15819 East Dr

Lake Dalecarlia, IN 46356

$147,700B-

2 bd · 1.0 ba · 1,026 sqft · Built 1971 · SingleFamily · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,658/mo
• Mortgage (P&I): −$775
• Tax + insurance: −$186
• HOA: −$13
• Vac / Maint / Mgmt: −$348
• Net cashflow: $336/mo
• Annual: $4,038/yr
• Cap rate: 9.03%
• Cash-on-cash: 9.76%
• DSCR: 1.43
• 1% rule: 1.12%
• Cash to close: $41,356

Investor read

• This is a 2-bed/1.0-bath single-family listed at $148k.
• At list price, monthly cash flow is $336 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#161 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• 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.
• Zoned schools: Lake Prairie Elementary School (math 67% / reading 52%, grade B-, #128 of 994 statewide, top 15%, 416 students, 26% FRL); Lowell Middle School (math 36% / reading 54%, grade D, #81 of 330 statewide, top 25%, 742 students, 33% FRL); Lowell Senior High School (math 31% / reading 75%, grade C-, #99 of 369 statewide, top 27%, 1,033 students, 29% FRL).
• Market conditions: 351 active listings in the ZIP; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 7 sale attempts since 22y ago; this cycle's ask is 14769900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Questions for listing agent

• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.