3809 Catalpa St · East Chicago, IN 46312

$79,900

4 bd · 2.0 ba · 1,890 sqft · MultiFamily public records · 27 Days on market

Built 1922 4,312 sqft lot ↓ 20% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +4.8/10.0
• Rent growth +4.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0

Multi-family units

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

Listing remarks

Attention investors! Full rehab opportunity in East Chicago. This 2-unit features a 3 bed / 1 bath main-level unit and 2 bed / 1 bath upper unit with separate meters and dedicated parking. Property needs a complete remodel, but offers strong upside with an estimated ARV of 140,000 and more! Perfect for a long-term rental hold in a solid rental corridor. Cash investors only due to condition.

Key facts

• 4,312 sq ft lot
• Built 1922
• Listed 27 days

Property features AI

Finance

• Other: Property is vacant; Total of 2 units (one 2-bedroom unit and one 3-bedroom unit)

Exterior

• Parking: Additional parking; On-street parking; Concrete parking; Alley access
• Utilities: Public water; Public sewer
• Home design: Two-story multi-unit property; Built in 1922; Property condition: Fixer
• Construction: Year built 1922
• Exterior features: Other roof type

Interior

• Kitchen: Refrigerator; Gas water heater
• Bedrooms: Two-unit building: one 2-bedroom unit and one 3-bedroom unit
• Bathrooms: 2 full bathrooms (total for the property)
• Heating & cooling: Heating: Other; Cooling: Other
• Interior features: Pets allowed; Unfinished basement
• Laundry & utility: Has basement (unfinished) — space for utilities

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $80k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $655/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.0% vs local median 8.2% in East Chicago — 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 64/100 on livability (#371 in IN) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: health & safety D+, schools F, crime F.
• School City Of East Chicago (suburban): math 7% / reading 15% proficiency, ranked #293 of 301 in IN (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 89% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.1%/yr); 79 active listings in the ZIP; lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,419/mo this rent would consume 69% of the median local household income ($42k/yr) (locally 1227% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $310 of equity ($552 loan paydown + $-242 appreciation (-0.3% 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 (-0.3% appreciation + 8.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 7y 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 $67k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,701 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 3.03% ✓
• Cap rate: 25.97%
• Cash-on-cash: 70.27%
• DSCR: 4.13
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $292,950
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3727 Elm St	0.38mi	5/3.0 (+1)	1,870 (-1%)	23mo	$290,000	$155	52

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

Projected returns pro-forma

-0.3% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 77.5%
• Equity multiple: 5.15×
• Total profit: $92,818
• Equity at exit: $21,995

10-year hold

• IRR: 80.9%
• Equity multiple: 12.44×
• Total profit: $255,938
• Equity at exit: $25,496

Cash invested: $22,372 (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 46312

• Home prices YoY: -0.1%
• Rents YoY: 8.1%
• Active inventory: 79
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,419 high
• Mortgage (P&I): −$419
• Tax from tax record: −$149 /mo · $1,784/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $1,310

Break-even live

Break-even rent $761

Max offer price $79,900

Occupancy floor 41%

Sensitivity live

Price	-10% $1,355	-5% $1,333	+0% $1,310	+5% $1,287	+10% $1,265
Rent	-10% $1,119	-5% $1,214	+0% $1,310	+5% $1,406	+10% $1,501
Rate	-1.0pp $1,350	-0.5pp $1,330	base $1,310	+0.5pp $1,289	+1.0pp $1,268

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,418
Total (2 units)			$2,419

