3180 Eastwind Ct

Lakes of the Four Seasons, IN 46307

$229,900D-

3 bd · 1.0 ba · 1,152 sqft · Built 1985 · SingleFamily · Pending · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,149/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$440
• HOA: −$154
• Vac / Maint / Mgmt: −$451
• Net cashflow: $-102/mo
• Annual: $-1,224/yr
• Cap rate: 5.76%
• Cash-on-cash: -1.90%
• DSCR: 0.92
• 1% rule: 0.93%
• Cash to close: $64,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $230k.
• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (7.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (6.5% below list).
• It's been on market 25 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $212k (7.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#190 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Crown Point Community School Corporation (suburban): math 51% / reading 61% proficiency, ranked #23 of 301 in IN (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Jerry Ross Elementary School (math 68% / reading 65%, grade B+, #65 of 994 statewide, top 7%, 524 students, 20% FRL); Colonel John Wheeler Middle School (math 39% / reading 53%, grade D+, #76 of 330 statewide, top 23%, 1,046 students, 24% FRL); Crown Point High School (math 51% / reading 80%, grade B, #29 of 369 statewide, top 8%, 2,948 students, 22% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: Rents rising (+2.5%/yr); 753 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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.
• Cap rate 5.8% vs local median 3.3% in Lakes of the Four Seasons — 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.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.