1745 E 24th Ave · Lake Station, IN 46405

$89,900

2 bd · 1.0 ba · 860 sqft · SingleFamily public records · 51 Days on market

Built 1945 0.39 ac lot $105/sqft · 29% below area Est $126k · 29% 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
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• 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

Property features AI

Finance

• Other: Property listed as vacant; Accessible features present

Exterior

• Parking: Detached garage; 2 garage spaces; Additional gravel parking; Garage door opener
• Security: Smoke detector(s)
• Utilities: Electricity connected (100 amp service); Public water; Public sewer
• Home design: Single-story home; Built in 1945; Fixer condition; Above-grade finished living area reported (860)
• Construction: Wood siding; Shingle roof; Crawl space foundation
• Exterior features: Wood frame windows; Neighborhood view; Garage(s) on property; No additional exterior features listed

Interior

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

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $492 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 6.4% 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-, schools F, amenities 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.
• Market conditions: 58 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $622 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 $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.51% ✓
• Cap rate: 12.86%
• Cash-on-cash: 23.46%
• DSCR: 2.04
• GRM: 5.5

CMA / ARV

• ARV (median comp): $126,379
• List price: $89,900
• Delta: -28.86%
• 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%)	10mo	$57,500	$67	69
2746 Henry St	0.42mi	2/1.0	832 (-3%)	9mo	$160,000	$192	67
2751 Floyd St	0.57mi	3/1.0 (+1)	864 (+0%)	0mo	$171,500	$198	67
2717 Jasper St	0.44mi	2/1.0	922 (+7%)	9mo	$72,000	$78	60
2640 Laporte St	0.47mi	2/1.0	747 (-13%)	2mo	$115,000	$154	54
2858 Hamilton St	0.61mi	2/1.0	776 (-10%)	3mo	$235,000	$303	53
2664 Lawrence St	0.54mi	2/1.0	792 (-8%)	12mo	$170,000	$215	52
2619 Riverside Dr	0.68mi	2/1.5	926 (+8%)	3mo	$178,000	$192	51
2847 Greene St	0.61mi	2/1.0	776 (-10%)	6mo	$85,000	$110	51
2714 Floyd St	0.58mi	3/1.0 (+1)	960 (+12%)	3mo	$165,000	$172	46
2840 Lake St	0.56mi	2/1.0	735 (-14%)	4mo	$75,000	$102	46
1020 Riverlane Dr	0.75mi	2/1.0	748 (-13%)	11mo	$155,000	$207	34

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: 16.5%
• Equity multiple: 1.67×
• Total profit: $16,766
• Equity at exit: $13,404

10-year hold

• IRR: 25.1%
• Equity multiple: 3.18×
• Total profit: $54,929
• Equity at exit: $7,773

Cash invested: $25,172 (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: 58
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,355 high
• Mortgage (P&I): −$471
• Tax from tax record: −$69 /mo · $832/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $492

Break-even live

Break-even rent $732

Max offer price $89,900

Occupancy floor 59%

Sensitivity live

Price	-10% $543	-5% $517	+0% $492	+5% $467	+10% $441
Rent	-10% $385	-5% $439	+0% $492	+5% $546	+10% $599
Rate	-1.0pp $537	-0.5pp $515	base $492	+0.5pp $469	+1.0pp $445

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	2d	1	0.38mi
2830 Grand Blvd Lake Station, IN	3.0	1.0	864	$1,395	$1.61	2d	1	0.53mi
2955 DeKalb St Lake Station, IN	2.0	1.0	784	$1,100	$1.40	2d	1	0.92mi
416 Van Buren Ave Hobart, IN	3.0	1.0	1085	$1,395	$1.29	2d	1	0.98mi
1041 DeKalb St Gary, IN	3.0	1.0	1006	$1,250	$1.24	44d	1	1.46mi

Listing history 14 events

1. 2026-06-18
   days on market $89,900 Active 51 DOM
2. 2026-06-17
   days on market $89,900 Active 50 DOM
3. 2026-06-16
   days on market $89,900 Active 49 DOM
4. 2026-06-15
   days on market $89,900 Active 48 DOM
5. 2026-06-13
   days on market $89,900 Active 46 DOM
6. 2026-06-09
   days on market $89,900 Active 42 DOM
7. 2026-06-08
   days on market $89,900 Active 41 DOM
8. 2026-06-07
   days on market $89,900 Active 40 DOM
9. 2026-06-04
   days on market $89,900 Active 37 DOM
10. 2026-06-03
    days on market $89,900 Active 36 DOM
11. 2026-06-02
    days on market $89,900 Active 35 DOM
12. 2026-06-01
    days on market $89,900 Active 34 DOM
13. 2026-05-31
    days on market $89,900 Active 33 DOM
14. 2026-04-28
    listed $89,900 Active 431-char remark

ⓘ 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: $16,258
• − Mortgage interest: −$5,036
• − Property taxes: −$832
• − Insurance: −$450
• − Repairs & maintenance: −$1,301
• − Management: −$1,301
• − Depreciation: −$2,615
• Taxable income: $4,724
• Est. tax owed @ 24.0%: −$1,134
• After-tax cash flow: $4,771/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 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

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

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.