3220 165th St · Hammond, IN 46323

$156,000

2 bd · 2.0 ba · 736 sqft · SingleFamily public records · 28 Days on market

Built 1975 Est $150k · at est.

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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).

• Cash flow +15.8/30.0
• ARV discount +5.7/15.0
• DSCR +4.9/10.0
• Livability +3.5/5.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks

2 bedrooms on the first floor with a washroom, living room and kitchen. Finished basement with a washroom , living room , laundry room, bedroom and furnace room . Large backyard and four car driveway with garage.

Key facts

• Large backyard
• Finished basement
• Four car driveway

Tags

• FIRST FLOOR
• FINISHED BASEMENT
• LARGE BACKYARD
• FOUR CAR DRIVEWAY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $156k.

Deal economics

• At list price, monthly cash flow is $70 ($842/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 $131k (15.7% below list).
• Recommended offer: $131k (15.7% 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: 59 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

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

• It's been on market 28 days — a 2% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y 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 $56k; list at $156k implies a 179% gain — meaningful room to come down on a strong offer.

Recommended offer $131,442 (15.7% below list)

Questions for the listing agent

1. Built in 1975 — 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. 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?
6. 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.
7. 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.
8. 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: 0.84% ✗
• Cap rate: 6.83%
• Cash-on-cash: 1.93%
• DSCR: 1.09
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $150,144
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3149 Crane Pl	0.38mi	2/1.0	690 (-6%)	0mo	$190,000	$275	68
2715 164th Pl	0.64mi	2/1.0	736 (0%)	3mo	$150,000	$204	64
6730 Carolina Ave	0.33mi	2/1.0	816 (+11%)	15mo	$90,000	$110	50
3044 Crane Pl	0.41mi	3/1.0 (+1)	816 (+11%)	5mo	$80,000	$98	49
6538 Alexander Ave	0.69mi	2/1.0	825 (+12%)	4mo	$155,000	$188	40
6923 Alabama Ave	0.72mi	2/1.0	720 (-2%)	23mo	$205,000	$285	40
2714 162nd Pl	0.72mi	2/1.0	666 (-10%)	9mo	$170,000	$255	39

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -13.3%
• Equity multiple: 0.52×
• Total profit: $-20,859
• Equity at exit: $23,260

10-year hold

• IRR: -4.4%
• Equity multiple: 0.71×
• Total profit: $-12,606
• Equity at exit: $13,488

Cash invested: $43,680 (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 46323

• Home prices YoY: -18.8%
• Active inventory: 59
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,314 high
• Mortgage (P&I): −$818
• Tax from tax record: −$85 /mo · $1,022/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $70

Break-even live

Break-even rent $1,226

Max offer price $156,000

Occupancy floor 90%

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: $39,000
• Closing costs: $4,680
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3611 167th St Hammond, IN	1.0–2.0	1.0	695	$1,450	$2.09	1d	1	0.53mi
3400 Stevens Ct Hammond, IN	1.0	1.0	700	$1,120	$1.60	18d	1	0.54mi
7050 Idaho Ave Hammond, IN	1.0	1.0	650	$1,275	$1.96	4d	1	0.69mi
7050 Idaho Ave Unit 3S Hammond, IN	1.0	1.0	650	$1,275	$1.96	10d	1	0.69mi
7105 Parrish Ave Hammond, IN	1.0	1.0	650	$1,275	$1.96	20d	1	0.72mi
7105 Parrish Ave Unit 3N Hammond, IN	1.0	1.0	650	$1,275	$1.96	24d	1	0.72mi
3510 173rd St Hammond, IN	1.0	1.0	475	$975	$2.05	7d	1	1.09mi
3605 Orchard Dr Hammond, IN	1.0	1.0	736	$950	$1.29	4d	1	1.38mi

Listing history 26 events

1. 2026-06-18
   days on market $156,000 Active 28 DOM
2. 2026-06-17
   days on market $156,000 Active 27 DOM
3. 2026-06-16
   days on market $156,000 Active 26 DOM
4. 2026-06-15
   days on market $156,000 Active 25 DOM
5. 2026-06-13
   days on market $156,000 Active 23 DOM
6. 2026-06-09
   days on market $156,000 Active 19 DOM
7. 2026-06-08
   days on market $156,000 Active 18 DOM
8. 2026-06-07
   days on market $156,000 Active 17 DOM
9. 2026-06-04
   days on market $156,000 Active 14 DOM
10. 2026-06-03
    days on market $156,000 Active 13 DOM
11. 2026-06-02
    days on market $156,000 Active 12 DOM
12. 2026-06-01
    days on market $156,000 Active 11 DOM
13. 2026-05-31
    days on market $156,000 Active 10 DOM
14. 2026-05-22
    listed $156,000 Active
15. 2026-04-22
    historical
16. 2026-02-21
    price $168,900
17. 2026-01-20
    price $174,500
18. 2025-10-20
    price $185,200
19. 2025-10-01
    listed $195,900 Active
20. 2024-02-28
    historical
21. 2023-08-25
    listed $220,000 Active
22. 2017-02-14
    soldstatus $56,000
23. 2015-10-07
    listed $59,900
24. 2010-05-27
    soldstatus $28,077
25. 2010-03-05
    listed $28,000
26. 2007-01-25
    listed $69,900

ⓘ 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: $1,022 · $85/mo
• Projected year-2 tax: $1,174 · $98/mo
• Expected delta: +$152/yr (+$13/mo · 14.9%)

ⓘ 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 3/10 Moderate
• 🌡 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: $15,773
• − Mortgage interest: −$8,738
• − Property taxes: −$1,022
• − Insurance: −$780
• − Repairs & maintenance: −$1,262
• − Management: −$1,262
• − Depreciation: −$4,538
• Taxable loss: −$1,829
• Est. tax savings @ 24.0%: +$439
• After-tax cash flow: $1,281/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): 23,047
• Household income: $59,688
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 692.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 38% White 36% Black 21% Two or more races 12% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 29% Puerto Rican 7%
• Common ancestry: Romanian 6% Italian 2% Lithuanian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 78% English-only · Spanish 19% Chinese 1%

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: ▼ -67.70%
• Current HPI: 293.4702
• Rent YoY: —
• 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

+123.2% since first listed

13 events — show timeline

• 2026-05-22 Listed $156,000 FSBO.com
• 2026-04-22 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-02-21 Price Changed $168,900 NIRA MLS as Distributed by MLS Grid
• 2026-01-20 Price Changed $174,500 NIRA MLS as Distributed by MLS Grid
• 2025-10-20 Price Changed $185,200 NIRA MLS as Distributed by MLS Grid
• 2025-10-01 Listed $195,900 NIRA MLS as Distributed by MLS Grid
• 2024-02-28 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2023-08-25 Listed $220,000 NIRA MLS as Distributed by MLS Grid
• 2017-02-14 Sold (MLS) $56,000 NIRA MLS as Distributed by MLS Grid
• 2015-10-07 Listed $59,900 NIRA MLS as Distributed by MLS Grid
• 2010-05-27 Sold (MLS) $28,077 NIRA MLS as Distributed by MLS Grid
• 2010-03-05 Listed $28,000 NIRA MLS as Distributed by MLS Grid
• 2007-01-25 Listed $69,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2024): $1,022 · +6.8% YoY. Source: county tax records.