2297 Woodward St · Portage, IN 46368

$225,000

3 bd · 1.5 ba · 1,552 sqft · SingleFamily public records · 17 Days on market

Built 1959 10,018 sqft lot Est $253k · 11% under ↓ 4% 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 +20.1/30.0
• ARV discount +12.5/15.0
• DSCR +6.4/10.0
• 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

This charming home features 3 bedrooms and 2 bathrooms, offering plenty of space for family and guests. As you walk in, you are greeted by the living room, highlighted by a bay window that fills the space with natural light. The generously sized kitchen, located just off the living room, offers plenty of cabinets and counter space, with natural light streaming in. All appliances are included, and the adjacent laundry room also features additional cabinetry for convenience. The spacious great room is ideal for relaxing or entertaining. Just off the great room, a deck overlooks a fully fenced backyard--perfect for pets, gatherings, or simply enjoying the outdoors. Outside, the oversized 2-car

Key facts

• Bay window
• Quiet neighborhood
• Built-in shelving

Tags

• BAY WINDOW
• FULLY FENCED BACKYARD
• OVERSIZED GARAGE
• BUILT-IN SHELVING
• QUIET NEIGHBORHOOD

Property features AI

Exterior

• Parking: Detached garage; Garage faces front; Driveway; Off-street parking; Garage door opener; Approximately 2.5 garage spaces
• Security: Smoke detector(s)
• Utilities: Electricity connected; Public water; Public sewer; Natural gas connected
• Home design: Single-story home; Built in 1959
• Construction: Aluminum siding; Shingle roof
• Exterior features: Private yard; Back yard chain-link fence; Deck; Front porch; Porch; Shed(s); Neighborhood view; Wood window frames

Interior

• Kitchen: Gas range; Refrigerator; Range hood; Garbage disposal
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Carpet; Vinyl; Linoleum; Other
• Bathrooms: Two 3/4 bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Crawl space basement; Smoke detectors
• Laundry & utility: Washer hookup (main level); Gas dryer hookup; Washer and dryer included; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $279 ($3k/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 $207k (7.9% below list).
• Recommended offer: $207k (7.9% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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: 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.
• Zoned schools: Portage High School (math 25% / reading 55%, grade F, #217 of 369 statewide, top 59%, 2,243 students, 55% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 316 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% 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 17 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $207,234 (7.9% below list)

Questions for the listing agent

1. Built in 1959 — 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 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?
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: 0.92% ✗
• Cap rate: 7.78%
• Cash-on-cash: 5.31%
• DSCR: 1.24
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $252,976
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2207 Lily Ave	0.31mi	3/3.0	1,530 (-1%)	1mo	$305,000	$199	76
2258 Iris St	0.16mi	4/2.0 (+1)	1,460 (-6%)	1mo	$270,500	$185	75
2307 Woodward St	0.04mi	3/1.0	1,512 (-3%)	22mo	$237,500	$157	74
5794 Carnation Ave	0.25mi	3/2.0	1,517 (-2%)	16mo	$262,000	$173	69
2418 Peach St	0.26mi	3/2.0	1,716 (+11%)	1mo	$238,000	$139	67
2418 Woodward St	0.23mi	3/2.0	1,644 (+6%)	14mo	$230,000	$140	65
5806 Springfield Ave	0.11mi	3/1.5	1,336 (-14%)	13mo	$230,000	$172	61
2297 Poinsettia St	0.13mi	3/2.0	1,358 (-12%)	14mo	$242,000	$178	59
5412 Clem Rd	0.70mi	3/1.5	1,506 (-3%)	8mo	$245,000	$163	56
5633 Evergreen Ave	0.46mi	3/1.5	1,701 (+10%)	14mo	$270,000	$159	51
5744 Evergreen Ave	0.37mi	3/1.0	1,400 (-10%)	22mo	$178,000	$127	46
2471 Swanson Rd	0.40mi	3/2.0	1,776 (+14%)	23mo	$185,000	$104	36

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: -6.8%
• Equity multiple: 0.74×
• Total profit: $-16,081
• Equity at exit: $33,548

10-year hold

• IRR: 4.1%
• Equity multiple: 1.32×
• Total profit: $19,958
• Equity at exit: $19,454

Cash invested: $63,000 (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: 316
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,072 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$85 /mo · $1,019/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $279

Break-even live

Break-even rent $1,720

Max offer price $225,000

Occupancy floor 82%

Sensitivity live

Price	-10% $406	-5% $342	+0% $279	+5% $215	+10% $151
Rent	-10% $115	-5% $197	+0% $279	+5% $360	+10% $442
Rate	-1.0pp $392	-0.5pp $336	base $279	+0.5pp $220	+1.0pp $161

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5750 Blossom Ave Portage, IN	3.0	2.0	1232	$2,500	$2.03	25d	1	0.22mi
5211 Rachel Ave Unit 5214 Portage, IN	3.0	1.5	1320	$1,474	$1.12	5d	1	1.10mi
5211 Rachel Ave Unit 5210 Portage, IN	2.0	1.5	1320	$1,475	$1.12	0d	1	1.10mi
5211 Rachel Ave Unit 5208 Portage, IN	2.0	1.5	1320	$1,392	$1.05	16d	1	1.10mi
2540 Promenade Way Portage, IN	2.0	2.0	1329	$2,299	$1.73	44d	1	1.22mi
2540 Promenade Way Portage, IN	3.0	2.0	1558	$2,488	$1.60	5d	1	1.22mi

Listing history 5 events

1. 2026-06-07
   status $225,000 Pending 17 DOM
2. 2026-06-04
   days on market $225,000 Active 17 DOM
3. 2026-06-03
   days on market $225,000 Active 16 DOM
4. 2026-06-02
   remarks 699-char remark
5. 2026-06-02
   listed $225,000 Active 15 DOM

ⓘ 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: $1,019 · $85/mo
• Projected year-2 tax: $1,466 · $122/mo
• Expected delta: +$447/yr (+$37/mo · 43.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $24,868
• − Mortgage interest: −$12,603
• − Property taxes: −$1,019
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,989
• − Management: −$1,989
• − Depreciation: −$6,545
• Taxable loss: −$403
• Est. tax savings @ 24.0%: +$97
• After-tax cash flow: $3,440/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

-4.3% since first listed

8 events — show timeline

• 2026-06-02 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-06-02 Price Changed $225,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-08 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-05-08 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-04-30 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-24 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-04-19 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-09 Listed $235,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.8%/yr

Latest (2024): $1,019 · +4.3% YoY. Source: county tax records.