6150 Virginia St · Merrillville, IN 46410

$170,000

3 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 2 Days on market

Built 1969 0.37 ac lot $163/sqft · 8% below area Est $184k · 8% under

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Why this score? — see what drove the C 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 +23.7/30.0
• ARV discount +10.9/15.0
• DSCR +7.6/10.0
• 1% rule +4.8/10.0
• 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

Welcome to this charming ranch, tucked away on a quiet, wooded dead-end street that offers both privacy and a peaceful setting. This 3-bedroom, 1-bath home features 1,040 square feet of comfortable living space, plus a full basement with plenty of room for storage, hobbies, or future finishing. Inside, you'll find a spacious living room, an updated bathroom with a double-sink vanity, and an eat-in kitchen complete with a pantry for added convenience. Major mechanical updates have already been completed, providing added peace of mind. The 2.5-car detached garage offers generous space for vehicles, tools, or even a workshop. Being sold as-is, this home presents a great opportunity to bring yo

Key facts

• 0.37 acre lot
• 2 garage spots
• Built 1969

Property features AI

Exterior

• Parking: Detached garage; Garage faces front; 2.5 garage spaces; Additional off-street parking; On-street parking; Gravel parking areas; Garage door opener
• Utilities: Public water; Public sewer; Natural gas available and connected; Electricity available and connected (100 amp service); Cable available
• Home design: Single-story (one level); Built in 1969; Vinyl siding; Shingle roof; Has full unfinished basement with sump pump
• Construction: Vinyl siding construction; Shingle roof; Foundation with basement
• Exterior features: Private yard; Rain gutters; Front porch; Neighborhood and trees/woods view; No pool

Interior

• Kitchen: Range; Gas range; Refrigerator; ENERGY STAR qualified appliances
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Carpet; Tile; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Ceiling fans; Pantry; Laminate countertops; His and hers closets; Eat-in kitchen; Double vanity
• Laundry & utility: Washer hookup; Gas dryer hookup; Sink in laundry area; Laundry on lower level; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $167k (2.0% below list).
• Recommended offer: $167k (2.0% below list) — sets the bar for 1% rule.
• Cap rate 8.6% 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); 271 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 31% 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 $1k of loan paydown is wiped out by about $5k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $166,664 (2.0% below list)

Questions for the listing agent

1. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 0.98% ✗
• Cap rate: 8.58%
• Cash-on-cash: 8.17%
• DSCR: 1.36
• GRM: 8.5

CMA / ARV

• ARV (median comp): $184,103
• List price: $170,000
• Delta: -7.66%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6150 Virginia St	0.00mi	3/1.0	1,040 (0%)	0mo	$170,000	$163	100
6174 Pennsylvania St	0.19mi	3/1.0	1,008 (-3%)	16mo	$121,500	$121	72
735 E 61st Ave	0.13mi	3/1.0	1,152 (+11%)	13mo	$160,000	$139	65
6391 Vermont St	0.38mi	3/1.0	1,026 (-1%)	20mo	$176,500	$172	63
43 E 66th Pl	0.54mi	3/1.0	1,009 (-3%)	13mo	$207,000	$205	59
1029 E 64th Pl	0.49mi	2/1.0 (-1)	1,092 (+5%)	8mo	$82,500	$76	57
1013 E 61st Pl	0.32mi	2/1.0 (-1)	944 (-9%)	12mo	$117,000	$124	55
6667 Connecticut St	0.56mi	3/1.0	960 (-8%)	10mo	$190,000	$198	53
46 E 66th Pl	0.52mi	3/1.0	1,180 (+14%)	2mo	$188,000	$159	52
6417 Kentucky Pl	0.49mi	3/1.0	936 (-10%)	13mo	$174,900	$187	50
6181 Kentucky Pl	0.37mi	3/2.0	1,127 (+8%)	19mo	$230,500	$205	49
6424 Vermont St	0.41mi	2/1.0 (-1)	925 (-11%)	24mo	$176,500	$191	38

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: -4.8%
• Equity multiple: 0.82×
• Total profit: $-8,643
• Equity at exit: $25,348

10-year hold

• IRR: 6.0%
• Equity multiple: 1.46×
• Total profit: $22,094
• Equity at exit: $14,698

Cash invested: $47,600 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,667 high
• Mortgage (P&I): −$891
• Tax from tax record: −$30 /mo · $365/yr
• Insurance: −$71
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $268

Break-even live

Break-even rent $1,327

Max offer price $170,000

Occupancy floor 79%

Sensitivity live

Price	-10% $365	-5% $316	+0% $268	+5% $220	+10% $-31
Rent	-10% $137	-5% $203	+0% $268	+5% $334	+10% $400
Rate	-1.0pp $354	-0.5pp $312	base $268	+0.5pp $224	+1.0pp $179

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6195 Glen Dr Merrillville, IN	3.0	1.0	1354	$1,800	$1.33	0d	1	0.17mi
5850 Pennsylvania St Merrillville, IN	1.0–2.0	1.0	826	$1,195	$1.45	0d	4	0.44mi
5719 Van Buren St Merrillville, IN	3.0	2.0	950	$1,500	$1.58	23d	1	0.97mi
330 E 69th Pl Merrillville, IN	3.0	1.5	1482	$1,850	$1.25	3d	1	1.01mi
6850 Van Buren Pl Merrillville, IN	3.0	1.0	1120	$1,795	$1.60	22d	1	1.21mi
6839 Harrison St Merrillville, IN	3.0	1.0	1128	$1,650	$1.46	14d	1	1.22mi
910 W 56th Ave Merrillville, IN	4.0	1.5	1431	$1,825	$1.28	0d	1	1.23mi
7104 Broadway Merrillville, IN	2.0	1.0–2.0	1000	$1,308	$1.31	0d	1	1.23mi
5001 Carolina St Gary, IN	3.0	1.0	875	$1,350	$1.54	3d	1	1.48mi
5026 Kentucky St Gary, IN	3.0	1.0	1200	$1,100	$0.92	7d	1	1.49mi

Listing history 2 events

1. 2026-05-08
   status Pending 747-char remark
2. 2026-05-06
   listed $170,000 Active 747-char remark

ⓘ 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: $365 · $30/mo
• Projected year-2 tax: $905 · $75/mo
• Expected delta: +$540/yr (+$45/mo · 148.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 84% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 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: $20,000
• − Mortgage interest: −$9,523
• − Property taxes: −$365
• − Insurance: −$1,516
• − Repairs & maintenance: −$1,600
• − Management: −$1,600
• − Depreciation: −$4,945
• Taxable income: $450
• Est. tax owed @ 24.0%: −$108
• After-tax cash flow: $3,112/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

+0.0% since first listed

3 events — show timeline

• 2026-06-12 Sold (MLS) $170,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-08 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-06 Listed $170,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-2.8%/yr

Latest (2024): $365 · +2.0% YoY. Source: county tax records.