654 Georgia Ave · Lake Station, IN 46342

$45,000

3 bd · 2.0 ba · 1,190 sqft · Manufactured · 217 Days on market

Manufactured home Built 2026 Good condition 7,000 sqft lot $38/sqft · 37% below area Est $72k · 38% under $600/mo HOA · 54% of rent

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Why this score? — see what drove the D+ 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 +15.0/15.0
• 1% rule +10.0/10.0
• Cash flow +8.4/30.0
• Rent growth +3.9/5.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Appreciation +2.5/10.0
• Schools +2.5/10.0
• DSCR +2.3/10.0
• Manufactured-home adj. -4.1

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.

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 $-41 ($-488/yr) — negative.
• To cash-flow at today's rent, offer at most $39k (13.1% below list).
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $39k (13.1% below list) — sets the bar for cash-flow.

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-, amenities F, commute 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.
• Zoned schools: John I Meister Elementary School (math 17% / reading 32%, grade F, #762 of 994 statewide, top 78%, 346 students, 87% FRL); River Forest Middle School (math 10% / reading 26%, grade F, #279 of 330 statewide, top 86%, 379 students, 87% FRL); River Forest High School (math 12% / reading 52%, grade F, #295 of 369 statewide, top 82%, 532 students, 83% FRL).
• Market conditions: Rents rising fast (+5.6%/yr); 370 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 41d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% 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 is only 18% 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 $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.

Negotiation context

• It's been on market 217 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 54% of rent.

Recommended offer $39,110 (13.1% 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. It's been on market 217 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.45% ✓
• Cap rate: 5.21%
• Cash-on-cash: -3.88%
• DSCR: 0.83
• GRM: 3.4

CMA / ARV

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

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3344 Jasper St	0.48mi	3/1.0	1,160 (-2%)	0mo	$170,000	$147	69
114 Beverly Ln	1.17mi	3/2.0	1,140 (-4%)	0mo	$229,900	$202	58
205 S Wisconsin St	1.24mi	2/1.0 (-1)	1,136 (-4%)	0mo	$166,000	$146	48
1011 Marquette Rd	1.27mi	3/1.5	1,064 (-11%)	0mo	$195,000	$183	45
3000 N Lake Park Ave	0.83mi	3/2.0	1,344 (+13%)	0mo	$235,000	$175	43
140 N Guyer St	1.02mi	3/1.5	1,346 (+13%)	0mo	$176,000	$131	41
2863 Benton St	1.21mi	3/2.0	1,485 (+25%)	0mo	$289,900	$195	40
2861 Benton St	1.21mi	3/2.0	1,485 (+25%)	0mo	$293,597	$198	40
2740 Elkhart St	1.18mi	4/1.0 (+1)	1,324 (+11%)	0mo	$132,000	$100	37
101 Van Buren Ave	0.79mi	3/1.0	952 (-20%)	0mo	$165,000	$173	36
200 N Kelly St	1.27mi	2/2.0 (-1)	1,387 (+17%)	0mo	$255,000	$184	35
133 N Delaware St	0.94mi	2/1.0 (-1)	1,344 (+13%)	0mo	$205,000	$153	34

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 · 5.63% rent growth · sell at horizon

5-year hold

• IRR: -13.3%
• Equity multiple: 0.48×
• Total profit: $-6,507
• Equity at exit: $6,710

10-year hold

• IRR: 4.5%
• Equity multiple: 1.44×
• Total profit: $5,517
• 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 →

Active competition Active MLS

• For sale now: 22 active
• Median asking: $55,000 ($49/sqft)
• Median days on market: 87 d
• This list price: 14% of active listings are priced below it
• ARV vs active asking: +24.5% above current asking $/sqft

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

ZIP-level market 46342

• Rents YoY: 5.6%
• Active inventory: 370
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,102 high
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$600
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $-41

Break-even live

Break-even rent $1,153

Max offer price $39,110

Occupancy floor 99%

Sensitivity live

Price	-10% $-10	-5% $-25	+0% $-41	+5% $-56	+10% $-72
Rent	-10% $-128	-5% $-84	+0% $-41	+5% $3	+10% $46
Rate	-1.0pp $-18	-0.5pp $-29	base $-41	+0.5pp $-52	+1.0pp $-64

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 13 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	93d	1	0.26mi
621 W 39th Pl Hobart, IN	1.0–2.0	1.0–1.5	1050	$1,540	$1.47	0d	4	0.45mi
416 Van Buren Ave Hobart, IN	3.0	1.0	1085	$1,395	$1.29	50d	1	0.66mi
333 Neringa Ln Hobart, IN	1.0–3.0	1.0–2.0	1009	$1,780	$1.76	0d	10	0.81mi
2955 DeKalb St Lake Station, IN	2.0	1.0	784	$1,100	$1.40	51d	1	0.91mi
2955 DeKalb St Lake Station, IN	3.0	2.0	924	$1,395	$1.51	0d	1	0.91mi
2830 Grand Blvd Lake Station, IN	3.0	1.0	864	$1,395	$1.61	46d	1	1.06mi
1229 W 44th Pl Hobart, IN	2.0	1.0	725	$1,350	$1.86	3d	1	1.11mi
3753 Englehart St Lake Station, IN	3.0	1.0	1224	$1,450	$1.18	46d	1	1.17mi
2716 Huntington St Lake Station, IN	3.0	1.0	832	$1,500	$1.80	41d	1	1.17mi
1421 High St Unit 2W Hobart, IN	2.0	1.0	950	$1,200	$1.26	69d	1	1.44mi
215 East St Unit 3 Hobart, IN	2.0	1.0	850	$1,300	$1.53	0d	1	1.48mi
215 East St Hobart, IN	2.0	1.0	850	$1,350	$1.59	0d	1	1.48mi

