2308 Barbara Jean Dr · Schererville, IN 46375

$209,900

2 bd · 1.0 ba · 5,600 sqft · Condo public records · 100 Days on market

Built 1992 $37/sqft · 79% below area Est $245k · 14% under $150/mo HOA · 10% 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 +14.0/15.0
• Cash flow +8.7/30.0
• Schools +4.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

SELLER OFFERING CLOSING CREDIT!! Maintenance-free living at its best! This charming 2 bedroom, 1 bathroom condo with an attached 1-car garage offers easy one-level living and an open concept layout perfect for comfortable everyday living. Recent upgrades include new vinyl flooring throughout and a fully remodeled bathroom featuring new faucets, tub, sink, tile floor, and a beautiful tile shower surround. The living and dining area feature custom-built bookshelves, adding both character and functionality. The kitchen offers brand new granite countertops, while the bedrooms include newer ceiling fans and brand new closet doors. Additional peace of mind comes with a new roof (2023) and a home warranty included by the seller. Step outside and enjoy the large, peaceful yard, providing a relaxing outdoor space without the maintenance. With an HOA covering lawn care and snow removal, this home truly offers easy, low-maintenance living. This move-in-ready condo is the perfect combination of comfort, style, and convenience!

Key facts

• One level living
• Open concept layout
• New vinyl flooring

Tags

• ONE LEVEL LIVING
• OPEN CONCEPT LAYOUT
• NEW VINYL FLOORING
• FULLY REMODELED BATHROOM
• CUSTOM BUILT BOOKSHELVES
• BRAND NEW GRANITE COUNTERTOPS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $210k.

Deal economics

• At list price, monthly cash flow is $-178 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (15.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (25.5% below list).
• Recommended offer: $156k (25.5% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 4.0% in Schererville — 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 68/100 on livability (#226 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Lake Central School Corporation (suburban): math 45% / reading 54% proficiency, ranked #41 of 301 in IN (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Lake Central High School (math 46% / reading 74%, grade C+, #46 of 369 statewide, top 13%, 3,069 students, 23% FRL).
• Market conditions: 165 active listings in the ZIP; solid renter incomes; 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 $1k of loan paydown is wiped out by about $6k 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 100 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y 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 $155k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $156,294 (25.5% 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 100 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.74% ✗
• Cap rate: 5.27%
• Cash-on-cash: -3.64%
• DSCR: 0.84
• GRM: 11.2

CMA / ARV

• ARV (median comp): $245,117
• List price: $209,900
• Delta: -14.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -22.4%
• Equity multiple: 0.23×
• Total profit: $-45,359
• Equity at exit: $31,297

10-year hold

• IRR: -16.6%
• Equity multiple: 0.08×
• Total profit: $-54,107
• Equity at exit: $18,148

Cash invested: $58,772 (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 →

ZIP-level market 46375

• Active inventory: 165
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,563 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$75 /mo · $896/yr
• Insurance: −$87
• HOA: −$150
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $-178

Break-even live

Break-even rent $1,788

Max offer price $178,428

Occupancy floor —

Sensitivity live

Price	-10% $-59	-5% $-119	+0% $-178	+5% $-238	+10% $-297
Rent	-10% $-302	-5% $-240	+0% $-178	+5% $-116	+10% $-55
Rate	-1.0pp $-72	-0.5pp $-125	base $-178	+0.5pp $-233	+1.0pp $-288

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Likely covers: landscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-21
   days on market $209,900 Active 100 DOM
2. 2026-06-18
   days on market $209,900 Active 97 DOM
3. 2026-06-17
   days on market $209,900 Active 96 DOM
4. 2026-06-16
   days on market $209,900 Active 95 DOM
5. 2026-06-15
   days on market $209,900 Active 94 DOM
6. 2026-06-13
   days on market $209,900 Active 92 DOM
7. 2026-06-09
   days on market $209,900 Active 88 DOM
8. 2026-06-08
   days on market $209,900 Active 87 DOM
9. 2026-06-07
   days on market $209,900 Active 86 DOM
10. 2026-06-04
    days on market $209,900 Active 83 DOM
11. 2026-06-03
    days on market $209,900 Active 82 DOM
12. 2026-06-02
    days on market $209,900 Active 81 DOM
13. 2026-06-01
    days on market $209,900 Active 80 DOM
14. 2026-05-31
    days on market $209,900 Active 79 DOM
15. 2026-04-13
    price $212,900 1031-char remark

    Show marketing remark (1031 chars)

    SELLER OFFERING CLOSING CREDIT!! Maintenance-free living at its best! This charming 2 bedroom, 1 bathroom condo with an attached 1-car garage offers easy one-level living and an open concept layout perfect for comfortable everyday living. Recent upgrades include new vinyl flooring throughout and a fully remodeled bathroom featuring new faucets, tub, sink, tile floor, and a beautiful tile shower surround. The living and dining area feature custom-built bookshelves, adding both character and functionality. The kitchen offers brand new granite countertops, while the bedrooms include newer ceiling fans and brand new closet doors. Additional peace of mind comes with a new roof (2023) and a home warranty included by the seller. Step outside and enjoy the large, peaceful yard, providing a relaxing outdoor space without the maintenance. With an HOA covering lawn care and snow removal, this home truly offers easy, low-maintenance living. This move-in-ready condo is the perfect combination of comfort, style, and convenience!

