8940 E 150 Rd S · Bass Lake, IN 46534

$1

3 bd · 1.0 ba · 1,224 sqft · SingleFamily public records · 35 Days on market

Built 1967 5.60 ac lot

---

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 +16.9/30.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• 1% rule +4.6/10.0
• 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

REAL ESTATE AUCTION. Don’t miss this rare opportunity to own riverfront acreage. Property offers two lots totaling approx. 5.6 acres with frontage on both sides of the Yellow River, mature trees, fruit trees, two outbuildings, a gazebo, and a fine one-story home. Well cared for, well maintained ranch style home offers 3 bedrooms, 1 bath, family room, eat-in kitchen, living room, two car attached garage, with a large rear deck. Real estate will be offered as one tract on Saturday, May, 30th, 2026 on site. Terms on the real estate are cash, property sold “as is” subject to seller confirmation. 5% non-refundable earnest money deposit due day of auction with balance at closing

Key facts

• Gazebo
• Two outbuildings
• Fruit trees

Tags

• RIVERFRONT ACREAGE
• MATURE TREES
• FRUIT TREES
• TWO OUTBUILDINGS
• GAZEBO
• ONE-STORY HOME

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Well water; Septic tank
• Home design: Single-family residence, site-built; One story
• Construction: Vinyl siding
• Exterior features: Wooded lot

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Crawl space basement; Total of 8 rooms
• Laundry & utility: Main-level laundry

🔨 Auction listing. The $1 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $181,751 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $1.

Deal economics

• At list price, monthly cash flow is $118 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $1).
• Cap rate 7.1% vs local median 4.5% 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.
• Knox Community School Corporation (town): math 27% / reading 34% proficiency, ranked #242 of 301 in IN (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 146 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($0) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 272625.9% of price.

Recommended offer $1

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
7. 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.
8. 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.
9. 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: 0.96% ✗
• Cap rate: 7.07%
• Cash-on-cash: 2.79%
• DSCR: 1.12
• GRM: 8.7

CMA / ARV

• ARV (median comp): $181,751
• List price: $1
• Delta: -100.00%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8805 E Long Ln Dr	0.15mi	3/2.0	1,296 (+6%)	11mo	$245,000	$189	70
1435 State Road 23 Rd	0.07mi	3/1.0	1,392 (+14%)	12mo	$173,900	$125	64

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: -11.9%
• Equity multiple: 0.57×
• Total profit: $-21,900
• Equity at exit: $27,100

10-year hold

• IRR: -2.7%
• Equity multiple: 0.82×
• Total profit: $-9,273
• Equity at exit: $15,714

Cash invested: $50,890 (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

Monthly cashflow live

• Estimated rent: $1,739 medium
• Mortgage (P&I): −$953
• Tax est. 1.5%: −$227 /mo · $2,726/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $118

Break-even live

Break-even rent $1,590

Max offer price $181,751

Occupancy floor 88%

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: $45,438
• Closing costs: $5,453
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-02
   days on market $1 Active 35 DOM
2. 2026-06-01
   days on market $1 Active 34 DOM
3. 2026-05-31
   days on market $1 Active 33 DOM
4. 2026-05-30
   days on market $1 Active 32 DOM
5. 2026-04-28
   listed $1 Active 1230-char remark

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,874
• − Mortgage interest: −$10,181
• − Property taxes: −$2,726
• − Insurance: −$909
• − Repairs & maintenance: −$1,670
• − Management: −$1,670
• − Depreciation: −$5,287
• Taxable loss: −$1,569
• Est. tax savings @ 24.0%: +$377
• After-tax cash flow: $1,794/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: Knox Community School Corporation
• NCES district ID: 1805340
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 34% ▼ -8.00%
• Median HH income: $39,955
• Composite: 25.64/100
• National rank: #7401
• State rank: #242 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

• 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

Property tax history

+3.8%/yr

Latest (2024): $1,042 · +5.8% YoY. Source: county tax records.