785 Aztec Ct · Lowell, IN 46356

$264,000

3 bd · 1.5 ba · 1,528 sqft · SingleFamily public records · 10 Days on market

Built 1975 0.36 ac lot Est $269k · at est.

---

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 +13.2/30.0
• ARV discount +8.3/15.0
• Schools +4.5/10.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

RARE FIND! Looking for a quiet, peaceful outdoor space? This tri level home is situated at the end of a cul-de-sac with extended back and side yards that back up to a large open field! The rear concrete patio offers plenty of seating to view the day's sunset, while a large awning provides instant shade or refuge from the rain. A fence (partially owned by the seller) secures the property. Bring your concept to life with new, cosmetic updates to this well loved, one owner home to make it match your vision. Interior features include a spacious kitchen with separate table space, and appliances included. The front, formal living room has a large window, letting in lots of natural lighting. Upst

Key facts

• Spacious kitchen
• Separate table space
• Appliances included

Tags

• CUL-DE-SAC
• EXTENDED BACK AND SIDE YARDS
• REAR CONCRETE PATIO
• SPACIOUS KITCHEN
• SEPARATE TABLE SPACE
• APPLIANCES INCLUDED

Property features AI

Exterior

• Parking: Attached garage; Garage faces front; Driveway; Concrete surface; Garage door opener; Approximately 2.5 garage spaces
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; 100 amp electric service with circuit breakers
• Home design: Tri-level home; Built in 1975
• Construction: Vinyl siding
• Exterior features: Covered rear porch and patio; Rain gutters; Partial chain link fencing in back yard; Bay windows; Window blinds; Neighborhood and trees/woods view

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bonus room
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fan(s)
• Interior features: Ceiling fans; Crawl space basement
• Laundry & utility: Washer hookup; Gas dryer hookup; Dryer; Washer; Utility room; Sink (lower level)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $264k.

Deal economics

• At list price, monthly cash flow is $-4 ($-50/yr) — negative.
• To cash-flow at today's rent, offer at most $263k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (19.7% below list).
• Recommended offer: $212k (19.7% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.9% in Lowell — 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 76/100 on livability (#51 in IN, #3,455 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Tri-Creek School Corporation (town): math 46% / reading 56% proficiency, ranked #39 of 301 in IN (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 350 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $8k 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 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Recommended offer $211,936 (19.7% 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 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.80% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.07%
• DSCR: 1.00
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $268,928
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
654 Cheyenne Dr	0.17mi	4/2.0 (+1)	1,475 (-4%)	3mo	$283,000	$192	77
814 Seminole Dr	0.34mi	3/2.0	1,604 (+5%)	9mo	$349,999	$218	66
203 Cherokee Dr	0.18mi	3/1.5	1,344 (-12%)	9mo	$295,400	$220	64
621 Meadow Brook Dr	0.58mi	3/2.0	1,566 (+2%)	7mo	$274,900	$176	61
455 N Nichols St	0.38mi	3/1.5	1,717 (+12%)	2mo	$280,000	$163	60
643 Cheyenne Dr	0.17mi	4/2.5 (+1)	1,704 (+12%)	8mo	$326,000	$191	57
409 Greenbrier Ln	0.67mi	3/2.0	1,584 (+4%)	8mo	$270,000	$170	54
402 Greenbrier Ln	0.64mi	3/2.0	1,630 (+7%)	6mo	$277,000	$170	52
432 Briarwood Ln	0.70mi	2/1.5 (-1)	1,596 (+4%)	4mo	$235,000	$147	52
711 Meadow Brook Dr	0.62mi	3/2.0	1,686 (+10%)	2mo	$280,000	$166	50
285 W Commercial Ave	0.50mi	3/1.0	1,729 (+13%)	8mo	$197,000	$114	46
648 Beech Ct	0.56mi	2/2.0 (-1)	1,316 (-14%)	2mo	$240,000	$182	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.42×
• Total profit: $-43,102
• Equity at exit: $39,363

10-year hold

• IRR: -8.2%
• Equity multiple: 0.48×
• Total profit: $-38,107
• Equity at exit: $22,826

Cash invested: $73,920 (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 46356

• Home prices YoY: -30.1%
• Active inventory: 350
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,119 medium
• Mortgage (P&I): −$1,384
• Tax from tax record: −$184 /mo · $2,208/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $-4

Break-even live

Break-even rent $2,125

Max offer price $263,266

Occupancy floor 95%

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: $66,000
• Closing costs: $7,920
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
445 Cheyenne Dr Lowell, IN	4.0	2.0	1958	$1,895	$0.97	24d	1	0.27mi
510 Creekside Dr Lowell, IN	1.0–2.0	1.0–2.0	962	$1,512	$1.57	1d	7	0.76mi
8366 Kannon Dr Lowell, IN	3.0	2.5	1840	$2,550	$1.39	1d	1	0.81mi
8301 Kannon Dr Lowell, IN	3.0	2.5	1717	$2,800	$1.63	15d	1	0.85mi

Listing history 7 events

1. 2026-06-15
   status $264,000 Pending 10 DOM
2. 2026-06-15
   days on market $264,000 Active 10 DOM
3. 2026-06-13
   days on market $264,000 Active 8 DOM
4. 2026-06-09
   days on market $264,000 Active 4 DOM
5. 2026-06-08
   days on market $264,000 Active 3 DOM
6. 2026-06-07
   remarks 699-char remark
7. 2026-06-07
   listed $264,000 Active 2 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: $2,208 · $184/mo
• Projected year-2 tax: $2,226 · $186/mo
• Expected delta: +$18/yr (+$1/mo · 0.8%)

ⓘ 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 ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,432
• − Mortgage interest: −$14,788
• − Property taxes: −$2,208
• − Insurance: −$1,320
• − Repairs & maintenance: −$2,035
• − Management: −$2,035
• − Depreciation: −$7,680
• Taxable loss: −$4,633
• Est. tax savings @ 24.0%: +$1,112
• After-tax cash flow: $1,062/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: Tri-Creek School Corporation
• NCES district ID: 1811460
• Math proficiency: 46% ▼ -8.00%
• Reading proficiency: 56% ▼ -5.00%
• Median HH income: $64,614
• Composite: 44.97/100
• National rank: #2704
• State rank: #39 of 301 in IN

Livability — Lowell

• Score: 76/100
• State rank: #51
• US rank: #3455

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lowell, IN
• City population: 19,396
• Population (ZIP): 19,396

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 16% Iranian 10% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4% Russian/Polish/Slavic 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: ▼ -110.73%
• Current HPI: 256.6224
• 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

+0.0% since first listed

3 events — show timeline

• 2026-06-05 Listed $264,000 NIRA MLS as Distributed by MLS Grid
• 2026-06-01 Listed $264,000 NIRA MLS as Distributed by MLS Grid
• 2026-06-01 Listing Removed — NIRA MLS as Distributed by MLS Grid

Property tax history

+3.5%/yr

Latest (2024): $2,208 · +7.7% YoY. Source: county tax records.