6019 Wallace Rd · Hammond, IN 46320

$65,000

2 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 2 Days on market

Built 1917 3,659 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.4/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0

Listing remarks MLS

Great opportunity for investment, this cape cod style home. 2 bedroom 1 bath, basement. Close to shopping, schools, access to public transportation. Access to South Shore Train Station to Chicago and South Bend.

Key facts

• 3,659 sq ft lot
• Built 1917
• Listed 2 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $593 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 17.2% 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, 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: Rents rising fast (+7.6%/yr); 52 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• This rent runs 45% of the median local income ($37k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $7k of equity ($449 loan paydown + $6k 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 $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y 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 $16k; list at $65k implies a 319% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 2.14% ✓
• Cap rate: 17.25%
• Cash-on-cash: 39.12%
• DSCR: 2.74
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $158,340
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5901 Columbia Ave	0.21mi	3/1.0 (+1)	1,092 (0%)	3mo	$158,000	$145	83
1045 Lyons St	0.26mi	3/2.0 (+1)	1,098 (+0%)	13mo	$150,000	$137	67
934 Field St	0.36mi	2/1.0	963 (-12%)	4mo	$132,500	$138	60
5960 White Oak Ave	0.44mi	3/1.0 (+1)	1,032 (-6%)	8mo	$110,000	$107	59
1524-26 Truman St	0.64mi	3/1.0 (+1)	1,120 (+3%)	7mo	$165,000	$147	55
907 Carroll St	0.62mi	3/1.0 (+1)	1,008 (-8%)	0mo	$257,000	$255	53
6408 Woodward Ave	0.61mi	3/1.5 (+1)	1,131 (+4%)	7mo	$195,000	$172	53
1038 Ridge St	0.72mi	3/2.0 (+1)	1,078 (-1%)	4mo	$220,000	$204	52
1119 Sibley St	0.64mi	3/1.0 (+1)	1,016 (-7%)	3mo	$200,000	$197	51
1235 Logan St	0.66mi	3/1.0 (+1)	962 (-12%)	12mo	$85,000	$88	34
1337 Truman St	0.71mi	3/1.0 (+1)	977 (-10%)	15mo	$59,900	$61	32
913 Summer St	0.71mi	3/2.0 (+1)	1,234 (+13%)	8mo	$169,900	$138	30

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: 57.9%
• Equity multiple: 5.39×
• Total profit: $79,983
• Equity at exit: $58,557

10-year hold

• IRR: 53.4%
• Equity multiple: 13.22×
• Total profit: $222,370
• Equity at exit: $126,281

Cash invested: $18,200 (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: 3.9×

Monthly cashflow live

• Estimated rent: $1,388 high
• Mortgage (P&I): −$341
• Tax from tax record: −$136 /mo · $1,626/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $593

Break-even live

Break-even rent $637

Max offer price $65,000

Occupancy floor 52%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1454 Sherman St Hammond, IN	3.0	1.0	960	$1,400	$1.46	4d	1	0.31mi
1227 Logan St Hammond, IN	2.0	1.0	768	$1,350	$1.76	10d	1	0.63mi
1227 Logan St Hammond, IN	2.0	1.0	768	$1,350	$1.76	15d	1	0.63mi
1344 Michigan St Hammond, IN	3.0	1.0	1006	$1,595	$1.59	15d	1	0.71mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	17d	1	1.04mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	24d	1	1.04mi
5945 Hyslop Pl Unit 204 Hammond, IN	1.0	1.0	700	$1,195	$1.71	24d	1	1.12mi
5940 Hyslop Pl #226 Hammond, IN	1.0	1.0	800	$950	$1.19	2d	1	1.14mi
230 Wildwood Rd Unit 103 Hammond, IN	1.0	1.0	750	$1,295	$1.73	24d	1	1.15mi
7019 Chestnut Ave Hammond, IN	3.0	1.5	1440	$1,895	$1.32	21d	1	1.26mi
3 Waltham St Hammond, IN	3.0	1.0	1200	$1,095	$0.91	24d	1	1.36mi
5 Ruth St Unit 2W Hammond, IN	2.0	1.0	900	$1,250	$1.39	13d	1	1.37mi
3 Ruth St Hammond, IN	2.0	1.0	900	$1,250	$1.39	24d	1	1.37mi
7129 Columbia Ave Unit 1E Hammond, IN	2.0	1.0	900	$1,195	$1.33	11d	1	1.40mi
34 Elizabeth St Calumet City, IL	3.0	1.0	1246	$2,400	$1.93	1d	1	1.45mi

Listing history 7 events

1. 2026-03-20
   status Pending
2. 2026-03-18
   listed $65,000 Active
3. 2016-03-04
   historical 211-char remark

   Show marketing remark (211 chars)

   Great opportunity for investment, this cape cod style home. 2 bedroom 1 bath, basement. Close to shopping, schools, access to public transportation. Access to South Shore Train Station to Chicago and South Bend.

4. 2016-03-04
   soldstatus $15,500 Closed 211-char remark

   Show marketing remark (211 chars)

   Great opportunity for investment, this cape cod style home. 2 bedroom 1 bath, basement. Close to shopping, schools, access to public transportation. Access to South Shore Train Station to Chicago and South Bend.

5. 2016-01-11
   listed $14,900 211-char remark

   Show marketing remark (211 chars)

   Great opportunity for investment, this cape cod style home. 2 bedroom 1 bath, basement. Close to shopping, schools, access to public transportation. Access to South Shore Train Station to Chicago and South Bend.

6. 2015-11-30
   soldstatus $10,200 182-char remark

   Show marketing remark (182 chars)

   Great investment property! Being sold as-is and seller looking for a quick sale. Home has 2 bedrooms, 1 bath, with basement and offers lots of potential. Schedule your viewing today.

7. 2015-08-18
   listed $13,000 182-char remark

   Show marketing remark (182 chars)

   Great investment property! Being sold as-is and seller looking for a quick sale. Home has 2 bedrooms, 1 bath, with basement and offers lots of potential. Schedule your viewing today.

ⓘ 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: $1,626 · $136/mo
• Projected year-2 tax: $1,626 · $136/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 1/10 Low FEMA zone X (unshaded) · 0% 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: $16,660
• − Mortgage interest: −$3,641
• − Property taxes: −$1,626
• − Insurance: −$325
• − Repairs & maintenance: −$1,333
• − Management: −$1,333
• − Depreciation: −$1,891
• Taxable income: $6,511
• Est. tax owed @ 24.0%: −$1,563
• After-tax cash flow: $5,557/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

+400.0% since first listed

7 events — show timeline

• 2026-03-20 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-03-18 Listed $65,000 NIRA MLS as Distributed by MLS Grid
• 2016-03-04 Sold (MLS) $15,500 NIRA MLS as Distributed by MLS Grid
• 2016-03-04 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2016-01-11 Listed $14,900 NIRA MLS as Distributed by MLS Grid
• 2015-11-30 Sold (MLS) $10,200 NIRA MLS as Distributed by MLS Grid
• 2015-08-18 Listed $13,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+18.2%/yr

Latest (2024): $1,626 · -8.5% YoY. Source: county tax records.