5702 Mulberry Ave · Portage, IN 46368

$189,900

3 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 31 Days on market

Built 1950 6,534 sqft lot $161/sqft · 16% below area Est $226k · 16% 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 +15.5/30.0
• ARV discount +14.7/15.0
• DSCR +4.8/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• 1% rule +3.0/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Step into the charm of this delightful 3-bedroom cottage in Portage, where modern updates blend beautifully with its classic mid-century character. Warm and inviting, this home offers the perfect balance of style and comfort. The enclosed front porch is an ideal spot to start your morning with coffee, soak in the sunshine, and enjoy easy conversation with family and friends. Thoughtfully maintained and full of character, this home is ready for its next chapter. With an attractive price point, it presents a wonderful opportunity for buyers looking for charm, comfort, and value.

Key facts

• Modern updates
• Enclosed front porch
• 6,534 sq ft lot

Tags

• ENCLOSED FRONT PORCH
• MODERN UPDATES
• MID-CENTURY CHARACTER

Property features AI

Exterior

• Parking: Driveway with gravel surface
• Utilities: Electricity connected; Public water; Public sewer; Natural gas connected
• Home design: One-story home; Built in 1950
• Construction: Vinyl siding exterior; Shingle roof
• Exterior features: Front porch (enclosed); Outbuilding; Neighborhood view; No pool

Interior

• Kitchen: Eat-in kitchen; No appliances included
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Crawl space basement
• Laundry & utility: Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $78 ($933/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 $152k (19.9% below list).
• Recommended offer: $152k (19.9% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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: 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; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 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 31 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $152,122 (19.9% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.80% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.75%
• DSCR: 1.08
• GRM: 10.4

CMA / ARV

• ARV (median comp): $225,986
• List price: $189,900
• Delta: -15.97%
• 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
2584 Peach St	0.36mi	3/1.0	1,120 (-5%)	10mo	$225,385	$201	67
5598 Stone Ave	0.50mi	3/2.0	1,175 (-0%)	10mo	$207,500	$177	64
2485 Swanson Rd	0.58mi	3/2.0	1,153 (-2%)	2mo	$250,000	$217	64
2832 Willowdale Rd	0.45mi	3/2.0	1,100 (-6%)	2mo	$224,900	$204	63
5468 Mulberry Ave	0.47mi	3/1.0	1,104 (-6%)	6mo	$179,000	$162	62
5630 Mulberry Ave	0.15mi	3/1.5	1,010 (-14%)	6mo	$170,000	$168	62
5533 Lark Ave	0.64mi	3/1.5	1,120 (-5%)	0mo	$224,000	$200	60
2945 Monnier St	0.59mi	3/1.0	1,080 (-8%)	2mo	$159,001	$147	58
5811 Stone Ave	0.54mi	3/2.5	1,244 (+6%)	5mo	$265,000	$213	54
2792 Irving St	0.67mi	3/1.0	1,274 (+8%)	4mo	$245,000	$192	52
5596 Robbins Ave	0.71mi	3/1.0	1,120 (-5%)	9mo	$224,900	$201	51
2661 Walnut St	0.54mi	3/1.0	1,328 (+13%)	6mo	$249,500	$188	48

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: -12.3%
• Equity multiple: 0.55×
• Total profit: $-23,914
• Equity at exit: $28,315

10-year hold

• IRR: -1.7%
• Equity multiple: 0.88×
• Total profit: $-6,401
• Equity at exit: $16,419

Cash invested: $53,172 (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: 10.4×

Monthly cashflow live

• Estimated rent: $1,521 high
• Mortgage (P&I): −$996
• Tax from tax record: −$49 /mo · $589/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $78

Break-even live

Break-even rent $1,423

Max offer price $189,900

Occupancy floor 90%

Sensitivity live

Price	-10% $185	-5% $131	+0% $78	+5% $24	+10% $-30
Rent	-10% $-42	-5% $18	+0% $78	+5% $138	+10% $198
Rate	-1.0pp $173	-0.5pp $126	base $78	+0.5pp $29	+1.0pp $-22

