4812 Spring Creek Rd · Hudson Lake, IN 49128

$140,000

4 bd · 3.0 ba · 1,828 sqft · SingleFamily public records · 106 Days on market

Built 1960 1.15 ac lot $77/sqft · 59% below area ↓ 32% 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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Set on a generous Harbor Country 1.15 acre lot, this 4 bedroom, 3 bath home is being offered to the market for the very first time. Built in approx. 1960, the original home features 2 bedrooms, 1 bath, living, kitchen, situated on a slab foundation. A later addition was constructed with a combo of slab and crawlspace, its own kitchen, 2 bedrooms, 2 baths, living area w/ flexibility for extended living, guest accommodations or sprawling layout. With 1,828 approx. sqft of living space, 200 amp electrical service, and a furnace that's only 1.5 years old, this property provides a starting point for renovation. This does need significant TLC so Attention; Buyers eager to customize a home to their own style, Investors/Renovators! This property is being SOLD ''AS IS, WHERE IS''! Whether you envision multi-generational living, rental potential, or a full transformation into your Home Sweet Home, this property offers space, versatility and endless possibilities! ESTATE SALE-Agents see remark

Key facts

• 1.15 acre lot
• Garage
• Built 1960

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $737 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#465 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, schools F, amenities F.
• River Valley School District (rural): math 30% / reading 56% proficiency, ranked #171 of 540 in MI (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 397 units permitted in Berrien County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Berrien County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $109k (44%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $127,400 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.48% ✓
• Cap rate: 12.61%
• Cash-on-cash: 22.56%
• DSCR: 2.00
• GRM: 5.6

CMA / ARV

• ARV (median comp): $344,516
• List price: $140,000
• Delta: -59.36%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 15.4%
• Equity multiple: 1.62×
• Total profit: $24,233
• Equity at exit: $20,874

10-year hold

• IRR: 24.1%
• Equity multiple: 3.08×
• Total profit: $81,494
• Equity at exit: $12,105

Cash invested: $39,200 (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 49128

• Home prices YoY: -23.9%
• Active inventory: 1
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,075 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$110 /mo · $1,323/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $737

Break-even live

Break-even rent $1,143

Max offer price $140,000

Occupancy floor 60%

Sensitivity live

Price	-10% $816	-5% $776	+0% $737	+5% $697	+10% $658
Rent	-10% $573	-5% $655	+0% $737	+5% $819	+10% $901
Rate	-1.0pp $807	-0.5pp $772	base $737	+0.5pp $701	+1.0pp $664

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $140,000 Active 106 DOM
2. 2026-06-18
   days on market $140,000 Active 105 DOM
3. 2026-06-17
   days on market $140,000 Active 104 DOM
4. 2026-06-16
   days on market $140,000 Active 103 DOM
5. 2026-06-15
   days on market $140,000 Active 102 DOM
6. 2026-06-14
   days on market $140,000 Active 100 DOM
7. 2026-06-13
   pricedays on market $140,000 Active 99 DOM
8. 2026-06-10
   days on market $169,900 Active 97 DOM
9. 2026-06-09
   days on market $169,900 Active 96 DOM
10. 2026-06-08
    days on market $169,900 Active 95 DOM
11. 2026-06-07
    days on market $169,900 Active 94 DOM
12. 2026-06-05
    days on market $169,900 Active 91 DOM
13. 2026-06-03
    days on market $169,900 Active 90 DOM
14. 2026-06-02
    days on market $169,900 Active 89 DOM
15. 2026-06-01
    days on market $169,900 Active 88 DOM
16. 2026-05-31
    days on market $169,900 Active 87 DOM
17. 2026-05-30
    days on market $169,900 Active 86 DOM
18. 2026-03-30
    price $169,900 997-char remark

    Show marketing remark (999 chars)

    Set on a generous Harbor Country 1.15 acre lot, this 4 bedroom, 3 bath home is being offered to the market for the very first time. Built in approx. 1960, the original home features 2 bedrooms, 1 bath, living, kitchen, situated on a slab foundation. A later addition was constructed with a combo of slab and crawlspace, its own kitchen, 2 bedrooms, 2 baths, living area w/ flexibility for extended living, guest accommodations or sprawling layout. With 1,828 approx. sqft of living space, 200 amp electrical service, and a furnace that's only 1.5 years old, this property provides a starting point for renovation. This does need significant TLC so Attention; Buyers eager to customize a home to their own style, Investors/Renovators! This property is being SOLD ''AS IS, WHERE IS''! Whether you envision multi-generational living, rental potential, or a full transformation into your Home Sweet Home, this property offers space, versatility and endless possibilities! ESTATE SALE-Agents see remark

19. 2026-03-30
    price $169,900 999-char remark

    Show marketing remark (999 chars)

