643 South St #103 · Munster, IN 46321

$169,900

2 bd · 2.0 ba · 1,260 sqft · Condo · 2 Days on market

Built 1980 Good condition $273/mo HOA · 9% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy easy, low-maintenance living in this spacious first-floor condo featuring 2 bedrooms, 2 bathrooms, and a thoughtfully designed open-concept floor plan. The bright and inviting living room showcases a cozy gas fireplace and flows seamlessly into the dining area, creating a comfortable space for both everyday living and entertaining. Step outside to the concrete patio, perfect for relaxing and enjoying the outdoors. The generously sized primary suite offers a walk-in closet and private ensuite bath, providing a peaceful retreat at the end of the day. A second bedroom and additional bathroom offer flexibility for guests, a home office, or additional living space. The laundry room is conv

Key facts

• Gas fireplace
• Concrete patio
• First floor condo

Tags

• FIRST FLOOR CONDO
• OPEN CONCEPT FLOOR PLAN
• GAS FIREPLACE
• CONCRETE PATIO
• WALK IN CLOSET
• PRIVATE ENSUITE BATH

Property features AI

Finance

• HOA & community: Homeowners association (Rencon Management); Association covers landscaping, snow removal, grounds maintenance, management and other services; Monthly HOA fee of $273.50

Exterior

• Parking: Attached garage; Detached garage; Garage faces side; Garage door opener; Additional parking; 2 garage spaces (plus underground garage and an unattached garage space as part of the condominium interest)
• Utilities: Public water; Public sewer
• Home design: Condominium unit; One story; Built in 1980
• Construction: Year built: 1980
• Exterior features: Patio; Neighborhood view

Interior

• Kitchen: Refrigerator; Gas range; Microwave; Range hood; Dishwasher
• Bedrooms: Primary bedroom; Second bedroom
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Central heating (forced air); Central air conditioning
• Interior features: Open floorplan; Walk-in closets; Gas fireplace in the living room (1 total)
• Laundry & utility: Laundry room on main level with sink; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $939 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Cap rate 12.9% vs local median 5.0% in Munster — 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 81/100 on livability (#17 in IN, #1,427 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• School Town Of Munster (suburban): math 65% / reading 64% proficiency, ranked #6 of 301 in IN (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 116 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 33% of the median local income ($110k/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 $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $169,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 1.78% ✓
• Cap rate: 12.92%
• Cash-on-cash: 23.68%
• DSCR: 2.05
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.9%
• Equity multiple: 1.68×
• Total profit: $32,468
• Equity at exit: $25,333

10-year hold

• IRR: 25.5%
• Equity multiple: 3.23×
• Total profit: $106,124
• Equity at exit: $14,690

Cash invested: $47,572 (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 46321

• Active inventory: 116
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $3,020 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$273
• Vacancy / Maint / Mgmt: −$634
• Net cashflow: $939

Break-even live

Break-even rent $1,832

Max offer price $169,900

Occupancy floor 64%

Sensitivity live

Price	-10% $1,056	-5% $997	+0% $939	+5% $880	+10% $821
Rent	-10% $700	-5% $819	+0% $939	+5% $1,058	+10% $1,177
Rate	-1.0pp $1,024	-0.5pp $982	base $939	+0.5pp $895	+1.0pp $850

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
232 Gregory Ave Munster, IN	3.0	1.5	1600	$2,450	$1.53	0d	1	0.99mi
18335 Sherman St Unit 3 Lansing, IL	3.0	1.0	1000	$1,700	$1.70	0d	1	1.06mi
7610 Manor Ave Munster, IN	3.0	2.0	1700	$4,750	$2.79	0d	1	1.12mi
7611 Kinsley Pl Munster, IN	3.0	2.0	1700	$4,700	$2.76	0d	1	1.15mi

HOA detail condo

• Monthly dues: $273 · $3,276/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-15
   statusdays on market $169,900 Pending 2 DOM
2. 2026-06-13
   remarks 699-char remark
3. 2026-06-13
   listed $169,900 Active 1 DOM

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,241
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$2,899
• − Management: −$2,899
• − HOA: −$3,276
• − Depreciation: −$4,943
• Taxable income: $9,309
• Est. tax owed @ 24.0%: −$2,234
• After-tax cash flow: $9,030/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 · 12 photos

Good 75/100 Cosmetic rehab

This spacious first-floor condo is in good condition with a good condition score of 75. It has a good exterior and landscaping, but the interior needs some updates to kitchen cabinets and bathroom fixtures to increase its value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate bathroom fixtures — dated and in need of updating
• Moderate kitchen appliances — outdated and in need of replacement

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace kitchen cabinets — modernizes the space and increases value
• Both update bathroom fixtures — modernizes the space and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of updating	Moderate	$3,000–15,000
kitchen appliances · outdated and in need of replacement	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace kitchen cabinets — modernizes the space and increases value ↑
• Both update bathroom fixtures — modernizes the space and increases value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: School Town Of Munster
• NCES district ID: 1807350
• Math proficiency: 65% ▼ -1.00%
• Reading proficiency: 64% ▼ -4.00%
• Median HH income: $71,901
• Composite: 56.91/100
• National rank: #1115
• State rank: #6 of 301 in IN

Livability — Munster

• Score: 81/100
• State rank: #17
• US rank: #1427

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Munster, IN
• County: Lake County · 422,878 people
• City population: 23,733
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 23,733
• Household income: $110,187
• Rent vs Own: 13.0% rent · 87.0% own
• Severe rent burden: 338.0

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 (71%)
• Race & ethnicity: White 71% Hispanic / Latino 14% Two or more races 8% Black 7% Asian 6%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Romanian 16% Iranian 4% Lithuanian 1%
• Foreign-born: 9% · Canada, South Korea, China
• Languages at home: 86% English-only · Spanish 6% Russian/Polish/Slavic 3% Other Indo-European 2%

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: ▼ -213.34%
• Current HPI: 232.4818
• Rent YoY: —
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• 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

1 event — show timeline

• 2026-06-12 Listed $169,900 NIRA MLS as Distributed by MLS Grid