8220 Harrison Ave #408 · Munster, IN 46321

$224,900

2 bd · 2.0 ba · 54,592 sqft · Condo public records · 101 Days on market

Built 1990 $4/sqft · 97% below area Est $219k · at est. $270/mo HOA · 11% of rent

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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).

• Cash flow +17.2/30.0
• ARV discount +6.3/15.0
• Schools +5.7/10.0
• 1% rule +5.5/10.0
• DSCR +5.4/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy comfortable, low-maintenance living in this well-maintained 4th-floor, 2-bedroom, 2-bath condominium in Munster, Indiana. Located in an elevator building, this bright and inviting unit offers convenience, modern updates, and an ideal location for commuters. The spacious living room features a cozy fireplace and opens to a screened balcony accessible from both the living room and kitchen--perfect for relaxing or enjoying fresh air without the bugs. The kitchen is equipped with granite countertops, stainless steel appliances, and a newer dishwasher, offering both style and functionality. The primary bedroom includes a private en suite bath with a newly remodeled walk-in shower. The second bedroom is versatile and currently used as a home office, making it ideal for remote work, guests, or additional living space. A laundry area in the unit adds everyday convenience. Parking and storage are exceptional with one assigned space in the ground-level parking garage plus an additional detached one-car garage. Ideally located within walking distance of the South Shore train line for an easy commute to Chicago and just minutes from shopping, restaurants, and local schools. A wonderful opportunity to enjoy comfortable condo living in a highly convenient Munster location. PLEASE KNOW THERE IS A NO PET POLICY.

Key facts

• Screened balcony
• Granite countertops
• Elevator building

Tags

• ELEVATOR BUILDING
• SCREENED BALCONY
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• NEWLY REMODELED WALK-IN SHOWER
• HOME OFFICE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $205k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 5.0% in Munster — 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 81/100 on livability (#17 in IN, #1,427 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• School Town Of Munster (suburban): math 65% / reading 64% proficiency, ranked #6 of 301 in IN (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 112 active listings in the ZIP; high-income renter base; 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 101 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.

Recommended offer $204,659 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.05% ✓
• Cap rate: 7.15%
• Cash-on-cash: 3.06%
• DSCR: 1.14
• GRM: 8.0

CMA / ARV

• ARV (median comp): $219,232
• List price: $224,900
• Delta: 2.59%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -11.4%
• Equity multiple: 0.59×
• Total profit: $-26,099
• Equity at exit: $33,533

10-year hold

• IRR: -2.1%
• Equity multiple: 0.86×
• Total profit: $-9,056
• Equity at exit: $19,445

Cash invested: $62,972 (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 46321

• Active inventory: 112
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,357 medium
• Mortgage (P&I): −$1,179
• Tax from tax record: −$158 /mo · $1,899/yr
• Insurance: −$94
• HOA: −$270
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $160

Break-even live

Break-even rent $2,154

Max offer price $224,900

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $270 · $3,240/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $224,900 Active 101 DOM
2. 2026-06-17
   days on market $224,900 Active 100 DOM
3. 2026-06-16
   days on market $224,900 Active 99 DOM
4. 2026-06-15
   days on market $224,900 Active 98 DOM
5. 2026-06-13
   days on market $224,900 Active 96 DOM
6. 2026-06-13
   days on market $224,900 Active 95 DOM
7. 2026-06-09
   days on market $224,900 Active 92 DOM
8. 2026-06-08
   days on market $224,900 Active 91 DOM
9. 2026-06-07
   days on market $224,900 Active 90 DOM
10. 2026-06-04
    days on market $224,900 Active 87 DOM
11. 2026-06-03
    days on market $224,900 Active 86 DOM
12. 2026-06-02
    days on market $224,900 Active 85 DOM
13. 2026-06-01
    days on market $224,900 Active 84 DOM
14. 2026-05-31
    days on market $224,900 Active 83 DOM
15. 2026-03-09
    listed $224,900 Active 1323-char remark

    Show marketing remark (1323 chars)

    Enjoy comfortable, low-maintenance living in this well-maintained 4th-floor, 2-bedroom, 2-bath condominium in Munster, Indiana. Located in an elevator building, this bright and inviting unit offers convenience, modern updates, and an ideal location for commuters. The spacious living room features a cozy fireplace and opens to a screened balcony accessible from both the living room and kitchen--perfect for relaxing or enjoying fresh air without the bugs. The kitchen is equipped with granite countertops, stainless steel appliances, and a newer dishwasher, offering both style and functionality. The primary bedroom includes a private en suite bath with a newly remodeled walk-in shower. The second bedroom is versatile and currently used as a home office, making it ideal for remote work, guests, or additional living space. A laundry area in the unit adds everyday convenience. Parking and storage are exceptional with one assigned space in the ground-level parking garage plus an additional detached one-car garage. Ideally located within walking distance of the South Shore train line for an easy commute to Chicago and just minutes from shopping, restaurants, and local schools. A wonderful opportunity to enjoy comfortable condo living in a highly convenient Munster location. PLEASE KNOW THERE IS A NO PET POLICY.

ⓘ 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: $1,899 · $158/mo
• Projected year-2 tax: $1,905 · $159/mo
• Expected delta: +$6/yr (+$1/mo · 0.3%)

ⓘ 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 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,281
• − Mortgage interest: −$12,598
• − Property taxes: −$1,899
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,262
• − Management: −$2,262
• − HOA: −$3,240
• − Depreciation: −$6,543
• Taxable loss: −$1,648
• Est. tax savings @ 24.0%: +$396
• After-tax cash flow: $2,321/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 Munster
• NCES district ID: 1807350
• Math proficiency: 65% ▼ -1.00%
• Reading proficiency: 64% ▼ -4.00%
• Median HH income: $71,901
• Composite: 56.91/100
• National rank: #1115
• State rank: #6 of 301 in IN

Livability — Munster

• Score: 81/100
• State rank: #17
• US rank: #1427

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Munster, IN
• County: Lake County · 422,878 people
• City population: 23,733
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 23,733
• Household income: $110,187
• Rent vs Own: 13.0% rent · 87.0% own
• Severe rent burden: 338.0

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 (71%)
• Race & ethnicity: White 71% Hispanic / Latino 14% Two or more races 8% Black 7% Asian 6%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Romanian 16% Iranian 4% Lithuanian 1%
• Foreign-born: 9% · Canada, South Korea, China
• Languages at home: 86% English-only · Spanish 6% Russian/Polish/Slavic 3% Other Indo-European 2%

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: ▼ -213.34%
• Current HPI: 232.4818
• 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

1 event — show timeline

• 2026-03-09 Listed $224,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.5%/yr

Latest (2024): $1,899 · +4.2% YoY. Source: county tax records.