6043 Cardinal Ave · Portage, IN 46368

$197,900

3 bd · 1.0 ba · 1,787 sqft · SingleFamily public records · 4 Days on market

Built 1958 0.37 ac lot Est $315k · 37% under

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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 +27.2/30.0
• ARV discount +15.0/15.0
• DSCR +9.5/10.0
• 1% rule +6.5/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Solid Ranch with sweat equity Potential in Portage. Being sold "AS IS, " this spacious 4 bedroom, 1 bath ranch built of durable concrete block, offering a fantastic opportunity for buyers ready to add their personal touch. This home features newer windows and a newer HVAC system (2022), providing peace of mind on major mechanicals. The home has been well maintained and is in good overall condition but is ready for updates--perfect for those looking to build instant equity. Enjoy the convenience of an attached 2 car garage, a storage shed offers even more space for tools and outdoor equipment, and the concrete patio is only 2 years old. The home also features reverse osmosis water

Key facts

• Attached garage
• Storage shed
• Concrete patio

Tags

• NEWER WINDOWS
• NEWER HVAC SYSTEM
• ATTACHED GARAGE
• STORAGE SHED
• CONCRETE PATIO
• REVERSE OSMOSIS WATER

Property features AI

Exterior

• Parking: Attached garage; 2-car garage; Driveway; On-street parking; Garage faces side; Asphalt driveway
• Utilities: Electricity connected (100 amp service); Natural gas connected; Public sewer; Well water
• Home design: One-story home; Built in 1958
• Construction: Brick construction; Asphalt shingle roof; Above-grade finished living area 1,787
• Exterior features: Patio; Neighborhood view; Shed(s)

Interior

• Kitchen: Gas range; Microwave; Refrigerator; Dishwasher; Water softener (owned)
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (natural gas, forced air); Central air conditioning
• Interior features: Entrance foyer; Eat-in kitchen; 8 total rooms
• Laundry & utility: Main level laundry room; Washer hookup; Gas dryer hookup; Washer included; Dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $198k.

Deal economics

• At list price, monthly cash flow is $568 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $198k).
• Cap rate 9.7% vs local median 4.0% in Portage — 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.

Location & tenants

• Location reads 72/100 on livability (#111 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools D, 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: Rents rising fast (+4.3%/yr); 311 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $55k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $197,900

Questions for the listing agent

1. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.15% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.30%
• DSCR: 1.55
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $314,512
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6115 Old Porter Rd	0.20mi	3/1.0	1,793 (+0%)	9mo	$322,000	$180	82
2086 Bluebird Ct	0.34mi	3/2.0	1,813 (+2%)	7mo	$270,000	$149	72
6122 Canary Ave	0.38mi	3/1.0	1,664 (-7%)	12mo	$176,999	$106	61
6162 Grassland Ave	0.37mi	3/2.0	2,016 (+13%)	14mo	$355,000	$176	46
2121 Saffron St	0.41mi	3/2.0	1,600 (-10%)	22mo	$295,000	$184	41
2207 Lily Ave	0.60mi	3/3.0	1,530 (-14%)	1mo	$305,000	$199	39
1912 Pleasant Meadows St	0.73mi	3/2.5	1,973 (+10%)	5mo	$292,000	$148	38
1955 Boardwalk Cir W	0.60mi	4/2.5 (+1)	2,016 (+13%)	3mo	$355,000	$176	37
6395 Valleyview Ave	0.74mi	3/1.5	1,532 (-14%)	3mo	$259,900	$170	37
2124 Saffron St	0.40mi	3/2.0	1,518 (-15%)	19mo	$240,000	$158	37
2238 Foley St	0.74mi	3/2.0	1,567 (-12%)	10mo	$380,000	$243	33
2174 Foley St	0.66mi	3/2.5	2,014 (+13%)	18mo	$481,500	$239	27

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 · 4.29% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $7,054
• Equity at exit: $29,508

10-year hold

• IRR: 13.9%
• Equity multiple: 2.18×
• Total profit: $65,141
• Equity at exit: $17,111

Cash invested: $55,412 (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 46368

• Rents YoY: 4.3%
• Active inventory: 311
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,278 medium
• Mortgage (P&I): −$1,038
• Tax from tax record: −$111 /mo · $1,333/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $568

Break-even live

Break-even rent $1,559

Max offer price $197,900

Occupancy floor 70%

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: $49,475
• Closing costs: $5,937
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5750 Blossom Ave Portage, IN	3.0	2.0	1232	$2,500	$2.03	25d	1	0.75mi
2540 Promenade Way Portage, IN	2.0	2.0	1329	$2,299	$1.73	44d	1	1.31mi
2540 Promenade Way Portage, IN	3.0	2.0	1558	$2,488	$1.60	4d	1	1.31mi

Listing history 2 events

1. 2026-05-14
   status Pending
2. 2026-05-09
   listed $197,900 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: $1,333 · $111/mo
• Projected year-2 tax: $1,508 · $126/mo
• Expected delta: +$175/yr (+$15/mo · 13.1%)

ⓘ 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 ≥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: $27,332
• − Mortgage interest: −$11,085
• − Property taxes: −$1,333
• − Insurance: −$990
• − Repairs & maintenance: −$2,187
• − Management: −$2,187
• − Depreciation: −$5,757
• Taxable income: $3,794
• Est. tax owed @ 24.0%: −$911
• After-tax cash flow: $5,906/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 — Portage

• Score: 72/100
• State rank: #111
• US rank: #5725

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portage, IN
• County: Porter County · 151,647 people
• City population: 40,301
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 40,301
• Household income: $76,368
• Rent vs Own: 26.6% rent · 73.4% own
• Severe rent burden: 856.0

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 (67%)
• Race & ethnicity: White 67% Hispanic / Latino 18% Two or more races 10% Black 10% Asian 1%
• Hispanic origin (detail): Mexican 13% Puerto Rican 4%
• Common ancestry: Romanian 6% Slovak 2% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 6%

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: ▼ -195.94%
• Current HPI: 181.3254
• Rent YoY: ▲ 4.29%
• 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

2 events — show timeline

• 2026-05-14 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-09 Listed $197,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+5.5%/yr

Latest (2024): $1,333 · +5.1% YoY. Source: county tax records.