1503 Summer St · Hammond, IN 46320

$215,000

3 bd · 1.0 ba · 1,084 sqft · SingleFamily public records · 20 Days on market

Built 1907 3,900 sqft lot Est $164k · 31% over

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Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• Cash flow +8.7/30.0
• Rent growth +4.4/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• 1% rule +2.0/10.0
• Schools +1.1/10.0
• ARV discount +0.0/15.0

Listing remarks

RECENTLY UPDATED. BRAND NEW ASPHALT SHINGLE ROOF, SIDING, WINDOWS, EXTERIOR DOORS AND FRONT STEPS. PLUMBING UPDATED. CITY RECENTLY UPDATED SEWER TO PROPERTY LINE. ELECTRIC 200 AMP PANEL, HARDWIRE/ BATTERY SMOKE DETECTORS. BRAND NEW CURVES AND DRIVEWAY ADJACENT TO THE HOME. THIS HOME IS WALKING DISTANCE TO THE CHICAGO TRAIN COMMUTE. CLOSE TO RESTAURANTS, STORES AND SEVERAL NEW SPORTS COMPLEXES.

Key facts

• 200 amp panel
• Updated plumbing
• 3,900 sq ft lot

Tags

• BRAND NEW ASPHALT SHINGLE ROOF
• UPDATED PLUMBING
• 200 AMP PANEL
• DRIVEWAY ADJACENT TO THE HOME

Property features AI

Finance

• Other: Vacant occupant status

Exterior

• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Electricity connected (200+ amp service); Natural gas connected; Public water; Public sewer
• Home design: One-story property; Built in 1907; Vinyl siding; Shingle roof
• Construction: Vinyl siding construction; Shingle roof; Crawl space foundation; Original construction year 1907
• Exterior features: Storm windows; Neighborhood view; Smoke and carbon monoxide detectors

Interior

• Kitchen: No appliances reported
• Bedrooms: Primary bedroom; Additional bedroom
• Flooring: Laminate flooring
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Crawl space basement; Sink in laundry area
• Laundry & utility: Laundry area with sink

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $-181 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $183k (14.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (30.1% below list).
• Recommended offer: $150k (30.1% below list) — sets the bar for 1% rule.

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); 51 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $1,503/mo this rent would consume 49% 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 $23k of equity ($1k loan paydown + $22k 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.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,308 (30.1% 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 1907 — 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. 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?
5. 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?
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: 0.70% ✗
• Cap rate: 5.28%
• Cash-on-cash: -3.61%
• DSCR: 0.84
• GRM: 11.9

CMA / ARV

• ARV (on-the-fly): $163,684
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5960 White Oak Ave	0.14mi	3/1.0	1,032 (-5%)	8mo	$110,000	$107	79
5901 Columbia Ave	0.41mi	3/1.0	1,092 (+1%)	3mo	$158,000	$145	77
1524-26 Truman St	0.33mi	3/1.0	1,120 (+3%)	7mo	$165,000	$147	74
1458 Shell St	0.54mi	3/1.0	1,065 (-2%)	11mo	$165,000	$155	63
1045 Lyons St	0.57mi	3/2.0	1,098 (+1%)	13mo	$150,000	$137	56
1119 Sibley St	0.70mi	3/1.0	1,016 (-6%)	3mo	$200,000	$197	54
5630 Homerlee Ave	0.44mi	3/1.0	952 (-12%)	15mo	$166,000	$174	47
1337 Truman St	0.56mi	3/1.0	977 (-10%)	15mo	$59,900	$61	46
5532 Reading Ave	0.49mi	3/1.0	952 (-12%)	14mo	$144,000	$151	45
1235 Logan St	0.57mi	3/1.0	962 (-11%)	12mo	$85,000	$88	44
5516 Northcote Ave	0.62mi	3/2.0	952 (-12%)	7mo	$170,000	$179	40
1476 Shell St	0.51mi	2/2.0 (-1)	1,240 (+14%)	8mo	$195,000	$157	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 23.0%
• Equity multiple: 2.87×
• Total profit: $112,822
• Equity at exit: $193,689

