23 W 71st Pl · Merrillville, IN 46410

$245,000

3 bd · 1.0 ba · 1,712 sqft · SingleFamily public records · 30 Days on market

Built 1950 7,797 sqft lot Est $235k · 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 +15.2/30.0
• ARV discount +5.5/15.0
• DSCR +4.7/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• 1% rule +3.4/10.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

If you are looking for an AMAZING STARTER HOME with all the bells and whistles then look no further. This remodeled TRI-LEVEL has it all: Brand new updated Bathroom, Kitchen with NEW CABINENTS and STAINLESS STEEL APPLIANCES, NEW HOT WATER HEATER, vinyl plank flooring, carpet, paint and so much more. THE ROOF AND WINDOWS ARE newer and are in fabulous condition, not to mention the brand new vinyl siding. The main level offers a versatile nook area which could be set as an office or home schooling area. Why pay rent when you can own this awesome remodeled home that sits on a quiet cul-de-sac, and once EXEMPTIONS are filed the taxes will be lowered considerably. DO NOT WAIT- stop RENTING and turn this REMODELED STARTER house into your HOME and start building equity today!!!!!!

Key facts

• Firepit
• Eat in kitchen
• Flex room

Tags

• UPDATED TRI LEVEL HOME
• GREAT ROOM
• EAT IN KITCHEN
• OFFICE NOOK
• FLEX ROOM
• FIREPIT

Property features AI

Exterior

• Parking: Gravel parking; On-street parking
• Utilities: Public water; Public sewer
• Home design: Tri-level home; Built in 1950
• Construction: Year built: 1950
• Exterior features: Neighborhood view

Interior

• Kitchen: Gas range; Microwave; Refrigerator; Dishwasher
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Office (can be used as a bedroom); Total rooms: 9 (includes living areas, kitchen, laundry, family room, office)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Ceiling fans; Forced air heating; Natural gas heating; Other cooling and heating features
• Interior features: Ceiling fans; Recessed lighting
• Laundry & utility: Washer; Dryer; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $87 ($1k/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 $206k (15.9% below list).
• Recommended offer: $206k (15.9% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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: 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.
• Zoned schools: Henry P Fieler Elementary School (math 12% / reading 17%, grade F, #862 of 994 statewide, top 88%, 447 students, 80% FRL); Pierce Middle School (math 18% / reading 37%, grade F, #230 of 330 statewide, top 71%, 919 students, 70% FRL); Merrillville High School (math 19% / reading 55%, grade F, #247 of 369 statewide, top 70%, 2,042 students, 64% FRL) — zoned schools average 71% FRL vs 50% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.1%/yr); 272 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 39% 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 $2k of loan paydown is wiped out by about $7k 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 30 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y 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 $180k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $205,948 (15.9% below list)

Questions for the listing agent

1. Built in 1950 — 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 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?
4. 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?
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: 0.84% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.52%
• DSCR: 1.07
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $234,544
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7145 Delaware St	0.43mi	3/1.0	1,748 (+2%)	7mo	$228,000	$130	71
6797 Adams St	0.41mi	3/2.0	1,670 (-2%)	3mo	$190,000	$114	70
7030 Van Buren Ln	0.40mi	3/1.0	1,664 (-3%)	10mo	$215,000	$129	68
1110 W 72nd Cir	0.70mi	3/2.0	1,768 (+3%)	1mo	$295,000	$167	57
6737 Madison St	0.57mi	3/2.0	1,728 (+1%)	15mo	$190,000	$110	56
6925 Broadway	0.33mi	4/1.0 (+1)	1,502 (-12%)	5mo	$175,000	$117	56
6927 Delaware St	0.49mi	3/1.0	1,940 (+13%)	2mo	$120,000	$62	53
7100 Virginia St	0.48mi	3/2.0	1,863 (+9%)	8mo	$269,000	$144	52
815 W 70th Ave	0.53mi	4/2.0 (+1)	1,850 (+8%)	1mo	$337,000	$182	52
1130 W 72nd Ct	0.73mi	3/2.5	1,788 (+4%)	4mo	$245,000	$137	49
520 W 76th Ave	0.61mi	3/2.0	1,622 (-5%)	18mo	$260,000	$160	44
6945 Broadway	0.29mi	2/2.0 (-1)	1,460 (-15%)	13mo	$227,000	$155	42

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: -12.8%
• Equity multiple: 0.53×
• Total profit: $-31,933
• Equity at exit: $36,530

10-year hold

• IRR: -2.3%
• Equity multiple: 0.84×
• Total profit: $-11,278
• Equity at exit: $21,183

