8825 Janeway Ct #8 · Munster, IN 46321

$155,000

2 bd · 2.0 ba · 1,078 sqft · Condo · 230 Days on market

Built 1975 $144/sqft · 7% below area Est $166k · 7% under $357/mo HOA · 19% of rent

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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 +11.3/30.0
• ARV discount +10.6/15.0
• 1% rule +7.2/10.0
• Schools +5.7/10.0
• Livability +4.0/5.0
• DSCR +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * Charming Condo in Munster, IN - Your Ideal Retreat! * * Welcome to 8825 Janeway, a beautifully maintained 2-bedroom, 2-bathroom condo perfect for modern living. Step inside to discover an inviting open floor plan filled with natural light. The spacious living area seamlessly connects to a well-appointed kitchen, ideal for entertaining. Enjoy the convenience of a dedicated office space, perfect for remote work or study. Retreat to the serene primary suite featuring an en-suite bathroom for added privacy. The second bedroom is equally comfortable and versatile. Step outside to your private balcony, a perfect spot for morning coffee or evening relaxation. Located in a desirable neighborhood, this condo offers easy access to local amenities, parks, and schools. Don't miss the opportunity to make this lovely condo your new home! Schedule a viewing today and experience the perfect blend of comfort and convenience.

Key facts

• Open floor plan
• Private balcony
• $357 HOA

Tags

• OPEN FLOOR PLAN
• DEDICATED OFFICE SPACE
• PRIVATE BALCONY
• EASY ACCESS TO LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $155k.

Deal economics

• At list price, monthly cash flow is $-56 ($-674/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (6.4% below list).
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 81/100 on livability (#17 in IN, #1,427 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• School Town Of Munster (suburban): math 65% / reading 64% proficiency, ranked #6 of 301 in IN (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 112 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,642 units permitted in Lake County in 2024 (14 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.
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 230 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $14k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $155k implies a 120% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,400 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 230 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. 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?
10. 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.
11. 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.
12. 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: 1.22% ✓
• Cap rate: 5.86%
• Cash-on-cash: -1.55%
• DSCR: 0.93
• GRM: 6.8

CMA / ARV

• ARV (median comp): $166,405
• List price: $155,000
• Delta: -6.85%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -18.6%
• Equity multiple: 0.35×
• Total profit: $-28,372
• Equity at exit: $23,111

10-year hold

• IRR: -10.5%
• Equity multiple: 0.35×
• Total profit: $-28,001
• Equity at exit: $13,402

Cash invested: $43,400 (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 46321

• Active inventory: 112
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,891 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$316 /mo · $3,788/yr
• Insurance: −$65
• HOA: −$357
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $-56

Break-even live

Break-even rent $1,962

Max offer price $145,076

Occupancy floor 98%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18335 Sherman St Unit 3 Lansing, IL	3.0	1.0	1000	$1,700	$1.70	1d	1	0.93mi
1136 Camellia Dr #3 Munster, IN	2.0	1.0	1120	$1,850	$1.65	18d	1	1.29mi
1220 Camellia Dr Munster, IN	1.0	1.0	1175	$1,475	$1.26	3d	1	1.35mi

HOA detail condo

• Monthly dues: $357 · $4,284/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $155,000 Active 230 DOM
2. 2026-06-17
   days on market $155,000 Active 229 DOM
3. 2026-06-16
   days on market $155,000 Active 228 DOM
4. 2026-06-15
   days on market $155,000 Active 227 DOM
5. 2026-06-13
   days on market $155,000 Active 225 DOM
6. 2026-06-13
   days on market $155,000 Active 224 DOM
7. 2026-06-09
   days on market $155,000 Active 221 DOM
8. 2026-06-08
   days on market $155,000 Active 220 DOM
9. 2026-06-07
   days on market $155,000 Active 219 DOM
10. 2026-06-04
    days on market $155,000 Active 216 DOM
11. 2026-06-03
    days on market $155,000 Active 215 DOM
12. 2026-06-02
    days on market $155,000 Active 214 DOM
13. 2026-06-01
    days on market $155,000 Active 213 DOM
14. 2026-06-01
    price $155,000 Active 212 DOM
15. 2026-05-31
    days on market $159,900 Active 212 DOM
16. 2026-03-27
    price $159,900 929-char remark

    Show marketing remark (929 chars)

    * * Charming Condo in Munster, IN - Your Ideal Retreat! * * Welcome to 8825 Janeway, a beautifully maintained 2-bedroom, 2-bathroom condo perfect for modern living. Step inside to discover an inviting open floor plan filled with natural light. The spacious living area seamlessly connects to a well-appointed kitchen, ideal for entertaining. Enjoy the convenience of a dedicated office space, perfect for remote work or study. Retreat to the serene primary suite featuring an en-suite bathroom for added privacy. The second bedroom is equally comfortable and versatile. Step outside to your private balcony, a perfect spot for morning coffee or evening relaxation. Located in a desirable neighborhood, this condo offers easy access to local amenities, parks, and schools. Don't miss the opportunity to make this lovely condo your new home! Schedule a viewing today and experience the perfect blend of comfort and convenience.

17. 2026-02-02
    status Active 929-char remark

    Show marketing remark (929 chars)

    * * Charming Condo in Munster, IN - Your Ideal Retreat! * * Welcome to 8825 Janeway, a beautifully maintained 2-bedroom, 2-bathroom condo perfect for modern living. Step inside to discover an inviting open floor plan filled with natural light. The spacious living area seamlessly connects to a well-appointed kitchen, ideal for entertaining. Enjoy the convenience of a dedicated office space, perfect for remote work or study. Retreat to the serene primary suite featuring an en-suite bathroom for added privacy. The second bedroom is equally comfortable and versatile. Step outside to your private balcony, a perfect spot for morning coffee or evening relaxation. Located in a desirable neighborhood, this condo offers easy access to local amenities, parks, and schools. Don't miss the opportunity to make this lovely condo your new home! Schedule a viewing today and experience the perfect blend of comfort and convenience.

