944 W 54th Pl · Merrillville, IN 46410

$224,900

3 bd · 1.0 ba · 2,052 sqft · SingleFamily public records · 46 Days on market

Built 1967 6,273 sqft lot $110/sqft · 12% above area Est $295k · 24% under ↓ 10% since listing

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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 +15.0/15.0
• Cash flow +8.9/30.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• 1% rule +2.9/10.0
• Schools +2.6/10.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Large single family home located in the prime location in Merrillville. Located on a Cual de Sac for low traffic , driveway and garage for plenty of parking for gatherings. Featuring 3 bedrooms, 1 washroom and a fully finished basement with access to outside, this makes for the perfect starter home for all families.

Key facts

• Driveway
• Prime location
• Cual de sac

Tags

• PRIME LOCATION
• CUAL DE SAC
• DRIVEWAY
• FULLY FINISHED BASEMENT

Property features AI

Finance

• Other: Estimated living area reported (3,010 total; approx. 2,010 above grade, 1,000 below grade); Property currently vacant

Exterior

• Parking: Driveway with additional parking; 2-car garage
• Utilities: Public water; Public sewer
• Home design: Built in 1967
• Construction: Brick and vinyl siding exterior
• Exterior features: Neighborhood and trees/woods views; Brick and vinyl siding

Interior

• Kitchen: Dishwasher; Refrigerator; Gas range
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Hardwood floors; Tile floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced-air heating; Central air conditioning
• Interior features: Ceiling fans; Pantry; Eat-in kitchen; Finished full basement; One basement fireplace
• Laundry & utility: Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-181 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (14.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (21.3% below list).
• Recommended offer: $177k (21.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#50 in IN, #3,393 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, amenities F, health & safety D-.
• Merrillville Community School Corporation (suburban): math 22% / reading 36% proficiency, ranked #240 of 301 in IN (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.1%/yr); 271 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 33% of the median local income ($64k/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 $2k of loan paydown is wiped out by about $7k 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 46 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y 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.

Recommended offer $177,079 (21.3% 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 46 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1967 — 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 D-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. 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?
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 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: 0.79% ✗
• Cap rate: 5.33%
• Cash-on-cash: -3.46%
• DSCR: 0.85
• GRM: 10.6

CMA / ARV

• ARV (median comp): $295,213
• List price: $224,900
• Delta: -23.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5450 Pierce St	0.11mi	3/2.0	2,118 (+3%)	4mo	$255,000	$120	83
5361 Pierce St	0.16mi	4/2.0 (+1)	1,934 (-6%)	4mo	$249,900	$129	71
941 W 54th Pl	0.02mi	2/1.0 (-1)	2,294 (+12%)	10mo	$220,000	$96	65
5650 Adams Ct	0.57mi	3/1.0	1,946 (-5%)	2mo	$95,000	$49	63
1420 W 54th Ave	0.24mi	4/2.0 (+1)	2,162 (+5%)	10mo	$275,000	$127	62
5471 Pierce St	0.09mi	4/2.0 (+1)	2,268 (+10%)	11mo	$269,000	$119	60
410 W 52nd Pl	0.46mi	3/1.5	2,280 (+11%)	2mo	$239,000	$105	56
5450 Buchanan St	0.17mi	3/2.0	1,787 (-13%)	13mo	$197,880	$111	56
521 W 49th Ave	0.75mi	3/2.0	2,109 (+3%)	6mo	$172,900	$82	51
5535 Van Buren St	0.19mi	4/2.5 (+1)	1,812 (-12%)	14mo	$299,990	$166	49
5711 Jackson St	0.40mi	3/1.0	2,352 (+15%)	13mo	$205,000	$87	46
4957 Madison St	0.74mi	2/2.0 (-1)	1,764 (-14%)	9mo	$150,000	$85	25

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 · 4.1% rent growth · sell at horizon

5-year hold

• IRR: -20.8%
• Equity multiple: 0.27×
• Total profit: $-45,973
• Equity at exit: $33,533

10-year hold

• IRR: -11.8%
• Equity multiple: 0.26×
• Total profit: $-46,421
• Equity at exit: $19,445

Cash invested: $62,972 (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 46410

• Rents YoY: 4.1%
• Active inventory: 271
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,771 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$307 /mo · $3,687/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $-181

Break-even live

Break-even rent $2,000

Max offer price $192,855

Occupancy floor —

Sensitivity live

Price	-10% $-54	-5% $-118	+0% $-181	+5% $-245	+10% $-309
Rent	-10% $-321	-5% $-251	+0% $-181	+5% $-111	+10% $-42
Rate	-1.0pp $-68	-0.5pp $-124	base $-181	+0.5pp $-240	+1.0pp $-299

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
910 W 56th Ave Merrillville, IN	4.0	1.5	1431	$1,825	$1.28	0d	1	0.13mi
505 W 53rd Ave Merrillville, IN	4.0	2.0	1650	$1,650	$1.00	0d	1	0.37mi
505 W 53rd Ave Unit 1 Merrillville, IN	4.0	1.5	1900	$1,650	$0.87	0d	1	0.37mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	11d	1	0.87mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	0d	1	0.87mi
4800 Monroe St Gary, IN	4.0	2.0	2640	$2,000	$0.76	0d	1	0.89mi
4767 Harrison St Gary, IN	3.0	1.0	1664	$1,500	$0.90	2d	1	0.89mi
4772 Jefferson St Gary, IN	3.0	2.0	1956	$1,595	$0.82	19d	1	0.97mi
6004 Virginia St Merrillville, IN	3.0	2.5	1544	$1,800	$1.17	0d	1	1.21mi
1865 W 64th Pl Merrillville, IN	4.0	2.0	2034	$4,900	$2.41	44d	1	1.40mi

