534 E 37th Ave #565 · Lake Station, IN 46342

$24,000

2 bd · 1.0 ba · 750 sqft · Manufactured · 49 Days on market

Built 2026 Good condition 7,000 sqft lot $625/mo HOA · 50% 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.9/5.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome Home to the most perfect location ever! Walk right into this stunning home with vaulted ceilings and a large living room that flows straight int your kitchen/Breakfast Bar! Located in the perfect place for easy exit and entry to the community on Cumberland Drive! Enter your living room with brand new flooring throughout! With plenty of room for entertaining or having friends over to watch the game! It is perfect! Flowing into the kitchen that also features a Breakfast Bar! Place a few barstools for an easy and fast breakfast on the go and also have room for a dining room table! With light gray cabinets and a cream countertop, this home is perfect for any chef in the making! Located at the front of the home is your spare bedroom! As to give all rooms extra privacy, the primary bedroom is located in the rear of the home! The primary bedroom is located in the rear of the home next to the bathroom! Double Door closet is featured in the primary bedroom for extra storage or just for what you came home with after shopping! A bathroom is located between the laundry room and primary bedroom in the rear of the home! A Gray and Cream color combo is also featured here! Home Details: -Freshly Renovated -2 Bedrooms -1 Full Bathrooms -Two Wooden Entrance Decks -Gas Forced Air Furnace -Central Air Conditioning -Above the Range Hood -Gas Stove -Dishwasher -Refrigerator

Key facts

• Cream countertop
• Large living room
• Brand new flooring

Tags

• VAULTED CEILINGS
• LARGE LIVING ROOM
• BREAKFAST BAR
• BRAND NEW FLOORING
• LIGHT GRAY CABINETS
• CREAM COUNTERTOP

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $24k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $194 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $24k).
• Recommended offer: $23k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.0% vs local median 6.4% 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-, schools F, amenities F.
• River Forest Community School Corporation (suburban): math 17% / reading 30% proficiency, ranked #268 of 301 in IN (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.6%/yr); 255 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $166 of loan paydown is wiped out by about $720 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 + 5.6% rent growth), your $7k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($23k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: HOA is 50% of rent.

Recommended offer $23,280 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 5.19% ✓
• Cap rate: 15.99%
• Cash-on-cash: 34.63%
• DSCR: 2.54
• GRM: 1.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.63% rent growth · sell at horizon

5-year hold

• IRR: 38.6%
• Equity multiple: 2.82×
• Total profit: $12,251
• Equity at exit: $3,578

10-year hold

• IRR: 48.3%
• Equity multiple: 7.38×
• Total profit: $42,871
• Equity at exit: $2,075

Cash invested: $6,720 (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 46342

• Rents YoY: 5.6%
• Active inventory: 255
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $1,247 high
• Mortgage (P&I): −$126
• Tax est. 1.5%: −$30 /mo · $360/yr
• Insurance: −$10
• HOA: −$625
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $194

Break-even live

Break-even rent $1,001

Max offer price $24,000

Occupancy floor 79%

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: $6,000
• Closing costs: $720
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 W 37th Ave Unit 48 Hobart, IN	2.0	1.0	1000	$1,200	$1.20	43d	1	0.30mi
3612 Michigan St Unit 2nd Fl Hobart, IN	3.0	1.0	675	$925	$1.37	15d	1	0.46mi
333 Neringa Ln Hobart, IN	1.0–3.0	1.0–2.0	1009	$1,470	$1.46	1d	11	0.72mi
416 Van Buren Ave Hobart, IN	3.0	1.0	1085	$1,395	$1.29	1d	1	0.74mi
2955 DeKalb St Lake Station, IN	2.0	1.0	784	$1,100	$1.40	2d	1	0.99mi
2830 Grand Blvd Lake Station, IN	3.0	1.0	864	$1,395	$1.61	1d	1	1.11mi
2716 Huntington St Lake Station, IN	3.0	1.0	832	$1,500	$1.80	1d	1	1.23mi
1421 High St Unit 2W Hobart, IN	2.0	1.0	950	$1,200	$1.26	20d	1	1.36mi
215 East St Unit 3 Hobart, IN	2.0	1.0	850	$1,350	$1.59	1d	1	1.40mi

HOA detail

• Monthly dues: $625 · $7,500/yr
• Likely covers: gas

Listing history 17 events

1. 2026-06-18
   days on market $24,000 Active 49 DOM
2. 2026-06-17
   days on market $24,000 Active 48 DOM
3. 2026-06-16
   days on market $24,000 Active 47 DOM
4. 2026-06-15
   days on market $24,000 Active 46 DOM
5. 2026-06-13
   days on market $24,000 Active 44 DOM
6. 2026-06-13
   days on market $24,000 Active 43 DOM
7. 2026-06-09
   days on market $24,000 Active 40 DOM
8. 2026-06-08
   days on market $24,000 Active 39 DOM
9. 2026-06-07
   days on market $24,000 Active 38 DOM
10. 2026-06-04
    days on market $24,000 Active 35 DOM
11. 2026-06-03
    days on market $24,000 Active 34 DOM
12. 2026-06-02
    days on market $24,000 Active 33 DOM
13. 2026-06-01
    days on market $24,000 Active 32 DOM
14. 2026-05-31
    days on market $24,000 Active 31 DOM
15. 2026-05-16
    status Active 1395-char remark

    Show marketing remark (1395 chars)

