2803 Teresa St · Portage, IN 46368

$240,000

3 bd · 1.5 ba · 1,728 sqft · SingleFamily public records · 113 Days on market

Built 1976 0.27 ac lot $139/sqft · 19% below area Est $284k · 16% 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 +20.4/30.0
• ARV discount +14.5/15.0
• DSCR +6.5/10.0
• 1% rule +4.4/10.0
• 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

Spacious 3-bedroom, 2-bath tri-level home nestled on a quiet cul-de-sac in Portage, just minutes from parks and walking trails. This home offers a large yard, 2-car garage, and a functional multi-level layout with plenty of living space. With some updating, this property has incredible potential to truly shine. Priced to sell and full of opportunity! Sold as-is.

Key facts

• 0.27 acre lot
• 2 garage spots
• Built 1976

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/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 $225k (6.3% below list).
• Recommended offer: $218k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% 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 113 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Recommended offer $218,400 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — 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: 0.94% ✗
• Cap rate: 7.86%
• Cash-on-cash: 5.60%
• DSCR: 1.25
• GRM: 8.9

CMA / ARV

• ARV (median comp): $284,454
• List price: $240,000
• Delta: -15.63%
• 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
2717 Lois St	0.20mi	3/2.0	1,624 (-6%)	0mo	$279,900	$172	78
2719 Charlotte St	0.22mi	3/1.5	1,578 (-9%)	6mo	$277,500	$176	70
6090 Trailcreek Ave	0.37mi	3/2.0	1,902 (+10%)	1mo	$369,000	$194	63
2781 Lois St	0.13mi	4/2.0 (+1)	1,557 (-10%)	9mo	$269,000	$173	63
6428 Amanda Dr	0.66mi	3/2.5	1,700 (-2%)	2mo	$369,000	$217	61
2827 Lois St	0.14mi	4/2.0 (+1)	1,544 (-11%)	12mo	$220,000	$142	59
6065 Robbins Rd	0.70mi	3/2.0	1,640 (-5%)	1mo	$365,000	$223	56
6115 Mill Run Ave	0.43mi	3/3.0	1,864 (+8%)	6mo	$199,900	$107	55
6194 Abercorn Ave	0.73mi	3/2.0	1,604 (-7%)	2mo	$280,000	$175	50
3191 Teresa St	0.54mi	3/2.0	1,873 (+8%)	11mo	$340,000	$182	49
3019 Woodbine St	0.54mi	3/3.0	1,874 (+8%)	10mo	$280,000	$149	46
2683 Hamstrom Rd	0.52mi	3/1.5	1,940 (+12%)	11mo	$236,000	$122	46

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: -6.4%
• Equity multiple: 0.76×
• Total profit: $-16,065
• Equity at exit: $35,785

10-year hold

• IRR: 4.6%
• Equity multiple: 1.35×
• Total profit: $23,810
• Equity at exit: $20,751

Cash invested: $67,200 (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: 8.9×

Monthly cashflow live

• Estimated rent: $2,249 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$104 /mo · $1,254/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $313

Break-even live

Break-even rent $1,852

Max offer price $240,000

Occupancy floor 81%

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2540 Promenade Way Portage, IN	3.0	2.0	1558	$2,488	$1.60	3d	1	0.55mi
2540 Promenade Way Portage, IN	2.0	2.0	1329	$2,299	$1.73	43d	1	0.55mi
6387 Amanda Dr Portage, IN	4.0	3.0	2108	$2,600	$1.23	43d	1	0.60mi
5750 Blossom Ave Portage, IN	3.0	2.0	1232	$2,500	$2.03	24d	1	1.46mi
3300 Portside Ct Portage, IN	1.0–3.0	1.0–2.0	839	$1,439	$1.72	1d	6	1.47mi

Listing history 12 events

1. 2026-06-09
   days on market $240,000 Active 113 DOM
2. 2026-06-08
   days on market $240,000 Active 112 DOM
3. 2026-06-07
   days on market $240,000 Active 111 DOM
4. 2026-06-04
   days on market $240,000 Active 108 DOM
5. 2026-06-03
   days on market $240,000 Active 107 DOM
6. 2026-06-02
   days on market $240,000 Active 106 DOM
7. 2026-06-01
   days on market $240,000 Active 105 DOM
8. 2026-05-31
   days on market $240,000 Active 104 DOM
9. 2026-02-12
   listed $240,000 Active 364-char remark

   Show marketing remark (364 chars)

   Spacious 3-bedroom, 2-bath tri-level home nestled on a quiet cul-de-sac in Portage, just minutes from parks and walking trails. This home offers a large yard, 2-car garage, and a functional multi-level layout with plenty of living space. With some updating, this property has incredible potential to truly shine. Priced to sell and full of opportunity! Sold as-is.