16. 2026-04-08
    price $218,900 1031-char remark

    Show marketing remark (1031 chars)

    SELLER OFFERING CLOSING CREDIT!! Maintenance-free living at its best! This charming 2 bedroom, 1 bathroom condo with an attached 1-car garage offers easy one-level living and an open concept layout perfect for comfortable everyday living. Recent upgrades include new vinyl flooring throughout and a fully remodeled bathroom featuring new faucets, tub, sink, tile floor, and a beautiful tile shower surround. The living and dining area feature custom-built bookshelves, adding both character and functionality. The kitchen offers brand new granite countertops, while the bedrooms include newer ceiling fans and brand new closet doors. Additional peace of mind comes with a new roof (2023) and a home warranty included by the seller. Step outside and enjoy the large, peaceful yard, providing a relaxing outdoor space without the maintenance. With an HOA covering lawn care and snow removal, this home truly offers easy, low-maintenance living. This move-in-ready condo is the perfect combination of comfort, style, and convenience!

17. 2026-03-07
    listed $219,900 Active 1031-char remark

    Show marketing remark (1031 chars)

    SELLER OFFERING CLOSING CREDIT!! Maintenance-free living at its best! This charming 2 bedroom, 1 bathroom condo with an attached 1-car garage offers easy one-level living and an open concept layout perfect for comfortable everyday living. Recent upgrades include new vinyl flooring throughout and a fully remodeled bathroom featuring new faucets, tub, sink, tile floor, and a beautiful tile shower surround. The living and dining area feature custom-built bookshelves, adding both character and functionality. The kitchen offers brand new granite countertops, while the bedrooms include newer ceiling fans and brand new closet doors. Additional peace of mind comes with a new roof (2023) and a home warranty included by the seller. Step outside and enjoy the large, peaceful yard, providing a relaxing outdoor space without the maintenance. With an HOA covering lawn care and snow removal, this home truly offers easy, low-maintenance living. This move-in-ready condo is the perfect combination of comfort, style, and convenience!

18. 2026-02-04
    historical
19. 2025-10-29
    price $213,900
20. 2025-10-11
    price $214,900
21. 2025-10-08
    price $217,000
22. 2025-09-26
    listed $219,900 Active
23. 2022-07-14
    soldstatus $155,000 Closed
24. 2022-06-16
    status Pending
25. 2022-06-05
    historical Active Under Contract
26. 2022-06-02
    listed $165,000 Active
27. 2020-10-29
    soldstatus $140,000
28. 2020-05-26
    listed $142,996
29. 2005-10-16
    listed $110,000

ⓘ 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: $896 · $75/mo
• Projected year-2 tax: $1,340 · $112/mo
• Expected delta: +$444/yr (+$37/mo · 49.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,755
• − Mortgage interest: −$11,758
• − Property taxes: −$896
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,500
• − Management: −$1,500
• − HOA: −$1,800
• − Depreciation: −$6,106
• Taxable loss: −$5,855
• Est. tax savings @ 24.0%: +$1,405
• After-tax cash flow: $-733/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 Central School Corporation
• NCES district ID: 1805450
• Math proficiency: 45% ▼ -9.00%
• Reading proficiency: 54% ▼ -11.00%
• Median HH income: $75,957
• Composite: 44.82/100
• National rank: #2736
• State rank: #41 of 301 in IN

Livability — Schererville

• Score: 68/100
• State rank: #226
• US rank: #9897

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Schererville, IN
• County: Lake County · 422,878 people
• City population: 24,188
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 24,188
• Household income: $93,160
• Rent vs Own: 17.0% rent · 83.0% own
• Severe rent burden: 283.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 13% Two or more races 10% Black 7% Asian 4%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Romanian 15% Iranian 4% Italian 1%
• Foreign-born: 10% · Canada, Vietnam, South Korea
• Languages at home: 85% English-only · Spanish 6% Russian/Polish/Slavic 5% Vietnamese 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: ▼ -172.42%
• Current HPI: 204.9394
• 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

+93.5% since first listed

15 events — show timeline

• 2026-04-13 Price Changed $212,900 NIRA MLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $218,900 NIRA MLS as Distributed by MLS Grid
• 2026-03-07 Listed $219,900 NIRA MLS as Distributed by MLS Grid
• 2026-02-04 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-10-29 Price Changed $213,900 NIRA MLS as Distributed by MLS Grid
• 2025-10-11 Price Changed $214,900 NIRA MLS as Distributed by MLS Grid
• 2025-10-08 Price Changed $217,000 NIRA MLS as Distributed by MLS Grid
• 2025-09-26 Listed $219,900 NIRA MLS as Distributed by MLS Grid
• 2022-07-14 Sold (MLS) $155,000 NIRA MLS as Distributed by MLS Grid
• 2022-06-16 Pending — NIRA MLS as Distributed by MLS Grid
• 2022-06-05 Contingent — NIRA MLS as Distributed by MLS Grid
• 2022-06-02 Listed $165,000 NIRA MLS as Distributed by MLS Grid
• 2020-10-29 Sold (MLS) $140,000 NIRA MLS as Distributed by MLS Grid
• 2020-05-26 Listed $142,996 NIRA MLS as Distributed by MLS Grid
• 2005-10-16 Listed $110,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-1.9%/yr

Latest (2024): $896 · +2.0% YoY. Source: county tax records.