5374 S State Road 10 · Bass Lake, IN 46534

$139,900

1 bd · 1.0 ba · 817 sqft · SingleFamily public records · 13 Days on market

Built 1947 0.32 ac lot Est $266k · 47% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.1/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors! Fixer Uppers! DIYers! Seize your next opportunity! This property offers scenic views from its back patio while maintaining a close distance to restaurants and the beach. Bass Lake Campground/Beach are just 0.6 miles from the property and half a mile from the Bass Lake Pub and Ristorante. Add this property to your portfolio before it's too late!

Key facts

• Great room layout
• Plenty of storage
• Laundry-mudroom

Tags

• GREAT ROOM LAYOUT
• EAT-IN KITCHEN
• CLASSIC WOODWORK
• LAUNDRY-MUDROOM
• PLENTY OF STORAGE
• NEWER DECK

Property features AI

Exterior

• Parking: 1-car garage
• Utilities: Well water; Public sewer; Electric with circuit breakers
• Home design: Single-story home; Built in 1947
• Construction: Vinyl siding; Asphalt shingle roof; One level
• Exterior features: Deck; Rural view

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Primary bedroom
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (natural gas, forced air); Central air conditioning
• Interior features: Eat-in kitchen; Blinds; Bay window
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Cap rate 19.7% vs local median 4.5% in Bass Lake — 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 61/100 on livability (#494 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment C-, amenities F, commute F.
• Culver Community Schools Corporation (rural): math 27% / reading 35% proficiency, ranked #236 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Culver Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 415 students, 63% FRL); Culver Community Middle/High Sch (math 18% / reading 32%, grade F, #323 of 369 statewide, top 88%, 425 students, 62% FRL) — zoned schools average 63% FRL vs 47% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 146 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 58 units permitted in Starke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Starke County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 15 sale attempts since 23y 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 $80k; list at $140k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,900

Questions for the listing agent

1. Built in 1947 — 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. 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?
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: 2.29% ✓
• Cap rate: 19.68%
• Cash-on-cash: 47.83%
• DSCR: 3.13
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $266,342
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5455 S State Rd 10	0.10mi	2/1.0 (+1)	720 (-12%)	8mo	$234,950	$326	64

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: 45.3%
• Equity multiple: 2.96×
• Total profit: $76,811
• Equity at exit: $20,860

10-year hold

• IRR: 51.1%
• Equity multiple: 5.98×
• Total profit: $195,117
• Equity at exit: $12,096

Cash invested: $39,172 (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 46534

• Home prices YoY: -19.2%
• Active inventory: 146
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $3,200 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $1,561

Break-even live

Break-even rent $1,224

Max offer price $139,900

Occupancy floor 46%

Sensitivity live

Price	-10% $1,658	-5% $1,610	+0% $1,561	+5% $1,513	+10% $1,465
Rent	-10% $1,308	-5% $1,435	+0% $1,561	+5% $1,688	+10% $1,814
Rate	-1.0pp $1,632	-0.5pp $1,597	base $1,561	+0.5pp $1,525	+1.0pp $1,488

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4850 S County Road 210 Knox, IN	2.0	1.0	926	$3,200	$3.46	27d	1	0.89mi

Listing history 29 events

1. 2026-05-16
   listed $139,900 Active
2. 2024-11-17
   historical $900
3. 2024-11-12
   listed $900
4. 2024-06-18
   soldstatus $80,000 Closed 357-char remark

   Show marketing remark (357 chars)

   Investors! Fixer Uppers! DIYers! Seize your next opportunity! This property offers scenic views from its back patio while maintaining a close distance to restaurants and the beach. Bass Lake Campground/Beach are just 0.6 miles from the property and half a mile from the Bass Lake Pub and Ristorante. Add this property to your portfolio before it's too late!

5. 2024-06-18
   soldstatus $80,000 Closed 357-char remark

   Show marketing remark (357 chars)

   Investors! Fixer Uppers! DIYers! Seize your next opportunity! This property offers scenic views from its back patio while maintaining a close distance to restaurants and the beach. Bass Lake Campground/Beach are just 0.6 miles from the property and half a mile from the Bass Lake Pub and Ristorante. Add this property to your portfolio before it's too late!

6. 2024-05-14
   historical Active Under Contract 357-char remark

   Show marketing remark (357 chars)

   Investors! Fixer Uppers! DIYers! Seize your next opportunity! This property offers scenic views from its back patio while maintaining a close distance to restaurants and the beach. Bass Lake Campground/Beach are just 0.6 miles from the property and half a mile from the Bass Lake Pub and Ristorante. Add this property to your portfolio before it's too late!

7. 2024-05-14
   status Pending 357-char remark

   Show marketing remark (357 chars)

   Investors! Fixer Uppers! DIYers! Seize your next opportunity! This property offers scenic views from its back patio while maintaining a close distance to restaurants and the beach. Bass Lake Campground/Beach are just 0.6 miles from the property and half a mile from the Bass Lake Pub and Ristorante. Add this property to your portfolio before it's too late!

