534 E 37th Ave #567 · Lake Station, IN 46342

$48,500

2 bd · 2.0 ba · 1,060 sqft · Manufactured · 15 Days on market

Built 2026 Good condition $625/mo HOA · 48% of rent

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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 +21.0/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• Condition / age +4.0/5.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 567 Cumberland drive! The coziest corner home in town! Walk right into your spacious living room with freshly installed brand-new carpet overlooking your entire home! Your Huge chefs inspired kitchen with dark brown oak cabinets and cream-colored marble inspired countertops greets you as you enter the home as well! Along with an OVERSIZED kitchen island with plenty of storage space and room for barstools and a includes a spacious pantry! Continuing to the rest of the home, your secondary bedroom is located in the front of the home near the loving room along with the full bathroom as to give privacy to each bedroom! Your laundry room is sensor activated and has plenty of room

Key facts

• Built 2026
• Listed 14 days

Property features AI

Finance

• Other: Living area approximately 1060 (value provided in listing data)
• Financial info: List price: 48,500
• HOA & community: Association fee of 625

Exterior

• Utilities: Has heating; Has cooling
• Home design: Spec inventory (Ravinia Pines plan)
• Exterior features: Asphalt roof

Interior

• Kitchen: Includes dishwasher, microwave, and refrigerator
• Bedrooms: 2 bedrooms
• Bathrooms: 2 bathrooms
• Heating & cooling: Forced air heating; Central air; Ceiling fan(s)
• Interior features: Dishwasher; Microwave; Refrigerator

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $48k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $68 ($815/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Recommended offer: $48k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 6.4% in Lake Station — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• River Forest Community School Corporation (suburban): math 17% / reading 30% proficiency, ranked #268 of 301 in IN (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.6%/yr); 255 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 $335 of loan paydown is wiped out by about $1k 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 + 5.6% rent growth), your $14k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 48% of rent.

Recommended offer $47,772 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.68% ✓
• Cap rate: 7.97%
• Cash-on-cash: 6.00%
• DSCR: 1.27
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.63% rent growth · sell at horizon

5-year hold

• IRR: 0.7%
• Equity multiple: 1.03×
• Total profit: $407
• Equity at exit: $7,232

10-year hold

• IRR: 15.9%
• Equity multiple: 2.68×
• Total profit: $22,874
• Equity at exit: $4,193

Cash invested: $13,580 (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 46342

• Rents YoY: 5.6%
• Active inventory: 255
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,301 high
• Mortgage (P&I): −$254
• Tax est. 1.5%: −$61 /mo · $728/yr
• Insurance: −$20
• HOA: −$625
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $68

Break-even live

Break-even rent $1,215

Max offer price $48,500

Occupancy floor 90%

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: $12,125
• Closing costs: $1,455
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 W 37th Ave Unit 48 Hobart, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	0.25mi
416 Van Buren Ave Hobart, IN	3.0	1.0	1085	$1,395	$1.29	1d	1	0.73mi
333 Neringa Ln Hobart, IN	1.0–3.0	1.0–2.0	1009	$1,470	$1.46	1d	11	0.76mi
2955 DeKalb St Lake Station, IN	2.0	1.0	784	$1,100	$1.40	2d	1	0.97mi
2830 Grand Blvd Lake Station, IN	3.0	1.0	864	$1,395	$1.61	1d	1	1.12mi
3753 Englehart St Lake Station, IN	3.0	1.0	1224	$1,450	$1.18	1d	1	1.18mi
2716 Huntington St Lake Station, IN	3.0	1.0	832	$1,500	$1.80	1d	1	1.24mi
1421 High St Unit 2W Hobart, IN	2.0	1.0	950	$1,200	$1.26	20d	1	1.41mi
215 East St Unit 3 Hobart, IN	2.0	1.0	850	$1,350	$1.59	1d	1	1.42mi

HOA detail

• Monthly dues: $625 · $7,500/yr

Listing history 11 events

1. 2026-06-16
   days on market $48,500 Active 15 DOM
2. 2026-06-15
   days on market $48,500 Active 14 DOM
3. 2026-06-13
   days on market $48,500 Active 12 DOM
4. 2026-06-13
   days on market $48,500 Active 11 DOM
5. 2026-06-09
   days on market $48,500 Active 8 DOM
6. 2026-06-08
   days on market $48,500 Active 7 DOM
7. 2026-06-07
   days on market $48,500 Active 6 DOM
8. 2026-06-04
   days on market $48,500 Active 3 DOM
9. 2026-06-03
   days on market $48,500 Active 2 DOM
10. 2026-06-02
    remarks 699-char remark
11. 2026-06-02
    listed $48,500 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $15,617
• − Mortgage interest: −$2,717
• − Property taxes: −$728
• − Insurance: −$242
• − Repairs & maintenance: −$1,249
• − Management: −$1,249
• − HOA: −$7,500
• − Depreciation: −$1,411
• Taxable income: $521
• Est. tax owed @ 24.0%: −$125
• After-tax cash flow: $690/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This home is in good condition with a good condition score of 80. It has a cosmetic rehab level and requires minimal repairs and maintenance. The highest-ROI updates would be painting the interior walls and replacing the ceiling fan to increase its resale and rental value.

Value-add opportunities

• Both Paint interior walls — Fresh paint can make a home more appealing and increase its value
• Both Replace ceiling fan — A new ceiling fan can improve air circulation and add to the home's curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint can make a home more appealing and increase its value ↑
• Both Replace ceiling fan — A new ceiling fan can improve air circulation and add to the home's curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: River Forest Community School Corporation
• NCES district ID: 1804620
• Math proficiency: 17% ▼ -18.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $38,317
• Composite: 19.65/100
• National rank: #8738
• State rank: #268 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): 32,224
• Household income: $75,521
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 1033.0

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 21% Two or more races 10% Black 10% Asian 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 5%
• Common ancestry: Romanian 11% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Russian/Polish/Slavic 2% Chinese 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: ▼ -167.01%
• Current HPI: 260.2635
• Rent YoY: ▲ 5.63%
• 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