4344 N Lakeshore Dr

Lakes of the Four Seasons, IN 46307

$275,000D+

4 bd · 2.0 ba · 2,190 sqft · Built 1977 · SingleFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,404/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$367
• HOA: −$154
• Vac / Maint / Mgmt: −$505
• Net cashflow: $-64/mo
• Annual: $-770/yr
• Cap rate: 6.01%
• Cash-on-cash: -1.00%
• DSCR: 0.96
• 1% rule: 0.87%
• Cash to close: $77,000

Investor read

• This is a 4-bed/2.0-bath single-family listed at $275k.
• At list price, monthly cash flow is $-64 ($-770/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (12.6% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $240k (12.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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: schools D-, amenities F, commute F.
• 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.
• Market conditions: Rents rising (+2.5%/yr); 739 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 22y 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.
• Cap rate 6.0% vs local median 3.4% 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?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.