438 Lewis St · Hammond, IN 46320

$149,000

3 bd · 2.0 ba · 1,281 sqft · SingleFamily public records · 4 Days on market

Built 1917 4,530 sqft lot Est $182k · 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 +22.8/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.3/10.0
• 1% rule +5.3/10.0
• Rent growth +4.4/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0

Listing remarks

Welcome home to this charming ranch-style property offering comfortable living space, great potential, and a flexible layout! The main level has been professionally cleaned and is move-in ready, featuring a welcoming entryway that opens into the spacious living room, formal dining area, and kitchen. All appliances stay, excluding the refrigerator in the back room known as the 3rd bedroom and the one in the garage. making this home even more convenient for its next owner. This home offers 3 bedrooms and 2 bathrooms, including two bedrooms and a full bath on the main level. Just a few steps down between the main level and basement, you'll find the laundry area and third bedroom. The nicely la

Key facts

• Move-in ready
• Landscaped exterior
• Walkout access

Tags

• HANDICAP-ACCESSIBLE RAMP
• DETACHED 2-CAR GARAGE
• PROFESSIONALLY CLEANED
• MOVE-IN READY
• LANDSCAPED EXTERIOR
• WALKOUT ACCESS

Property features AI

Finance

• Other: Vacant occupant status

Exterior

• Parking: Detached garage; 2-car garage; Driveway; On-street parking; Concrete driveway; Garage faces front
• Utilities: Electricity connected; Public water; Public sewer; Natural gas connected
• Home design: One-story layout; Built in 1917; Property listed as fixer; Levels: One; Above- and below-grade finished areas
• Construction: Asphalt shingle roof; Has basement (full, partially finished, interior entry, walk-out access, storage, sump pump, bath stubbed)
• Exterior features: Exterior lighting; Outdoor storage; Rain gutters; Neighborhood view; No pool

Interior

• Kitchen: Gas range; Range hood; Microwave; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Carpet; Tile; Linoleum
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans
• Interior features: Ceiling fans; Walk-in closets; Entrance foyer; Accessible approach with ramp
• Laundry & utility: Laundry room on lower level; Washer hookup; Gas dryer hookup; Washer and dryer included; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Cap rate 8.4% 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, crime 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.
• Zoned schools: Lew Wallace Elementary School (math 8% / reading 2%, grade F, #970 of 994 statewide, top 99%, 465 students, 78% FRL); Henry W Eggers Middle School (math 5% / reading 17%, grade F, #312 of 330 statewide, top 95%, 855 students, 76% FRL); Hammond Central High School (math 8% / reading 37%, grade F, #339 of 369 statewide, top 93%, 1,863 students, 73% FRL) — zoned schools at 76% FRL track the district average.
• Market conditions: Rents rising fast (+7.6%/yr); 52 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $1,542/mo this rent would consume 50% 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 $16k of equity ($1k loan paydown + $15k 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 $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,000

Questions for the listing agent

1. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.03% ✓
• Cap rate: 8.38%
• Cash-on-cash: 7.44%
• DSCR: 1.33
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $181,902
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
212 Ruth St	0.74mi	3/2.0	1,305 (+2%)	1mo	$216,000	$166	61
7 Highland St	0.49mi	3/2.0	1,163 (-9%)	3mo	$172,500	$148	60
904 Field St	0.56mi	4/1.0 (+1)	1,250 (-2%)	4mo	$221,400	$177	58
244 Condit St	0.58mi	3/2.0	1,397 (+9%)	1mo	$293,500	$210	57
940 Becker St	0.65mi	4/2.0 (+1)	1,311 (+2%)	7mo	$115,000	$88	55
1007 Wentworth Ave	0.66mi	2/2.0 (-1)	1,200 (-6%)	7mo	$170,000	$142	48
211 Waltham St	0.72mi	3/2.0	1,101 (-14%)	1mo	$150,000	$136	42
6516 Lyman Ave	0.68mi	3/1.0	1,095 (-14%)	1mo	$150,000	$137	40
6408 Woodward Ave	0.74mi	3/1.5	1,131 (-12%)	7mo	$195,000	$172	38
903 Bauer St	0.61mi	3/1.5	1,472 (+15%)	9mo	$198,000	$135	37
15 156th Pl	0.64mi	2/1.0 (-1)	1,122 (-12%)	4mo	$135,200	$120	37
6438 Jefferson Ave	0.68mi	2/1.0 (-1)	1,100 (-14%)	1mo	$139,900	$127	35

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: 31.5%
• Equity multiple: 3.52×
• Total profit: $105,095
• Equity at exit: $134,231

10-year hold

• IRR: 28.7%
• Equity multiple: 8.54×
• Total profit: $314,742
• Equity at exit: $289,474

Cash invested: $41,720 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,542 high
• Mortgage (P&I): −$781
• Tax from tax record: −$116 /mo · $1,386/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $259

Break-even live

Break-even rent $1,214

Max offer price $149,000

Occupancy floor 78%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	24d	1	0.39mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	16d	1	0.39mi
3 Waltham St Hammond, IN	3.0	1.0	1200	$1,095	$0.91	24d	1	0.43mi
5 Ruth St Unit 2W Hammond, IN	2.0	1.0	900	$1,250	$1.39	12d	1	0.44mi
3 Ruth St Hammond, IN	2.0	1.0	900	$1,250	$1.39	24d	1	0.44mi
34 Elizabeth St Calumet City, IL	3.0	1.0	1246	$2,400	$1.93	1d	1	0.51mi
1312 Gordon Ave Calumet City, IL	2.0	1.0	1134	$1,600	$1.41	7d	1	1.14mi
1454 Sherman St Hammond, IN	3.0	1.0	960	$1,400	$1.46	3d	1	1.23mi
1344 Michigan St Hammond, IN	3.0	1.0	1006	$1,595	$1.59	15d	1	1.24mi
323 Memorial Dr Unit 2 Calumet City, IL	2.0	1.0	1000	$1,600	$1.60	24d	1	1.29mi
1539 Wentworth Ave Unit 3W Calumet City, IL	3.0	1.0	1100	$1,700	$1.55	12d	1	1.29mi

Listing history 5 events

1. 2026-06-18
   days on market $149,000 Active 4 DOM
2. 2026-06-17
   status $149,000 Active 3 DOM
3. 2026-06-01
   status $149,000 Pending 3 DOM
4. 2026-05-31
   days on market $149,000 Active 3 DOM
5. 2026-05-28
   listed $149,000 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: $1,386 · $116/mo
• Projected year-2 tax: $1,386 · $116/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 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: $18,498
• − Mortgage interest: −$8,346
• − Property taxes: −$1,386
• − Insurance: −$745
• − Repairs & maintenance: −$1,480
• − Management: −$1,480
• − Depreciation: −$4,335
• Taxable income: $726
• Est. tax owed @ 24.0%: −$174
• After-tax cash flow: $2,931/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

1 event — show timeline

• 2026-05-28 Listed $149,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.1%/yr

Latest (2024): $1,386 · -3.9% YoY. Source: county tax records.