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-18
   days on market $79,900 Active 27 DOM
2. 2026-06-17
   days on market $79,900 Active 26 DOM
3. 2026-06-16
   days on market $79,900 Active 25 DOM
4. 2026-06-15
   days on market $79,900 Active 24 DOM
5. 2026-06-13
   days on market $79,900 Active 22 DOM
6. 2026-06-13
   days on market $79,900 Active 21 DOM
7. 2026-06-09
   days on market $79,900 Active 18 DOM
8. 2026-06-08
   days on market $79,900 Active 17 DOM
9. 2026-06-07
   days on market $79,900 Active 16 DOM
10. 2026-06-04
    days on market $79,900 Active 13 DOM
11. 2026-06-03
    days on market $79,900 Active 12 DOM
12. 2026-06-02
    days on market $79,900 Active 11 DOM
13. 2026-06-01
    days on market $79,900 Active 10 DOM
14. 2026-05-31
    days on market $79,900 Active 9 DOM
15. 2026-05-22
    listed $79,900 Active
16. 2024-11-27
    historical
17. 2024-05-25
    listed $141,000 Active
18. 2024-05-19
    historical
19. 2023-10-20
    historical
20. 2023-09-18
    listed
21. 2023-09-09
    historical
22. 2023-09-08
    listed
23. 2023-08-30
    historical
24. 2023-08-29
    listed
25. 2023-05-18
    listed $141,000 Active
26. 2023-02-08
    historical
27. 2023-01-03
    status Active
28. 2022-12-12
    historical Active Under Contract
29. 2022-12-12
    historical
30. 2022-08-31
    price $141,500
31. 2022-08-08
    historical
32. 2022-08-07
    listed $132,100 Active
33. 2022-08-07
    listed $132,100 Active
34. 2020-01-01
    historical
35. 2019-09-17
    soldstatus $67,000
36. 2019-07-29
    listed $65,000
37. 2019-06-12
    listed $100,000

ⓘ 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: $1,784 · $149/mo
• Projected year-2 tax: $1,784 · $149/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 4/10 Moderate FEMA zone X (unshaded) · 20% 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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,028
• − Mortgage interest: −$4,476
• − Property taxes: −$1,784
• − Insurance: −$400
• − Repairs & maintenance: −$2,322
• − Management: −$2,322
• − Depreciation: −$2,324
• Taxable income: $15,400
• Est. tax owed @ 24.0%: −$3,696
• After-tax cash flow: $12,025/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 East Chicago
• NCES district ID: 1802880
• Math proficiency: 7% ▼ -10.00%
• Reading proficiency: 15% ▼ -7.00%
• Median HH income: $28,423
• Composite: 8.36/100
• National rank: #9909
• State rank: #293 of 301 in IN

Livability — East Chicago

• Score: 64/100
• State rank: #371
• US rank: #13869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Chicago, IN
• County: Lake County · 422,878 people
• City population: 26,022
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 26,022
• Household income: $42,125
• Rent vs Own: 57.1% rent · 42.9% own
• Severe rent burden: 1227.0

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: Majority Hispanic (56%)
• Race & ethnicity: Hispanic / Latino 56% Black 36% Two or more races 11% White 7%
• Hispanic origin (detail): Mexican 45% Puerto Rican 6%
• Common ancestry: Romanian 2%
• Foreign-born: 16% · Canada
• Languages at home: 59% English-only · Spanish 40%

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: ▼ -0.30%
• Current HPI: 267.9232
• Rent YoY: ▲ 8.06%
• 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

-20.1% since first listed

23 events — show timeline

• 2026-05-22 Listed $79,900 NIRA MLS as Distributed by MLS Grid
• 2024-11-27 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-05-25 Listed $141,000 NIRA MLS as Distributed by MLS Grid
• 2024-05-19 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2023-10-20 Rental Removed — BUILDIUM
• 2023-09-18 Listed for Rent — BUILDIUM
• 2023-09-09 Rental Removed — BUILDIUM
• 2023-09-08 Listed for Rent — BUILDIUM
• 2023-08-30 Rental Removed — BUILDIUM
• 2023-08-29 Listed for Rent — BUILDIUM
• 2023-05-18 Listed $141,000 NIRA MLS as Distributed by MLS Grid
• 2023-02-08 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2023-01-03 Relisted — NIRA MLS as Distributed by MLS Grid
• 2022-12-12 Contingent — NIRA MLS as Distributed by MLS Grid
• 2022-12-12 Rental Removed — BUILDIUM
• 2022-08-31 Price Changed $141,500 NIRA MLS as Distributed by MLS Grid
• 2022-08-08 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2022-08-07 Listed $132,100 NIRA MLS as Distributed by MLS Grid
• 2022-08-07 Listed $132,100 NIRA MLS as Distributed by MLS Grid
• 2020-01-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2019-09-17 Sold (MLS) $67,000 NIRA MLS as Distributed by MLS Grid
• 2019-07-29 Listed $65,000 NIRA MLS as Distributed by MLS Grid
• 2019-06-12 Listed $100,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-1.4%/yr

Latest (2024): $1,784 · +10.5% YoY. Source: county tax records.