6620 E State Road 10 · Bass Lake, IN 46534

$153,400

2 bd · 1.5 ba · 1,536 sqft · SingleFamily public records · 290 Days on market

Built 1976 0.50 ac lot $100/sqft · 45% below area Est $279k · 45% 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 +27.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +6.5/10.0
• 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

Two bedroom, two bath fixer upper home with a detached two car garage sitting on a half acre near Bass Lake. Just over 1,500 sq. ft. of living space ready for updating and some finishing. Electrical work recently completed. Great potential available with this home.

Key facts

• Half acre
• Detached garage
• 0.5 acre lot

Tags

• DETACHED GARAGE
• HALF ACRE
• ELECTRICAL WORK COMPLETED

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $153k.

Deal economics

• At list price, monthly cash flow is $430 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $153k).
• Recommended offer: $135k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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; 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 $1k of loan paydown is wiped out by about $5k 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 $43k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 290 days — a 12% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 22y 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 $75k; list at $153k implies a 105% gain — meaningful room to come down on a strong offer.

Recommended offer $134,992 (12.0% below list)

Questions for the listing agent

1. It's been on market 290 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.15% ✓
• Cap rate: 9.66%
• Cash-on-cash: 12.01%
• DSCR: 1.53
• GRM: 7.2

CMA / ARV

• ARV (median comp): $279,164
• List price: $153,400
• Delta: -45.05%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6506 E Dana Dr	0.33mi	3/2.0 (+1)	1,408 (-8%)	23mo	$305,000	$217	45

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: 1.5%
• Equity multiple: 1.06×
• Total profit: $2,486
• Equity at exit: $22,872

10-year hold

• IRR: 11.1%
• Equity multiple: 1.87×
• Total profit: $37,286
• Equity at exit: $13,263

Cash invested: $42,952 (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: 7.2×

Monthly cashflow live

• Estimated rent: $1,765 medium
• Mortgage (P&I): −$804
• Tax from tax record: −$96 /mo · $1,157/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $430

Break-even live

Break-even rent $1,221

Max offer price $153,400

Occupancy floor 71%

Sensitivity live

Price	-10% $517	-5% $473	+0% $430	+5% $386	+10% $343
Rent	-10% $290	-5% $360	+0% $430	+5% $500	+10% $569
Rate	-1.0pp $507	-0.5pp $469	base $430	+0.5pp $390	+1.0pp $350

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: $38,350
• Closing costs: $4,602
• Reserves months: —
• Total cash needed: —

Listing history 42 events

1. 2026-06-21
   days on market $153,400 Active 290 DOM
2. 2026-06-19
   days on market $153,400 Active 288 DOM
3. 2026-06-18
   days on market $153,400 Active 287 DOM
4. 2026-06-17
   days on market $153,400 Active 286 DOM
5. 2026-06-16
   days on market $153,400 Active 285 DOM
6. 2026-06-15
   days on market $153,400 Active 284 DOM
7. 2026-06-14
   days on market $153,400 Active 282 DOM
8. 2026-06-12
   days on market $153,400 Active 281 DOM
9. 2026-06-09
   days on market $153,400 Active 278 DOM
10. 2026-06-08
    days on market $153,400 Active 277 DOM
11. 2026-06-07
    days on market $153,400 Active 276 DOM
12. 2026-06-07
    days on market $153,400 Active 275 DOM
13. 2026-06-02
    days on market $153,400 Active 271 DOM
14. 2026-06-01
    days on market $153,400 Active 270 DOM
15. 2026-05-31
    days on market $153,400 Active 269 DOM
16. 2026-05-30
    pricedays on market $153,400 Active 268 DOM
17. 2026-02-04
    status Active 265-char remark

    Show marketing remark (265 chars)

    Two bedroom, two bath fixer upper home with a detached two car garage sitting on a half acre near Bass Lake. Just over 1,500 sq. ft. of living space ready for updating and some finishing. Electrical work recently completed. Great potential available with this home.

