Coastal Cottage Plan · Lake Station, IN 46342

$94,500

3 bd · 2.0 ba · 1,100 sqft · Manufactured · 664 Days on market

Manufactured home Good condition $650/mo HOA · 60% of rent

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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).

• ARV discount +7.5/15.0
• Rent growth +3.9/5.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Appreciation +2.5/10.0
• Schools +2.5/10.0
• 1% rule +1.0/10.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• Manufactured-home adj. -1.9

Listing remarks MLS

Welcome to your dream home! This charming coastal cottage-style manufactured home offers the perfect blend of elegance and modern convenience. With a spacious layout and exquisite features, this home is designed to cater to all your needs while providing the ultimate haven of relaxation. This home can be further customized and built in just a few months, in one of our communities, located in: -Hobart, Indiana -South Chicago, Illinois -Michigan City, Indiana Located at one end of the home for complete privacy, the master suite is a true oasis. It features a large freestanding soaking bathtub, a sleek glass door shower, a his and hers vanity, and a built-in linen closet. The heart of the home boasts a large kitchen island, perfect for meal preparation and casual dining. Equipped with large stainless steel appliances and 42-inch floor-to-ceiling Duracraft cabinetry, this kitchen is both functional and stylish. This stunning home, as pictured with all included options, is available for the competitive price of $86,500. It's an exceptional value for a home that offers such incredible features and quality craftsmanship. Experience the perfect blend of coastal charm and modern luxury in this exquisite manufactured home. Don't miss the opportunity to make this coastal cottage your own personal paradise!

Key facts

• Master suite
• Large kitchen island
• Glass door shower

Tags

• MASTER SUITE
• FREESTANDING SOAKING BATHTUB
• GLASS DOOR SHOWER
• HIS AND HERS VANITY
• BUILT-IN LINEN CLOSET
• LARGE KITCHEN ISLAND

🏗️ New construction. The $94,500 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $182,111.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $94k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $31k (67.7% below list).
• Meets the 1% rule at list price ($1k rent vs $94k).
• Recommended offer: $31k (67.7% below list) — sets the bar for cash-flow.
• Cap rate -0.6% vs local median 6.0% in Lake Station — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: John I Meister Elementary School (math 17% / reading 32%, grade F, #762 of 994 statewide, top 78%, 346 students, 87% 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: Rents rising fast (+5.6%/yr); 495 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals lingering (median 66d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent is only 17% of the median local income ($76k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 664 days — a 12% lower offer ($83k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; HOA is 60% of rent.

Recommended offer $30,517 (67.7% 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 664 days. Have you received any prior offers? Is the seller open to a 68% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
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 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: 0.60% ✗
• Cap rate: -0.61%
• Cash-on-cash: -24.65%
• DSCR: -0.10
• GRM: 13.9

CMA / ARV

• ARV (median comp): $182,111
• List price: $94,500
• Delta: -48.11%
• 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
1301 E 34th Ave	0.43mi	3/1.0	1,120 (+2%)	1mo	$174,900	$156	72
1350 E 34th Ave	0.47mi	3/1.0	1,073 (-2%)	1mo	$115,000	$107	69
1001 W 39th Ave	0.46mi	3/2.0	1,188 (+8%)	0mo	$275,000	$231	65
3344 Jasper St	0.48mi	3/1.0	1,160 (+6%)	1mo	$240,000	$207	64
27 N Connecticut St	0.99mi	3/1.0	1,056 (-4%)	1mo	$228,750	$217	54
125 N Wisconsin St	0.88mi	3/1.0	1,170 (+6%)	1mo	$225,000	$192	50
920 W Old Ridge Rd	0.85mi	3/1.0	1,023 (-7%)	1mo	$205,000	$200	49
297 Fox Trail Ct	0.70mi	2/1.5 (-1)	1,198 (+9%)	1mo	$240,000	$200	45
2834 W 38th Ave	1.47mi	3/1.0	1,225 (+11%)	1mo	$189,900	$155	41
4124 Liverpool Rd	1.34mi	3/2.0	1,260 (+14%)	1mo	$247,000	$196	40
1034 E Cleveland Ave	1.48mi	3/1.0	1,312 (+19%)	1mo	$192,500	$147	35
16 Beverly Blvd	0.99mi	2/1.0 (-1)	868 (-21%)	1mo	$211,000	$243	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 · 5.63% rent growth · sell at horizon

5-year hold

• IRR: -64.9%
• Equity multiple: -0.82×
• Total profit: $-92,859
• Equity at exit: $27,153

10-year hold

• IRR: —
• Equity multiple: -1.99×
• Total profit: $-152,271
• Equity at exit: $15,746