    Set on a generous Harbor Country 1.15 acre lot, this 4 bedroom, 3 bath home is being offered to the market for the very first time. Built in approx. 1960, the original home features 2 bedrooms, 1 bath, living, kitchen, situated on a slab foundation. A later addition was constructed with a combo of slab and crawlspace, its own kitchen, 2 bedrooms, 2 baths, living area w/ flexibility for extended living, guest accommodations or sprawling layout. With 1,828 approx. sqft of living space, 200 amp electrical service, and a furnace that's only 1.5 years old, this property provides a starting point for renovation. This does need significant TLC so Attention; Buyers eager to customize a home to their own style, Investors/Renovators! This property is being SOLD ''AS IS, WHERE IS''! Whether you envision multi-generational living, rental potential, or a full transformation into your Home Sweet Home, this property offers space, versatility and endless possibilities! ESTATE SALE-Agents see remark

20. 2026-03-30
    price $169,900

    Show marketing remark (999 chars)

    Set on a generous Harbor Country 1.15 acre lot, this 4 bedroom, 3 bath home is being offered to the market for the very first time. Built in approx. 1960, the original home features 2 bedrooms, 1 bath, living, kitchen, situated on a slab foundation. A later addition was constructed with a combo of slab and crawlspace, its own kitchen, 2 bedrooms, 2 baths, living area w/ flexibility for extended living, guest accommodations or sprawling layout. With 1,828 approx. sqft of living space, 200 amp electrical service, and a furnace that's only 1.5 years old, this property provides a starting point for renovation. This does need significant TLC so Attention; Buyers eager to customize a home to their own style, Investors/Renovators! This property is being SOLD ''AS IS, WHERE IS''! Whether you envision multi-generational living, rental potential, or a full transformation into your Home Sweet Home, this property offers space, versatility and endless possibilities! ESTATE SALE-Agents see remark

21. 2026-03-12
    price $199,000 997-char remark

    Show marketing remark (999 chars)

    Set on a generous Harbor Country 1.15 acre lot, this 4 bedroom, 3 bath home is being offered to the market for the very first time. Built in approx. 1960, the original home features 2 bedrooms, 1 bath, living, kitchen, situated on a slab foundation. A later addition was constructed with a combo of slab and crawlspace, its own kitchen, 2 bedrooms, 2 baths, living area w/ flexibility for extended living, guest accommodations or sprawling layout. With 1,828 approx. sqft of living space, 200 amp electrical service, and a furnace that's only 1.5 years old, this property provides a starting point for renovation. This does need significant TLC so Attention; Buyers eager to customize a home to their own style, Investors/Renovators! This property is being SOLD ''AS IS, WHERE IS''! Whether you envision multi-generational living, rental potential, or a full transformation into your Home Sweet Home, this property offers space, versatility and endless possibilities! ESTATE SALE-Agents see remark

22. 2026-03-12
    price $199,000 999-char remark

    Show marketing remark (999 chars)

    Set on a generous Harbor Country 1.15 acre lot, this 4 bedroom, 3 bath home is being offered to the market for the very first time. Built in approx. 1960, the original home features 2 bedrooms, 1 bath, living, kitchen, situated on a slab foundation. A later addition was constructed with a combo of slab and crawlspace, its own kitchen, 2 bedrooms, 2 baths, living area w/ flexibility for extended living, guest accommodations or sprawling layout. With 1,828 approx. sqft of living space, 200 amp electrical service, and a furnace that's only 1.5 years old, this property provides a starting point for renovation. This does need significant TLC so Attention; Buyers eager to customize a home to their own style, Investors/Renovators! This property is being SOLD ''AS IS, WHERE IS''! Whether you envision multi-generational living, rental potential, or a full transformation into your Home Sweet Home, this property offers space, versatility and endless possibilities! ESTATE SALE-Agents see remark

23. 2026-03-12
    price $199,000

    Show marketing remark (999 chars)

    Set on a generous Harbor Country 1.15 acre lot, this 4 bedroom, 3 bath home is being offered to the market for the very first time. Built in approx. 1960, the original home features 2 bedrooms, 1 bath, living, kitchen, situated on a slab foundation. A later addition was constructed with a combo of slab and crawlspace, its own kitchen, 2 bedrooms, 2 baths, living area w/ flexibility for extended living, guest accommodations or sprawling layout. With 1,828 approx. sqft of living space, 200 amp electrical service, and a furnace that's only 1.5 years old, this property provides a starting point for renovation. This does need significant TLC so Attention; Buyers eager to customize a home to their own style, Investors/Renovators! This property is being SOLD ''AS IS, WHERE IS''! Whether you envision multi-generational living, rental potential, or a full transformation into your Home Sweet Home, this property offers space, versatility and endless possibilities! ESTATE SALE-Agents see remark

24. 2026-03-05
    listed $249,000 Active 997-char remark

    Show marketing remark (999 chars)

