1745 E 24th Ave · Lake Station, IN 46405

$84,900

2 bd · 1.0 ba · 860 sqft · SingleFamily public records · 102 Days on market

Built 1945 Fair condition 0.39 ac lot Garage $99/sqft · 31% below area Est $124k · 31% under

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

Listing remarks

Great investment opportunity located in Hobart Township. Home sits on a double lot, 85x200 deep, with a 24x24 detached garage. There is a large deck built off the garage, and an access ramp at the front door. Seller has replaced the electrical box and all exterior electrical stack. All outlets are Gfci protected and all rooms have hard-wired smoke detectors. Hardwood floors under the carpet. Home is in an estate and sold as is.

Key facts

• Large deck
• Double lot
• Detached garage

Tags

• INVESTMENT OPPORTUNITY
• DOUBLE LOT
• DETACHED GARAGE
• LARGE DECK
• REPLACED ELECTRICAL BOX
• GFCI PROTECTED OUTLETS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $511 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $77k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 5.8% in Lake Station — 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 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.
• Lake Station Community Schools (suburban): math 16% / reading 24% proficiency, ranked #278 of 301 in IN (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Virgil I Bailey Elementary School (math 27% / reading 17%, grade F, #790 of 994 statewide, top 81%, 270 students, 84% FRL); Thomas A Edison Jr-Sr Hs (math 7% / reading 24%, grade F, #355 of 369 statewide, top 96%, 616 students, 76% FRL).
• Market conditions: 90 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 41d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $587 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($77k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,259 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% 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. Built in 1945 — 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 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?
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 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: 1.58% ✓
• Cap rate: 13.52%
• Cash-on-cash: 25.81%
• DSCR: 2.15
• GRM: 5.3

CMA / ARV

• ARV (median comp): $123,673
• List price: $84,900
• Delta: -31.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2737 Jasper St	0.46mi	2/1.0	856 (-0%)	12mo	$57,500	$67	68
2746 Henry St	0.42mi	2/1.0	832 (-3%)	11mo	$160,000	$192	66
2751 Floyd St	0.57mi	3/1.0 (+1)	864 (+0%)	2mo	$171,500	$198	66
2717 Jasper St	0.44mi	2/1.0	922 (+7%)	10mo	$72,000	$78	59
2640 Laporte St	0.47mi	2/1.0	747 (-13%)	4mo	$115,000	$154	53
2858 Hamilton St	0.61mi	2/1.0	776 (-10%)	4mo	$235,000	$303	52
2664 Lawrence St	0.54mi	2/1.0	792 (-8%)	13mo	$170,000	$215	50
2619 Riverside Dr	0.68mi	2/1.5	926 (+8%)	4mo	$178,000	$192	50
2847 Greene St	0.61mi	2/1.0	776 (-10%)	7mo	$85,000	$110	50
2714 Floyd St	0.58mi	3/1.0 (+1)	960 (+12%)	4mo	$165,000	$172	45
2840 Lake St	0.56mi	2/1.0	735 (-14%)	6mo	$75,000	$102	45
1020 Riverlane Dr	0.75mi	2/1.0	748 (-13%)	13mo	$155,000	$207	33

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: 19.5%
• Equity multiple: 1.79×
• Total profit: $18,802
• Equity at exit: $12,659

10-year hold

• IRR: 27.8%
• Equity multiple: 3.45×
• Total profit: $58,291
• Equity at exit: $7,341

Cash invested: $23,772 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 4 under contract
• Months of supply: 0.8 mo (133%/mo absorbed)
• Median asking: $131,500 ($159/sqft)
• Median days on market: 11 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: -9.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46405

• Home prices YoY: -7.5%
• Active inventory: 90
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,343 high
• Mortgage (P&I): −$445
• Tax from tax record: −$69 /mo · $832/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $511

Break-even live

Break-even rent $696

Max offer price $84,900

Occupancy floor 57%

Sensitivity live

Price	-10% $559	-5% $535	+0% $511	+5% $487	+10% $463
Rent	-10% $405	-5% $458	+0% $511	+5% $564	+10% $617
Rate	-1.0pp $554	-0.5pp $533	base $511	+0.5pp $489	+1.0pp $467

