534 E 37th Ave #172 · Lake Station, IN 46342

$28,500

1 bd · 1.0 ba · 700 sqft · Manufactured · 71 Days on market

Built 2026 Good condition 7,000 sqft lot $625/mo HOA · 59% of rent

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Why this score? — see what drove the C- 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 +15.5/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• Condition / age +4.0/5.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2020 Redman Advantage II manufactured home with 1 bedroom and 1 bathroom in a 16x48 layout. This home includes a practical open living space, gas heat, A/C-ready setup, full appliance package, ceiling fan/light kits, lined base cabinets, metal faucets, washer/dryer shelf, and a full-view storm door. A clean, efficient home with useful everyday features and a comfortable layout. Manufacturer: Redman Homes / Champion Home Builders, Inc. Year: 2020 Brand: Redman Advantage II Size: 16' x 48' Notable listed options/features Ceiling fan / light kit (qty 2) Full-view storm door Gas furnace Standard gas range Frost-free faucet Move window 40-gal electric water heater A/C ready Reliant lock sets Metal faucets in kitchen and bath sinks Washer/dryer shelf Towel bar / tissue holder Lined base cabinets

Key facts

• Gas furnace
• Standard gas range
• Open living space

Tags

• OPEN LIVING SPACE
• FULL APPLIANCE PACKAGE
• CEILING FAN LIGHT KITS
• FULL VIEW STORM DOOR
• GAS FURNACE
• STANDARD GAS RANGE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $28k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $11 ($137/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $27k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#411 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools F, amenities F.
• River Forest Community School Corporation (suburban): math 17% / reading 30% proficiency, ranked #268 of 301 in IN (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.6%/yr); 261 active listings in the ZIP; solid renter incomes; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent is only 17% of the median local income ($76k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $197 of loan paydown is wiped out by about $855 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 + 5.6% rent growth), your $8k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($27k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 59% of rent.

Recommended offer $26,790 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. 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: 3.70% ✓
• Cap rate: 6.77%
• Cash-on-cash: 1.71%
• DSCR: 1.08
• GRM: 2.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.63% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.92×
• Total profit: $-629
• Equity at exit: $4,249

10-year hold

• IRR: 15.6%
• Equity multiple: 2.81×
• Total profit: $14,418
• Equity at exit: $2,464

Cash invested: $7,980 (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 46342

• Rents YoY: 5.6%
• Active inventory: 261
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,055 medium
• Mortgage (P&I): −$149
• Tax est. 1.5%: −$36 /mo · $428/yr
• Insurance: −$12
• HOA: −$625
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $11

Break-even live

Break-even rent $1,040

Max offer price $28,500

Occupancy floor 94%

Sensitivity live

Price	-10% $31	-5% $21	+0% $11	+5% $2	+10% $-8
Rent	-10% $-72	-5% $-30	+0% $11	+5% $53	+10% $95
Rate	-1.0pp $26	-0.5pp $19	base $11	+0.5pp $4	+1.0pp $-4

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: $7,125
• Closing costs: $855
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $625 · $7,500/yr
• Likely covers: watergaselectric

Listing history 16 events

1. 2026-06-21
   days on market $28,500 Active 71 DOM
2. 2026-06-18
   days on market $28,500 Active 68 DOM
3. 2026-06-17
   days on market $28,500 Active 67 DOM
4. 2026-06-16
   days on market $28,500 Active 66 DOM
5. 2026-06-15
   days on market $28,500 Active 65 DOM
6. 2026-06-13
   days on market $28,500 Active 63 DOM
7. 2026-06-13
   days on market $28,500 Active 62 DOM
8. 2026-06-09
   days on market $28,500 Active 59 DOM
9. 2026-06-08
   days on market $28,500 Active 58 DOM
10. 2026-06-07
    days on market $28,500 Active 57 DOM
11. 2026-06-04
    days on market $28,500 Active 54 DOM
12. 2026-06-03
    days on market $28,500 Active 53 DOM
13. 2026-06-02
    days on market $28,500 Active 52 DOM
14. 2026-06-01
    days on market $28,500 Active 51 DOM
15. 2026-05-31
    days on market $28,500 Active 50 DOM
16. 2026-04-12
    listed $28,500 Active 832-char remark

    Show marketing remark (832 chars)

    2020 Redman Advantage II manufactured home with 1 bedroom and 1 bathroom in a 16x48 layout. This home includes a practical open living space, gas heat, A/C-ready setup, full appliance package, ceiling fan/light kits, lined base cabinets, metal faucets, washer/dryer shelf, and a full-view storm door. A clean, efficient home with useful everyday features and a comfortable layout. Manufacturer: Redman Homes / Champion Home Builders, Inc. Year: 2020 Brand: Redman Advantage II Size: 16' x 48' Notable listed options/features Ceiling fan / light kit (qty 2) Full-view storm door Gas furnace Standard gas range Frost-free faucet Move window 40-gal electric water heater A/C ready Reliant lock sets Metal faucets in kitchen and bath sinks Washer/dryer shelf Towel bar / tissue holder Lined base cabinets

ⓘ 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 ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,658
• − Mortgage interest: −$1,596
• − Property taxes: −$428
• − Insurance: −$142
• − Repairs & maintenance: −$1,013
• − Management: −$1,013
• − HOA: −$7,500
• − Depreciation: −$829
• Taxable income: $137
• Est. tax owed @ 24.0%: −$33
• After-tax cash flow: $104/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 80/100 None rehab

This 2020 Redman Advantage II manufactured home is in excellent condition with a good layout and modern features. It is move-in ready and has the potential for further value increases with minor updates.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Updating the flooring in the kitchen and laundry area — New flooring can improve the overall look and feel of the home.
• Both Upgrading the appliances — Modern appliances can attract more buyers and renters.
• Both Adding smart home features — Smart home features can increase the home's value and appeal to tech-savvy buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Updating the flooring in the kitchen and laundry area — New flooring can improve the overall look and feel of the home. ↑
• Both Upgrading the appliances — Modern appliances can attract more buyers and renters. ↑
• Both Adding smart home features — Smart home features can increase the home's value and appeal to tech-savvy buyers and renters. ↑

ⓘ 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: River Forest Community School Corporation
• NCES district ID: 1804620
• Math proficiency: 17% ▼ -18.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $38,317
• Composite: 19.65/100
• National rank: #8738
• State rank: #268 of 301 in IN

Livability — Lake Station

• Score: 63/100
• State rank: #411
• US rank: #14929

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Station, IN
• County: Lake County · 422,878 people
• City population: 12,184
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 32,224
• Household income: $75,521
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 1033.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 21% Two or more races 10% Black 10% Asian 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 5%
• Common ancestry: Romanian 11% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Russian/Polish/Slavic 2% Chinese 1%

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: ▼ -167.01%
• Current HPI: 260.2635
• Rent YoY: ▲ 5.63%
• 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

• 2026-04-12 Listed $28,500 Zillow