Cash invested: $50,991 (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 →

Active competition Active MLS

• For sale now: 18 active
• Median asking: $49,500 ($41/sqft)
• Median days on market: 82 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +307.7% above current asking $/sqft

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

ZIP-level market 46342

• Rents YoY: 5.6%
• Active inventory: 495
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,090 high
• Mortgage (P&I): −$955
• Tax est. 1.5%: −$228 /mo · $2,732/yr
• Insurance: −$76
• HOA: −$650
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $-1,048

Break-even live

Break-even rent $2,416

Max offer price $30,517

Occupancy floor —

Sensitivity live

Price	-10% $-922	-5% $-985	+0% $-1,048	+5% $-1,111	+10% $-1,173
Rent	-10% $-1,134	-5% $-1,091	+0% $-1,048	+5% $-1,005	+10% $-962
Rate	-1.0pp $-956	-0.5pp $-1,001	base $-1,048	+0.5pp $-1,095	+1.0pp $-1,143

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: $45,528
• Closing costs: $5,463
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 W 37th Ave Unit 48 Hobart, IN	2.0	1.0	1000	$1,200	$1.20	184d	1	0.31mi
621 W 39th Pl Hobart, IN	1.0–2.0	1.0–1.5	1100	$1,395	$1.27	0d	4	0.45mi
416 Van Buren Ave Hobart, IN	3.0	1.0	1085	$1,395	$1.29	142d	1	0.68mi
327 N Colorado St Hobart, IN	3.0	1.0	924	$1,625	$1.76	43d	1	0.77mi
333 Neringa Ln Hobart, IN	2.0–3.0	1.0–2.0	1102	$1,780	$1.62	0d	3	0.78mi
6 Huber Blvd New Chicago, IN	4.0	1.0	1184	$1,200	$1.01	2d	1	0.78mi
6 Huber Blvd New Chicago, IN	4.0	1.0	1184	$1,200	$1.01	12d	1	0.78mi
2955 Dekalb St Unit 21 Lake Station, IN	2.0	2.0	840	$1,295	$1.54	0d	1	0.93mi
2955 DeKalb St Lake Station, IN	3.0	2.0	924	$1,395	$1.51	86d	1	0.93mi
2955 DeKalb St Lake Station, IN	2.0	1.0	784	$1,100	$1.40	143d	1	0.93mi
2830 Grand Blvd Lake Station, IN	3.0	1.0	864	$1,395	$1.61	138d	1	1.04mi
1811 E 28th Ave Lake Station, IN	3.0	2.0	988	$1,325	$1.34	5d	1	1.06mi
4537 Park Ave Lake Station, IN	2.0	1.0	830	$1,300	$1.57	0d	1	1.07mi
1229 W 44th Pl Hobart, IN	2.0	1.0	725	$1,350	$1.86	95d	1	1.13mi
2715 Greene St Lake Station, IN	3.0	1.5	1003	$1,425	$1.42	43d	1	1.16mi
2716 Huntington St Lake Station, IN	3.0	1.0	832	$1,500	$1.80	132d	1	1.16mi
3753 Englehart St Lake Station, IN	3.0	1.0	1224	$1,450	$1.18	138d	1	1.22mi
1421 High St Unit 2W Hobart, IN	2.0	1.0	950	$1,200	$1.26	161d	1	1.39mi
1421 High St Unit 1E Hobart, IN	2.0	1.0	950	$1,200	$1.26	24d	1	1.39mi
3320 Randolph Pl Apt D Hobart, IN	2.0	1.0	1225	$1,400	$1.14	53d	1	1.39mi
2873 New Hampshire St Lake Station, IN	3.0	1.0	1400	$1,550	$1.11	80d	1	1.41mi
215 East St Unit 3 Hobart, IN	2.0	1.0	850	$1,300	$1.53	65d	1	1.46mi
215 East St Hobart, IN	2.0	1.0	850	$1,350	$1.59	92d	1	1.46mi

