9651 Merrillville Rd #204 · Crown Point, IN 46307

$174,500

2 bd · 2.0 ba · 14,028 sqft · Condo public records · 21 Days on market

Built 1987 $200/mo HOA · 13% of rent

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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 +11.1/30.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• 1% rule +3.8/10.0
• DSCR +3.2/10.0
• Rent growth +3.1/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Perfect for all, this charming 2nd floor unit features a very well maintained floorpan. With 2 bedrooms and 2 full bathrooms inlcludes all appliances, washer and dryer too! Unit 204 offers a stunning location, in Windimere Arms in Crown Point. This unit boasts a spacious Living Room with a fireplace, Kitchen/Dinette, Primary Bedroom with En Suite Bathroom, Guest Bedroom, and Full Guest Bathroom. There is also beautiful balcony that faces east, away from the main road. There is a storage closet conveniently located two doors away from the unit, as well as a on oversized personal storage area in the one car shared bay garage.

Key facts

• Private balcony
• Gas log fireplace
• Updated bathrooms

Tags

• IN UNIT LAUNDRY
• PRIVATE BALCONY
• GAS LOG FIREPLACE
• STAINLESS STEEL APPLIANCES
• AMPLE CABINET SPACE
• UPDATED BATHROOMS

Property features AI

Finance

• HOA & community: Homeowners association (Windimere Arms Condominiums); Monthly association fee ($200); HOA covers landscaping, trash, snow removal, and grounds maintenance

Exterior

• Parking: Detached garage (garage faces side); 1 garage space; Driveway parking; Off-street parking; Garage door opener
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public water; Public sewer; Natural gas connected; Electricity connected (100 amp service, circuit breakers); Cable available
• Home design: Condominium (attached property); Built in 1987
• Construction: Brick construction
• Exterior features: Covered patio or porch; Balcony; Exterior storage; Exterior lighting; Neighborhood view; Garage(s) as an additional structure

Interior

• Kitchen: Stainless steel appliances; Gas range; Refrigerator; Dishwasher; Range hood
• Bedrooms: Primary bedroom; Second bedroom
• Flooring: Carpet; Laminate
• 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 closet(s); His-and-hers closets; Gas log fireplace in the living room; Insulated and storm windows
• Laundry & utility: Washer hookup (main level); Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $174k.

Deal economics

• At list price, monthly cash flow is $-70 ($-837/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (7.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (12.2% below list).
• Recommended offer: $153k (12.2% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.4% in Crown Point — 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 77/100 on livability (#45 in IN, #3,244 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute 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 (+2.5%/yr); 739 active listings in the ZIP; solid renter incomes; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent is only 17% of the median local income ($108k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 21 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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 $153,268 (12.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
7. 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.
8. 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.
9. 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: 0.88% ✗
• Cap rate: 5.81%
• Cash-on-cash: -1.71%
• DSCR: 0.92
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.53% rent growth · sell at horizon

5-year hold

• IRR: -19.6%
• Equity multiple: 0.32×
• Total profit: $-33,373
• Equity at exit: $26,019

10-year hold

• IRR: -13.4%
• Equity multiple: 0.23×
• Total profit: $-37,436
• Equity at exit: $15,088

Cash invested: $48,860 (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 46307

• Rents YoY: 2.5%
• Active inventory: 739
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,533 medium
• Mortgage (P&I): −$915
• Tax from tax record: −$93 /mo · $1,114/yr
• Insurance: −$73
• HOA: −$200
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $-70

Break-even live

Break-even rent $1,621

Max offer price $162,173

Occupancy floor 100%

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: $43,625
• Closing costs: $5,235
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-18
   days on market $174,500 Active 21 DOM
2. 2026-06-17
   days on market $174,500 Active 20 DOM
3. 2026-06-16
   days on market $174,500 Active 19 DOM
4. 2026-06-15
   days on market $174,500 Active 18 DOM
5. 2026-06-13
   days on market $174,500 Active 16 DOM
6. 2026-06-13
   days on market $174,500 Active 15 DOM
7. 2026-06-09
   days on market $174,500 Active 12 DOM
8. 2026-06-08
   days on market $174,500 Active 11 DOM
9. 2026-06-07
   days on market $174,500 Active 10 DOM
10. 2026-06-04
    days on market $174,500 Active 7 DOM
11. 2026-06-03
    days on market $174,500 Active 6 DOM
12. 2026-06-02
    days on market $174,500 Active 5 DOM
13. 2026-06-01
    days on market $174,500 Active 4 DOM
14. 2026-05-31
    days on market $174,500 Active 3 DOM
15. 2026-05-28
    listed $174,500 Active
16. 2025-07-15
    historical
17. 2025-07-12
    price $176,000
18. 2025-06-25
    status Active
19. 2025-06-13
    historical Active Under Contract
20. 2025-06-06
    listed $177,500 Active
21. 2023-11-21
    soldstatus $167,000 Closed 631-char remark

