6415 W 146th Pl · Cedar Lake, IN 46307

$199,000

3 bd · 1.5 ba · 1,392 sqft · SingleFamily public records · 40 Days on market

Built 1991 10,018 sqft lot Est $230k · 13% under

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Why this score? — see what drove the C 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 +19.3/30.0
• ARV discount +13.5/15.0
• DSCR +6.1/10.0
• Schools +5.0/10.0
• 1% rule +4.7/10.0
• Livability +3.2/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

6 keys with this property: 1 - 45-15-35-433-021.000-043 - 014, 015, 016, 017, 022. Making lot size 150x100. This house needs a lot of TLC, but is price for quick CASH only sale.

Key facts

• 0.23 acre lot
• 2 garage spots
• Built 1991

Property features AI

Finance

• Other: Vacant occupant status

Exterior

• Parking: Detached oversized garage; Garage faces front; 2 garage spaces
• Utilities: Well water; Public sewer
• Home design: Two-story home; Built in 1991
• Construction: Has unfinished basement
• Exterior features: Neighborhood view

Interior

• Kitchen: Dishwasher; Microwave
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Recessed lighting

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 $219 ($3k/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 $194k (2.6% below list).
• Recommended offer: $193k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.5% in Cedar Lake — 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 65/100 on livability (#354 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• 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.
• Market conditions: Rents rising (+2.5%/yr); 739 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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 40 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask is 14% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $45k; list at $199k implies a 342% gain — meaningful room to come down on a strong offer.

Recommended offer $193,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.97% ✗
• Cap rate: 7.61%
• Cash-on-cash: 4.72%
• DSCR: 1.21
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $229,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6415 W 146th Pl	0.00mi	3/2.0	1,392 (0%)	1mo	$175,000	$126	97
14606 Colfax Pl	0.05mi	3/2.0	1,412 (+1%)	12mo	$104,000	$74	84
14429 Hobart St	0.25mi	3/2.0	1,400 (+1%)	3mo	$280,000	$200	83
14526 Colfax Pl	0.10mi	3/1.0	1,237 (-11%)	11mo	$185,000	$150	66
14603 Morse St	0.44mi	3/2.5	1,527 (+10%)	2mo	$330,000	$216	58
7307 W 143rd Pl	0.65mi	3/1.5	1,490 (+7%)	1mo	$239,000	$160	57
14335 Morse St	0.55mi	3/1.0	1,319 (-5%)	10mo	$199,000	$151	55
14309 Sherman St	0.44mi	3/1.0	1,488 (+7%)	18mo	$245,000	$165	51
6810 W 141st Ave	0.72mi	3/2.0	1,536 (+10%)	13mo	$352,000	$229	36
7200 W 143rd Pl	0.63mi	3/1.0	1,532 (+10%)	20mo	$203,500	$133	36
14315 Sherman St	0.41mi	3/2.0	1,188 (-15%)	24mo	$265,000	$223	35
7316 W 143rd Pl	0.69mi	2/1.0 (-1)	1,196 (-14%)	13mo	$260,000	$217	26

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 · 2.53% rent growth · sell at horizon

5-year hold

• IRR: -9.5%
• Equity multiple: 0.66×
• Total profit: $-19,211
• Equity at exit: $29,672

10-year hold

• IRR: -0.7%
• Equity multiple: 0.96×
• Total profit: $-2,504
• 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 46307

• Rents YoY: 2.5%
• Active inventory: 739
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,938 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$186 /mo · $2,229/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $219

Break-even live

Break-even rent $1,661

Max offer price $199,000

Occupancy floor 84%

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 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14508 Colfax St unit S Cedar Lake, IN	3.0	2.0	1700	$1,800	$1.06	44d	1	0.12mi
14508 Colfax St Cedar Lake, IN	2.0	1.0	1600	$1,450	$0.91	44d	1	0.12mi

Listing history 7 events

1. 2026-05-11
   status Pending
2. 2026-04-14
   historical Active Under Contract
3. 2026-04-02
   price $199,000
4. 2026-04-01
   listed $175,000 Active
5. 2017-03-07
   soldstatus $45,000
6. 2017-02-10
   soldstatus $45,000 180-char remark

   Show marketing remark (180 chars)

   6 keys with this property: 1 - 45-15-35-433-021.000-043 - 014, 015, 016, 017, 022. Making lot size 150x100. This house needs a lot of TLC, but is price for quick CASH only sale.

7. 2016-12-06
   listed $46,530 180-char remark

   Show marketing remark (180 chars)

   6 keys with this property: 1 - 45-15-35-433-021.000-043 - 014, 015, 016, 017, 022. Making lot size 150x100. This house needs a lot of TLC, but is price for quick CASH only sale.

ⓘ 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: $2,229 · $186/mo
• Projected year-2 tax: $2,229 · $186/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 2/10 Low 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,261
• − Mortgage interest: −$11,147
• − Property taxes: −$2,229
• − Insurance: −$995
• − Repairs & maintenance: −$1,861
• − Management: −$1,861
• − Depreciation: −$5,789
• Taxable loss: −$621
• Est. tax savings @ 24.0%: +$149
• After-tax cash flow: $2,779/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: Crown Point Community School Corporation
• NCES district ID: 1802490
• Math proficiency: 51% ▼ -9.00%
• Reading proficiency: 61% ▼ -8.00%
• Median HH income: $69,148
• Composite: 49.55/100
• National rank: #1990
• State rank: #23 of 301 in IN

Livability — Cedar Lake

• Score: 65/100
• State rank: #354
• US rank: #13482

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cedar Lake, IN
• County: Lake County · 422,878 people
• City population: 17,680
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 71,673
• Household income: $107,800
• Rent vs Own: 12.0% rent · 88.0% own
• Severe rent burden: 705.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 12% Two or more races 10% Black 7% Asian 2%
• Hispanic origin (detail): Mexican 9% Puerto Rican 1%
• Common ancestry: Romanian 12% Iranian 3% Lithuanian 2%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 5% Russian/Polish/Slavic 3% 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: ▼ -164.91%
• Current HPI: 226.0335
• Rent YoY: ▲ 2.53%
• 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

+327.7% since first listed

7 events — show timeline

• 2026-05-11 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-14 Contingent — NIRA MLS as Distributed by MLS Grid
• 2026-04-02 Price Changed $199,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-01 Listed $175,000 NIRA MLS as Distributed by MLS Grid
• 2017-03-07 Sold (Public Records) $45,000 Public Records
• 2017-02-10 Sold (MLS) $45,000 NIRA MLS as Distributed by MLS Grid
• 2016-12-06 Listed $46,530 NIRA MLS as Distributed by MLS Grid

Property tax history

+12.7%/yr

Latest (2024): $2,229 · +6.9% YoY. Source: county tax records.