534 E 37th Ave #682 · Lake Station, IN 46342

$85,000

3 bd · 2.0 ba · 1,350 sqft · Manufactured · 38 Days on market

Built 2026 Excellent condition 7,000 sqft lot $63/sqft · 18% above area Est $72k · 18% over $625/mo HOA · 38% 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).

• Cash flow +18.9/30.0
• 1% rule +10.0/10.0
• DSCR +6.0/10.0
• Condition / age +5.0/5.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Schools +2.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

This breathtaking brand-new Clayton Homes floorplan is now available and includes a 1-year home warranty for added peace of mind. Step inside to an oversized living room filled with natural light from two large windows, creating the perfect space for everyday living and gathering. The chef-inspired kitchen features real oak cabinetry, Dark Calacatta-style marble countertops, European oak flooring, and a full stainless steel Samsung appliance package. The dining area comfortably fits a table for six, perfect for family dinners and entertaining. Just off the rear entrance, the laundry/mudroom includes a brand-new washer and dryer for added convenience. The spacious king-size primary suite off

Key facts

• Laundry mudroom
• Real oak cabinetry
• 7,000 sq ft lot

Tags

• OVERSIZED LIVING ROOM
• CHEF INSPIRED KITCHEN
• REAL OAK CABINETRY
• EUROPEAN OAK FLOORING
• LAUNDRY MUDROOM
• BRAND NEW WASHER AND DRYER

Property features AI

Finance

• Other: List price: $85,000; Status: Active
• HOA & community: Association fee: $625

Exterior

• Utilities: Has heating; Has cooling
• Home design: Spec inventory (Ravinia Pines plan)
• Construction: Living area approximately 1350
• Exterior features: Asphalt roof

Interior

• Kitchen: Includes dishwasher and refrigerator
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air; Ceiling fans
• Interior features: Dishwasher; Refrigerator

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $85k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $87 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.

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-, schools F, amenities 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; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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 $588 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 38% of rent.

Recommended offer $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 1.94% ✓
• Cap rate: 7.53%
• Cash-on-cash: 4.41%
• DSCR: 1.20
• GRM: 4.3

CMA / ARV

• ARV (median comp): $72,000
• List price: $85,000
• Delta: 18.06%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.63% rent growth · sell at horizon

5-year hold

• IRR: -3.5%
• Equity multiple: 0.86×
• Total profit: $-3,330
• Equity at exit: $12,674

10-year hold

• IRR: 11.1%
• Equity multiple: 2.06×
• Total profit: $25,281
• Equity at exit: $7,349

Cash invested: $23,800 (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: 4.3×

Monthly cashflow live

• Estimated rent: $1,645 high
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$625
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $87

Break-even live

Break-even rent $1,535

Max offer price $85,000

Occupancy floor 90%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 7 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	43d	1	0.26mi
600 W 39th Pl Hobart, IN	3.0	3.0	1601	$2,615	$1.63	1d	1	0.39mi
123 Arthur Ave Hobart, IN	2.0	1.0	1565	$1,500	$0.96	1d	1	0.44mi
416 Van Buren Ave Hobart, IN	3.0	1.0	1085	$1,395	$1.29	1d	1	0.66mi
333 Neringa Ln Hobart, IN	1.0–3.0	1.0–2.0	1009	$1,780	$1.76	1d	11	0.81mi
3753 Englehart St Lake Station, IN	3.0	1.0	1224	$1,450	$1.18	1d	1	1.17mi
1421 High St Unit 2W Hobart, IN	2.0	1.0	950	$1,200	$1.26	20d	1	1.44mi

HOA detail

• Monthly dues: $625 · $7,500/yr

Listing history 15 events

1. 2026-06-18
   days on market $85,000 Active 38 DOM
2. 2026-06-17
   days on market $85,000 Active 37 DOM
3. 2026-06-16
   days on market $85,000 Active 36 DOM
4. 2026-06-15
   days on market $85,000 Active 35 DOM
5. 2026-06-13
   days on market $85,000 Active 33 DOM
6. 2026-06-13
   days on market $85,000 Active 32 DOM
7. 2026-06-09
   days on market $85,000 Active 29 DOM
8. 2026-06-08
   days on market $85,000 Active 28 DOM
9. 2026-06-07
   days on market $85,000 Active 27 DOM
10. 2026-06-04
    days on market $85,000 Active 24 DOM
11. 2026-06-03
    days on market $85,000 Active 23 DOM
12. 2026-06-02
    days on market $85,000 Active 22 DOM
13. 2026-06-01
    days on market $85,000 Active 21 DOM
14. 2026-05-31
    days on market $85,000 Active 20 DOM
15. 2026-05-12
    listed $85,000 Active 1483-char remark

ⓘ 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: $19,744
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$1,580
• − Management: −$1,580
• − HOA: −$7,500
• − Depreciation: −$2,473
• Taxable income: $151
• Est. tax owed @ 24.0%: −$36
• After-tax cash flow: $1,013/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 · 1 photo

Excellent 100/100 None rehab

This brand-new Clayton Homes floorplan is move-in ready with excellent condition and no visible repairs or maintenance needed. The home's curb appeal and smart home features can further enhance its value.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers or renters.
• Both Add smart home features — Improves convenience and can be a selling point for buyers and renters.
• Both Install smart thermostat — Saves energy and can be a selling point for buyers and renters.
• Both Add smart lighting system — Enhances the home's ambiance and can be a selling point for buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers or renters. ↑
• Both Add smart home features — Improves convenience and can be a selling point for buyers and renters. ↑
• Both Install smart thermostat — Saves energy and can be a selling point for buyers and renters. ↑
• Both Add smart lighting system — Enhances the home's ambiance and can be a selling point for buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — 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 · 422,878 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: 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