2211 W 48th Pl

Ross, IN 46408

$6,499D

2 bd · None ba · 1,552 sqft · Built 1946 · SingleFamily · Active · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,408/mo
• Mortgage (P&I): −$34
• Tax + insurance: −$29
• HOA: −$0
• Vac / Maint / Mgmt: −$296
• Net cashflow: $1,050/mo
• Annual: $12,600/yr
• Cap rate: 200.16%
• Cash-on-cash: 692.40%
• DSCR: 31.81
• 1% rule: 21.67%
• Cash to close: $1,820

Investor read

• This is a 2-bed/?-bath single-family listed at $6k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $6k).
• It's been on market 101 days — a 9% lower offer ($6k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $6k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $45 of loan paydown is wiped out by about $195 of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Lake Ridge New Tech Schools (suburban): math 11% / reading 20% proficiency, ranked #287 of 301 in IN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Longfellow New Tech Elementary Sch (math 12% / reading 12%, grade F, #893 of 994 statewide, top 91%, 524 students, 90% FRL); Lake Ridge New Tech Middle School (math 12% / reading 21%, grade F, #287 of 330 statewide, top 88%, 476 students, 92% FRL); Calumet New Tech High School (math 8% / reading 32%, grade F, #345 of 369 statewide, top 95%, 619 students, 90% FRL).
• Watch-outs: property tax is 4.8% of price; built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 105 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $2k cash investment doubles in ~1 year — after that, you're playing with house money.
• This rent runs 36% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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?
• 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.
• 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.