2907 Union St · Hobart, IN 46342

$120,000

3 bd · 1.0 ba · 1,694 sqft · SingleFamily public records · 1 Days on market

Built 1870 1.00 ac lot Est $230k · 48% under

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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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Rent growth +3.9/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful 1 acre fenced lot with 1.5 story 3 bedroom home in need of work/updating! Bring your cash buyers to check out this one - main level offers vestibule with French doors to large living room open to huge formal dining area with 9' ceilings & stained glass accent, kitchen with door to back deck, 1 bedroom with wood flooring & huge bath with wood laminate flooring. Upstairs you will find 2 additional bedrooms (1 has no closet) and the other has a nice closet and an 11x7 sitting area. Unfinished cellar type basement with door to back. Plaster walls and 1.5 car detached garage. This home is being sold as-is

Key facts

• Oversized driveway
• Low-traffic street
• Detached garage

Tags

• COVERED FRONT AND BACK PORCHES
• DETACHED GARAGE
• OVERSIZED DRIVEWAY
• AMPLE OFF-STREET PARKING
• LOW-TRAFFIC STREET

Property features AI

Finance

• Other: Living area consists of above-grade and below-grade finished space (above grade finished area and below grade finished area recorded)

Exterior

• Parking: Detached garage; Driveway; Additional off-street parking; 1 garage space
• Security: Other security features
• Utilities: Electricity connected (100 amp service); Natural gas connected; Well water; Septic tank
• Home design: One and one-half story; Built in 1870
• Construction: Shingle roof; Other construction materials; Basement (other type)
• Exterior features: Rural view; Covered porch or patio; Chain link fencing; Garage(s) structure present

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Total rooms: 6; Basement present (finished area listed)
• Flooring: Hardwood; Other flooring types
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fan(s) for cooling
• Interior features: Ceiling fans
• Laundry & utility: Washer hookup; Gas dryer hookup; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $559 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 11.9% 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.
• 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; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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 $830 of loan paydown is wiped out by about $4k 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 $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y 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.
• Current owner paid $93k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,000

Questions for the listing agent

1. Built in 1870 — 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: 1.48% ✓
• Cap rate: 11.88%
• Cash-on-cash: 19.95%
• DSCR: 1.89
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $230,384
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2737 Vermillion St	0.26mi	4/1.0 (+1)	1,636 (-3%)	4mo	$194,900	$119	74
4265 E 28th Ave	0.14mi	3/2.0	1,840 (+9%)	6mo	$155,000	$84	70
2747 Vigo St	0.29mi	4/2.0 (+1)	1,768 (+4%)	9mo	$240,000	$136	63
3092 Edgewood St	0.58mi	3/1.5	1,724 (+2%)	8mo	$245,000	$142	61
2868 Edgewood St	0.62mi	3/2.0	1,746 (+3%)	1mo	$343,400	$197	61
2850 Vermillion St	0.13mi	4/2.0 (+1)	1,504 (-11%)	8mo	$186,459	$124	60
2669 Vigo St	0.37mi	2/1.0 (-1)	1,840 (+9%)	19mo	$150,000	$82	48
3125 Old Hobart Rd	0.71mi	4/1.5 (+1)	1,840 (+9%)	5mo	$181,000	$98	41
3550 Old Hobart Rd	0.64mi	3/1.5	1,900 (+12%)	12mo	$237,555	$125	37
3118 Edgewood St	0.59mi	4/1.5 (+1)	1,496 (-12%)	14mo	$218,000	$146	34
3540 Old Hobart Rd	0.62mi	4/3.0 (+1)	1,934 (+14%)	10mo	$270,000	$140	26
2435 Spencer St	0.68mi	3/3.0	1,456 (-14%)	21mo	$239,000	$164	20

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: 15.1%
• Equity multiple: 1.62×
• Total profit: $20,995
• Equity at exit: $17,892

10-year hold

• IRR: 25.7%
• Equity multiple: 3.53×
• Total profit: $85,118
• Equity at exit: $10,375

Cash invested: $33,600 (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: 5.6×

Monthly cashflow live

• Estimated rent: $1,774 high
• Mortgage (P&I): −$629
• Tax from tax record: −$164 /mo · $1,966/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $559

Break-even live

Break-even rent $1,067

Max offer price $120,000

Occupancy floor 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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2870 Vigo St Lake Station, IN	3.0	2.0	1446	$1,850	$1.28	43d	1	0.17mi
2701 Union St Lake Station, IN	3.0	2.0	1958	$1,700	$0.87	43d	1	0.25mi
3101 County Line Rd Portage, IN	3.0	2.0	1177	$1,900	$1.61	1d	1	0.54mi
5091 Central Ave Portage, IN	3.0	1.0	1644	$2,000	$1.22	1d	1	0.93mi
4546 Marquette Rd Lake Station, IN	3.0	2.0	1621	$1,800	$1.11	1d	1	0.98mi
5423 Tulip Ave Portage, IN	3.0	1.0	1872	$2,000	$1.07	12d	1	1.42mi

Listing history 2 events

1. 2026-06-17
   remarks 699-char remark
2. 2026-06-17
   listed $120,000 Active 1 DOM

ⓘ 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: $1,966 · $164/mo
• Projected year-2 tax: $1,966 · $164/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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,294
• − Mortgage interest: −$6,722
• − Property taxes: −$1,966
• − Insurance: −$600
• − Repairs & maintenance: −$1,704
• − Management: −$1,704
• − Depreciation: −$3,491
• Taxable income: $5,108
• Est. tax owed @ 24.0%: −$1,226
• After-tax cash flow: $5,479/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: 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 — 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

• Census place: Hobart, IN
• 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

+9.1% since first listed

5 events — show timeline

• 2026-06-17 Listed $120,000 NIRA MLS as Distributed by MLS Grid
• 2021-10-27 Sold (MLS) $93,000 MRED as Distributed by MLS Grid
• 2021-10-27 Sold (MLS) $93,000 NIRA MLS as Distributed by MLS Grid
• 2021-08-23 Listed $110,000 MRED as Distributed by MLS Grid
• 2021-08-23 Listed $110,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.7%/yr

Latest (2024): $1,966 · +8.1% YoY. Source: county tax records.