10010 Kennedy Ave · Highland, IN 46322

$225,000

3 bd · 2.0 ba · 1,344 sqft · MultiFamily public records · 337 Days on market

Built 1942 2.50 ac lot $167/sqft · 23% below area Est $293k · 23% under ↓ 12% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +14.0/30.0
• DSCR +4.2/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.4/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Big price decrease! Fixer upper on 2.5 acres! This solid 1940s house has great potential as a single family home. The home features 2 beds and 1 bath on the main floor with an eat-in kitchen. The upper floor features extra living space with 2 beds, living room, kitchen, and 1 bath. Or convert the living room or kitchen into more bedrooms. Hardwood floors throughout are ready to be brought back to life. Above the upper floor is an expansive attic ready to be finished or used as storage. The full basement, also unfinished, features a laundry area and sump pump. The expansive lot is 2.5 acres with clearings and many trees. Home is in need of repairs and is being offered as-is.

Key facts

• Expansive lot
• Expansive attic
• Laundry area

Tags

• EAT-IN KITCHEN
• EXPANSIVE ATTIC
• FULL BASEMENT
• LAUNDRY AREA
• SUMP PUMP
• EXPANSIVE LOT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $28 ($339/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (19.8% below list).
• Recommended offer: $180k (19.8% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.1% in Highland — 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 77/100 on livability (#37 in IN, #2,959 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• School Town Of Highland (suburban): math 39% / reading 45% proficiency, ranked #109 of 301 in IN (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.7%/yr); 102 active listings in the ZIP; 8 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 337 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $180,441 (19.8% below list)

Questions for the listing agent

1. It's been on market 337 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1942 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.80% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.54%
• DSCR: 1.02
• GRM: 10.4

CMA / ARV

• ARV (median comp): $292,624
• List price: $225,000
• Delta: -23.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -14.8%
• Equity multiple: 0.47×
• Total profit: $-33,486
• Equity at exit: $33,548

10-year hold

• IRR: -5.2%
• Equity multiple: 0.65×
• Total profit: $-21,953
• Equity at exit: $19,454

Cash invested: $63,000 (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 46322

• Rents YoY: 3.7%
• Active inventory: 102
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,804 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$124 /mo · $1,483/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $28

Break-even live

Break-even rent $1,769

Max offer price $225,000

Occupancy floor 93%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10029 Kennedy Ave Highland, IN	1.0–2.0	1.0	800	$1,550	$1.94	1d	1	0.09mi
2219 Teakwood Cir Highland, IN	2.0	2.0	1255	$2,420	$1.93	1d	5	0.68mi
2300 Azalea Dr Highland, IN	1.0–2.0	1.0–2.0	887	$1,729	$1.95	1d	29	0.85mi
2109 45th St Highland, IN	2.0	1.0	1269	$1,550	$1.22	1d	1	0.89mi
2109 45th St Unit 101 1 Highland, IN	2.0	1.0	1269	$1,550	$1.22	15d	1	0.90mi
9616 Farmer Dr Highland, IN	2.0	1.0	960	$1,629	$1.70	16d	1	0.90mi
9616 Farmer Dr Highland, IN	2.0	1.0	960	$1,516	$1.58	1d	1	0.90mi
9149 Waymond Ave Highland, IN	3.0	2.5	1531	$2,300	$1.50	10d	1	1.17mi

Listing history 15 events

1. 2026-06-18
   days on market $225,000 Active 337 DOM
2. 2026-06-17
   days on market $225,000 Active 336 DOM
3. 2026-06-16
   days on market $225,000 Active 335 DOM
4. 2026-06-15
   days on market $225,000 Active 334 DOM
5. 2026-06-13
   days on market $225,000 Active 332 DOM
6. 2026-06-09
   days on market $225,000 Active 328 DOM
7. 2026-06-08
   days on market $225,000 Active 327 DOM
8. 2026-06-07
   days on market $225,000 Active 326 DOM
9. 2026-06-04
   days on market $225,000 Active 323 DOM
10. 2026-06-03
    days on market $225,000 Active 322 DOM
11. 2026-06-02
    days on market $225,000 Active 321 DOM
12. 2026-06-01
    days on market $225,000 Active 320 DOM
13. 2026-05-31
    days on market $225,000 Active 319 DOM
14. 2026-03-27
    price $225,000 683-char remark

    Show marketing remark (683 chars)

    Big price decrease! Fixer upper on 2.5 acres! This solid 1940s house has great potential as a single family home. The home features 2 beds and 1 bath on the main floor with an eat-in kitchen. The upper floor features extra living space with 2 beds, living room, kitchen, and 1 bath. Or convert the living room or kitchen into more bedrooms. Hardwood floors throughout are ready to be brought back to life. Above the upper floor is an expansive attic ready to be finished or used as storage. The full basement, also unfinished, features a laundry area and sump pump. The expansive lot is 2.5 acres with clearings and many trees. Home is in need of repairs and is being offered as-is.

15. 2025-07-16
    listed $255,000 Active 683-char remark

    Show marketing remark (683 chars)

    Big price decrease! Fixer upper on 2.5 acres! This solid 1940s house has great potential as a single family home. The home features 2 beds and 1 bath on the main floor with an eat-in kitchen. The upper floor features extra living space with 2 beds, living room, kitchen, and 1 bath. Or convert the living room or kitchen into more bedrooms. Hardwood floors throughout are ready to be brought back to life. Above the upper floor is an expansive attic ready to be finished or used as storage. The full basement, also unfinished, features a laundry area and sump pump. The expansive lot is 2.5 acres with clearings and many trees. Home is in need of repairs and is being offered as-is.

ⓘ 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: $1,483 · $124/mo
• Projected year-2 tax: $1,698 · $141/mo
• Expected delta: +$215/yr (+$18/mo · 14.5%)

ⓘ 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 6 d/yr ≥103°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,653
• − Mortgage interest: −$12,603
• − Property taxes: −$1,483
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,732
• − Management: −$1,732
• − Depreciation: −$6,545
• Taxable loss: −$3,568
• Est. tax savings @ 24.0%: +$856
• After-tax cash flow: $1,196/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: School Town Of Highland
• NCES district ID: 1804560
• Math proficiency: 39% ▼ -9.00%
• Reading proficiency: 45% ▼ -6.00%
• Median HH income: $60,641
• Composite: 37.15/100
• National rank: #4485
• State rank: #109 of 301 in IN

Livability — Highland

• Score: 77/100
• State rank: #37
• US rank: #2959

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Highland, IN
• County: Lake County · 422,878 people
• City population: 23,680
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 23,680
• Household income: $78,062
• Rent vs Own: 21.6% rent · 78.4% own
• Severe rent burden: 538.0

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 (67%)
• Race & ethnicity: White 67% Hispanic / Latino 18% Black 9% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 13% Puerto Rican 3%
• Common ancestry: Romanian 15% Iranian 6% Lithuanian 2%
• Foreign-born: 7% · Canada
• Languages at home: 87% English-only · Spanish 8% Russian/Polish/Slavic 2% Other Indo-European 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: ▼ -230.63%
• Current HPI: 254.1772
• Rent YoY: ▲ 3.68%
• 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

Price history

-11.8% since first listed

2 events — show timeline

• 2026-03-27 Price Changed $225,000 NIRA MLS as Distributed by MLS Grid
• 2025-07-16 Listed $255,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+0.3%/yr

Latest (2024): $1,483 · -7.3% YoY. Source: county tax records.