51999 Ray Dr · Granger, IN 46530

$249,000

3 bd · 1.5 ba · 1,050 sqft · SingleFamily public records · 6 Days on market

Built 1975 0.39 ac lot

---

Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• DSCR +4.6/10.0
• Livability +3.9/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this charming Granger ranch situated on a spacious . 39-acre lot in the highly desirable PHM school district! This 3-bedroom, 1.5-bath home offers comfortable living including a partially finished basement, providing plenty of space for entertaining, recreation, or a home office. The main level features a functional layout with abundant natural light, while the finished lower level adds valuable additional living space. Enjoy the convenience of an attached garage, central air, and a large backyard perfect for outdoor gatherings, gardening, or relaxing evenings. Located in an established neighborhood close to shopping, dining, parks, and schools, this property offers incredib

Key facts

• 0.39 acre lot
• 2 garage spots
• Built 1975

Property features AI

Exterior

• Parking: Attached garage with 2 spaces; Off-street parking
• Utilities: Septic tank
• Home design: Single-family residence; Site-built home; One story
• Construction: Block construction
• Exterior features: Lot approximately 0.39 acres; Directions: North on Bittersweet Rd., Left on Brick Rd., Right on Ray Dr.

Interior

• Bathrooms: One full bathroom; One half bathroom; Two main-level bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Full, partially finished basement; 7 total rooms
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $249k.

Deal economics

• At list price, monthly cash flow is $80 ($956/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 $205k (17.9% below list).
• Recommended offer: $205k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.2% in Granger — 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 78/100 on livability (#33 in IN, #2,584 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Penn-Harris-Madison School Corporation (suburban): math 54% / reading 64% proficiency, ranked #19 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mary Frank Harris Elementary Sch (math 82% / reading 72%, grade A, #13 of 994 statewide, top 1%, 475 students, 22% FRL); Discovery Middle School (math 57% / reading 75%, grade A-, #6 of 330 statewide, top 2%, 848 students, 17% FRL); Penn High School (math 53% / reading 83%, grade B, #22 of 369 statewide, top 6%, 3,624 students, 27% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: 212 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).

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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $204,520 (17.9% below list)

Questions for the listing agent

1. Built in 1975 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.82% ✗
• Cap rate: 6.68%
• Cash-on-cash: 1.37%
• DSCR: 1.06
• GRM: 10.1

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: -14.2%
• Equity multiple: 0.49×
• Total profit: $-35,359
• Equity at exit: $37,127

10-year hold

• IRR: -5.4%
• Equity multiple: 0.65×
• Total profit: $-24,595
• Equity at exit: $21,529

Cash invested: $69,720 (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 46530

• Home prices YoY: -32.8%
• Active inventory: 212
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,045 medium
• Mortgage (P&I): −$1,306
• Tax from tax record: −$127 /mo · $1,518/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $80

Break-even live

Break-even rent $1,944

Max offer price $249,000

Occupancy floor 91%

Sensitivity live

Price	-10% $221	-5% $150	+0% $80	+5% $9	+10% $-61
Rent	-10% $-82	-5% $-1	+0% $80	+5% $160	+10% $241
Rate	-1.0pp $205	-0.5pp $143	base $80	+0.5pp $15	+1.0pp $-51

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13964 State Road 23 Granger, IN	3.0	1.0	1008	$2,100	$2.08	14d	1	1.27mi

Listing history 15 events

1. 2026-06-21
   days on market $249,000 Active 6 DOM
2. 2026-06-18
   days on market $249,000 Active 3 DOM
3. 2026-06-17
   days on market $249,000 Active 2 DOM
4. 2026-06-15
   statusdays on market $249,000 Active 1 DOM
5. 2026-06-14
   days on market $249,000 Coming Soon 16 DOM
6. 2026-06-13
   days on market $249,000 Coming Soon 15 DOM
7. 2026-06-10
   days on market $249,000 Coming Soon 13 DOM
8. 2026-06-09
   days on market $249,000 Coming Soon 12 DOM
9. 2026-06-08
   days on market $249,000 Coming Soon 11 DOM
10. 2026-06-07
    days on market $249,000 Coming Soon 10 DOM
11. 2026-06-02
    days on market $249,000 Coming Soon 5 DOM
12. 2026-06-01
    days on market $249,000 Coming Soon 4 DOM
13. 2026-05-31
    days on market $249,000 Coming Soon 3 DOM
14. 2026-05-30
    days on market $249,000 Coming Soon 2 DOM
15. 2026-05-28
    historical $249,000

ⓘ 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: $1,518 · $127/mo
• Projected year-2 tax: $1,817 · $151/mo
• Expected delta: +$299/yr (+$25/mo · 19.7%)

ⓘ 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 ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,542
• − Mortgage interest: −$13,948
• − Property taxes: −$1,518
• − Insurance: −$1,245
• − Repairs & maintenance: −$1,963
• − Management: −$1,963
• − Depreciation: −$7,244
• Taxable loss: −$3,339
• Est. tax savings @ 24.0%: +$801
• After-tax cash flow: $1,757/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: Penn-Harris-Madison School Corporation
• NCES district ID: 1808760
• Math proficiency: 54% ▼ -11.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $59,421
• Composite: 51.11/100
• National rank: #1764
• State rank: #19 of 301 in IN

Livability — Granger

• Score: 78/100
• State rank: #33
• US rank: #2584

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Granger, IN
• County: Saint Joseph County · 189,048 people
• City population: 31,598
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 31,598
• Household income: $122,129
• Rent vs Own: 15.6% rent · 84.4% own
• Severe rent burden: 671.0

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 273,186 people
• By 2030: 273,594 · +0.1%
• By 2040: 271,641 · -0.6%
• By 2050: 269,187 · -1.5%
• By 2075: 263,136 · -3.7%
• By 2100: 245,659 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Asian 7% Two or more races 7% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 8% Slovak 3% Italian 3%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% German/W. Germanic 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Toss-up / Even · D 50.0% · R 48.5% · Other 1.5%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.1pp · 2024: 1.5pp
• All cycles: 2024: D+1.5 2020: D+5.8 2016: D+0.2 2012: D+3.5 2008: D+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.73%
• Current HPI: 194.0944
• Rent YoY: —
• Metro: South Bend-Mishawaka, IN-MI
• 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

1 event — show timeline

• 2026-05-28 Coming Soon $249,000 IRMLS

Property tax history

-5.4%/yr

Latest (2024): $1,518 · +6.4% YoY. Source: county tax records.