    Welcome Home to the most perfect location ever! Walk right into this stunning home with vaulted ceilings and a large living room that flows straight int your kitchen/Breakfast Bar! Located in the perfect place for easy exit and entry to the community on Cumberland Drive! Enter your living room with brand new flooring throughout! With plenty of room for entertaining or having friends over to watch the game! It is perfect! Flowing into the kitchen that also features a Breakfast Bar! Place a few barstools for an easy and fast breakfast on the go and also have room for a dining room table! With light gray cabinets and a cream countertop, this home is perfect for any chef in the making! Located at the front of the home is your spare bedroom! As to give all rooms extra privacy, the primary bedroom is located in the rear of the home! The primary bedroom is located in the rear of the home next to the bathroom! Double Door closet is featured in the primary bedroom for extra storage or just for what you came home with after shopping! A bathroom is located between the laundry room and primary bedroom in the rear of the home! A Gray and Cream color combo is also featured here! Home Details: -Freshly Renovated -2 Bedrooms -1 Full Bathrooms -Two Wooden Entrance Decks -Gas Forced Air Furnace -Central Air Conditioning -Above the Range Hood -Gas Stove -Dishwasher -Refrigerator

16. 2026-04-16
    historical 1395-char remark

    Show marketing remark (1395 chars)

    Welcome Home to the most perfect location ever! Walk right into this stunning home with vaulted ceilings and a large living room that flows straight int your kitchen/Breakfast Bar! Located in the perfect place for easy exit and entry to the community on Cumberland Drive! Enter your living room with brand new flooring throughout! With plenty of room for entertaining or having friends over to watch the game! It is perfect! Flowing into the kitchen that also features a Breakfast Bar! Place a few barstools for an easy and fast breakfast on the go and also have room for a dining room table! With light gray cabinets and a cream countertop, this home is perfect for any chef in the making! Located at the front of the home is your spare bedroom! As to give all rooms extra privacy, the primary bedroom is located in the rear of the home! The primary bedroom is located in the rear of the home next to the bathroom! Double Door closet is featured in the primary bedroom for extra storage or just for what you came home with after shopping! A bathroom is located between the laundry room and primary bedroom in the rear of the home! A Gray and Cream color combo is also featured here! Home Details: -Freshly Renovated -2 Bedrooms -1 Full Bathrooms -Two Wooden Entrance Decks -Gas Forced Air Furnace -Central Air Conditioning -Above the Range Hood -Gas Stove -Dishwasher -Refrigerator

17. 2026-03-31
    listed $22,500 Active 1395-char remark

    Show marketing remark (1395 chars)

    Welcome Home to the most perfect location ever! Walk right into this stunning home with vaulted ceilings and a large living room that flows straight int your kitchen/Breakfast Bar! Located in the perfect place for easy exit and entry to the community on Cumberland Drive! Enter your living room with brand new flooring throughout! With plenty of room for entertaining or having friends over to watch the game! It is perfect! Flowing into the kitchen that also features a Breakfast Bar! Place a few barstools for an easy and fast breakfast on the go and also have room for a dining room table! With light gray cabinets and a cream countertop, this home is perfect for any chef in the making! Located at the front of the home is your spare bedroom! As to give all rooms extra privacy, the primary bedroom is located in the rear of the home! The primary bedroom is located in the rear of the home next to the bathroom! Double Door closet is featured in the primary bedroom for extra storage or just for what you came home with after shopping! A bathroom is located between the laundry room and primary bedroom in the rear of the home! A Gray and Cream color combo is also featured here! Home Details: -Freshly Renovated -2 Bedrooms -1 Full Bathrooms -Two Wooden Entrance Decks -Gas Forced Air Furnace -Central Air Conditioning -Above the Range Hood -Gas Stove -Dishwasher -Refrigerator

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $14,959
• − Mortgage interest: −$1,344
• − Property taxes: −$360
• − Insurance: −$120
• − Repairs & maintenance: −$1,197
• − Management: −$1,197
• − HOA: −$7,500
• − Depreciation: −$698
• Taxable income: $2,543
• Est. tax owed @ 24.0%: −$610
• After-tax cash flow: $1,717/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.

Condition & rehab AI · 3 photos

Good 75/100 Cosmetic rehab

This home is in good condition with a good layout and fresh finishes. It has potential for a quick, low-cost improvement with painting and new flooring to enhance its curb appeal and resale value.

Value-add opportunities

• Both Paint the interior walls — Enhances the home's appearance and can be a quick, low-cost improvement
• Both Replace the flooring — Fresh flooring can significantly improve the home's curb appeal and resale value
• Both Install new kitchen appliances — Modern appliances can make the kitchen more functional and appealing
• Both Paint the exterior — A fresh coat of paint can improve the home's curb appeal and resale value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the interior walls — Enhances the home's appearance and can be a quick, low-cost improvement ↑
• Both Replace the flooring — Fresh flooring can significantly improve the home's curb appeal and resale value ↑
• Both Install new kitchen appliances — Modern appliances can make the kitchen more functional and appealing ↑
• Both Paint the exterior — A fresh coat of paint can improve the home's curb appeal and resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: River Forest Community School Corporation
• NCES district ID: 1804620
• Math proficiency: 17% ▼ -18.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $38,317
• Composite: 19.65/100
• National rank: #8738
• State rank: #268 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): 32,224
• Household income: $75,521
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 1033.0

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 21% Two or more races 10% Black 10% Asian 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 5%
• Common ancestry: Romanian 11% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Russian/Polish/Slavic 2% Chinese 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: ▼ -167.01%
• Current HPI: 260.2635
• Rent YoY: ▲ 5.63%
• 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

3 events — show timeline

• 2026-05-16 Relisted — Zillow
• 2026-04-16 Delisted — Zillow
• 2026-03-31 Listed $22,500 Zillow