9803 W 136th Ln · Cedar Lake, IN 46303

$1

2 bd · 1.0 ba · 1,204 sqft · SingleFamily public records · 36 Days on market

Built 1970 Fair condition 0.30 ac lot ↓ 28% since listing

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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).

• ARV discount +7.5/15.0
• Cash flow +7.0/30.0
• Schools +4.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 1% rule +1.9/10.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

"The list price is not indicative of seller's final reserve amount. This property is part of an online bidding event; please visit AUCTION LLC to place bids. Inspections of this property and contact with occupants are strictly prohibited. Property is sold "as is" and no for sale sign allowed. " Reserve price is unknown. Starting bid is 75.000, cash only. No interior showings per the seller.

Key facts

• 0.3 acre lot
• Garage
• Built 1970

🔨 Auction listing. The $1 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $293,152 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $1. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-484 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $1).
• Cap rate 4.5% vs local median 3.5% in Cedar Lake — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 65/100 on livability (#354 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Hanover Community School Corporation (suburban): math 49% / reading 53% proficiency, ranked #38 of 301 in IN (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: 265 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 7d 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 $2k of loan paydown is wiped out by about $9k 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

• It's been on market 36 days — a 3% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y 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.

Risks & watch-outs

• Watch-outs: property tax is 439728.0% of price; flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1

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. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.69% ✗
• Cap rate: 4.54%
• Cash-on-cash: -6.26%
• DSCR: 0.72
• GRM: 12.1

CMA / ARV

• ARV (median comp): $293,152
• List price: $1
• Delta: -100.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13518 Ivy St	0.15mi	3/1.5 (+1)	1,271 (+6%)	24mo	$270,000	$212	57
13325 Schmal St	0.65mi	3/1.0 (+1)	1,200 (-0%)	14mo	$270,000	$225	52
13909 Lauerman St	0.72mi	3/1.5 (+1)	1,197 (-1%)	13mo	$305,000	$255	47
10804 W 134th Pl	0.68mi	3/1.0 (+1)	1,183 (-2%)	22mo	$99,000	$84	42
13569 Freedom Way	0.32mi	2/2.0	1,365 (+13%)	23mo	$277,218	$203	40
13565 Freedom Way	0.32mi	2/2.0	1,365 (+13%)	23mo	$286,795	$210	39

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: -28.6%
• Equity multiple: 0.05×
• Total profit: $-78,265
• Equity at exit: $43,710

10-year hold

• IRR: -27.9%
• Equity multiple: -0.31×
• Total profit: $-107,582
• Equity at exit: $25,346

Cash invested: $82,083 (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 46303

• Active inventory: 265

Monthly cashflow live

• Estimated rent: $2,022 medium
• Mortgage (P&I): −$1,537
• Tax est. 1.5%: −$366 /mo · $4,397/yr
• Insurance: −$122
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $-484

Break-even live

Break-even rent $2,635

Max offer price $223,117

Occupancy floor —

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: $73,288
• Closing costs: $8,795
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14153 Magnolia St Cedar Lake, IN	2.0	1.5	1340	$2,500	$1.87	1d	1	0.76mi
14347 Clover Ave Cedar Lake, IN	3.0	2.0	1475	$2,775	$1.88	24d	1	0.92mi
13135 Schneider St Cedar Lake, IN	2.0	1.0	1100	$1,395	$1.27	7d	1	0.98mi
14630 Euclid St Unit 1UNIT A Cedar Lake, IN	2.0	2.0	1400	$2,000	$1.43	1d	1	1.21mi

Listing history 12 events

1. 2026-06-01
   days on market $1 Active 36 DOM
2. 2026-05-31
   days on market $1 Active 35 DOM
3. 2026-05-07
   status Pending 414-char remark

   Show marketing remark (414 chars)

   "The list price is not indicative of seller's final reserve amount. This property is part of an online bidding event; please visit AUCTION LLC to place bids. Inspections of this property and contact with occupants are strictly prohibited. Property is sold "as is" and no for sale sign allowed. " Reserve price is unknown. Starting bid is 75.000, cash only. No interior showings per the seller.

