13835 Prospect Dr · Cedar Lake, IN 46303

$269,900

2 bd · 2.0 ba · 1,529 sqft · SingleFamily public records · 23 Days on market

Built 2018 3,484 sqft lot Est $303k · 11% under $95/mo HOA · 4% of rent

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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).

• ARV discount +12.4/15.0
• Cash flow +12.2/30.0
• Schools +4.5/10.0
• DSCR +3.6/10.0
• 1% rule +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome Home to this very nice END UNIT town home located in the Centennial subdivision in Cedar Lake! This home features 2 upstairs bedrooms, 2 full bathrooms, and upstairs laundry! All appliances and utilities are 3 years old or newer and stay with the home! This home also boasts a reverse osmosis water filter system for filtered drinking water. An open field area with a walking path helps open up many possibilities for get togethers and an easy way to traverse the neighborhood when making your way to the clubhouse and pool. The clubhouse features a workout room, party room that you can rent, and a neighborhood pool. The Home is also conveniently located right across the street from the middle school and centrally located within the Hanover Community School District. This newly constructed and modern townhouse is a fantastic place to make your home. Take advantage of one of the best located town homes in this highly popular neighborhood and come take a look today!

Key facts

• Fitness center
• Second-floor laundry
• End-unit townhome

Tags

• END-UNIT TOWNHOME
• SCENIC OPEN SPACE
• SECOND-FLOOR LAUNDRY
• PRIVATE PATIO
• RESIDENT CLUBHOUSE
• FITNESS CENTER

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee; Association fee: $95 per month; Association amenities include pool, landscaping, snow removal, and management; Association handles snow removal and trash

Exterior

• Parking: Attached garage; 1-car garage; Additional parking available
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Natural gas connected; Cable available; 200+ amp electric service
• Home design: Attached property; Built in 2018
• Construction: Vinyl siding; Shingle roof; Crawl space foundation
• Exterior features: Patio; Blinds; Neighborhood view; No additional exterior features listed

Interior

• Kitchen: Stainless steel appliances; Gas range; Microwave; Refrigerator; Dishwasher
• Bedrooms: Primary bedroom; Secondary bedroom (upper level)
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans
• Interior features: Walk-in closets; Water softener (owned); Smoke detectors
• Laundry & utility: Washer and dryer included; Gas dryer hookup; Upper-level laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $-56 ($-671/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (18.2% below list).
• Recommended offer: $221k (18.2% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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.
• Zoned schools: Jane Ball Elementary School (math 62% / reading 52%, grade C+, #172 of 994 statewide, top 18%, 371 students, 31% FRL); Hanover Central Middle School (math 44% / reading 47%, grade D+, #79 of 330 statewide, top 24%, 650 students, 25% FRL); Hanover Central High School (math 47% / reading 72%, grade C+, #49 of 369 statewide, top 16%, 782 students, 22% FRL).
• Market conditions: 270 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 9d 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 $8k 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 23 days — a 2% lower offer ($266k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $205k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $220,686 (18.2% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.82% ✗
• Cap rate: 6.04%
• Cash-on-cash: -0.89%
• DSCR: 0.96
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $302,742
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10439 Richmond Ave	0.04mi	2/2.0	1,533 (+0%)	21mo	$270,000	$176	80
14029 Pickett Way	0.25mi	2/2.0	1,549 (+1%)	22mo	$275,000	$178	68
13690 Freedom Way	0.21mi	2/2.0	1,465 (-4%)	21mo	$289,500	$198	66
13685 Freedom Way	0.21mi	2/2.0	1,632 (+7%)	18mo	$307,900	$189	64
9803 W 136th Pl	0.43mi	3/2.0 (+1)	1,600 (+5%)	13mo	$285,000	$178	56
13972 Breakwater Ln	0.60mi	2/2.0	1,659 (+8%)	11mo	$345,000	$208	48
13569 Freedom Way	0.33mi	2/2.0	1,365 (-11%)	23mo	$277,218	$203	48
13565 Freedom Way	0.34mi	2/2.0	1,365 (-11%)	23mo	$286,795	$210	47
14357 Clover Ave	0.69mi	2/2.0	1,334 (-13%)	4mo	$315,000	$236	43
14117 Heritage Way	0.47mi	3/2.0 (+1)	1,693 (+11%)	21mo	$360,000	$213	38
10026 W 133rd Pl	0.64mi	3/2.0 (+1)	1,696 (+11%)	17mo	$319,900	$189	33
13636 Wicker Ave	0.68mi	3/1.0 (+1)	1,376 (-10%)	18mo	$249,000	$181	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: -17.8%
• Equity multiple: 0.37×
• Total profit: $-47,302
• Equity at exit: $40,243

10-year hold

• IRR: -9.9%
• Equity multiple: 0.39×
• Total profit: $-45,802
• Equity at exit: $23,336

Cash invested: $75,572 (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: 270
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,207 high
• Mortgage (P&I): −$1,415
• Tax from tax record: −$176 /mo · $2,118/yr
• Insurance: −$112
• HOA: −$95
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $-56

