2480 Sullivan St · Lake Station, IN 46405

$199,900

4 bd · 2.0 ba · 1,854 sqft · MultiFamily public records · 5 Days on market

Built 1920 4,966 sqft lot Est $264k · 24% under

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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 +29.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

2 Unit building. Live in one and have your tenants pay the mortgage. Maintenance free exterior. Large back yard. Separate entrances. Needs a little TLC. Sold As Is.

Key facts

• Two unit property
• Large backyard
• Full basement

Tags

• TWO UNIT PROPERTY
• OPEN LIVING DINING ROOM
• FULL BASEMENT
• DEDICATED LAUNDRY ROOM
• LARGE BACKYARD

Property features AI

Finance

• Financial info: Property contains 2 total units; Manager expense listed as $10

Exterior

• Parking: Asphalt parking; On-street parking
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Cable available
• Home design: Two-story property; Built in 1920
• Construction: Asphalt roof; Has unfinished basement with sump pump
• Exterior features: Neighborhood view; Front porch

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Ceiling fan cooling
• Interior features: Ceiling fans; Open floor plan
• Laundry & utility: Laundry room; Laundry on upper and lower levels

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $696 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 10.5% vs local median 6.5% 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.
• Lake Station Community Schools (suburban): math 16% / reading 24% proficiency, ranked #278 of 301 in IN (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 59 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,677/mo this rent would consume 53% of the median local household income ($61k/yr) (locally 216% 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 $1k of loan paydown is wiped out by about $6k 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 + 3.0% rent growth), your $56k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 24y ago 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.
• Current owner paid $60k; list at $200k implies a 233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.34% ✓
• Cap rate: 10.47%
• Cash-on-cash: 14.92%
• DSCR: 1.66
• GRM: 6.2

CMA / ARV

• ARV (median comp): $263,524
• List price: $199,900
• Delta: -24.14%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 5.5%
• Equity multiple: 1.21×
• Total profit: $11,988
• Equity at exit: $29,806

10-year hold

• IRR: 15.0%
• Equity multiple: 2.21×
• Total profit: $67,762
• Equity at exit: $17,284

Cash invested: $55,972 (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 46405

• Home prices YoY: -7.5%
• Active inventory: 59
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $2,677 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$287 /mo · $3,449/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$562
• Net cashflow: $696

Break-even live

Break-even rent $1,796

Max offer price $199,900

Occupancy floor 69%

Sensitivity live

Price	-10% $809	-5% $752	+0% $696	+5% $639	+10% $583
Rent	-10% $484	-5% $590	+0% $696	+5% $802	+10% $907
Rate	-1.0pp $796	-0.5pp $747	base $696	+0.5pp $644	+1.0pp $591

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,678
Total (2 units)			$2,677

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2701 Union St Lake Station, IN	3.0	2.0	1958	$1,700	$0.87	45d	1	0.34mi
4546 Marquette Rd Lake Station, IN	3.0	2.0	1621	$1,800	$1.11	0d	1	0.51mi
2870 Vigo St Lake Station, IN	3.0	2.0	1446	$1,850	$1.28	45d	1	0.57mi
5091 Central Ave Portage, IN	3.0	1.0	1644	$2,000	$1.22	0d	1	0.81mi
5211 Rachel Ave Unit 5214 Portage, IN	3.0	1.5	1320	$1,474	$1.12	5d	1	1.37mi

Listing history 17 events

1. 2026-05-14
   listed $199,900 Active 809-char remark
2. 2026-04-03
   historical $1,095
3. 2026-03-13
   listed $1,095
4. 2023-10-21
   historical $850
5. 2023-10-18
   price $850
6. 2023-10-04
   listed $875
7. 2023-09-29
   historical $875
8. 2023-09-03
   listed $875
9. 2018-05-31
   soldstatus $60,010 164-char remark

   Show marketing remark (164 chars)

   2 Unit building. Live in one and have your tenants pay the mortgage. Maintenance free exterior. Large back yard. Separate entrances. Needs a little TLC. Sold As Is.

10. 2017-11-14
    listed $62,900 164-char remark

    Show marketing remark (164 chars)

    2 Unit building. Live in one and have your tenants pay the mortgage. Maintenance free exterior. Large back yard. Separate entrances. Needs a little TLC. Sold As Is.

11. 2013-03-01
    historical
12. 2012-02-03
    listed $112,000
13. 2011-08-01
    historical
14. 2011-01-31
    listed $112,000
15. 2010-10-13
    historical
16. 2010-06-30
    listed $112,000
17. 2002-09-11
    listed $76,900

ⓘ 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: $3,449 · $287/mo
• Projected year-2 tax: $3,449 · $287/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,124
• − Mortgage interest: −$11,198
• − Property taxes: −$3,449
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,570
• − Management: −$2,570
• − Depreciation: −$5,815
• Taxable income: $5,523
• Est. tax owed @ 24.0%: −$1,325
• After-tax cash flow: $7,024/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 Station Community Schools
• NCES district ID: 1802910
• Math proficiency: 16% ▼ -14.00%
• Reading proficiency: 24% ▼ -15.00%
• Median HH income: $41,406
• Composite: 17.06/100
• National rank: #9123
• State rank: #278 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): 12,184
• Household income: $60,881
• Rent vs Own: 24.7% rent · 75.3% own
• Severe rent burden: 216.0

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 28% Two or more races 18% Black 2%
• Hispanic origin (detail): Mexican 23% Puerto Rican 3%
• Common ancestry: Romanian 4% German 4% Slovak 4%
• Foreign-born: 8% · Canada
• Languages at home: 83% English-only · Spanish 15% 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: ▼ -23.48%
• Current HPI: 289.0285
• Rent YoY: —
• 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

+159.9% since first listed

18 events — show timeline

• 2026-05-19 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-14 Listed $199,900 NIRA MLS as Distributed by MLS Grid
• 2026-04-03 Rental Removed $1,095 RENTALBEAST
• 2026-03-13 Listed for Rent $1,095 RENTALBEAST
• 2023-10-21 Rental Removed $850 LEASESTAR
• 2023-10-18 Price Changed $850 LEASESTAR
• 2023-10-04 Listed for Rent $875 LEASESTAR
• 2023-09-29 Rental Removed $875 LEASESTAR
• 2023-09-03 Listed for Rent $875 LEASESTAR
• 2018-05-31 Sold (MLS) $60,010 NIRA MLS as Distributed by MLS Grid
• 2017-11-14 Listed $62,900 NIRA MLS as Distributed by MLS Grid
• 2013-03-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-02-03 Listed $112,000 NIRA MLS as Distributed by MLS Grid
• 2011-08-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-01-31 Listed $112,000 NIRA MLS as Distributed by MLS Grid
• 2010-10-13 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-06-30 Listed $112,000 NIRA MLS as Distributed by MLS Grid
• 2002-09-11 Listed $76,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-4.5%/yr

Latest (2024): $3,449 · +4.7% YoY. Source: county tax records.