509 Union St · Valparaiso, IN 46383

$405,000

5 bd · 4.0 ba · 2,420 sqft · SingleFamily public records · 3 Days on market

Built 1880 7,841 sqft lot Est $346k · 17% over

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Why this score? — see what drove the F 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).

• Schools +5.2/10.0
• Livability +4.1/5.0
• Rent growth +3.4/5.0
• Cash flow +2.6/30.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

LARGE, WELL MAINTAINED FOUR UNIT WITH EXTRA LOT! AMPLE PARKING! COIN-OP LAUNDRY! LARGE EXTERIOR DECKS! LEASES/SECURITY DEPOSITS ALL TENANTS.

Key facts

• 7,841 sq ft lot
• Built 1880
• Listed 3 days

Property features AI

Exterior

• Parking: Gravel parking; Off-street parking; On-street parking
• Utilities: Public water; Public sewer
• Home design: Two-story building; Built in 1880
• Construction: Shingle roof
• Exterior features: No pool; Lot size per assessor

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Four total units with three one-bedroom units and one two-bedroom unit
• Bathrooms: Four full bathrooms (total for the property)
• Heating & cooling: Hot water heating; Other cooling
• Interior features: Pets allowed; No additional interior features listed
• Laundry & utility: Unfinished basement (utility/storage potential)

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath single-family listed at $405k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (60.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $183k (54.7% below list).
• Recommended offer: $160k (60.6% below list) — sets the bar for cash-flow.
• Cap rate 2.2% vs local median 2.8% in Valparaiso — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 82/100 on livability (#12 in IN, #1,149 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities D-, commute F.
• Valparaiso Community Schools (suburban): math 56% / reading 64% proficiency, ranked #18 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 257 active listings in the ZIP; 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 $3k of loan paydown is wiped out by about $12k 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 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,527 (60.6% below list)

Questions for the listing agent

1. 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?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. 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?
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 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: 0.45% ✗
• Cap rate: 2.18%
• Cash-on-cash: -14.70%
• DSCR: 0.35
• GRM: 18.4

CMA / ARV

• ARV (on-the-fly): $346,060
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2 Old Orchard Ln	0.37mi	5/3.0	2,436 (+1%)	18mo	$285,000	$117	62
405 Indiana Ave	0.23mi	4/1.5 (-1)	2,469 (+2%)	22mo	$352,000	$143	52
505 Garfield Ave	0.65mi	5/3.0	2,448 (+1%)	14mo	$350,000	$143	52
1001 Institute St	0.62mi	4/2.0 (-1)	2,280 (-6%)	0mo	$349,000	$153	48
809 1/2 Oak St	0.65mi	4/2.5 (-1)	2,304 (-5%)	9mo	$313,500	$136	43
501 Beech St	0.67mi	4/2.5 (-1)	2,384 (-2%)	14mo	$263,800	$111	43
601 Institute St	0.55mi	4/2.0 (-1)	2,140 (-12%)	13mo	$420,000	$196	31
155 Institute St	0.69mi	4/1.5 (-1)	2,192 (-9%)	19mo	$350,000	$160	21
901 Beech St	0.73mi	4/2.0 (-1)	2,147 (-11%)	17mo	$348,000	$162	20

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 · 3.52% rent growth · sell at horizon

5-year hold

• IRR: -43.8%
• Equity multiple: -0.35×
• Total profit: $-153,112
• Equity at exit: $60,387

10-year hold

• IRR: -74.0%
• Equity multiple: -1.14×
• Total profit: $-243,074
• Equity at exit: $35,017

Cash invested: $113,400 (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 46383

• Rents YoY: 3.5%
• Active inventory: 257
• Price-to-rent: 18.4×

Monthly cashflow live

• Estimated rent: $1,835 medium
• Mortgage (P&I): −$2,124
• Tax from tax record: −$546 /mo · $6,558/yr
• Insurance: −$169
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $-1,390

Break-even live

Break-even rent $3,594

Max offer price $159,527

Occupancy floor —

Sensitivity live

Price	-10% $-1,160	-5% $-1,275	+0% $-1,390	+5% $-1,504	+10% $-1,619
Rent	-10% $-1,535	-5% $-1,462	+0% $-1,390	+5% $-1,317	+10% $-1,245
Rate	-1.0pp $-1,186	-0.5pp $-1,287	base $-1,390	+0.5pp $-1,495	+1.0pp $-1,601

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: $101,250
• Closing costs: $12,150
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-18
   days on market $405,000 Active 3 DOM
2. 2026-06-17
   days on market $405,000 Active 2 DOM
3. 2026-06-15
   remarks 535-char remark
4. 2026-06-15
   listed $405,000 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: $6,558 · $546/mo
• Projected year-2 tax: $6,558 · $546/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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,018
• − Mortgage interest: −$22,686
• − Property taxes: −$6,558
• − Insurance: −$2,025
• − Repairs & maintenance: −$1,761
• − Management: −$1,761
• − Depreciation: −$11,782
• Taxable loss: −$24,556
• Est. tax savings @ 24.0%: +$5,893
• After-tax cash flow: $-10,781/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: Valparaiso Community Schools
• NCES district ID: 1811970
• Math proficiency: 56% ▼ -9.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $56,736
• Composite: 51.69/100
• National rank: #1691
• State rank: #18 of 301 in IN

Livability — Valparaiso

• Score: 82/100
• State rank: #12
• US rank: #1149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Valparaiso, IN
• County: Porter County · 151,647 people
• City population: 83,039
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 42,183
• Household income: $76,224
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 1478.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 9% Two or more races 6% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 9% Lithuanian 3% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3%

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: ▼ -151.84%
• Current HPI: 197.9925
• Rent YoY: ▲ 3.52%
• 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

+224.0% since first listed

3 events — show timeline

• 2026-06-15 Listed $405,000 NIRA MLS as Distributed by MLS Grid
• 2003-10-24 Listed $149,900 NIRA MLS as Distributed by MLS Grid
• 1998-08-04 Listed $125,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+5.5%/yr

Latest (2024): $6,558 · +11.6% YoY. Source: county tax records.