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

$49,999

2 bd · 2.0 ba · 1,060 sqft · Manufactured · 98 Days on market

Manufactured home Built 2026 Good condition $47/sqft · 31% below area Est $72k · 31% under $625/mo HOA · 61% 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).

• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• Condition / age +4.0/5.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Cash flow +2.8/30.0
• Appreciation +2.5/10.0
• Schools +2.5/10.0
• DSCR +0.0/10.0
• Manufactured-home adj. -3.5

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!

Key facts

• Built 2026
• Listed 98 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $50k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-166 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $26k (47.9% below list).
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $26k (47.9% below list) — sets the bar for cash-flow.
• Cap rate 2.3% vs local median 5.7% in Lake Station — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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-, amenities F, commute 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.
• Zoned schools: John I Meister Elementary School (math 17% / reading 32%, grade F, #762 of 994 statewide, top 78%, 346 students, 87% FRL); River Forest Middle School (math 10% / reading 26%, grade F, #279 of 330 statewide, top 86%, 379 students, 87% FRL); River Forest High School (math 12% / reading 52%, grade F, #295 of 369 statewide, top 82%, 532 students, 83% FRL).
• Market conditions: Rents rising fast (+5.6%/yr); 424 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 41d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent is only 16% of the median local income ($76k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $2k 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 98 days — a 9% lower offer ($45k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 61% of rent.

Recommended offer $26,027 (47.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
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 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: 2.04% ✓
• Cap rate: 2.32%
• Cash-on-cash: -14.20%
• DSCR: 0.37
• GRM: 4.1

CMA / ARV

• ARV (median comp): $72,000
• List price: $49,999
• Delta: -30.56%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3538 N Lake Park Ave	0.36mi	3/1.0 (+1)	1,068 (+1%)	1mo	$115,000	$108	72
652 N Guyer St	0.57mi	3/1.0 (+1)	988 (-7%)	1mo	$216,000	$219	52
1709 E Rand St	1.47mi	3/2.0 (+1)	1,008 (-5%)	1mo	$230,000	$228	51
114 Beverly Ln	1.10mi	3/2.0 (+1)	1,140 (+8%)	2mo	$229,900	$202	46
340 N California St	0.58mi	3/2.0 (+1)	1,260 (+19%)	0mo	$247,000	$196	43
213 S Connecticut St	1.18mi	2/1.0	925 (-13%)	0mo	$206,000	$223	39
60 Lukes Ct	0.74mi	2/2.5	1,308 (+23%)	0mo	$245,000	$187	38
101 Van Buren Ave	0.84mi	3/1.0 (+1)	952 (-10%)	2mo	$165,000	$173	38
2491 S Hansen Blvd	1.25mi	3/2.0 (+1)	1,215 (+15%)	0mo	$267,000	$220	36
144 N Michigan Ave	1.12mi	2/1.0	1,261 (+19%)	1mo	$212,500	$169	35
227 N Delaware St	0.77mi	3/1.0 (+1)	924 (-13%)	0mo	$100,000	$108	34
16 W Cleveland Ave	1.05mi	3/1.0 (+1)	1,325 (+25%)	1mo	$249,900	$189	30

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 · 5.63% rent growth · sell at horizon

5-year hold

• IRR: -31.3%
• Equity multiple: -0.11×
• Total profit: $-15,487
• Equity at exit: $7,455

10-year hold

• IRR: -11.9%
• Equity multiple: 0.04×
• Total profit: $-13,466
• Equity at exit: $4,323

Cash invested: $14,000 (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 →

Active competition Active MLS

• For sale now: 20 active
• Median asking: $50,000 ($42/sqft)
• Median days on market: 94 d
• This list price: 35% of active listings are priced below it
• ARV vs active asking: +62.4% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46342

• Rents YoY: 5.6%
• Active inventory: 424
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,019 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$625
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $-166

Break-even live

Break-even rent $1,229

Max offer price $26,027

Occupancy floor —

Sensitivity live

Price	-10% $-131	-5% $-148	+0% $-166	+5% $-183	+10% $-200
Rent	-10% $-246	-5% $-206	+0% $-166	+5% $-125	+10% $-85
Rate	-1.0pp $-140	-0.5pp $-153	base $-166	+0.5pp $-179	+1.0pp $-192

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: $12,500
• Closing costs: $1,500
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 19 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	139d	1	0.25mi
327 N Colorado St Hobart, IN	3.0	1.0	924	$1,625	$1.76	0d	1	0.68mi
416 Van Buren Ave Hobart, IN	3.0	1.0	1085	$1,395	$1.29	97d	1	0.73mi
333 Neringa Ln Hobart, IN	1.0–2.0	1.0–2.0	878	$1,430	$1.63	0d	9	0.76mi
2955 DeKalb St Lake Station, IN	3.0	2.0	924	$1,395	$1.51	40d	1	0.97mi
2955 DeKalb St Lake Station, IN	2.0	1.0	784	$1,100	$1.40	98d	1	0.97mi
1229 W 44th Pl Hobart, IN	2.0	1.0	725	$1,350	$1.86	50d	1	1.05mi
2830 Grand Blvd Lake Station, IN	3.0	1.0	864	$1,395	$1.61	93d	1	1.12mi
1811 E 28th Ave Lake Station, IN	3.0	2.0	988	$1,325	$1.34	3d	1	1.14mi
3753 Englehart St Lake Station, IN	3.0	1.0	1224	$1,450	$1.18	93d	1	1.18mi
2715 Greene St Lake Station, IN	3.0	1.5	1003	$1,425	$1.42	0d	1	1.23mi
2716 Huntington St Lake Station, IN	3.0	1.0	832	$1,500	$1.80	87d	1	1.24mi
660 N Hobart Rd Apt 4 Hobart, IN	1.0	1.0	700	$850	$1.21	6d	1	1.33mi
1421 High St Unit 1E Hobart, IN	2.0	1.0	950	$1,200	$1.26	0d	1	1.41mi
1421 High St Unit 2W Hobart, IN	2.0	1.0	950	$1,200	$1.26	115d	1	1.41mi
2873 New Hampshire St Lake Station, IN	3.0	1.0	1400	$1,550	$1.11	34d	1	1.42mi
215 East St Unit 3 Hobart, IN	2.0	1.0	850	$1,300	$1.53	20d	1	1.42mi
215 East St Hobart, IN	2.0	1.0	850	$1,350	$1.59	47d	1	1.43mi
3320 Randolph Pl Apt D Hobart, IN	2.0	1.0	1225	$1,400	$1.14	7d	1	1.46mi

