3967 Willow St · Hobart, IN 46342

$185,900

3 bd · 1.0 ba · 1,138 sqft · SingleFamily public records · 123 Days on market

Built 1958 6,229 sqft lot Est $156k · 19% over

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Why this score? — see what drove the D- 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 +14.7/30.0
• DSCR +4.5/10.0
• Rent growth +3.9/5.0
• Livability +3.5/5.0
• 1% rule +3.4/10.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

This Nicely updated interior includes a NEW KITCHEN with QUARTZ tops & STAINLESS STEEL appliances. It features 4 Bedrooms, a Ceramic bath, a 2 car garage, and a nicely sized yard , on a quiet street . EZ to show ! Taxes reflect NO exemptions. With a Homestead, they would be near 900. per year

Key facts

• Quiet street
• New kitchen
• Nicely sized yard

Tags

• NEW KITCHEN
• QUARTZ TOPS
• STAINLESS STEEL APPLIANCES
• NICELY SIZED YARD
• QUIET STREET

Property features AI

Exterior

• Parking: Detached garage; Garage faces rear with alley access; Approximately 2.5 garage spaces
• Utilities: Public water; Public sewer; Electricity connected (100 amp service); Natural gas connected
• Home design: One-story home; Built in 1958
• Construction: Aluminum siding; Shingle roof
• Exterior features: Insulated windows; Neighborhood view; Garage(s) on property

Interior

• Kitchen: Dishwasher; Range; Range hood; Microwave; Gas water heater
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Open floorplan
• Laundry & utility: Washer hookup (main level); Gas dryer hookup (main level)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $186k.

Deal economics

• At list price, monthly cash flow is $46 ($555/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (16.0% below list).
• Recommended offer: $156k (16.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.2% in Hobart — 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 69/100 on livability (#196 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: amenities F, commute F, health & safety D-.
• School City Of Hobart (suburban): math 30% / reading 45% proficiency, ranked #161 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Veterans Elementary School At Mundell (math 32% / reading 36%, grade F, #627 of 994 statewide, top 63%, 560 students, 61% FRL); Hobart Middle School (math 23% / reading 42%, grade F, #186 of 330 statewide, top 57%, 917 students, 54% FRL); Hobart High School (math 25% / reading 65%, grade D-, #166 of 369 statewide, top 45%, 1,306 students, 48% FRL) — zoned schools average 54% FRL vs 37% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.6%/yr); 261 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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 $1k of loan paydown is wiped out by about $6k 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 123 days — a 12% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y 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 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $156,094 (16.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — 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 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.84% ✗
• Cap rate: 6.59%
• Cash-on-cash: 1.07%
• DSCR: 1.05
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $155,906
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4171 W 39th Ave	0.05mi	3/1.0	1,084 (-5%)	1mo	$95,000	$88	89
4046 Howard St	0.11mi	3/1.0	1,160 (+2%)	14mo	$204,895	$177	79
3790 Swift St	0.40mi	3/1.0	1,036 (-9%)	6mo	$85,000	$82	62
2600 E 36th Ave	0.52mi	4/1.0 (+1)	1,060 (-7%)	3mo	$172,500	$163	57
2501 E 36th Ave	0.46mi	3/1.0	1,044 (-8%)	11mo	$62,000	$59	55
3788 Swift St	0.41mi	3/2.0	1,236 (+9%)	9mo	$238,000	$193	55
4121 Mississippi St	0.45mi	3/2.0	1,193 (+5%)	14mo	$153,000	$128	55
3845 Montgomery St	0.40mi	3/1.0	1,280 (+12%)	9mo	$175,000	$137	53
4055 Kentucky St	0.70mi	3/1.0	1,000 (-12%)	1mo	$50,000	$50	46
3000 W 38th Pl	0.74mi	3/1.0	1,285 (+13%)	1mo	$192,000	$149	43
3868 Parker St	0.54mi	3/1.0	980 (-14%)	12mo	$199,000	$203	42
3756 Liverpool Rd	0.74mi	2/1.0 (-1)	970 (-15%)	7mo	$90,000	$93	30

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 · 5.63% rent growth · sell at horizon

5-year hold

• IRR: -11.9%
• Equity multiple: 0.56×
• Total profit: $-22,976
• Equity at exit: $27,718

10-year hold

• IRR: 0.5%
• Equity multiple: 1.04×
• Total profit: $1,996
• Equity at exit: $16,073

Cash invested: $52,052 (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 46342

• Rents YoY: 5.6%
• Active inventory: 261
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,561 high
• Mortgage (P&I): −$975
• Tax from tax record: −$135 /mo · $1,615/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $46