    Show marketing remark (631 chars)

    Perfect for all, this charming 2nd floor unit features a very well maintained floorpan. With 2 bedrooms and 2 full bathrooms inlcludes all appliances, washer and dryer too! Unit 204 offers a stunning location, in Windimere Arms in Crown Point. This unit boasts a spacious Living Room with a fireplace, Kitchen/Dinette, Primary Bedroom with En Suite Bathroom, Guest Bedroom, and Full Guest Bathroom. There is also beautiful balcony that faces east, away from the main road. There is a storage closet conveniently located two doors away from the unit, as well as a on oversized personal storage area in the one car shared bay garage.

22. 2023-10-14
    historical Active Under Contract 631-char remark

    Show marketing remark (631 chars)

    Perfect for all, this charming 2nd floor unit features a very well maintained floorpan. With 2 bedrooms and 2 full bathrooms inlcludes all appliances, washer and dryer too! Unit 204 offers a stunning location, in Windimere Arms in Crown Point. This unit boasts a spacious Living Room with a fireplace, Kitchen/Dinette, Primary Bedroom with En Suite Bathroom, Guest Bedroom, and Full Guest Bathroom. There is also beautiful balcony that faces east, away from the main road. There is a storage closet conveniently located two doors away from the unit, as well as a on oversized personal storage area in the one car shared bay garage.

23. 2023-10-02
    listed $166,000 Active 631-char remark

    Show marketing remark (631 chars)

    Perfect for all, this charming 2nd floor unit features a very well maintained floorpan. With 2 bedrooms and 2 full bathrooms inlcludes all appliances, washer and dryer too! Unit 204 offers a stunning location, in Windimere Arms in Crown Point. This unit boasts a spacious Living Room with a fireplace, Kitchen/Dinette, Primary Bedroom with En Suite Bathroom, Guest Bedroom, and Full Guest Bathroom. There is also beautiful balcony that faces east, away from the main road. There is a storage closet conveniently located two doors away from the unit, as well as a on oversized personal storage area in the one car shared bay garage.

ⓘ 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: $1,114 · $93/mo
• Projected year-2 tax: $1,298 · $108/mo
• Expected delta: +$185/yr (+$15/mo · 16.6%)

ⓘ 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 3/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,392
• − Mortgage interest: −$9,775
• − Property taxes: −$1,114
• − Insurance: −$872
• − Repairs & maintenance: −$1,471
• − Management: −$1,471
• − HOA: −$2,400
• − Depreciation: −$5,076
• Taxable loss: −$3,788
• Est. tax savings @ 24.0%: +$909
• After-tax cash flow: $72/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 — Crown Point

• Score: 77/100
• State rank: #45
• US rank: #3244

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crown Point, IN
• County: Lake County · 422,878 people
• City population: 71,673
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 71,673
• Household income: $107,800
• Rent vs Own: 12.0% rent · 88.0% own
• Severe rent burden: 705.0

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: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 12% Two or more races 10% Black 7% Asian 2%
• Hispanic origin (detail): Mexican 9% Puerto Rican 1%
• Common ancestry: Romanian 12% Iranian 3% Lithuanian 2%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 5% Russian/Polish/Slavic 3% Other Indo-European 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: ▼ -164.91%
• Current HPI: 226.0335
• Rent YoY: ▲ 2.53%
• 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

+5.1% since first listed

9 events — show timeline

• 2026-05-28 Listed $174,500 NIRA MLS as Distributed by MLS Grid
• 2025-07-15 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-07-12 Price Changed $176,000 NIRA MLS as Distributed by MLS Grid
• 2025-06-25 Relisted — NIRA MLS as Distributed by MLS Grid
• 2025-06-13 Contingent — NIRA MLS as Distributed by MLS Grid
• 2025-06-06 Listed $177,500 NIRA MLS as Distributed by MLS Grid
• 2023-11-21 Sold (MLS) $167,000 NIRA MLS as Distributed by MLS Grid
• 2023-10-14 Contingent — NIRA MLS as Distributed by MLS Grid
• 2023-10-02 Listed $166,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.0%/yr

Latest (2024): $1,114 · +15.7% YoY. Source: county tax records.