534 E 37th Ave #135 · Lake Station, IN 46342

$50,000

3 bd · 2.0 ba · 1,150 sqft · Manufactured · 115 Days on market

Built 2026 Good condition 7,000 sqft lot $43/sqft · 31% below area Est $72k · 31% under $600/mo HOA · 41% of rent ↓ 9% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2017 Clayton Wakarusa 3 bed, 2 bath manufactured home with a black kitchen appliance package, gas range, washer/dryer setup, gas furnace, insulated construction, 8' flat ceilings, and standard interior finish upgrades throughout. 2017 Clayton Wakarusa manufactured home Model: 95PLH24403AH17S 3 bedrooms 2 bathrooms Approx. 40' home length Single-family floor plan Black appliance package Refrigerator with ice maker Dishwasher Microwave Gas range Washer hookup Dryer setup for gas or electric Downflow gas furnace 8' flat ceilings Arched interior doors Mini blinds and drapes package Carpet and vinyl flooring mix Kitchen faucet with sprayer Laminate backsplash option Fiberglass tub/shower units in baths Framed mirrors Bathroom exhaust fans Linen/medicine cabinet features Exterior door support on both doors Deadbolt locks Exterior lights installed Shingle roof package

Key facts

• Great yard
• Huge living room
• Master bathroom

Tags

• CORNER LOT
• GREAT YARD
• HUGE LIVING ROOM
• WALK IN PANTRY
• ATTACHED WALK IN CLOSET
• MASTER BATHROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $50k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $199 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $46k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 6.4% in Lake Station — 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 63/100 on livability (#411 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools F, amenities F.
• River Forest Community School Corporation (suburban): math 17% / reading 30% proficiency, ranked #268 of 301 in IN (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.6%/yr); 255 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $346 of loan paydown is wiped out by about $2k 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 + 5.6% rent growth), your $14k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 41% of rent.

Recommended offer $45,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.90% ✓
• Cap rate: 11.07%
• Cash-on-cash: 17.07%
• DSCR: 1.76
• GRM: 2.9

CMA / ARV

• ARV (median comp): $72,000
• List price: $50,000
• Delta: -30.56%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.63% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 1.64×
• Total profit: $8,906
• Equity at exit: $7,455

10-year hold

• IRR: 27.3%
• Equity multiple: 4.05×
• Total profit: $42,714
• Equity at exit: $4,323

Cash invested: $14,000 (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 46342

• Rents YoY: 5.6%
• Active inventory: 255
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,449 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$600
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $199

Break-even live

Break-even rent $1,197

Max offer price $50,000

Occupancy floor 81%

Sensitivity live

Price	-10% $234	-5% $216	+0% $199	+5% $182	+10% $165
Rent	-10% $85	-5% $142	+0% $199	+5% $256	+10% $314
Rate	-1.0pp $224	-0.5pp $212	base $199	+0.5pp $186	+1.0pp $173

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 W 37th Ave Unit 48 Hobart, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	0.38mi
416 Van Buren Ave Hobart, IN	3.0	1.0	1085	$1,395	$1.29	2d	1	0.64mi
333 Neringa Ln Hobart, IN	1.0–3.0	1.0–2.0	1009	$1,780	$1.76	2d	11	0.80mi
2955 DeKalb St Lake Station, IN	2.0	1.0	784	$1,100	$1.40	3d	1	0.90mi
2830 Grand Blvd Lake Station, IN	3.0	1.0	864	$1,395	$1.61	2d	1	0.96mi
2716 Huntington St Lake Station, IN	3.0	1.0	832	$1,500	$1.80	2d	1	1.08mi
3753 Englehart St Lake Station, IN	3.0	1.0	1224	$1,450	$1.18	2d	1	1.26mi
1421 High St Unit 2W Hobart, IN	2.0	1.0	950	$1,200	$1.26	21d	1	1.38mi
215 East St Unit 3 Hobart, IN	2.0	1.0	850	$1,350	$1.59	2d	1	1.49mi

