5681 Ruby Rd Unit 355-2 · Lowell, IN 46356

$281,445

2 bd · 2.5 ba · 1,616 sqft · Condo · 2 Days on market

Built 2026 Excellent condition Garage $130/mo HOA · 6% of rent ↓ 2% since listing

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Why this score? — see what drove the F 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 +7.5/15.0
• Schools +5.0/10.0
• Condition / age +4.8/5.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Cash flow +1.4/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

READY NOW, new construction in Stone Mill! Why wait to build when you can move right into the BRAND-NEW FENWICK MODEL TOWNHOME in Lowell, IN? Designed with today's lifestyle in mind, this stylish 2-bedroom, 2-bath home with a spacious loft delivers modern finishes, an open-concept layout, and maintenance-free living--all in a convenient location close to downtown Lowell, shopping, major highways, and easy access to Illinois. Step inside to impressive 9-foot ceilings and luxury vinyl flooring throughout the main level. The bright, open Great Room flows effortlessly into the kitchen and breakfast area, creating the perfect space for everyday living and entertaining.

Key facts

• Quartz countertops
• 9 foot ceilings
• Open concept layout

Tags

• FENWICK MODEL TOWNHOME
• 9 FOOT CEILINGS
• LUXURY VINYL FLOORING
• OPEN CONCEPT LAYOUT
• QUARTZ COUNTERTOPS
• 42 INCH UPPER CABINETS

🏗️ New construction. The $281,445 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $580,548.

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $281k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-2k ($-28k/yr) — negative.
• To cash-flow at today's rent, offer at most $249k (11.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $234k (16.9% below list).
• Recommended offer: $234k (16.9% below list) — sets the bar for 1% rule.
• Cap rate 1.6% vs local median 3.8% in Lowell — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• Zoned schools: Oak Hill Elementary School (math 69% / reading 54%, grade B, #117 of 994 statewide, top 12%, 563 students, 30% 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: 503 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 41d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 86% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 32% of the median local income ($88k/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 $4k of loan paydown is wiped out by about $17k 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.
• 4 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.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price.

Recommended offer $233,873 (16.9% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.40% ✗
• Cap rate: 1.55%
• Cash-on-cash: -16.94%
• DSCR: 0.25
• GRM: 20.7

CMA / ARV

• ARV (median comp): $580,548
• List price: $281,445
• Delta: -51.52%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
345 Castle St	0.37mi	3/2.0 (+1)	1,512 (-6%)	1mo	$265,000	$175	64
8592 Kannon Dr	1.11mi	2/2.0	1,527 (-6%)	0mo	$299,908	$196	53
259 N Liberty St	0.40mi	3/1.5 (+1)	1,252 (-22%)	0mo	$309,500	$247	47
421 Clinton St	0.87mi	2/2.0	1,456 (-10%)	0mo	$265,000	$182	46
668 Ash Ct	0.94mi	2/2.0	1,344 (-17%)	0mo	$255,000	$190	38
17302 Brookwood Dr	1.06mi	2/2.0	1,338 (-17%)	0mo	$311,000	$232	38
17541 Susan Ln	0.79mi	3/2.0 (+1)	1,826 (+13%)	1mo	$324,900	$178	36
5406 W 175th Ave	1.26mi	2/1.0	1,336 (-17%)	0mo	$290,000	$217	34
1255 Gatewood Dr	0.83mi	3/2.0 (+1)	2,016 (+25%)	0mo	$309,000	$153	33
736 Debra Kay Dr	1.48mi	3/2.0 (+1)	1,926 (+19%)	0mo	$615,535	$320	33
6000 W 175th Ave	0.92mi	3/2.0 (+1)	1,248 (-23%)	1mo	$312,500	$250	32
17533 Calhoun St	0.85mi	3/1.5 (+1)	1,275 (-21%)	1mo	$292,000	$229	30

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: -49.7%
• Equity multiple: -0.48×
• Total profit: $-240,092
• Equity at exit: $86,562

10-year hold

• IRR: -98.2%
• Equity multiple: -1.44×
• Total profit: $-396,770
• Equity at exit: $50,195

Cash invested: $162,553 (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 →

Active competition Active MLS

• For sale now: 0 active · 1 under contract

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46356

• Home prices YoY: -30.1%
• Active inventory: 503
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,339 high
• Mortgage (P&I): −$3,044
• Tax est. 1.5%: −$726 /mo · $8,708/yr
• Insurance: −$242
• HOA: −$130
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $-2,294

