3500 E 35th Ave · Lake Station, IN 46405

$119,900

2 bd · 1.0 ba · 636 sqft · SingleFamily public records · 89 Days on market

Built 1954 9,365 sqft lot $189/sqft · at area comps Est $154k · 22% under

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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 +18.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover this charming 2-bedroom, 1-bathroom bungalow in Lake Station. Spanning 816 square feet, this residence features a solid foundation and a shingle roof only five years old. Enjoy updated windows throughout and a functional kitchen equipped with newer Formica countertops and white appliances. The interior includes easy-to-maintain ceramic tile in the kitchen and bath, complemented by carpeting. Significant infrastructure updates over the years provide peace of mind. With minor cosmetic personalization, this property is a fantastic opportunity for any savvy buyer.

Key facts

• Functional kitchen
• White appliances
• Updated windows

Tags

• SOLID FOUNDATION
• SHINGLE ROOF
• UPDATED WINDOWS
• FUNCTIONAL KITCHEN
• NEWER FORMICA COUNTERTOPS
• WHITE APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $107 ($1k/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 $116k (3.4% below list).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#411 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, amenities F, commute F.
• River Forest Community School Corporation (suburban): math 17% / reading 30% proficiency, ranked #268 of 301 in IN (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Henry S Evans Elementary School (math 32% / reading 27%, grade F, #697 of 994 statewide, top 73%, 389 students, 89% FRL); River Forest Middle School (math 10% / reading 26%, grade F, #279 of 330 statewide, top 86%, 379 students, 87% FRL); River Forest High School (math 12% / reading 52%, grade F, #295 of 369 statewide, top 82%, 532 students, 83% FRL).
• Market conditions: 59 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 $829 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.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $80k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1954 — 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 F-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. 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: 0.97% ✗
• Cap rate: 7.36%
• Cash-on-cash: 3.81%
• DSCR: 1.17
• GRM: 8.6

CMA / ARV

• ARV (median comp): $154,296
• List price: $119,900
• Delta: -22.29%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3721 Englehart St	0.18mi	2/1.0	621 (-2%)	23mo	$140,000	$225	69
3518 Minnesota St	0.53mi	2/1.0	600 (-6%)	7mo	$60,000	$100	60
3634 Oregon St	0.51mi	2/1.0	679 (+7%)	16mo	$92,900	$137	52
3704 W 39th Ave	0.72mi	2/1.0	669 (+5%)	10mo	$149,900	$224	50
3860 Sherman St	0.62mi	1/1.0 (-1)	672 (+6%)	10mo	$130,000	$193	48
3659 California St	0.60mi	2/1.0	720 (+13%)	12mo	$175,000	$243	40
2530 E 36th Ave	0.61mi	2/1.0	728 (+14%)	22mo	$142,500	$196	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.62×
• Total profit: $-12,633
• Equity at exit: $17,877

10-year hold

• IRR: -1.0%
• Equity multiple: 0.93×
• Total profit: $-2,236
• Equity at exit: $10,367

Cash invested: $33,572 (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 46405

• Home prices YoY: -7.5%
• Active inventory: 59
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,158 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$129 /mo · $1,553/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $107

Break-even live

Break-even rent $1,023

Max offer price $119,900

Occupancy floor 86%

Sensitivity live

Price	-10% $174	-5% $141	+0% $107	+5% $73	+10% $39
Rent	-10% $15	-5% $61	+0% $107	+5% $152	+10% $198
Rate	-1.0pp $167	-0.5pp $137	base $107	+0.5pp $76	+1.0pp $44

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3612 Michigan St Unit 2nd Fl Hobart, IN	3.0	1.0	675	$925	$1.37	17d	1	1.01mi