    Set on a generous Harbor Country 1.15 acre lot, this 4 bedroom, 3 bath home is being offered to the market for the very first time. Built in approx. 1960, the original home features 2 bedrooms, 1 bath, living, kitchen, situated on a slab foundation. A later addition was constructed with a combo of slab and crawlspace, its own kitchen, 2 bedrooms, 2 baths, living area w/ flexibility for extended living, guest accommodations or sprawling layout. With 1,828 approx. sqft of living space, 200 amp electrical service, and a furnace that's only 1.5 years old, this property provides a starting point for renovation. This does need significant TLC so Attention; Buyers eager to customize a home to their own style, Investors/Renovators! This property is being SOLD ''AS IS, WHERE IS''! Whether you envision multi-generational living, rental potential, or a full transformation into your Home Sweet Home, this property offers space, versatility and endless possibilities! ESTATE SALE-Agents see remark

25. 2026-03-05
    listed $249,000 Active 999-char remark

    Show marketing remark (999 chars)

    Set on a generous Harbor Country 1.15 acre lot, this 4 bedroom, 3 bath home is being offered to the market for the very first time. Built in approx. 1960, the original home features 2 bedrooms, 1 bath, living, kitchen, situated on a slab foundation. A later addition was constructed with a combo of slab and crawlspace, its own kitchen, 2 bedrooms, 2 baths, living area w/ flexibility for extended living, guest accommodations or sprawling layout. With 1,828 approx. sqft of living space, 200 amp electrical service, and a furnace that's only 1.5 years old, this property provides a starting point for renovation. This does need significant TLC so Attention; Buyers eager to customize a home to their own style, Investors/Renovators! This property is being SOLD ''AS IS, WHERE IS''! Whether you envision multi-generational living, rental potential, or a full transformation into your Home Sweet Home, this property offers space, versatility and endless possibilities! ESTATE SALE-Agents see remark

26. 2026-03-05
    listed $249,000 Active

    Show marketing remark (999 chars)

    Set on a generous Harbor Country 1.15 acre lot, this 4 bedroom, 3 bath home is being offered to the market for the very first time. Built in approx. 1960, the original home features 2 bedrooms, 1 bath, living, kitchen, situated on a slab foundation. A later addition was constructed with a combo of slab and crawlspace, its own kitchen, 2 bedrooms, 2 baths, living area w/ flexibility for extended living, guest accommodations or sprawling layout. With 1,828 approx. sqft of living space, 200 amp electrical service, and a furnace that's only 1.5 years old, this property provides a starting point for renovation. This does need significant TLC so Attention; Buyers eager to customize a home to their own style, Investors/Renovators! This property is being SOLD ''AS IS, WHERE IS''! Whether you envision multi-generational living, rental potential, or a full transformation into your Home Sweet Home, this property offers space, versatility and endless possibilities! ESTATE SALE-Agents see remark

ⓘ 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: $1,323 · $110/mo
• Projected year-2 tax: $1,323 · $110/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 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: $24,904
• − Mortgage interest: −$7,842
• − Property taxes: −$1,323
• − Insurance: −$700
• − Repairs & maintenance: −$1,992
• − Management: −$1,992
• − Depreciation: −$4,073
• Taxable income: $6,982
• Est. tax owed @ 24.0%: −$1,676
• After-tax cash flow: $7,166/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: River Valley School District
• NCES district ID: 2629790
• Math proficiency: 30% ▼ -6.00%
• Reading proficiency: 56% ▲ 6.00%
• Median HH income: $47,899
• Composite: 36.67/100
• National rank: #4609
• State rank: #171 of 540 in MI

Livability — Hudson Lake

• Score: 62/100
• State rank: #465
• US rank: #16454

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,461

Population outlook (Berrien County) Hauer SSP2

• Today (2025): 149,273 people
• By 2030: 145,211 · -2.7%
• By 2040: 135,435 · -9.3%
• By 2050: 125,543 · -15.9%
• By 2075: 103,986 · -30.3%
• By 2100: 82,256 · -44.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 12% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 10% Iranian 6% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 7%

Political lean MEDSL · Berrien

• 2024 margin: Lean R (+7.9) · D 45.4% · R 53.2% · Other 1.4%
• 2008→2024 swing: -13.3pp toward R · 2008: 5.5pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: R+7.4 2016: R+12.7 2012: R+6.6 2008: D+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.74%
• Current HPI: 273.5945
• 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

-31.8% since first listed

9 events — show timeline

• 2026-03-30 Price Changed $169,900 MiRealSource-MiMLS
• 2026-03-30 Price Changed $169,900 REALCOMP
• 2026-03-30 Price Changed $169,900 SW Michigan MLS
• 2026-03-12 Price Changed $199,000 MiRealSource-MiMLS
• 2026-03-12 Price Changed $199,000 REALCOMP
• 2026-03-12 Price Changed $199,000 SW Michigan MLS
• 2026-03-05 Listed $249,000 SW Michigan MLS
• 2026-03-05 Listed $249,000 REALCOMP
• 2026-03-05 Listed $249,000 MiRealSource-MiMLS

Property tax history

+1.8%/yr

Latest (2024): $1,323 · -39.0% YoY. Source: county tax records.