Property features AI

Finance

• Financial info: List price: 50000
• HOA & community: Association fee of 625

Exterior

• Home design: Spec home from the Ravinia Pines planLocated at 534 E 37th Ave #567, Hobart, IN 46342
• Construction: Living area approximately 1060
• Exterior features: Asphalt roof

Interior

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

Listing history 50 events

1. 2026-09-23
   days on market $49,999 Active 98 DOM
2. 2026-09-22
   days on market $49,999 Active 97 DOM
3. 2026-09-21
   days on market $49,999 Active 96 DOM
4. 2026-09-20
   days on market $49,999 Active 95 DOM
5. 2026-09-19
   days on market $49,999 Active 94 DOM
6. 2026-09-18
   pricedays on market $49,999 Active 93 DOM
7. 2026-09-17
   days on market $50,000 Active 92 DOM
8. 2026-09-16
   days on market $50,000 Active 91 DOM
9. 2026-09-15
   days on market $50,000 Active 90 DOM
10. 2026-09-14
    days on market $50,000 Active 89 DOM
11. 2026-09-13
    days on market $50,000 Active 88 DOM
12. 2026-09-12
    days on market $50,000 Active 87 DOM
13. 2026-09-11
    days on market $50,000 Active 86 DOM
14. 2026-09-05
    days on market $50,000 Active 80 DOM
15. 2026-09-04
    days on market $50,000 Active 79 DOM
16. 2026-09-02
    days on market $50,000 Active 77 DOM
17. 2026-08-31
    days on market $50,000 Active 75 DOM
18. 2026-08-30
    days on market $50,000 Active 74 DOM
19. 2026-08-29
    days on market $50,000 Active 73 DOM
20. 2026-08-28
    days on market $50,000 Active 72 DOM
21. 2026-08-27
    days on market $50,000 Active 71 DOM
22. 2026-08-26
    days on market $50,000 Active 70 DOM
23. 2026-08-25
    days on market $50,000 Active 69 DOM
24. 2026-08-24
    days on market $50,000 Active 68 DOM
25. 2026-08-23
    days on market $50,000 Active 67 DOM
26. 2026-08-22
    days on market $50,000 Active 66 DOM
27. 2026-08-21
    days on market $50,000 Active 65 DOM
28. 2026-08-20
    days on market $50,000 Active 64 DOM
29. 2026-08-19
    days on market $50,000 Active 63 DOM
30. 2026-08-18
    days on market $50,000 Active 62 DOM
31. 2026-08-17
    days on market $50,000 Active 61 DOM
32. 2026-08-16
    days on market $50,000 Active 60 DOM
33. 2026-08-15
    days on market $50,000 Active 59 DOM
34. 2026-08-14
    days on market $50,000 Active 58 DOM
35. 2026-08-13
    days on market $50,000 Active 57 DOM
36. 2026-08-12
    days on market $50,000 Active 56 DOM
37. 2026-08-11
    days on market $50,000 Active 55 DOM
38. 2026-08-10
    days on market $50,000 Active 54 DOM
39. 2026-08-09
    days on market $50,000 Active 53 DOM
40. 2026-08-08
    days on market $50,000 Active 52 DOM
41. 2026-08-06
    days on market $50,000 Active 50 DOM
42. 2026-08-05
    days on market $50,000 Active 49 DOM
43. 2026-08-04
    days on market $50,000 Active 48 DOM
44. 2026-08-03
    days on market $50,000 Active 47 DOM
45. 2026-07-18
    days on market $50,000 Active 44 DOM
46. 2026-07-18
    days on market $50,000 Active 43 DOM
47. 2026-07-16
    days on market $50,000 Active 42 DOM
48. 2026-07-15
    days on market $50,000 Active 41 DOM
49. 2026-07-14
    days on market $50,000 Active 40 DOM
50. 2026-07-13
    days on market $50,000 Active 39 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: $12,226
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$978
• − Management: −$978
• − HOA: −$7,500
• − Depreciation: −$1,455
• Taxable loss: −$2,486
• Est. tax savings @ 24.0%: +$597
• After-tax cash flow: $-1,391/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 Est. rehab $5,300–$15,900 screening

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 ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 25/100

Zoned Schools

Elementary John I Meister Elementary School F IN #762/994 Nat'l #30,133/41,679 Middle River Forest Middle School F IN #279/330 Nat'l #12,096/14,009 High River Forest High School F IN #295/369 Nat'l #10,416/17,239

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

C Composite livability gradescore 63/100

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 · 484,026 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: 16% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Financial info: List price: 50000
• HOA & community: Association fee of 625

Exterior

• Home design: Spec home from the Ravinia Pines planLocated at 534 E 37th Ave #567, Hobart, IN 46342
• Construction: Living area approximately 1060
• Exterior features: Asphalt roof

Interior

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