Break-even live

Break-even rent $5,243

Max offer price $248,540

Occupancy floor —

Sensitivity live

Price	-10% $-1,893	-5% $-2,094	+0% $-2,294	+5% $-2,495	+10% $-2,696
Rent	-10% $-2,479	-5% $-2,387	+0% $-2,294	+5% $-2,202	+10% $-2,110
Rate	-1.0pp $-2,002	-0.5pp $-2,147	base $-2,294	+0.5pp $-2,445	+1.0pp $-2,598

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: $145,137
• Closing costs: $17,416
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8301 Kannon Dr Lowell, IN	3.0	2.5	1717	$2,800	$1.63	111d	1	0.96mi
8362 Kannon Dr Lowell, IN	3.0	2.5	1767	$2,300	$1.30	0d	1	0.98mi
8366 Kannon Dr Lowell, IN	3.0	2.5	1840	$2,450	$1.33	94d	1	0.98mi
673 Joe Martin Rd Lowell, IN	3.0	2.0	1344	$2,050	$1.53	41d	1	1.01mi
673 Joe Martin Rd Lowell, IN	3.0	2.0	1344	$2,050	$1.53	33d	1	1.01mi
673 Joe Martin Rd Lowell, IN	3.0	2.0	1344	$2,050	$1.53	31d	1	1.01mi
561 Eastwood Dr Lowell, IN	3.0	2.0	1344	$2,600	$1.93	79d	1	1.08mi

Property features AI

Finance

• Other: Vacant
• HOA & community: Homeowners association (Associa Chicagoland)Monthly association fee of $130HOA covers grounds maintenance and snow removalAssociation reports no additional amenities

Exterior

• Parking: Attached garageGarage faces frontDrivewayConcrete driveway2 garage spaces
• Utilities: Public waterPublic sewer
• Home design: New construction (2026)Two-storyProperty is attached
• Construction: Under constructionBuilt in 2026
• Exterior features: Neighborhood view

Interior

• Kitchen: Pantry
• Bedrooms: Primary bedroomSecond bedroomLoft (can function as additional living/bedroom space)
• Bathrooms: 2 full bathrooms1 half bathroom
• Heating & cooling: Forced-air heating (natural gas)Central air conditioning
• Interior features: High ceilingsWalk-in closet(s)PantryOpen floor plan
• Laundry & utility: No appliances listed

HOA detail $130/mo · $1,560/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-24
   days on market $281,445 Active 2 DOM
2. 2026-09-22
   days on marketlisting id $281,445 Active 1 DOM
3. 2026-09-21
   days on market $281,445 Active 45 DOM
4. 2026-09-20
   days on market $281,445 Active 44 DOM
5. 2026-09-19
   days on market $281,445 Active 43 DOM
6. 2026-09-18
   days on market $281,445 Active 42 DOM
7. 2026-09-17
   days on market $281,445 Active 41 DOM
8. 2026-09-16
   days on market $281,445 Active 40 DOM
9. 2026-09-15
   days on market $281,445 Active 39 DOM
10. 2026-09-14
    days on market $281,445 Active 38 DOM
11. 2026-09-13
    days on market $281,445 Active 37 DOM
12. 2026-09-12
    days on market $281,445 Active 36 DOM
13. 2026-09-11
    days on market $281,445 Active 35 DOM
14. 2026-09-05
    days on market $281,445 Active 29 DOM
15. 2026-09-04
    days on market $281,445 Active 28 DOM
16. 2026-09-02
    days on market $281,445 Active 26 DOM
17. 2026-08-31
    days on market $281,445 Active 24 DOM
18. 2026-08-30
    days on market $281,445 Active 23 DOM
19. 2026-08-29
    days on market $281,445 Active 22 DOM
20. 2026-08-28
    days on market $281,445 Active 21 DOM
21. 2026-08-27
    days on market $281,445 Active 20 DOM
22. 2026-08-26
    days on market $281,445 Active 19 DOM
23. 2026-08-25
    days on market $281,445 Active 18 DOM
24. 2026-08-24
    days on market $281,445 Active 17 DOM
25. 2026-08-23
    days on market $281,445 Active 16 DOM
26. 2026-08-22
    days on market $281,445 Active 15 DOM
27. 2026-08-21
    days on market $281,445 Active 14 DOM
28. 2026-08-20
    days on market $281,445 Active 13 DOM
29. 2026-08-19
    days on market $281,445 Active 12 DOM
30. 2026-08-18
    days on market $281,445 Active 11 DOM
31. 2026-08-17
    days on market $281,445 Active 10 DOM
32. 2026-08-16
    days on market $281,445 Active 9 DOM
33. 2026-08-15
    days on market $281,445 Active 8 DOM
34. 2026-08-14
    days on market $281,445 Active 7 DOM
35. 2026-08-13
    days on market $281,445 Active 6 DOM
36. 2026-08-12
    days on market $281,445 Active 5 DOM
37. 2026-08-11
    days on market $281,445 Active 4 DOM
38. 2026-08-10
    days on market $281,445 Active 3 DOM
39. 2026-08-09
    days on market $281,445 Active 2 DOM
40. 2026-08-08
    days on marketlisting id $281,445 Active 1 DOM
41. 2026-08-06
    days on market $281,445 Active 45 DOM
42. 2026-08-05
    days on market $281,445 Active 44 DOM
43. 2026-08-04
    days on market $281,445 Active 43 DOM
44. 2026-08-03
    days on market $281,445 Active 42 DOM
45. 2026-07-31
    days on market $281,445 Active 39 DOM
46. 2026-07-30
    days on market $281,445 Active 38 DOM
47. 2026-07-30
    days on market $281,445 Active 37 DOM
48. 2026-07-28
    days on market $281,445 Active 36 DOM
49. 2026-07-26
    days on market $281,445 Active 34 DOM
50. 2026-07-24
    days on market $281,445 Active 32 DOM

