785 Aztec Ct

Lowell, IN 46356

$264,000D

3 bd · 1.5 ba · 1,528 sqft · Built 1975 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,119/mo
• Mortgage (P&I): −$1,384
• Tax + insurance: −$294
• HOA: −$0
• Vac / Maint / Mgmt: −$445
• Net cashflow: $-4/mo
• Annual: $-50/yr
• Cap rate: 6.27%
• Cash-on-cash: -0.07%
• DSCR: 1.00
• 1% rule: 0.80%
• Cash to close: $73,920

Investor read

• This is a 3-bed/1.5-bath single-family listed at $264k.
• 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).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $212k (19.7% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• 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.

Questions for listing agent

• 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?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.