2541 Patricia St · Portage, IN 46368

$229,900

4 bd · 2.0 ba · 2,080 sqft · SingleFamily public records · 69 Days on market

Built 1964 1,001 sqft lot $111/sqft · 30% below area Est $330k · 30% under

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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).

• ARV discount +15.0/15.0
• Cash flow +13.3/30.0
• DSCR +4.0/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• 1% rule +3.2/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Corner lot 5 bedroom 2 bath Bi-level on a cul-de-sac. Kitchen/dining area with door to deck and above ground pool. Walking distance to grade school and Imagination Glen Park. Newer roof and sump pump, water softener rented. City sewer and well.

Key facts

• 1,001 sq ft lot
• Pool
• Built 1964

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $-1 ($-13/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $188k (18.1% below list).
• Recommended offer: $188k (18.1% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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; 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 69 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $19k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; list at $230k implies a 92% gain — meaningful room to come down on a strong offer.

Recommended offer $188,317 (18.1% 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. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.82% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.02%
• DSCR: 1.00
• GRM: 10.2

CMA / ARV

• ARV (median comp): $330,100
• List price: $229,900
• Delta: -30.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6950 Prairie Run Ave	0.16mi	3/3.5 (-1)	2,018 (-3%)	2mo	$424,900	$211	76
2355 Mccool Rd	0.38mi	5/2.0 (+1)	1,924 (-8%)	4mo	$250,000	$130	61
6936 Superior Ave	0.53mi	3/2.5 (-1)	2,195 (+6%)	2mo	$275,000	$125	58
7044 Sherwood Ave	0.46mi	5/2.0 (+1)	2,169 (+4%)	18mo	$275,000	$127	51
7121 Brentwood Ave	0.21mi	4/2.0	1,808 (-13%)	20mo	$206,000	$114	51
2568 Diane St	0.07mi	3/1.0 (-1)	1,853 (-11%)	22mo	$256,000	$138	51
2420 Ontario St	0.36mi	3/2.0 (-1)	1,774 (-15%)	7mo	$215,000	$121	48
6927 Nancy Ave	0.65mi	4/3.0	1,954 (-6%)	12mo	$332,000	$170	45

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: -15.0%
• Equity multiple: 0.46×
• Total profit: $-34,883
• Equity at exit: $34,279

10-year hold

• IRR: -4.5%
• Equity multiple: 0.69×
• Total profit: $-20,172
• Equity at exit: $19,878

Cash invested: $64,372 (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: 10.2×

Monthly cashflow live

• Estimated rent: $1,883 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$187 /mo · $2,249/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $-1

Break-even live

Break-even rent $1,885

Max offer price $229,701

Occupancy floor 95%

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $229,900 Active 69 DOM
2. 2026-06-17
   days on market $229,900 Active 68 DOM
3. 2026-06-16
   days on market $229,900 Active 67 DOM
4. 2026-06-15
   days on market $229,900 Active 66 DOM
5. 2026-06-13
   days on market $229,900 Active 64 DOM
6. 2026-06-13
   days on market $229,900 Active 63 DOM
7. 2026-06-09
   days on market $229,900 Active 60 DOM
8. 2026-06-08
   days on market $229,900 Active 59 DOM
9. 2026-06-07
   days on market $229,900 Active 58 DOM
10. 2026-06-04
    days on market $229,900 Active 55 DOM
11. 2026-06-03
    days on market $229,900 Active 54 DOM
12. 2026-06-02
    remarks 311-char remark
13. 2026-06-02
    days on market $229,900 Active 53 DOM
14. 2026-06-02
    remarks 268-char remark
15. 2026-06-01
    days on market $229,900 Active 52 DOM
16. 2026-05-31
    days on market $229,900 Active 51 DOM
17. 2026-04-13
    price $229,900 244-char remark

    Show marketing remark (244 chars)

    Corner lot 5 bedroom 2 bath Bi-level on a cul-de-sac. Kitchen/dining area with door to deck and above ground pool. Walking distance to grade school and Imagination Glen Park. Newer roof and sump pump, water softener rented. City sewer and well.

18. 2026-04-10
    listed $249,000 Active 244-char remark

    Show marketing remark (244 chars)

    Corner lot 5 bedroom 2 bath Bi-level on a cul-de-sac. Kitchen/dining area with door to deck and above ground pool. Walking distance to grade school and Imagination Glen Park. Newer roof and sump pump, water softener rented. City sewer and well.

19. 2015-05-14
    soldstatus $120,000 431-char remark

    Show marketing remark (431 chars)

    Nice home in quiet neighborhood. Five bedrooms. Hardwood floors in 3 main level bedrooms, hallway, living room, and dining room. Newer windows, Roof 10 years young. Kitchen has been upgraded. All of the wood trim and interior doors have been replaced. Newer wall tile in the baths. Maintenance free vinyl siding, fenced yard, and shed all situated on a corner lot. The seller is offering a top of the line home warranty at closing.

20. 2015-01-05
    listed $124,900 431-char remark

    Show marketing remark (431 chars)

    Nice home in quiet neighborhood. Five bedrooms. Hardwood floors in 3 main level bedrooms, hallway, living room, and dining room. Newer windows, Roof 10 years young. Kitchen has been upgraded. All of the wood trim and interior doors have been replaced. Newer wall tile in the baths. Maintenance free vinyl siding, fenced yard, and shed all situated on a corner lot. The seller is offering a top of the line home warranty at closing.

ⓘ 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: $2,249 · $187/mo
• Projected year-2 tax: $2,249 · $187/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 3/10 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,598
• − Mortgage interest: −$12,878
• − Property taxes: −$2,249
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,808
• − Management: −$1,808
• − Depreciation: −$6,688
• Taxable loss: −$3,982
• Est. tax savings @ 24.0%: +$956
• After-tax cash flow: $942/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

+84.1% since first listed

4 events — show timeline

• 2026-04-13 Price Changed $229,900 NIRA MLS as Distributed by MLS Grid
• 2026-04-10 Listed $249,000 NIRA MLS as Distributed by MLS Grid
• 2015-05-14 Sold (MLS) $120,000 NIRA MLS as Distributed by MLS Grid
• 2015-01-05 Listed $124,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.5%/yr

Latest (2024): $2,249 · +0.6% YoY. Source: county tax records.