6269 Cleveland St · Merrillville, IN 46410

$219,900

3 bd · 2.0 ba · 1,700 sqft · SingleFamily public records · 40 Days on market

Built 1914 0.50 ac lot $129/sqft · 18% below area Est $269k · 18% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2 story home on end of street. Enjoy the covered front porch and the large yard- sale of property also included the lot next to home. Newer updates throughout include a new water heater, windows in dining room, main floor bathroom, and carpet in main bedroom. Roof was replaced in 2015. Come see this home in person - many nice new touch-ups throughout. This home is just waiting for you to make it your own!

Key facts

• 0.5 acre lot
• 2 garage spots
• Built 1914

Property features AI

Exterior

• Parking: Detached garage; Driveway; 2 garage spaces
• Utilities: Well water; Public sewer; Natural gas connected; Electricity connected (100 amp service); Cable available
• Home design: Two-story home; Built in 1914
• Construction: Aluminum siding; Wood siding
• Exterior features: Private yard; Neighborhood view; Covered front porch

Interior

• Kitchen: Gas water heater; Water softener (owned)
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Vinyl
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fan(s) for cooling
• Interior features: Ceiling fans; Walk-in closet(s); Unfinished basement
• Laundry & utility: Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $841 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 4.7% in Merrillville — 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 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); 264 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,791/mo this rent would consume 52% of the median local household income ($64k/yr) (locally 1644% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $62k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y 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.
• Current owner paid $150k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $213,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1914 — 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 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?
5. 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.
6. 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.
7. 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: 1.27% ✓
• Cap rate: 10.88%
• Cash-on-cash: 16.38%
• DSCR: 1.73
• GRM: 6.6

CMA / ARV

• ARV (median comp): $268,692
• List price: $219,900
• Delta: -18.16%
• 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
6430 Ellsworth Pl	0.41mi	3/1.5	1,662 (-2%)	4mo	$231,000	$139	72
1310 W 61st Pl	0.56mi	3/1.5	1,705 (+0%)	5mo	$265,000	$155	67
2807 W 63rd Ln	0.52mi	3/2.0	1,600 (-6%)	1mo	$320,000	$200	65
1711 W 57th Ave	0.71mi	3/1.5	1,712 (+1%)	4mo	$239,000	$140	61
2812 W 60th Dr	0.49mi	3/2.0	1,876 (+10%)	2mo	$265,000	$141	58
2684 W 61st Ave	0.39mi	4/2.5 (+1)	1,850 (+9%)	3mo	$275,000	$149	57
2400 W 59th Pl	0.37mi	3/2.0	1,938 (+14%)	3mo	$283,000	$146	57
2601 W 57th Ave	0.72mi	3/2.0	1,640 (-4%)	7mo	$275,000	$168	55
2920 W 63rd Pl	0.58mi	3/1.5	1,576 (-7%)	8mo	$235,000	$149	53
5951 Hayes Pl	0.44mi	3/1.0	1,487 (-12%)	7mo	$260,000	$175	49
2962 W 63rd Pl	0.59mi	3/2.0	1,861 (+10%)	10mo	$230,000	$124	48
1109 W 62nd Pl	0.71mi	3/2.0	1,840 (+8%)	8mo	$250,000	$136	46

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: 8.6%
• Equity multiple: 1.34×
• Total profit: $20,980
• Equity at exit: $32,788

10-year hold

• IRR: 18.6%
• Equity multiple: 2.63×
• Total profit: $100,101
• Equity at exit: $19,013

Cash invested: $61,572 (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: 264
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,791 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$119 /mo · $1,430/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$586
• Net cashflow: $841

Break-even live

Break-even rent $1,726

Max offer price $219,900

Occupancy floor 65%

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1865 W 64th Pl Merrillville, IN	4.0	2.0	2034	$4,900	$2.41	43d	1	0.36mi
3190 W 63rd Ln Merrillville, IN	3.0	2.0	1667	$2,600	$1.56	3d	1	0.68mi
910 W 56th Ave Merrillville, IN	4.0	1.5	1431	$1,825	$1.28	1d	1	1.16mi
6839 Harrison St Merrillville, IN	3.0	1.0	1128	$1,650	$1.46	12d	1	1.20mi
6850 Van Buren Pl Merrillville, IN	3.0	1.0	1120	$1,795	$1.60	20d	1	1.23mi
7302 W Taft St Unit A Merrillville, IN	3.0	1.0	1080	$1,510	$1.40	43d	1	1.36mi

Listing history 17 events

1. 2026-06-13
   days on market $219,900 Active 40 DOM
2. 2026-06-13
   days on market $219,900 Active 39 DOM
3. 2026-06-09
   days on market $219,900 Active 36 DOM
4. 2026-06-08
   days on market $219,900 Active 35 DOM
5. 2026-06-07
   days on market $219,900 Active 34 DOM
6. 2026-06-04
   days on market $219,900 Active 31 DOM
7. 2026-06-03
   days on market $219,900 Active 30 DOM
8. 2026-06-02
   days on market $219,900 Active 29 DOM
9. 2026-06-02
   price $219,900 Active 28 DOM
10. 2026-06-01
    days on market $225,000 Active 28 DOM
11. 2026-05-31
    days on market $225,000 Active 27 DOM
12. 2026-05-04
    listed $225,000 Active 1191-char remark
13. 2021-06-03
    soldstatus $150,000 417-char remark

    Show marketing remark (417 chars)

    Charming 2 story home on end of street. Enjoy the covered front porch and the large yard- sale of property also included the lot next to home. Newer updates throughout include a new water heater, windows in dining room, main floor bathroom, and carpet in main bedroom. Roof was replaced in 2015. Come see this home in person - many nice new touch-ups throughout. This home is just waiting for you to make it your own!

14. 2021-04-09
    listed $150,000 417-char remark

    Show marketing remark (417 chars)

    Charming 2 story home on end of street. Enjoy the covered front porch and the large yard- sale of property also included the lot next to home. Newer updates throughout include a new water heater, windows in dining room, main floor bathroom, and carpet in main bedroom. Roof was replaced in 2015. Come see this home in person - many nice new touch-ups throughout. This home is just waiting for you to make it your own!

15. 2002-11-12
    listed $82,900

    Show marketing remark (119 chars)

    LOADS OF CHARACTER-HUGE LOT THAT IS WOODED-CLOSE TO SHOPPING-MAJOR HWYS. , ETC. ON DEAD END STREET, GREAT FOR CHILDREN.

16. 2002-11-10
    historical
17. 2002-05-09
    listed $82,900

ⓘ 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: $1,430 · $119/mo
• Projected year-2 tax: $1,649 · $137/mo
• Expected delta: +$220/yr (+$18/mo · 15.4%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $33,488
• − Mortgage interest: −$12,318
• − Property taxes: −$1,430
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,679
• − Management: −$2,679
• − Depreciation: −$6,397
• Taxable income: $6,886
• Est. tax owed @ 24.0%: −$1,653
• After-tax cash flow: $8,436/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

+165.3% since first listed

8 events — show timeline

• 2026-06-14 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-06-01 Price Changed $219,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-04 Listed $225,000 NIRA MLS as Distributed by MLS Grid
• 2021-06-03 Sold (MLS) $150,000 NIRA MLS as Distributed by MLS Grid
• 2021-04-09 Listed $150,000 NIRA MLS as Distributed by MLS Grid
• 2002-11-12 Listed $82,900 NIRA MLS as Distributed by MLS Grid
• 2002-11-10 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2002-05-09 Listed $82,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.3%/yr

Latest (2024): $1,430 · +6.5% YoY. Source: county tax records.