2812 Dekalb St · Lake Station, IN 46405

$185,000

2 bd · 2.5 ba · 1,700 sqft · SingleFamily public records · 65 Days on market

Built 1920 6,500 sqft lot $109/sqft · 13% below area Est $202k · 8% under

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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 +11.3/15.0
• Cash flow +10.5/30.0
• 1% rule +3.3/10.0
• Livability +3.2/5.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This adorable 2 story home is move in ready and affordable. The exterior of the home has brand new vinyl siding, a detached 2 car garage and a very nice back yard. Once inside there is a lovely entryway and office area or use it as flex space. The living room is bright and open to the formal dining room. The kitchen is tastefully finished and has plenty of cabinet storage space. Go upstairs for the three generous size bedrooms and updated full bathroom. The basement is a blank canvas and has plenty of room.

Key facts

• Back yard
• Entryway
• Flex space

Tags

• VINYL SIDING
• DETACHED GARAGE
• BACK YARD
• ENTRYWAY
• OFFICE AREA
• FLEX SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $-96 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (9.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (16.6% below list).
• Recommended offer: $154k (16.6% below list) — sets the bar for 1% rule.

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.
• Lake Station Community Schools (suburban): math 16% / reading 24% proficiency, ranked #278 of 301 in IN (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 58 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 30% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 65 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $44k; list at $185k implies a 316% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,358 (16.6% 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 65 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.83% ✗
• Cap rate: 5.67%
• Cash-on-cash: -2.22%
• DSCR: 0.90
• GRM: 10.0

CMA / ARV

• ARV (median comp): $201,902
• List price: $185,000
• Delta: -8.37%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
521 E 28th Ave	0.09mi	3/2.0 (+1)	1,720 (+1%)	8mo	$209,900	$122	80
2851 Dekalb St	0.06mi	3/2.5 (+1)	1,552 (-9%)	1mo	$188,750	$122	77
934 E 28th Ave	0.20mi	3/3.0 (+1)	1,811 (+6%)	5mo	$239,000	$132	68
756 E 25th Pl	0.35mi	3/2.0 (+1)	1,716 (+1%)	9mo	$195,000	$114	67
2698 Gibson St	0.29mi	2/2.0	1,592 (-6%)	9mo	$140,000	$88	66
2901 New York St	0.49mi	3/1.0 (+1)	1,624 (-4%)	1mo	$152,500	$94	58
1019 E 29th Ave	0.36mi	3/1.5 (+1)	1,585 (-7%)	6mo	$146,000	$92	58
4444 Liverpool Rd	0.46mi	3/1.0 (+1)	1,632 (-4%)	8mo	$97,555	$60	54
2695 Lake St	0.49mi	3/2.0 (+1)	1,920 (+13%)	2mo	$239,000	$124	47
2928 New Jersey St	0.65mi	2/2.0	1,445 (-15%)	6mo	$199,000	$138	38
2853 Howard St	0.66mi	3/1.5 (+1)	1,872 (+10%)	6mo	$100,000	$53	38
4281 Park Ave	0.57mi	3/2.0 (+1)	1,920 (+13%)	13mo	$230,000	$120	34

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: -20.0%
• Equity multiple: 0.30×
• Total profit: $-36,044
• Equity at exit: $27,584

10-year hold

• IRR: -12.8%
• Equity multiple: 0.25×
• Total profit: $-39,070
• Equity at exit: $15,995

Cash invested: $51,800 (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 46405

• Home prices YoY: -7.5%
• Active inventory: 58
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,544 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$268 /mo · $3,218/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $-96

Break-even live

Break-even rent $1,665

Max offer price $168,047

Occupancy floor —

Sensitivity live

Price	-10% $9	-5% $-44	+0% $-96	+5% $-148	+10% $-201
Rent	-10% $-218	-5% $-157	+0% $-96	+5% $-35	+10% $26
Rate	-1.0pp $-3	-0.5pp $-49	base $-96	+0.5pp $-144	+1.0pp $-193

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
416 Van Buren Ave Hobart, IN	3.0	1.0	1085	$1,395	$1.29	2d	1	0.46mi
123 Arthur Ave Hobart, IN	2.0	1.0	1565	$1,500	$0.96	2d	1	0.93mi
3753 Englehart St Lake Station, IN	3.0	1.0	1224	$1,450	$1.18	2d	1	1.10mi
600 W 39th Pl Hobart, IN	3.0	3.0	1601	$2,615	$1.63	2d	1	1.45mi

Listing history 27 events

1. 2026-06-15
   status $185,000 Pending 65 DOM
2. 2026-06-13
   days on market $185,000 Active 65 DOM
3. 2026-06-09
   days on market $185,000 Active 61 DOM
4. 2026-06-08
   days on market $185,000 Active 60 DOM
5. 2026-06-07
   days on market $185,000 Active 59 DOM
6. 2026-06-04
   days on market $185,000 Active 56 DOM
7. 2026-06-03
   days on market $185,000 Active 55 DOM
8. 2026-06-02
   days on market $185,000 Active 54 DOM
9. 2026-06-01
   days on market $185,000 Active 53 DOM
10. 2026-05-31
    days on market $185,000 Active 52 DOM
11. 2026-05-09
    price $190,000 512-char remark

    Show marketing remark (512 chars)

    This adorable 2 story home is move in ready and affordable. The exterior of the home has brand new vinyl siding, a detached 2 car garage and a very nice back yard. Once inside there is a lovely entryway and office area or use it as flex space. The living room is bright and open to the formal dining room. The kitchen is tastefully finished and has plenty of cabinet storage space. Go upstairs for the three generous size bedrooms and updated full bathroom. The basement is a blank canvas and has plenty of room.

