4061 S Boa Dr · Bass Lake, IN 46534

$174,900

2 bd · 2.0 ba · 1,560 sqft · SingleFamily public records · 39 Days on market

Built 1946 2,613 sqft lot $112/sqft · 41% below area Est $294k · 41% under $19/mo HOA · 1% of rent

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Why this score? — see what drove the C+ 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 +24.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +5.1/10.0
• 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

Welcome to this charming 2 bedroom, 2 bath home located in the Boa Shores community of Bass Lake! Step inside to a spacious living room featuring a cozy wood-burning fireplace and open concept living between the living room, dining area, and kitchen—perfect for entertaining or relaxing weekends at the lake. The main level also offers a conveniently located laundry room and full bath just off the kitchen. Upstairs, you'll find two bedrooms, including an oversized space that could easily function as a third bedroom, along with another full bathroom and a large walk-in closet. Located just a block from the water, this home is ideal as a seasonal getaway or a year-round retreat. Sellers are willing to leave the majority of the furnishings, making this an easy move-in-ready lake escape. Don't miss your opportunity to enjoy Bass Lake living at an affordable price!

Key facts

• Block from the water
• Open concept living
• Move in ready

Tags

• WOOD BURNING FIREPLACE
• OPEN CONCEPT LIVING
• LARGE WALK IN CLOSET
• BLOCK FROM THE WATER
• MOVE IN READY

Property features AI

Finance

• HOA & community: Hoa: Boa Shores; Annual HOA fee of $225 (includes trash); Community park and other association amenities

Exterior

• Parking: Off-street parking; Driveway; Gravel parking area
• Utilities: Electricity connected (100 amp service); Public water; Public sewer; Natural gas connected
• Home design: Two-story home; Built in 1946
• Construction: Vinyl siding; Shingle roof
• Exterior features: Front porch; Neighborhood view; No pool

Interior

• Kitchen: Gas cooktop; Gas range; Dishwasher; Refrigerator; Kitchen island; Laminate counters
• Bedrooms: Primary bedroom; Additional bedroom
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Ceiling fans; Walk-in closets; Laminate counters; Kitchen island; Wood-burning fireplace in the living room
• Laundry & utility: Main level laundry room; Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $344 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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-, schools F, amenities 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.
• 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.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.01% ✓
• Cap rate: 8.66%
• Cash-on-cash: 8.44%
• DSCR: 1.38
• GRM: 8.2

CMA / ARV

• ARV (median comp): $294,197
• List price: $174,900
• Delta: -40.55%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3767 S East Dr	0.28mi	3/2.0 (+1)	1,450 (-7%)	7mo	$310,000	$214	64

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: -3.5%
• Equity multiple: 0.87×
• Total profit: $-6,475
• Equity at exit: $26,078

10-year hold

• IRR: 6.1%
• Equity multiple: 1.46×
• Total profit: $22,329
• Equity at exit: $15,122

Cash invested: $48,972 (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: 8.2×

Monthly cashflow live

• Estimated rent: $1,770 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$45 /mo · $538/yr
• Insurance: −$73
• HOA: −$19
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $344

Break-even live

Break-even rent $1,334

Max offer price $174,900

Occupancy floor 76%

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $19 · $228/yr
• Likely covers: water

Listing history 23 events

1. 2026-06-19
   days on market $174,900 Active 39 DOM
2. 2026-06-18
   days on market $174,900 Active 38 DOM
3. 2026-06-17
   days on market $174,900 Active 37 DOM
4. 2026-06-16
   days on market $174,900 Active 36 DOM
5. 2026-06-15
   days on market $174,900 Active 35 DOM
6. 2026-06-14
   days on market $174,900 Active 33 DOM
7. 2026-06-12
   pricedays on market $174,900 Active 32 DOM
8. 2026-06-09
   days on market $185,000 Active 29 DOM
9. 2026-06-08
   days on market $185,000 Active 28 DOM
10. 2026-06-07
    days on market $185,000 Active 27 DOM
11. 2026-06-07
    days on market $185,000 Active 26 DOM
12. 2026-06-02
    days on market $185,000 Active 22 DOM
13. 2026-06-01
    days on market $185,000 Active 21 DOM
14. 2026-05-31
    days on market $185,000 Active 20 DOM
15. 2026-05-30
    days on market $185,000 Active 19 DOM
16. 2026-05-11
    listed $185,000 Active 876-char remark

    Show marketing remark (876 chars)

    Welcome to this charming 2 bedroom, 2 bath home located in the Boa Shores community of Bass Lake! Step inside to a spacious living room featuring a cozy wood-burning fireplace and open concept living between the living room, dining area, and kitchen—perfect for entertaining or relaxing weekends at the lake. The main level also offers a conveniently located laundry room and full bath just off the kitchen. Upstairs, you'll find two bedrooms, including an oversized space that could easily function as a third bedroom, along with another full bathroom and a large walk-in closet. Located just a block from the water, this home is ideal as a seasonal getaway or a year-round retreat. Sellers are willing to leave the majority of the furnishings, making this an easy move-in-ready lake escape. Don't miss your opportunity to enjoy Bass Lake living at an affordable price!

17. 2026-05-11
    listed $185,000 Active 871-char remark

    Show marketing remark (876 chars)

    Welcome to this charming 2 bedroom, 2 bath home located in the Boa Shores community of Bass Lake! Step inside to a spacious living room featuring a cozy wood-burning fireplace and open concept living between the living room, dining area, and kitchen—perfect for entertaining or relaxing weekends at the lake. The main level also offers a conveniently located laundry room and full bath just off the kitchen. Upstairs, you'll find two bedrooms, including an oversized space that could easily function as a third bedroom, along with another full bathroom and a large walk-in closet. Located just a block from the water, this home is ideal as a seasonal getaway or a year-round retreat. Sellers are willing to leave the majority of the furnishings, making this an easy move-in-ready lake escape. Don't miss your opportunity to enjoy Bass Lake living at an affordable price!

18. 2024-06-19
    historical
19. 2014-09-09
    historical
20. 2004-03-31
    listed $62,900
21. 2004-03-31
    listed $62,900
22. 2003-04-23
    listed $65,000
23. 2003-04-23
    listed $65,000

ⓘ 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: $538 · $45/mo
• Projected year-2 tax: $1,012 · $84/mo
• Expected delta: +$474/yr (+$40/mo · 88.1%)

ⓘ 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 3/10 Moderate 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: $21,240
• − Mortgage interest: −$9,797
• − Property taxes: −$538
• − Insurance: −$874
• − Repairs & maintenance: −$1,699
• − Management: −$1,699
• − HOA: −$228
• − Depreciation: −$5,088
• Taxable income: $1,316
• Est. tax owed @ 24.0%: −$316
• After-tax cash flow: $3,817/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

+169.1% since first listed

10 events — show timeline

• 2026-06-11 Price Changed $174,900 IRMLS
• 2026-06-11 Price Changed $174,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-11 Listed $185,000 IRMLS
• 2026-05-11 Listed $185,000 NIRA MLS as Distributed by MLS Grid
• 2024-06-19 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2014-09-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2004-03-31 Listed $62,900 NIRA MLS as Distributed by MLS Grid
• 2004-03-31 Listed $62,900 NIRA MLS as Distributed by MLS Grid
• 2003-04-23 Listed $65,000 NIRA MLS as Distributed by MLS Grid
• 2003-04-23 Listed $65,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+16.0%/yr

Latest (2024): $538 · +9.9% YoY. Source: county tax records.