729 Governor Rd · South Haven, IN 46385

$249,900

4 bd · 2.0 ba · 1,316 sqft · SingleFamily public records · 9 Days on market

Built 1967 0.25 ac lot Est $222k · 12% over

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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 +15.4/30.0
• DSCR +4.7/10.0
• Livability +3.6/5.0
• 1% rule +3.2/10.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.9/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

With a little work this could be an excellent family home with 3-4 bedrooms, 2 bathrooms and over 1,300 SQ FT of living space.

Key facts

• Large center island
• Patio area
• Sprawling backyard

Tags

• FULLY REMODELED KITCHEN
• STAINLESS STEEL APPLIANCES
• LARGE CENTER ISLAND
• DEDICATED LAUNDRY AREA
• SPRAWLING BACKYARD
• PATIO AREA

Property features AI

Exterior

• Parking: Attached garage; Driveway; 1 garage space
• Security: Carbon monoxide detectors; Smoke detectors; Fire alarm
• Utilities: Public water; Public sewer; 100 Amp electric service
• Home design: Single-story home; Built in 1967
• Construction: Asphalt roof; Other construction materials; Built in 1967; One level
• Exterior features: Neighborhood view; Patio; Rain gutters

Interior

• Kitchen: Eat-in kitchen; Range hood; Laminate counters
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4
• Flooring: Vinyl
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Laminate counters; Range hood
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $95 ($1k/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 $204k (18.3% below list).
• Recommended offer: $204k (18.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#119 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: Paul Saylor Elementary School (math 37% / reading 37%, grade F, #550 of 994 statewide, top 57%, 292 students, 75% FRL); Willowcreek Middle School (math 19% / reading 31%, grade F, #247 of 330 statewide, top 76%, 949 students, 59% FRL); Portage High School (math 25% / reading 55%, grade F, #217 of 369 statewide, top 59%, 2,243 students, 55% FRL) — zoned schools average 63% FRL vs 44% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 378 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $160k; list at $250k implies a 56% gain — meaningful room to come down on a strong offer.

Recommended offer $204,250 (18.3% below list)

Questions for the listing agent

1. Built in 1967 — 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. 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?
4. 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.
5. 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.
6. 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: 6.75%
• Cash-on-cash: 1.63%
• DSCR: 1.07
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $222,404
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
721 Fox River Rd	0.11mi	4/1.5	1,316 (0%)	1mo	$240,000	$182	92
722-1 Capitol Rd	0.26mi	4/2.0	1,316 (0%)	2mo	$239,900	$182	86
740 Imperial Rd	0.19mi	4/1.5	1,400 (+6%)	1mo	$219,000	$156	78
711 Juniper Rd	0.22mi	4/1.0	1,240 (-6%)	3mo	$251,000	$202	73
767-1 Heritage Rd	0.30mi	3/1.0 (-1)	1,344 (+2%)	4mo	$160,000	$119	70
768 Devonshire Rd	0.40mi	4/1.0	1,248 (-5%)	2mo	$240,000	$192	67
376 Briarwood Dr	0.44mi	3/1.5 (-1)	1,280 (-3%)	3mo	$211,000	$165	65
763 Timberline Pkwy	0.44mi	3/1.5 (-1)	1,280 (-3%)	4mo	$197,000	$154	65
754 Governor Rd	0.23mi	3/2.0 (-1)	1,484 (+13%)	1mo	$230,000	$155	62
384 Lahonda Dr	0.61mi	3/1.0 (-1)	1,280 (-3%)	1mo	$205,000	$160	57
749 Acadia Rd	0.42mi	3/1.5 (-1)	1,152 (-12%)	1mo	$210,000	$182	52
775-1 Eagle Creek Rd	0.47mi	3/1.5 (-1)	1,512 (+15%)	0mo	$255,000	$169	46

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: -13.8%
• Equity multiple: 0.51×
• Total profit: $-34,551
• Equity at exit: $37,261

10-year hold

• IRR: -5.0%
• Equity multiple: 0.68×
• Total profit: $-22,703
• Equity at exit: $21,607

Cash invested: $69,972 (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: 378
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,042 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$104 /mo · $1,249/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $95

Break-even live

Break-even rent $1,922

Max offer price $249,900

Occupancy floor 90%

Sensitivity live

Price	-10% $236	-5% $166	+0% $95	+5% $24	+10% $-47
Rent	-10% $-67	-5% $14	+0% $95	+5% $176	+10% $256
Rate	-1.0pp $221	-0.5pp $158	base $95	+0.5pp $30	+1.0pp $-36

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
732 N State Road 149 Valparaiso, IN	3.0	1.0	1008	$1,650	$1.64	0d	1	0.38mi
774 Fox River Rd Valparaiso, IN	3.0	1.5	1176	$1,725	$1.47	45d	1	0.40mi
778 Capitol Rd Valparaiso, IN	4.0	1.5	1114	$1,895	$1.70	19d	1	0.50mi
374 Raritan Dr Valparaiso, IN	3.0	1.0	960	$1,800	$1.88	12d	1	0.62mi
397 Plymouth Rd Unit B Valparaiso, IN	3.0	2.0	1300	$1,795	$1.38	45d	1	0.85mi

Listing history 7 events

1. 2026-06-01
   status $249,900 Pending 9 DOM
2. 2026-05-31
   days on market $249,900 Active 9 DOM
3. 2026-05-16
   listed $249,900 Active 113-char remark
4. 2026-05-14
   listed $249,900 Active 156-char remark
5. 2026-02-19
   soldstatus $160,000 Closed

   Show marketing remark (126 chars)

   With a little work this could be an excellent family home with 3-4 bedrooms, 2 bathrooms and over 1,300 SQ FT of living space.

6. 2026-01-19
   status Pending

   Show marketing remark (126 chars)

   With a little work this could be an excellent family home with 3-4 bedrooms, 2 bathrooms and over 1,300 SQ FT of living space.

7. 2026-01-05
   listed $174,900 Active

   Show marketing remark (126 chars)

   With a little work this could be an excellent family home with 3-4 bedrooms, 2 bathrooms and over 1,300 SQ FT of living space.

ⓘ 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: $1,249 · $104/mo
• Projected year-2 tax: $1,687 · $141/mo
• Expected delta: +$437/yr (+$36/mo · 35.0%)

ⓘ 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 2/10 Low 7 d/yr ≥101°F today · 15 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: $24,510
• − Mortgage interest: −$13,998
• − Property taxes: −$1,249
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,961
• − Management: −$1,961
• − Depreciation: −$7,270
• Taxable loss: −$3,178
• Est. tax savings @ 24.0%: +$763
• After-tax cash flow: $1,901/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 — South Haven

• Score: 72/100
• State rank: #119
• US rank: #6424

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Haven, 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

+42.9% since first listed

5 events — show timeline

• 2026-05-31 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-22 Listed $249,900 NIRA MLS as Distributed by MLS Grid
• 2026-02-19 Sold (MLS) $160,000 IRMLS
• 2026-01-19 Pending — IRMLS
• 2026-01-05 Listed $174,900 IRMLS

Property tax history

+6.4%/yr

Latest (2024): $1,249 · +8.2% YoY. Source: county tax records.