263 Bel Aire Dr · Lowell, IN 46356

$242,500

3 bd · 1.0 ba · 2,240 sqft · SingleFamily public records · 16 Days on market

Built 1972 0.27 ac lot $108/sqft · 32% below area Est $359k · 32% 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 +23.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +6.5/10.0
• Schools +4.5/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Special | Sweat Equity Opportunity | Craftsman Charm Call it sweat equity, an investor special, or a rehab lover's dream--this solidly built Craftsman-style home is full of potential and ready for its next chapter. With great bones and timeless character, it simply needs updates and a cosmetic refresh to truly shine. Featuring 4 bedrooms and 2 full baths, this home offers the space and layout buyers are looking for--making it the perfect opportunity to build instant equity. Located in the heart of a well-established neighborhood where many original homeowners still reside, opportunities like this are rare. Homes here don't come available often--don't miss your chance to bring this one back to life! Bring your highest and best. Selling as-is. Multiple offers likely--don't wait.

Key facts

• 0.27 acre lot
• 2 garage spots
• Built 1972

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $242k.

Deal economics

• At list price, monthly cash flow is $449 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $242k).
• Recommended offer: $239k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.9% in Lowell — 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 76/100 on livability (#51 in IN, #3,455 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Tri-Creek School Corporation (town): math 46% / reading 56% proficiency, ranked #39 of 301 in IN (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 350 active listings in the ZIP; 1 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 $2k of loan paydown is wiped out by about $7k 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 16 days — a 2% lower offer ($239k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $238,862 (1.5% below list)

Questions for the listing agent

1. Built in 1972 — 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. 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: 1.15% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.93%
• DSCR: 1.35
• GRM: 7.2

CMA / ARV

• ARV (median comp): $359,198
• List price: $242,500
• Delta: -32.49%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
263 Bel Aire Dr	0.00mi	4/2.0 (+1)	2,240 (0%)	1mo	$215,000	$96	90
5510 Malibu Dr	0.52mi	4/3.0 (+1)	2,282 (+2%)	1mo	$395,000	$173	59
2183 Oakwood Ln	0.43mi	3/2.0	2,101 (-6%)	11mo	$339,900	$162	57
4902 Richard Dr	0.55mi	3/2.0	2,113 (-6%)	11mo	$480,000	$227	52
4944 Stephen Ln	0.60mi	3/2.0	2,113 (-6%)	9mo	$503,550	$238	51
4875 Richard Dr	0.59mi	3/2.0	2,113 (-6%)	9mo	$528,460	$250	51
17603 Mount St	0.39mi	4/2.0 (+1)	2,016 (-10%)	7mo	$445,000	$221	50
17359 Camelot Dr	0.67mi	3/3.0	2,376 (+6%)	4mo	$340,000	$143	47
1328 Hilltop Dr	0.57mi	3/1.5	1,912 (-15%)	1mo	$269,900	$141	46
6264 W 177th Ave	0.65mi	4/2.0 (+1)	2,112 (-6%)	10mo	$330,000	$156	43
4851 Richard Dr	0.61mi	4/2.0 (+1)	2,034 (-9%)	7mo	$499,090	$245	42
18363 Judith Way	0.65mi	4/2.5 (+1)	2,454 (+10%)	3mo	$551,550	$225	40

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: -4.2%
• Equity multiple: 0.84×
• Total profit: $-10,607
• Equity at exit: $36,158

10-year hold

• IRR: 5.6%
• Equity multiple: 1.41×
• Total profit: $27,970
• Equity at exit: $20,967

Cash invested: $67,900 (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 46356

• Home prices YoY: -30.1%
• Active inventory: 350
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,800 medium
• Mortgage (P&I): −$1,272
• Tax from tax record: −$390 /mo · $4,684/yr
• Insurance: −$101
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $449

Break-even live

Break-even rent $2,232

Max offer price $242,500

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: $60,625
• Closing costs: $7,275
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4507 W 173rd Ave Lowell, IN	4.0	3.0	1900	$2,800	$1.47	18d	1	0.90mi

Listing history 4 events

1. 2026-05-02
   status Pending 798-char remark

   Show marketing remark (798 chars)

   Investor Special | Sweat Equity Opportunity | Craftsman Charm Call it sweat equity, an investor special, or a rehab lover's dream--this solidly built Craftsman-style home is full of potential and ready for its next chapter. With great bones and timeless character, it simply needs updates and a cosmetic refresh to truly shine. Featuring 4 bedrooms and 2 full baths, this home offers the space and layout buyers are looking for--making it the perfect opportunity to build instant equity. Located in the heart of a well-established neighborhood where many original homeowners still reside, opportunities like this are rare. Homes here don't come available often--don't miss your chance to bring this one back to life! Bring your highest and best. Selling as-is. Multiple offers likely--don't wait.

