10047 Kennedy Ave Unit 2b · Highland, IN 46322

$123,500

1 bd · 1.0 ba · 832 sqft · Condo · 5 Days on market

Built 1978 Good condition $170/mo HOA · 13% 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 +13.1/30.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Condition / age +4.0/5.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained and move-in ready, this spacious second-floor condo offers an outstanding opportunity for homeowners and investors alike! Featuring a large one-bedroom, one-bath layout with an open-concept design, this unit provides comfortable living and low-maintenance ownership. Super clean! Enjoy peace of mind with a new water heater installed in March 2026. The association covers landscaping, snow removal, water, and garbage service, making ownership truly hassle-free. Conveniently located near schools, shopping, restaurants, and major expressways, this property combines comfort, convenience, and value. Whether you're looking for a great place to call home or an excellent income-produ

Key facts

• $170 HOA
• Built 1978
• Listed 5 days

Property features AI

Finance

• Other: Vacant at time of listing
• HOA & community: Homeowners association (Rencon Management); Quarterly association fee of $510; Association covers snow removal, trash, and landscaping

Exterior

• Parking: Off-street parking; Other parking
• Utilities: Public water; Public sewer
• Home design: Attached property; Built in 1978
• Construction: Built in 1978
• Exterior features: No significant view; No pool

Interior

• Kitchen: Dishwasher; Gas range; Disposal
• Bedrooms: Primary bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Other cooling
• Interior features: No notable built-in interior features listed
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $124k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-4 ($-45/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (0.4% below list).
• Meets the 1% rule at list price ($1k rent vs $124k).
• Recommended offer: $123k (0.4% below list) — sets the bar for cash-flow.
• Cap rate 6.3% 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.
• Zoned schools: Allen J Warren Elementary School (math 42% / reading 37%, grade F, #500 of 994 statewide, top 53%, 267 students, 49% FRL); Highland Middle School (math 29% / reading 44%, grade F, #156 of 330 statewide, top 48%, 726 students, 51% FRL); Highland High School (math 41% / reading 65%, grade C-, #99 of 369 statewide, top 27%, 987 students, 42% FRL) — zoned schools average 47% FRL vs 29% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 103 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 $854 of loan paydown is wiped out by about $4k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $122,963 (0.4% 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. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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: 6.26%
• Cash-on-cash: -0.13%
• DSCR: 0.99
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -15.5%
• Equity multiple: 0.44×
• Total profit: $-19,235
• Equity at exit: $18,414

10-year hold

• IRR: -5.5%
• Equity multiple: 0.63×
• Total profit: $-12,851
• Equity at exit: $10,678

Cash invested: $34,580 (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 46322

• Rents YoY: 3.7%
• Active inventory: 103
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,291 high
• Mortgage (P&I): −$648
• Tax est. 1.5%: −$154 /mo · $1,852/yr
• Insurance: −$51
• HOA: −$170
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $-4

Break-even live

Break-even rent $1,296

Max offer price $122,963

Occupancy floor 95%

Sensitivity live

Price	-10% $82	-5% $39	+0% $-4	+5% $-46	+10% $-89
Rent	-10% $-106	-5% $-55	+0% $-4	+5% $47	+10% $98
Rate	-1.0pp $58	-0.5pp $28	base $-4	+0.5pp $-36	+1.0pp $-68

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: $30,875
• Closing costs: $3,705
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10029 Kennedy Ave Highland, IN	1.0–2.0	1.0	800	$1,175	$1.47	0d	1	0.06mi
9949 Kennedy Ave Apt 2 Highland, IN	1.0	1.0	750	$1,250	$1.67	8d	1	0.14mi
9616 Farmer Dr Highland, IN	2.0	1.0	960	$1,629	$1.70	18d	1	0.93mi
9616 Farmer Dr Highland, IN	2.0	1.0	960	$1,516	$1.58	0d	1	0.93mi
2300 Azalea Dr Highland, IN	1.0–2.0	1.0–2.0	887	$1,320	$1.49	0d	28	0.99mi
2121 45th St Highland, IN	1.0–2.0	1.0–2.0	795	$1,980	$2.49	0d	2	1.01mi
9200 Erie St Unit 1D Highland, IN	1.0	1.0	800	$1,325	$1.66	26d	1	1.12mi

HOA detail condo

• Monthly dues: $170 · $2,040/yr
• Likely covers: watertrashlandscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-06-21
   days on market $123,500 Active 5 DOM
2. 2026-06-18
   days on market $123,500 Active 2 DOM
3. 2026-06-18
   remarks 699-char remark
4. 2026-06-17
   remarks 422-char remark
5. 2026-06-17
   listed $123,500 Active 1 DOM

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

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 ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,490
• − Mortgage interest: −$6,918
• − Property taxes: −$1,852
• − Insurance: −$618
• − Repairs & maintenance: −$1,239
• − Management: −$1,239
• − HOA: −$2,040
• − Depreciation: −$3,593
• Taxable loss: −$2,009
• Est. tax savings @ 24.0%: +$482
• After-tax cash flow: $438/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 · 11 photos

Good 80/100 Cosmetic rehab

This well-maintained and move-in ready second-floor condo is in good condition with minimal repairs needed. Painting the exterior and cleaning gutters can further enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior — Painting the exterior can enhance curb appeal and add value to the property.
• Both Clean gutters — Clean gutters can prevent water damage and improve the overall appearance of the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Painting the exterior can enhance curb appeal and add value to the property. ↑
• Both Clean gutters — Clean gutters can prevent water damage and improve the overall appearance of the property. ↑

ⓘ 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: 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

• 2026-06-16 Listed $123,500 NIRA MLS as Distributed by MLS Grid