Listing history 36 events

1. 2026-06-21
   days on market $224,900 Active 46 DOM
2. 2026-06-18
   days on market $224,900 Active 43 DOM
3. 2026-06-17
   days on market $224,900 Active 42 DOM
4. 2026-06-16
   days on market $224,900 Active 41 DOM
5. 2026-06-15
   days on market $224,900 Active 40 DOM
6. 2026-06-13
   days on market $224,900 Active 38 DOM
7. 2026-06-13
   days on market $224,900 Active 37 DOM
8. 2026-06-09
   days on market $224,900 Active 34 DOM
9. 2026-06-08
   days on market $224,900 Active 33 DOM
10. 2026-06-07
    days on market $224,900 Active 32 DOM
11. 2026-06-04
    days on market $224,900 Active 29 DOM
12. 2026-06-03
    days on market $224,900 Active 28 DOM
13. 2026-06-02
    days on market $224,900 Active 27 DOM
14. 2026-06-01
    days on market $224,900 Active 26 DOM
15. 2026-05-31
    days on market $224,900 Active 25 DOM
16. 2026-05-06
    listed $230,000 Active 317-char remark
17. 2025-06-23
    historical
18. 2025-06-02
    price $239,000
19. 2025-06-02
    price $235,000
20. 2025-05-15
    listed $245,000 Active
21. 2023-10-09
    historical
22. 2023-09-01
    listed $229,900 Active
23. 2023-08-30
    historical
24. 2023-08-25
    price $232,400
25. 2023-07-18
    price $232,900
26. 2023-03-31
    price $235,000
27. 2023-03-31
    status Active
28. 2022-08-09
    historical
29. 2022-08-05
    price $2,000
30. 2022-07-08
    price $249,000
31. 2022-07-01
    listed $250,000 Active
32. 2022-05-10
    soldstatus $225,000 Closed
33. 2022-04-29
    status Pending
34. 2022-04-10
    historical Active Under Contract
35. 2022-04-09
    price $224,900
36. 2022-04-01
    listed $249,900 Active

ⓘ 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: $3,687 · $307/mo
• Projected year-2 tax: $3,687 · $307/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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,249
• − Mortgage interest: −$12,598
• − Property taxes: −$3,687
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,700
• − Management: −$1,700
• − Depreciation: −$6,543
• Taxable loss: −$6,102
• Est. tax savings @ 24.0%: +$1,464
• After-tax cash flow: $-712/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: Merrillville Community School Corporation
• NCES district ID: 1809690
• Math proficiency: 22% ▼ -17.00%
• Reading proficiency: 36% ▼ -8.00%
• Median HH income: $54,401
• Composite: 25.74/100
• National rank: #7375
• State rank: #240 of 301 in IN

Livability — Merrillville

• Score: 76/100
• State rank: #50
• US rank: #3393

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merrillville, IN
• County: Lake County · 422,878 people
• City population: 39,243
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 39,243
• Household income: $64,127
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1644.0

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 0.66)
• Race & ethnicity: Black 46% White 32% Hispanic / Latino 16% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11% Puerto Rican 3%
• Common ancestry: Romanian 4% Iranian 2% Italian 1%
• Foreign-born: 7% · Canada
• Languages at home: 88% English-only · Spanish 7% Other Indo-European 2%

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: ▼ -180.11%
• Current HPI: 240.8833
• Rent YoY: ▲ 4.10%
• 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

-10.0% since first listed

22 events — show timeline

• 2026-05-22 Price Changed $224,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-06 Listed $230,000 NIRA MLS as Distributed by MLS Grid
• 2025-06-23 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-06-02 Price Changed $239,000 NIRA MLS as Distributed by MLS Grid
• 2025-06-02 Price Changed $235,000 NIRA MLS as Distributed by MLS Grid
• 2025-05-15 Listed $245,000 NIRA MLS as Distributed by MLS Grid
• 2023-10-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2023-09-01 Listed $229,900 NIRA MLS as Distributed by MLS Grid
• 2023-08-30 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2023-08-25 Price Changed $232,400 NIRA MLS as Distributed by MLS Grid
• 2023-07-18 Price Changed $232,900 NIRA MLS as Distributed by MLS Grid
• 2023-03-31 Price Changed $235,000 NIRA MLS as Distributed by MLS Grid
• 2023-03-31 Relisted — NIRA MLS as Distributed by MLS Grid
• 2022-08-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2022-08-05 Price Changed $2,000 RENT.
• 2022-07-08 Price Changed $249,000 NIRA MLS as Distributed by MLS Grid
• 2022-07-01 Listed $250,000 NIRA MLS as Distributed by MLS Grid
• 2022-05-10 Sold (MLS) $225,000 NIRA MLS as Distributed by MLS Grid
• 2022-04-29 Pending — NIRA MLS as Distributed by MLS Grid
• 2022-04-10 Contingent — NIRA MLS as Distributed by MLS Grid
• 2022-04-09 Price Changed $224,900 NIRA MLS as Distributed by MLS Grid
• 2022-04-01 Listed $249,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+12.8%/yr

Latest (2024): $3,687 · +3.3% YoY. Source: county tax records.