The Hampton Plan · Lake Station, IN 46342

$92,500

3 bd · 2.0 ba · 1,153 sqft · Manufactured · 712 Days on market

Manufactured home Excellent 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
• Condition / age +4.8/5.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Appreciation +2.5/10.0
• Schools +2.5/10.0
• 1% rule +0.1/10.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• Manufactured-home adj. -2.0

Listing remarks MLS

Welcome home to this brand new beautiful uptown style home. . from the moment you walk in you will fall in love. .. . The kitchen boasts and amazing island that seats five and leaving plenty of space for a full size kitchen table. .. . The open concept living room is great so you never miss a family moment. The master bedroom is located at one end of the home for complete privacy with walk in closet and full bathroom. .. with optional bathtub or standup shower. The other two bedrooms are located at the other end of the home and adjacent to the second full bathroom. This home is fully customizable to your dream home desires.

Key facts

• Full bathroom
• Walk in closet
• Listed 711 days

Tags

• WALK IN CLOSET
• FULL BATHROOM

🏗️ New construction. The $92,500 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $214,115.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $92k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $30k (67.1% below list).
• Meets the 1% rule at list price ($1k rent vs $92k).
• Recommended offer: $30k (67.1% below list) — sets the bar for cash-flow.
• Cap rate -0.8% 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 $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 712 days — a 12% lower offer ($81k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; HOA is 60% of rent.

Recommended offer $30,471 (67.1% 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. It's been on market 712 days. Have you received any prior offers? Is the seller open to a 67% 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: 0.51% ✗
• Cap rate: -0.82%
• Cash-on-cash: -25.40%
• DSCR: -0.13
• GRM: 16.4

CMA / ARV

• ARV (median comp): $214,115
• List price: $92,500
• Delta: -56.80%
• 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
1001 W 39th Ave	0.46mi	3/2.0	1,188 (+3%)	0mo	$275,000	$231	73
1301 E 34th Ave	0.43mi	3/1.0	1,120 (-3%)	1mo	$174,900	$156	70
1350 E 34th Ave	0.47mi	3/1.0	1,073 (-7%)	1mo	$115,000	$107	62
125 N Wisconsin St	0.88mi	3/1.0	1,170 (+2%)	1mo	$225,000	$192	58
297 Fox Trail Ct	0.70mi	2/1.5 (-1)	1,198 (+4%)	1mo	$240,000	$200	53
2834 W 38th Ave	1.47mi	3/1.0	1,225 (+6%)	1mo	$189,900	$155	50
4124 Liverpool Rd	1.34mi	3/2.0	1,260 (+9%)	1mo	$247,000	$196	49
27 N Connecticut St	0.99mi	3/1.0	1,056 (-8%)	1mo	$228,750	$217	46
920 W Old Ridge Rd	0.85mi	3/1.0	1,023 (-11%)	1mo	$205,000	$200	42
1034 E Cleveland Ave	1.48mi	3/1.0	1,312 (+14%)	1mo	$192,500	$147	37
80 Lukes Ct	0.74mi	2/2.5 (-1)	1,418 (+23%)	0mo	$252,500	$178	33
16 Beverly Blvd	0.99mi	2/1.0 (-1)	868 (-25%)	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: -68.0%
• Equity multiple: -0.87×
• Total profit: $-112,152
• Equity at exit: $31,925

10-year hold

• IRR: —
• Equity multiple: -2.12×
• Total profit: $-187,241
• Equity at exit: $18,513

Cash invested: $59,952 (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: +357.3% 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: 7.1×

Monthly cashflow live

• Estimated rent: $1,089 high
• Mortgage (P&I): −$1,123
• Tax est. 1.5%: −$268 /mo · $3,212/yr
• Insurance: −$89
• HOA: −$650
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $-1,269

Break-even live

Break-even rent $2,696

Max offer price $30,471

Occupancy floor —

Sensitivity live

Price	-10% $-1,121	-5% $-1,195	+0% $-1,269	+5% $-1,343	+10% $-1,417
Rent	-10% $-1,355	-5% $-1,312	+0% $-1,269	+5% $-1,226	+10% $-1,183
Rate	-1.0pp $-1,161	-0.5pp $-1,215	base $-1,269	+0.5pp $-1,325	+1.0pp $-1,381