10. 2024-08-06
    soldstatus $250,000 Closed 1037-char remark

    Show marketing remark (1037 chars)

    This 1728 SF 3 bedroom, 2 bath tri-level home is situated on a dead-end street offering the quietest and lowest traffic flow in the city. Dine in kitchen has plenty of cabinet space and includes all appliances: refrigerator, stove with range hood, dish washer, plus washer and dryer on lower level. The dining room has sliding glass doors which afford a great view, and access to the very large backyard. With city water and sewers this yard would allow for a huge above ground pool if desired. The rest of the home includes: The living room, which is adjacent to the dining room, is large and offers a great view outside thru the bow window on the front of the home, 3 spacious bedrooms upstairs with a full bath, and a finished family room in the lower level with a 3/4 bathroom and the 2 car garage access. The crawl space is concrete allowing storage space. Home also includes a home warranty. Home is close to main roads in town leading to major highway and toll road, shopping areas, schools, and to Lake Michigan waterfront areas.

11. 2024-07-08
    historical Active Under Contract 1037-char remark

    Show marketing remark (1037 chars)

    This 1728 SF 3 bedroom, 2 bath tri-level home is situated on a dead-end street offering the quietest and lowest traffic flow in the city. Dine in kitchen has plenty of cabinet space and includes all appliances: refrigerator, stove with range hood, dish washer, plus washer and dryer on lower level. The dining room has sliding glass doors which afford a great view, and access to the very large backyard. With city water and sewers this yard would allow for a huge above ground pool if desired. The rest of the home includes: The living room, which is adjacent to the dining room, is large and offers a great view outside thru the bow window on the front of the home, 3 spacious bedrooms upstairs with a full bath, and a finished family room in the lower level with a 3/4 bathroom and the 2 car garage access. The crawl space is concrete allowing storage space. Home also includes a home warranty. Home is close to main roads in town leading to major highway and toll road, shopping areas, schools, and to Lake Michigan waterfront areas.

12. 2024-07-02
    listed $250,000 Active 1037-char remark

    Show marketing remark (1037 chars)

    This 1728 SF 3 bedroom, 2 bath tri-level home is situated on a dead-end street offering the quietest and lowest traffic flow in the city. Dine in kitchen has plenty of cabinet space and includes all appliances: refrigerator, stove with range hood, dish washer, plus washer and dryer on lower level. The dining room has sliding glass doors which afford a great view, and access to the very large backyard. With city water and sewers this yard would allow for a huge above ground pool if desired. The rest of the home includes: The living room, which is adjacent to the dining room, is large and offers a great view outside thru the bow window on the front of the home, 3 spacious bedrooms upstairs with a full bath, and a finished family room in the lower level with a 3/4 bathroom and the 2 car garage access. The crawl space is concrete allowing storage space. Home also includes a home warranty. Home is close to main roads in town leading to major highway and toll road, shopping areas, schools, and to Lake Michigan waterfront areas.

ⓘ 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: $1,254 · $104/mo
• Projected year-2 tax: $1,647 · $137/mo
• Expected delta: +$393/yr (+$33/mo · 31.3%)

ⓘ 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
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,983
• − Mortgage interest: −$13,444
• − Property taxes: −$1,254
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,159
• − Management: −$2,159
• − Depreciation: −$6,982
• Taxable loss: −$213
• Est. tax savings @ 24.0%: +$51
• After-tax cash flow: $3,811/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

-4.0% since first listed

4 events — show timeline

• 2026-02-12 Listed $240,000 NIRA MLS as Distributed by MLS Grid
• 2024-08-06 Sold (MLS) $250,000 NIRA MLS as Distributed by MLS Grid
• 2024-07-08 Contingent — NIRA MLS as Distributed by MLS Grid
• 2024-07-02 Listed $250,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+0.8%/yr

Latest (2024): $1,254 · +2.0% YoY. Source: county tax records.