Break-even live

Break-even rent $1,502

Max offer price $185,900

Occupancy floor 92%

Sensitivity live

Price	-10% $151	-5% $99	+0% $46	+5% $-6	+10% $-59
Rent	-10% $-77	-5% $-15	+0% $46	+5% $108	+10% $170
Rate	-1.0pp $140	-0.5pp $94	base $46	+0.5pp $-2	+1.0pp $-51

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: $46,475
• Closing costs: $5,577
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3820 Colbourne St Hobart, IN	3.0	2.0	1209	$1,695	$1.40	45d	1	0.23mi
3852 Sandusky St Hobart, IN	4.0	1.0	1209	$1,800	$1.49	18d	1	0.25mi
4009 Kentucky St Gary, IN	4.0	1.0	1307	$1,595	$1.22	45d	1	0.66mi
4416 Vermont Ct Gary, IN	3.0	1.0	1162	$1,350	$1.16	45d	1	0.90mi
816 E 35th Ct Gary, IN	2.0	1.0	810	$1,050	$1.30	0d	1	1.03mi
3753 Englehart St Lake Station, IN	3.0	1.0	1224	$1,450	$1.18	0d	1	1.26mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	0d	1	1.26mi
4905 Kentucky St Unit 4901 Gary, IN	3.0	1.0	950	$1,525	$1.61	26d	1	1.34mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	4d	1	1.38mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	21d	1	1.39mi
3395 Pennsylvania St Gary, IN	3.0	1.0	1300	$1,495	$1.15	0d	1	1.39mi
5026 Kentucky St Gary, IN	3.0	1.0	1200	$1,100	$0.92	8d	1	1.47mi
4430 Broadway Gary, IN	3.0	1.0	1200	$1,250	$1.04	0d	1	1.49mi

Listing history 20 events

1. 2026-06-21
   days on market $185,900 Active 123 DOM
2. 2026-06-18
   days on market $185,900 Active 120 DOM
3. 2026-06-17
   days on market $185,900 Active 119 DOM
4. 2026-06-16
   days on market $185,900 Active 118 DOM
5. 2026-06-15
   days on market $185,900 Active 117 DOM
6. 2026-06-13
   days on market $185,900 Active 115 DOM
7. 2026-06-13
   days on market $185,900 Active 114 DOM
8. 2026-06-09
   days on market $185,900 Active 111 DOM
9. 2026-06-08
   days on market $185,900 Active 110 DOM
10. 2026-06-07
    days on market $185,900 Active 109 DOM
11. 2026-06-04
    days on market $185,900 Active 106 DOM
12. 2026-06-03
    days on market $185,900 Active 105 DOM
13. 2026-06-02
    days on market $185,900 Active 104 DOM
14. 2026-06-01
    days on market $185,900 Active 103 DOM
15. 2026-05-31
    days on market $185,900 Active 102 DOM
16. 2026-05-19
    price $185,900
17. 2026-05-13
    price $187,900
18. 2026-02-18
    listed $189,900 Active
19. 2008-02-11
    historical
20. 2007-08-10
    listed $69,900

ⓘ 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: $1,615 · $135/mo
• Projected year-2 tax: $1,615 · $135/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 3/10 Moderate
• 🌡 Heat 2/10 Low 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,731
• − Mortgage interest: −$10,413
• − Property taxes: −$1,615
• − Insurance: −$930
• − Repairs & maintenance: −$1,499
• − Management: −$1,499
• − Depreciation: −$5,408
• Taxable loss: −$2,631
• Est. tax savings @ 24.0%: +$631
• After-tax cash flow: $1,186/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 City Of Hobart
• NCES district ID: 1804590
• Math proficiency: 30% ▼ -14.00%
• Reading proficiency: 45% ▼ -7.00%
• Median HH income: $55,967
• Composite: 32.93/100
• National rank: #5594
• State rank: #161 of 301 in IN

Livability — Hobart

• Score: 69/100
• State rank: #196
• US rank: #8834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hobart, IN
• County: Lake County · 422,878 people
• City population: 32,224
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 32,224
• Household income: $75,521
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 1033.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 21% Two or more races 10% Black 10% Asian 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 5%
• Common ancestry: Romanian 11% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Russian/Polish/Slavic 2% Chinese 1%

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: ▼ -167.01%
• Current HPI: 260.2635
• Rent YoY: ▲ 5.63%
• 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

+166.0% since first listed

5 events — show timeline

• 2026-05-19 Price Changed $185,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-13 Price Changed $187,900 NIRA MLS as Distributed by MLS Grid
• 2026-02-18 Listed $189,900 NIRA MLS as Distributed by MLS Grid
• 2008-02-11 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-08-10 Listed $69,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-1.7%/yr

Latest (2024): $1,615 · +0.1% YoY. Source: county tax records.