10425 Freedom Way · Cedar Lake, IN 46303

$260,000

3 bd · 2.0 ba · 1,529 sqft · Townhouse public records · 2 Days on market

Built 2020 1,742 sqft lot Est $266k · at est. $95/mo HOA · 4% of rent

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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 +15.8/30.0
• ARV discount +8.5/15.0
• DSCR +4.9/10.0
• Schools +4.5/10.0
• 1% rule +4.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

If you are looking for resort style living just minutes from the lake, look no further! This beautiful 3 bed 2 bath townhome is tastefully updated with luxury plank vinyl flooring, and ready for its new owners. Just a short walk to the clubhouse pool, pond, parks and walking trails. Schedule your showing today!

Key facts

• Resort style living
• Clubhouse pool
• Walking trails

Tags

• RESORT STYLE LIVING
• CLUBHOUSE POOL
• WALKING TRAILS

Property features AI

Finance

• Other: Property is vacant
• HOA & community: Homeowners association with a $95 monthly fee; HOA amenities include clubhouse, pool, playground, jogging path, snow removal, and grounds maintenance; HOA-managed by Real Manage

Exterior

• Parking: Garage with 1 parking space
• Utilities: Public water; Public sewer
• Home design: Attached property; Two-story home; Built in 2020
• Construction: Built in 2020
• Exterior features: No significant exterior features listed; No notable view

Interior

• Kitchen: Gas range; Microwave; Refrigerator; Stainless steel appliances
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Interior features: No additional interior features listed
• Laundry & utility: Dryer; Owned water softener

Heating & cooling

• Heating & cooling: Forced air heating (natural gas); Central air conditioning

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $260k.

Deal economics

• At list price, monthly cash flow is $121 ($1k/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 $233k (10.3% below list).
• Recommended offer: $233k (10.3% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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.
• Hanover Community School Corporation (suburban): math 49% / reading 53% proficiency, ranked #38 of 301 in IN (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Jane Ball Elementary School (math 62% / reading 52%, grade C+, #172 of 994 statewide, top 18%, 371 students, 31% FRL); Hanover Central Middle School (math 44% / reading 47%, grade D+, #79 of 330 statewide, top 24%, 650 students, 25% FRL); Hanover Central High School (math 47% / reading 72%, grade C+, #49 of 369 statewide, top 16%, 782 students, 22% FRL).
• Market conditions: 270 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 33% of the median local income ($84k/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 $2k of loan paydown is wiped out by about $8k 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.
• 5 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.

Recommended offer $233,282 (10.3% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.90% ✗
• Cap rate: 6.85%
• Cash-on-cash: 2.00%
• DSCR: 1.09
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $266,046
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10419 Imperial Pl	0.04mi	3/2.0	1,529 (0%)	2mo	$246,000	$161	96
13914 Flagstaff St	0.13mi	3/2.0	1,529 (0%)	0mo	$244,700	$160	94
10457 Richmond Ave	0.09mi	2/2.0 (-1)	1,596 (+4%)	0mo	$290,000	$182	83
13854 Flagstaff St	0.10mi	3/2.0	1,450 (-5%)	5mo	$235,000	$162	83
10224 Pickett Way	0.16mi	2/2.0 (-1)	1,549 (+1%)	6mo	$270,000	$174	81
13595 Freedom Way	0.29mi	2/2.0 (-1)	1,532 (+0%)	0mo	$293,000	$191	81
10332 Paramount Way	0.27mi	2/1.5 (-1)	1,529 (0%)	1mo	$224,999	$147	80
10421 Paramount Way	0.31mi	3/1.5	1,485 (-3%)	4mo	$228,000	$154	75
13665 Freedom Way	0.22mi	2/2.0 (-1)	1,632 (+7%)	5mo	$305,000	$187	69
14162 Magnolia St	0.59mi	2/2.5 (-1)	1,400 (-8%)	4mo	$258,500	$185	48
14130 Heritage Way	0.56mi	2/2.0 (-1)	1,726 (+13%)	0mo	$305,000	$177	47
9709 W 134th Pl	0.64mi	2/2.0 (-1)	1,723 (+13%)	2mo	$279,000	$162	42

