9330 Keilman St

St. John, IN 46373

$425,000F

3 bd · 1.5 ba · 1,372 sqft · Built 1954 · SingleFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,116/mo
• Mortgage (P&I): −$2,229
• Tax + insurance: −$397
• HOA: −$0
• Vac / Maint / Mgmt: −$444
• Net cashflow: $-955/mo
• Annual: $-11,455/yr
• Cap rate: 3.60%
• Cash-on-cash: -9.63%
• DSCR: 0.57
• 1% rule: 0.50%
• Cash to close: $119,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $425k.
• At list price, monthly cash flow is $-955 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $256k (39.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (50.2% below list).
• It's been on market 36 days — a 3% lower offer ($412k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $212k (50.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• 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: Kolling Elementary School (math 67% / reading 51%, grade B-, #151 of 994 statewide, top 16%, 695 students, 17% FRL); Hal E Clark Middle School (math 41% / reading 53%, grade D+, #65 of 330 statewide, top 21%, 1,069 students, 23% FRL); Lake Central High School (math 46% / reading 74%, grade C+, #46 of 369 statewide, top 13%, 3,069 students, 23% FRL).
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 260 active listings in the ZIP; 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 50% concession, seller financing, or rate buy-down credit?
• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.