8210 Tapper Ave · Munster, IN 46321

$375,000

3 bd · 1.5 ba · 1,488 sqft · SingleFamily public records · 4 Days on market

Built 1978 10,540 sqft lot Est $318k · 18% over

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Why this score? — see what drove the F 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 +12.1/30.0
• Schools +5.7/10.0
• Livability +4.0/5.0
• DSCR +3.6/10.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this well-maintained ranch being offered by its original owner! This charming property offers 3 bedrooms, 2 baths, a finished basement providing extra living space perfect for entertaining, a home office, or a recreation area. Enjoy peace of mind with updated mechanicals, ensuring efficiency and reliability for years to come. Conveniently located directly across the street from a city park, This home combines comfort with a great location. Don't !miss this rare opportunity to own a solid, lovingly cared-for home with plenty of space for everyone.

Key facts

• Finished basement
• Updated mechanicals
• Home office

Tags

• FINISHED BASEMENT
• HOME OFFICE
• UPDATED MECHANICALS

Property features AI

Finance

• Other: Living area reported as 2,588 total (1,488 above grade, 1,100 below grade); Occupant type: Owner

Exterior

• Parking: Attached garage; Approximately 2.5 garage spaces; Paved driveway; Garage faces side; Additional parking; Garage door opener; Concrete driveway
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; Natural gas connected; Electricity connected (200+ amp service, circuit breakers); Generator; Cable available; Gas water heater
• Home design: One-level home; Cement siding; Asphalt shingle roof; Built in 1978
• Construction: Cement siding construction; Asphalt shingle roof; Finished full basement with storage and sump pump
• Exterior features: Front porch; Rear porch; Partial fencing; Private yard; Exterior lighting; Rain gutters; Park/greenbelt view

Interior

• Kitchen: Range; Gas range; Range hood; Refrigerator; Freezer; Dishwasher
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Central heating (natural gas, forced air); ENERGY STAR qualified equipment; Central air conditioning
• Interior features: Ceiling fans; Soaking tub; Pantry; Laminate countertops; Kitchen island; Eat-in kitchen; Entrance foyer; Double vanity
• Laundry & utility: Washer hookup; Gas dryer hookup; Washer and dryer included; Laundry room (lower level); Laundry sink

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $375k.

Deal economics

• At list price, monthly cash flow is $-82 ($-980/yr) — negative.
• To cash-flow at today's rent, offer at most $361k (3.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $300k (20.0% below list).
• Recommended offer: $300k (20.0% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 5.0% in Munster — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 81/100 on livability (#17 in IN, #1,427 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• School Town Of Munster (suburban): math 65% / reading 64% proficiency, ranked #6 of 301 in IN (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Munster High School (math 71% / reading 91%, grade A, #4 of 369 statewide, top 1%, 1,564 students, 23% FRL).
• Zoned-school proficiency averages 81% at this address vs 64% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the School Town Of Munster average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 112 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 33% of the median local income ($110k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $300,122 (20.0% below list)

Questions for the listing agent

1. 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?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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?
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: 0.80% ✗
• Cap rate: 6.03%
• Cash-on-cash: -0.93%
• DSCR: 0.96
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $318,432
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8120 Tapper Ave	0.10mi	3/2.0	1,376 (-8%)	4mo	$305,000	$222	78
8032 Kooy Dr	0.28mi	3/1.5	1,469 (-1%)	10mo	$315,000	$214	77
8226 Kooy Dr	0.19mi	3/1.5	1,334 (-10%)	2mo	$290,000	$217	72
8117 Euclid Ave	0.11mi	3/1.5	1,637 (+10%)	9mo	$281,000	$172	71
8113 Euclid Ave	0.12mi	3/1.5	1,315 (-12%)	10mo	$290,000	$221	67
8007 Kooy Dr	0.35mi	3/2.0	1,594 (+7%)	7mo	$320,000	$201	64
7911 Jackson Ave	0.56mi	4/2.0 (+1)	1,506 (+1%)	1mo	$334,000	$222	64
611 Broadmoor Ave	0.43mi	2/1.5 (-1)	1,608 (+8%)	0mo	$270,000	$168	61
7840 Monroe Ave	0.57mi	3/1.0	1,379 (-7%)	1mo	$320,000	$232	58
8767 Jefferson Ave	0.74mi	3/2.5	1,453 (-2%)	6mo	$283,000	$195	52
1125 177th Pl	0.63mi	2/1.0 (-1)	1,652 (+11%)	2mo	$169,000	$102	44
7919 Walnut Ave	0.75mi	3/1.0	1,300 (-13%)	8mo	$210,000	$162	36