10-year hold

• IRR: 21.6%
• Equity multiple: 6.96×
• Total profit: $359,004
• Equity at exit: $417,698

Cash invested: $60,200 (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: 51
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $1,503 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$151 /mo · $1,815/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $-181

Break-even live

Break-even rent $1,732

Max offer price $183,050

Occupancy floor —

Sensitivity live

Price	-10% $-59	-5% $-120	+0% $-181	+5% $-242	+10% $-303
Rent	-10% $-300	-5% $-240	+0% $-181	+5% $-121	+10% $-62
Rate	-1.0pp $-73	-0.5pp $-126	base $-181	+0.5pp $-237	+1.0pp $-293

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1454 Sherman St Hammond, IN	3.0	1.0	960	$1,400	$1.46	4d	1	0.08mi
6138 Ray Ave Hammond, IN	3.0	1.0	1120	$1,395	$1.25	0d	1	0.41mi
1344 Michigan St Hammond, IN	3.0	1.0	1006	$1,595	$1.59	16d	1	0.60mi
1227 Logan St Hammond, IN	2.0	1.0	768	$1,350	$1.76	11d	1	0.61mi
1227 Logan St Hammond, IN	2.0	1.0	768	$1,350	$1.76	16d	1	0.61mi
6746 Forestdale Ave Hammond, IN	3.0	1.0	900	$1,860	$2.07	0d	1	1.38mi
7019 Chestnut Ave Hammond, IN	3.0	1.5	1440	$1,895	$1.32	21d	1	1.40mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	25d	1	1.42mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	18d	1	1.42mi

Listing history 13 events

1. 2026-06-21
   days on market $215,000 Active 20 DOM
2. 2026-06-18
   days on market $215,000 Active 17 DOM
3. 2026-06-17
   days on market $215,000 Active 16 DOM
4. 2026-06-16
   days on market $215,000 Active 15 DOM
5. 2026-06-15
   days on market $215,000 Active 14 DOM
6. 2026-06-13
   days on market $215,000 Active 12 DOM
7. 2026-06-09
   days on market $215,000 Active 8 DOM
8. 2026-06-08
   days on market $215,000 Active 7 DOM
9. 2026-06-07
   days on market $215,000 Active 6 DOM
10. 2026-06-04
    days on market $215,000 Active 3 DOM
11. 2026-06-03
    days on market $215,000 Active 2 DOM
12. 2026-06-02
    remarks 397-char remark
13. 2026-06-02
    listed $215,000 Active 1 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: $1,815 · $151/mo
• Projected year-2 tax: $1,821 · $152/mo
• Expected delta: +$6/yr (+$1/mo · 0.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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 0% 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: $18,037
• − Mortgage interest: −$12,043
• − Property taxes: −$1,815
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,443
• − Management: −$1,443
• − Depreciation: −$6,255
• Taxable loss: −$6,037
• Est. tax savings @ 24.0%: +$1,449
• After-tax cash flow: $-722/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

+22.9% since first listed

9 events — show timeline

• 2026-06-01 Listed $215,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-04 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-09-11 Price Changed $145,000 NIRA MLS as Distributed by MLS Grid
• 2025-07-01 Relisted — NIRA MLS as Distributed by MLS Grid
• 2025-07-01 Price Changed $105,000 NIRA MLS as Distributed by MLS Grid
• 2025-05-20 Contingent — NIRA MLS as Distributed by MLS Grid
• 2025-05-17 Price Changed $75,000 NIRA MLS as Distributed by MLS Grid
• 2025-05-10 Price Changed $170,000 NIRA MLS as Distributed by MLS Grid
• 2025-02-03 Listed $175,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+14.4%/yr

Latest (2024): $1,815 · +165.8% YoY. Source: county tax records.