15 Rimbach St · Hammond, IN 46320

$450,000

36 bd · 36.0 ba · 2,250 sqft · MultiFamily public records · 29 Days on market

Built 1890 5,837 sqft lot

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Why this score? — see what drove the B- 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 +24.8/30.0
• Appreciation +10.0/10.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Rent growth +4.4/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

We are pleased to present a compelling 6-unit multifamily investment opportunity in the established Hammond, Indiana rental market. This unique asset features a desirable unit mix of six 1-bedroom / 1-bath apartments, comprised of a 4-unit main building and a separate 2-unit coach house--offering an attractive layout for both operational flexibility and tenant appeal. The property benefits from strong demand for affordable, well-located rental housing in Northwest Indiana, making it an ideal opportunity for both seasoned investors and owner-operators seeking stable cash flow with long-term upside. Conveniently located near major highways, retail corridors, employment centers, and commuter a

Key facts

• Unit mix
• Main building
• Coach house

Tags

• UNIT MIX
• MAIN BUILDING
• COACH HOUSE
• AFFORDABLE RENTAL HOUSING
• IMMEDIATE INCOME POTENTIAL
• RENTAL GROWTH

Property features AI

Finance

• Financial info: Gross scheduled income: $65,168; Four total units; Six one-bedroom units

Exterior

• Parking: Has garage with 2 spaces
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer
• Home design: Two levels; Originally built in 1890
• Exterior features: Neighborhood view; Has unfinished basement

Interior

• Kitchen: Gas range; Stainless steel appliances; Refrigerator; Other kitchen appliances
• Bathrooms: Six full bathrooms
• Heating & cooling: Individual cooling units; Baseboard heating
• Interior features: Call for pet policy; Other interior features

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $947 ($11k/yr) — positive. Per door: $158/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Recommended offer: $443k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 5.8% in Hammond — 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 70/100 on livability (#143 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A; Watch: health & safety D+, employment D, schools F.
• School City Of Hammond (suburban): math 8% / reading 18% proficiency, ranked #289 of 301 in IN (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.6%/yr); 52 active listings in the ZIP; lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $5,431/mo this rent would consume 175% of the median local household income ($37k/yr) (locally 900% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $48k of equity ($3k loan paydown + $45k appreciation (10.0% local appreciation)).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 7.6% rent growth), your $126k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$77k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 3y ago 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $443,250 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.21% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.02%
• DSCR: 1.40
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 7.61% rent growth · sell at horizon

5-year hold

• IRR: 33.0%
• Equity multiple: 3.63×
• Total profit: $332,009
• Equity at exit: $405,396

10-year hold

• IRR: 30.2%
• Equity multiple: 8.90×
• Total profit: $995,031
• Equity at exit: $874,251

Cash invested: $126,000 (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 →

ZIP-level market 46320

• Home prices YoY: 5.0%
• Rents YoY: 7.6%
• Active inventory: 52
• Price-to-rent: 41.4×

Monthly cashflow live

• Estimated rent: $5,431 medium
• Mortgage (P&I): −$2,360
• Tax from tax record: −$796 /mo · $9,549/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,141
• Net cashflow: $947

Break-even live

Break-even rent $4,232

Max offer price $450,000

Occupancy floor 78%

Sensitivity live

Price	-10% $1,202	-5% $1,075	+0% $947	+5% $820	+10% $693
Rent	-10% $518	-5% $733	+0% $947	+5% $1,162	+10% $1,376
Rate	-1.0pp $1,174	-0.5pp $1,062	base $947	+0.5pp $831	+1.0pp $712

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$5,430
Total (6 units)			$5,431