HOA detail

• Monthly dues: $600 · $7,200/yr
• Likely covers: gaselectric

Listing history 6 events

1. 2026-04-08
   price $50,000 927-char remark

   Show marketing remark (927 chars)

   2017 Clayton Wakarusa 3 bed, 2 bath manufactured home with a black kitchen appliance package, gas range, washer/dryer setup, gas furnace, insulated construction, 8' flat ceilings, and standard interior finish upgrades throughout. 2017 Clayton Wakarusa manufactured home Model: 95PLH24403AH17S 3 bedrooms 2 bathrooms Approx. 40' home length Single-family floor plan Black appliance package Refrigerator with ice maker Dishwasher Microwave Gas range Washer hookup Dryer setup for gas or electric Downflow gas furnace 8' flat ceilings Arched interior doors Mini blinds and drapes package Carpet and vinyl flooring mix Kitchen faucet with sprayer Laminate backsplash option Fiberglass tub/shower units in baths Framed mirrors Bathroom exhaust fans Linen/medicine cabinet features Exterior door support on both doors Deadbolt locks Exterior lights installed Shingle roof package

2. 2026-04-07
   status Active 927-char remark

   Show marketing remark (927 chars)

   2017 Clayton Wakarusa 3 bed, 2 bath manufactured home with a black kitchen appliance package, gas range, washer/dryer setup, gas furnace, insulated construction, 8' flat ceilings, and standard interior finish upgrades throughout. 2017 Clayton Wakarusa manufactured home Model: 95PLH24403AH17S 3 bedrooms 2 bathrooms Approx. 40' home length Single-family floor plan Black appliance package Refrigerator with ice maker Dishwasher Microwave Gas range Washer hookup Dryer setup for gas or electric Downflow gas furnace 8' flat ceilings Arched interior doors Mini blinds and drapes package Carpet and vinyl flooring mix Kitchen faucet with sprayer Laminate backsplash option Fiberglass tub/shower units in baths Framed mirrors Bathroom exhaust fans Linen/medicine cabinet features Exterior door support on both doors Deadbolt locks Exterior lights installed Shingle roof package

3. 2026-04-07
   price $55,000 927-char remark

   Show marketing remark (927 chars)

   2017 Clayton Wakarusa 3 bed, 2 bath manufactured home with a black kitchen appliance package, gas range, washer/dryer setup, gas furnace, insulated construction, 8' flat ceilings, and standard interior finish upgrades throughout. 2017 Clayton Wakarusa manufactured home Model: 95PLH24403AH17S 3 bedrooms 2 bathrooms Approx. 40' home length Single-family floor plan Black appliance package Refrigerator with ice maker Dishwasher Microwave Gas range Washer hookup Dryer setup for gas or electric Downflow gas furnace 8' flat ceilings Arched interior doors Mini blinds and drapes package Carpet and vinyl flooring mix Kitchen faucet with sprayer Laminate backsplash option Fiberglass tub/shower units in baths Framed mirrors Bathroom exhaust fans Linen/medicine cabinet features Exterior door support on both doors Deadbolt locks Exterior lights installed Shingle roof package

4. 2026-04-07
   historical 927-char remark

   Show marketing remark (927 chars)

   2017 Clayton Wakarusa 3 bed, 2 bath manufactured home with a black kitchen appliance package, gas range, washer/dryer setup, gas furnace, insulated construction, 8' flat ceilings, and standard interior finish upgrades throughout. 2017 Clayton Wakarusa manufactured home Model: 95PLH24403AH17S 3 bedrooms 2 bathrooms Approx. 40' home length Single-family floor plan Black appliance package Refrigerator with ice maker Dishwasher Microwave Gas range Washer hookup Dryer setup for gas or electric Downflow gas furnace 8' flat ceilings Arched interior doors Mini blinds and drapes package Carpet and vinyl flooring mix Kitchen faucet with sprayer Laminate backsplash option Fiberglass tub/shower units in baths Framed mirrors Bathroom exhaust fans Linen/medicine cabinet features Exterior door support on both doors Deadbolt locks Exterior lights installed Shingle roof package