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: $21,225
• Closing costs: $2,547
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2716 Huntington St Lake Station, IN	3.0	1.0	832	$1,500	$1.80	41d	1	0.38mi
2830 Grand Blvd Lake Station, IN	3.0	1.0	864	$1,395	$1.61	46d	1	0.53mi
2524 Cass St Lake Station, IN	2.0	1.0	735	$1,250	$1.70	0d	1	0.90mi
2955 DeKalb St Lake Station, IN	3.0	2.0	924	$1,395	$1.51	0d	1	0.92mi
2955 DeKalb St Lake Station, IN	2.0	1.0	784	$1,100	$1.40	51d	1	0.92mi
2955 Dekalb St Unit 02 Lake Station, IN	2.0	1.0	672	$1,195	$1.78	23d	1	0.92mi
416 Van Buren Ave Hobart, IN	3.0	1.0	1085	$1,395	$1.29	50d	1	0.98mi
1135 Floyd St Gary, IN	3.0	1.0	900	$1,300	$1.44	15d	1	1.34mi
1151 Decatur St Unit TK Gary, IN	3.0	1.0	850	$1,450	$1.71	0d	1	1.43mi
1041 DeKalb St Gary, IN	3.0	1.0	1006	$1,250	$1.24	92d	1	1.46mi

Property features AI

Finance

• Other: Property listed as vacantAccessible features present

Exterior

• Parking: Detached garage2 garage spacesAdditional gravel parkingGarage door opener
• Security: Smoke detector(s)
• Utilities: Electricity connected (100 amp service)Public waterPublic sewer
• Home design: Single-story homeBuilt in 1945Fixer conditionAbove-grade finished living area reported (860)
• Construction: Wood sidingShingle roofCrawl space foundation
• Exterior features: Wood frame windowsNeighborhood viewGarage(s) on propertyNo additional exterior features listed

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroomSecond bedroom
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heatingNatural gas heatingNo cooling system
• Interior features: Accessible approach with rampSmoke detector(s)No built-in appliances listed
• Laundry & utility: Main level laundry

Listing history 50 events

1. 2026-08-08
   days on market $84,900 Active 102 DOM
2. 2026-08-06
   days on market $84,900 Active 100 DOM
3. 2026-08-05
   days on market $84,900 Active 99 DOM
4. 2026-08-04
   days on market $84,900 Active 98 DOM
5. 2026-08-03
   days on market $84,900 Active 97 DOM
6. 2026-07-31
   days on market $84,900 Active 94 DOM
7. 2026-07-30
   days on market $84,900 Active 93 DOM
8. 2026-07-30
   days on market $84,900 Active 92 DOM
9. 2026-07-28
   days on market $84,900 Active 91 DOM
10. 2026-07-26
    days on market $84,900 Active 89 DOM
11. 2026-07-24
    days on market $84,900 Active 87 DOM
12. 2026-07-23
    price $84,900 Active 86 DOM
13. 2026-07-23
    days on market $89,900 Active 86 DOM
14. 2026-07-22
    days on market $89,900 Active 85 DOM
15. 2026-07-21
    days on market $89,900 Active 84 DOM
16. 2026-07-20
    days on market $89,900 Active 83 DOM
17. 2026-07-18
    days on market $89,900 Active 81 DOM
18. 2026-07-18
    days on market $89,900 Active 80 DOM
19. 2026-07-16
    days on market $89,900 Active 79 DOM
20. 2026-07-15
    days on market $89,900 Active 78 DOM
21. 2026-07-14
    days on market $89,900 Active 77 DOM
22. 2026-07-13
    days on market $89,900 Active 76 DOM
23. 2026-07-13
    days on market $89,900 Active 75 DOM
24. 2026-07-11
    days on market $89,900 Active 74 DOM
25. 2026-07-10
    days on market $89,900 Active 73 DOM
26. 2026-07-09
    days on market $89,900 Active 72 DOM
27. 2026-07-07
    days on market $89,900 Active 70 DOM
28. 2026-07-06
    days on market $89,900 Active 69 DOM
29. 2026-07-06
    days on market $89,900 Active 68 DOM
30. 2026-07-05
    days on market $89,900 Active 67 DOM
31. 2026-07-03
    days on market $89,900 Active 66 DOM
32. 2026-07-02
    days on market $89,900 Active 65 DOM
33. 2026-07-01
    days on market $89,900 Active 64 DOM
34. 2026-06-30
    days on market $89,900 Active 63 DOM
35. 2026-06-29
    days on market $89,900 Active 62 DOM
36. 2026-06-28
    days on market $89,900 Active 61 DOM
37. 2026-06-27
    days on market $89,900 Active 60 DOM
38. 2026-06-26
    days on market $89,900 Active 59 DOM
39. 2026-06-24
    days on market $89,900 Active 57 DOM
40. 2026-06-22
    days on market $89,900 Active 55 DOM
41. 2026-06-21
    days on market $89,900 Active 54 DOM
42. 2026-06-18
    days on market $89,900 Active 51 DOM
43. 2026-06-17
    days on market $89,900 Active 50 DOM
44. 2026-06-16
    days on market $89,900 Active 49 DOM
45. 2026-06-15
    days on market $89,900 Active 48 DOM
46. 2026-06-13
    days on market $89,900 Active 46 DOM
47. 2026-06-09
    days on market $89,900 Active 42 DOM
48. 2026-06-08
    days on market $89,900 Active 41 DOM
49. 2026-06-07
    days on market $89,900 Active 40 DOM
50. 2026-06-04
    days on market $89,900 Active 37 DOM