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: $53,529
• Closing costs: $6,423
• 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 $92,500 Active 712 DOM
2. 2026-11-07
   days on market $92,500 Active 711 DOM
3. 2026-11-06
   days on market $92,500 Active 710 DOM
4. 2026-11-05
   days on market $92,500 Active 709 DOM
5. 2026-11-04
   days on market $92,500 Active 708 DOM
6. 2026-11-02
   days on market $92,500 Active 706 DOM
7. 2026-11-01
   days on market $92,500 Active 705 DOM
8. 2026-10-31
   days on market $92,500 Active 704 DOM
9. 2026-10-30
   days on market $92,500 Active 703 DOM
10. 2026-10-29
    days on market $92,500 Active 702 DOM
11. 2026-10-28
    days on market $92,500 Active 701 DOM
12. 2026-10-27
    days on market $92,500 Active 700 DOM
13. 2026-10-26
    days on market $92,500 Active 699 DOM
14. 2026-10-25
    days on market $92,500 Active 698 DOM
15. 2026-10-24
    days on market $92,500 Active 697 DOM
16. 2026-10-23
    days on market $92,500 Active 696 DOM
17. 2026-10-22
    days on market $92,500 Active 695 DOM
18. 2026-10-21
    days on market $92,500 Active 694 DOM
19. 2026-10-20
    days on market $92,500 Active 693 DOM
20. 2026-10-19
    days on market $92,500 Active 692 DOM
21. 2026-10-18
    days on market $92,500 Active 691 DOM
22. 2026-10-17
    days on market $92,500 Active 690 DOM
23. 2026-10-16
    days on market $92,500 Active 689 DOM
24. 2026-10-15
    days on market $92,500 Active 688 DOM
25. 2026-10-14
    days on market $92,500 Active 687 DOM
26. 2026-10-13
    days on market $92,500 Active 686 DOM
27. 2026-10-12
    days on market $92,500 Active 685 DOM
28. 2026-10-11
    days on market $92,500 Active 684 DOM
29. 2026-10-10
    days on market $92,500 Active 683 DOM
30. 2026-10-09
    days on market $92,500 Active 682 DOM
31. 2026-10-08
    days on market $92,500 Active 681 DOM
32. 2026-10-07
    days on market $92,500 Active 680 DOM
33. 2026-10-06
    days on market $92,500 Active 679 DOM
34. 2026-10-05
    days on market $92,500 Active 678 DOM
35. 2026-10-04
    days on market $92,500 Active 677 DOM
36. 2026-10-03
    days on market $92,500 Active 676 DOM
37. 2026-10-02
    days on market $92,500 Active 675 DOM
38. 2026-10-01
    days on market $92,500 Active 674 DOM
39. 2026-09-30
    days on market $92,500 Active 673 DOM
40. 2026-09-29
    days on market $92,500 Active 672 DOM
41. 2026-09-28
    days on market $92,500 Active 671 DOM
42. 2026-09-27
    days on market $92,500 Active 670 DOM
43. 2026-09-26
    days on market $92,500 Active 669 DOM
44. 2026-09-25
    days on market $92,500 Active 668 DOM
45. 2026-09-24
    days on market $92,500 Active 667 DOM
46. 2026-09-23
    days on market $92,500 Active 666 DOM
47. 2026-09-22
    days on market $92,500 Active 665 DOM
48. 2026-09-21
    days on market $92,500 Active 664 DOM
49. 2026-09-20
    days on market $92,500 Active 663 DOM
50. 2026-09-19
    days on market $92,500 Active 662 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: $13,072
• − Mortgage interest: −$11,994
• − Property taxes: −$3,212
• − Insurance: −$1,071
• − Repairs & maintenance: −$1,046
• − Management: −$1,046
• − HOA: −$7,800
• − Depreciation: −$6,229
• Taxable loss: −$19,324
• Est. tax savings @ 24.0%: +$4,638
• After-tax cash flow: $-10,592/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 · 6 photos

Excellent 95/100 None rehab

This home is in excellent condition with a modern kitchen, two bathrooms, and hardwood floors. It is move-in ready and has the potential for further value increases through minor updates.

Value-add opportunities

• Both Painting the interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Updating the flooring — Replacing worn-out flooring can improve the home's overall appearance and functionality. ↑
• Both Upgrading the kitchen appliances — Modernizing the kitchen appliances can increase the home's value and appeal to potential buyers/renters. ↑
• Both Adding smart home features — Integrating smart home technology can enhance the home's functionality and appeal to tech-savvy buyers/renters. ↑

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

+15.6% since first listed

4 events — show timeline

• 2025-12-02 Price Changed $92,500 Zillow
• 2025-04-04 Price Changed $85,750 Zillow
• 2025-03-22 Price Changed $82,500 Zillow
• 2024-11-26 Listed $79,999 Zillow