13065 Carolina St

Crown Point, IN 46307

$323,413F

3 bd · 2.5 ba · 1,607 sqft · Built 2026 · Townhouse · Active · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,314/mo
• Mortgage (P&I): −$2,169
• Tax + insurance: −$689
• HOA: −$138
• Vac / Maint / Mgmt: −$486
• Net cashflow: $-1,168/mo
• Annual: $-14,012/yr
• Cap rate: 2.90%
• Cash-on-cash: -12.10%
• DSCR: 0.46
• 1% rule: 0.56%
• Cash to close: $115,794

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $323k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (24.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (28.4% below list).
• It's been on market 71 days — a 6% lower offer ($304k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $231k (28.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#45 in IN, #3,244 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety D-.
• Crown Point Community School Corporation (suburban): math 51% / reading 61% proficiency, ranked #23 of 301 in IN (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Dwight D Eisenhower Elem School (math 72% / reading 65%, grade B+, #47 of 994 statewide, top 5%, 644 students, 20% FRL); Robert Taft Middle School (math 37% / reading 57%, grade D+, #65 of 330 statewide, top 21%, 1,091 students, 23% FRL); Crown Point High School (math 51% / reading 80%, grade B, #29 of 369 statewide, top 8%, 2,948 students, 22% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: Rents rising (+2.5%/yr); 984 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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.
• Cap rate 2.9% vs local median 3.7% in Crown Point — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• 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?
• It's been on market 71 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.