8831 Harrison Ave #202 · Munster, IN 46321

$179,900

2 bd · 2.0 ba · 1,200 sqft · Condo · 56 Days on market

Built 1984 $150/sqft · 8% below area Est $196k · 8% under $207/mo HOA · 11% 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 +18.3/30.0
• ARV discount +11.3/15.0
• DSCR +5.7/10.0
• Schools +5.7/10.0
• 1% rule +5.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2-Bedroom, 2-Bath Condo with In-unit Laundry, Elevator, Heated Garage, In-ground Pool, and More! Spacious Living Room with Private Balcony that Opens to the Dining Area. Kitchen has Newer Ceiling with Brightness/Color Adjustable Lighting. Appliances Remain. Primary Bedroom has 3 Closets and a Private Bath with Step-in Shower and Linen Closet. Washer and Dryer Remain. The Beautifully Maintained Building has Spacious Entry, Indoor Mailboxes, Heated Garage, Locked Storage Room with your own Private Storage Closet. Outside there is Plenty of Parking for your Guests, Ramp, and Pool. The HOA covers Water, Garbage, Building and Ground Maintenance, and Common insurance. With it's Close Proximity to Downtown, Restaurants, Shopping, Entertainment, Hospital, Train Station and the Expressway (if Commuting to the City), this Condo is truly a Must-See! This is a 55+ Community.

Key facts

• In-ground pool
• Heated garage
• 3 closets

Tags

• IN-UNIT LAUNDRY
• HEATED GARAGE
• IN-GROUND POOL
• PRIVATE BALCONY
• 3 CLOSETS
• PRIVATE BATH

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $164 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 5.0% in Munster — 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 81/100 on livability (#17 in IN, #1,427 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• School Town Of Munster (suburban): math 65% / reading 64% proficiency, ranked #6 of 301 in IN (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 112 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $1k of loan paydown is wiped out by about $5k 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 56 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $174,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% 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. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 7.38%
• Cash-on-cash: 3.90%
• DSCR: 1.17
• GRM: 8.0

CMA / ARV

• ARV (median comp): $196,433
• List price: $179,900
• Delta: -8.42%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.1%
• Equity multiple: 0.63×
• Total profit: $-18,657
• Equity at exit: $26,824

10-year hold

• IRR: -0.7%
• Equity multiple: 0.95×
• Total profit: $-2,512
• Equity at exit: $15,554

Cash invested: $50,372 (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 46321

• Active inventory: 112
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,885 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$101 /mo · $1,207/yr
• Insurance: −$75
• HOA: −$207
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $164

Break-even live

Break-even rent $1,678

Max offer price $179,900

Occupancy floor 86%

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18335 Sherman St Unit 3 Lansing, IL	3.0	1.0	1000	$1,700	$1.70	1d	1	1.06mi
1136 Camellia Dr #3 Munster, IN	2.0	1.0	1120	$1,850	$1.65	18d	1	1.16mi
1220 Camellia Dr Munster, IN	1.0	1.0	1175	$1,475	$1.26	2d	1	1.23mi

HOA detail condo

• Monthly dues: $207 · $2,484/yr
• Likely covers: watertrashpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-13
   statusdays on market $179,900 Pending 56 DOM
2. 2026-06-09
   days on market $179,900 Active 54 DOM
3. 2026-06-08
   days on market $179,900 Active 53 DOM
4. 2026-06-07
   days on market $179,900 Active 52 DOM
5. 2026-06-04
   days on market $179,900 Active 49 DOM
6. 2026-06-03
   days on market $179,900 Active 48 DOM
7. 2026-06-02
   days on market $179,900 Active 47 DOM
8. 2026-06-01
   days on market $179,900 Active 46 DOM
9. 2026-05-31
   days on market $179,900 Active 45 DOM
10. 2026-04-16
    listed $179,900 Active 875-char remark

    Show marketing remark (875 chars)

    2-Bedroom, 2-Bath Condo with In-unit Laundry, Elevator, Heated Garage, In-ground Pool, and More! Spacious Living Room with Private Balcony that Opens to the Dining Area. Kitchen has Newer Ceiling with Brightness/Color Adjustable Lighting. Appliances Remain. Primary Bedroom has 3 Closets and a Private Bath with Step-in Shower and Linen Closet. Washer and Dryer Remain. The Beautifully Maintained Building has Spacious Entry, Indoor Mailboxes, Heated Garage, Locked Storage Room with your own Private Storage Closet. Outside there is Plenty of Parking for your Guests, Ramp, and Pool. The HOA covers Water, Garbage, Building and Ground Maintenance, and Common insurance. With it's Close Proximity to Downtown, Restaurants, Shopping, Entertainment, Hospital, Train Station and the Expressway (if Commuting to the City), this Condo is truly a Must-See! This is a 55+ Community.

