6665 Old Porter Rd · Portage, IN 46368

$189,000

3 bd · 1.0 ba · 2,061 sqft · SingleFamily public records · 136 Days on market

Built 1945 3,005 sqft lot $92/sqft · 34% below area Est $284k · 34% under ↓ 16% since listing

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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 +21.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.1/10.0
• 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

Unlock the potential! This spacious fixer-upper is brimming with character and opportunity. It's ready for a buyer with a keen eye for design to transform it into something truly special. This 2-story home features a large open living area with a fireplace and beautiful wood work ceilings. French doors in the main bedroom lead to a balcony deck overlooking the property. There is one main level bathroom while two additional bedrooms are situated on the second level. The kitchen steps down into a formal dining room. Full unfinished basement for all of your storage needs. Situated on half an acre with a pull-through driveway and garage. All appliances stay, including a washer, dryer, refrigerator, stove, and microwave. Easy access to US 20 HWY, 94, and toll road for commuting!

Key facts

• Formal dining room
• Balcony deck
• French doors

Tags

• LARGE OPEN LIVING AREA
• FIREPLACE
• WOOD WORK CEILINGS
• FRENCH DOORS
• BALCONY DECK
• FORMAL DINING ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• Recommended offer: $166k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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; 1 comparable units currently listed for rent nearby; solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 136 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $36k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $166,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.01% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.25%
• DSCR: 1.28
• GRM: 8.3

CMA / ARV

• ARV (median comp): $284,403
• List price: $189,000
• Delta: -33.55%
• 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
6799 Laurel Ave	0.35mi	3/1.5	2,138 (+4%)	3mo	$305,000	$143	73
6611 Old Porter Rd	0.14mi	3/2.0	2,204 (+7%)	14mo	$230,000	$104	66
6697 Federal Ave	0.45mi	3/2.0	2,164 (+5%)	2mo	$342,000	$158	65
6475 Old Porter Rd	0.40mi	3/2.5	1,888 (-8%)	3mo	$203,300	$108	59
6585 Old Porter Rd	0.19mi	3/2.0	2,342 (+14%)	9mo	$275,000	$117	57
1912 Pleasant Meadows St	0.60mi	3/2.5	1,973 (-4%)	5mo	$292,000	$148	54
1955 Boardwalk Cir W	0.69mi	4/2.5 (+1)	2,016 (-2%)	3mo	$355,000	$176	50
2047 Clover St	0.65mi	4/2.0 (+1)	2,160 (+5%)	3mo	$262,000	$121	50
6850 Rio Grande Ave	0.59mi	3/2.0	2,233 (+8%)	10mo	$350,000	$157	46
6886 Ava Ave	0.58mi	3/2.5	1,876 (-9%)	11mo	$380,000	$203	42
6386 Michael Dr	0.72mi	4/3.0 (+1)	2,320 (+13%)	0mo	$338,000	$146	32
6640 Vienna Ave	0.72mi	4/2.5 (+1)	2,228 (+8%)	13mo	$390,000	$175	31

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: -5.3%
• Equity multiple: 0.80×
• Total profit: $-10,575
• Equity at exit: $28,181

10-year hold

• IRR: 5.8%
• Equity multiple: 1.45×
• Total profit: $23,902
• Equity at exit: $16,341

Cash invested: $52,920 (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: 8.3×

Monthly cashflow live

• Estimated rent: $1,909 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$162 /mo · $1,946/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $276

Break-even live

Break-even rent $1,560

Max offer price $189,000

Occupancy floor 81%

Sensitivity live

Price	-10% $383	-5% $329	+0% $276	+5% $222	+10% $169
Rent	-10% $125	-5% $200	+0% $276	+5% $351	+10% $426
Rate	-1.0pp $371	-0.5pp $324	base $276	+0.5pp $227	+1.0pp $177

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2540 Promenade Way Portage, IN	3.0	2.0	1558	$2,488	$1.60	4d	1	1.34mi

Listing history 6 events

1. 2026-05-13
   price $189,000 784-char remark

   Show marketing remark (784 chars)

   Unlock the potential! This spacious fixer-upper is brimming with character and opportunity. It's ready for a buyer with a keen eye for design to transform it into something truly special. This 2-story home features a large open living area with a fireplace and beautiful wood work ceilings. French doors in the main bedroom lead to a balcony deck overlooking the property. There is one main level bathroom while two additional bedrooms are situated on the second level. The kitchen steps down into a formal dining room. Full unfinished basement for all of your storage needs. Situated on half an acre with a pull-through driveway and garage. All appliances stay, including a washer, dryer, refrigerator, stove, and microwave. Easy access to US 20 HWY, 94, and toll road for commuting!

