10920 Thielen St · St. John, IN 46373

$385,000

4 bd · 2.0 ba · 1,788 sqft · MultiFamily public records · 108 Days on market

Built 1956 0.61 ac lot $215/sqft · 7% below area Est $414k · 7% under

---

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 +11.6/30.0
• ARV discount +10.7/15.0
• Schools +4.5/10.0
• DSCR +3.4/10.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome home to this beautifully maintained ranch offering true related living! This home is currently set up as 2 units but can be converted back to one unit. The Front unit offers large sun filled living room, with 2 beddrooms, updated bathroom, spacious kitchen & dining room. With unfinished basement. The separate related living space includes a private entrance, living room, kitchenette, 2 bedrooms & bathroom. Additional highlights 3 car garage & storage shed & large back yard. Convenient location near parks, shopping & restaurants. One level convenience meets flexible living in this move in ready home. Schedule your showing today!

Key facts

• Kitchenette
• Storage shed
• Private entrance

Tags

• PRIVATE ENTRANCE
• KITCHENETTE
• 3 CAR GARAGE
• STORAGE SHED
• LARGE BACK YARD
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $-117 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $364k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $320k (16.9% below list).
• Recommended offer: $320k (16.9% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.6% in St. John — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Lake Central School Corporation (suburban): math 45% / reading 54% proficiency, ranked #41 of 301 in IN (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: 260 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $3k of loan paydown is wiped out by about $12k 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 108 days — a 9% lower offer ($350k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y 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.
• Current owner paid $146k; list at $385k implies a 163% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $320,000 (16.9% below list)

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 108 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.83% ✗
• Cap rate: 5.93%
• Cash-on-cash: -1.30%
• DSCR: 0.94
• GRM: 10.0

CMA / ARV

• ARV (median comp): $414,415
• List price: $385,000
• Delta: -7.10%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.4%
• Equity multiple: 0.35×
• Total profit: $-69,805
• Equity at exit: $57,405

10-year hold

• IRR: -10.8%
• Equity multiple: 0.35×
• Total profit: $-70,230
• Equity at exit: $33,288

Cash invested: $107,800 (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 46373

• Home prices YoY: -23.8%
• Active inventory: 260
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $3,200 medium
• Mortgage (P&I): −$2,019
• Tax from tax record: −$466 /mo · $5,588/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $-117

Break-even live

Break-even rent $3,348

Max offer price $364,316

Occupancy floor 99%

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10173 Joliet St Saint John, IN	4.0	2.0	2413	$3,200	$1.33	2d	1	0.55mi

Listing history 10 events

1. 2026-06-07
   status $385,000 Pending 108 DOM
2. 2026-06-04
   days on market $385,000 Active 108 DOM
3. 2026-06-03
   days on market $385,000 Active 107 DOM
4. 2026-06-02
   days on market $385,000 Active 106 DOM
5. 2026-06-01
   days on market $385,000 Active 105 DOM
6. 2026-05-31
   days on market $385,000 Active 104 DOM
7. 2026-04-02
   price $385,000 675-char remark

   Show marketing remark (675 chars)

   Welcome home to this beautifully maintained ranch offering true related living! This home is currently set up as 2 units but can be converted back to one unit. The Front unit offers large sun filled living room, with 2 beddrooms, updated bathroom, spacious kitchen & dining room. With unfinished basement. The separate related living space includes a private entrance, living room, kitchenette, 2 bedrooms & bathroom. Additional highlights 3 car garage & storage shed & large back yard. Convenient location near parks, shopping & restaurants. One level convenience meets flexible living in this move in ready home. Schedule your showing today!

8. 2026-02-16
   listed $399,000 Active 675-char remark

   Show marketing remark (675 chars)

   Welcome home to this beautifully maintained ranch offering true related living! This home is currently set up as 2 units but can be converted back to one unit. The Front unit offers large sun filled living room, with 2 beddrooms, updated bathroom, spacious kitchen & dining room. With unfinished basement. The separate related living space includes a private entrance, living room, kitchenette, 2 bedrooms & bathroom. Additional highlights 3 car garage & storage shed & large back yard. Convenient location near parks, shopping & restaurants. One level convenience meets flexible living in this move in ready home. Schedule your showing today!

9. 2015-01-09
   soldstatus $146,500 678-char remark

   Show marketing remark (678 chars)

   A great opportunity for related living in this 4 bedroom, 2 bath Ranch home on a beautiful lot near shopping, restaurants, churches, & schools. 2 units both have 2 bedrooms & 1 bath & separate entrances. Unit 1 in front needs work; Unit 2 in back is move in ready. Unit 1 has a basement; Unit 2 has a concrete crawl (only accessed from Unit 1). Both have same address. Separate gas, one electric, & one water. Both Units have decks. There is a 3 car garage & a storage shed. Excellent opportunity to live in one & rent out other or rent out both. There are 3 different parcel numbers; therefore 3 different legals & 3 different tax bills.

10. 2014-07-25
    listed $159,000 678-char remark

    Show marketing remark (678 chars)

    A great opportunity for related living in this 4 bedroom, 2 bath Ranch home on a beautiful lot near shopping, restaurants, churches, & schools. 2 units both have 2 bedrooms & 1 bath & separate entrances. Unit 1 in front needs work; Unit 2 in back is move in ready. Unit 1 has a basement; Unit 2 has a concrete crawl (only accessed from Unit 1). Both have same address. Separate gas, one electric, & one water. Both Units have decks. There is a 3 car garage & a storage shed. Excellent opportunity to live in one & rent out other or rent out both. There are 3 different parcel numbers; therefore 3 different legals & 3 different tax bills.

ⓘ 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: $5,588 · $466/mo
• Projected year-2 tax: $5,588 · $466/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $38,400
• − Mortgage interest: −$21,566
• − Property taxes: −$5,588
• − Insurance: −$1,925
• − Repairs & maintenance: −$3,072
• − Management: −$3,072
• − Depreciation: −$11,200
• Taxable loss: −$8,023
• Est. tax savings @ 24.0%: +$1,926
• After-tax cash flow: $521/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: Lake Central School Corporation
• NCES district ID: 1805450
• Math proficiency: 45% ▼ -9.00%
• Reading proficiency: 54% ▼ -11.00%
• Median HH income: $75,957
• Composite: 44.82/100
• National rank: #2736
• State rank: #41 of 301 in IN

Livability — St. John

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. John, IN
• City population: 18,509
• Population (ZIP): 18,509

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 9% Two or more races 5% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Romanian 21% Iranian 6% Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 89% English-only · Spanish 5% Russian/Polish/Slavic 4% Other Indo-European 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: ▼ -69.86%
• Current HPI: 224.1176
• Rent YoY: —
• Metro: —
• 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

+142.1% since first listed

4 events — show timeline

• 2026-04-02 Price Changed $385,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-16 Listed $399,000 NIRA MLS as Distributed by MLS Grid
• 2015-01-09 Sold (MLS) $146,500 NIRA MLS as Distributed by MLS Grid
• 2014-07-25 Listed $159,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+18.5%/yr

Latest (2024): $5,588 · +12.3% YoY. Source: county tax records.