ⓘ 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: $832 · $69/mo
• Projected year-2 tax: $832 · $69/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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: $16,120
• − Mortgage interest: −$4,756
• − Property taxes: −$832
• − Insurance: −$424
• − Repairs & maintenance: −$1,290
• − Management: −$1,290
• − Depreciation: −$2,470
• Taxable income: $5,058
• Est. tax owed @ 24.0%: −$1,214
• After-tax cash flow: $4,921/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 · 9 photos

Fair 45/100 Moderate rehab Est. rehab $21,500–$38,700 screening

The home requires moderate renovations, focusing on exterior painting, landscaping, and interior updates to improve its resale and rental value.

Deferred maintenance Est. $50,000–$150,000 screening

• Major Roof (roof) — No roof visible in photos
• Major Windows (windows) — Windows appear old and possibly not sealed
• Major Electrical (electrical) — Electrical panel not visible, could be outdated
• Major Plumbing (plumbing) — No plumbing fixtures visible, could be old and in need of replacement
• Major Exterior (exterior) — Exterior siding appears old and possibly in need of repainting or replacement

Repairs flagged

• Major Carpeted flooring in the living room — Severe wear and stains, likely needs replacement.
• Minor Bathroom tiles — Some grout lines appear discolored, possibly from age.
• Moderate Deck and access ramp — Aged appearance, may need structural assessment.

Value-add opportunities

• Resale Painting exterior siding — Fresh paint can significantly improve curb appeal and home value. ↑
• Both Landscaping and yard maintenance — A well-maintained yard and landscaping can enhance both resale and rental value. ↑
• Resale Re-carpeting living room — Fresh carpet can improve the living room's appearance and value. ↑
• Rental Replacing kitchen appliances — Upgrading to modern appliances can attract renters and increase rental value. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 22/100

Zoned Schools

Elementary Alexander Hamilton Elementary Sch F IN #697/994 Nat'l #26,716/41,679 High Thomas A Edison Jr-Sr Hs F IN #355/369 Nat'l #15,239/17,239

Schools (NCES district)

• District: Lake Station Community Schools
• NCES district ID: 1802910
• Math proficiency: 16% ▼ -14.00%
• Reading proficiency: 24% ▼ -15.00%
• Median HH income: $41,406
• Composite: 17.06/100
• National rank: #9123
• State rank: #278 of 301 in IN

C Composite livability gradescore 63/100

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 · 484,026 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: 12% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Other: Property listed as vacantAccessible features present

Exterior

• Parking: Detached garage2 garage spacesAdditional gravel parkingGarage door opener
• Security: Smoke detector(s)
• Utilities: Electricity connected (100 amp service)Public waterPublic sewer
• Home design: Single-story homeBuilt in 1945Fixer conditionAbove-grade finished living area reported (860)
• Construction: Wood sidingShingle roofCrawl space foundation
• Exterior features: Wood frame windowsNeighborhood viewGarage(s) on propertyNo additional exterior features listed

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroomSecond bedroom
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heatingNatural gas heatingNo cooling system
• Interior features: Accessible approach with rampSmoke detector(s)No built-in appliances listed
• Laundry & utility: Main level laundry

Price history

1 event — show timeline

• 2026-04-28 Listed $89,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.1%/yr

Latest (2024): $832 · +6.9% YoY. Source: county tax records.