3733 Schneider St · Lake Station, IN 46405

$75,000

3 bd · 1.0 ba · 660 sqft · SingleFamily public records · 139 Days on market

Built 1939 9,147 sqft lot $114/sqft · 49% below area Est $146k · 49% under

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special for this ranch with a full basement priced BELOW tax assessed value. Light rehab and cleanout will make this a great income producing property, flip or home for you to live in. Close to parks, school, and shopping. Easy access to express way for fast commuting. Property must close on same day as 4401 Taft St. in Gary, also for sale.

Key facts

• Close to parks
• Close to school
• Newer furnace

Tags

• FULL BASEMENT
• NEWER FURNACE
• NEWER ROOF
• CLOSE TO PARKS
• CLOSE TO SCHOOL
• CLOSE TO SHOPPING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $535 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.9% vs local median 6.5% in Lake Station — 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 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.
• Lake Station Community Schools (suburban): math 16% / reading 24% proficiency, ranked #278 of 301 in IN (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Virgil I Bailey Elementary School (math 27% / reading 17%, grade F, #790 of 994 statewide, top 81%, 270 students, 84% FRL); Thomas A Edison Jr-Sr Hs (math 7% / reading 24%, grade F, #355 of 369 statewide, top 96%, 616 students, 76% FRL).
• Market conditions: 59 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $519 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $56k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 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 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.91% ✓
• Cap rate: 14.85%
• Cash-on-cash: 30.57%
• DSCR: 2.36
• GRM: 4.4

CMA / ARV

• ARV (median comp): $146,026
• List price: $75,000
• Delta: -100.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2477 Union St	0.41mi	2/1.5 (-1)	720 (+9%)	10mo	$165,000	$229	51
2439 Wayne St	0.74mi	2/1.0 (-1)	684 (+4%)	16mo	$142,000	$208	41
2584 Orange St	0.59mi	2/1.0 (-1)	753 (+14%)	13mo	$33,000	$44	33
2476 Warrick St	0.67mi	2/2.0 (-1)	750 (+14%)	10mo	$190,000	$253	29
2566 Newton St	0.63mi	2/1.0 (-1)	756 (+14%)	20mo	$118,800	$157	25

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.3%
• Equity multiple: 2.05×
• Total profit: $21,987
• Equity at exit: $11,183

10-year hold

• IRR: 33.1%
• Equity multiple: 4.01×
• Total profit: $63,298
• Equity at exit: $6,485

Cash invested: $21,000 (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 46405

• Home prices YoY: -7.5%
• Active inventory: 59
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,431 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$171 /mo · $2,056/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $535

Break-even live

Break-even rent $754

Max offer price $75,000

Occupancy floor 58%

Sensitivity live

Price	-10% $577	-5% $556	+0% $535	+5% $514	+10% $492
Rent	-10% $422	-5% $478	+0% $535	+5% $591	+10% $648
Rate	-1.0pp $573	-0.5pp $554	base $535	+0.5pp $516	+1.0pp $496

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5260 Mulberry Ave Portage, IN	2.0	1.0	700	$1,200	$1.71	5d	1	1.38mi
5266 Mulberry Ave Unit A7 Portage, IN	2.0	1.0	700	$1,200	$1.71	7d	1	1.40mi

Listing history 8 events

1. 2026-05-15
   historical
2. 2026-04-10
   listed Active
3. 2026-03-26
   status Pending 351-char remark

   Show marketing remark (351 chars)

   Investor special for this ranch with a full basement priced BELOW tax assessed value. Light rehab and cleanout will make this a great income producing property, flip or home for you to live in. Close to parks, school, and shopping. Easy access to express way for fast commuting. Property must close on same day as 4401 Taft St. in Gary, also for sale.

4. 2025-12-30
   status Active 351-char remark

   Show marketing remark (351 chars)

   Investor special for this ranch with a full basement priced BELOW tax assessed value. Light rehab and cleanout will make this a great income producing property, flip or home for you to live in. Close to parks, school, and shopping. Easy access to express way for fast commuting. Property must close on same day as 4401 Taft St. in Gary, also for sale.

5. 2025-11-22
   status Pending 351-char remark

   Show marketing remark (351 chars)

   Investor special for this ranch with a full basement priced BELOW tax assessed value. Light rehab and cleanout will make this a great income producing property, flip or home for you to live in. Close to parks, school, and shopping. Easy access to express way for fast commuting. Property must close on same day as 4401 Taft St. in Gary, also for sale.

6. 2025-09-29
   listed $75,000 Active 351-char remark

   Show marketing remark (351 chars)

   Investor special for this ranch with a full basement priced BELOW tax assessed value. Light rehab and cleanout will make this a great income producing property, flip or home for you to live in. Close to parks, school, and shopping. Easy access to express way for fast commuting. Property must close on same day as 4401 Taft St. in Gary, also for sale.

7. 2020-11-30
   soldstatus $56,000
8. 2020-10-31
   listed $61,500

ⓘ 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: $2,056 · $171/mo
• Projected year-2 tax: $2,056 · $171/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 6/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,178
• − Mortgage interest: −$4,201
• − Property taxes: −$2,056
• − Insurance: −$375
• − Repairs & maintenance: −$1,374
• − Management: −$1,374
• − Depreciation: −$2,182
• Taxable income: $5,615
• Est. tax owed @ 24.0%: −$1,348
• After-tax cash flow: $5,072/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 Station Community Schools
• NCES district ID: 1802910
• Math proficiency: 16% ▼ -14.00%
• Reading proficiency: 24% ▼ -15.00%
• Median HH income: $41,406
• Composite: 17.06/100
• National rank: #9123
• State rank: #278 of 301 in IN

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 · 422,878 people
• City population: 12,184
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 12,184
• Household income: $60,881
• Rent vs Own: 24.7% rent · 75.3% own
• Severe rent burden: 216.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 28% Two or more races 18% Black 2%
• Hispanic origin (detail): Mexican 23% Puerto Rican 3%
• Common ancestry: Romanian 4% German 4% Slovak 4%
• Foreign-born: 8% · Canada
• Languages at home: 83% English-only · Spanish 15% Other Indo-European 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: ▼ -23.48%
• Current HPI: 289.0285
• 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

+22.0% since first listed

8 events — show timeline

• 2026-05-15 Listing Removed — MRED as Distributed by MLS Grid
• 2026-04-10 Listed — MRED as Distributed by MLS Grid
• 2026-03-26 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-12-30 Relisted — NIRA MLS as Distributed by MLS Grid
• 2025-11-22 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-09-29 Listed $75,000 NIRA MLS as Distributed by MLS Grid
• 2020-11-30 Sold (MLS) $56,000 NIRA MLS as Distributed by MLS Grid
• 2020-10-31 Listed $61,500 NIRA MLS as Distributed by MLS Grid

Property tax history

+26.4%/yr

Latest (2024): $2,056 · +3.4% YoY. Source: county tax records.