Fircrest Duplex Project Snapshot
A ground-up, purpose-built duplex at 5335 Evergreen Ave, Portage, IN 46368 — designed for long-term rental income, investor protection, and predictable returns.
New-Construction Duplex
~1,500 SF per unit · 3 BR / 2.5 BA
Attached garages · Open-concept living · Modern finishes.
Project Economics
Build cost: $160/SF
≈ $240,000 hard cost per unit · ≈ $480,000 total
Projected combined rents: $4,200–$4,800 / month
Investor Structure
10% Preferred Return
60/40 equity split (Investor/Sponsor)
Investor funds hard costs · Sponsor funds soft costs
Fircrest Duplex Architectural Plans
A snapshot of the core plan sheets for the Fircrest Duplex project. Full plan set is included with the investor prospectus.
Key views: elevations, floor layouts, and architectural details for the Fircrest Duplex Project.
Why Portage, Indiana?
Portage is one of Northwest Indiana’s strongest rental markets — boosted by Chicago commuter demand, limited new construction, and a growing population seeking modern, affordable housing options.
Strong Rental Demand
3-bedroom homes and duplex units in Portage consistently rent quickly at premium rates, driven by family renters, professionals, and households relocating from Illinois.
Strategic Location
Immediate access to I-94, the Indiana Toll Road, and commuter options toward Chicago. A preferred destination for renters seeking affordability without sacrificing access to jobs.
Limited New Supply
Very few modern duplexes or 3BR rentals are being constructed in Portage, creating a supply imbalance that supports high occupancy and rental rate growth.
Investment Terms & Capital Stack
A simple, investor-first structure: you fund the hard construction costs, PennyReady Ventures funds the soft costs, and profits are shared through a 10% preferred return plus a 60/40 equity split.
How the Capital Stack Works
- Build Cost: Targeting approximately $160 per square foot, or ≈ $240,000 in hard costs per unit and ≈ $480,000 for the full duplex.
- Investor Capital: Provides 100% of hard construction costs (labor, materials, site work, vertical build).
- Sponsor Capital: PennyReady Ventures covers all soft costs (plans, permits, engineering, utilities, holding costs, marketing).
- Preferred Return: Investors receive a 10% annual preferred return on contributed capital, paid before any profit splits.
- Equity Split: After the preferred return is satisfied, cash flow and equity are split 60% to Investor / 40% to Sponsor.
- Security: Investment is backed by a newly constructed, income-producing duplex at 5335 Evergreen Ave, Portage, IN 46368.
- Use of Funds: Funds are deployed in phases aligned with construction milestones to reduce idle capital.
At-a-Glance Investor Terms
Designed to prioritize investor capital, provide clarity, and align long-term interests.
• Preferred Return: 10% annual on invested capital.
• Equity Split: 60% Investor / 40% Sponsor after the pref is paid.
• Capital Contributions:
Investor: 100% of hard costs
Sponsor: All soft costs
• Strategy: Build → Lease → Refinance → Long-term hold (BRRR).
• Target Asset: New-construction duplex in a proven Portage, IN rental submarket.
BRRR Strategy & Project Timeline
A clear, step-by-step execution plan following the proven BRRR model: Build → Rent → Refinance → Repeat. This creates both short-term liquidity and long-term equity growth for investors.
Land secured at 5335 Evergreen Ave. Finalize plans, engineering, permits, and construction schedule.
6–7 month build window. Vertical construction, MEP trades, roofing, interior finishes, inspections, and temp CO.
Market, screen, and place qualified tenants. Target combined rents of $4,200–$4,800/month between both units.
Refinance into long-term conventional or DSCR financing. Return investor capital and hold for cash flow & appreciation.
About PennyReady Ventures LLC
PennyReady Ventures is led by Northwest Indiana real estate professional John Schmoeger, focused on helping people live more comfortably while building conservative, relationship-driven real estate investment opportunities.
Local Expertise · Investor-Focused Strategy
With deep roots in Northwest Indiana and Chicagoland, PennyReady Ventures was built around a simple mission: give residents better housing options and investors transparent, risk-conscious project opportunities.
John brings hands-on experience in acquisitions, new construction, rental demand analysis, property resale, short-term rentals, and project oversight through every phase.
- Licensed Realtor® serving Northwest Indiana, seniors, families, and investors.
- Specialist in probate, senior transitions, corporate relocation, and niche housing needs.
- Short-Term Rental Experience: Market evaluation, investor consulting, and portfolio setup for STR operators.
- Local rental market expertise in Portage, Crown Point, Valparaiso, Michigan City & more.
- Hands-on involvement from acquisition and planning through lease-up and ongoing management strategy.
Who You’re Investing With
A local operator who lives and works in the same communities where projects are built.
• Real Estate Practitioner: Active in the field daily, understanding real buyer, seller, and renter behavior.
• Niche Experience: Probate, senior housing, relocation, and STR market insights.
• Alignment of Interests: PennyReady Ventures contributes soft costs and long-term effort alongside investor capital.
• Guiding Principle: “I love helping people live more comfortably” — whether residents or investment partners.
Investor FAQs
Common questions investors ask before participating. These clarify the safety, structure, and expectations of the Fircrest Duplex investment.
Minimum investment typically starts around $50,000+, depending on the final investor structure and capital requirements.
Approximately 12–18 months to build, lease, and refinance, followed by ongoing cash flow during long-term hold.
Investors receive a 10% preferred return first, then participate in the 60/40 profit split after capital is returned during refinancing.
Yes — the investment is secured by a newly constructed duplex in Portage, Indiana, an area with stable rental demand and strong fundamentals.
Construction timelines, material costs, rental absorption, and interest-rate changes — all mitigated through conservative planning and local market expertise.
Yes — investors commonly participate through LLCs, self-directed IRAs, and Solo 401k accounts. Your CPA or custodian can advise based on your structure.
PennyReady Ventures provides regular construction updates, photos, milestone reports, and full transparency throughout the build.
Investors receive their returned capital, ongoing ownership, and long-term cash flow as the duplex operates as a stabilized rental asset.
Ready to Review the Full Investor Prospectus?
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full blueprints, financial models, project details, and next steps to participate.
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Or contact me directly at 219-734-8993 with any questions about participating.
What This Project Is
The Fircrest Duplex is a new-construction duplex development in Portage, Indiana. Each unit includes 3 bedrooms, 2 bathrooms, and approximately 1,500 sq ft. The project is designed for strong rental demand, long-term durability, and BRRR investment strategy alignment.
Direct Answers
How much does the project cost?
The total projected cost is about $525,000 including land and construction.
What is the projected rental income?
Total anticipated rental income is $4,200–$4,800 per month.
What is the expected ARV?
After-repair value is estimated at $625,000–$700,000.
Who can invest?
Investors seeking equity positions in new construction rental property and BRRR strategy opportunities.
Key Details
- 3 bed / 2 bath per unit
- 1,500 sq ft per unit
- Portage, Indiana location
- Strong rental market
- Investor equity partnership available