401 Brown St · Valparaiso, IN 46383

$269,999

3 bd · 2.0 ba · — sqft · MultiFamily · 11 Days on market

Built 1910 Fair condition 4,356 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 +28.7/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +4.1/5.0
• Rent growth +3.4/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This 2 Unit is ready for new ownership. Located near Valparaiso University this is a great investment opportunity.

Key facts

• Large living area
• Access to basement
• 2 unit property

Tags

• 2 UNIT PROPERTY
• SPACIOUS LAYOUT
• ACCESS TO GARAGE
• ACCESS TO BASEMENT
• LARGE LIVING AREA

Property features AI

Exterior

• Parking: Attached garage with garage door opener; Garage faces side; Off-street parking
• Utilities: Public water; Public sewer
• Home design: Two-story building; Built in 1910
• Construction: Has basement
• Exterior features: Neighborhood view

Interior

• Kitchen: Gas range; Microwave; Dishwasher
• Bedrooms: Multi-unit building with 2 total units (contains one 1-bedroom unit and two 2-bedroom units)
• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Eat-in kitchen; Unfinished basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $270k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $847 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $270k).
• Cap rate 10.3% vs local median 2.9% in Valparaiso — 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 82/100 on livability (#12 in IN, #1,149 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities D-, commute F.
• Valparaiso Community Schools (suburban): math 56% / reading 64% proficiency, ranked #18 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 259 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).
• At $3,504/mo this rent would consume 55% of the median local household income ($76k/yr) (locally 1478% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $76k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 25y 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 $167k; list at $270k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $269,999

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.30% ✓
• Cap rate: 10.30%
• Cash-on-cash: 14.32%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

No comps found within radius.

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
401 Brown St	0.00mi	3/2.0	—	1mo	$220,000	—	87
404 Indiana Ave	0.11mi	4/2.0 (+1)	—	2mo	$226,000	—	76
302 Monroe St	0.06mi	4/2.0 (+1)	—	21mo	$285,000	—	62
302 Lafayette St	0.51mi	3/3.0	—	4mo	$324,000	—	56
308 N Greenwich St	0.48mi	3/2.0	2,689	20mo	$282,500	$105	48
505 Calumet Ave	0.56mi	3/2.0	—	18mo	$240,000	—	46
805 Jefferson St	0.39mi	4/3.0 (+1)	—	19mo	$410,500	—	45
206 Oak St	0.51mi	4/4.0 (+1)	—	18mo	$275,500	—	36
508 Franklin St	0.58mi	4/3.0 (+1)	—	18mo	$240,000	—	36

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 · 3.52% rent growth · sell at horizon

5-year hold

• IRR: 4.1%
• Equity multiple: 1.16×
• Total profit: $12,106
• Equity at exit: $40,258

10-year hold

• IRR: 14.1%
• Equity multiple: 2.16×
• Total profit: $87,978
• Equity at exit: $23,345

Cash invested: $75,600 (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 46383

• Rents YoY: 3.5%
• Active inventory: 259
• Price-to-rent: 20.8×

Monthly cashflow live

• Estimated rent: $3,504 high
• Mortgage (P&I): −$1,416
• Tax est. 1.5%: −$337 /mo · $4,050/yr
• Insurance: −$112
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$736
• Net cashflow: $847

Break-even live

Break-even rent $2,432

Max offer price $269,999

Occupancy floor 71%

Sensitivity live

Price	-10% $1,033	-5% $940	+0% $847	+5% $753	+10% $660
Rent	-10% $570	-5% $708	+0% $847	+5% $985	+10% $1,124
Rate	-1.0pp $983	-0.5pp $915	base $847	+0.5pp $777	+1.0pp $706

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,082
▸ 2× units	2	1	$2,422
Total (3 units)			$3,504

