6290 S State Road 10 · Bass Lake, IN 46534

$419,900

5 bd · 4.0 ba · 4,064 sqft · MultiFamily public records · 3 Days on market

Built 1945 2.84 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

PROFITABLE 3-UNIT INVESTMENT PROPERTY AT BASS LAKE - Situated on nearly 3 acres, this property offers strong rental potential along with excellent recreational appeal. Residents and guests enjoy deeded Bass Lake access within walking distance. 3rd unit newly remodeled with new paint and flooring. Beautiful lawn for plenty of outdoor space and parking. S SR 10, Knox.

Key facts

• Nearly 3 acres
• Newly remodeled unit
• 2.84 acre lot

Tags

• 3 UNIT INVESTMENT PROPERTY
• NEARLY 3 ACRES
• DEEDED BASS LAKE ACCESS
• NEWLY REMODELED UNIT

Property features AI

Finance

• Other: Assessor used for living area and lot size source; Property configured as a multi-unit building with 3 units (two 2-bed units, one 3-bed unit); Total of 14 rooms

Exterior

• Parking: Driveway; Off-street parking; Gravel parking
• Utilities: Natural gas connected; Electricity connected; Cable available; Well water; Public sewer
• Home design: One and one-half story structure; Built in 1945
• Construction: Asphalt shingle roof; Crawl space foundation
• Exterior features: Lake and rural views; Shed(s)

Interior

• Kitchen: No appliances included
• Bedrooms: Three 2-bedroom units and one 3-bedroom unit (property contains 3 total units: two 2-bed and one 3-bed)
• Flooring: Laminate; Vinyl; Tile
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating (natural gas, forced air); Central air conditioning
• Interior features: Ceiling fans; Laminate counters
• Laundry & utility: Laundry room with washer hookup and gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.3-bath units multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $550/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $420k).
• Cap rate 11.0% 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 $3k of loan paydown is wiped out by about $13k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $118k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $419,900

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 1945 — 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: 1.29% ✓
• Cap rate: 11.01%
• Cash-on-cash: 16.83%
• DSCR: 1.75
• GRM: 6.5

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: 8.0%
• Equity multiple: 1.31×
• Total profit: $36,881
• Equity at exit: $62,608

10-year hold

• IRR: 17.3%
• Equity multiple: 2.42×
• Total profit: $166,964
• Equity at exit: $36,305

Cash invested: $117,572 (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
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $5,402 medium
• Mortgage (P&I): −$2,202
• Tax from tax record: −$242 /mo · $2,901/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,134
• Net cashflow: $1,649

Break-even live

Break-even rent $3,315

Max offer price $419,900

Occupancy floor 64%

Sensitivity live

Price	-10% $1,887	-5% $1,768	+0% $1,649	+5% $1,530	+10% $1,411
Rent	-10% $1,222	-5% $1,435	+0% $1,649	+5% $1,862	+10% $2,076
Rate	-1.0pp $1,860	-0.5pp $1,756	base $1,649	+0.5pp $1,540	+1.0pp $1,429

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.3	$5,403
Total (3 units)			$5,402

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: $104,975
• Closing costs: $12,597
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-19
   days on market $419,900 Active 3 DOM
2. 2026-06-18
   days on market $419,900 Active 2 DOM
3. 2026-06-17
   remarks 368-char remark
4. 2026-06-17
   listed $419,900 Active 1 DOM

ⓘ 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: $2,901 · $242/mo
• Projected year-2 tax: $3,235 · $270/mo
• Expected delta: +$334/yr (+$28/mo · 11.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,824
• − Mortgage interest: −$23,521
• − Property taxes: −$2,901
• − Insurance: −$2,100
• − Repairs & maintenance: −$5,186
• − Management: −$5,186
• − Depreciation: −$12,215
• Taxable income: $13,715
• Est. tax owed @ 24.0%: −$3,292
• After-tax cash flow: $16,494/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

• Census place: Bass Lake, IN
• 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

Price history

+133.4% since first listed

2 events — show timeline

• 2026-06-16 Listed $419,900 NIRA MLS as Distributed by MLS Grid
• 2004-08-09 Listed $179,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2024): $2,901 · -6.6% YoY. Source: county tax records.