5340 Pennsylvania St · Merrillville, IN 46410

$430,000

8 bd · 4.0 ba · 3,596 sqft · MultiFamily public records · 6 Days on market

Built 1964 0.27 ac lot Est $446k · at est.

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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
• DSCR +10.0/10.0
• ARV discount +9.1/15.0
• 1% rule +7.8/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Excellent investment opportunity! Fully occupied 4-unit building featuring all 2 bed, 1 bath units with strong rental demand in the area. Current rents are Unit A at 900/month (lease ending 9/30/2026), Unit B at 725/month with tenant vacating 6/30/2026 creating the perfect opportunity to update the unit and bring rents closer to market value, Unit C at 900/month (lease ending 2/28/2027), and Unit D at 975/month (lease ending 11/30/2026). Market rents for 2 bed, 1 bath units in the area are currently averaging approximately 1,000-1,200/month, offering strong upside potential for investors looking to increase cash flow over time. Based on pro forma market rents, the property has the potential

Key facts

• Private backyard
• Two storage sheds
• 0.27 acre lot

Tags

• PRIVATE BACKYARD
• TWO STORAGE SHEDS
• SEPARATELY METERED UTILITIES

Property features AI

Exterior

• Parking: Paved parking for 10 vehicles
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Two-story multi-family building; Built in 1964
• Construction: Has a full unfinished basement
• Exterior features: Private yard; Shed(s)

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Four two-bedroom units (multi-unit property)
• Flooring: Carpet; Vinyl; Hardwood
• Bathrooms: Four full bathrooms
• Heating & cooling: Forced air heating; Unit-controlled cooling
• Interior features: Entrance foyer; Carbon monoxide and smoke detectors; Private yard; Shed(s)
• Laundry & utility: Has full unfinished basement

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $430k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $417/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $430k).
• Cap rate 11.0% 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; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $5,512/mo this rent would consume 103% 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 $3k of loan paydown is wiped out by about $13k 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 $120k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 2y 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.

Recommended offer $430,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.28% ✓
• Cap rate: 10.95%
• Cash-on-cash: 16.63%
• DSCR: 1.74
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $445,904
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5625 Massachusetts St	0.37mi	7/4.0 (-1)	3,500 (-3%)	0mo	$435,000	$124	73
5629 Massachusetts St	0.38mi	7/4.0 (-1)	3,710 (+3%)	7mo	$455,000	$123	66

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: 8.9%
• Equity multiple: 1.35×
• Total profit: $42,687
• Equity at exit: $64,114

10-year hold

• IRR: 19.0%
• Equity multiple: 2.66×
• Total profit: $199,542
• Equity at exit: $37,179

Cash invested: $120,400 (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: 26.0×

Monthly cashflow live

• Estimated rent: $5,512 high
• Mortgage (P&I): −$2,255
• Tax from tax record: −$251 /mo · $3,018/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,158
• Net cashflow: $1,669

Break-even live

Break-even rent $3,400

Max offer price $430,000

Occupancy floor 65%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,512
Total (4 units)			$5,512

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: $107,500
• Closing costs: $12,900
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-02
   status $430,000 Pending 6 DOM
2. 2026-06-01
   days on market $430,000 Active 6 DOM
3. 2026-05-31
   days on market $430,000 Active 5 DOM
4. 2026-05-26
   listed $430,000 Active
5. 2026-03-03
   historical $975
6. 2026-02-13
   listed $975
7. 2025-11-09
   historical $975
8. 2025-10-26
   listed $975
9. 2025-10-14
   historical $975
10. 2025-09-28
    listed $975
11. 2024-11-08
    historical $900
12. 2024-10-15
    listed $900
13. 2024-08-10
    historical $900
14. 2024-07-14
    price $900
15. 2024-07-12
    listed $875
16. 2022-03-05
    price $850

ⓘ 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: $3,018 · $251/mo
• Projected year-2 tax: $3,336 · $278/mo
• Expected delta: +$319/yr (+$27/mo · 10.6%)

ⓘ 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 1/10 Low
• 🌡 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: $66,144
• − Mortgage interest: −$24,087
• − Property taxes: −$3,018
• − Insurance: −$2,150
• − Repairs & maintenance: −$5,292
• − Management: −$5,292
• − Depreciation: −$12,509
• Taxable income: $13,797
• Est. tax owed @ 24.0%: −$3,311
• After-tax cash flow: $16,715/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

13 events — show timeline

• 2026-05-26 Listed $430,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-03 Rental Removed $975 BUILDIUM
• 2026-02-13 Listed for Rent $975 BUILDIUM
• 2025-11-09 Rental Removed $975 BUILDIUM
• 2025-10-26 Listed for Rent $975 BUILDIUM
• 2025-10-14 Rental Removed $975 BUILDIUM
• 2025-09-28 Listed for Rent $975 BUILDIUM
• 2024-11-08 Rental Removed $900 BUILDIUM
• 2024-10-15 Listed for Rent $900 BUILDIUM
• 2024-08-10 Rental Removed $900 BUILDIUM
• 2024-07-14 Price Changed $900 BUILDIUM
• 2024-07-12 Listed for Rent $875 BUILDIUM
• 2022-03-05 Price Changed $850 BUILDIUM

Property tax history

-1.3%/yr

Latest (2024): $3,018 · +3.4% YoY. Source: county tax records.