534 E 37th Ave #86 · New Chicago, IN 46342

$57,500

3 bd · 2.0 ba · 1,200 sqft · Manufactured · 17 Days on market

Built 2026 Good condition 7,000 sqft lot $625/mo HOA · 43% of rent

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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 +24.1/30.0
• 1% rule +10.0/10.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

3 bedroom, 2 bathroom home priced at $57,500 This home offers the space people are looking for, with a functional open layout, brand-new carpet, and updated finishes throughout. Inside, you'll find a bright living area and a kitchen featuring light grey cabinetry, a grey shiplap backsplash, and a full black appliance package including a gas range, refrigerator, dishwasher, and microwave. There is also a dedicated laundry/utility room with washer and dryer hookups. Additional features include vinyl and carpet flooring, mini blinds already installed, Low-E windows, central air, furnace, 200 AMP electrical service, and a 30-gallon electric water heater. On the exterior, the home features grey

Key facts

• Light grey cabinetry
• Open layout
• 7,000 sq ft lot

Tags

• OPEN LAYOUT
• LIGHT GREY CABINETRY
• GREY SHIPLAP BACKSPLASH
• FULL BLACK APPLIANCE PACKAGE
• DEDICATED LAUNDRY ROOM
• VINYL AND CARPET FLOORING

Property features AI

Finance

• Other: Living area approximately 1200
• Financial info: List price $57,500

Exterior

• Utilities: Has heating; Has cooling
• Home design: Spec home in Harbor Point Estates
• Exterior features: Asphalt roof

Interior

• Kitchen: Includes dishwasher, refrigerator, microwave
• Bedrooms: 3 bedrooms
• Bathrooms: 2 bathrooms
• Heating & cooling: Forced air heating; Central air; Ceiling fan(s)
• Interior features: Dishwasher; Refrigerator; Microwave

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $58k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $113 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $58k).
• Recommended offer: $57k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#385 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• River Forest Community School Corporation (suburban): math 17% / reading 30% proficiency, ranked #268 of 301 in IN (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.6%/yr); 261 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $398 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $16k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($57k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 43% of rent.

Recommended offer $56,637 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-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: 2.50% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.43%
• DSCR: 1.38
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.63% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.14×
• Total profit: $2,198
• Equity at exit: $8,573

10-year hold

• IRR: 17.6%
• Equity multiple: 2.85×
• Total profit: $29,747
• Equity at exit: $4,972

Cash invested: $16,100 (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 46342

• Rents YoY: 5.6%
• Active inventory: 261
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,437 high
• Mortgage (P&I): −$302
• Tax est. 1.5%: −$72 /mo · $862/yr
• Insurance: −$24
• HOA: −$625
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $113

Break-even live

Break-even rent $1,294

Max offer price $57,500

Occupancy floor 87%

Sensitivity live

Price	-10% $153	-5% $133	+0% $113	+5% $93	+10% $73
Rent	-10% $0	-5% $56	+0% $113	+5% $170	+10% $227
Rate	-1.0pp $142	-0.5pp $128	base $113	+0.5pp $98	+1.0pp $83

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: $14,375
• Closing costs: $1,725
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 W 37th Ave Unit 48 Hobart, IN	2.0	1.0	1000	$1,200	$1.20	45d	1	0.24mi
416 Van Buren Ave Hobart, IN	3.0	1.0	1085	$1,395	$1.29	2d	1	0.58mi
2955 DeKalb St Lake Station, IN	2.0	1.0	784	$1,100	$1.40	3d	1	0.82mi
333 Neringa Ln Hobart, IN	1.0–3.0	1.0–2.0	1009	$1,780	$1.76	0d	11	0.90mi
2830 Grand Blvd Lake Station, IN	3.0	1.0	864	$1,395	$1.61	0d	1	1.01mi
3753 Englehart St Lake Station, IN	3.0	1.0	1224	$1,450	$1.18	0d	1	1.10mi
2716 Huntington St Lake Station, IN	3.0	1.0	832	$1,500	$1.80	0d	1	1.12mi

HOA detail

• Monthly dues: $625 · $7,500/yr
• Likely covers: watergaselectric

Listing history 11 events

1. 2026-06-16
   days on market $57,500 Active 17 DOM
2. 2026-06-15
   days on market $57,500 Active 16 DOM
3. 2026-06-13
   days on market $57,500 Active 14 DOM
4. 2026-06-13
   days on market $57,500 Active 13 DOM
5. 2026-06-09
   days on market $57,500 Active 10 DOM
6. 2026-06-08
   days on market $57,500 Active 9 DOM
7. 2026-06-07
   days on market $57,500 Active 8 DOM
8. 2026-06-04
   days on market $57,500 Active 5 DOM
9. 2026-06-03
   days on market $57,500 Active 4 DOM
10. 2026-06-02
    days on market $57,500 Active 3 DOM
11. 2026-06-01
    days on market $57,500 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $17,248
• − Mortgage interest: −$3,221
• − Property taxes: −$862
• − Insurance: −$288
• − Repairs & maintenance: −$1,380
• − Management: −$1,380
• − HOA: −$7,500
• − Depreciation: −$1,673
• Taxable income: $945
• Est. tax owed @ 24.0%: −$227
• After-tax cash flow: $1,131/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This 3-bedroom, 2-bathroom home offers a good condition with updated finishes and a functional layout. It is ready for move-in and would benefit from some exterior and interior updates to maximize its value.

Value-add opportunities

• Both Painting exterior siding — Enhances curb appeal and value.
• Both Landscaping — Improves curb appeal and rental value.
• Both Replace ceiling fans — Modernizes and improves air circulation.
• Both Replace light fixtures — Modernizes and improves lighting quality.
• Both Replace window blinds — Modernizes and improves privacy and light control.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior siding — Enhances curb appeal and value. ↑
• Both Landscaping — Improves curb appeal and rental value. ↑
• Both Replace ceiling fans — Modernizes and improves air circulation. ↑
• Both Replace light fixtures — Modernizes and improves lighting quality. ↑
• Both Replace window blinds — Modernizes and improves privacy and light control. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: River Forest Community School Corporation
• NCES district ID: 1804620
• Math proficiency: 17% ▼ -18.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $38,317
• Composite: 19.65/100
• National rank: #8738
• State rank: #268 of 301 in IN

Livability — New Chicago

• Score: 64/100
• State rank: #385
• US rank: #14244

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Chicago, IN
• County: Lake County · 422,878 people
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 32,224
• Household income: $75,521
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 1033.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 21% Two or more races 10% Black 10% Asian 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 5%
• Common ancestry: Romanian 11% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Russian/Polish/Slavic 2% Chinese 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: ▼ -167.01%
• Current HPI: 260.2635
• Rent YoY: ▲ 5.63%
• 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