2000 LN 120 Hamilton Lk · Hamilton, IN 46742

$170,000

2 bd · 1.0 ba · 640 sqft · SingleFamily public records · 55 Days on market

Built 1930 4,356 sqft lot $266/sqft · waterfront premium Est $250k · 32% under · waterfront ↓ 26% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +8.2/30.0
• Livability +3.2/5.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Snag your slice of lake life on the all-sports Hamilton Lake! This waterfront home offers 3 bedrooms upstairs and a large lakeside deck perfect for relaxing, entertaining, and soaking in the views. The property also includes a shed and carport for all your lake toys and storage needs. Appliances are included, with furniture and dock negotiable. Conveniently located within 5 minutes of two public beaches, making it easy to enjoy everything the lake lifestyle has to offer. Home is located on Cold Springs leased ground with annual lease approximately $7,000 per year. Don’t miss your chance to enjoy lake living just in time for the season!

Key facts

• Public beaches
• Shed
• Waterfront home

Tags

• WATERFRONT HOME
• LAKESIDE DECK
• PUBLIC BEACHES
• SHED
• CARPORT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-161 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (13.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (24.5% below list).
• Recommended offer: $128k (24.5% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 2.7% in Hamilton — 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 64/100 on livability (#384 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Hamilton Community Schools (rural): math 20% / reading 25% proficiency, ranked #300 of 324 in IN (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 36 active listings in the ZIP; 209 units permitted in Steuben County in 2024 (72 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 $5k of value loss. Plan a longer hold.
• Steuben County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,277 (24.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 0.75% ✗
• Cap rate: 5.15%
• Cash-on-cash: -4.07%
• DSCR: 0.82
• GRM: 11.0

CMA / ARV

• ARV (median comp): $249,576
• List price: $170,000
• Delta: -31.88%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1995 Lane 120 Hamilton Lk	0.02mi	3/1.0 (+1)	660 (+3%)	12mo	$114,900	$174	79
216 Lane 221 Hamilton Lk	1.43mi	2/1.0	600 (-6%)	15mo	$205,000	$342	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: -23.1%
• Equity multiple: 0.21×
• Total profit: $-37,810
• Equity at exit: $25,348

10-year hold

• IRR: -17.7%
• Equity multiple: 0.03×
• Total profit: $-46,086
• Equity at exit: $14,698

Cash invested: $47,600 (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 46742

• Home prices YoY: -31.9%
• Active inventory: 36
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,283 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,550/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $-161

Break-even live

Break-even rent $1,487

Max offer price $146,639

Occupancy floor —

Sensitivity live

Price	-10% $-44	-5% $-103	+0% $-161	+5% $-220	+10% $-279
Rent	-10% $-263	-5% $-212	+0% $-161	+5% $-111	+10% $-60
Rate	-1.0pp $-76	-0.5pp $-118	base $-161	+0.5pp $-205	+1.0pp $-250

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-21
   days on market $170,000 Active 55 DOM
2. 2026-06-19
   days on market $170,000 Active 53 DOM
3. 2026-06-18
   days on market $170,000 Active 52 DOM
4. 2026-06-17
   days on market $170,000 Active 51 DOM
5. 2026-06-16
   days on market $170,000 Active 50 DOM
6. 2026-06-15
   days on market $170,000 Active 49 DOM
7. 2026-06-14
   days on market $170,000 Active 47 DOM
8. 2026-06-12
   days on market $170,000 Active 46 DOM
9. 2026-06-09
   days on market $170,000 Active 43 DOM
10. 2026-06-08
    days on market $170,000 Active 42 DOM
11. 2026-06-07
    days on market $170,000 Active 41 DOM
12. 2026-06-07
    days on market $170,000 Active 40 DOM
13. 2026-06-04
    days on market $170,000 Active 37 DOM
14. 2026-06-02
    days on market $170,000 Active 36 DOM
15. 2026-06-01
    days on market $170,000 Active 35 DOM
16. 2026-05-31
    days on market $170,000 Active 34 DOM
17. 2026-05-31
    days on market $170,000 Active 33 DOM
18. 2026-04-27
    listed $170,000 Active 649-char remark

    Show marketing remark (649 chars)

    Snag your slice of lake life on the all-sports Hamilton Lake! This waterfront home offers 3 bedrooms upstairs and a large lakeside deck perfect for relaxing, entertaining, and soaking in the views. The property also includes a shed and carport for all your lake toys and storage needs. Appliances are included, with furniture and dock negotiable. Conveniently located within 5 minutes of two public beaches, making it easy to enjoy everything the lake lifestyle has to offer. Home is located on Cold Springs leased ground with annual lease approximately $7,000 per year. Don’t miss your chance to enjoy lake living just in time for the season!

