4135 S East Dr · Bass Lake, IN 46534

$254,900

3 bd · 1.5 ba · 1,296 sqft · SingleFamily public records · 71 Days on market

Built 1997 0.34 ac lot $197/sqft · 9% below area Est $279k · 9% 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 +11.4/15.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Livability +3.1/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this three-bedroom, two-bath home located in the Boa Shores community, offering beautiful views of Bass Lake and an ideal year-round or seasonal retreat. Situated on a quiet dead-end street, this property delivers both privacy and tranquility. The home features a great, functional layout with a spacious living room that opens seamlessly to the dining area, perfect for everyday living and entertaining. The galley-style kitchen is both efficient and attractive, with all appliances included for added convenience. The primary bedroom includes its own private bathroom, providing a comfortable and private retreat. Two additional bedrooms and a second bath complete the interior layout. New flooring and paint in all three bedrooms. Set on four lots, the property offers an expansive yard with ample space for outdoor entertaining, recreation, or relaxation. Enjoy views of Bass Lake from the dining room table or while unwinding on the back porch. The lake is within walking distance, including beach access and possibility for a boat slip. Additional highlights include an attached garage, plus a detached garage ideal for lake toys, vehicles, or extra storage. You can find even more storage space in the deep crawl space that has concrete throughout. An inviting front porch, excellent curb appeal, and a brick driveway complete the exterior charm. Do not miss this opportunity to own a peaceful lake area home, perfect as a full-time residence or a summer getaway!

Key facts

• Galley-style kitchen
• Expansive yard
• Beach access

Tags

• QUIET DEAD-END STREET
• SPACIOUS LIVING ROOM
• GALLEY-STYLE KITCHEN
• PRIVATE BATHROOM
• EXPANSIVE YARD
• BEACH ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $255k.

Deal economics

• At list price, monthly cash flow is $978 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $255k).
• Recommended offer: $240k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 4.4% in Bass Lake — 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 61/100 on livability (#494 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment C-, schools F, amenities F.
• Culver Community Schools Corporation (rural): math 27% / reading 35% proficiency, ranked #236 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 146 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 58 units permitted in Starke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Starke County population projected at -23% 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 $71k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($240k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y 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 $135k; list at $255k implies a 89% gain — meaningful room to come down on a strong offer.

Recommended offer $239,606 (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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
6. 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.
7. 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: 1.26% ✓
• Cap rate: 10.90%
• Cash-on-cash: 16.45%
• DSCR: 1.73
• GRM: 6.6

CMA / ARV

• ARV (median comp): $278,889
• List price: $254,900
• Delta: -8.60%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4218 S North Shore Dr	0.19mi	2/2.0 (-1)	1,312 (+1%)	14mo	$300,000	$229	70
3767 S East Dr	0.34mi	3/2.0	1,450 (+12%)	7mo	$310,000	$214	56
4538 S County Road 210	0.73mi	3/2.0	1,292 (-0%)	9mo	$282,000	$218	56
3898 S 625 East	0.25mi	2/1.5 (-1)	1,164 (-10%)	22mo	$189,000	$162	48

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: 7.5%
• Equity multiple: 1.29×
• Total profit: $20,920
• Equity at exit: $38,006

10-year hold

• IRR: 16.8%
• Equity multiple: 2.37×
• Total profit: $98,113
• Equity at exit: $22,039

Cash invested: $71,372 (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 46534

• Home prices YoY: -19.2%
• Active inventory: 146
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $3,200 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$107 /mo · $1,282/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $978

Break-even live

Break-even rent $1,962

Max offer price $254,900

Occupancy floor 64%

Sensitivity live

Price	-10% $1,123	-5% $1,050	+0% $978	+5% $906	+10% $834
Rent	-10% $725	-5% $852	+0% $978	+5% $1,105	+10% $1,231
Rate	-1.0pp $1,107	-0.5pp $1,043	base $978	+0.5pp $912	+1.0pp $845

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: $63,725
• Closing costs: $7,647
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4850 S County Road 210 Knox, IN	2.0	1.0	926	$3,200	$3.46	25d	1	1.00mi