ⓘ 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: $28,065
• − Mortgage interest: −$32,520
• − Property taxes: −$8,708
• − Insurance: −$2,903
• − Repairs & maintenance: −$2,245
• − Management: −$2,245
• − HOA: −$1,560
• − Depreciation: −$16,889
• Taxable loss: −$39,005
• Est. tax savings @ 24.0%: +$9,361
• After-tax cash flow: $-18,172/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 · 13 photos

Excellent 95/100 None rehab

This move-in-ready townhouse is in excellent condition with modern finishes and a well-maintained exterior. It offers a functional layout and ample natural light, making it an ideal choice for both buyers and renters.

Value-add opportunities

• Both Landscaping and patio maintenance — Enhances curb appeal and outdoor living space. ↑
• Both Regular HVAC maintenance — Keeps systems running efficiently and reduces energy costs. ↑

F Composite school gradezoned avg 50/100

Zoned Schools

Elementary Three Creeks Elem School C- IN #256/994 Nat'l #12,137/41,679 Middle Lowell Middle School D IN #81/330 Nat'l #4,622/14,009 High Lowell Senior High School C- IN #99/369 Nat'l #4,893/17,239

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

B Composite livability gradescore 76/100

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
• County: Lake · 484,026 people
• City population: 19,396
• Metro: Chicago-Naperville-Elgin, IL-IN
• Population (ZIP): 19,396
• Household income: $87,535
• Rent vs Own: 10.8% rent · 89.2% own
• Severe rent burden: 7% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Other: Vacant
• HOA & community: Homeowners association (Associa Chicagoland)Monthly association fee of $130HOA covers grounds maintenance and snow removalAssociation reports no additional amenities

Exterior

• Parking: Attached garageGarage faces frontDrivewayConcrete driveway2 garage spaces
• Utilities: Public waterPublic sewer
• Home design: New construction (2026)Two-storyProperty is attached
• Construction: Under constructionBuilt in 2026
• Exterior features: Neighborhood view

Interior

• Kitchen: Pantry
• Bedrooms: Primary bedroomSecond bedroomLoft (can function as additional living/bedroom space)
• Bathrooms: 2 full bathrooms1 half bathroom
• Heating & cooling: Forced-air heating (natural gas)Central air conditioning
• Interior features: High ceilingsWalk-in closet(s)PantryOpen floor plan
• Laundry & utility: No appliances listed

Price history

-1.6% since first listed

8 events — show timeline

• 2026-09-22 Listed $281,445 NIRA MLS as Distributed by MLS Grid
• 2026-09-22 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-08-07 Listed $281,445 NIRA MLS as Distributed by MLS Grid
• 2026-08-07 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-06-22 Listed $281,445 NIRA MLS as Distributed by MLS Grid
• 2026-06-22 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-05-22 Price Changed $281,445 NIRA MLS as Distributed by MLS Grid
• 2026-05-07 Listed $286,005 NIRA MLS as Distributed by MLS Grid