322 Burnham St · Lowell, IN 46356

$200,000

5 bd · 2.0 ba · 3,520 sqft · MultiFamily public records · 138 Days on market

Built 1905 0.51 ac lot $57/sqft · 56% below area

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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 +17.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• 1% rule +5.2/10.0
• Schools +4.5/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Spacious Home For Sale In Lowell * 6 Bedroom 3 Bath * Large Living Room * Separate Dining Area * 5 Bedrooms * Full Bath * Laundry Room * This Home Also Has An Attached Related Living Suite * * * This Suite Has A Living Room * Bedroom * Kitchen * Full Bath * And An Extra Room That Serves As Den Or Office * * Suite Has Separate Entrance and It's Own Meters * Schedule Your Showing Today * Please See Agent Remarks For Offer Submission Instructions *

Key facts

• Laundry room
• Extra room
• Large living room

Tags

• LARGE LIVING ROOM
• SEPARATE DINING AREA
• LAUNDRY ROOM
• ATTACHED RELATED LIVING SUITE
• FULL BATH
• EXTRA ROOM

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 3.8% in Lowell — 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 76/100 on livability (#51 in IN, #3,455 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Tri-Creek School Corporation (town): math 46% / reading 56% proficiency, ranked #39 of 301 in IN (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Oak Hill Elementary School (math 69% / reading 54%, grade B, #117 of 994 statewide, top 12%, 563 students, 30% FRL); Lowell Middle School (math 36% / reading 54%, grade D, #81 of 330 statewide, top 25%, 742 students, 33% FRL); Lowell Senior High School (math 31% / reading 75%, grade C-, #99 of 369 statewide, top 27%, 1,033 students, 29% FRL).
• Market conditions: 351 active listings in the ZIP; 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 138 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 28y ago; this cycle's ask has dropped $50k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $176,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.02% ✓
• Cap rate: 7.16%
• Cash-on-cash: 3.11%
• DSCR: 1.14
• GRM: 8.1

CMA / ARV

• ARV (median comp): $452,392
• List price: $200,000
• Delta: -55.79%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -11.3%
• Equity multiple: 0.59×
• Total profit: $-23,078
• Equity at exit: $29,821

10-year hold

• IRR: -2.1%
• Equity multiple: 0.86×
• Total profit: $-7,843
• Equity at exit: $17,292

Cash invested: $56,000 (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 46356

• Home prices YoY: -30.1%
• Active inventory: 351
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,047 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$340 /mo · $4,074/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $145

Break-even live

Break-even rent $1,863

Max offer price $200,000

Occupancy floor 88%

Sensitivity live

Price	-10% $258	-5% $202	+0% $145	+5% $89	+10% $32
Rent	-10% $-17	-5% $64	+0% $145	+5% $226	+10% $307
Rate	-1.0pp $246	-0.5pp $196	base $145	+0.5pp $93	+1.0pp $41

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 38 events

1. 2026-06-21
   days on market $200,000 Active 138 DOM
2. 2026-06-18
   days on market $200,000 Active 135 DOM
3. 2026-06-17
   days on market $200,000 Active 134 DOM
4. 2026-06-16
   days on market $200,000 Active 133 DOM
5. 2026-06-15
   days on market $200,000 Active 132 DOM
6. 2026-06-13
   days on market $200,000 Active 130 DOM
7. 2026-06-09
   days on market $200,000 Active 126 DOM
8. 2026-06-08
   days on market $200,000 Active 125 DOM
9. 2026-06-07
   days on market $200,000 Active 124 DOM
10. 2026-06-04
    days on market $200,000 Active 121 DOM
11. 2026-06-03
    days on market $200,000 Active 120 DOM
12. 2026-06-02
    days on market $200,000 Active 119 DOM
13. 2026-06-01
    days on market $200,000 Active 118 DOM
14. 2026-05-31
    days on market $200,000 Active 117 DOM
15. 2026-05-13
    price $200,000 490-char remark

    Show marketing remark (490 chars)

    Spacious Home For Sale In Lowell * 6 Bedroom 3 Bath * Large Living Room * Separate Dining Area * 5 Bedrooms * Full Bath * Laundry Room * This Home Also Has An Attached Related Living Suite * * * This Suite Has A Living Room * Bedroom * Kitchen * Full Bath * And An Extra Room That Serves As Den Or Office * * Suite Has Separate Entrance and It's Own Meters * Schedule Your Showing Today * Please See Agent Remarks For Offer Submission Instructions *

16. 2026-04-15
    price $210,000 490-char remark

    Show marketing remark (490 chars)

