1437 Elm Ct · Schererville, IN 46375

$254,900

3 bd · 1.5 ba · 1,818 sqft · Condo public records · 11 Days on market

Built 1978 $220/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).

• Cash flow +12.7/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• 1% rule +3.8/10.0
• DSCR +3.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great townhome, completely up-dated, waiting just for you! Beautiful ceramic and hardwood floors greet you as you enter the foyer adjoining the airy living room. The completely renovated kitchen is open to the dining area that leads to your private, fenced courtyard. The upper level boasts 3 ample bedrooms, 1 up-dated bath and a linen closet. Enjoy quiet comfort in the family room located in the basement along with a finished laundry room, storage room, and utility room. This townhomes numerous up-dates: ceramic and hardwood floors, 5 1/4 wood trim on all levels, furnace '09, A/C '10, water heater '12, roof gutters '12, upper bath vanity top '13, not much left except for your personal belongs! Call today to view this great buy!

Key facts

• All brick
• Finished basement
• Walk in closet

Tags

• ALL BRICK
• FINISHED BASEMENT
• WALK IN CLOSET
• PRIVATE COURTYARD
• DETACHED GARAGE
• NEW ROOFS INSTALLED BY HOA

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee; Association fee $220 per month; Association provides landscaping, snow removal, grounds maintenance and management

Exterior

• Parking: Detached oversized garage; Additional asphalt parking
• Utilities: Public water; Public sewer; Electricity connected (100 amp service); Cable connected
• Home design: Two-story attached property; Built in 1978
• Construction: Brick exterior; Shingle roof; Finished full basement
• Exterior features: Private yard; Fenced yard; Deck; Patio; Neighborhood view

Interior

• Kitchen: Gas range; Dishwasher; Microwave; Refrigerator; Pantry
• Bedrooms: Primary bedroom; Two additional bedrooms; Office
• Flooring: Carpet
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fans
• Interior features: Ceiling fans; Walk-in closet(s); Pantry; Finished full basement
• Laundry & utility: Washer and dryer included; Washer hookup; Gas dryer hookup; Lower level laundry room; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $255k.

Deal economics

• At list price, monthly cash flow is $-30 ($-361/yr) — negative.
• To cash-flow at today's rent, offer at most $250k (2.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (12.1% below list).
• Recommended offer: $224k (12.1% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: 161 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $2k of loan paydown is wiped out by about $8k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 23y 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 $145k; list at $255k implies a 76% gain — meaningful room to come down on a strong offer.

Recommended offer $224,088 (12.1% 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. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 0.88% ✗
• Cap rate: 6.15%
• Cash-on-cash: -0.51%
• DSCR: 0.98
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -17.1%
• Equity multiple: 0.40×
• Total profit: $-43,164
• Equity at exit: $38,006

10-year hold

• IRR: -9.0%
• Equity multiple: 0.44×
• Total profit: $-39,821
• Equity at exit: $22,039

Cash invested: $71,372 (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: 161
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,241 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$137 /mo · $1,650/yr
• Insurance: −$106
• HOA: −$220
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $-30

Break-even live

Break-even rent $2,279

Max offer price $249,583

Occupancy floor 96%

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: $63,725
• Closing costs: $7,647
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2219 Teakwood Cir Highland, IN	2.0	2.0	1255	$2,420	$1.93	1d	5	0.98mi
842 Grand Haven Way Schererville, IN	2.0	2.0	1650	$2,500	$1.52	3d	1	1.06mi
2109 45th St Unit 101 1 Highland, IN	2.0	1.0	1269	$1,550	$1.22	15d	1	1.30mi
2109 45th St Highland, IN	2.0	1.0	1269	$1,550	$1.22	1d	1	1.31mi

HOA detail condo

• Monthly dues: $220 · $2,640/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-18
   days on market $254,900 Active 11 DOM
2. 2026-06-17
   days on market $254,900 Active 10 DOM
3. 2026-06-16
   days on market $254,900 Active 9 DOM
4. 2026-06-15
   days on market $254,900 Active 8 DOM
5. 2026-06-13
   days on market $254,900 Active 6 DOM
6. 2026-06-09
   days on market $254,900 Active 2 DOM
7. 2026-06-08
   remarks 699-char remark
8. 2026-06-08
   listed $254,900 Active 1 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: $1,650 · $137/mo
• Projected year-2 tax: $1,908 · $159/mo
• Expected delta: +$259/yr (+$22/mo · 15.7%)

ⓘ 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,891
• − Mortgage interest: −$14,278
• − Property taxes: −$1,650
• − Insurance: −$1,274
• − Repairs & maintenance: −$2,151
• − Management: −$2,151
• − HOA: −$2,640
• − Depreciation: −$7,415
• Taxable loss: −$4,670
• Est. tax savings @ 24.0%: +$1,121
• After-tax cash flow: $760/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

+118.0% since first listed

9 events — show timeline

• 2026-06-07 Listed $254,900 NIRA MLS as Distributed by MLS Grid
• 2014-10-15 Sold (MLS) $145,000 NIRA MLS as Distributed by MLS Grid
• 2014-07-02 Listed $149,900 NIRA MLS as Distributed by MLS Grid
• 2013-07-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2013-04-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2013-01-28 Listed $149,900 NIRA MLS as Distributed by MLS Grid
• 2012-05-03 Listed $149,000 NIRA MLS as Distributed by MLS Grid
• 2006-08-01 Listed $141,999 NIRA MLS as Distributed by MLS Grid
• 2003-01-06 Listed $116,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2024): $1,650 · +4.0% YoY. Source: county tax records.