Listing history 26 events

1. 2026-06-19
   days on market $254,900 Active 71 DOM
2. 2026-06-18
   days on market $254,900 Active 70 DOM
3. 2026-06-17
   days on market $254,900 Active 69 DOM
4. 2026-06-16
   days on market $254,900 Active 68 DOM
5. 2026-06-15
   days on market $254,900 Active 67 DOM
6. 2026-06-14
   days on market $254,900 Active 65 DOM
7. 2026-06-12
   days on market $254,900 Active 64 DOM
8. 2026-06-09
   days on market $254,900 Active 61 DOM
9. 2026-06-08
   days on market $254,900 Active 60 DOM
10. 2026-06-07
    days on market $254,900 Active 59 DOM
11. 2026-06-07
    days on market $254,900 Active 58 DOM
12. 2026-06-02
    days on market $254,900 Active 54 DOM
13. 2026-06-01
    days on market $254,900 Active 53 DOM
14. 2026-05-31
    days on market $254,900 Active 52 DOM
15. 2026-05-30
    days on market $254,900 Active 51 DOM
16. 2026-05-08
    price $254,900 1481-char remark

    Show marketing remark (1481 chars)

    Welcome to this three-bedroom, two-bath home located in the Boa Shores community, offering beautiful views of Bass Lake and an ideal year-round or seasonal retreat. Situated on a quiet dead-end street, this property delivers both privacy and tranquility. The home features a great, functional layout with a spacious living room that opens seamlessly to the dining area, perfect for everyday living and entertaining. The galley-style kitchen is both efficient and attractive, with all appliances included for added convenience. The primary bedroom includes its own private bathroom, providing a comfortable and private retreat. Two additional bedrooms and a second bath complete the interior layout. New flooring and paint in all three bedrooms. Set on four lots, the property offers an expansive yard with ample space for outdoor entertaining, recreation, or relaxation. Enjoy views of Bass Lake from the dining room table or while unwinding on the back porch. The lake is within walking distance, including beach access and possibility for a boat slip. Additional highlights include an attached garage, plus a detached garage ideal for lake toys, vehicles, or extra storage. You can find even more storage space in the deep crawl space that has concrete throughout. An inviting front porch, excellent curb appeal, and a brick driveway complete the exterior charm. Do not miss this opportunity to own a peaceful lake area home, perfect as a full-time residence or a summer getaway!

17. 2026-05-08
    price $254,900 1481-char remark

    Show marketing remark (1481 chars)

    Welcome to this three-bedroom, two-bath home located in the Boa Shores community, offering beautiful views of Bass Lake and an ideal year-round or seasonal retreat. Situated on a quiet dead-end street, this property delivers both privacy and tranquility. The home features a great, functional layout with a spacious living room that opens seamlessly to the dining area, perfect for everyday living and entertaining. The galley-style kitchen is both efficient and attractive, with all appliances included for added convenience. The primary bedroom includes its own private bathroom, providing a comfortable and private retreat. Two additional bedrooms and a second bath complete the interior layout. New flooring and paint in all three bedrooms. Set on four lots, the property offers an expansive yard with ample space for outdoor entertaining, recreation, or relaxation. Enjoy views of Bass Lake from the dining room table or while unwinding on the back porch. The lake is within walking distance, including beach access and possibility for a boat slip. Additional highlights include an attached garage, plus a detached garage ideal for lake toys, vehicles, or extra storage. You can find even more storage space in the deep crawl space that has concrete throughout. An inviting front porch, excellent curb appeal, and a brick driveway complete the exterior charm. Do not miss this opportunity to own a peaceful lake area home, perfect as a full-time residence or a summer getaway!

18. 2026-04-10
    listed $264,900 Active 1481-char remark

    Show marketing remark (1481 chars)

    Welcome to this three-bedroom, two-bath home located in the Boa Shores community, offering beautiful views of Bass Lake and an ideal year-round or seasonal retreat. Situated on a quiet dead-end street, this property delivers both privacy and tranquility. The home features a great, functional layout with a spacious living room that opens seamlessly to the dining area, perfect for everyday living and entertaining. The galley-style kitchen is both efficient and attractive, with all appliances included for added convenience. The primary bedroom includes its own private bathroom, providing a comfortable and private retreat. Two additional bedrooms and a second bath complete the interior layout. New flooring and paint in all three bedrooms. Set on four lots, the property offers an expansive yard with ample space for outdoor entertaining, recreation, or relaxation. Enjoy views of Bass Lake from the dining room table or while unwinding on the back porch. The lake is within walking distance, including beach access and possibility for a boat slip. Additional highlights include an attached garage, plus a detached garage ideal for lake toys, vehicles, or extra storage. You can find even more storage space in the deep crawl space that has concrete throughout. An inviting front porch, excellent curb appeal, and a brick driveway complete the exterior charm. Do not miss this opportunity to own a peaceful lake area home, perfect as a full-time residence or a summer getaway!

