2744 Fayette St · Lake Station, IN 46405

$100,000

2 bd · 2.0 ba · 1,968 sqft · MultiFamily public records · 1 Days on market

Built 1940

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Move in ready, well maintained large 4 bedroom 2 bath home with daylight windows in the full basement. Located near shopping and schools with highways and railways within minutes to Chicago and Lake Michigan beaches. This extremely affordable home boasts beautiful wood floors and crown molding. This home is also set up to be used as a single family home or could easily be converted into two units. The additional lot behind has plenty of space for a garage.

Key facts

• Built 1940

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $664/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• Cap rate 22.2% vs local median 6.5% in Lake Station — 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 63/100 on livability (#411 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools F, amenities F.
• Lake Station Community Schools (suburban): math 16% / reading 24% proficiency, ranked #278 of 301 in IN (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 59 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,558/mo this rent would consume 50% of the median local household income ($61k/yr) (locally 216% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 19y 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 $85k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $100,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 2.56% ✓
• Cap rate: 22.24%
• Cash-on-cash: 56.95%
• DSCR: 3.53
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 55.4%
• Equity multiple: 3.45×
• Total profit: $68,465
• Equity at exit: $14,910

10-year hold

• IRR: 60.4%
• Equity multiple: 7.03×
• Total profit: $168,753
• Equity at exit: $8,646

Cash invested: $28,000 (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 46405

• Home prices YoY: -7.5%
• Active inventory: 59
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,558 high
• Mortgage (P&I): −$524
• Tax from tax record: −$126 /mo · $1,512/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$537
• Net cashflow: $1,329

Break-even live

Break-even rent $876

Max offer price $100,000

Occupancy floor 43%

Sensitivity live

Price	-10% $1,385	-5% $1,357	+0% $1,329	+5% $1,300	+10% $1,272
Rent	-10% $1,127	-5% $1,228	+0% $1,329	+5% $1,430	+10% $1,531
Rate	-1.0pp $1,379	-0.5pp $1,354	base $1,329	+0.5pp $1,303	+1.0pp $1,277

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,558
Total (2 units)			$2,558

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 Arthur Ave Hobart, IN	2.0	1.0	1565	$1,500	$0.96	0d	1	1.01mi
600 W 39th Pl Hobart, IN	3.0	3.0	1601	$2,615	$1.63	0d	1	1.50mi

Listing history 11 events

1. 2026-05-26
   listed $100,000 Active
2. 2026-04-28
   historical
3. 2026-04-17
   listed $129,000 Active
4. 2019-07-30
   soldstatus $84,600 460-char remark

   Show marketing remark (460 chars)

   Move in ready, well maintained large 4 bedroom 2 bath home with daylight windows in the full basement. Located near shopping and schools with highways and railways within minutes to Chicago and Lake Michigan beaches. This extremely affordable home boasts beautiful wood floors and crown molding. This home is also set up to be used as a single family home or could easily be converted into two units. The additional lot behind has plenty of space for a garage.

5. 2018-10-01
   listed $81,000 460-char remark

   Show marketing remark (460 chars)

   Move in ready, well maintained large 4 bedroom 2 bath home with daylight windows in the full basement. Located near shopping and schools with highways and railways within minutes to Chicago and Lake Michigan beaches. This extremely affordable home boasts beautiful wood floors and crown molding. This home is also set up to be used as a single family home or could easily be converted into two units. The additional lot behind has plenty of space for a garage.

6. 2018-07-25
   historical
7. 2018-05-10
   listed $100,000
8. 2008-06-03
   historical
9. 2008-04-02
   listed $64,900
10. 2008-02-16
    historical
11. 2007-11-14
    listed $59,900

ⓘ 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: $1,512 · $126/mo
• Projected year-2 tax: $1,512 · $126/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,696
• − Mortgage interest: −$5,602
• − Property taxes: −$1,512
• − Insurance: −$500
• − Repairs & maintenance: −$2,456
• − Management: −$2,456
• − Depreciation: −$2,909
• Taxable income: $15,262
• Est. tax owed @ 24.0%: −$3,663
• After-tax cash flow: $12,282/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: Lake Station Community Schools
• NCES district ID: 1802910
• Math proficiency: 16% ▼ -14.00%
• Reading proficiency: 24% ▼ -15.00%
• Median HH income: $41,406
• Composite: 17.06/100
• National rank: #9123
• State rank: #278 of 301 in IN

Livability — Lake Station

• Score: 63/100
• State rank: #411
• US rank: #14929

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Station, IN
• County: Lake County · 422,878 people
• City population: 12,184
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 12,184
• Household income: $60,881
• Rent vs Own: 24.7% rent · 75.3% own
• Severe rent burden: 216.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 28% Two or more races 18% Black 2%
• Hispanic origin (detail): Mexican 23% Puerto Rican 3%
• Common ancestry: Romanian 4% German 4% Slovak 4%
• Foreign-born: 8% · Canada
• Languages at home: 83% English-only · Spanish 15% 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: ▼ -23.48%
• Current HPI: 289.0285
• Rent YoY: —
• 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

+66.9% since first listed

11 events — show timeline

• 2026-05-26 Listed $100,000 FSBO.com
• 2026-04-28 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-04-17 Listed $129,000 NIRA MLS as Distributed by MLS Grid
• 2019-07-30 Sold (MLS) $84,600 NIRA MLS as Distributed by MLS Grid
• 2018-10-01 Listed $81,000 NIRA MLS as Distributed by MLS Grid
• 2018-07-25 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2018-05-10 Listed $100,000 NIRA MLS as Distributed by MLS Grid
• 2008-06-03 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2008-04-02 Listed $64,900 NIRA MLS as Distributed by MLS Grid
• 2008-02-16 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-11-14 Listed $59,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+4.9%/yr

Latest (2024): $1,512 · -7.3% YoY. Source: county tax records.