10409 Imperial Pl · Cedar Lake, IN 46303

$229,000

2 bd · 1.5 ba · 1,353 sqft · SingleFamily public records · 82 Days on market

Built 2019 Fair condition 1,760 sqft lot $169/sqft · 7% below area Est $245k · 7% under $95/mo HOA · 4% of rent

---

Why this score? — see what drove the C- 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 +17.8/30.0
• ARV discount +10.5/15.0
• DSCR +5.6/10.0
• 1% rule +4.5/10.0
• Schools +4.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Freshly painted 2-bedroom, 2-bathroom townhouse with an attached garage, perfectly located close to everything Cedar Lake has to offer! Low HOA fee that includes snow removal and maintenance to grounds and exterior. The neighborhood also has access to a clubhouse that includes a pool and fitness center just a few blocks away -- giving you convenience and lifestyle all in one. Schedule your showing today!

Key facts

• Fitness center
• Attached garage
• Clubhouse access

Tags

• ATTACHED GARAGE
• CLUBHOUSE ACCESS
• POOL
• FITNESS CENTER

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $229k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $190 ($2k/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 $218k (4.9% below list).
• Recommended offer: $215k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 3.5% in Cedar Lake — 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 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; 5 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).
• This rent runs 31% of the median local income ($84k/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 $2k of loan paydown is wiped out by about $7k 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 82 days — a 6% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $215,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.95% ✗
• Cap rate: 7.29%
• Cash-on-cash: 3.56%
• DSCR: 1.16
• GRM: 8.8

CMA / ARV

• ARV (median comp): $245,114
• List price: $229,000
• Delta: -6.57%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10324 Pickett Way	0.08mi	2/2.0	1,429 (+6%)	24mo	$270,000	$189	65
13569 Freedom Way	0.34mi	2/2.0	1,365 (+1%)	23mo	$277,218	$203	62
13565 Freedom Way	0.35mi	2/2.0	1,365 (+1%)	23mo	$286,795	$210	61
14357 Clover Ave	0.69mi	2/2.0	1,334 (-1%)	4mo	$315,000	$236	60
13690 Freedom Way	0.21mi	2/2.0	1,465 (+8%)	21mo	$289,500	$198	57
10439 Richmond Ave	0.05mi	2/2.0	1,533 (+13%)	21mo	$270,000	$176	56
13636 Wicker Ave	0.64mi	3/1.0 (+1)	1,376 (+2%)	18mo	$249,000	$181	46
14029 Pickett Way	0.26mi	2/2.0	1,549 (+14%)	22mo	$275,000	$178	43
13518 Ivy St	0.56mi	3/1.5 (+1)	1,271 (-6%)	24mo	$270,000	$212	39
13325 Schmal St	0.61mi	3/1.0 (+1)	1,200 (-11%)	14mo	$270,000	$225	34
10804 W 134th Pl	0.55mi	3/1.0 (+1)	1,183 (-13%)	22mo	$99,000	$84	28

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: -10.7%
• Equity multiple: 0.61×
• Total profit: $-25,006
• Equity at exit: $34,145

10-year hold

• IRR: -1.4%
• Equity multiple: 0.90×
• Total profit: $-6,189
• Equity at exit: $19,800

Cash invested: $64,120 (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
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,178 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$140 /mo · $1,676/yr
• Insurance: −$95
• HOA: −$95
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $190

Break-even live

Break-even rent $1,938

Max offer price $229,000

Occupancy floor 86%

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	0.51mi
14347 Clover Ave Cedar Lake, IN	3.0	2.0	1475	$2,775	$1.88	24d	1	0.66mi
9705 W 134th Pl Cedar Lake, IN	3.0	2.0	1656	$2,900	$1.75	15d	1	0.67mi
13135 Schneider St Cedar Lake, IN	2.0	1.0	1100	$1,395	$1.27	7d	1	0.95mi
14630 Euclid St Unit 1UNIT A Cedar Lake, IN	2.0	2.0	1400	$2,000	$1.43	1d	1	1.08mi

HOA detail

• Monthly dues: $95 · $1,140/yr
• Likely covers: landscapingsnow removalpoolgym

Listing history 7 events

1. 2026-04-16
   price $229,000 407-char remark

   Show marketing remark (407 chars)

   Freshly painted 2-bedroom, 2-bathroom townhouse with an attached garage, perfectly located close to everything Cedar Lake has to offer! Low HOA fee that includes snow removal and maintenance to grounds and exterior. The neighborhood also has access to a clubhouse that includes a pool and fitness center just a few blocks away -- giving you convenience and lifestyle all in one. Schedule your showing today!