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: -17.9%
• Equity multiple: 0.37×
• Total profit: $-66,009
• Equity at exit: $55,914

10-year hold

• IRR: -10.0%
• Equity multiple: 0.39×
• Total profit: $-64,342
• Equity at exit: $32,423

Cash invested: $105,000 (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 46321

• Active inventory: 112
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $3,001 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$330 /mo · $3,958/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $-82

Break-even live

Break-even rent $3,105

Max offer price $360,568

Occupancy floor 98%

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
232 Gregory Ave Munster, IN	3.0	1.5	1600	$2,450	$1.53	1d	1	1.02mi
7610 Manor Ave Munster, IN	3.0	2.0	1700	$4,750	$2.79	1d	1	1.10mi
7611 Kinsley Pl Munster, IN	3.0	2.0	1700	$4,700	$2.76	1d	1	1.13mi
7234 Columbia Ave Hammond, IN	2.0	1.0	960	$1,300	$1.35	24d	1	1.25mi
7129 Columbia Ave Unit 1E Hammond, IN	2.0	1.0	900	$1,195	$1.33	11d	1	1.39mi
18335 Sherman St Unit 3 Lansing, IL	3.0	1.0	1000	$1,700	$1.70	1d	1	1.44mi

Listing history 3 events

1. 2026-05-10
   status Pending
2. 2026-05-09
   historical Active Under Contract
3. 2026-05-05
   listed $375,000 Active

ⓘ 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: $3,958 · $330/mo
• Projected year-2 tax: $3,958 · $330/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 3/10 Moderate 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: $36,015
• − Mortgage interest: −$21,006
• − Property taxes: −$3,958
• − Insurance: −$1,875
• − Repairs & maintenance: −$2,881
• − Management: −$2,881
• − Depreciation: −$10,909
• Taxable loss: −$7,496
• Est. tax savings @ 24.0%: +$1,799
• After-tax cash flow: $819/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: School Town Of Munster
• NCES district ID: 1807350
• Math proficiency: 65% ▼ -1.00%
• Reading proficiency: 64% ▼ -4.00%
• Median HH income: $71,901
• Composite: 56.91/100
• National rank: #1115
• State rank: #6 of 301 in IN

Livability — Munster

• Score: 81/100
• State rank: #17
• US rank: #1427

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Munster, IN
• County: Lake County · 422,878 people
• City population: 23,733
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 23,733
• Household income: $110,187
• Rent vs Own: 13.0% rent · 87.0% own
• Severe rent burden: 338.0

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 (71%)
• Race & ethnicity: White 71% Hispanic / Latino 14% Two or more races 8% Black 7% Asian 6%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Romanian 16% Iranian 4% Lithuanian 1%
• Foreign-born: 9% · Canada, South Korea, China
• Languages at home: 86% English-only · Spanish 6% Russian/Polish/Slavic 3% Other Indo-European 2%

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: ▼ -213.34%
• Current HPI: 232.4818
• 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

3 events — show timeline

• 2026-05-10 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-09 Contingent — NIRA MLS as Distributed by MLS Grid
• 2026-05-05 Listed $375,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.1%/yr

Latest (2024): $3,958 · +11.0% YoY. Source: county tax records.