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 E Chicago St Valparaiso, IN	3.0	1.0	1200	$1,600	$1.33	45d	1	0.39mi
18 South St Valparaiso, IN	2.0	1.0	960	$1,375	$1.43	0d	1	0.40mi
822 Jefferson St Valparaiso, IN	3.0	1.0	1260	$2,300	$1.83	18d	1	0.44mi
811 Institute St Valparaiso, IN	3.0	3.0	2475	$2,500	$1.01	0d	1	0.56mi
1401 Laporte Ave Valparaiso, IN	2.0	2.0	907	$1,699	$1.87	19d	1	0.63mi
1401 Laporte Ave Valparaiso, IN	2.0	2.0	907	$1,699	$1.87	25d	1	0.63mi
1401 Laporte Ave Valparaiso, IN	3.0	3.0	1273	$2,250	$1.77	4d	1	0.63mi
1401 Laporte Ave Valparaiso, IN	3.0	3.0	1273	$2,250	$1.77	20d	1	0.63mi
60 University Dr Unit 210 Valparaiso, IN	2.0	2.5	1300	$1,195	$0.92	13d	1	0.68mi
1405 E Chicago St Unit 1407-1 Valparaiso, IN	2.0	1.5	—	$1,195	—	18d	1	0.71mi
1405 E Chicago St Unit 1409B-5 Valparaiso, IN	2.0	1.5	—	$1,195	—	25d	1	0.71mi
1407 E Chicago St Valparaiso, IN	2.0	1.5	—	$1,195	—	18d	1	0.73mi
1409 E Chicago St Valparaiso, IN	2.0	1.5	—	$1,195	—	25d	1	0.74mi
705 Napoleon St Valparaiso, IN	2.0	1.0	900	$1,400	$1.56	44d	1	0.76mi
1604 Firestone Ln Unit B Valparaiso, IN	2.0	1.5	1200	$1,400	$1.17	13d	1	0.80mi
1604 Firestone Ln Valparaiso, IN	2.0	2.0	1200	$1,400	$1.17	13d	1	0.80mi
1710 Firestone Ln Unit F Valparaiso, IN	3.0	3.0	2100	$1,750	$0.83	44d	1	0.88mi
506 Parkside Ave Valparaiso, IN	3.0	1.0	1250	$2,095	$1.68	8d	1	0.96mi
1103 Evans Ave Unit 4C Valparaiso, IN	2.0	1.0	750	$1,350	$1.80	18d	1	1.01mi
1103 Evans Ave Valparaiso, IN	2.0	1.0	750	$1,350	$1.80	16d	1	1.01mi
1103 Evans Ave Unit 3C Valparaiso, IN	2.0	1.0	850	$1,250	$1.47	13d	1	1.01mi
1103 Evans Ave Valparaiso, IN	2.0	1.0	750	$1,250	$1.67	44d	1	1.01mi
1103 Evans Ave Unit 6B Valparaiso, IN	2.0	1.0	750	$1,300	$1.73	13d	1	1.01mi
654 Bond Ave Valparaiso, IN	2.0	1.5	—	$2,850	—	3d	1	1.07mi
156 Mayfield Ave Unit 362-C Valparaiso, IN	2.0	1.0	—	$1,145	—	0d	1	1.10mi
156 Mayfield Ave Unit 258-C Valparaiso, IN	2.0	1.0	—	$1,095	—	19d	1	1.10mi
1807 Beech St Valparaiso, IN	2.0	1.0	900	$1,225	$1.36	0d	1	1.10mi
354 Mayfield Ave Valparaiso, IN	2.0	1.0	—	$1,145	—	44d	1	1.10mi
356 Mayfield Ave Valparaiso, IN	2.0	1.0	—	$1,145	—	44d	1	1.10mi
927 Hampton Ct Valparaiso, IN	2.0	2.0	1100	$1,240	$1.13	44d	1	1.20mi
926 Hampton Ct Valparaiso, IN	2.0	1.0	900	$1,180	$1.31	44d	1	1.23mi
1005 McCord Rd Valparaiso, IN	2.0	1.0	770	$1,464	$1.90	0d	2	1.24mi
2210 Beech St Valparaiso, IN	1.0–3.0	1.0–2.0	1033	$3,352	$3.24	0d	19	1.30mi
605 Emmettsburg St Valparaiso, IN	4.0	1.0	1460	$1,950	$1.34	44d	1	1.33mi

