2604 Schrage Ave · Whiting, IN 46394

$269,900

6 bd · 2.0 ba · 1,480 sqft · MultiFamily public records · 3 Days on market

Built 1917 3,100 sqft lot

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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 +19.0/30.0
• Appreciation +8.3/10.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +4.4/10.0
• 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

Investment opportunity in desirable Whiting, Indiana! This turnkey duplex has been updated and is ready for its next owner. Both units feature recent renovations including new PEX plumbing, new water heaters, new furnaces, luxury vinyl plank flooring, fresh paint, and beautifully remodeled kitchens with soft-close shaker cabinets and quartz countertops. Additional improvements include a new roof and gutters. Conveniently located near shopping, dining, schools, major highways, and the lakefront. Low property taxes and strong rental potential make this an excellent addition to any investment portfolio or an ideal owner-occupant opportunity. Schedule your showing today!

Key facts

• New pex plumbing
• Turnkey duplex
• Recent renovations

Tags

• TURNKEY DUPLEX
• RECENT RENOVATIONS
• NEW PEX PLUMBING
• NEW WATER HEATERS
• NEW FURNACES
• LUXURY VINYL PLANK FLOORING

Property features AI

Finance

• Other: Two-unit building

Exterior

• Utilities: Public water; Public sewer
• Home design: Two-story property; Built in 1917
• Construction: Year built: 1917
• Exterior features: Neighborhood view

Interior

• Kitchen: Other appliances included
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Other cooling
• Interior features: Open floorplan; Pets allowed

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $270k.

Deal economics

• At list price, monthly cash flow is $281 ($3k/yr) — positive. Per door: $140/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $255k (5.5% below list).
• Recommended offer: $255k (5.5% below list) — sets the bar for 1% rule.

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-, schools 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.
• Market conditions: 41 active listings in the ZIP; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,550/mo this rent would consume 46% 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 $20k of equity ($2k loan paydown + $18k 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 $76k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $255,000 (5.5% below list)

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 1917 — 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 7.54%
• Cash-on-cash: 4.46%
• DSCR: 1.20
• GRM: 8.8

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: 20.4%
• Equity multiple: 2.40×
• Total profit: $106,001
• Equity at exit: $180,554

10-year hold

• IRR: 19.4%
• Equity multiple: 4.91×
• Total profit: $295,400
• Equity at exit: $337,259

Cash invested: $75,572 (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: 41
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $2,550 medium
• Mortgage (P&I): −$1,415
• Tax from tax record: −$206 /mo · $2,470/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$536
• Net cashflow: $281

Break-even live

Break-even rent $2,195

Max offer price $269,900

Occupancy floor 84%

Sensitivity live

Price	-10% $434	-5% $357	+0% $281	+5% $204	+10% $128
Rent	-10% $79	-5% $180	+0% $281	+5% $382	+10% $482
Rate	-1.0pp $417	-0.5pp $349	base $281	+0.5pp $211	+1.0pp $140

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,550
Total (2 units)			$2,550

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   days on market $269,900 Active 3 DOM
2. 2026-06-18
   remarks 675-char remark
3. 2026-06-18
   listed $269,900 Active 1 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: $2,470 · $206/mo
• Projected year-2 tax: $2,470 · $206/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) · 20% 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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,600
• − Mortgage interest: −$15,119
• − Property taxes: −$2,470
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,448
• − Management: −$2,448
• − Depreciation: −$7,852
• Taxable loss: −$1,086
• Est. tax savings @ 24.0%: +$261
• After-tax cash flow: $3,630/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

• 2026-06-18 Listed $269,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-0.9%/yr

Latest (2024): $2,470 · +5.6% YoY. Source: county tax records.