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: -13.1%
• Equity multiple: 0.53×
• Total profit: $-34,426
• Equity at exit: $38,767

10-year hold

• IRR: -4.2%
• Equity multiple: 0.72×
• Total profit: $-20,086
• Equity at exit: $22,480

Cash invested: $72,800 (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 46303

• Active inventory: 270
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,333 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$155 /mo · $1,860/yr
• Insurance: −$108
• HOA: −$95
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $121

Break-even live

Break-even rent $2,179

Max offer price $260,000

Occupancy floor 90%

Sensitivity live

Price	-10% $268	-5% $195	+0% $121	+5% $48	+10% $-26
Rent	-10% $-63	-5% $29	+0% $121	+5% $213	+10% $305
Rate	-1.0pp $252	-0.5pp $187	base $121	+0.5pp $54	+1.0pp $-15

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14153 Magnolia St Cedar Lake, IN	2.0	1.5	1340	$2,500	$1.87	0d	1	0.58mi
9705 W 134th Pl Cedar Lake, IN	3.0	2.0	1656	$2,900	$1.75	17d	1	0.62mi
14347 Clover Ave Cedar Lake, IN	3.0	2.0	1475	$2,775	$1.88	26d	1	0.73mi
13135 Schneider St Cedar Lake, IN	2.0	1.0	1100	$1,395	$1.27	9d	1	0.88mi
14630 Euclid St Unit 1UNIT A Cedar Lake, IN	2.0	2.0	1400	$2,000	$1.43	0d	1	1.15mi

HOA detail

• Monthly dues: $95 · $1,140/yr
• Likely covers: pool

Listing history 2 events

1. 2026-06-21
   remarks 312-char remark
2. 2026-06-21
   listed $260,000 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: $1,860 · $155/mo
• Projected year-2 tax: $2,035 · $170/mo
• Expected delta: +$175/yr (+$15/mo · 9.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,994
• − Mortgage interest: −$14,564
• − Property taxes: −$1,860
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,240
• − Management: −$2,240
• − HOA: −$1,140
• − Depreciation: −$7,564
• Taxable loss: −$2,913
• Est. tax savings @ 24.0%: +$699
• After-tax cash flow: $2,153/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: Hanover Community School Corporation
• NCES district ID: 1804350
• Math proficiency: 49% ▼ -11.00%
• Reading proficiency: 53% ▼ -7.00%
• Median HH income: $68,151
• Composite: 45.34/100
• National rank: #2637
• State rank: #38 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): 17,680
• Household income: $84,211
• Rent vs Own: 13.5% rent · 86.5% own
• Severe rent burden: 84.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 16% Iranian 9% Italian 1%
• Foreign-born: 2% · China
• Languages at home: 95% English-only · Other Indo-European 2% Russian/Polish/Slavic 2% Spanish 2%

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: ▼ -182.94%
• Current HPI: 267.4434
• 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

+66.3% since first listed

13 events — show timeline

• 2026-06-19 Listed $260,000 NIRA MLS as Distributed by MLS Grid
• 2025-10-15 Listing Removed — MRED as Distributed by MLS Grid
• 2025-08-22 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-07-23 Price Changed $243,000 NIRA MLS as Distributed by MLS Grid
• 2025-06-20 Listed — MRED as Distributed by MLS Grid
• 2025-06-06 Price Changed $250,000 NIRA MLS as Distributed by MLS Grid
• 2025-05-30 Listed $260,000 NIRA MLS as Distributed by MLS Grid
• 2023-10-25 Sold (MLS) $245,000 NIRA MLS as Distributed by MLS Grid
• 2023-09-30 Pending — NIRA MLS as Distributed by MLS Grid
• 2023-09-04 Contingent — NIRA MLS as Distributed by MLS Grid
• 2023-08-23 Listed $245,900 NIRA MLS as Distributed by MLS Grid
• 2020-04-01 Sold (MLS) $158,303 NIRA MLS as Distributed by MLS Grid
• 2020-01-07 Listed $156,303 NIRA MLS as Distributed by MLS Grid

Property tax history

+204.4%/yr

Latest (2024): $1,860 · +4.7% YoY. Source: county tax records.