HOA detail $600/mo · $7,200/yr

• Likely covers: gas

Listing history 50 events

1. 2026-08-08
   days on market $45,000 Active 217 DOM
2. 2026-08-06
   days on market $45,000 Active 215 DOM
3. 2026-08-05
   days on market $45,000 Active 214 DOM
4. 2026-08-04
   days on market $45,000 Active 213 DOM
5. 2026-08-03
   days on market $45,000 Active 212 DOM
6. 2026-07-31
   days on market $45,000 Active 209 DOM
7. 2026-07-30
   days on market $45,000 Active 208 DOM
8. 2026-07-30
   days on market $45,000 Active 207 DOM
9. 2026-07-28
   days on market $45,000 Active 206 DOM
10. 2026-07-26
    days on market $45,000 Active 204 DOM
11. 2026-07-24
    days on market $45,000 Active 202 DOM
12. 2026-07-23
    days on market $45,000 Active 201 DOM
13. 2026-07-22
    days on market $45,000 Active 200 DOM
14. 2026-07-21
    days on market $45,000 Active 199 DOM
15. 2026-07-20
    days on market $45,000 Active 198 DOM
16. 2026-07-18
    days on market $45,000 Active 196 DOM
17. 2026-07-18
    days on market $45,000 Active 195 DOM
18. 2026-07-16
    days on market $45,000 Active 194 DOM
19. 2026-07-15
    days on market $45,000 Active 193 DOM
20. 2026-07-14
    days on market $45,000 Active 192 DOM
21. 2026-07-13
    days on market $45,000 Active 191 DOM
22. 2026-07-13
    days on market $45,000 Active 190 DOM
23. 2026-07-11
    days on market $45,000 Active 189 DOM
24. 2026-07-10
    days on market $45,000 Active 188 DOM
25. 2026-07-09
    days on market $45,000 Active 187 DOM
26. 2026-07-07
    days on market $45,000 Active 185 DOM
27. 2026-07-06
    days on market $45,000 Active 184 DOM
28. 2026-07-06
    days on market $45,000 Active 183 DOM
29. 2026-07-05
    days on market $45,000 Active 182 DOM
30. 2026-07-03
    days on market $45,000 Active 181 DOM
31. 2026-07-02
    days on market $45,000 Active 180 DOM
32. 2026-07-01
    days on market $45,000 Active 179 DOM
33. 2026-06-30
    days on market $45,000 Active 178 DOM
34. 2026-06-29
    days on market $45,000 Active 177 DOM
35. 2026-06-28
    days on market $45,000 Active 176 DOM
36. 2026-06-27
    days on market $45,000 Active 175 DOM
37. 2026-06-26
    days on market $45,000 Active 174 DOM
38. 2026-06-24
    days on market $45,000 Active 172 DOM
39. 2026-06-22
    days on market $45,000 Active 170 DOM
40. 2026-06-21
    days on market $45,000 Active 169 DOM
41. 2026-06-18
    days on market $45,000 Active 166 DOM
42. 2026-06-17
    days on market $45,000 Active 165 DOM
43. 2026-06-16
    days on market $45,000 Active 164 DOM
44. 2026-06-15
    days on market $45,000 Active 163 DOM
45. 2026-06-13
    days on market $45,000 Active 161 DOM
46. 2026-06-13
    days on market $45,000 Active 160 DOM
47. 2026-06-09
    days on market $45,000 Active 157 DOM
48. 2026-06-08
    days on market $45,000 Active 156 DOM
49. 2026-06-07
    days on market $45,000 Active 155 DOM
50. 2026-06-04
    days on market $45,000 Active 152 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: $13,219
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,058
• − Management: −$1,058
• − HOA: −$7,200
• − Depreciation: −$1,309
• Taxable loss: −$825
• Est. tax savings @ 24.0%: +$198
• After-tax cash flow: $-290/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 Est. rehab $5,950–$17,850 screening

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. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 25/100

Zoned Schools

Elementary John I Meister Elementary School F IN #762/994 Nat'l #30,133/41,679 Middle River Forest Middle School F IN #279/330 Nat'l #12,096/14,009 High River Forest High School F IN #295/369 Nat'l #10,416/17,239

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

C Composite livability gradescore 63/100

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 · 484,026 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: 16% 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 (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%

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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: ▼ -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

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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

Price history

1 event — show timeline

• 2026-01-04 Listed $45,000 Zillow