9025 Remington Way

St. John, IN 46373

$293,990F

3 bd · 2.5 ba · 1,543 sqft · Built 2025 · Townhouse · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,801/mo
• Mortgage (P&I): −$1,808
• Tax + insurance: −$575
• HOA: −$200
• Vac / Maint / Mgmt: −$588
• Net cashflow: $-370/mo
• Annual: $-4,443/yr
• Cap rate: 5.00%
• Cash-on-cash: -4.60%
• DSCR: 0.80
• 1% rule: 0.81%
• Cash to close: $96,561

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $294k. Condition is rated good.
• At list price, monthly cash flow is $-370 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $291k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $280k (4.7% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $280k (4.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Hanover Community School Corporation (suburban): math 49% / reading 53% proficiency, ranked #38 of 301 in IN (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Lincoln Elementary School (math 57% / reading 57%, grade C+, #172 of 994 statewide, top 18%, 312 students, 14% FRL); Hanover Central Middle School (math 44% / reading 47%, grade D+, #79 of 330 statewide, top 24%, 650 students, 25% FRL); Hanover Central High School (math 47% / reading 72%, grade C+, #49 of 369 statewide, top 16%, 782 students, 22% FRL) — zoned schools at 20% FRL track the district average.
• Market conditions: 331 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 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 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.
• Cap rate 5.0% vs local median 3.7% in St. John — 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.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.