780 Lane 120 Hamilton Lk Lk · Hamilton, IN 46742

$154,900

3 bd · 1.0 ba · 936 sqft · SingleFamily · 71 Days on market

Built 1900 Good condition 4,356 sqft lot $165/sqft · 35% below area Est $237k · 35% 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 +26.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +6.9/10.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This well-maintained cottage in Cold Springs on Hamilton Lake blends charm and thoughtful updates. Major improvements over the years provide peace of mind, including a new foundation and footers (2012), updated electrical with 100-amp service and complete rewire, plus a metal roof and replacement windows (2014). Inside, you’ll find fresh updates throughout, including new flooring on the main level, new carpet upstairs, and a beautifully refreshed kitchen featuring updated countertops, sink, and cabinets. Step outside and enjoy one side of the shared pier for boat docking, stunning sunset views, sandy swimming beach that’s ideal for long summer days on the water. This Hamilton Lake gem checks all the boxes!

Key facts

• Updated electrical
• Metal roof
• New foundation

Tags

• NEW FOUNDATION
• UPDATED ELECTRICAL
• METAL ROOF
• REPLACEMENT WINDOWS
• NEW FLOORING
• NEW CARPET

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $391 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $146k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 2.7% in Hamilton — 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 64/100 on livability (#384 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Hamilton Community Schools (rural): math 20% / reading 25% proficiency, ranked #300 of 324 in IN (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 35 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 209 units permitted in Steuben County in 2024 (72 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.
• Steuben County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $155k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,606 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.19% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.82%
• DSCR: 1.48
• GRM: 7.0

CMA / ARV

• ARV (median comp): $237,229
• List price: $154,900
• Delta: -34.70%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
440 Lane 120, Hamilton Lake Lk	0.00mi	3/1.0	824 (-12%)	2mo	$169,900	$206	78
635 Lane 101 Hamilton Lake Lk	0.60mi	2/1.0 (-1)	832 (-11%)	10mo	$450,000	$541	40
320 Lane 101 Hamilton Lk	0.52mi	2/1.0 (-1)	1,008 (+8%)	24mo	$185,000	$184	38
715 Lane 101 Hamilton Lake Lk	0.62mi	2/1.0 (-1)	1,020 (+9%)	22mo	$525,000	$515	33

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-168
• Equity at exit: $23,096

10-year hold

• IRR: 9.6%
• Equity multiple: 1.74×
• Total profit: $32,035
• Equity at exit: $13,393

Cash invested: $43,372 (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 46742

• Home prices YoY: -31.9%
• Active inventory: 35
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,850 medium
• Mortgage (P&I): −$812
• Tax est. 1.5%: −$194 /mo · $2,324/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $391

Break-even live

Break-even rent $1,355

Max offer price $154,900

Occupancy floor 74%

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
520 Lane 150H Hamilton Lk Hamilton, IN	3.0	1.0	774	$1,850	$2.39	23d	1	0.54mi

Listing history 21 events

1. 2026-06-19
   days on market $154,900 Active 71 DOM
2. 2026-06-18
   days on market $154,900 Active 70 DOM
3. 2026-06-17
   days on market $154,900 Active 69 DOM
4. 2026-06-16
   days on market $154,900 Active 68 DOM
5. 2026-06-15
   days on market $154,900 Active 67 DOM
6. 2026-06-14
   days on market $154,900 Active 65 DOM
7. 2026-06-12
   days on market $154,900 Active 64 DOM
8. 2026-06-09
   days on market $154,900 Active 61 DOM
9. 2026-06-08
   days on market $154,900 Active 60 DOM
10. 2026-06-07
    days on market $154,900 Active 59 DOM
11. 2026-06-07
    days on market $154,900 Active 58 DOM
12. 2026-06-04
    days on market $154,900 Active 55 DOM
13. 2026-06-02
    days on market $154,900 Active 54 DOM
14. 2026-06-01
    days on market $154,900 Active 53 DOM
15. 2026-05-31
    days on market $154,900 Active 52 DOM
16. 2026-05-31
    days on market $154,900 Active 51 DOM
17. 2026-04-27
    price $159,900 727-char remark