2. 2026-04-06
   price $199,000 784-char remark

   Show marketing remark (784 chars)

   Unlock the potential! This spacious fixer-upper is brimming with character and opportunity. It's ready for a buyer with a keen eye for design to transform it into something truly special. This 2-story home features a large open living area with a fireplace and beautiful wood work ceilings. French doors in the main bedroom lead to a balcony deck overlooking the property. There is one main level bathroom while two additional bedrooms are situated on the second level. The kitchen steps down into a formal dining room. Full unfinished basement for all of your storage needs. Situated on half an acre with a pull-through driveway and garage. All appliances stay, including a washer, dryer, refrigerator, stove, and microwave. Easy access to US 20 HWY, 94, and toll road for commuting!

3. 2026-02-23
   price $215,000 784-char remark

   Show marketing remark (784 chars)

   Unlock the potential! This spacious fixer-upper is brimming with character and opportunity. It's ready for a buyer with a keen eye for design to transform it into something truly special. This 2-story home features a large open living area with a fireplace and beautiful wood work ceilings. French doors in the main bedroom lead to a balcony deck overlooking the property. There is one main level bathroom while two additional bedrooms are situated on the second level. The kitchen steps down into a formal dining room. Full unfinished basement for all of your storage needs. Situated on half an acre with a pull-through driveway and garage. All appliances stay, including a washer, dryer, refrigerator, stove, and microwave. Easy access to US 20 HWY, 94, and toll road for commuting!

4. 2026-01-26
   status Active 784-char remark

   Show marketing remark (784 chars)

   Unlock the potential! This spacious fixer-upper is brimming with character and opportunity. It's ready for a buyer with a keen eye for design to transform it into something truly special. This 2-story home features a large open living area with a fireplace and beautiful wood work ceilings. French doors in the main bedroom lead to a balcony deck overlooking the property. There is one main level bathroom while two additional bedrooms are situated on the second level. The kitchen steps down into a formal dining room. Full unfinished basement for all of your storage needs. Situated on half an acre with a pull-through driveway and garage. All appliances stay, including a washer, dryer, refrigerator, stove, and microwave. Easy access to US 20 HWY, 94, and toll road for commuting!

5. 2026-01-21
   status Pending 784-char remark

   Show marketing remark (784 chars)

   Unlock the potential! This spacious fixer-upper is brimming with character and opportunity. It's ready for a buyer with a keen eye for design to transform it into something truly special. This 2-story home features a large open living area with a fireplace and beautiful wood work ceilings. French doors in the main bedroom lead to a balcony deck overlooking the property. There is one main level bathroom while two additional bedrooms are situated on the second level. The kitchen steps down into a formal dining room. Full unfinished basement for all of your storage needs. Situated on half an acre with a pull-through driveway and garage. All appliances stay, including a washer, dryer, refrigerator, stove, and microwave. Easy access to US 20 HWY, 94, and toll road for commuting!

6. 2026-01-03
   listed $225,000 Active 784-char remark

   Show marketing remark (784 chars)

   Unlock the potential! This spacious fixer-upper is brimming with character and opportunity. It's ready for a buyer with a keen eye for design to transform it into something truly special. This 2-story home features a large open living area with a fireplace and beautiful wood work ceilings. French doors in the main bedroom lead to a balcony deck overlooking the property. There is one main level bathroom while two additional bedrooms are situated on the second level. The kitchen steps down into a formal dining room. Full unfinished basement for all of your storage needs. Situated on half an acre with a pull-through driveway and garage. All appliances stay, including a washer, dryer, refrigerator, stove, and microwave. Easy access to US 20 HWY, 94, and toll road for commuting!

ⓘ 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: $1,946 · $162/mo
• Projected year-2 tax: $1,946 · $162/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 1/10 Low
• 🌡 Heat 2/10 Low 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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,902
• − Mortgage interest: −$10,587
• − Property taxes: −$1,946
• − Insurance: −$945
• − Repairs & maintenance: −$1,832
• − Management: −$1,832
• − Depreciation: −$5,498
• Taxable income: $262
• Est. tax owed @ 24.0%: −$63
• After-tax cash flow: $3,245/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

-16.0% since first listed

6 events — show timeline

• 2026-05-13 Price Changed $189,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-06 Price Changed $199,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-23 Price Changed $215,000 NIRA MLS as Distributed by MLS Grid
• 2026-01-26 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-01-21 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-01-03 Listed $225,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-7.8%/yr

Latest (2024): $1,946 · +3.1% YoY. Source: county tax records.