1437 121st St · Whiting, IN 46394

$195,500

2 bd · 2.0 ba · 1,755 sqft · MultiFamily public records · 5 Days on market

Built 1922 4,902 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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Appreciation +8.3/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

1st time offered by the long term owner. Come take a look at this Whiting proper 2 unit Front Unit features 2 bedrooms, a full bath, living room, dining room and kitchen. One can enjoy the view from the covered front porch as you relax and watch the world go by. Back Unit features 3 bedrooms, a full bath, living room, dining room and kitchen. This unit has access to a rear wood deck . Enjoy dining on a nice evening or relaxing with a good book or whatever is your pleasure. The tenants pay the following utilities: heating (gas boiler heat), cooking gas and electric. The owner pays the following utilities water, sewage and recycling. Call NOW to view this property

Key facts

• Covered front porch
• Rear wood deck
• 4,902 sq ft lot

Tags

• COVERED FRONT PORCH
• REAR WOOD DECK

Property features AI

Exterior

• Parking: Detached garage; Alley access; On-street parking; 2 garage spaces
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer
• Home design: Built in 1922; Single-story property
• Construction: Asphalt roof
• Exterior features: Covered front porch; Porch and deck; Neighborhood view; Garage(s) on property

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Two-unit property: one 2-bedroom unit and one 3-bedroom unit
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Hot water heating (natural gas); Individual cooling units; Ceiling fans for cooling
• Interior features: Ceiling fans; Laminate counters; Full unfinished walk-out basement
• Laundry & utility: Washer and dryer included; Washer hookup; Gas dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $196k.

Deal economics

• At list price, monthly cash flow is $687 ($8k/yr) — positive. Per door: $343/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $196k).

Location & tenants

• Location reads 63/100 on livability (#447 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, employment C-, amenities F.
• School City Of Whiting (suburban): math 15% / reading 43% proficiency, ranked #244 of 301 in IN (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Nathan Hale Elementary School (math 23% / reading 39%, grade F, #682 of 994 statewide, top 69%, 391 students, 78% FRL); Whiting Middle School (math 10% / reading 37%, grade F, #257 of 330 statewide, top 79%, 270 students, 78% FRL); Whiting High School (math 12% / reading 62%, grade F, #247 of 369 statewide, top 70%, 441 students, 68% FRL) — zoned schools average 75% FRL vs 58% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 39 active listings in the ZIP; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,634/mo this rent would consume 48% of the median local household income ($66k/yr) (locally 366% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (6.6% local appreciation)).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.6% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $195,500

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 1922 — 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. Schools are F-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 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: 1.35% ✓
• Cap rate: 10.51%
• Cash-on-cash: 15.06%
• DSCR: 1.67
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.63% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.2%
• Equity multiple: 2.97×
• Total profit: $107,668
• Equity at exit: $130,783

10-year hold

• IRR: 26.8%
• Equity multiple: 6.13×
• Total profit: $280,907
• Equity at exit: $244,291

Cash invested: $54,740 (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 46394

• Home prices YoY: 2.1%
• Active inventory: 39
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,634 high
• Mortgage (P&I): −$1,025
• Tax from tax record: −$287 /mo · $3,448/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$553
• Net cashflow: $687

Break-even live

Break-even rent $1,765

Max offer price $195,500

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,231
1× unit	3	1	$1,403
Total (2 units)			$2,634

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: $48,875
• Closing costs: $5,865
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-10
   status $195,500 Pending 5 DOM
2. 2026-06-09
   days on market $195,500 Active 5 DOM
3. 2026-06-08
   days on market $195,500 Active 4 DOM
4. 2026-06-07
   remarks 672-char remark
5. 2026-06-07
   listed $195,500 Active 3 DOM

ⓘ 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: $3,448 · $287/mo
• Projected year-2 tax: $3,448 · $287/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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,608
• − Mortgage interest: −$10,951
• − Property taxes: −$3,448
• − Insurance: −$978
• − Repairs & maintenance: −$2,529
• − Management: −$2,529
• − Depreciation: −$5,687
• Taxable income: $5,487
• Est. tax owed @ 24.0%: −$1,317
• After-tax cash flow: $6,925/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: School City Of Whiting
• NCES district ID: 1813200
• Math proficiency: 15% ▼ -15.00%
• Reading proficiency: 43% ▼ -5.00%
• Median HH income: $48,365
• Composite: 25.1/100
• National rank: #7530
• State rank: #244 of 301 in IN

Livability — Whiting

• Score: 63/100
• State rank: #447
• US rank: #15882

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Whiting, IN
• County: Lake County · 422,878 people
• City population: 11,894
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 11,894
• Household income: $66,176
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 366.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 484,026 people
• By 2030: 478,091 · -1.2%
• By 2040: 462,974 · -4.3%
• By 2050: 449,894 · -7.1%
• By 2075: 436,169 · -9.9%
• By 2100: 426,607 · -11.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 48% Hispanic / Latino 43% Two or more races 10% Black 7% Native American 4%
• Hispanic origin (detail): Mexican 38% Puerto Rican 5%
• Common ancestry: Romanian 12% Lithuanian 3% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 75% English-only · Spanish 23% Arabic 1%

Political lean MEDSL · Lake

• 2024 margin: Lean D (+5.6) · D 52.1% · R 46.5% · Other 1.5%
• 2008→2024 swing: -28.6pp toward R · 2008: 34.3pp · 2024: 5.6pp
• All cycles: 2024: D+5.6 2020: D+15.1 2016: D+20.6 2012: D+31.0 2008: D+34.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.63%
• Current HPI: 327.0867
• Rent YoY: —
• 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

1 event — show timeline

• 2026-06-02 Listed $195,500 NIRA MLS as Distributed by MLS Grid

Property tax history

+0.7%/yr

Latest (2024): $3,448 · +6.2% YoY. Source: county tax records.