Break-even live

Break-even rent $2,278

Max offer price $260,028

Occupancy floor 98%

Sensitivity live

Price	-10% $97	-5% $21	+0% $-56	+5% $-132	+10% $-209
Rent	-10% $-230	-5% $-143	+0% $-56	+5% $31	+10% $118
Rate	-1.0pp $80	-0.5pp $13	base $-56	+0.5pp $-126	+1.0pp $-197

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: $67,475
• Closing costs: $8,097
• 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	0d	1	0.50mi
9705 W 134th Pl Cedar Lake, IN	3.0	2.0	1656	$2,900	$1.75	16d	1	0.64mi
14347 Clover Ave Cedar Lake, IN	3.0	2.0	1475	$2,775	$1.88	25d	1	0.66mi
13135 Schneider St Cedar Lake, IN	2.0	1.0	1100	$1,395	$1.27	8d	1	0.97mi
14630 Euclid St Unit 1UNIT A Cedar Lake, IN	2.0	2.0	1400	$2,000	$1.43	0d	1	1.06mi

HOA detail

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

Listing history 14 events

1. 2026-06-15
   status $269,900 Pending 23 DOM
2. 2026-06-13
   days on market $269,900 Active 23 DOM
3. 2026-06-09
   days on market $269,900 Active 19 DOM
4. 2026-06-08
   days on market $269,900 Active 18 DOM
5. 2026-06-07
   days on market $269,900 Active 17 DOM
6. 2026-06-04
   days on market $269,900 Active 14 DOM
7. 2026-06-03
   days on market $269,900 Active 13 DOM
8. 2026-06-02
   days on market $269,900 Active 12 DOM
9. 2026-06-01
   days on market $269,900 Active 11 DOM
10. 2026-05-31
    days on market $269,900 Active 10 DOM
11. 2026-05-21
    listed $274,900 Active
12. 2021-11-08
    soldstatus $205,000 Closed 980-char remark

    Show marketing remark (980 chars)

    Welcome Home to this very nice END UNIT town home located in the Centennial subdivision in Cedar Lake! This home features 2 upstairs bedrooms, 2 full bathrooms, and upstairs laundry! All appliances and utilities are 3 years old or newer and stay with the home! This home also boasts a reverse osmosis water filter system for filtered drinking water. An open field area with a walking path helps open up many possibilities for get togethers and an easy way to traverse the neighborhood when making your way to the clubhouse and pool. The clubhouse features a workout room, party room that you can rent, and a neighborhood pool. The Home is also conveniently located right across the street from the middle school and centrally located within the Hanover Community School District. This newly constructed and modern townhouse is a fantastic place to make your home. Take advantage of one of the best located town homes in this highly popular neighborhood and come take a look today!

13. 2021-11-03
    listed Active Under Contract 980-char remark

    Show marketing remark (980 chars)

    Welcome Home to this very nice END UNIT town home located in the Centennial subdivision in Cedar Lake! This home features 2 upstairs bedrooms, 2 full bathrooms, and upstairs laundry! All appliances and utilities are 3 years old or newer and stay with the home! This home also boasts a reverse osmosis water filter system for filtered drinking water. An open field area with a walking path helps open up many possibilities for get togethers and an easy way to traverse the neighborhood when making your way to the clubhouse and pool. The clubhouse features a workout room, party room that you can rent, and a neighborhood pool. The Home is also conveniently located right across the street from the middle school and centrally located within the Hanover Community School District. This newly constructed and modern townhouse is a fantastic place to make your home. Take advantage of one of the best located town homes in this highly popular neighborhood and come take a look today!

14. 2021-10-07
    listed $209,000 980-char remark

    Show marketing remark (980 chars)

    Welcome Home to this very nice END UNIT town home located in the Centennial subdivision in Cedar Lake! This home features 2 upstairs bedrooms, 2 full bathrooms, and upstairs laundry! All appliances and utilities are 3 years old or newer and stay with the home! This home also boasts a reverse osmosis water filter system for filtered drinking water. An open field area with a walking path helps open up many possibilities for get togethers and an easy way to traverse the neighborhood when making your way to the clubhouse and pool. The clubhouse features a workout room, party room that you can rent, and a neighborhood pool. The Home is also conveniently located right across the street from the middle school and centrally located within the Hanover Community School District. This newly constructed and modern townhouse is a fantastic place to make your home. Take advantage of one of the best located town homes in this highly popular neighborhood and come take a look today!

ⓘ 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: $2,118 · $176/mo
• Projected year-2 tax: $2,206 · $184/mo
• Expected delta: +$88/yr (+$7/mo · 4.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 16 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: $26,482
• − Mortgage interest: −$15,119
• − Property taxes: −$2,118
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,119
• − Management: −$2,119
• − HOA: −$1,140
• − Depreciation: −$7,852
• Taxable loss: −$5,332
• Est. tax savings @ 24.0%: +$1,280
• After-tax cash flow: $609/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: 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

+29.1% since first listed

6 events — show timeline

• 2026-06-14 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-29 Price Changed $269,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-21 Listed $274,900 NIRA MLS as Distributed by MLS Grid
• 2021-11-08 Sold (MLS) $205,000 NIRA MLS as Distributed by MLS Grid
• 2021-11-03 Listed — NIRA MLS as Distributed by MLS Grid
• 2021-10-07 Listed $209,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+98.8%/yr

Latest (2024): $2,118 · +2.6% YoY. Source: county tax records.