9225 Liable Rd · Highland, IN 46322

$189,900

2 bd · 1.0 ba · 1,728 sqft · SingleFamily public records · 119 Days on market

Built 1938 0.83 ac lot $110/sqft · 37% below area Est $303k · 37% under

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Why this score? — see what drove the C 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 +18.4/30.0
• ARV discount +15.0/15.0
• DSCR +5.8/10.0
• 1% rule +4.4/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Though needing a complete rehab, there is unlimited potential and possibilities for this 1,728' Sq. ft. 1.5 story home with a 2.5 car garage. The . 83A Lot sits directly across from Southridge Elementary School and sits adjacent to Sheppard Park.

Key facts

• Complete rehab
• 0.83 acre lot
• 2 garage spots

Tags

• COMPLETE REHAB
• ADJACENT TO SHEPPARD PARK

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $176 ($2k/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 $178k (6.1% below list).
• Recommended offer: $173k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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; 2 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $6k 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 119 days — a 9% lower offer ($173k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,809 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1938 — 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. 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: 0.94% ✗
• Cap rate: 7.40%
• Cash-on-cash: 3.97%
• DSCR: 1.18
• GRM: 8.9

CMA / ARV

• ARV (median comp): $302,938
• List price: $189,900
• Delta: -37.31%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3341 Martha St	0.31mi	3/1.5 (+1)	1,732 (+0%)	2mo	$245,000	$141	77
3514 41st Pl	0.18mi	3/2.0 (+1)	1,792 (+4%)	3mo	$305,000	$170	74
9618 Boulevard Dr	0.48mi	3/1.5 (+1)	1,729 (+0%)	4mo	$265,000	$153	67
9217 Grace St	0.25mi	3/2.0 (+1)	1,584 (-8%)	1mo	$320,000	$202	65
8941 Ohio Pl	0.48mi	3/1.0 (+1)	1,584 (-8%)	2mo	$280,000	$177	57
9347 O'day Dr	0.40mi	3/2.0 (+1)	1,888 (+9%)	2mo	$297,500	$158	55
3737 Jewett Ave	0.66mi	3/2.0 (+1)	1,662 (-4%)	0mo	$333,500	$201	53
9047 Pettit Dr	0.62mi	3/1.0 (+1)	1,608 (-7%)	2mo	$266,019	$165	53
9503 Forrest Dr	0.59mi	3/2.0 (+1)	1,599 (-8%)	0mo	$282,000	$176	51
217 W 40th Pl	0.64mi	3/1.0 (+1)	1,569 (-9%)	1mo	$267,000	$170	50
1006 W Ash	0.69mi	3/2.0 (+1)	1,560 (-10%)	1mo	$312,000	$200	42
8939 Parrish Ave	0.61mi	3/2.0 (+1)	1,534 (-11%)	4mo	$300,000	$196	41

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 · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.65×
• Total profit: $-18,374
• Equity at exit: $28,315

10-year hold

• IRR: 0.9%
• Equity multiple: 1.06×
• Total profit: $3,435
• Equity at exit: $16,419

Cash invested: $53,172 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,784 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$158 /mo · $1,902/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $176

Break-even live

Break-even rent $1,561

Max offer price $189,900

Occupancy floor 85%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1800 W Park Blvd Griffith, IN	3.0	2.0	1288	$2,221	$1.72	1d	1	1.43mi
1818 Park West Blvd Griffith, IN	1.0–3.0	1.0–2.5	1230	$1,714	$1.39	1d	78	1.44mi

Listing history 14 events

1. 2026-06-18
   days on market $189,900 Active 119 DOM
2. 2026-06-17
   days on market $189,900 Active 118 DOM
3. 2026-06-16
   days on market $189,900 Active 117 DOM
4. 2026-06-15
   days on market $189,900 Active 116 DOM
5. 2026-06-13
   days on market $189,900 Active 114 DOM
6. 2026-06-09
   days on market $189,900 Active 110 DOM
7. 2026-06-08
   days on market $189,900 Active 109 DOM
8. 2026-06-07
   days on market $189,900 Active 108 DOM
9. 2026-06-04
   days on market $189,900 Active 105 DOM
10. 2026-06-03
    days on market $189,900 Active 104 DOM
11. 2026-06-02
    days on market $189,900 Active 103 DOM
12. 2026-06-01
    days on market $189,900 Active 102 DOM
13. 2026-05-31
    days on market $189,900 Active 101 DOM
14. 2026-02-19
    listed $189,900 Active 246-char remark

    Show marketing remark (246 chars)

    Though needing a complete rehab, there is unlimited potential and possibilities for this 1,728' Sq. ft. 1.5 story home with a 2.5 car garage. The . 83A Lot sits directly across from Southridge Elementary School and sits adjacent to Sheppard Park.

ⓘ 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: $1,902 · $158/mo
• Projected year-2 tax: $1,902 · $158/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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,405
• − Mortgage interest: −$10,637
• − Property taxes: −$1,902
• − Insurance: −$950
• − Repairs & maintenance: −$1,712
• − Management: −$1,712
• − Depreciation: −$5,524
• Taxable loss: −$1,033
• Est. tax savings @ 24.0%: +$248
• After-tax cash flow: $2,356/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

1 event — show timeline

• 2026-02-19 Listed $189,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.0%/yr

Latest (2024): $1,902 · +2.0% YoY. Source: county tax records.