11. 2021-07-26
    soldstatus $157,511 1017-char remark

    Show marketing remark (1017 chars)

    Well located, well cared for 2 bedroom, 2 bath, condo with in unit laundry, elevator, heated garage, inground pool & more! Newer carpeting in the spacious living room provides access to your private balcony with nice street view and opens to the dining area. Kitchen has new ceiling with new brightness/color adjustable light and is open to the dining area. Appliances remain. The master bedroom, with newer carpet, has not two, but three, closets and a private bath w step in shower & linen closet. 2nd bedroom (newer carpet) and main bath complete this condo. Washer & dryer remain. The beautifully maintained building has spacious entries, indoor mail boxes, heated garage, locked storage room with your own private storage closet. Outside there is plenty of parking for your guests, ramp and pool. The Seller is providing 1 year home warranty. The HOA covers water, garbage, building & ground maintenance and common insurance. Near shopping, restaurants, hospitals and more. 55+ Community.

12. 2021-05-12
    listed $159,511 1017-char remark

    Show marketing remark (1017 chars)

    Well located, well cared for 2 bedroom, 2 bath, condo with in unit laundry, elevator, heated garage, inground pool & more! Newer carpeting in the spacious living room provides access to your private balcony with nice street view and opens to the dining area. Kitchen has new ceiling with new brightness/color adjustable light and is open to the dining area. Appliances remain. The master bedroom, with newer carpet, has not two, but three, closets and a private bath w step in shower & linen closet. 2nd bedroom (newer carpet) and main bath complete this condo. Washer & dryer remain. The beautifully maintained building has spacious entries, indoor mail boxes, heated garage, locked storage room with your own private storage closet. Outside there is plenty of parking for your guests, ramp and pool. The Seller is providing 1 year home warranty. The HOA covers water, garbage, building & ground maintenance and common insurance. Near shopping, restaurants, hospitals and more. 55+ Community.

13. 2013-06-07
    soldstatus $82,500
14. 2013-03-20
    listed $84,900

ⓘ 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: $1,207 · $101/mo
• Projected year-2 tax: $1,368 · $114/mo
• Expected delta: +$161/yr (+$13/mo · 13.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,625
• − Mortgage interest: −$10,077
• − Property taxes: −$1,207
• − Insurance: −$900
• − Repairs & maintenance: −$1,810
• − Management: −$1,810
• − HOA: −$2,484
• − Depreciation: −$5,233
• Taxable loss: −$896
• Est. tax savings @ 24.0%: +$215
• After-tax cash flow: $2,177/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: School Town Of Munster
• NCES district ID: 1807350
• Math proficiency: 65% ▼ -1.00%
• Reading proficiency: 64% ▼ -4.00%
• Median HH income: $71,901
• Composite: 56.91/100
• National rank: #1115
• State rank: #6 of 301 in IN

Livability — Munster

• Score: 81/100
• State rank: #17
• US rank: #1427

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Munster, IN
• County: Lake County · 422,878 people
• City population: 23,733
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 23,733
• Household income: $110,187
• Rent vs Own: 13.0% rent · 87.0% own
• Severe rent burden: 338.0

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 (71%)
• Race & ethnicity: White 71% Hispanic / Latino 14% Two or more races 8% Black 7% Asian 6%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Romanian 16% Iranian 4% Lithuanian 1%
• Foreign-born: 9% · Canada, South Korea, China
• Languages at home: 86% English-only · Spanish 6% Russian/Polish/Slavic 3% Other Indo-European 2%

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: ▼ -213.34%
• Current HPI: 232.4818
• Rent YoY: —
• 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

+111.9% since first listed

5 events — show timeline

• 2026-04-16 Listed $179,900 NIRA MLS as Distributed by MLS Grid
• 2021-07-26 Sold (MLS) $157,511 NIRA MLS as Distributed by MLS Grid
• 2021-05-12 Listed $159,511 NIRA MLS as Distributed by MLS Grid
• 2013-06-07 Sold (MLS) $82,500 NIRA MLS as Distributed by MLS Grid
• 2013-03-20 Listed $84,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-0.4%/yr

Latest (2024): $1,207 · -10.2% YoY. Source: county tax records.