307 State St · La Porte, IN 46350

$179,000

6 bd · 3.0 ba · 2,519 sqft · MultiFamily public records · 35 Days on market

Built 1920 4,792 sqft lot Est $264k · 32% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Excellent value-add investment opportunity in LaPorte! This triplex features all separately metered units, offering simplified management and utility responsibility. One unit has recently been turned and is rent-ready, creating an immediate opportunity for maximum market rent. Another unit is currently rented with a long term tenant at $555/month with room for rental growth. The spacious upper unit offers great layout potential and will be vacant as of 5/30, providing flexibility for renovations, owner occupancy, or increased rental income. Several new windows have recently been added to the property, providing additional value and improvements. Located in a strong rental area with consiste

Key facts

• Strong rental demand
• Near downtown
• Three units

Tags

• INCOME PRODUCING TRIPLEX
• THREE UNITS
• VACANT UNIT
• STRONG RENTAL DEMAND
• CONVENIENT LOCATION
• NEAR DOWNTOWN

Property features AI

Finance

• Other: Pets allowed

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property (Triplex); 2 stories
• Construction: Vinyl siding
• Exterior features: Level lot

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet
• Bathrooms: 3 full bathrooms; 6 main-level bathrooms
• Heating & cooling: Forced air heating
• Interior features: Range; Refrigerator; Carpet flooring; Unfinished basement
• Laundry & utility: Washer hookup; Basement (unfinished)

🏷️ Possibly a rental listed for sale. The $179,000 price doesn't fit this home's estimated sale value (~$264,495) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $179k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $498/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $179k).
• Recommended offer: $174k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 3.7% in La Porte — 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 74/100 on livability (#81 in IN, #4,852 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F, employment F.
• Laporte Community School Corporation (urban): math 37% / reading 44% proficiency, ranked #139 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riley Elementary School (math 42% / reading 52%, grade D-, #325 of 994 statewide, top 36%, 296 students, 77% FRL) — zoned schools average 77% FRL vs 44% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 260 active listings in the ZIP; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).
• At $3,406/mo this rent would consume 55% of the median local household income ($74k/yr) (locally 835% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• LaPorte County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y 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.
• Current owner paid $90k; list at $179k implies a 99% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $173,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1920 — 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. 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 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: 1.90% ✓
• Cap rate: 16.32%
• Cash-on-cash: 35.80%
• DSCR: 2.59
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $264,495
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
605 Linwood Ave Unit 1-4	0.06mi	7/4.0 (+1)	2,568 (+2%)	22mo	$270,000	$105	66

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: 31.5%
• Equity multiple: 2.32×
• Total profit: $66,256
• Equity at exit: $26,689

10-year hold

• IRR: 38.6%
• Equity multiple: 4.60×
• Total profit: $180,431
• Equity at exit: $15,477

Cash invested: $50,120 (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 46350

• Active inventory: 260
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $3,406 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$182 /mo · $2,186/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$715
• Net cashflow: $1,495

Break-even live

Break-even rent $1,513

Max offer price $179,000

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,405
Total (3 units)			$3,406

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-19
   days on market $179,000 Active 35 DOM
2. 2026-06-18
   days on market $179,000 Active 34 DOM
3. 2026-06-17
   days on market $179,000 Active 33 DOM
4. 2026-06-16
   days on market $179,000 Active 32 DOM
5. 2026-06-15
   days on market $179,000 Active 31 DOM
6. 2026-06-14
   days on market $179,000 Active 29 DOM
7. 2026-06-13
   days on market $179,000 Active 28 DOM
8. 2026-06-10
   days on market $179,000 Active 26 DOM
9. 2026-06-09
   days on market $179,000 Active 25 DOM
10. 2026-06-08
    days on market $179,000 Active 24 DOM
11. 2026-06-07
    days on market $179,000 Active 23 DOM
12. 2026-06-05
    days on market $179,000 Active 20 DOM
13. 2026-06-02
    days on market $179,000 Active 18 DOM
14. 2026-06-01
    days on market $179,000 Active 17 DOM
15. 2026-05-31
    days on market $179,000 Active 16 DOM
16. 2026-05-30
    days on market $179,000 Active 15 DOM
17. 2026-05-15
    listed $179,000 Active
18. 2026-02-23
    listed $175,000 Active
19. 2022-06-01
    historical
20. 2022-05-09
    status Deal Fell Through
21. 2022-04-17
    historical Active Under Contract
22. 2022-04-17
    listed $139,000 Active
23. 2021-06-18
    soldstatus $90,000
24. 2021-03-25
    listed $119,000
25. 2011-05-26
    soldstatus $16,000
26. 2011-03-12
    historical
27. 2010-12-15
    listed $22,000
28. 2010-11-18
    soldstatus $85,895
29. 2010-09-13
    listed $89,900
30. 2006-10-24
    listed $79,000
31. 2000-07-11
    soldstatus $75,000