2. 2026-03-26
   price $229,999 407-char remark

   Show marketing remark (407 chars)

   Freshly painted 2-bedroom, 2-bathroom townhouse with an attached garage, perfectly located close to everything Cedar Lake has to offer! Low HOA fee that includes snow removal and maintenance to grounds and exterior. The neighborhood also has access to a clubhouse that includes a pool and fitness center just a few blocks away -- giving you convenience and lifestyle all in one. Schedule your showing today!

3. 2026-03-02
   listed $230,000 Active 407-char remark

   Show marketing remark (407 chars)

   Freshly painted 2-bedroom, 2-bathroom townhouse with an attached garage, perfectly located close to everything Cedar Lake has to offer! Low HOA fee that includes snow removal and maintenance to grounds and exterior. The neighborhood also has access to a clubhouse that includes a pool and fitness center just a few blocks away -- giving you convenience and lifestyle all in one. Schedule your showing today!

4. 2023-09-21
   soldstatus $223,000 Closed 165-char remark

   Show marketing remark (165 chars)

   This townhome has 1,240sf of living space, a 1-car attached garage, two large bedrooms and a full bathroom on the upper level and a half bathroom on the lower level.

5. 2023-09-21
   listed $222,900 Active 165-char remark

   Show marketing remark (165 chars)

   This townhome has 1,240sf of living space, a 1-car attached garage, two large bedrooms and a full bathroom on the upper level and a half bathroom on the lower level.

6. 2019-06-07
   soldstatus $140,628
7. 2019-03-21
   listed $140,628

ⓘ 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: $1,676 · $140/mo
• Projected year-2 tax: $1,811 · $151/mo
• Expected delta: +$135/yr (+$11/mo · 8.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 17 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: $26,141
• − Mortgage interest: −$12,828
• − Property taxes: −$1,676
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,091
• − Management: −$2,091
• − HOA: −$1,140
• − Depreciation: −$6,662
• Taxable loss: −$1,492
• Est. tax savings @ 24.0%: +$358
• After-tax cash flow: $2,638/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 · 12 photos

Fair 45/100 Moderate rehab

This townhome requires moderate repairs and maintenance, with potential for significant value increase through painting, landscaping, and flooring updates.

Repairs flagged

• Minor Exterior siding — Some discoloration
• Minor Interior paint — Some wear

Value-add opportunities

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics
• Both Landscaping — Improves curb appeal and enhances property value
• Both New flooring — Updates living areas and kitchen, improving functionality and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Some discoloration	Minor	$500–3,000
Interior paint · Some wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping — Improves curb appeal and enhances property value ↑
• Both New flooring — Updates living areas and kitchen, improving functionality and aesthetics ↑

ⓘ 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

+62.8% since first listed

7 events — show timeline

• 2026-04-16 Price Changed $229,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-26 Price Changed $229,999 NIRA MLS as Distributed by MLS Grid
• 2026-03-02 Listed $230,000 NIRA MLS as Distributed by MLS Grid
• 2023-09-21 Listed $222,900 NIRA MLS as Distributed by MLS Grid
• 2023-09-21 Sold (MLS) $223,000 NIRA MLS as Distributed by MLS Grid
• 2019-06-07 Sold (MLS) $140,628 NIRA MLS as Distributed by MLS Grid
• 2019-03-21 Listed $140,628 NIRA MLS as Distributed by MLS Grid

Property tax history

+219.9%/yr

Latest (2024): $1,676 · +3.3% YoY. Source: county tax records.