5. 2026-03-29
   price $52,500 927-char remark

   Show marketing remark (927 chars)

   2017 Clayton Wakarusa 3 bed, 2 bath manufactured home with a black kitchen appliance package, gas range, washer/dryer setup, gas furnace, insulated construction, 8' flat ceilings, and standard interior finish upgrades throughout. 2017 Clayton Wakarusa manufactured home Model: 95PLH24403AH17S 3 bedrooms 2 bathrooms Approx. 40' home length Single-family floor plan Black appliance package Refrigerator with ice maker Dishwasher Microwave Gas range Washer hookup Dryer setup for gas or electric Downflow gas furnace 8' flat ceilings Arched interior doors Mini blinds and drapes package Carpet and vinyl flooring mix Kitchen faucet with sprayer Laminate backsplash option Fiberglass tub/shower units in baths Framed mirrors Bathroom exhaust fans Linen/medicine cabinet features Exterior door support on both doors Deadbolt locks Exterior lights installed Shingle roof package

6. 2026-02-03
   listed $55,000 Active 927-char remark

   Show marketing remark (927 chars)

   2017 Clayton Wakarusa 3 bed, 2 bath manufactured home with a black kitchen appliance package, gas range, washer/dryer setup, gas furnace, insulated construction, 8' flat ceilings, and standard interior finish upgrades throughout. 2017 Clayton Wakarusa manufactured home Model: 95PLH24403AH17S 3 bedrooms 2 bathrooms Approx. 40' home length Single-family floor plan Black appliance package Refrigerator with ice maker Dishwasher Microwave Gas range Washer hookup Dryer setup for gas or electric Downflow gas furnace 8' flat ceilings Arched interior doors Mini blinds and drapes package Carpet and vinyl flooring mix Kitchen faucet with sprayer Laminate backsplash option Fiberglass tub/shower units in baths Framed mirrors Bathroom exhaust fans Linen/medicine cabinet features Exterior door support on both doors Deadbolt locks Exterior lights installed Shingle roof package

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,387
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$1,391
• − Management: −$1,391
• − HOA: −$7,200
• − Depreciation: −$1,455
• Taxable income: $2,150
• Est. tax owed @ 24.0%: −$516
• After-tax cash flow: $1,873/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This 2017 Clayton Wakarusa manufactured home is in good condition with cosmetic updates needed for a fresh look and improved energy efficiency.

Value-add opportunities

• Both Paint interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics.
• Both Replace ceiling fans — Clean ceiling fans improve air circulation and reduce energy costs.
• Both Install new window treatments — New window treatments can improve energy efficiency and add a fresh look to the home.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Replace ceiling fans — Clean ceiling fans improve air circulation and reduce energy costs. ↑
• Both Install new window treatments — New window treatments can improve energy efficiency and add a fresh look to the home. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: River Forest Community School Corporation
• NCES district ID: 1804620
• Math proficiency: 17% ▼ -18.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $38,317
• Composite: 19.65/100
• National rank: #8738
• State rank: #268 of 301 in IN

Livability — Lake Station

• Score: 63/100
• State rank: #411
• US rank: #14929

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Station, IN
• County: Lake County · 422,878 people
• City population: 12,184
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 32,224
• Household income: $75,521
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 1033.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 21% Two or more races 10% Black 10% Asian 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 5%
• Common ancestry: Romanian 11% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Russian/Polish/Slavic 2% Chinese 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: ▼ -167.01%
• Current HPI: 260.2635
• Rent YoY: ▲ 5.63%
• 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

-9.1% since first listed

6 events — show timeline

• 2026-04-08 Price Changed $50,000 Zillow
• 2026-04-07 Price Changed $55,000 Zillow
• 2026-04-07 Relisted — Zillow
• 2026-04-07 Delisted — Zillow
• 2026-03-29 Price Changed $52,500 Zillow
• 2026-02-03 Listed $55,000 Zillow