7608 Manor Ave · Munster, IN 46321

$145,000

2 bd · 1.0 ba · 738 sqft · Townhouse public records · 6 Days on market

Built 1943 3,424 ac lot

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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 +27.5/30.0
• DSCR +9.6/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

CHARMING AND COZY BRICK 1/2 DUPLEX, 2 BEDROOM 1 BATH MANY UPDATES INCLUDE : NEW WINDOWS, NEWER ROOF AND ELECTRIC. FRESHLY PAINTED AND CLEANED. CARPETS HAVE BEEN SHAMPOOD. 80 SQ FT STORAGE SHED. CLOSE TO SHOPPING AND SCHOOLS. END UNIT. A MUST SEE.

Key facts

• Extra parking
• Side drive
• Duplex

Tags

• DUPLEX
• SIDE DRIVE
• EXTRA PARKING
• LARGE FENCED IN BACK YARD

Property features AI

Exterior

• Parking: Alley access; Driveway; Concrete parking surface
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity connected (100 Amp service with circuit breakers); Natural gas connected
• Home design: One-level property; Attached property; Built in 1943; Property listed as fixer
• Construction: Brick construction; Asphalt shingle roof
• Exterior features: Covered porch; Back yard with fencing; Neighborhood view; Shed(s); Aluminum-framed windows

Interior

• Kitchen: Refrigerator; Microwave
• Bedrooms: Primary bedroom; Second bedroom
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: No notable built-in interior features listed; Carbon monoxide and smoke detectors
• Laundry & utility: Main-level laundry room; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $145k.

Deal economics

• At list price, monthly cash flow is $429 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Cap rate 9.8% vs local median 5.0% in Munster — 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 81/100 on livability (#17 in IN, #1,427 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment 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.
• Market conditions: 112 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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 $1k of loan paydown is wiped out by about $4k 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 $41k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,000

Questions for the listing agent

1. Built in 1943 — 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 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?
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 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: 1.28% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.67%
• DSCR: 1.56
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 2.5%
• Equity multiple: 1.10×
• Total profit: $3,867
• Equity at exit: $21,620

10-year hold

• IRR: 12.1%
• Equity multiple: 1.95×
• Total profit: $38,745
• Equity at exit: $12,537

Cash invested: $40,600 (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: 6.5×

Monthly cashflow live

• Estimated rent: $1,860 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$220 /mo · $2,636/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $429

Break-even live

Break-even rent $1,317

Max offer price $145,000

Occupancy floor 72%

Sensitivity live

Price	-10% $511	-5% $470	+0% $429	+5% $388	+10% $347
Rent	-10% $282	-5% $355	+0% $429	+5% $502	+10% $576
Rate	-1.0pp $502	-0.5pp $466	base $429	+0.5pp $391	+1.0pp $353

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7609 Beech Ave Hammond, IN	2.0	1.0	700	$1,400	$2.00	4d	1	1.35mi

Listing history 6 events

1. 2026-06-18
   days on market $145,000 Active 6 DOM
2. 2026-06-17
   days on market $145,000 Active 5 DOM
3. 2026-06-16
   days on market $145,000 Active 4 DOM
4. 2026-06-15
   days on market $145,000 Active 3 DOM
5. 2026-06-13
   remarks 237-char remark
6. 2026-06-13
   listed $145,000 Active 1 DOM

ⓘ 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: $2,636 · $220/mo
• Projected year-2 tax: $2,636 · $220/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 6/10 Major FEMA zone X (shaded) · 74% 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: $22,319
• − Mortgage interest: −$8,122
• − Property taxes: −$2,636
• − Insurance: −$725
• − Repairs & maintenance: −$1,785
• − Management: −$1,785
• − Depreciation: −$4,218
• Taxable income: $3,046
• Est. tax owed @ 24.0%: −$731
• After-tax cash flow: $4,415/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

+100.0% since first listed

4 events — show timeline

• 2026-06-12 Listed $145,000 NIRA MLS as Distributed by MLS Grid
• 2007-06-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-05-08 Listed $85,000 NIRA MLS as Distributed by MLS Grid
• 2002-11-15 Listed $72,500 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.1%/yr

Latest (2024): $2,636 · +12.5% YoY. Source: county tax records.