Listing history 6 events

1. 2026-05-01
   status Pending
2. 2026-04-20
   listed $269,999 Active
3. 2021-11-18
   soldstatus $167,000 Closed 114-char remark

   Show marketing remark (114 chars)

   This 2 Unit is ready for new ownership. Located near Valparaiso University this is a great investment opportunity.

4. 2021-11-03
   listed Active Under Contract 114-char remark

   Show marketing remark (114 chars)

   This 2 Unit is ready for new ownership. Located near Valparaiso University this is a great investment opportunity.

5. 2021-07-06
   listed $199,900 114-char remark

   Show marketing remark (114 chars)

   This 2 Unit is ready for new ownership. Located near Valparaiso University this is a great investment opportunity.

6. 2001-09-18
   listed $49,900 106-char remark

   Show marketing remark (106 chars)

   NEAR VALPARAISO UNIVERSITY THIS 3 UNIT FOR ONLY $63,500 SHOULD SELL FAST!! WHAT AN EXCELLENT OPPORTUNITY.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,048
• − Mortgage interest: −$15,124
• − Property taxes: −$4,050
• − Insurance: −$2,016
• − Repairs & maintenance: −$3,364
• − Management: −$3,364
• − Depreciation: −$7,855
• Taxable income: $6,275
• Est. tax owed @ 24.0%: −$1,506
• After-tax cash flow: $8,655/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 2-unit property requires moderate renovations, including painting and updating kitchen and bathroom fixtures, to improve its condition and value.

Repairs flagged

• Major paint — significant discoloration and wear
• Moderate kitchen cabinets — wooden cabinets show wear
• Minor bathroom fixtures — standard fixtures, no visible damage

Value-add opportunities

• Both paint — Fresh paint can significantly improve the home's appearance and value
• Both kitchen cabinets — New cabinets can enhance the kitchen's functionality and aesthetics
• Both bathroom fixtures — Upgraded fixtures can increase the home's appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
paint · significant discoloration and wear	Major	$15,000–50,000
kitchen cabinets · wooden cabinets show wear	Moderate	$3,000–15,000
bathroom fixtures · standard fixtures, no visible damage	Minor	$500–3,000
Total estimated repair cost · 3 items		$18,500–68,000

Value-add ROI direction

• Both paint — Fresh paint can significantly improve the home's appearance and value ↑
• Both kitchen cabinets — New cabinets can enhance the kitchen's functionality and aesthetics ↑
• Both bathroom fixtures — Upgraded fixtures can increase the home's appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Valparaiso Community Schools
• NCES district ID: 1811970
• Math proficiency: 56% ▼ -9.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $56,736
• Composite: 51.69/100
• National rank: #1691
• State rank: #18 of 301 in IN

Livability — Valparaiso

• Score: 82/100
• State rank: #12
• US rank: #1149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Valparaiso, IN
• County: Porter County · 151,647 people
• City population: 28,307
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 42,183
• Household income: $76,224
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 1478.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 9% Two or more races 6% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 9% Lithuanian 3% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3%

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: ▼ -151.84%
• Current HPI: 197.9925
• Rent YoY: ▲ 3.52%
• 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

+441.1% since first listed

6 events — show timeline

• 2026-05-01 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-20 Listed $269,999 NIRA MLS as Distributed by MLS Grid
• 2021-11-18 Sold (MLS) $167,000 NIRA MLS as Distributed by MLS Grid
• 2021-11-03 Listed — NIRA MLS as Distributed by MLS Grid
• 2021-07-06 Listed $199,900 NIRA MLS as Distributed by MLS Grid
• 2001-09-18 Listed $49,900 NIRA MLS as Distributed by MLS Grid