654 Georgia Ave · Lake Station, IN 46342

$45,000

3 bd · 2.0 ba · 1,190 sqft · Manufactured · 166 Days on market

Built 2026 Good condition 7,000 sqft lot $38/sqft · 37% below area Est $72k · 38% under $600/mo HOA · 42% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.9/5.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to the perfect home. .. very spacious and inviting. .. The large living room is perfect for entertaining and family moments, the breakfast bar, seats three. .. and allows room for a bistro table set. The chef's kitchen has pretty tile detail and great appliances, such as wooden vented range hood, gas stove, refrigerator and dishwasher. The laundry room is just off of the kitchen for convenience, this area has shelving and room to add a bit more. . The master suite is located in the rear of the home for privacy, with an oversized bedroom with a large sunny window. .. this master suite has an attached bathroom with matching vanity and bathtub shower combo and oversized closet. The second and third bedrooms are located in the front of the home with bright sunny windows and walk in closets. .. The second full bathroom has a matching vanity and bathtub shower combo. This home is equipped with a gas forced air furnace, central air conditioning and brand new storage shed. The land is not included in the sale of this home, it is on leased land in Ravinia Pines, Hobart, IN

Key facts

• Oversized closet
• Laundry room
• Gas stove

Tags

• BREAKFAST BAR
• CHEF'S KITCHEN
• WOODEN VENTED RANGE HOOD
• GAS STOVE
• LAUNDRY ROOM
• OVERSIZED CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $45k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $224 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 6.4% in Lake Station — 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 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); 255 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 166 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 42% of rent.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 166 days. Have you received any prior offers? Is the seller open to a 12% 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: 3.19% ✓
• Cap rate: 12.27%
• Cash-on-cash: 21.33%
• DSCR: 1.95
• GRM: 2.6

CMA / ARV

• ARV (median comp): $72,000
• List price: $45,000
• Delta: -37.50%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 20.4%
• Equity multiple: 1.89×
• Total profit: $11,268
• Equity at exit: $6,710

10-year hold

• IRR: 32.1%
• Equity multiple: 4.70×
• Total profit: $46,668
• Equity at exit: $3,891

Cash invested: $12,600 (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: 255
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,437 high
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$600
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $224

Break-even live

Break-even rent $1,153

Max offer price $45,000

Occupancy floor 79%

Sensitivity live

Price	-10% $255	-5% $240	+0% $224	+5% $208	+10% $193
Rent	-10% $111	-5% $167	+0% $224	+5% $281	+10% $338
Rate	-1.0pp $247	-0.5pp $235	base $224	+0.5pp $212	+1.0pp $200

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 W 37th Ave Unit 48 Hobart, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	0.26mi
416 Van Buren Ave Hobart, IN	3.0	1.0	1085	$1,395	$1.29	1d	1	0.66mi
333 Neringa Ln Hobart, IN	1.0–3.0	1.0–2.0	1009	$1,780	$1.76	1d	11	0.81mi
2955 DeKalb St Lake Station, IN	2.0	1.0	784	$1,100	$1.40	2d	1	0.91mi
2830 Grand Blvd Lake Station, IN	3.0	1.0	864	$1,395	$1.61	1d	1	1.06mi
3753 Englehart St Lake Station, IN	3.0	1.0	1224	$1,450	$1.18	1d	1	1.17mi
2716 Huntington St Lake Station, IN	3.0	1.0	832	$1,500	$1.80	1d	1	1.17mi
1421 High St Unit 2W Hobart, IN	2.0	1.0	950	$1,200	$1.26	20d	1	1.44mi
215 East St Unit 3 Hobart, IN	2.0	1.0	850	$1,350	$1.59	1d	1	1.48mi

HOA detail

• Monthly dues: $600 · $7,200/yr
• Likely covers: gas

Listing history 15 events

1. 2026-06-18
   days on market $45,000 Active 166 DOM
2. 2026-06-17
   days on market $45,000 Active 165 DOM
3. 2026-06-16
   days on market $45,000 Active 164 DOM
4. 2026-06-15
   days on market $45,000 Active 163 DOM
5. 2026-06-13
   days on market $45,000 Active 161 DOM
6. 2026-06-13
   days on market $45,000 Active 160 DOM
7. 2026-06-09
   days on market $45,000 Active 157 DOM
8. 2026-06-08
   days on market $45,000 Active 156 DOM
9. 2026-06-07
   days on market $45,000 Active 155 DOM
10. 2026-06-04
    days on market $45,000 Active 152 DOM
11. 2026-06-03
    days on market $45,000 Active 151 DOM
12. 2026-06-02
    days on market $45,000 Active 150 DOM
13. 2026-06-01
    days on market $45,000 Active 149 DOM
14. 2026-05-31
    days on market $45,000 Active 148 DOM
15. 2026-01-04
    listed $45,000 Active 1093-char remark

    Show marketing remark (1093 chars)

    Welcome home to the perfect home. .. very spacious and inviting. .. The large living room is perfect for entertaining and family moments, the breakfast bar, seats three. .. and allows room for a bistro table set. The chef's kitchen has pretty tile detail and great appliances, such as wooden vented range hood, gas stove, refrigerator and dishwasher. The laundry room is just off of the kitchen for convenience, this area has shelving and room to add a bit more. . The master suite is located in the rear of the home for privacy, with an oversized bedroom with a large sunny window. .. this master suite has an attached bathroom with matching vanity and bathtub shower combo and oversized closet. The second and third bedrooms are located in the front of the home with bright sunny windows and walk in closets. .. The second full bathroom has a matching vanity and bathtub shower combo. This home is equipped with a gas forced air furnace, central air conditioning and brand new storage shed. The land is not included in the sale of this home, it is on leased land in Ravinia Pines, Hobart, IN

ⓘ 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: $17,241
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,379
• − Management: −$1,379
• − HOA: −$7,200
• − Depreciation: −$1,309
• Taxable income: $2,552
• Est. tax owed @ 24.0%: −$613
• After-tax cash flow: $2,076/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 · 6 photos

Good 75/100 Cosmetic rehab

This home is in good condition with a modern kitchen and bathrooms. It is ready for a new owner and could benefit from exterior painting and gutter cleaning to increase its value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and can increase both resale and rental value.
• Both Clean gutters — Improves drainage and can prevent water damage, increasing both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Clean gutters — Improves drainage and can prevent water damage, increasing both resale and rental 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: 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

• 2026-01-04 Listed $45,000 Zillow