523 Grove St · La Porte, IN 46350

$129,000

4 bd · 2.0 ba · 1,940 sqft · MultiFamily public records · 2 Days on market

Built 1910 5,600 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

2 UNIT with separate utilities. Close to town. Live in one unit and rent out the other, nice investment property.

Key facts

• 5,600 sq ft lot
• Built 1910
• Listed 2 days

Property features AI

Finance

• Other: Two-unit building (total of 2 units)

Exterior

• Utilities: Electricity connected; Public water; Public sewer; Natural gas connected
• Home design: Two-story property; Built in 1910
• Construction: Unfinished basement
• Exterior features: Assessor-reported lot size

Interior

• Kitchen: Other appliances
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Individual cooling units
• Interior features: Basement is unfinished; Other interior features

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $129k.

Deal economics

• At list price, monthly cash flow is $539 ($6k/yr) — positive. Per door: $269/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Cap rate 11.3% vs local median 3.7% in La Porte — 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 74/100 on livability (#81 in IN, #4,852 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: schools C-, commute F, employment F.
• Laporte Community School Corporation (urban): math 37% / reading 44% proficiency, ranked #139 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 260 active listings in the ZIP; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• LaPorte County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 21y 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.
• Current owner paid $92k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,000

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. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.39% ✓
• Cap rate: 11.31%
• Cash-on-cash: 17.90%
• DSCR: 1.80
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 9.4%
• Equity multiple: 1.37×
• Total profit: $13,441
• Equity at exit: $19,234

10-year hold

• IRR: 18.6%
• Equity multiple: 2.55×
• Total profit: $55,985
• Equity at exit: $11,154

Cash invested: $36,120 (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 46350

• Active inventory: 260
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $1,796 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$150 /mo · $1,796/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $539

Break-even live

Break-even rent $1,114

Max offer price $129,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,796
Total (2 units)			$1,796

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-05-21
   status Pending
2. 2026-05-19
   listed $129,000 Active
3. 2024-12-06
   historical
4. 2024-11-12
   price $134,000
5. 2024-10-15
   listed $144,000 Active
6. 2022-01-24
   soldstatus $92,500 Closed 113-char remark

   Show marketing remark (113 chars)

   2 UNIT with separate utilities. Close to town. Live in one unit and rent out the other, nice investment property.

7. 2022-01-10
   status Pending 113-char remark

   Show marketing remark (113 chars)

   2 UNIT with separate utilities. Close to town. Live in one unit and rent out the other, nice investment property.

8. 2021-11-03
   listed Active Under Contract 113-char remark

   Show marketing remark (113 chars)

   2 UNIT with separate utilities. Close to town. Live in one unit and rent out the other, nice investment property.

9. 2021-03-25
   listed $98,000 113-char remark

   Show marketing remark (113 chars)

   2 UNIT with separate utilities. Close to town. Live in one unit and rent out the other, nice investment property.

10. 2006-08-16
    historical
11. 2006-02-22
    listed $63,000
12. 2006-01-11
    historical
13. 2005-07-05
    listed $73,500

ⓘ 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: $1,796 · $150/mo
• Projected year-2 tax: $1,796 · $150/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 3/10 Moderate 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,552
• − Mortgage interest: −$7,226
• − Property taxes: −$1,796
• − Insurance: −$645
• − Repairs & maintenance: −$1,724
• − Management: −$1,724
• − Depreciation: −$3,753
• Taxable income: $4,684
• Est. tax owed @ 24.0%: −$1,124
• After-tax cash flow: $5,343/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: Laporte Community School Corporation
• NCES district ID: 1805580
• Math proficiency: 37% ▼ -13.00%
• Reading proficiency: 44% ▼ -11.00%
• Median HH income: $46,761
• Composite: 34.58/100
• National rank: #5162
• State rank: #139 of 301 in IN

Livability — La Porte

• Score: 74/100
• State rank: #81
• US rank: #4852

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: La Porte, IN
• County: La Porte County · 88,580 people
• City population: 44,763
• Metro: Michigan City-La Porte, IN
• Population (ZIP): 44,763
• Household income: $74,307
• Rent vs Own: 23.9% rent · 76.1% own
• Severe rent burden: 835.0

Population outlook (LaPorte County) Hauer SSP2

• Today (2025): 109,757 people
• By 2030: 108,288 · -1.3%
• By 2040: 105,070 · -4.3%
• By 2050: 102,330 · -6.8%
• By 2075: 97,009 · -11.6%
• By 2100: 86,459 · -21.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 8% Hispanic / Latino 8% Black 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 11% Iranian 3% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 4% Russian/Polish/Slavic 1% German/W. Germanic 1%

Political lean MEDSL · LaPorte

• 2024 margin: R (+14.1) · D 42.1% · R 56.2% · Other 1.7%
• 2008→2024 swing: -19.1pp toward R · 2008: 5.0pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+7.2 2016: R+6.4 2012: D+12.6 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.94%
• Current HPI: 209.2564
• Rent YoY: —
• Metro: Michigan City-La Porte, IN
• 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

+75.5% since first listed

13 events — show timeline

• 2026-05-21 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-19 Listed $129,000 NIRA MLS as Distributed by MLS Grid
• 2024-12-06 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-11-12 Price Changed $134,000 NIRA MLS as Distributed by MLS Grid
• 2024-10-15 Listed $144,000 NIRA MLS as Distributed by MLS Grid
• 2022-01-24 Sold (MLS) $92,500 NIRA MLS as Distributed by MLS Grid
• 2022-01-10 Pending — NIRA MLS as Distributed by MLS Grid
• 2021-11-03 Listed — NIRA MLS as Distributed by MLS Grid
• 2021-03-25 Listed $98,000 NIRA MLS as Distributed by MLS Grid
• 2006-08-16 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-02-22 Listed $63,000 NIRA MLS as Distributed by MLS Grid
• 2006-01-11 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2005-07-05 Listed $73,500 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.7%/yr

Latest (2024): $1,796 · +0.0% YoY. Source: county tax records.