Listing history 18 events

1. 2026-06-21
   days on market $119,900 Active 89 DOM
2. 2026-06-18
   days on market $119,900 Active 86 DOM
3. 2026-06-17
   days on market $119,900 Active 85 DOM
4. 2026-06-16
   days on market $119,900 Active 84 DOM
5. 2026-06-15
   days on market $119,900 Active 83 DOM
6. 2026-06-13
   days on market $119,900 Active 81 DOM
7. 2026-06-13
   days on market $119,900 Active 80 DOM
8. 2026-06-09
   days on market $119,900 Active 77 DOM
9. 2026-06-08
   days on market $119,900 Active 76 DOM
10. 2026-06-07
    days on market $119,900 Active 75 DOM
11. 2026-06-04
    days on market $119,900 Active 72 DOM
12. 2026-06-03
    days on market $119,900 Active 71 DOM
13. 2026-06-02
    days on market $119,900 Active 70 DOM
14. 2026-06-01
    days on market $119,900 Active 69 DOM
15. 2026-05-31
    days on market $119,900 Active 68 DOM
16. 2026-03-24
    listed $119,900 Active 575-char remark

    Show marketing remark (575 chars)

    Discover this charming 2-bedroom, 1-bathroom bungalow in Lake Station. Spanning 816 square feet, this residence features a solid foundation and a shingle roof only five years old. Enjoy updated windows throughout and a functional kitchen equipped with newer Formica countertops and white appliances. The interior includes easy-to-maintain ceramic tile in the kitchen and bath, complemented by carpeting. Significant infrastructure updates over the years provide peace of mind. With minor cosmetic personalization, this property is a fantastic opportunity for any savvy buyer.

17. 2021-05-17
    soldstatus $80,000 274-char remark

    Show marketing remark (274 chars)

    Home remodeled all the way to the studs! New roof, windows, appliances, cabinets, counters and much more! Conveniently close to major highways for commuting as well!! Partial basement featuring laundry room and fenced in yard! Schedule your showing today with your realtor!!

18. 2020-07-17
    listed $88,000 274-char remark

    Show marketing remark (274 chars)

    Home remodeled all the way to the studs! New roof, windows, appliances, cabinets, counters and much more! Conveniently close to major highways for commuting as well!! Partial basement featuring laundry room and fenced in yard! Schedule your showing today with your realtor!!

ⓘ 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: $1,553 · $129/mo
• Projected year-2 tax: $1,553 · $129/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 2/10 Low
• 🌡 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 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,896
• − Mortgage interest: −$6,716
• − Property taxes: −$1,553
• − Insurance: −$600
• − Repairs & maintenance: −$1,112
• − Management: −$1,112
• − Depreciation: −$3,488
• Taxable loss: −$685
• Est. tax savings @ 24.0%: +$164
• After-tax cash flow: $1,444/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: River Forest Community School Corporation
• NCES district ID: 1804620
• Math proficiency: 17% ▼ -18.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $38,317
• Composite: 19.65/100
• National rank: #8738
• State rank: #268 of 301 in IN

Livability — Lake Station

• Score: 63/100
• State rank: #411
• US rank: #14929

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Station, IN
• County: Lake County · 422,878 people
• City population: 12,184
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 12,184
• Household income: $60,881
• Rent vs Own: 24.7% rent · 75.3% own
• Severe rent burden: 216.0

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 28% Two or more races 18% Black 2%
• Hispanic origin (detail): Mexican 23% Puerto Rican 3%
• Common ancestry: Romanian 4% German 4% Slovak 4%
• Foreign-born: 8% · Canada
• Languages at home: 83% English-only · Spanish 15% 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: ▼ -23.48%
• Current HPI: 289.0285
• 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

+36.2% since first listed

3 events — show timeline

• 2026-03-24 Listed $119,900 NIRA MLS as Distributed by MLS Grid
• 2021-05-17 Sold (MLS) $80,000 NIRA MLS as Distributed by MLS Grid
• 2020-07-17 Listed $88,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+24.6%/yr

Latest (2024): $1,553 · +9.2% YoY. Source: county tax records.