2911 Airport Rd · Portage, IN 46368

$239,410

3 bd · 2.5 ba · 1,560 sqft · SingleFamily public records · 119 Days on market

Built 2006 0.27 ac lot $153/sqft · 26% below area Est $325k · 26% under

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Why this score? — see what drove the C- 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 +17.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• 1% rule +4.2/10.0
• 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 MLS

Tri-Level home with 3 bedrooms 1 baths with 2 car garage.

Key facts

• 0.27 acre lot
• 2 garage spots
• Built 2006

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $239k.

Deal economics

• At list price, monthly cash flow is $175 ($2k/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 $220k (8.1% below list).
• Recommended offer: $218k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% 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 $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 119 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 17y 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.

Recommended offer $217,863 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.92% ✗
• Cap rate: 7.17%
• Cash-on-cash: 3.13%
• DSCR: 1.14
• GRM: 9.1

CMA / ARV

• ARV (median comp): $325,044
• List price: $239,410
• Delta: -26.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2962 Edith St	0.24mi	3/2.0	1,608 (+3%)	9mo	$310,000	$193	74
6428 Amanda Dr	0.21mi	3/2.5	1,700 (+9%)	2mo	$369,000	$217	73
6458 Kristina Ave	0.44mi	3/2.0	1,582 (+1%)	7mo	$284,999	$180	69
6593 Timberwood Ave	0.36mi	3/2.0	1,680 (+8%)	1mo	$340,000	$202	67
6438 Satin Ave	0.62mi	3/2.0	1,464 (-6%)	1mo	$297,000	$203	58
2719 Charlotte St	0.68mi	3/1.5	1,578 (+1%)	6mo	$277,500	$176	58
3055 Ramblewood St	0.34mi	3/2.0	1,760 (+13%)	8mo	$290,000	$165	54
2819 Hamstrom Rd	0.34mi	3/2.0	1,362 (-13%)	9mo	$245,000	$180	53
6679 Joseph Ave	0.74mi	3/2.0	1,597 (+2%)	9mo	$280,000	$175	52
2708 Airport Rd	0.42mi	3/2.0	1,351 (-13%)	6mo	$239,000	$177	51
2738 Tecumseh St	0.63mi	4/1.5 (+1)	1,456 (-7%)	4mo	$230,000	$158	48
6198 Robbins Rd	0.67mi	3/2.0	1,416 (-9%)	9mo	$295,900	$209	44

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: -10.0%
• Equity multiple: 0.63×
• Total profit: $-24,793
• Equity at exit: $35,697

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $4,839
• Equity at exit: $20,700

Cash invested: $67,035 (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: 9.1×

Monthly cashflow live

• Estimated rent: $2,201 high
• Mortgage (P&I): −$1,255
• Tax from tax record: −$208 /mo · $2,501/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $175

Break-even live

Break-even rent $1,979

Max offer price $239,410

Occupancy floor 87%

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: $59,852
• Closing costs: $7,182
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6387 Amanda Dr Portage, IN	4.0	3.0	2108	$2,600	$1.23	44d	1	0.33mi
2540 Promenade Way Portage, IN	3.0	2.0	1558	$2,488	$1.60	4d	1	0.81mi
2540 Promenade Way Portage, IN	2.0	2.0	1329	$2,299	$1.73	44d	1	0.81mi
3300 Portside Ct Portage, IN	1.0–3.0	1.0–2.0	839	$1,439	$1.72	1d	6	0.93mi
3471 Sunnyside Dr Portage, IN	1.0–2.0	1.0–2.0	1083	$1,940	$1.79	1d	11	1.11mi

Listing history 29 events

1. 2026-06-18
   days on market $239,410 Active 119 DOM
2. 2026-06-17
   days on market $239,410 Active 118 DOM
3. 2026-06-16
   days on market $239,410 Active 117 DOM
4. 2026-06-15
   days on market $239,410 Active 116 DOM
5. 2026-06-13
   days on market $239,410 Active 114 DOM
6. 2026-06-13
   days on market $239,410 Active 113 DOM
7. 2026-06-09
   days on market $239,410 Active 110 DOM
8. 2026-06-08
   days on market $239,410 Active 109 DOM
9. 2026-06-07
   days on market $239,410 Active 108 DOM
10. 2026-06-04
    days on market $239,410 Active 105 DOM
11. 2026-06-03
    days on market $239,410 Active 104 DOM
12. 2026-06-02
    days on market $239,410 Active 103 DOM
13. 2026-06-01
    days on market $239,410 Active 102 DOM
14. 2026-05-31
    days on market $239,410 Active 101 DOM
15. 2026-04-11
    price $239,410 57-char remark

    Show marketing remark (57 chars)

    Tri-Level home with 3 bedrooms 1 baths with 2 car garage.

16. 2026-04-09
    price $218,680 57-char remark

    Show marketing remark (57 chars)

    Tri-Level home with 3 bedrooms 1 baths with 2 car garage.

17. 2026-02-19
    listed $235,720 Active 57-char remark

    Show marketing remark (57 chars)

    Tri-Level home with 3 bedrooms 1 baths with 2 car garage.

18. 2025-08-29
    historical
19. 2025-07-07
    historical
20. 2025-07-07
    listed $274,900 Active
21. 2025-03-27
    historical Active Under Contract
22. 2025-01-28
    listed $279,000 Active
23. 2025-01-26
    historical
24. 2024-10-23
    price $279,000
25. 2024-09-25
    listed $289,000 Active
26. 2022-03-31
    soldstatus $250,000 Closed
27. 2022-03-01
    status Pending
28. 2022-02-25
    listed $220,000 Active
29. 2009-02-02
    listed $164,900

ⓘ 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: $2,501 · $208/mo
• Projected year-2 tax: $2,501 · $208/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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,407
• − Mortgage interest: −$13,411
• − Property taxes: −$2,501
• − Insurance: −$1,197
• − Repairs & maintenance: −$2,113
• − Management: −$2,113
• − Depreciation: −$6,965
• Taxable loss: −$1,892
• Est. tax savings @ 24.0%: +$454
• After-tax cash flow: $2,551/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

+45.2% since first listed

15 events — show timeline

• 2026-04-11 Price Changed $239,410 NIRA MLS as Distributed by MLS Grid
• 2026-04-09 Price Changed $218,680 NIRA MLS as Distributed by MLS Grid
• 2026-02-19 Listed $235,720 NIRA MLS as Distributed by MLS Grid
• 2025-08-29 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-07-07 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-07-07 Listed $274,900 NIRA MLS as Distributed by MLS Grid
• 2025-03-27 Contingent — NIRA MLS as Distributed by MLS Grid
• 2025-01-28 Listed $279,000 NIRA MLS as Distributed by MLS Grid
• 2025-01-26 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-10-23 Price Changed $279,000 NIRA MLS as Distributed by MLS Grid
• 2024-09-25 Listed $289,000 NIRA MLS as Distributed by MLS Grid
• 2022-03-31 Sold (MLS) $250,000 NIRA MLS as Distributed by MLS Grid
• 2022-03-01 Pending — NIRA MLS as Distributed by MLS Grid
• 2022-02-25 Listed $220,000 NIRA MLS as Distributed by MLS Grid
• 2009-02-02 Listed $164,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.5%/yr

Latest (2024): $2,501 · -0.1% YoY. Source: county tax records.