2940 Elmwood St · Portage, IN 46368

$225,000

4 bd · 1.5 ba · 1,491 sqft · SingleFamily public records · 20 Days on market

Built 1965 0.26 ac lot Est $248k · 9% under

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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 +14.9/30.0
• ARV discount +11.6/15.0
• DSCR +4.6/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• 1% rule +3.4/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss your opportunity to own this clean and BRIGHT four bedroom home in Portage! Perfectly located on quiet street on culdesac yet close to shopping, restaurants, and major highways. As soon as you enter the home, you're greeted warmly with beautiful vinyl flooring, open concept living room that flows into the dining area, and kitchen with large island. The kitchen is spacious with lots of natural light, and all appliances included. Off of the kitchen area, you'll find the large master bedroom with walk out patio & ample closet space! You'll love the split bedrooms with 3 more bedrooms on the opposite side of the home with your full bathroom and additional half bathroom. Don't forget the large finished laundry/mudroom that offers plenty of storage. Outside you'll find your fenced in yard, detached 2 car garage, and additional side driveway. All major mechanicals & roof are less than 4 years old! It's the perfect home to call yours for the holidays!

Key facts

• Walk out patio
• Large island
• Expansive backyard

Tags

• OPEN CONCEPT LIVING ROOM
• STAINLESS STEEL APPLIANCES
• LARGE ISLAND
• EXPANSIVE BACKYARD
• WALK OUT PATIO
• AMPLE STORAGE

Property features AI

Exterior

• Parking: Detached garage; Garage faces front; Driveway; Garage door opener; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: One-story home; Built in 1965
• Construction: Built in 1965
• Exterior features: Neighborhood view

Interior

• Kitchen: Gas range; Microwave; Refrigerator; Dishwasher
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4
• Flooring: Carpet; Vinyl; Linoleum
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced-air heating (natural gas); Central air conditioning
• Interior features: Ceiling fan(s); Crawl space
• Laundry & utility: Main-level laundry room; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $66 ($793/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 $189k (16.1% below list).
• Recommended offer: $189k (16.1% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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: George L Myers Elementary School (math 32% / reading 37%, grade F, #597 of 994 statewide, top 63%, 331 students, 57% FRL); William Fegely Middle School (math 19% / reading 32%, grade F, #243 of 330 statewide, top 74%, 633 students, 66% FRL); Portage High School (math 25% / reading 55%, grade F, #217 of 369 statewide, top 59%, 2,243 students, 55% FRL) — zoned schools average 60% FRL vs 44% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.3%/yr); 316 active listings in the ZIP; 8 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 $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 20 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $180k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $188,719 (16.1% below list)

Questions for the listing agent

1. Built in 1965 — 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. 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: 0.84% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.26%
• DSCR: 1.06
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $247,506
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5515 Stone Ave	0.22mi	3/1.5 (-1)	1,516 (+2%)	3mo	$150,000	$99	80
2934 Parker St	0.35mi	3/1.5 (-1)	1,500 (+1%)	1mo	$270,000	$180	77
2876 May St	0.36mi	3/2.0 (-1)	1,512 (+1%)	1mo	$255,000	$169	73
5449 Redwood Ave	0.49mi	4/1.5	1,536 (+3%)	3mo	$210,000	$137	70
5465 Redwood Ave	0.49mi	3/1.5 (-1)	1,540 (+3%)	2mo	$310,000	$201	65
5464 Stone Ave	0.13mi	3/2.0 (-1)	1,700 (+14%)	4mo	$255,000	$150	60
3093 May St	0.44mi	4/3.0	1,565 (+5%)	6mo	$275,000	$176	60
2858 Brown St	0.29mi	3/2.0 (-1)	1,307 (-12%)	1mo	$264,999	$203	58
2964 Bryant St	0.30mi	5/2.0 (+1)	1,652 (+11%)	4mo	$275,000	$166	58
3054 Hickory St	0.53mi	3/1.5 (-1)	1,379 (-8%)	2mo	$150,000	$109	56
2734 Locust St	0.59mi	3/2.0 (-1)	1,424 (-4%)	2mo	$224,900	$158	56
5271 Central Ave	0.64mi	3/2.5 (-1)	1,680 (+13%)	6mo	$130,000	$77	35

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: -13.0%
• Equity multiple: 0.53×
• Total profit: $-29,819
• Equity at exit: $33,548

10-year hold

• IRR: -2.3%
• Equity multiple: 0.84×
• Total profit: $-10,301
• 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: 9.9×

Monthly cashflow live

• Estimated rent: $1,887 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$151 /mo · $1,813/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $66

