135 N Lindberg St

Griffith, IN 46319

$265,000D+

3 bd · 1.0 ba · 1,113 sqft · Built 1923 · MultiFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,737/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$652
• HOA: −$0
• Vac / Maint / Mgmt: −$575
• Net cashflow: $120/mo
• Annual: $1,442/yr
• Cap rate: 6.84%
• Cash-on-cash: 1.94%
• DSCR: 1.09
• 1% rule: 1.03%
• Cash to close: $74,200

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $265k.
• At list price, monthly cash flow is $120 ($1k/yr) — positive. Per door: $60/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• It's been on market 16 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $261k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#146 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Griffith Public Schools (suburban): math 31% / reading 38% proficiency, ranked #189 of 301 in IN (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Griffth Jr/Sr High School (math 32% / reading 62%, grade D-, #143 of 369 statewide, top 44%, 1,059 students, 55% FRL).
• Zoned-school proficiency averages 47% at this address vs 34% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Griffith Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 66 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 2 sale attempts since 10y 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.
• Current owner paid $64k; list at $265k implies a 314% gain — meaningful room to come down on a strong offer.
• Cap rate 6.8% vs local median 4.9% in Griffith — 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.
• This rent runs 44% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.