24 Mccurahan St · Lake Eliza, IN 46385

$179,000

3 bd · 1.5 ba · 1,120 sqft · SingleFamily public records · 20 Days on market

Built 1964 4,487 sqft lot Est $233k · 23% under

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Why this score? — see what drove the C+ 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 +22.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.4/10.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Nestled in a prime location, 24 Mccurahan St offers a fantastic opportunity to secure a home with solid bones in the highly sought-after Valparaiso area. This 3-bedroom, 2-bathroom property is the perfect canvas for anyone looking to add personal touches and instantly build equity. The surrounding neighborhood is packed with excellent amenities, putting everyday conveniences, local parks, and top-rated schools just minutes from your front door. You will love the quick access to a vibrant mix of dining options, shopping centers, and cozy local cafes that make this community so desirable. Commuting is a breeze with major roadways nearby, seamlessly connecting you to everything Valparaiso has

Key facts

• Solid bones
• Excellent amenities
• Top rated schools

Tags

• PRIME LOCATION
• SOLID BONES
• EXCELLENT AMENITIES
• LOCAL PARKS
• TOP RATED SCHOOLS
• QUICK ACCESS

Property features AI

Exterior

• Parking: Garage with space for 1 vehicle
• Utilities: Public water; Public sewer
• Home design: One and one half stories; Built in 1964
• Exterior features: Neighborhood view

Interior

• Kitchen: Dishwasher; Refrigerator; Microwave; Gas Range
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Other cooling
• Interior features: No notable built-in interior features listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $284 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $176k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Porter Township School Corporation (rural): math 33% / reading 49% proficiency, ranked #103 of 301 in IN (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 375 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $5k 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 ($176k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 28y ago; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $176,315 (1.5% below list)

Questions for the listing agent

1. Built in 1964 — 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. 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.
4. 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.
5. 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: 1.04% ✓
• Cap rate: 8.20%
• Cash-on-cash: 6.79%
• DSCR: 1.30
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $232,960
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15 S Kenworthy St	0.13mi	2/1.0 (-1)	1,101 (-2%)	3mo	$185,000	$168	82
5 Basher St	0.33mi	3/1.5	1,120 (0%)	18mo	$267,500	$239	70
13 S 600 W	0.23mi	3/1.0	1,180 (+5%)	12mo	$245,000	$208	69
613 Hollywood Dr	0.38mi	3/3.0	1,186 (+6%)	11mo	$250,000	$211	57
1 S Ventura Blvd	0.57mi	3/2.0	1,177 (+5%)	17mo	$245,000	$208	49
12 S Fish Lake Rd	0.17mi	3/2.0	1,280 (+14%)	22mo	$250,000	$195	48
42 S 600 W	0.43mi	3/2.0	1,218 (+9%)	22mo	$250,000	$205	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.78×
• Total profit: $-10,934
• Equity at exit: $26,689

10-year hold

• IRR: 3.8%
• Equity multiple: 1.27×
• Total profit: $13,746
• Equity at exit: $15,477

Cash invested: $50,120 (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 46385

• Active inventory: 375
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,864 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$176 /mo · $2,110/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $284

Break-even live

Break-even rent $1,505

Max offer price $179,000

Occupancy floor 80%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-09
   days on market $179,000 Active 20 DOM
2. 2026-06-08
   days on market $179,000 Active 19 DOM
3. 2026-06-07
   pricedays on market $179,000 Active 18 DOM
4. 2026-06-04
   days on market $184,900 Active 15 DOM
5. 2026-06-03
   days on market $184,900 Active 14 DOM
6. 2026-06-02
   days on market $184,900 Active 13 DOM
7. 2026-06-01
   days on market $184,900 Active 12 DOM
8. 2026-05-31
   days on market $184,900 Active 11 DOM
9. 2026-05-20
   listed $190,000 Active
10. 1998-10-23
    listed $63,000

ⓘ 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: $2,110 · $176/mo
• Projected year-2 tax: $2,110 · $176/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,373
• − Mortgage interest: −$10,027
• − Property taxes: −$2,110
• − Insurance: −$895
• − Repairs & maintenance: −$1,790
• − Management: −$1,790
• − Depreciation: −$5,207
• Taxable income: $554
• Est. tax owed @ 24.0%: −$133
• After-tax cash flow: $3,272/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: Porter Township School Corporation
• NCES district ID: 1809180
• Math proficiency: 33% ▼ -7.00%
• Reading proficiency: 49% ▼ -4.00%
• Median HH income: $77,819
• Composite: 37.92/100
• National rank: #4311
• State rank: #103 of 301 in IN

Livability — Lake Eliza

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lake Eliza, IN
• County: Porter County · 151,647 people
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 40,856
• Household income: $98,957
• Rent vs Own: 13.4% rent · 86.6% own
• Severe rent burden: 304.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 7% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2%
• Common ancestry: Romanian 9% Italian 2% Lithuanian 2%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Russian/Polish/Slavic 1%

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: ▼ -151.11%
• Current HPI: 201.7039
• 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

+201.6% since first listed

2 events — show timeline

• 2026-05-20 Listed $190,000 NIRA MLS as Distributed by MLS Grid
• 1998-10-23 Listed $63,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+5.1%/yr

Latest (2024): $2,110 · +6.4% YoY. Source: county tax records.