4. 2026-04-14
   listed $1 Active 414-char remark

   Show marketing remark (414 chars)

   "The list price is not indicative of seller's final reserve amount. This property is part of an online bidding event; please visit AUCTION LLC to place bids. Inspections of this property and contact with occupants are strictly prohibited. Property is sold "as is" and no for sale sign allowed. " Reserve price is unknown. Starting bid is 75.000, cash only. No interior showings per the seller.

5. 2024-10-18
   status Pending
6. 2024-10-18
   historical
7. 2024-10-10
   listed $99,900 Active
8. 2021-11-16
   historical
9. 2021-11-13
   listed $289,900 Active
10. 2021-07-16
    soldstatus $280,000
11. 2021-05-27
    listed $249,900
12. 2003-04-07
    listed $137,900

ⓘ 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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,265
• − Mortgage interest: −$16,421
• − Property taxes: −$4,397
• − Insurance: −$2,132
• − Repairs & maintenance: −$1,941
• − Management: −$1,941
• − Depreciation: −$8,528
• Taxable loss: −$11,096
• Est. tax savings @ 24.0%: +$2,663
• After-tax cash flow: $-3,145/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 · 1 photo

Fair 45/100 Moderate rehab

This home requires moderate repairs and maintenance to improve its curb appeal and value. Exterior repainting and landscaping improvements are recommended.

Repairs flagged

• Moderate brick siding — Weathered and needs repainting
• Moderate roof — Aged and may need replacement
• Minor landscaping — Needs trimming and planting

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both landscaping — Improves curb appeal and rental appeal
• Both roof inspection — Preventive maintenance to avoid costly repairs

Renovation cost estimate screening

Repair item	Severity	Est. cost
brick siding · Weathered and needs repainting	Moderate	$3,000–15,000
roof · Aged and may need replacement	Moderate	$3,000–15,000
landscaping · Needs trimming and planting	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both landscaping — Improves curb appeal and rental appeal ↑
• Both roof inspection — Preventive maintenance to avoid costly repairs ↑

ⓘ 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: Hanover Community School Corporation
• NCES district ID: 1804350
• Math proficiency: 49% ▼ -11.00%
• Reading proficiency: 53% ▼ -7.00%
• Median HH income: $68,151
• Composite: 45.34/100
• National rank: #2637
• State rank: #38 of 301 in IN

Livability — Cedar Lake

• Score: 65/100
• State rank: #354
• US rank: #13482

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cedar Lake, IN
• County: Lake County · 422,878 people
• City population: 17,680
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 17,680
• Household income: $84,211
• Rent vs Own: 13.5% rent · 86.5% own
• Severe rent burden: 84.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 16% Iranian 9% Italian 1%
• Foreign-born: 2% · China
• Languages at home: 95% English-only · Other Indo-European 2% Russian/Polish/Slavic 2% Spanish 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: ▼ -182.94%
• Current HPI: 267.4434
• 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

-27.6% since first listed

10 events — show timeline

• 2026-05-07 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-14 Listed $1 NIRA MLS as Distributed by MLS Grid
• 2024-10-18 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-10-18 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-10-10 Listed $99,900 NIRA MLS as Distributed by MLS Grid
• 2021-11-16 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2021-11-13 Listed $289,900 NIRA MLS as Distributed by MLS Grid
• 2021-07-16 Sold (MLS) $280,000 NIRA MLS as Distributed by MLS Grid
• 2021-05-27 Listed $249,900 NIRA MLS as Distributed by MLS Grid
• 2003-04-07 Listed $137,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+14.2%/yr

Latest (2024): $6,271 · -5.5% YoY. Source: county tax records.