3315 Edison St · Lake Station, IN 46405

$199,000

3 bd · 1.5 ba · 1,820 sqft · SingleFamily public records · 2 Days on market

Built 1948 7,623 sqft lot Est $202k · at est.

---

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 +17.9/30.0
• ARV discount +8.2/15.0
• DSCR +5.6/10.0
• 1% rule +3.9/10.0
• 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

New Year, new project! This 3 bedroom, 1 bath Cape Cod style home has loads of potential, but needs plenty of work to get there. Home is situated on a corner lot and features a deck, unfinished basement and fireplace. HUD owned property sold as-is. HUD case# 151-900118, UI. Buyer is responsible for utility activation for any inspections or appraisals. Plumbing did not hold pressure during winterization and seller will not allow water to be turned on. HUD is not permitted to give keys out at closing. Buyer shall arrange to have home re-keyed after closing.

Key facts

• Flex space
• Walk-out basement
• Updated kitchen

Tags

• WALK-OUT BASEMENT
• TRANQUIL BACKYARD VIEWS
• UPDATED KITCHEN
• ORIGINAL HARDWOOD FLOORING
• FLEX SPACE
• ROUGH IN FOR A 2ND BATHROOM

Property features AI

Exterior

• Parking: Off-street parking with additional parking available
• Utilities: Electricity connected; Public water; Public sewer; Natural gas connected
• Home design: One-and-one-half story vinyl-sided home; Built in 1948
• Construction: Vinyl siding; Has a basement (full, partially finished with walk-out access, interior entry, bath stubbed, storage space)
• Exterior features: Deck; Fenced backyard; Shed(s); Trees/woods view

Interior

• Kitchen: Range; Microwave; Refrigerator
• Bedrooms: Primary bedroom; Three additional bedrooms
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Recessed lighting; Living room fireplace (wood burning)
• Laundry & utility: Laundry room with washer and dryer hookups (electric and gas dryer hookups); Utility sink; Washer and dryer included; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $169 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (11.2% below list).
• Recommended offer: $177k (11.2% below list) — sets the bar for 1% rule.

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; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 35% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y 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 $42k; list at $199k implies a 374% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,668 (11.2% below list)

Questions for the listing agent

1. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.89% ✗
• Cap rate: 7.31%
• Cash-on-cash: 3.63%
• DSCR: 1.16
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $202,020
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3301 Parkside Ave	0.29mi	3/2.0	1,764 (-3%)	8mo	$282,000	$160	73
3550 Old Hobart Rd	0.25mi	3/1.5	1,900 (+4%)	13mo	$237,555	$125	70
3125 Old Hobart Rd	0.44mi	4/1.5 (+1)	1,840 (+1%)	5mo	$181,000	$98	68
2130 Parke St	0.53mi	3/2.0	1,854 (+2%)	7mo	$205,000	$111	65
4265 E 28th Ave	0.67mi	3/2.0	1,840 (+1%)	6mo	$155,000	$84	60
3540 Old Hobart Rd	0.30mi	4/3.0 (+1)	1,934 (+6%)	10mo	$270,000	$140	56
2282 Orange St	0.40mi	3/1.5	1,656 (-9%)	14mo	$150,000	$91	55
3030 E 22nd Ave	0.48mi	3/1.0	1,558 (-14%)	13mo	$199,900	$128	41
2313 E 27 Ave	0.68mi	3/1.0	1,996 (+10%)	15mo	$145,000	$73	38
2713 Union St	0.66mi	3/1.5	2,076 (+14%)	16mo	$190,000	$92	33
4268 E 27th Ln	0.63mi	3/2.0	2,088 (+15%)	14mo	$215,000	$103	32
2984 Miami St	0.75mi	4/2.0 (+1)	2,088 (+15%)	14mo	$269,999	$129	22

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: -10.6%
• Equity multiple: 0.61×
• Total profit: $-21,578
• Equity at exit: $29,672

10-year hold

• IRR: -1.4%
• Equity multiple: 0.91×
• Total profit: $-5,231
• Equity at exit: $17,206

Cash invested: $55,720 (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: 9.4×

Monthly cashflow live

• Estimated rent: $1,767 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$101 /mo · $1,208/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $169

Break-even live

Break-even rent $1,553

Max offer price $199,000

Occupancy floor 85%

Sensitivity live

Price	-10% $281	-5% $225	+0% $169	+5% $112	+10% $56
Rent	-10% $29	-5% $99	+0% $169	+5% $238	+10% $308
Rate	-1.0pp $269	-0.5pp $219	base $169	+0.5pp $117	+1.0pp $64

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2701 Union St Lake Station, IN	3.0	2.0	1958	$1,700	$0.87	45d	1	0.66mi
2870 Vigo St Lake Station, IN	3.0	2.0	1446	$1,850	$1.28	45d	1	0.87mi
4546 Marquette Rd Lake Station, IN	3.0	2.0	1621	$1,800	$1.11	1d	1	0.91mi
5091 Central Ave Portage, IN	3.0	1.0	1644	$2,000	$1.22	0d	1	1.28mi

Listing history 2 events

1. 2026-06-21
   remarks 683-char remark
2. 2026-06-21
   listed $199,000 Active 2 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: $1,208 · $101/mo
• Projected year-2 tax: $1,450 · $121/mo
• Expected delta: +$242/yr (+$20/mo · 20.0%)

ⓘ 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: $21,200
• − Mortgage interest: −$11,147
• − Property taxes: −$1,208
• − Insurance: −$995
• − Repairs & maintenance: −$1,696
• − Management: −$1,696
• − Depreciation: −$5,789
• Taxable loss: −$1,331
• Est. tax savings @ 24.0%: +$319
• After-tax cash flow: $2,342/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

+99.2% since first listed

6 events — show timeline

• 2026-06-19 Listed $199,000 NIRA MLS as Distributed by MLS Grid
• 2018-05-23 Sold (MLS) $42,000 NIRA MLS as Distributed by MLS Grid
• 2017-12-22 Listed $55,000 NIRA MLS as Distributed by MLS Grid
• 2016-09-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-03-25 Listed $56,925 MIBOR as Distributed by MLS Grid
• 2007-03-19 Listed $99,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.4%/yr

Latest (2024): $1,208 · -4.8% YoY. Source: county tax records.