Break-even live

Break-even rent $1,803

Max offer price $225,000

Occupancy floor 92%

Sensitivity live

Price	-10% $193	-5% $130	+0% $66	+5% $2	+10% $-61
Rent	-10% $-83	-5% $-8	+0% $66	+5% $141	+10% $215
Rate	-1.0pp $179	-0.5pp $123	base $66	+0.5pp $8	+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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5247 Concord Ave Portage, IN	3.0	1.0	980	$1,400	$1.43	0d	1	0.58mi
5423 Tulip Ave Portage, IN	3.0	1.0	1872	$2,000	$1.07	14d	1	0.63mi
5091 Central Ave Portage, IN	3.0	1.0	1644	$2,000	$1.22	0d	1	0.87mi
3101 County Line Rd Portage, IN	3.0	2.0	1177	$1,700	$1.44	0d	1	0.91mi
2870 Vigo St Lake Station, IN	3.0	2.0	1446	$1,850	$1.28	45d	1	1.20mi
5370 Plaza Ave Portage, IN	3.0	1.5	1030	$1,395	$1.35	46d	1	1.29mi
5211 Rachel Ave Unit 5214 Portage, IN	3.0	1.5	1320	$1,474	$1.12	5d	1	1.40mi
4546 Marquette Rd Lake Station, IN	3.0	2.0	1621	$1,800	$1.11	0d	1	1.46mi

Listing history 22 events

1. 2026-06-17
   status $225,000 Pending 20 DOM
2. 2026-06-17
   days on market $225,000 Active 20 DOM
3. 2026-06-16
   days on market $225,000 Active 19 DOM
4. 2026-06-15
   days on market $225,000 Active 18 DOM
5. 2026-06-13
   days on market $225,000 Active 16 DOM
6. 2026-06-13
   days on market $225,000 Active 15 DOM
7. 2026-06-09
   days on market $225,000 Active 12 DOM
8. 2026-06-08
   days on market $225,000 Active 11 DOM
9. 2026-06-07
   days on market $225,000 Active 10 DOM
10. 2026-06-04
    days on market $225,000 Active 7 DOM
11. 2026-06-03
    days on market $225,000 Active 6 DOM
12. 2026-06-02
    days on market $225,000 Active 5 DOM
13. 2026-06-01
    days on market $225,000 Active 4 DOM
14. 2026-05-31
    days on market $225,000 Active 3 DOM
15. 2026-05-28
    listed $225,000 Active
16. 2022-02-16
    soldstatus $180,000 Closed 981-char remark

    Show marketing remark (981 chars)

    Don't miss your opportunity to own this clean and BRIGHT four bedroom home in Portage! Perfectly located on quiet street on culdesac yet close to shopping, restaurants, and major highways. As soon as you enter the home, you're greeted warmly with beautiful vinyl flooring, open concept living room that flows into the dining area, and kitchen with large island. The kitchen is spacious with lots of natural light, and all appliances included. Off of the kitchen area, you'll find the large master bedroom with walk out patio & ample closet space! You'll love the split bedrooms with 3 more bedrooms on the opposite side of the home with your full bathroom and additional half bathroom. Don't forget the large finished laundry/mudroom that offers plenty of storage. Outside you'll find your fenced in yard, detached 2 car garage, and additional side driveway. All major mechanicals & roof are less than 4 years old! It's the perfect home to call yours for the holidays!

17. 2022-01-21
    status Pending 981-char remark

    Show marketing remark (981 chars)

    Don't miss your opportunity to own this clean and BRIGHT four bedroom home in Portage! Perfectly located on quiet street on culdesac yet close to shopping, restaurants, and major highways. As soon as you enter the home, you're greeted warmly with beautiful vinyl flooring, open concept living room that flows into the dining area, and kitchen with large island. The kitchen is spacious with lots of natural light, and all appliances included. Off of the kitchen area, you'll find the large master bedroom with walk out patio & ample closet space! You'll love the split bedrooms with 3 more bedrooms on the opposite side of the home with your full bathroom and additional half bathroom. Don't forget the large finished laundry/mudroom that offers plenty of storage. Outside you'll find your fenced in yard, detached 2 car garage, and additional side driveway. All major mechanicals & roof are less than 4 years old! It's the perfect home to call yours for the holidays!