8. 2024-05-03
   listed $78,000 Active 357-char remark

   Show marketing remark (357 chars)

   Investors! Fixer Uppers! DIYers! Seize your next opportunity! This property offers scenic views from its back patio while maintaining a close distance to restaurants and the beach. Bass Lake Campground/Beach are just 0.6 miles from the property and half a mile from the Bass Lake Pub and Ristorante. Add this property to your portfolio before it's too late!

9. 2024-05-03
   listed $78,000 Active 357-char remark

   Show marketing remark (357 chars)

   Investors! Fixer Uppers! DIYers! Seize your next opportunity! This property offers scenic views from its back patio while maintaining a close distance to restaurants and the beach. Bass Lake Campground/Beach are just 0.6 miles from the property and half a mile from the Bass Lake Pub and Ristorante. Add this property to your portfolio before it's too late!

10. 2024-02-28
    historical
11. 2024-02-28
    historical
12. 2015-07-15
    historical
13. 2015-05-05
    historical
14. 2014-11-03
    listed $65,900
15. 2014-11-03
    listed $65,900
16. 2014-09-09
    historical
17. 2014-09-09
    historical
18. 2014-02-13
    listed $12,000
19. 2014-02-12
    listed $64,900
20. 2014-02-12
    listed $64,900
21. 2013-07-17
    historical
22. 2012-07-16
    listed $64,900
23. 2012-07-16
    listed $64,900
24. 2012-07-16
    listed $64,900
25. 2010-01-11
    soldstatus $53,500
26. 2010-01-06
    soldstatus $53,500
27. 2009-09-21
    listed $55,000
28. 2003-06-26
    listed $64,900
29. 2003-06-26
    listed $64,900

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,400
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$3,072
• − Management: −$3,072
• − Depreciation: −$4,070
• Taxable income: $17,552
• Est. tax owed @ 24.0%: −$4,212
• After-tax cash flow: $14,522/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: Culver Community Schools Corporation
• NCES district ID: 1802520
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 35% ▼ -5.00%
• Median HH income: $43,718
• Composite: 26.41/100
• National rank: #7227
• State rank: #236 of 301 in IN

Livability — Bass Lake

• Score: 61/100
• State rank: #494
• US rank: #17594

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bass Lake, IN
• Population (ZIP): 11,029

Population outlook (Starke County) Hauer SSP2

• Today (2025): 21,860 people
• By 2030: 21,024 · -3.8%
• By 2040: 19,041 · -12.9%
• By 2050: 16,881 · -22.8%
• By 2075: 11,880 · -45.7%
• By 2100: 7,217 · -67.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 2% German/W. Germanic 1%

Political lean MEDSL · Starke

• 2024 margin: Solid R (+52.0) · D 23.2% · R 75.3% · Other 1.5%
• 2008→2024 swing: -55.3pp toward R · 2008: 3.2pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+46.8 2016: R+42.0 2012: R+10.6 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.15%
• Current HPI: 244.2216
• Rent YoY: —
• Metro: —
• 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

+115.6% since first listed

30 events — show timeline

• 2026-05-29 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-16 Listed $139,900 NIRA MLS as Distributed by MLS Grid
• 2024-11-17 Rental Removed $900 Avail
• 2024-11-12 Listed for Rent $900 Avail
• 2024-06-18 Sold (MLS) $80,000 IRMLS
• 2024-06-18 Sold (MLS) $80,000 NIRA MLS as Distributed by MLS Grid
• 2024-05-14 Contingent — IRMLS
• 2024-05-14 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-05-03 Listed $78,000 IRMLS
• 2024-05-03 Listed $78,000 NIRA MLS as Distributed by MLS Grid
• 2024-02-28 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-02-28 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2015-07-15 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2015-05-05 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2014-11-03 Listed $65,900 NIRA MLS as Distributed by MLS Grid
• 2014-11-03 Listed $65,900 IRMLS
• 2014-09-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2014-09-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2014-02-13 Listed $12,000 NIRA MLS as Distributed by MLS Grid
• 2014-02-12 Listed $64,900 NIRA MLS as Distributed by MLS Grid
• 2014-02-12 Listed $64,900 NIRA MLS as Distributed by MLS Grid
• 2013-07-17 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-07-16 Listed $64,900 NIRA MLS as Distributed by MLS Grid
• 2012-07-16 Listed $64,900 NIRA MLS as Distributed by MLS Grid
• 2012-07-16 Listed $64,900 NIRA MLS as Distributed by MLS Grid
• 2010-01-11 Sold (Public Records) $53,500 Public Records
• 2010-01-06 Sold (MLS) $53,500 NIRA MLS as Distributed by MLS Grid
• 2009-09-21 Listed $55,000 NIRA MLS as Distributed by MLS Grid
• 2003-06-26 Listed $64,900 NIRA MLS as Distributed by MLS Grid
• 2003-06-26 Listed $64,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-7.8%/yr

Latest (2024): $231 · +15.7% YoY. Source: county tax records.