2429 Schrage Ave · Whiting, IN 46394

$175,000

3 bd · 1.0 ba · 920 sqft · SingleFamily public records · 16 Days on market

Built 1898 3,125 sqft lot Est $161k · 9% over

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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 +16.4/30.0
• Appreciation +8.3/10.0
• DSCR +5.1/10.0
• ARV discount +3.6/15.0
• 1% rule +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to this charming home in the heart of Whiting! Conveniently located near Lake Michigan's lakefront, parks, trails, local restaurants, shopping, and major highways, this property offers easy access to Chicago and surrounding communities. Featuring plenty of potential and opportunity to make it your own, this home combines location, convenience, and value. Enjoy nearby outdoor recreation and all that the Whiting lakefront area has to offer.

Key facts

• 3,125 sq ft lot
• Garage
• Built 1898

Tags

• LAKE MICHIGAN LAKEFRONT
• NEARBY OUTDOOR RECREATION
• EASY ACCESS TO CHICAGO
• WHITING LAKEFRONT AREA

Property features AI

Exterior

• Parking: Has garage; 1 garage space
• Utilities: Public water; Public sewer
• Home design: One level; Built in 1898
• Construction: Year built: 1898
• Exterior features: Neighborhood view; Lot size: estimated

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Total rooms: 5 (includes bedrooms, living room, kitchen)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: No notable interior features listed; Unfinished basement
• Laundry & utility: No laundry or utility appliances listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $101 ($1k/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 $147k (16.1% below list).
• Recommended offer: $147k (16.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#447 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, employment C-, schools F.
• School City Of Whiting (suburban): math 15% / reading 43% proficiency, ranked #244 of 301 in IN (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 39 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (6.6% local appreciation)).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.6% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $146,879 (16.1% below list)

Questions for the listing agent

1. Built in 1898 — 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 F-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. 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 0.84% ✗
• Cap rate: 6.98%
• Cash-on-cash: 2.46%
• DSCR: 1.11
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $161,000
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2406 Birch Ave	0.16mi	3/1.0	902 (-2%)	4mo	$199,950	$222	86
2420 Schrage Ave	0.03mi	2/1.0 (-1)	920 (0%)	14mo	$141,000	$153	82
1502 John St	0.56mi	3/1.0	882 (-4%)	20mo	$122,000	$138	50
2741 New York Ave	0.45mi	2/1.0 (-1)	861 (-6%)	19mo	$150,526	$175	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.63% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.8%
• Equity multiple: 2.30×
• Total profit: $63,493
• Equity at exit: $117,069

10-year hold

• IRR: 18.0%
• Equity multiple: 4.68×
• Total profit: $180,113
• Equity at exit: $218,675

Cash invested: $49,000 (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 46394

• Home prices YoY: 2.1%
• Active inventory: 39
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,469 high
• Mortgage (P&I): −$918
• Tax from tax record: −$69 /mo · $830/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $101

Break-even live

Break-even rent $1,342

Max offer price $175,000

Occupancy floor 88%

Sensitivity live

Price	-10% $200	-5% $150	+0% $101	+5% $51	+10% $1
Rent	-10% $-16	-5% $43	+0% $101	+5% $159	+10% $217
Rate	-1.0pp $189	-0.5pp $145	base $101	+0.5pp $55	+1.0pp $9

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2045 New York Ave Apt 2 Whiting, IN	2.0	1.0	800	$1,400	$1.75	44d	1	0.43mi
1500 W Fred St Unit 1 Whiting, IN	2.0	1.0	750	$1,000	$1.33	44d	1	0.47mi
1500 W Fred St Unit 4 Whiting, IN	2.0	1.0	750	$995	$1.33	44d	1	0.47mi
1323 121st St #2 Whiting, IN	3.0	1.0	1000	$1,250	$1.25	13d	1	0.54mi
1228 Lakeview Ave Whiting, IN	2.0	1.0	700	$1,225	$1.75	3d	1	0.56mi
1308 119th St Unit 2R Whiting, IN	2.0	1.0	700	$1,200	$1.71	3d	1	0.73mi
1200 119th St Whiting, IN	2.0	2.0	962	$2,166	$2.25	17d	1	0.81mi
1200 119th St Whiting, IN	2.0	2.0	962	$2,128	$2.21	2d	1	0.81mi

Listing history 12 events

1. 2026-06-18
   days on market $175,000 Active 16 DOM
2. 2026-06-17
   days on market $175,000 Active 15 DOM
3. 2026-06-16
   days on market $175,000 Active 14 DOM
4. 2026-06-15
   days on market $175,000 Active 13 DOM
5. 2026-06-13
   days on market $175,000 Active 11 DOM
6. 2026-06-13
   days on market $175,000 Active 10 DOM
7. 2026-06-09
   days on market $175,000 Active 7 DOM
8. 2026-06-08
   days on market $175,000 Active 6 DOM
9. 2026-06-07
   days on market $175,000 Active 5 DOM
10. 2026-06-04
    days on market $175,000 Active 2 DOM
11. 2026-06-02
    remarks 450-char remark
12. 2026-06-02
    listed $175,000 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: $830 · $69/mo
• Projected year-2 tax: $1,159 · $97/mo
• Expected delta: +$329/yr (+$27/mo · 39.6%)

ⓘ 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 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,625
• − Mortgage interest: −$9,803
• − Property taxes: −$830
• − Insurance: −$875
• − Repairs & maintenance: −$1,410
• − Management: −$1,410
• − Depreciation: −$5,091
• Taxable loss: −$1,793
• Est. tax savings @ 24.0%: +$430
• After-tax cash flow: $1,637/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: School City Of Whiting
• NCES district ID: 1813200
• Math proficiency: 15% ▼ -15.00%
• Reading proficiency: 43% ▼ -5.00%
• Median HH income: $48,365
• Composite: 25.1/100
• National rank: #7530
• State rank: #244 of 301 in IN

Livability — Whiting

• Score: 63/100
• State rank: #447
• US rank: #15882

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Whiting, IN
• County: Lake County · 422,878 people
• City population: 11,894
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 11,894
• Household income: $66,176
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 366.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 484,026 people
• By 2030: 478,091 · -1.2%
• By 2040: 462,974 · -4.3%
• By 2050: 449,894 · -7.1%
• By 2075: 436,169 · -9.9%
• By 2100: 426,607 · -11.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 48% Hispanic / Latino 43% Two or more races 10% Black 7% Native American 4%
• Hispanic origin (detail): Mexican 38% Puerto Rican 5%
• Common ancestry: Romanian 12% Lithuanian 3% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 75% English-only · Spanish 23% Arabic 1%

Political lean MEDSL · Lake

• 2024 margin: Lean D (+5.6) · D 52.1% · R 46.5% · Other 1.5%
• 2008→2024 swing: -28.6pp toward R · 2008: 34.3pp · 2024: 5.6pp
• All cycles: 2024: D+5.6 2020: D+15.1 2016: D+20.6 2012: D+31.0 2008: D+34.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.63%
• Current HPI: 327.0867
• 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

• 2026-06-02 Listed $175,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+11.0%/yr

Latest (2024): $830 · +2.0% YoY. Source: county tax records.