Listing history 50 events

1. 2026-11-08
   days on market $94,500 Active 664 DOM
2. 2026-11-07
   days on market $94,500 Active 663 DOM
3. 2026-11-06
   days on market $94,500 Active 662 DOM
4. 2026-11-05
   days on market $94,500 Active 661 DOM
5. 2026-11-04
   days on market $94,500 Active 660 DOM
6. 2026-11-02
   days on market $94,500 Active 658 DOM
7. 2026-11-01
   days on market $94,500 Active 657 DOM
8. 2026-10-31
   days on market $94,500 Active 656 DOM
9. 2026-10-30
   days on market $94,500 Active 655 DOM
10. 2026-10-29
    days on market $94,500 Active 654 DOM
11. 2026-10-28
    days on market $94,500 Active 653 DOM
12. 2026-10-27
    days on market $94,500 Active 652 DOM
13. 2026-10-26
    days on market $94,500 Active 651 DOM
14. 2026-10-25
    days on market $94,500 Active 650 DOM
15. 2026-10-24
    days on market $94,500 Active 649 DOM
16. 2026-10-23
    days on market $94,500 Active 648 DOM
17. 2026-10-22
    days on market $94,500 Active 647 DOM
18. 2026-10-21
    days on market $94,500 Active 646 DOM
19. 2026-10-20
    days on market $94,500 Active 645 DOM
20. 2026-10-19
    days on market $94,500 Active 644 DOM
21. 2026-10-18
    days on market $94,500 Active 643 DOM
22. 2026-10-17
    days on market $94,500 Active 642 DOM
23. 2026-10-16
    days on market $94,500 Active 641 DOM
24. 2026-10-15
    days on market $94,500 Active 640 DOM
25. 2026-10-14
    days on market $94,500 Active 639 DOM
26. 2026-10-13
    days on market $94,500 Active 638 DOM
27. 2026-10-12
    days on market $94,500 Active 637 DOM
28. 2026-10-11
    days on market $94,500 Active 636 DOM
29. 2026-10-10
    days on market $94,500 Active 635 DOM
30. 2026-10-09
    days on market $94,500 Active 634 DOM
31. 2026-10-08
    days on market $94,500 Active 633 DOM
32. 2026-10-07
    days on market $94,500 Active 632 DOM
33. 2026-10-06
    days on market $94,500 Active 631 DOM
34. 2026-10-05
    days on market $94,500 Active 630 DOM
35. 2026-10-04
    days on market $94,500 Active 629 DOM
36. 2026-10-03
    days on market $94,500 Active 628 DOM
37. 2026-10-02
    days on market $94,500 Active 627 DOM
38. 2026-10-01
    days on market $94,500 Active 626 DOM
39. 2026-09-30
    days on market $94,500 Active 625 DOM
40. 2026-09-29
    days on market $94,500 Active 624 DOM
41. 2026-09-28
    days on market $94,500 Active 623 DOM
42. 2026-09-27
    days on market $94,500 Active 622 DOM
43. 2026-09-26
    days on market $94,500 Active 621 DOM
44. 2026-09-25
    days on market $94,500 Active 620 DOM
45. 2026-09-24
    days on market $94,500 Active 619 DOM
46. 2026-09-23
    days on market $94,500 Active 618 DOM
47. 2026-09-22
    days on market $94,500 Active 617 DOM
48. 2026-09-21
    days on market $94,500 Active 616 DOM
49. 2026-09-20
    days on market $94,500 Active 615 DOM
50. 2026-09-19
    days on market $94,500 Active 614 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $13,077
• − Mortgage interest: −$10,201
• − Property taxes: −$2,732
• − Insurance: −$911
• − Repairs & maintenance: −$1,046
• − Management: −$1,046
• − HOA: −$7,800
• − Depreciation: −$5,298
• Taxable loss: −$15,956
• Est. tax savings @ 24.0%: +$3,830
• After-tax cash flow: $-8,742/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 · 1 photo

Good 75/100 Cosmetic rehab Est. rehab $5,500–$16,500 screening

This manufactured home is in good condition with a good condition score of 75. It is ready for a cosmetic rehab to enhance its curb appeal and resale value.

Value-add opportunities

• Both Painting exterior — Enhances curb appeal and resale value ↑
• Both Landscaping — Improves curb appeal and rental value ↑
• Both New flooring in bathrooms — Enhances aesthetics and resale value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic 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 25/100

Zoned Schools

Elementary John I Meister Elementary School F IN #762/994 Nat'l #30,133/41,679 Middle River Forest Middle School F IN #279/330 Nat'l #12,096/14,009 High River Forest High School F IN #295/369 Nat'l #10,416/17,239

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

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): 32,224
• Household income: $75,521
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 16% 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 21% Two or more races 10% Black 10% Asian 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 5%
• Languages at home: 87% English-only · Spanish 9% Russian/Polish/Slavic 2% Chinese 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: ▼ -167.01%
• Current HPI: 260.2635
• Rent YoY: ▲ 5.63%
• 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

Price history

+9.2% since first listed

4 events — show timeline

• 2025-12-02 Price Changed $94,500 Zillow
• 2025-12-02 Price Changed $86,500 Zillow
• 2025-12-02 Price Changed $94,500 Zillow
• 2025-01-13 Listed $86,500 Zillow