19. 2026-03-13
    listed $157,500 Active
20. 2025-11-27
    price $145,000
21. 2025-11-22
    price $147,500
22. 2025-11-14
    price $148,500
23. 2025-10-12
    price $150,000
24. 2025-10-06
    price $155,000
25. 2025-09-29
    price $157,500
26. 2025-09-24
    price $169,900
27. 2025-09-15
    price $157,500
28. 2025-09-04
    price $159,900
29. 2025-09-02
    price $165,700
30. 2025-08-30
    price $172,500
31. 2025-08-23
    price $174,900
32. 2025-08-23
    status Active
33. 2025-08-23
    historical
34. 2025-08-09
    price $179,900
35. 2025-07-25
    status Active
36. 2025-07-25
    price $185,500
37. 2025-05-19
    price $192,900
38. 2024-10-23
    price $199,500
39. 2024-10-13
    price $219,500
40. 2024-09-15
    listed $229,500 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,393
• − Mortgage interest: −$9,523
• − Property taxes: −$2,550
• − Insurance: −$850
• − Repairs & maintenance: −$1,231
• − Management: −$1,231
• − Depreciation: −$4,945
• Taxable loss: −$4,938
• Est. tax savings @ 24.0%: +$1,185
• After-tax cash flow: $-752/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: Hamilton Community Schools
• NCES district ID: 1804230
• Math proficiency: 20% ▼ -20.00%
• Reading proficiency: 25% ▼ -25.00%
• Median HH income: $54,064
• Composite: 23.5/100
• National rank: #13286
• State rank: #300 of 324 in IN

Livability — Hamilton

• Score: 64/100
• State rank: #384
• US rank: #14236

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,126

Population outlook (Steuben County) Hauer SSP2

• Today (2025): 34,334 people
• By 2030: 33,801 · -1.6%
• By 2040: 32,076 · -6.6%
• By 2050: 30,022 · -12.6%
• By 2075: 25,626 · -25.4%
• By 2100: 21,257 · -38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Romanian 3% Iranian 3% Italian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Russian/Polish/Slavic 1%

Political lean MEDSL · Steuben

• 2024 margin: Solid R (+42.1) · D 28.1% · R 70.2% · Other 1.6%
• 2008→2024 swing: -32.3pp toward R · 2008: -9.8pp · 2024: -42.1pp
• All cycles: 2024: R+42.1 2020: R+42.2 2016: R+44.0 2012: R+27.0 2008: R+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -110.36%
• Current HPI: 235.4538
• 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

-25.9% since first listed

23 events — show timeline

• 2026-04-27 Listed $170,000 IRMLS
• 2026-03-13 Listed $157,500 IRMLS
• 2025-11-27 Price Changed $145,000 IRMLS
• 2025-11-22 Price Changed $147,500 IRMLS
• 2025-11-14 Price Changed $148,500 IRMLS
• 2025-10-12 Price Changed $150,000 IRMLS
• 2025-10-06 Price Changed $155,000 IRMLS
• 2025-09-29 Price Changed $157,500 IRMLS
• 2025-09-24 Price Changed $169,900 IRMLS
• 2025-09-15 Price Changed $157,500 IRMLS
• 2025-09-04 Price Changed $159,900 IRMLS
• 2025-09-02 Price Changed $165,700 IRMLS
• 2025-08-30 Price Changed $172,500 IRMLS
• 2025-08-23 Price Changed $174,900 IRMLS
• 2025-08-23 Relisted — IRMLS
• 2025-08-23 Delisted — IRMLS
• 2025-08-09 Price Changed $179,900 IRMLS
• 2025-07-25 Relisted — IRMLS
• 2025-07-25 Price Changed $185,500 IRMLS
• 2025-05-19 Price Changed $192,900 IRMLS
• 2024-10-23 Price Changed $199,500 IRMLS
• 2024-10-13 Price Changed $219,500 IRMLS
• 2024-09-15 Listed $229,500 IRMLS

Property tax history

-15.6%/yr

Latest (2024): $119 · +36.0% YoY. Source: county tax records.