2343 99th St Unit 2a

Highland, IN 46322

$180,000D-

2 bd · 2.0 ba · 8,820 sqft · Built 1996 · Condo · Active · 128 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,456/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$156
• HOA: −$300
• Vac / Maint / Mgmt: −$306
• Net cashflow: $-250/mo
• Annual: $-3,003/yr
• Cap rate: 4.62%
• Cash-on-cash: -5.96%
• DSCR: 0.73
• 1% rule: 0.81%
• Cash to close: $50,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $180k.
• At list price, monthly cash flow is $-250 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (24.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (19.1% below list).
• It's been on market 128 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (24.6% below list) — sets the bar for cash-flow.
• 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.
• Location reads 77/100 on livability (#37 in IN, #2,959 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• School Town Of Highland (suburban): math 39% / reading 45% proficiency, ranked #109 of 301 in IN (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents rising (+3.7%/yr); 102 active listings in the ZIP; solid renter incomes; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 27y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• 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?
• It's been on market 128 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?