8137 Pine Island Ter · Schererville, IN 46307

$559,900

None bd · None ba · 3,718 sqft · MultiFamily public records · 22 Days on market

Built 1977 0.51 ac lot Est $432k · 30% over

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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 +18.7/30.0
• DSCR +5.9/10.0
• Schools +4.5/10.0
• 1% rule +4.3/10.0
• Livability +3.4/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Well-maintained 4-unit apartment building, multifamily asset located in Crown Point, Indiana sitting on 0.51 acres. Built in 1978, this 4-unit property provides a strong investment opportunity. Prime location near schools, a community park, and local amenities, including on-site laundry facility and hallway storage for occupants. Owner is responsible for water (cold/hot) in units and common area, electricity only in common area, for gas bill in common area, and homeowner association fees. Units are fitted with in-wall electric air conditioning units, electric baseboard heating, and electric appliances including stove. Tenants are responsible for respective electric bills. All units are curr

Key facts

• Electric appliances
• Walk out patio
• Hallway storage

Tags

• PRIME LOCATION
• ON-SITE LAUNDRY FACILITY
• HALLWAY STORAGE
• ELECTRIC BASEBOARD HEATING
• ELECTRIC APPLIANCES
• WALK OUT PATIO

Property features AI

Finance

• Other: Four-unit property

Exterior

• Utilities: Public water; Public sewer
• Home design: Two levels; Built in 1977

Interior

• Kitchen: Range; Gas Range; Electric Range; Range Hood; Refrigerator; Freezer; Dishwasher; Disposal
• Heating & cooling: Baseboard heating; Natural gas heating; ENERGY STAR qualified cooling equipment
• Interior features: Other
• Laundry & utility: Washer; Dryer; Gas Water Heater

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $560k.

Deal economics

• At list price, monthly cash flow is $550 ($7k/yr) — positive. Per door: $137/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $520k (7.1% below list).
• Recommended offer: $520k (7.1% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 4.0% in Schererville — 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 68/100 on livability (#226 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Lake Central School Corporation (suburban): math 45% / reading 54% proficiency, ranked #41 of 301 in IN (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Lake Central High School (math 46% / reading 74%, grade C+, #46 of 369 statewide, top 13%, 3,069 students, 23% FRL).
• Market conditions: Rents rising (+2.5%/yr); 753 active listings in the ZIP; solid renter incomes; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $5,202/mo this rent would consume 58% of the median local household income ($108k/yr) (locally 705% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k 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.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($552k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $520,200 (7.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 7.47%
• Cash-on-cash: 4.21%
• DSCR: 1.19
• GRM: 9.0

CMA / ARV

• ARV (median comp): $431,923
• List price: $559,900
• Delta: 29.63%
• Verdict: OVERPRICED
• Comps: 13 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.53% rent growth · sell at horizon

5-year hold

• IRR: -10.2%
• Equity multiple: 0.63×
• Total profit: $-58,270
• Equity at exit: $83,483

10-year hold

• IRR: -1.5%
• Equity multiple: 0.90×
• Total profit: $-16,055
• Equity at exit: $48,410

Cash invested: $156,772 (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 46307

• Rents YoY: 2.5%
• Active inventory: 753
• Price-to-rent: 35.9×

Monthly cashflow live

• Estimated rent: $5,202 high
• Mortgage (P&I): −$2,936
• Tax from tax record: −$390 /mo · $4,683/yr
• Insurance: −$233
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,092
• Net cashflow: $550

Break-even live

Break-even rent $4,506

Max offer price $559,900

Occupancy floor 84%

Sensitivity live

Price	-10% $867	-5% $708	+0% $550	+5% $391	+10% $233
Rent	-10% $139	-5% $344	+0% $550	+5% $755	+10% $961
Rate	-1.0pp $832	-0.5pp $692	base $550	+0.5pp $405	+1.0pp $257

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,200
Total (4 units)			$5,202

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: $139,975
• Closing costs: $16,797
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-07
   status $559,900 Pending 22 DOM
2. 2026-06-04
   days on market $559,900 Active 22 DOM
3. 2026-06-03
   days on market $559,900 Active 21 DOM
4. 2026-06-02
   days on market $559,900 Active 20 DOM
5. 2026-06-01
   days on market $559,900 Active 19 DOM
6. 2026-05-31
   days on market $559,900 Active 18 DOM
7. 2026-05-13
   historical
8. 2026-05-13
   listed $559,900 Active 1056-char remark
9. 2026-05-12
   listed $559,900 Active

ⓘ 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: $4,683 · $390/mo
• Projected year-2 tax: $4,721 · $393/mo
• Expected delta: +$38/yr (+$3/mo · 0.8%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $62,424
• − Mortgage interest: −$31,363
• − Property taxes: −$4,683
• − Insurance: −$2,800
• − Repairs & maintenance: −$4,994
• − Management: −$4,994
• − Depreciation: −$16,288
• Taxable loss: −$2,698
• Est. tax savings @ 24.0%: +$647
• After-tax cash flow: $7,245/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: Lake Central School Corporation
• NCES district ID: 1805450
• Math proficiency: 45% ▼ -9.00%
• Reading proficiency: 54% ▼ -11.00%
• Median HH income: $75,957
• Composite: 44.82/100
• National rank: #2736
• State rank: #41 of 301 in IN

Livability — Schererville

• Score: 68/100
• State rank: #226
• US rank: #9897

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Schererville, IN
• County: Lake County · 422,878 people
• City population: 24,188
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 71,673
• Household income: $107,800
• Rent vs Own: 12.0% rent · 88.0% own
• Severe rent burden: 705.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 12% Two or more races 10% Black 7% Asian 2%
• Hispanic origin (detail): Mexican 9% Puerto Rican 1%
• Common ancestry: Romanian 12% Iranian 3% Lithuanian 2%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 5% Russian/Polish/Slavic 3% Other Indo-European 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: ▼ -164.91%
• Current HPI: 226.0335
• Rent YoY: ▲ 2.53%
• 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

Price history

+0.0% since first listed

4 events — show timeline

• 2026-06-04 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-13 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-05-13 Listed $559,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-12 Listed $559,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-3.1%/yr

Latest (2024): $4,683 · -2.9% YoY. Source: county tax records.