19. 2026-04-09
    listed $264,900 Active 1481-char remark

    Show marketing remark (1481 chars)

    Welcome to this three-bedroom, two-bath home located in the Boa Shores community, offering beautiful views of Bass Lake and an ideal year-round or seasonal retreat. Situated on a quiet dead-end street, this property delivers both privacy and tranquility. The home features a great, functional layout with a spacious living room that opens seamlessly to the dining area, perfect for everyday living and entertaining. The galley-style kitchen is both efficient and attractive, with all appliances included for added convenience. The primary bedroom includes its own private bathroom, providing a comfortable and private retreat. Two additional bedrooms and a second bath complete the interior layout. New flooring and paint in all three bedrooms. Set on four lots, the property offers an expansive yard with ample space for outdoor entertaining, recreation, or relaxation. Enjoy views of Bass Lake from the dining room table or while unwinding on the back porch. The lake is within walking distance, including beach access and possibility for a boat slip. Additional highlights include an attached garage, plus a detached garage ideal for lake toys, vehicles, or extra storage. You can find even more storage space in the deep crawl space that has concrete throughout. An inviting front porch, excellent curb appeal, and a brick driveway complete the exterior charm. Do not miss this opportunity to own a peaceful lake area home, perfect as a full-time residence or a summer getaway!

20. 2026-03-17
    historical
21. 2026-01-22
    price $264,900
22. 2026-01-21
    listed $284,900 Active
23. 2018-05-22
    soldstatus $135,000
24. 2018-05-22
    soldstatus $135,000
25. 2018-03-22
    listed $139,900
26. 2018-03-22
    listed $139,900

ⓘ 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: $1,282 · $107/mo
• Projected year-2 tax: $1,724 · $144/mo
• Expected delta: +$443/yr (+$37/mo · 34.5%)

ⓘ 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 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,400
• − Mortgage interest: −$14,278
• − Property taxes: −$1,282
• − Insurance: −$1,274
• − Repairs & maintenance: −$3,072
• − Management: −$3,072
• − Depreciation: −$7,415
• Taxable income: $8,006
• Est. tax owed @ 24.0%: −$1,922
• After-tax cash flow: $9,818/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: Culver Community Schools Corporation
• NCES district ID: 1802520
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 35% ▼ -5.00%
• Median HH income: $43,718
• Composite: 26.41/100
• National rank: #7227
• State rank: #236 of 301 in IN

Livability — Bass Lake

• Score: 61/100
• State rank: #494
• US rank: #17594

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bass Lake, IN
• Population (ZIP): 11,029

Population outlook (Starke County) Hauer SSP2

• Today (2025): 21,860 people
• By 2030: 21,024 · -3.8%
• By 2040: 19,041 · -12.9%
• By 2050: 16,881 · -22.8%
• By 2075: 11,880 · -45.7%
• By 2100: 7,217 · -67.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 2% German/W. Germanic 1%

Political lean MEDSL · Starke

• 2024 margin: Solid R (+52.0) · D 23.2% · R 75.3% · Other 1.5%
• 2008→2024 swing: -55.3pp toward R · 2008: 3.2pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+46.8 2016: R+42.0 2012: R+10.6 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.15%
• Current HPI: 244.2216
• 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

+82.2% since first listed

11 events — show timeline

• 2026-05-08 Price Changed $254,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-08 Price Changed $254,900 IRMLS
• 2026-04-10 Listed $264,900 IRMLS
• 2026-04-09 Listed $264,900 NIRA MLS as Distributed by MLS Grid
• 2026-03-17 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-01-22 Price Changed $264,900 NIRA MLS as Distributed by MLS Grid
• 2026-01-21 Listed $284,900 NIRA MLS as Distributed by MLS Grid
• 2018-05-22 Sold (MLS) $135,000 IRMLS
• 2018-05-22 Sold (MLS) $135,000 NIRA MLS as Distributed by MLS Grid
• 2018-03-22 Listed $139,900 IRMLS
• 2018-03-22 Listed $139,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.7%/yr

Latest (2024): $1,282 · +17.2% YoY. Source: county tax records.