6275 Randolph St · Hobart, IN 46342

$80,000

4 bd · 1.0 ba · 1,237 sqft · SingleFamily public records · 14 Days on market

Built 1942 3.40 ac lot $65/sqft · 69% below area

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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
• Rent growth +3.9/5.0
• Livability +3.5/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor alert/handyman special/blank-canvas opportunity. This 1942 - built 4 bedroom home on a massive 3.4 private acres is screaming for someone with vision to step in and create serious equity. Yes, it needs severe repairs and the septic condition is not to code - but that's exactly why this is a deal. Gut it, renovate it, expand it, or build brand new - the possibilities are endless. Picture your own gardens, workshop, animals, guest house, or private family compound. Plenty of room to roam while still being minutes from Hobart's Lake George, parks, trails, shopping and major highways (easy commute to Chicago). Hobart's friendly vibe, growing amenities, and unbeatable land value make th

Key facts

• Private acres
• Guest house
• Gardens

Tags

• PRIVATE ACRES
• MASSIVE LAND
• GARDENS
• WORKSHOP
• GUEST HOUSE
• EASY COMMUTE TO CHICAGO

Property features AI

Exterior

• Parking: Off-street parking; Driveway; Additional parking available
• Security: Smoke detector(s)
• Utilities: Well water; Septic tank sewer; Electricity connected with 100 amp service; Natural gas connected
• Home design: One and one-half story home; Property listed as fixer condition; Built in 1942
• Construction: Aluminum siding; Shingle roof; Basement present
• Exterior features: Covered porch; Fire pit; Shed(s); Partial chain-link fencing; Views of neighborhood, trees/woods and rural surroundings; Blinds and wood-framed windows

Interior

• Kitchen: Appliances: Other (unspecified)
• Bedrooms: Primary bedroom; Bedrooms 2, 3 and 4
• Flooring: Carpet; Linoleum
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Natural gas heating; Ceiling fan(s) for cooling
• Interior features: One fireplace located in the living room; Basement with unfinished storage space; Bonus room, utility room, living room, dining room; No additional interior features listed
• Laundry & utility: Washer hookup; Gas dryer hookup; Laundry on lower level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $860 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Cap rate 19.2% vs local median 4.2% in Hobart — 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 69/100 on livability (#196 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: schools D, amenities F, commute F.
• Merrillville Community School Corporation (suburban): math 22% / reading 36% proficiency, ranked #240 of 301 in IN (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+5.6%/yr); 255 active listings in the ZIP; 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 $553 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $80,000

Questions for the listing agent

1. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 2.20% ✓
• Cap rate: 19.20%
• Cash-on-cash: 46.08%
• DSCR: 3.05
• GRM: 3.8

CMA / ARV

• ARV (median comp): $205,515
• List price: $80,000
• Delta: -61.07%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9256 Norris Dr	0.47mi	3/2.0 (-1)	1,416 (+14%)	11mo	$289,000	$204	36

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: 46.2%
• Equity multiple: 3.08×
• Total profit: $46,617
• Equity at exit: $11,928

10-year hold

• IRR: 53.1%
• Equity multiple: 6.89×
• Total profit: $131,890
• Equity at exit: $6,917

Cash invested: $22,400 (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: 3.8×

Monthly cashflow live

• Estimated rent: $1,760 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$77 /mo · $925/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $860

Break-even live

Break-even rent $671

Max offer price $80,000

Occupancy floor 46%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-15
   listed $80,000 Active 852-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $925 · $77/mo
• Projected year-2 tax: $925 · $77/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,116
• − Mortgage interest: −$4,481
• − Property taxes: −$925
• − Insurance: −$400
• − Repairs & maintenance: −$1,689
• − Management: −$1,689
• − Depreciation: −$2,327
• Taxable income: $9,604
• Est. tax owed @ 24.0%: −$2,305
• After-tax cash flow: $8,018/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.

Schools (NCES district)

• District: Merrillville Community School Corporation
• NCES district ID: 1809690
• Math proficiency: 22% ▼ -17.00%
• Reading proficiency: 36% ▼ -8.00%
• Median HH income: $54,401
• Composite: 25.74/100
• National rank: #7375
• State rank: #240 of 301 in IN

Livability — Hobart

• Score: 69/100
• State rank: #196
• US rank: #8834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lake County · 422,878 people
• City population: 32,224
• 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

+0.0% since first listed

3 events — show timeline

• 2026-06-09 Sold (MLS) $80,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-29 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-15 Listed $80,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.3%/yr

Latest (2024): $925 · +3.3% YoY. Source: county tax records.