18. 2026-01-11
    historical Active Under Contract 265-char remark

    Show marketing remark (265 chars)

    Two bedroom, two bath fixer upper home with a detached two car garage sitting on a half acre near Bass Lake. Just over 1,500 sq. ft. of living space ready for updating and some finishing. Electrical work recently completed. Great potential available with this home.

19. 2025-09-04
    listed $159,900 Active 265-char remark

    Show marketing remark (265 chars)

    Two bedroom, two bath fixer upper home with a detached two car garage sitting on a half acre near Bass Lake. Just over 1,500 sq. ft. of living space ready for updating and some finishing. Electrical work recently completed. Great potential available with this home.

20. 2024-06-19
    historical
21. 2024-06-19
    historical
22. 2021-10-06
    soldstatus $75,000
23. 2021-07-06
    listed $84,900
24. 2014-09-09
    historical
25. 2012-10-13
    historical
26. 2012-07-23
    soldstatus $70,000
27. 2012-07-13
    soldstatus $70,000
28. 2012-07-13
    soldstatus $70,000
29. 2012-07-13
    soldstatus $70,000
30. 2012-06-06
    listed $75,000
31. 2012-06-06
    listed $75,000
32. 2012-06-06
    listed $75,000
33. 2012-02-11
    historical
34. 2011-10-12
    listed $78,000
35. 2011-08-10
    listed $89,000
36. 2009-11-03
    soldstatus $81,500
37. 2009-10-30
    soldstatus $81,500
38. 2009-02-22
    listed $84,900
39. 2009-02-21
    listed $84,900
40. 2008-06-26
    listed $89,900
41. 2004-02-07
    listed $95,000
42. 2004-02-07
    listed $95,000

ⓘ 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: $1,157 · $96/mo
• Projected year-2 tax: $1,231 · $103/mo
• Expected delta: +$73/yr (+$6/mo · 6.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $21,184
• − Mortgage interest: −$8,593
• − Property taxes: −$1,157
• − Insurance: −$767
• − Repairs & maintenance: −$1,695
• − Management: −$1,695
• − Depreciation: −$4,463
• Taxable income: $2,815
• Est. tax owed @ 24.0%: −$676
• After-tax cash flow: $4,482/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

+68.3% since first listed

26 events — show timeline

• 2026-02-04 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-01-11 Contingent — NIRA MLS as Distributed by MLS Grid
• 2025-09-04 Listed $159,900 NIRA MLS as Distributed by MLS Grid
• 2024-06-19 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-06-19 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2021-10-06 Sold (MLS) $75,000 NIRA MLS as Distributed by MLS Grid
• 2021-07-06 Listed $84,900 NIRA MLS as Distributed by MLS Grid
• 2014-09-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-10-13 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-07-23 Sold (Public Records) $70,000 Public Records
• 2012-07-13 Sold (MLS) $70,000 NIRA MLS as Distributed by MLS Grid
• 2012-07-13 Sold (MLS) $70,000 NIRA MLS as Distributed by MLS Grid
• 2012-07-13 Sold (MLS) $70,000 NIRA MLS as Distributed by MLS Grid
• 2012-06-06 Listed $75,000 NIRA MLS as Distributed by MLS Grid
• 2012-06-06 Listed $75,000 NIRA MLS as Distributed by MLS Grid
• 2012-06-06 Listed $75,000 NIRA MLS as Distributed by MLS Grid
• 2012-02-11 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-10-12 Listed $78,000 NIRA MLS as Distributed by MLS Grid
• 2011-08-10 Listed $89,000 NIRA MLS as Distributed by MLS Grid
• 2009-11-03 Sold (MLS) $81,500 NIRA MLS as Distributed by MLS Grid
• 2009-10-30 Sold (Public Records) $81,500 Public Records
• 2009-02-22 Listed $84,900 NIRA MLS as Distributed by MLS Grid
• 2009-02-21 Listed $84,900 NIRA MLS as Distributed by MLS Grid
• 2008-06-26 Listed $89,900 NIRA MLS as Distributed by MLS Grid
• 2004-02-07 Listed $95,000 NIRA MLS as Distributed by MLS Grid
• 2004-02-07 Listed $95,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+28.9%/yr

Latest (2024): $1,157 · +8.0% YoY. Source: county tax records.