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6021 Canden Ave Portage, IN	2.0	1.0	1000	$1,350	$1.35	25d	1	0.84mi
6021 Canden Ave Portage, IN	2.0	1.0	1000	$1,250	$1.25	13d	1	0.84mi
5266 Mulberry Ave Unit A7 Portage, IN	2.0	1.0	700	$1,200	$1.71	5d	1	0.85mi
6055 Canden Ave Portage, IN	1.0–2.0	1.0–2.0	975	$1,400	$1.44	2d	5	0.86mi
5270 Mulberry Ave Unit B8 Portage, IN	2.0	1.0	850	$1,200	$1.41	2d	1	0.86mi
5260 Mulberry Ave Unit C1 Portage, IN	2.0	1.5	950	$1,300	$1.37	2d	1	0.88mi
5260 Mulberry Ave Portage, IN	2.0	1.0	950	$1,300	$1.37	2d	1	0.88mi
5260 Mulberry Ave Portage, IN	2.0	1.0	700	$1,200	$1.71	4d	1	0.88mi
5260 Mulberry Ave Portage, IN	2.0	1.0	850	$1,200	$1.41	24d	1	0.88mi
5247 Concord Ave Portage, IN	3.0	1.0	980	$1,400	$1.43	2d	1	0.92mi
5750 Blossom Ave Portage, IN	3.0	2.0	1232	$2,500	$2.03	25d	1	1.12mi
5372 Plaza Ave Portage, IN	2.0	1.0	800	$1,250	$1.56	13d	1	1.15mi
5370 Plaza Ave Portage, IN	3.0	1.5	1030	$1,395	$1.35	45d	1	1.15mi
2540 Promenade Way Portage, IN	2.0	2.0	1329	$2,299	$1.73	44d	1	1.29mi
3300 Denise Dr Portage, IN	1.0–2.0	1.0	810	$1,185	$1.46	2d	3	1.33mi
5211 Rachel Ave Unit 5214 Portage, IN	3.0	1.5	1320	$1,474	$1.12	4d	1	1.39mi
5211 Rachel Ave Unit 5208 Portage, IN	2.0	1.5	1320	$1,392	$1.05	16d	1	1.39mi
5211 Rachel Ave Unit 5210 Portage, IN	2.0	1.5	1320	$1,475	$1.12	2d	1	1.39mi
5946 Fiesta Ave Portage, IN	2.0	2.0	912	$1,350	$1.48	44d	1	1.44mi

Listing history 8 events

1. 2026-06-08
   status $189,900 Pending 31 DOM
2. 2026-06-07
   days on market $189,900 Active Under Contract 31 DOM
3. 2026-06-04
   days on market $189,900 Active Under Contract 28 DOM
4. 2026-06-03
   statusdays on market $189,900 Active Under Contract 27 DOM
5. 2026-06-02
   days on market $189,900 Active 26 DOM
6. 2026-06-01
   days on market $189,900 Active 25 DOM
7. 2026-05-31
   days on market $189,900 Active 24 DOM
8. 2026-05-07
   listed $189,900 Active 583-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: $589 · $49/mo
• Projected year-2 tax: $1,101 · $92/mo
• Expected delta: +$513/yr (+$43/mo · 87.1%)

ⓘ 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 ≥101°F today · 14 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: $18,255
• − Mortgage interest: −$10,637
• − Property taxes: −$589
• − Insurance: −$950
• − Repairs & maintenance: −$1,460
• − Management: −$1,460
• − Depreciation: −$5,524
• Taxable loss: −$2,366
• Est. tax savings @ 24.0%: +$568
• After-tax cash flow: $1,501/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

3 events — show timeline

• 2026-06-07 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-06-03 Contingent — NIRA MLS as Distributed by MLS Grid
• 2026-05-07 Listed $189,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-3.5%/yr

Latest (2021): $589 · +22.5% YoY. Source: county tax records.