515 Lakeview Ct · Lake Dalecarlia, IN 46356

$1

4 bd · 1.5 ba · 2,048 sqft · SingleFamily public records · 18 Days on market

Built 1949 9,147 sqft lot $21/mo HOA · 1% 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious lakefront home offers 120'of frontage!Great location, great views, double lot!Large kitchen opens to comfortable liv rm w/ fireplace insert for supplemental heating. Great views from the liv rm, oversized newer vinyl window. 2 bedrooms on main lev along w/ 1/2 bath. Upstairs you will find a very large master bedr overlooking the lake & has double closets. The 2nd bedroom also is a great size & overlooks the lake. Both rooms have newer vinyl windows. The large landing area upstairs offers a nook which could be an office/computer area or play/TV area for the kids. Lower lev is a walkout to the backyard. Half is finished & half is unfinished for storage & furnace area. The removable boat lift & dock (5yrs old) will remain. The following are some of the updates:Roof replaced 97' (tear off), basement waterproofed 02'w/ new drain tile around entire perimeter w/ lifetime transferable warranty, furnace & air replaced in 97', water softener new in 2000 w/ reverse osmosis for kitchen, new tub surround in full bath 2005.

Key facts

• Fully remodeled
• Large wood deck
• Lake frontage

Tags

• FULLY REMODELED
• LARGE WOOD DECK
• CONCRETE PATIO
• LAKE FRONTAGE

Property features AI

Finance

• Other: Property is vacant; Assessor-listed living area above grade
• HOA & community: Homeowners association with annual fee; Association amenities include a park and playground

Exterior

• Parking: Attached garage; 2-car garage; Driveway; Additional parking; Concrete surfaces; Garage door opener; Garage faces side
• Utilities: Public water; Public sewer; 100 amp electrical service
• Home design: Two-story home; Built in 1949
• Construction: Stone and vinyl siding; Metal roof; Basement with interior entry, walk-out access, unfinished storage space and sump pump
• Exterior features: Deck; Patio; Rain gutters; Bay windows; Lakefront with lake privileges; Lake and neighborhood views

Interior

• Kitchen: Stainless steel appliances; Gas range; Refrigerator; Microwave; Dishwasher; Pantry
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Ceiling fans; Walk-in closets; Recessed lighting; Pantry; Eat-in kitchen; Entrance foyer; Double vanity
• Laundry & utility: Main level laundry room with sink; Washer and dryer included; Water softener (owned); Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $1.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $1).

Location & tenants

• Location reads 70/100 on livability (#161 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools C-, amenities F, commute F.
• Tri-Creek School Corporation (town): math 46% / reading 56% proficiency, ranked #39 of 301 in IN (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 350 active listings in the ZIP; 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 $0 of loan paydown is wiped out by about $0 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 + 3.0% rent growth), your $0 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 27y 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.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1

Questions for the listing agent

1. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
8. 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.
9. 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.
10. 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: 187647.00% ✓
• Cap rate: 1753691.56%
• Cash-on-cash: 6263161.67%
• DSCR: 278676.45
• GRM: 0.0

CMA / ARV

• ARV (on-the-fly): $403,456
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16005 Wheeler St	0.40mi	4/2.0	2,072 (+1%)	7mo	$299,900	$145	72
15952 Stevenson St	0.51mi	4/2.0	2,072 (+1%)	2mo	$369,900	$179	70
6714 W 159th Ln	0.49mi	4/2.0	2,072 (+1%)	8mo	$339,900	$164	66
6794 W 159th Ave	0.56mi	4/2.0	2,072 (+1%)	6mo	$320,245	$155	65
6764 W 159th Ln	0.52mi	4/2.0	2,192 (+7%)	6mo	$319,900	$146	57
15950 Hobart St	0.57mi	4/2.0	2,192 (+7%)	6mo	$339,900	$155	54
16003 Hobart St	0.54mi	4/2.5	1,882 (-8%)	5mo	$370,230	$197	53
6734 W 159th Ave	0.50mi	4/2.5	1,830 (-11%)	7mo	$359,900	$197	49
6784 W 159th Ave	0.54mi	4/2.5	1,822 (-11%)	7mo	$379,900	$209	47
16017 Hobart St	0.54mi	4/2.5	1,822 (-11%)	7mo	$379,900	$209	47
789 S Lakeview Dr	0.52mi	3/2.0 (-1)	1,807 (-12%)	5mo	$480,000	$266	45
245 Island Dr	0.51mi	3/2.0 (-1)	1,742 (-15%)	6mo	$400,000	$230	39

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: —
• Equity multiple: 332567.71×
• Total profit: $93,119
• Equity at exit: $0

10-year hold

• IRR: —
• Equity multiple: 718236.24×
• Total profit: $201,106
• Equity at exit: $0

Cash invested: $0 (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 46356

• Home prices YoY: -30.1%
• Active inventory: 350

Monthly cashflow live

• Estimated rent: $1,876 medium
• Mortgage (P&I): −$0
• Tax est. 1.5%: −$0 /mo · $0/yr
• Insurance: −$0
• HOA: −$21
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $1,461

Break-even live

Break-even rent $27

Max offer price $1

Occupancy floor 17%

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: $0
• Closing costs: $0
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $21 · $252/yr
• Likely covers: water

Listing history 13 events

1. 2026-06-18
   days on market $1 Active 18 DOM
2. 2026-06-17
   days on market $1 Active 17 DOM
3. 2026-06-16
   days on market $1 Active 16 DOM
4. 2026-06-15
   days on market $1 Active 15 DOM
5. 2026-06-13
   days on market $1 Active 13 DOM
6. 2026-06-09
   days on market $1 Active 9 DOM
7. 2026-06-08
   days on market $1 Active 8 DOM
8. 2026-06-07
   days on market $1 Active 7 DOM
9. 2026-06-04
   days on market $1 Active 4 DOM
10. 2026-06-03
    days on market $1 Active 3 DOM
11. 2026-06-02
    days on market $1 Active 2 DOM
12. 2026-05-31
    remarks 699-char remark
13. 2026-05-31
    listed $1 Active 1 DOM

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,518
• − Mortgage interest: −$0
• − Property taxes: −$0
• − Insurance: −$0
• − Repairs & maintenance: −$1,801
• − Management: −$1,801
• − HOA: −$252
• − Depreciation: −$0
• Taxable income: $18,663
• Est. tax owed @ 24.0%: −$4,479
• After-tax cash flow: $13,058/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: Tri-Creek School Corporation
• NCES district ID: 1811460
• Math proficiency: 46% ▼ -8.00%
• Reading proficiency: 56% ▼ -5.00%
• Median HH income: $64,614
• Composite: 44.97/100
• National rank: #2704
• State rank: #39 of 301 in IN

Livability — Lake Dalecarlia

• Score: 70/100
• State rank: #161
• US rank: #7821

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Dalecarlia, IN
• Population (ZIP): 19,396

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 16% Iranian 10% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4% Russian/Polish/Slavic 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: ▼ -110.73%
• Current HPI: 256.6224
• 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

+58.7% since first listed

5 events — show timeline

• 2026-05-28 Listed $1 NIRA MLS as Distributed by MLS Grid
• 2006-06-12 Listed $237,900 NIRA MLS as Distributed by MLS Grid
• 1999-11-04 Listed $149,900 NIRA MLS as Distributed by MLS Grid
• 1999-10-25 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 1999-05-25 Listed $149,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+8.3%/yr

Latest (2024): $3,736 · +0.4% YoY. Source: county tax records.