340 Midway Dr · South Haven, IN 46385

$240,000

3 bd · 1.5 ba · 1,400 sqft · SingleFamily public records · 26 Days on market

Built 1965 0.25 ac lot Est $231k · at est. $35/mo HOA · 2% of rent

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Why this score? — see what drove the D- 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 +14.2/30.0
• ARV discount +5.7/15.0
• DSCR +4.3/10.0
• Livability +3.6/5.0
• 1% rule +2.9/10.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully maintained 3-bedroom, 1.5-bath home in a convenient Valparaiso location! This inviting property features a spacious kitchen with plenty of room for cooking, dining, and gathering. The home also offers additional living space with the attached garage thoughtfully converted into a versatile bonus room perfect for a family room, home office, playroom, or entertainment area. Outside, you'll find a detached 2-car garage, a large backyard ideal for relaxing or entertaining, and a spacious concrete patio ready for summer gatherings and outdoor enjoyment. Conveniently located close to schools, parks, shopping, dining, and major highways, this home combines comfort, functionality, and ac

Key facts

• Spacious kitchen
• Large backyard
• Concrete patio

Tags

• SPACIOUS KITCHEN
• ATTACHED GARAGE CONVERTED
• DETACHED 2-CAR GARAGE
• LARGE BACKYARD
• CONCRETE PATIO
• CONVENIENT LOCATION

Property features AI

Finance

• HOA & community: South Haven HOA; Quarterly HOA fee of $105 (includes trash); Association has no listed amenities

Exterior

• Parking: Detached garage; Garage faces front; Driveway; 2-car garage
• Utilities: Electricity connected (100 amp service); Public water; Public sewer; Natural gas connected
• Home design: Single-story home; Built in 1965
• Construction: Built in 1965
• Exterior features: Neighborhood view; Asphalt/shingle roof

Interior

• Kitchen: Gas range; Microwave; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bonus room
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Ceiling fan(s); Crawl space basement
• Laundry & utility: Washer and dryer on main level; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $37 ($449/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (20.8% below list).
• Recommended offer: $190k (20.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#119 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: amenities F, commute F.
• Portage Township Schools (suburban): math 26% / reading 36% proficiency, ranked #221 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 375 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $2k of loan paydown is wiped out by about $7k 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

• It's been on market 26 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.

Recommended offer $190,080 (20.8% below list)

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.79% ✗
• Cap rate: 6.48%
• Cash-on-cash: 0.67%
• DSCR: 1.03
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $231,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
740 Imperial Rd	0.12mi	4/1.5 (+1)	1,400 (0%)	1mo	$219,000	$156	88
754 Governor Rd	0.14mi	3/2.0	1,484 (+6%)	1mo	$230,000	$155	80
767-1 Heritage Rd	0.20mi	3/1.0	1,344 (-4%)	4mo	$160,000	$119	79
721 Fox River Rd	0.20mi	4/1.5 (+1)	1,316 (-6%)	1mo	$240,000	$182	75
775-1 Eagle Creek Rd	0.40mi	3/1.5	1,512 (+8%)	0mo	$255,000	$169	68
763 Timberline Pkwy	0.36mi	3/1.5	1,280 (-9%)	4mo	$197,000	$154	66
376 Briarwood Dr	0.37mi	3/1.5	1,280 (-9%)	3mo	$211,000	$165	66
722-1 Capitol Rd	0.33mi	4/2.0 (+1)	1,316 (-6%)	2mo	$239,900	$182	66
746-1 Acadia Rd	0.38mi	3/1.5	1,534 (+10%)	4mo	$215,000	$140	63
711 Juniper Rd	0.26mi	4/1.0 (+1)	1,240 (-11%)	3mo	$251,000	$202	59
384 Lahonda Dr	0.53mi	3/1.0	1,280 (-9%)	1mo	$205,000	$160	58
768 Devonshire Rd	0.33mi	4/1.0 (+1)	1,248 (-11%)	2mo	$240,000	$192	58