2. 2026-04-25
   status Active 798-char remark

   Show marketing remark (798 chars)

   Investor Special | Sweat Equity Opportunity | Craftsman Charm Call it sweat equity, an investor special, or a rehab lover's dream--this solidly built Craftsman-style home is full of potential and ready for its next chapter. With great bones and timeless character, it simply needs updates and a cosmetic refresh to truly shine. Featuring 4 bedrooms and 2 full baths, this home offers the space and layout buyers are looking for--making it the perfect opportunity to build instant equity. Located in the heart of a well-established neighborhood where many original homeowners still reside, opportunities like this are rare. Homes here don't come available often--don't miss your chance to bring this one back to life! Bring your highest and best. Selling as-is. Multiple offers likely--don't wait.

3. 2026-04-21
   historical Active Under Contract 798-char remark

   Show marketing remark (798 chars)

   Investor Special | Sweat Equity Opportunity | Craftsman Charm Call it sweat equity, an investor special, or a rehab lover's dream--this solidly built Craftsman-style home is full of potential and ready for its next chapter. With great bones and timeless character, it simply needs updates and a cosmetic refresh to truly shine. Featuring 4 bedrooms and 2 full baths, this home offers the space and layout buyers are looking for--making it the perfect opportunity to build instant equity. Located in the heart of a well-established neighborhood where many original homeowners still reside, opportunities like this are rare. Homes here don't come available often--don't miss your chance to bring this one back to life! Bring your highest and best. Selling as-is. Multiple offers likely--don't wait.

4. 2026-04-16
   listed $242,500 Active 798-char remark

   Show marketing remark (798 chars)

   Investor Special | Sweat Equity Opportunity | Craftsman Charm Call it sweat equity, an investor special, or a rehab lover's dream--this solidly built Craftsman-style home is full of potential and ready for its next chapter. With great bones and timeless character, it simply needs updates and a cosmetic refresh to truly shine. Featuring 4 bedrooms and 2 full baths, this home offers the space and layout buyers are looking for--making it the perfect opportunity to build instant equity. Located in the heart of a well-established neighborhood where many original homeowners still reside, opportunities like this are rare. Homes here don't come available often--don't miss your chance to bring this one back to life! Bring your highest and best. Selling as-is. Multiple offers likely--don't wait.

ⓘ 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: $4,684 · $390/mo
• Projected year-2 tax: $4,684 · $390/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 3/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,600
• − Mortgage interest: −$13,584
• − Property taxes: −$4,684
• − Insurance: −$1,212
• − Repairs & maintenance: −$2,688
• − Management: −$2,688
• − Depreciation: −$7,055
• Taxable income: $1,689
• Est. tax owed @ 24.0%: −$405
• After-tax cash flow: $4,982/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: Tri-Creek School Corporation
• NCES district ID: 1811460
• Math proficiency: 46% ▼ -8.00%
• Reading proficiency: 56% ▼ -5.00%
• Median HH income: $64,614
• Composite: 44.97/100
• National rank: #2704
• State rank: #39 of 301 in IN

Livability — Lowell

• Score: 76/100
• State rank: #51
• US rank: #3455

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lowell, IN
• City population: 19,396
• Population (ZIP): 19,396

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 9% Two or more races 6%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 16% Iranian 10% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4% Russian/Polish/Slavic 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: ▼ -110.73%
• Current HPI: 256.6224
• Rent YoY: —
• Metro: —
• 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

4 events — show timeline

• 2026-05-02 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-25 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-04-21 Contingent — NIRA MLS as Distributed by MLS Grid
• 2026-04-16 Listed $242,500 NIRA MLS as Distributed by MLS Grid

Property tax history

+11.4%/yr

Latest (2024): $4,684 · +4.2% YoY. Source: county tax records.