    Spacious Home For Sale In Lowell * 6 Bedroom 3 Bath * Large Living Room * Separate Dining Area * 5 Bedrooms * Full Bath * Laundry Room * This Home Also Has An Attached Related Living Suite * * * This Suite Has A Living Room * Bedroom * Kitchen * Full Bath * And An Extra Room That Serves As Den Or Office * * Suite Has Separate Entrance and It's Own Meters * Schedule Your Showing Today * Please See Agent Remarks For Offer Submission Instructions *

17. 2026-03-16
    price $240,000 490-char remark

    Show marketing remark (490 chars)

    Spacious Home For Sale In Lowell * 6 Bedroom 3 Bath * Large Living Room * Separate Dining Area * 5 Bedrooms * Full Bath * Laundry Room * This Home Also Has An Attached Related Living Suite * * * This Suite Has A Living Room * Bedroom * Kitchen * Full Bath * And An Extra Room That Serves As Den Or Office * * Suite Has Separate Entrance and It's Own Meters * Schedule Your Showing Today * Please See Agent Remarks For Offer Submission Instructions *

18. 2026-02-03
    listed $250,000 Active 490-char remark

    Show marketing remark (490 chars)

    Spacious Home For Sale In Lowell * 6 Bedroom 3 Bath * Large Living Room * Separate Dining Area * 5 Bedrooms * Full Bath * Laundry Room * This Home Also Has An Attached Related Living Suite * * * This Suite Has A Living Room * Bedroom * Kitchen * Full Bath * And An Extra Room That Serves As Den Or Office * * Suite Has Separate Entrance and It's Own Meters * Schedule Your Showing Today * Please See Agent Remarks For Offer Submission Instructions *

19. 2022-01-13
    soldstatus $260,000 Closed 947-char remark

    Show marketing remark (947 chars)

    This beautiful and SPACIOUS home in Lowell is ready for its new owners! This home boasts over 3600 square feet of finished living space, 7 bedrooms, and 3 bathrooms. This home sits on a half acre corner lot, and upon arriving, this home really catches attention. Enter the home and be greeted by vaulted ceilings and beautiful wood beams in the spacious living room. The main floor is complete with a formal dining room, a big kitchen, 4 bedrooms, a full bathroom, a bonus room/office, and a finished laundry room. The master bedroom is tucked away upstairs with its own full bathroom and a balcony to enjoy the views of nature. This home also offers an attached related living suite! The suite has 2 bedrooms, a living room, kitchen, and 3/4 bathroom. The suite has a separate entrance and it's own meter so it can easily be turned into a rental to bring in monthly income! The seller is also offering a 1-year HWA home warranty to the new buyer!

20. 2021-12-04
    status Pending 947-char remark

    Show marketing remark (947 chars)

    This beautiful and SPACIOUS home in Lowell is ready for its new owners! This home boasts over 3600 square feet of finished living space, 7 bedrooms, and 3 bathrooms. This home sits on a half acre corner lot, and upon arriving, this home really catches attention. Enter the home and be greeted by vaulted ceilings and beautiful wood beams in the spacious living room. The main floor is complete with a formal dining room, a big kitchen, 4 bedrooms, a full bathroom, a bonus room/office, and a finished laundry room. The master bedroom is tucked away upstairs with its own full bathroom and a balcony to enjoy the views of nature. This home also offers an attached related living suite! The suite has 2 bedrooms, a living room, kitchen, and 3/4 bathroom. The suite has a separate entrance and it's own meter so it can easily be turned into a rental to bring in monthly income! The seller is also offering a 1-year HWA home warranty to the new buyer!

21. 2021-11-29
    price $299,900 947-char remark

    Show marketing remark (947 chars)

    This beautiful and SPACIOUS home in Lowell is ready for its new owners! This home boasts over 3600 square feet of finished living space, 7 bedrooms, and 3 bathrooms. This home sits on a half acre corner lot, and upon arriving, this home really catches attention. Enter the home and be greeted by vaulted ceilings and beautiful wood beams in the spacious living room. The main floor is complete with a formal dining room, a big kitchen, 4 bedrooms, a full bathroom, a bonus room/office, and a finished laundry room. The master bedroom is tucked away upstairs with its own full bathroom and a balcony to enjoy the views of nature. This home also offers an attached related living suite! The suite has 2 bedrooms, a living room, kitchen, and 3/4 bathroom. The suite has a separate entrance and it's own meter so it can easily be turned into a rental to bring in monthly income! The seller is also offering a 1-year HWA home warranty to the new buyer!