12. 2026-04-23
    price $194,900 512-char remark

    Show marketing remark (512 chars)

    This adorable 2 story home is move in ready and affordable. The exterior of the home has brand new vinyl siding, a detached 2 car garage and a very nice back yard. Once inside there is a lovely entryway and office area or use it as flex space. The living room is bright and open to the formal dining room. The kitchen is tastefully finished and has plenty of cabinet storage space. Go upstairs for the three generous size bedrooms and updated full bathroom. The basement is a blank canvas and has plenty of room.

13. 2026-04-17
    price $199,900 512-char remark

    Show marketing remark (512 chars)

    This adorable 2 story home is move in ready and affordable. The exterior of the home has brand new vinyl siding, a detached 2 car garage and a very nice back yard. Once inside there is a lovely entryway and office area or use it as flex space. The living room is bright and open to the formal dining room. The kitchen is tastefully finished and has plenty of cabinet storage space. Go upstairs for the three generous size bedrooms and updated full bathroom. The basement is a blank canvas and has plenty of room.

14. 2026-04-09
    listed $204,900 Active 512-char remark

    Show marketing remark (512 chars)

    This adorable 2 story home is move in ready and affordable. The exterior of the home has brand new vinyl siding, a detached 2 car garage and a very nice back yard. Once inside there is a lovely entryway and office area or use it as flex space. The living room is bright and open to the formal dining room. The kitchen is tastefully finished and has plenty of cabinet storage space. Go upstairs for the three generous size bedrooms and updated full bathroom. The basement is a blank canvas and has plenty of room.

15. 2024-06-08
    historical $1,350
16. 2024-06-05
    listed $1,350
17. 2023-08-04
    historical $1,295
18. 2023-07-21
    listed $1,295
19. 2019-07-26
    soldstatus $44,500 330-char remark

    Show marketing remark (330 chars)

    This home is a fixer upper, perfect for investors! New hardwood floors in dining room; the rest of the home has hardwood floors, but need refurbishing. 2 enclosed porches; full dry basement, 2 car detached garage with fenced yard; newer hot water heater; central air and furnace are approx. 10 years old. Possible FHA 203(k) loan.

20. 2019-06-24
    listed $49,000 330-char remark

    Show marketing remark (330 chars)

    This home is a fixer upper, perfect for investors! New hardwood floors in dining room; the rest of the home has hardwood floors, but need refurbishing. 2 enclosed porches; full dry basement, 2 car detached garage with fenced yard; newer hot water heater; central air and furnace are approx. 10 years old. Possible FHA 203(k) loan.

21. 2009-07-07
    soldstatus $46,000
22. 2008-01-18
    historical
23. 2007-10-21
    historical
24. 2007-07-20
    listed $59,900
25. 2007-04-16
    listed $72,900
26. 2007-04-08
    historical
27. 2006-10-07
    listed $72,900

ⓘ 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: $3,218 · $268/mo
• Projected year-2 tax: $3,218 · $268/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,523
• − Mortgage interest: −$10,363
• − Property taxes: −$3,218
• − Insurance: −$925
• − Repairs & maintenance: −$1,482
• − Management: −$1,482
• − Depreciation: −$5,382
• Taxable loss: −$4,328
• Est. tax savings @ 24.0%: +$1,039
• After-tax cash flow: $-113/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: Lake Station Community Schools
• NCES district ID: 1802910
• Math proficiency: 16% ▼ -14.00%
• Reading proficiency: 24% ▼ -15.00%
• Median HH income: $41,406
• Composite: 17.06/100
• National rank: #9123
• State rank: #278 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): 12,184
• Household income: $60,881
• Rent vs Own: 24.7% rent · 75.3% own
• Severe rent burden: 216.0

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 28% Two or more races 18% Black 2%
• Hispanic origin (detail): Mexican 23% Puerto Rican 3%
• Common ancestry: Romanian 4% German 4% Slovak 4%
• Foreign-born: 8% · Canada
• Languages at home: 83% English-only · Spanish 15% 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: ▼ -23.48%
• Current HPI: 289.0285
• Rent YoY: —
• 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

+160.6% since first listed

17 events — show timeline

• 2026-05-09 Price Changed $190,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-23 Price Changed $194,900 NIRA MLS as Distributed by MLS Grid
• 2026-04-17 Price Changed $199,900 NIRA MLS as Distributed by MLS Grid
• 2026-04-09 Listed $204,900 NIRA MLS as Distributed by MLS Grid
• 2024-06-08 Rental Removed $1,350 BUILDIUM
• 2024-06-05 Listed for Rent $1,350 BUILDIUM
• 2023-08-04 Rental Removed $1,295 RENTLY
• 2023-07-21 Listed for Rent $1,295 RENTLY
• 2019-07-26 Sold (MLS) $44,500 NIRA MLS as Distributed by MLS Grid
• 2019-06-24 Listed $49,000 NIRA MLS as Distributed by MLS Grid
• 2009-07-07 Sold (Public Records) $46,000 Public Records
• 2008-01-18 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-10-21 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-07-20 Listed $59,900 NIRA MLS as Distributed by MLS Grid
• 2007-04-16 Listed $72,900 NIRA MLS as Distributed by MLS Grid
• 2007-04-08 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-10-07 Listed $72,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-1.2%/yr

Latest (2024): $3,218 · +0.9% YoY. Source: county tax records.