ⓘ 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: $2,186 · $182/mo
• Projected year-2 tax: $2,186 · $182/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 2/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,872
• − Mortgage interest: −$10,027
• − Property taxes: −$2,186
• − Insurance: −$895
• − Repairs & maintenance: −$3,270
• − Management: −$3,270
• − Depreciation: −$5,207
• Taxable income: $16,017
• Est. tax owed @ 24.0%: −$3,844
• After-tax cash flow: $14,099/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: Laporte Community School Corporation
• NCES district ID: 1805580
• Math proficiency: 37% ▼ -13.00%
• Reading proficiency: 44% ▼ -11.00%
• Median HH income: $46,761
• Composite: 34.58/100
• National rank: #5162
• State rank: #139 of 301 in IN

Livability — La Porte

• Score: 74/100
• State rank: #81
• US rank: #4852

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: La Porte, IN
• County: La Porte County · 88,580 people
• City population: 44,763
• Metro: Michigan City-La Porte, IN
• Population (ZIP): 44,763
• Household income: $74,307
• Rent vs Own: 23.9% rent · 76.1% own
• Severe rent burden: 835.0

Population outlook (LaPorte County) Hauer SSP2

• Today (2025): 109,757 people
• By 2030: 108,288 · -1.3%
• By 2040: 105,070 · -4.3%
• By 2050: 102,330 · -6.8%
• By 2075: 97,009 · -11.6%
• By 2100: 86,459 · -21.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 8% Hispanic / Latino 8% Black 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 11% Iranian 3% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 4% Russian/Polish/Slavic 1% German/W. Germanic 1%

Political lean MEDSL · LaPorte

• 2024 margin: R (+14.1) · D 42.1% · R 56.2% · Other 1.7%
• 2008→2024 swing: -19.1pp toward R · 2008: 5.0pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+7.2 2016: R+6.4 2012: D+12.6 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.94%
• Current HPI: 209.2564
• Rent YoY: —
• Metro: Michigan City-La Porte, IN
• 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

+138.7% since first listed

15 events — show timeline

• 2026-05-15 Listed $179,000 IRMLS
• 2026-02-23 Listed $175,000 IRMLS
• 2022-06-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2022-05-09 Relisted — NIRA MLS as Distributed by MLS Grid
• 2022-04-17 Contingent — NIRA MLS as Distributed by MLS Grid
• 2022-04-17 Listed $139,000 NIRA MLS as Distributed by MLS Grid
• 2021-06-18 Sold (MLS) $90,000 NIRA MLS as Distributed by MLS Grid
• 2021-03-25 Listed $119,000 NIRA MLS as Distributed by MLS Grid
• 2011-05-26 Sold (MLS) $16,000 NIRA MLS as Distributed by MLS Grid
• 2011-03-12 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-12-15 Listed $22,000 NIRA MLS as Distributed by MLS Grid
• 2010-11-18 Sold (Public Records) $85,895 Public Records
• 2010-09-13 Listed $89,900 NIRA MLS as Distributed by MLS Grid
• 2006-10-24 Listed $79,000 NIRA MLS as Distributed by MLS Grid
• 2000-07-11 Sold (Public Records) $75,000 Public Records

Property tax history

+8.2%/yr

Latest (2024): $2,186 · +0.0% YoY. Source: county tax records.