22. 2021-11-08
    price $309,900 947-char remark

    Show marketing remark (947 chars)

    This beautiful and SPACIOUS home in Lowell is ready for its new owners! This home boasts over 3600 square feet of finished living space, 7 bedrooms, and 3 bathrooms. This home sits on a half acre corner lot, and upon arriving, this home really catches attention. Enter the home and be greeted by vaulted ceilings and beautiful wood beams in the spacious living room. The main floor is complete with a formal dining room, a big kitchen, 4 bedrooms, a full bathroom, a bonus room/office, and a finished laundry room. The master bedroom is tucked away upstairs with its own full bathroom and a balcony to enjoy the views of nature. This home also offers an attached related living suite! The suite has 2 bedrooms, a living room, kitchen, and 3/4 bathroom. The suite has a separate entrance and it's own meter so it can easily be turned into a rental to bring in monthly income! The seller is also offering a 1-year HWA home warranty to the new buyer!

23. 2021-10-26
    listed $324,900 Active 947-char remark

    Show marketing remark (947 chars)

    This beautiful and SPACIOUS home in Lowell is ready for its new owners! This home boasts over 3600 square feet of finished living space, 7 bedrooms, and 3 bathrooms. This home sits on a half acre corner lot, and upon arriving, this home really catches attention. Enter the home and be greeted by vaulted ceilings and beautiful wood beams in the spacious living room. The main floor is complete with a formal dining room, a big kitchen, 4 bedrooms, a full bathroom, a bonus room/office, and a finished laundry room. The master bedroom is tucked away upstairs with its own full bathroom and a balcony to enjoy the views of nature. This home also offers an attached related living suite! The suite has 2 bedrooms, a living room, kitchen, and 3/4 bathroom. The suite has a separate entrance and it's own meter so it can easily be turned into a rental to bring in monthly income! The seller is also offering a 1-year HWA home warranty to the new buyer!

24. 2019-10-11
    soldstatus $185,000
25. 2019-07-07
    listed $194,500
26. 2018-12-04
    historical
27. 2018-08-13
    listed $214,900
28. 2012-08-31
    historical
29. 2012-06-02
    historical
30. 2012-05-29
    listed $179,900
31. 2011-07-13
    historical
32. 2011-05-31
    listed $184,900
33. 2010-07-12
    listed $184,900
34. 2007-04-05
    listed $189,900
35. 2007-03-18
    historical
36. 2006-09-17
    listed $189,900
37. 1998-12-01
    historical
38. 1998-06-02
    listed $169,900

ⓘ 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: $4,074 · $340/mo
• Projected year-2 tax: $4,074 · $340/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,559
• − Mortgage interest: −$11,203
• − Property taxes: −$4,074
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,965
• − Management: −$1,965
• − Depreciation: −$5,818
• Taxable loss: −$1,466
• Est. tax savings @ 24.0%: +$352
• After-tax cash flow: $2,094/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: Tri-Creek School Corporation
• NCES district ID: 1811460
• Math proficiency: 46% ▼ -8.00%
• Reading proficiency: 56% ▼ -5.00%
• Median HH income: $64,614
• Composite: 44.97/100
• National rank: #2704
• State rank: #39 of 301 in IN

Livability — Lowell

• Score: 76/100
• State rank: #51
• US rank: #3455

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lowell, IN
• City population: 19,396
• Population (ZIP): 19,396

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 16% Iranian 10% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4% Russian/Polish/Slavic 1%

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: ▼ -110.73%
• Current HPI: 256.6224
• Rent YoY: —
• Metro: —
• 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

+17.7% since first listed

24 events — show timeline

• 2026-05-13 Price Changed $200,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-15 Price Changed $210,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-16 Price Changed $240,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-03 Listed $250,000 NIRA MLS as Distributed by MLS Grid
• 2022-01-13 Sold (MLS) $260,000 NIRA MLS as Distributed by MLS Grid
• 2021-12-04 Pending — NIRA MLS as Distributed by MLS Grid
• 2021-11-29 Price Changed $299,900 NIRA MLS as Distributed by MLS Grid
• 2021-11-08 Price Changed $309,900 NIRA MLS as Distributed by MLS Grid
• 2021-10-26 Listed $324,900 NIRA MLS as Distributed by MLS Grid
• 2019-10-11 Sold (MLS) $185,000 NIRA MLS as Distributed by MLS Grid
• 2019-07-07 Listed $194,500 NIRA MLS as Distributed by MLS Grid
• 2018-12-04 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2018-08-13 Listed $214,900 NIRA MLS as Distributed by MLS Grid
• 2012-08-31 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-06-02 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-05-29 Listed $179,900 NIRA MLS as Distributed by MLS Grid
• 2011-07-13 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-05-31 Listed $184,900 NIRA MLS as Distributed by MLS Grid
• 2010-07-12 Listed $184,900 NIRA MLS as Distributed by MLS Grid
• 2007-04-05 Listed $189,900 NIRA MLS as Distributed by MLS Grid
• 2007-03-18 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-09-17 Listed $189,900 NIRA MLS as Distributed by MLS Grid
• 1998-12-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 1998-06-02 Listed $169,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.6%/yr

Latest (2024): $4,074 · +6.6% YoY. Source: county tax records.