18. 2026-02-02
    status Pending 929-char remark

    Show marketing remark (929 chars)

    * * Charming Condo in Munster, IN - Your Ideal Retreat! * * Welcome to 8825 Janeway, a beautifully maintained 2-bedroom, 2-bathroom condo perfect for modern living. Step inside to discover an inviting open floor plan filled with natural light. The spacious living area seamlessly connects to a well-appointed kitchen, ideal for entertaining. Enjoy the convenience of a dedicated office space, perfect for remote work or study. Retreat to the serene primary suite featuring an en-suite bathroom for added privacy. The second bedroom is equally comfortable and versatile. Step outside to your private balcony, a perfect spot for morning coffee or evening relaxation. Located in a desirable neighborhood, this condo offers easy access to local amenities, parks, and schools. Don't miss the opportunity to make this lovely condo your new home! Schedule a viewing today and experience the perfect blend of comfort and convenience.

19. 2025-12-08
    price $164,000 929-char remark

    Show marketing remark (929 chars)

    * * Charming Condo in Munster, IN - Your Ideal Retreat! * * Welcome to 8825 Janeway, a beautifully maintained 2-bedroom, 2-bathroom condo perfect for modern living. Step inside to discover an inviting open floor plan filled with natural light. The spacious living area seamlessly connects to a well-appointed kitchen, ideal for entertaining. Enjoy the convenience of a dedicated office space, perfect for remote work or study. Retreat to the serene primary suite featuring an en-suite bathroom for added privacy. The second bedroom is equally comfortable and versatile. Step outside to your private balcony, a perfect spot for morning coffee or evening relaxation. Located in a desirable neighborhood, this condo offers easy access to local amenities, parks, and schools. Don't miss the opportunity to make this lovely condo your new home! Schedule a viewing today and experience the perfect blend of comfort and convenience.

20. 2025-10-31
    listed $169,000 Active 929-char remark

    Show marketing remark (929 chars)

    * * Charming Condo in Munster, IN - Your Ideal Retreat! * * Welcome to 8825 Janeway, a beautifully maintained 2-bedroom, 2-bathroom condo perfect for modern living. Step inside to discover an inviting open floor plan filled with natural light. The spacious living area seamlessly connects to a well-appointed kitchen, ideal for entertaining. Enjoy the convenience of a dedicated office space, perfect for remote work or study. Retreat to the serene primary suite featuring an en-suite bathroom for added privacy. The second bedroom is equally comfortable and versatile. Step outside to your private balcony, a perfect spot for morning coffee or evening relaxation. Located in a desirable neighborhood, this condo offers easy access to local amenities, parks, and schools. Don't miss the opportunity to make this lovely condo your new home! Schedule a viewing today and experience the perfect blend of comfort and convenience.

21. 2012-03-16
    soldstatus $70,500 285-char remark

    Show marketing remark (285 chars)

    Clean 2 bedroom 2 bath unit with large living/ dining room combo. Master bedroom features a walk in closet and a private 3/4 bath. Eat in kitchen, all appliances included. This unit is priced to sell and will not last. Make your appointment today. This is an adult community, 80%- 55+.

22. 2012-02-24
    listed $69,900 285-char remark

    Show marketing remark (285 chars)

    Clean 2 bedroom 2 bath unit with large living/ dining room combo. Master bedroom features a walk in closet and a private 3/4 bath. Eat in kitchen, all appliances included. This unit is priced to sell and will not last. Make your appointment today. This is an adult community, 80%- 55+.

ⓘ 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: $3,788 · $316/mo
• Projected year-2 tax: $3,788 · $316/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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,692
• − Mortgage interest: −$8,682
• − Property taxes: −$3,788
• − Insurance: −$775
• − Repairs & maintenance: −$1,815
• − Management: −$1,815
• − HOA: −$4,284
• − Depreciation: −$4,509
• Taxable loss: −$2,977
• Est. tax savings @ 24.0%: +$714
• After-tax cash flow: $40/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 Town Of Munster
• NCES district ID: 1807350
• Math proficiency: 65% ▼ -1.00%
• Reading proficiency: 64% ▼ -4.00%
• Median HH income: $71,901
• Composite: 56.91/100
• National rank: #1115
• State rank: #6 of 301 in IN

Livability — Munster

• Score: 81/100
• State rank: #17
• US rank: #1427

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Munster, IN
• County: Lake County · 422,878 people
• City population: 23,733
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 23,733
• Household income: $110,187
• Rent vs Own: 13.0% rent · 87.0% own
• Severe rent burden: 338.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 14% Two or more races 8% Black 7% Asian 6%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Romanian 16% Iranian 4% Lithuanian 1%
• Foreign-born: 9% · Canada, South Korea, China
• Languages at home: 86% English-only · Spanish 6% Russian/Polish/Slavic 3% Other Indo-European 2%

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: ▼ -213.34%
• Current HPI: 232.4818
• 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

+128.8% since first listed

7 events — show timeline

• 2026-03-27 Price Changed $159,900 NIRA MLS as Distributed by MLS Grid
• 2026-02-02 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-02-02 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-12-08 Price Changed $164,000 NIRA MLS as Distributed by MLS Grid
• 2025-10-31 Listed $169,000 NIRA MLS as Distributed by MLS Grid
• 2012-03-16 Sold (MLS) $70,500 NIRA MLS as Distributed by MLS Grid
• 2012-02-24 Listed $69,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2024): $3,788 · +6.5% YoY. Source: county tax records.