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-18
   days on market $450,000 Active 29 DOM
2. 2026-06-17
   days on market $450,000 Active 28 DOM
3. 2026-06-16
   days on market $450,000 Active 27 DOM
4. 2026-06-15
   days on market $450,000 Active 26 DOM
5. 2026-06-13
   days on market $450,000 Active 24 DOM
6. 2026-06-09
   days on market $450,000 Active 20 DOM
7. 2026-06-08
   days on market $450,000 Active 19 DOM
8. 2026-06-07
   days on market $450,000 Active 18 DOM
9. 2026-06-04
   days on market $450,000 Active 15 DOM
10. 2026-06-03
    days on market $450,000 Active 14 DOM
11. 2026-06-02
    days on market $450,000 Active 13 DOM
12. 2026-06-01
    days on market $450,000 Active 12 DOM
13. 2026-05-31
    days on market $450,000 Active 11 DOM
14. 2026-05-20
    listed $450,000 Active
15. 2026-03-23
    historical $900
16. 2026-02-26
    listed $900
17. 2025-05-14
    historical $875
18. 2025-04-03
    price $875
19. 2025-03-08
    listed $950
20. 2024-08-04
    historical $1,050
21. 2024-08-01
    price $1,050
22. 2024-07-26
    price $1,065
23. 2024-07-19
    historical $1,075
24. 2024-07-14
    listed $1,075
25. 2024-07-06
    listed $1,075
26. 2024-07-06
    historical $1,075
27. 2024-06-27
    listed $1,075
28. 2024-05-04
    historical $875
29. 2024-04-18
    price $875
30. 2024-04-06
    price $900
31. 2024-03-09
    listed $950
32. 2024-02-12
    historical $950
33. 2024-01-26
    price $950
34. 2024-01-25
    price $925
35. 2024-01-25
    listed $950
36. 2023-08-29
    historical $950
37. 2023-08-06
    listed $950
38. 2023-07-26
    historical $950
39. 2023-07-20
    listed $950

ⓘ 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: $9,549 · $796/mo
• Projected year-2 tax: $9,549 · $796/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,172
• − Mortgage interest: −$25,207
• − Property taxes: −$9,549
• − Insurance: −$2,250
• − Repairs & maintenance: −$5,214
• − Management: −$5,214
• − Depreciation: −$13,091
• Taxable income: $4,648
• Est. tax owed @ 24.0%: −$1,115
• After-tax cash flow: $10,253/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: School City Of Hammond
• NCES district ID: 1804320
• Math proficiency: 8% ▼ -18.00%
• Reading proficiency: 18% ▼ -15.00%
• Median HH income: $39,970
• Composite: 11.11/100
• National rank: #9730
• State rank: #289 of 301 in IN

Livability — Hammond

• Score: 70/100
• State rank: #143
• US rank: #7343

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hammond, IN
• County: Lake County · 422,878 people
• City population: 58,809
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 14,353
• Household income: $37,158
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 900.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Black 44% Hispanic / Latino 39% White 14% Two or more races 12% Asian 1%
• Hispanic origin (detail): Mexican 31% Puerto Rican 4%
• Common ancestry: Romanian 2% Lithuanian 1%
• Foreign-born: 14% · Canada
• Languages at home: 68% English-only · Spanish 31%

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: ▲ 13.81%
• Current HPI: 288.1513
• Rent YoY: ▲ 7.61%
• 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

+41760.5% since first listed

26 events — show timeline

• 2026-05-20 Listed $450,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-23 Rental Removed $900 BUILDIUM
• 2026-02-26 Listed for Rent $900 BUILDIUM
• 2025-05-14 Rental Removed $875 BUILDIUM
• 2025-04-03 Price Changed $875 BUILDIUM
• 2025-03-08 Listed for Rent $950 BUILDIUM
• 2024-08-04 Rental Removed $1,050 BUILDIUM
• 2024-08-01 Price Changed $1,050 BUILDIUM
• 2024-07-26 Price Changed $1,065 BUILDIUM
• 2024-07-19 Rental Removed $1,075 LEASESTAR
• 2024-07-14 Listed for Rent $1,075 BUILDIUM
• 2024-07-06 Listed for Rent $1,075 LEASESTAR
• 2024-07-06 Rental Removed $1,075 BUILDIUM
• 2024-06-27 Listed for Rent $1,075 BUILDIUM
• 2024-05-04 Rental Removed $875 BUILDIUM
• 2024-04-18 Price Changed $875 BUILDIUM
• 2024-04-06 Price Changed $900 BUILDIUM
• 2024-03-09 Listed for Rent $950 BUILDIUM
• 2024-02-12 Rental Removed $950 BUILDIUM
• 2024-01-26 Price Changed $950 BUILDIUM
• 2024-01-25 Price Changed $925 BUILDIUM
• 2024-01-25 Listed for Rent $950 BUILDIUM
• 2023-08-29 Rental Removed $950 BUILDIUM
• 2023-08-06 Listed for Rent $950 BUILDIUM
• 2023-07-26 Rental Removed $950 BUILDIUM
• 2023-07-20 Listed for Rent $950 BUILDIUM

Property tax history

+6.7%/yr

Latest (2024): $9,549 · +180.4% YoY. Source: county tax records.