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.3%
• Equity multiple: 0.46×
• Total profit: $-36,596
• Equity at exit: $35,785

10-year hold

• IRR: -6.8%
• Equity multiple: 0.57×
• Total profit: $-29,164
• Equity at exit: $20,751

Cash invested: $67,200 (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 46385

• Active inventory: 375
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,901 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$71 /mo · $847/yr
• Insurance: −$100
• HOA: −$35
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $37

Break-even live

Break-even rent $1,853

Max offer price $240,000

Occupancy floor 93%

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
774 Fox River Rd Valparaiso, IN	3.0	1.5	1176	$1,725	$1.47	44d	1	0.34mi
732 N State Road 149 Valparaiso, IN	3.0	1.0	1008	$1,650	$1.64	1d	1	0.44mi
778 Capitol Rd Valparaiso, IN	4.0	1.5	1114	$1,895	$1.70	17d	1	0.47mi
374 Raritan Dr Valparaiso, IN	3.0	1.0	960	$1,800	$1.88	10d	1	0.53mi
678 Dearborn Rd Unit B Valparaiso, IN	2.0	1.5	1000	$1,395	$1.40	10d	1	0.81mi
397 Plymouth Rd Unit B Valparaiso, IN	3.0	2.0	1300	$1,795	$1.38	44d	1	0.87mi
3471 Sunnyside Dr Portage, IN	1.0–2.0	1.0–2.0	1083	$1,940	$1.79	1d	11	1.41mi

HOA detail

• Monthly dues: $35 · $420/yr

Listing history 15 events

1. 2026-06-18
   days on market $240,000 Active 26 DOM
2. 2026-06-17
   days on market $240,000 Active 25 DOM
3. 2026-06-16
   days on market $240,000 Active 24 DOM
4. 2026-06-15
   days on market $240,000 Active 23 DOM
5. 2026-06-13
   days on market $240,000 Active 21 DOM
6. 2026-06-13
   days on market $240,000 Active 20 DOM
7. 2026-06-09
   days on market $240,000 Active 17 DOM
8. 2026-06-08
   days on market $240,000 Active 16 DOM
9. 2026-06-07
   days on market $240,000 Active 15 DOM
10. 2026-06-04
    days on market $240,000 Active 12 DOM
11. 2026-06-03
    days on market $240,000 Active 11 DOM
12. 2026-06-02
    days on market $240,000 Active 10 DOM
13. 2026-06-01
    days on market $240,000 Active 9 DOM
14. 2026-05-31
    days on market $240,000 Active 8 DOM
15. 2026-05-23
    listed $240,000 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: $847 · $71/mo
• Projected year-2 tax: $1,444 · $120/mo
• Expected delta: +$596/yr (+$50/mo · 70.4%)

ⓘ 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 2/10 Low 7 d/yr ≥101°F today · 15 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: $22,810
• − Mortgage interest: −$13,444
• − Property taxes: −$847
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,825
• − Management: −$1,825
• − HOA: −$420
• − Depreciation: −$6,982
• Taxable loss: −$3,733
• Est. tax savings @ 24.0%: +$896
• After-tax cash flow: $1,345/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: Portage Township Schools
• NCES district ID: 1809150
• Math proficiency: 26% ▼ -15.00%
• Reading proficiency: 36% ▼ -10.00%
• Median HH income: $53,880
• Composite: 27.37/100
• National rank: #6978
• State rank: #221 of 301 in IN

Livability — South Haven

• Score: 72/100
• State rank: #119
• US rank: #6424

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Haven, IN
• County: Porter County · 151,647 people
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 40,856
• Household income: $98,957
• Rent vs Own: 13.4% rent · 86.6% own
• Severe rent burden: 304.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 7% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2%
• Common ancestry: Romanian 9% Italian 2% Lithuanian 2%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Russian/Polish/Slavic 1%

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: ▼ -151.11%
• Current HPI: 201.7039
• 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

1 event — show timeline

• 2026-05-23 Listed $240,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+18.9%/yr

Latest (2024): $847 · +13.0% YoY. Source: county tax records.