630 Cambridge Ct Unit 1b

Munster, IN 46321

$230,000D-

2 bd · 2.0 ba · 1,250 sqft · Built 2005 · Condo · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,884/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$243
• HOA: −$250
• Vac / Maint / Mgmt: −$396
• Net cashflow: $-210/mo
• Annual: $-2,525/yr
• Cap rate: 5.20%
• Cash-on-cash: -3.92%
• DSCR: 0.83
• 1% rule: 0.82%
• Cash to close: $64,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $230k.
• At list price, monthly cash flow is $-210 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (16.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $188k (18.1% below list).
• It's been on market 61 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (18.1% below list) — sets the bar for 1% rule.
• 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.
• Location reads 81/100 on livability (#17 in IN, #1,427 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living 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.
• Zoned schools: James B Eads Elementary School (math 75% / reading 57%, grade B+, #71 of 994 statewide, top 7%, 507 students, 33% FRL); Wilbur Wright Middle School (math 51% / reading 59%, grade B-, #26 of 330 statewide, top 8%, 908 students, 24% FRL); Munster High School (math 71% / reading 91%, grade A, #4 of 369 statewide, top 1%, 1,564 students, 23% FRL).
• Market conditions: 116 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 5y 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 $190k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?