401 North St · Wheeler, IN 46393

$230,000

3 bd · 1.5 ba · 1,136 sqft · SingleFamily public records · 5 Days on market

Built 1890 0.40 ac lot

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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 +29.1/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Schools +5.0/10.0
• Appreciation +4.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Livability +2.4/5.0

Listing remarks MLS

Newly renovated 3 bedroom, 1 1/2 bath ranch home. As you enter, the living room is flooded with natural light highlighting the original hardwood floors. From there, the kitchen is truly the heart of the home with granite countertops and newer appliances. Finishes in the full bath include subway tiles and new fixtures. Formal dining room and convenient laundry room round out the inside. Enjoy the ample yard which has plenty of room for activities or entertaining. Don't miss the 1 1/2 car garage that's great for additional storage. Easy access to highway.

Key facts

• 0.4 acre lot
• Garage
• Built 1890

Property features AI

Exterior

• Parking: Detached garage; Off-street parking; Garage door opener; Approximately 1.5 garage spaces
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; Electricity connected (100 amp service); Cable available
• Home design: One-story home; Built in 1890
• Construction: Vinyl siding; Shingle roof; Crawl space foundation
• Exterior features: Private fenced backyard; Back yard fencing; Covered patio and deck; Rain gutters; Neighborhood view; Garage(s) and shed(s); Pool (unspecified type)

Interior

• Kitchen: Gas range; Microwave; Refrigerator; Gas water heater
• Bedrooms: Primary bedroom; Two additional bedrooms
• Flooring: Hardwood; Carpet; Vinyl; Tile; Other
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Natural gas heating; Central air; Ceiling fans
• Interior features: High ceilings; Crawl space basement with unfinished storage
• Laundry & utility: Main-level laundry room; Washer hookup; Gas dryer hookup; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $797 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).

Location & tenants

• Location reads 47/100 on livability (#658 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, health & safety A; Watch: amenities F, commute F, employment F.
• Union Township School Corporation (rural): math 52% / reading 58% proficiency, ranked #22 of 301 in IN (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Wheeler High School (math 57% / reading 62%, grade C+, #49 of 369 statewide, top 16%, 434 students, 28% FRL).
• Market conditions: 4 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-0.7%/yr); year-one equity from $2k of loan paydown is wiped out by about $2k 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 (-0.7% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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 $130k; list at $230k implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $230,000

Questions for the listing agent

1. Built in 1890 — 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. 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: 1.20% ✓
• Cap rate: 10.45%
• Cash-on-cash: 14.85%
• DSCR: 1.66
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $142,000
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
107 6th St	0.11mi	4/1.0 (+1)	1,166 (+3%)	16mo	$145,500	$125	71
407 Park Ave	0.41mi	3/1.0	1,075 (-5%)	15mo	$165,000	$153	58
205 Fourth St	0.04mi	2/1.0 (-1)	968 (-15%)	17mo	$115,000	$119	52

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

Projected returns pro-forma

-0.73% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.2%
• Equity multiple: 1.56×
• Total profit: $36,112
• Equity at exit: $58,461

10-year hold

• IRR: 17.9%
• Equity multiple: 2.83×
• Total profit: $118,056
• Equity at exit: $63,933

Cash invested: $64,400 (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 46393

• Home prices YoY: -0.4%
• Active inventory: 4
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,750 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$74 /mo · $884/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $797

Break-even live

Break-even rent $1,741

Max offer price $230,000

Occupancy floor 66%

Sensitivity live

Price	-10% $927	-5% $862	+0% $797	+5% $732	+10% $667
Rent	-10% $580	-5% $688	+0% $797	+5% $906	+10% $1,014
Rate	-1.0pp $913	-0.5pp $855	base $797	+0.5pp $737	+1.0pp $677

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4191 Viceroy St Portage, IN	3.0	2.0	1498	$2,750	$1.84	2d	1	1.28mi
4176 Viceroy St Portage, IN	3.0	2.0	1498	$2,750	$1.84	11d	1	1.32mi

Listing history 7 events

1. 2026-06-07
   statusdays on market $230,000 Pending 5 DOM
2. 2026-06-04
   days on market $230,000 Active 4 DOM
3. 2026-06-03
   days on market $230,000 Active 3 DOM
4. 2026-06-02
   status $230,000 Active 2 DOM
5. 2026-05-21
   listed $230,000 Active
6. 2018-04-25
   soldstatus $130,500 559-char remark

   Show marketing remark (559 chars)

   Newly renovated 3 bedroom, 1 1/2 bath ranch home. As you enter, the living room is flooded with natural light highlighting the original hardwood floors. From there, the kitchen is truly the heart of the home with granite countertops and newer appliances. Finishes in the full bath include subway tiles and new fixtures. Formal dining room and convenient laundry room round out the inside. Enjoy the ample yard which has plenty of room for activities or entertaining. Don't miss the 1 1/2 car garage that's great for additional storage. Easy access to highway.

7. 2018-01-30
   listed $137,900 559-char remark

   Show marketing remark (559 chars)

   Newly renovated 3 bedroom, 1 1/2 bath ranch home. As you enter, the living room is flooded with natural light highlighting the original hardwood floors. From there, the kitchen is truly the heart of the home with granite countertops and newer appliances. Finishes in the full bath include subway tiles and new fixtures. Formal dining room and convenient laundry room round out the inside. Enjoy the ample yard which has plenty of room for activities or entertaining. Don't miss the 1 1/2 car garage that's great for additional storage. Easy access to highway.

ⓘ 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: $884 · $74/mo
• Projected year-2 tax: $1,419 · $118/mo
• Expected delta: +$536/yr (+$45/mo · 60.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,000
• − Mortgage interest: −$12,884
• − Property taxes: −$884
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,640
• − Management: −$2,640
• − Depreciation: −$6,691
• Taxable income: $6,112
• Est. tax owed @ 24.0%: −$1,467
• After-tax cash flow: $8,096/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: Union Township School Corporation
• NCES district ID: 1811700
• Math proficiency: 52% ▼ -12.00%
• Reading proficiency: 58% ▼ -10.00%
• Median HH income: $78,021
• Composite: 49.59/100
• National rank: #1983
• State rank: #22 of 301 in IN

Livability — Wheeler

• Score: 47/100
• State rank: #658
• US rank: #26233

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wheeler, IN
• City population: 128
• Population (ZIP): 128

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 (100%)
• Race & ethnicity: White 100%
• Common ancestry: Iranian 14% Romanian 8% Portuguese 5%

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: ▼ -0.73%
• Current HPI: 167.4984
• Rent YoY: —
• Metro: —
• 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

+66.8% since first listed

3 events — show timeline

• 2026-05-21 Listed $230,000 NIRA MLS as Distributed by MLS Grid
• 2018-04-25 Sold (MLS) $130,500 NIRA MLS as Distributed by MLS Grid
• 2018-01-30 Listed $137,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-6.4%/yr

Latest (2024): $884 · -4.8% YoY. Source: county tax records.