18. 2022-01-16
    historical Active Under Contract 981-char remark

    Show marketing remark (981 chars)

    Don't miss your opportunity to own this clean and BRIGHT four bedroom home in Portage! Perfectly located on quiet street on culdesac yet close to shopping, restaurants, and major highways. As soon as you enter the home, you're greeted warmly with beautiful vinyl flooring, open concept living room that flows into the dining area, and kitchen with large island. The kitchen is spacious with lots of natural light, and all appliances included. Off of the kitchen area, you'll find the large master bedroom with walk out patio & ample closet space! You'll love the split bedrooms with 3 more bedrooms on the opposite side of the home with your full bathroom and additional half bathroom. Don't forget the large finished laundry/mudroom that offers plenty of storage. Outside you'll find your fenced in yard, detached 2 car garage, and additional side driveway. All major mechanicals & roof are less than 4 years old! It's the perfect home to call yours for the holidays!

19. 2022-01-16
    price $180,000 981-char remark

    Show marketing remark (981 chars)

    Don't miss your opportunity to own this clean and BRIGHT four bedroom home in Portage! Perfectly located on quiet street on culdesac yet close to shopping, restaurants, and major highways. As soon as you enter the home, you're greeted warmly with beautiful vinyl flooring, open concept living room that flows into the dining area, and kitchen with large island. The kitchen is spacious with lots of natural light, and all appliances included. Off of the kitchen area, you'll find the large master bedroom with walk out patio & ample closet space! You'll love the split bedrooms with 3 more bedrooms on the opposite side of the home with your full bathroom and additional half bathroom. Don't forget the large finished laundry/mudroom that offers plenty of storage. Outside you'll find your fenced in yard, detached 2 car garage, and additional side driveway. All major mechanicals & roof are less than 4 years old! It's the perfect home to call yours for the holidays!

20. 2021-12-22
    listed $179,900 Active 981-char remark

    Show marketing remark (981 chars)

    Don't miss your opportunity to own this clean and BRIGHT four bedroom home in Portage! Perfectly located on quiet street on culdesac yet close to shopping, restaurants, and major highways. As soon as you enter the home, you're greeted warmly with beautiful vinyl flooring, open concept living room that flows into the dining area, and kitchen with large island. The kitchen is spacious with lots of natural light, and all appliances included. Off of the kitchen area, you'll find the large master bedroom with walk out patio & ample closet space! You'll love the split bedrooms with 3 more bedrooms on the opposite side of the home with your full bathroom and additional half bathroom. Don't forget the large finished laundry/mudroom that offers plenty of storage. Outside you'll find your fenced in yard, detached 2 car garage, and additional side driveway. All major mechanicals & roof are less than 4 years old! It's the perfect home to call yours for the holidays!

21. 2018-04-20
    soldstatus $112,787 449-char remark

    Show marketing remark (449 chars)

    Welcome to 2940 Elmwood St, a peaceful location offering a 3 bedroom ranch home thats very budget friendly. Credit Union owned and Contractors have recently put down new flooring, replaced fans, doors, closet doors, fresh paint, inspected furnace, sump, and electric and repaired as needed, new thermostat, new roof and gutters. All thats left is to make it your own. Tons of potential and a great value from Porter County assessed value of 134,200.

22. 2018-01-08
    listed $109,900 449-char remark

    Show marketing remark (449 chars)

    Welcome to 2940 Elmwood St, a peaceful location offering a 3 bedroom ranch home thats very budget friendly. Credit Union owned and Contractors have recently put down new flooring, replaced fans, doors, closet doors, fresh paint, inspected furnace, sump, and electric and repaired as needed, new thermostat, new roof and gutters. All thats left is to make it your own. Tons of potential and a great value from Porter County assessed value of 134,200.

ⓘ 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: $1,813 · $151/mo
• Projected year-2 tax: $1,863 · $155/mo
• Expected delta: +$50/yr (+$4/mo · 2.7%)

ⓘ 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 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: $22,646
• − Mortgage interest: −$12,603
• − Property taxes: −$1,813
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,812
• − Management: −$1,812
• − Depreciation: −$6,545
• Taxable loss: −$3,064
• Est. tax savings @ 24.0%: +$735
• After-tax cash flow: $1,529/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

+104.7% since first listed

8 events — show timeline

• 2026-05-28 Listed $225,000 NIRA MLS as Distributed by MLS Grid
• 2022-02-16 Sold (MLS) $180,000 NIRA MLS as Distributed by MLS Grid
• 2022-01-21 Pending — NIRA MLS as Distributed by MLS Grid
• 2022-01-16 Contingent — NIRA MLS as Distributed by MLS Grid
• 2022-01-16 Price Changed $180,000 NIRA MLS as Distributed by MLS Grid
• 2021-12-22 Listed $179,900 NIRA MLS as Distributed by MLS Grid
• 2018-04-20 Sold (MLS) $112,787 NIRA MLS as Distributed by MLS Grid
• 2018-01-08 Listed $109,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-5.8%/yr

Latest (2024): $1,813 · -10.3% YoY. Source: county tax records.