    Show marketing remark (727 chars)

    This well-maintained cottage in Cold Springs on Hamilton Lake blends charm and thoughtful updates. Major improvements over the years provide peace of mind, including a new foundation and footers (2012), updated electrical with 100-amp service and complete rewire, plus a metal roof and replacement windows (2014). Inside, you’ll find fresh updates throughout, including new flooring on the main level, new carpet upstairs, and a beautifully refreshed kitchen featuring updated countertops, sink, and cabinets. Step outside and enjoy one side of the shared pier for boat docking, stunning sunset views, sandy swimming beach that’s ideal for long summer days on the water. This Hamilton Lake gem checks all the boxes!

18. 2026-04-09
    listed $164,900 Active 727-char remark

    Show marketing remark (727 chars)

    This well-maintained cottage in Cold Springs on Hamilton Lake blends charm and thoughtful updates. Major improvements over the years provide peace of mind, including a new foundation and footers (2012), updated electrical with 100-amp service and complete rewire, plus a metal roof and replacement windows (2014). Inside, you’ll find fresh updates throughout, including new flooring on the main level, new carpet upstairs, and a beautifully refreshed kitchen featuring updated countertops, sink, and cabinets. Step outside and enjoy one side of the shared pier for boat docking, stunning sunset views, sandy swimming beach that’s ideal for long summer days on the water. This Hamilton Lake gem checks all the boxes!

19. 2020-07-03
    soldstatus $72,500
20. 2020-03-12
    listed $88,500
21. 2018-05-03
    listed $89,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,200
• − Mortgage interest: −$8,677
• − Property taxes: −$2,324
• − Insurance: −$774
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − Depreciation: −$4,506
• Taxable income: $2,367
• Est. tax owed @ 24.0%: −$568
• After-tax cash flow: $4,124/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 · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained and updated single-family home on Hamilton Lake offers a blend of charm and modern amenities, making it an attractive option for both resale and rental.

Value-add opportunities

• Both landscaping — enhances curb appeal and outdoor living space
• Both painting — fresh paint improves interior and exterior aesthetics
• Both landscaping — shared pier and sandy beach add value for both resale and rental

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and outdoor living space ↑
• Both painting — fresh paint improves interior and exterior aesthetics ↑
• Both landscaping — shared pier and sandy beach add value for both resale and rental ↑

ⓘ 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: Hamilton Community Schools
• NCES district ID: 1804230
• Math proficiency: 20% ▼ -20.00%
• Reading proficiency: 25% ▼ -25.00%
• Median HH income: $54,064
• Composite: 23.5/100
• National rank: #13286
• State rank: #300 of 324 in IN

Livability — Hamilton

• Score: 64/100
• State rank: #384
• US rank: #14236

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,126

Population outlook (Steuben County) Hauer SSP2

• Today (2025): 34,334 people
• By 2030: 33,801 · -1.6%
• By 2040: 32,076 · -6.6%
• By 2050: 30,022 · -12.6%
• By 2075: 25,626 · -25.4%
• By 2100: 21,257 · -38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Romanian 3% Iranian 3% Italian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Russian/Polish/Slavic 1%

Political lean MEDSL · Steuben

• 2024 margin: Solid R (+42.1) · D 28.1% · R 70.2% · Other 1.6%
• 2008→2024 swing: -32.3pp toward R · 2008: -9.8pp · 2024: -42.1pp
• All cycles: 2024: R+42.1 2020: R+42.2 2016: R+44.0 2012: R+27.0 2008: R+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -110.36%
• Current HPI: 235.4538
• Rent YoY: —
• Metro: —
• 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

+79.7% since first listed

5 events — show timeline

• 2026-04-27 Price Changed $159,900 IRMLS
• 2026-04-09 Listed $164,900 IRMLS
• 2020-07-03 Sold (MLS) $72,500 IRMLS
• 2020-03-12 Listed $88,500 IRMLS
• 2018-05-03 Listed $89,000 IRMLS