: $172,991
• Equity at exit: $63,788

Cash invested: $55,972 (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: 14.0×

Monthly cashflow live

• Estimated rent: $2,380 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$97 /mo · $1,165/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $652

Break-even live

Break-even rent $1,555

Max offer price $199,900

Occupancy floor 68%

Sensitivity live

Price	-10% $765	-5% $708	+0% $652	+5% $595	+10% $538
Rent	-10% $464	-5% $558	+0% $652	+5% $746	+10% $840
Rate	-1.0pp $752	-0.5pp $702	base $652	+0.5pp $600	+1.0pp $547

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,380
Total (2 units)			$2,380

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4228 # E Unit Magoun Ave unit 2 East Chicago, IN	5.0	2.5	1800	$1,800	$1.00	0d	1	0.95mi

Listing history 7 events

1. 2026-06-21
   days on market $199,900 Active 9 DOM
2. 2026-06-18
   days on market $199,900 Active 6 DOM
3. 2026-06-17
   days on market $199,900 Active 5 DOM
4. 2026-06-16
   days on market $199,900 Active 4 DOM
5. 2026-06-15
   days on market $199,900 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $199,900 Active 1 DOM

ⓘ 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: $1,165 · $97/mo
• Projected year-2 tax: $1,432 · $119/mo
• Expected delta: +$267/yr (+$22/mo · 22.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 16% 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 100% 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: $28,560
• − Mortgage interest: −$11,198
• − Property taxes: −$1,165
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,285
• − Management: −$2,285
• − Depreciation: −$5,815
• Taxable income: $4,813
• Est. tax owed @ 24.0%: −$1,155
• After-tax cash flow: $6,663/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

1 event — show timeline

• 2026-06-12 Listed $199,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.9%/yr

Latest (2024): $1,165 · +17.5% YoY. Source: county tax records.