8796 Madison Ave · Munster, IN 46321

$420,000

3 bd · 2.0 ba · 2,539 sqft · SingleFamily public records · 61 Days on market

Built 1976 9,750 sqft lot Est $376k · 12% over

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Why this score? — see what drove the F 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 +8.3/30.0
• Schools +5.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• 1% rule +2.2/10.0
• ARV discount +2.2/15.0
• Appreciation +0.0/10.0

Listing remarks

Within walking distance to Munster's excellent High school and Middle school, this 4 bedroom 2 bathroom Quad is well-maintained and spacious. The home offers a thoughtful layout with exceptional indoor and outdoor living spaces. Highlights include a large game room with its own dedicated furnace and central air, also located in the game room is a hot tub and ping pong table included with the sale. The family room has a gas fireplace, and oversized windows throughout that provide abundant natural light. The home features four bedrooms and 2 bathrooms, with luxury vinyl flooring in the bedrooms installed approximately 1 year ago. Living spaces include a formal dining room, living room, family

Key facts

• Hot tub
• Ping pong table
• Gas fireplace

Tags

• GAME ROOM
• HOT TUB
• PING PONG TABLE
• GAS FIREPLACE
• OVERSIZED WINDOWS
• LUXURY VINYL FLOORING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $420k.

Deal economics

• At list price, monthly cash flow is $-385 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $352k (16.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $303k (27.9% below list).
• Recommended offer: $303k (27.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 81/100 on livability (#17 in IN, #1,427 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• School Town Of Munster (suburban): math 65% / reading 64% proficiency, ranked #6 of 301 in IN (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: James B Eads Elementary School (math 75% / reading 57%, grade B+, #71 of 994 statewide, top 7%, 507 students, 33% FRL); Wilbur Wright Middle School (math 51% / reading 59%, grade B-, #26 of 330 statewide, top 8%, 908 students, 24% FRL); Munster High School (math 71% / reading 91%, grade A, #4 of 369 statewide, top 1%, 1,564 students, 23% FRL).
• Market conditions: 116 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 33% of the median local income ($110k/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 $3k of loan paydown is wiped out by about $13k 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 61 days — a 6% lower offer ($395k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $302,780 (27.9% 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 61 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — 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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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: 0.72% ✗
• Cap rate: 5.19%
• Cash-on-cash: -3.93%
• DSCR: 0.83
• GRM: 11.6

CMA / ARV

• ARV (on-the-fly): $375,772
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8760 Madison Ave	0.07mi	3/2.0	2,508 (-1%)	6mo	$368,000	$147	90
8778 Madison Ave	0.03mi	4/3.0 (+1)	2,600 (+2%)	4mo	$385,000	$148	82
8706 Madison Ave	0.18mi	4/3.5 (+1)	2,448 (-4%)	6mo	$389,706	$159	69
218 Lawndale Dr	0.58mi	4/2.0 (+1)	2,544 (+0%)	1mo	$360,000	$142	67
9031 Columbia Ave	0.49mi	4/2.5 (+1)	2,565 (+1%)	2mo	$540,000	$211	67
1004 Fran-lin Pkwy	0.61mi	3/2.5	2,480 (-2%)	1mo	$424,900	$171	65
8749 Monroe Ave	0.09mi	4/3.0 (+1)	2,192 (-14%)	4mo	$388,000	$177	61
8549 Forest Ave	0.71mi	3/2.5	2,626 (+3%)	7mo	$375,000	$143	54
8639 Linden Ave	0.72mi	3/1.5	2,378 (-6%)	2mo	$355,000	$149	52
8719 Linden Ave	0.70mi	4/2.5 (+1)	2,712 (+7%)	0mo	$383,000	$141	48
901 Ridgeway Ave	0.72mi	4/2.0 (+1)	2,732 (+8%)	3mo	$372,000	$136	46
8612 Hohman Ave	0.60mi	4/2.5 (+1)	2,844 (+12%)	2mo	$374,900	$132	43

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: -22.9%
• Equity multiple: 0.21×
• Total profit: $-92,597
• Equity at exit: $62,623

10-year hold

• IRR: -17.4%
• Equity multiple: 0.04×
• Total profit: $-112,317
• Equity at exit: $36,314

Cash invested: $117,600 (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 46321

• Active inventory: 116
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $3,028 medium
• Mortgage (P&I): −$2,203
• Tax from tax record: −$399 /mo · $4,791/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$636
• Net cashflow: $-385

Break-even live

Break-even rent $3,515

Max offer price $352,026

Occupancy floor —

Sensitivity live

Price	-10% $-147	-5% $-266	+0% $-385	+5% $-504	+10% $-623
Rent	-10% $-624	-5% $-504	+0% $-385	+5% $-265	+10% $-146
Rate	-1.0pp $-173	-0.5pp $-278	base $-385	+0.5pp $-494	+1.0pp $-604

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: $105,000
• Closing costs: $12,600
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
548 South St Munster, IN	4.0	2.0	2300	$3,300	$1.43	6d	1	0.52mi
8016 Monaldi Dr Munster, IN	4.0	2.0	2000	$2,999	$1.50	12d	1	1.11mi
18006 Wentworth Ave #3553 Lansing, IL	2.0	1.0	1900	$1,950	$1.03	2d	1	1.39mi
7741 Hohman Ave Munster, IN	4.0	2.0	2200	$3,200	$1.45	12d	1	1.43mi

Listing history 2 events

1. 2026-04-13
   status Pending
2. 2026-02-11
   listed $420,000 Active

ⓘ 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: $4,791 · $399/mo
• Projected year-2 tax: $4,791 · $399/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 6/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,334
• − Mortgage interest: −$23,527
• − Property taxes: −$4,791
• − Insurance: −$2,100
• − Repairs & maintenance: −$2,907
• − Management: −$2,907
• − Depreciation: −$12,218
• Taxable loss: −$12,115
• Est. tax savings @ 24.0%: +$2,908
• After-tax cash flow: $-1,710/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 Town Of Munster
• NCES district ID: 1807350
• Math proficiency: 65% ▼ -1.00%
• Reading proficiency: 64% ▼ -4.00%
• Median HH income: $71,901
• Composite: 56.91/100
• National rank: #1115
• State rank: #6 of 301 in IN

Livability — Munster

• Score: 81/100
• State rank: #17
• US rank: #1427

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Munster, IN
• County: Lake County · 422,878 people
• City population: 23,733
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 23,733
• Household income: $110,187
• Rent vs Own: 13.0% rent · 87.0% own
• Severe rent burden: 338.0

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 (71%)
• Race & ethnicity: White 71% Hispanic / Latino 14% Two or more races 8% Black 7% Asian 6%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Romanian 16% Iranian 4% Lithuanian 1%
• Foreign-born: 9% · Canada, South Korea, China
• Languages at home: 86% English-only · Spanish 6% Russian/Polish/Slavic 3% Other Indo-European 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: ▼ -213.34%
• Current HPI: 232.4818
• 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

2 events — show timeline

• 2026-04-13 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-02-11 Listed $420,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+0.3%/yr

Latest (2024): $4,791 · +8.8% YoY. Source: county tax records.