2161 Annabelle Ct · Chesterton, IN 46304

$499,000

28 bd · 16.0 ba · 3,456 sqft · MultiFamily public records · 8 Days on market

Built 1980 0.39 ac lot Est $353k · 41% over

---

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 +26.7/30.0
• DSCR +9.2/10.0
• 1% rule +6.4/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

This well-maintained fourplex presents an exceptional investment opportunity for both seasoned and first-time investors. Featuring three 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit, the property offers a versatile unit mix designed to attract a broad range of tenants and maximize rental income. Each unit is thoughtfully designed with comfortable living areas, ample natural light, and functional layouts. One apartment was newly renovated in 2025, offering modern finishes that enhance tenant appeal and rental value. The property also boasts a new roof installed in 2025 and newer furnaces in two of the units, providing peace of mind and reducing near-term maintenance costs. Tenants

Key facts

• 0.39 acre lot
• 8 parking spots
• Built 1980

Property features AI

Exterior

• Parking: Eight parking spaces; No special parking features
• Utilities: Public water; Public sewer
• Home design: Two-story multi-family building; Built in 1980
• Construction: Other roof type
• Exterior features: Neighborhood view; Deck; Patio; Balcony; Exterior storage

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Four-unit property with a mix of one- and two-bedroom units (1 one-bedroom, 3 two-bedroom)
• Bathrooms: Four full bathrooms
• Heating & cooling: Forced air heating (natural gas); Individual unit heating control; Cooling provided by individual units with unit-level controls
• Interior features: Pets allowed (cats and dogs; size limits apply); Crawl space basement; No additional interior features listed
• Laundry & utility: Laundry: Other (details not specified)

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 1×1bd/1ba units multifamily listed at $499k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $338/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $499k).
• Cap rate 9.5% vs local median 2.6% in Chesterton — 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 77/100 on livability (#43 in IN, #3,223 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Duneland School Corporation (suburban): math 53% / reading 53% proficiency, ranked #30 of 301 in IN (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 222 active listings in the ZIP; solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).
• At $5,697/mo this rent would consume 75% of the median local household income ($91k/yr) (locally 409% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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 (-3.0% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $499,000

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 1.14% ✓
• Cap rate: 9.54%
• Cash-on-cash: 11.61%
• DSCR: 1.52
• GRM: 7.3

CMA / ARV

• ARV (median comp): $352,752
• List price: $499,000
• Delta: 41.46%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $5,139
• Equity at exit: $74,403

10-year hold

• IRR: 10.6%
• Equity multiple: 1.82×
• Total profit: $114,939
• Equity at exit: $43,144

Cash invested: $139,720 (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 46304

• Active inventory: 222
• Price-to-rent: 28.8×

Monthly cashflow live

• Estimated rent: $5,697 high
• Mortgage (P&I): −$2,617
• Tax from tax record: −$324 /mo · $3,889/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,196
• Net cashflow: $1,352

Break-even live

Break-even rent $3,986

Max offer price $499,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,329
1× unit	1	1	$1,367
Total (4 units)			$5,697

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-14
   status Pending 1302-char remark
2. 2026-05-05
   listed $499,000 Active 1302-char remark

ⓘ 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: $3,889 · $324/mo
• Projected year-2 tax: $4,065 · $339/mo
• Expected delta: +$176/yr (+$15/mo · 4.5%)

ⓘ 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 2/10 Low 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $68,364
• − Mortgage interest: −$27,952
• − Property taxes: −$3,889
• − Insurance: −$2,495
• − Repairs & maintenance: −$5,469
• − Management: −$5,469
• − Depreciation: −$14,516
• Taxable income: $8,573
• Est. tax owed @ 24.0%: −$2,058
• After-tax cash flow: $14,164/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: Duneland School Corporation
• NCES district ID: 1802800
• Math proficiency: 53% ▼ -4.00%
• Reading proficiency: 53% ▼ -1.00%
• Median HH income: $70,498
• Composite: 47.24/100
• National rank: #2310
• State rank: #30 of 301 in IN

Livability — Chesterton

• Score: 77/100
• State rank: #43
• US rank: #3223

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesterton, IN
• County: Porter County · 151,647 people
• City population: 28,307
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 28,307
• Household income: $91,326
• Rent vs Own: 20.6% rent · 79.4% own
• Severe rent burden: 409.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 10% Two or more races 7% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Romanian 8% Italian 3% Iranian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

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: ▼ -150.59%
• Current HPI: 178.7691
• 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

2 events — show timeline

• 2026-05-14 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-05 Listed $499,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-2.9%/yr

Latest (2024): $3,889 · +21.2% YoY. Source: county tax records.