Cash invested: $68,600 (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: 272
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,059 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$153 /mo · $1,840/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $87

Break-even live

Break-even rent $1,950

Max offer price $245,000

Occupancy floor 91%

Sensitivity live

Price	-10% $225	-5% $156	+0% $87	+5% $17	+10% $-52
Rent	-10% $-76	-5% $5	+0% $87	+5% $168	+10% $249
Rate	-1.0pp $210	-0.5pp $149	base $87	+0.5pp $23	+1.0pp $-41

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
330 E 69th Pl Merrillville, IN	3.0	1.5	1482	$1,850	$1.25	3d	1	0.42mi
6850 Van Buren Pl Merrillville, IN	3.0	1.0	1120	$1,795	$1.60	22d	1	0.52mi
6839 Harrison St Merrillville, IN	3.0	1.0	1128	$1,650	$1.46	14d	1	0.55mi
691 W 77th Ave Unit 691 Merrillville, IN	3.0	2.0	1300	$2,300	$1.77	9d	1	0.81mi
6195 Glen Dr Merrillville, IN	3.0	1.0	1354	$1,800	$1.33	0d	1	1.37mi
1865 W 64th Pl Merrillville, IN	4.0	2.0	2034	$4,900	$2.41	45d	1	1.40mi
7302 W Taft St Unit A Merrillville, IN	3.0	1.0	1080	$1,510	$1.40	45d	1	1.44mi

Listing history 21 events

1. 2026-06-21
   days on market $245,000 Active 30 DOM
2. 2026-06-18
   days on market $245,000 Active 27 DOM
3. 2026-06-17
   days on market $245,000 Active 26 DOM
4. 2026-06-16
   days on market $245,000 Active 25 DOM
5. 2026-06-15
   days on market $245,000 Active 24 DOM
6. 2026-06-13
   days on market $245,000 Active 22 DOM
7. 2026-06-13
   days on market $245,000 Active 21 DOM
8. 2026-06-09
   days on market $245,000 Active 18 DOM
9. 2026-06-08
   pricedays on market $245,000 Active 17 DOM
10. 2026-06-07
    days on market $250,000 Active 16 DOM
11. 2026-06-04
    days on market $250,000 Active 13 DOM
12. 2026-06-03
    days on market $250,000 Active 12 DOM
13. 2026-06-02
    days on market $250,000 Active 11 DOM
14. 2026-06-01
    days on market $250,000 Active 10 DOM
15. 2026-05-31
    days on market $250,000 Active 9 DOM
16. 2026-05-22
    listed $250,000 Active
17. 2022-04-29
    soldstatus $180,500 Closed 783-char remark

    Show marketing remark (783 chars)

    If you are looking for an AMAZING STARTER HOME with all the bells and whistles then look no further. This remodeled TRI-LEVEL has it all: Brand new updated Bathroom, Kitchen with NEW CABINENTS and STAINLESS STEEL APPLIANCES, NEW HOT WATER HEATER, vinyl plank flooring, carpet, paint and so much more. THE ROOF AND WINDOWS ARE newer and are in fabulous condition, not to mention the brand new vinyl siding. The main level offers a versatile nook area which could be set as an office or home schooling area. Why pay rent when you can own this awesome remodeled home that sits on a quiet cul-de-sac, and once EXEMPTIONS are filed the taxes will be lowered considerably. DO NOT WAIT- stop RENTING and turn this REMODELED STARTER house into your HOME and start building equity today!!!!!!

18. 2022-03-31
    status Pending 783-char remark

    Show marketing remark (783 chars)

    If you are looking for an AMAZING STARTER HOME with all the bells and whistles then look no further. This remodeled TRI-LEVEL has it all: Brand new updated Bathroom, Kitchen with NEW CABINENTS and STAINLESS STEEL APPLIANCES, NEW HOT WATER HEATER, vinyl plank flooring, carpet, paint and so much more. THE ROOF AND WINDOWS ARE newer and are in fabulous condition, not to mention the brand new vinyl siding. The main level offers a versatile nook area which could be set as an office or home schooling area. Why pay rent when you can own this awesome remodeled home that sits on a quiet cul-de-sac, and once EXEMPTIONS are filed the taxes will be lowered considerably. DO NOT WAIT- stop RENTING and turn this REMODELED STARTER house into your HOME and start building equity today!!!!!!

19. 2022-03-31
    historical Active Under Contract 783-char remark

    Show marketing remark (783 chars)

    If you are looking for an AMAZING STARTER HOME with all the bells and whistles then look no further. This remodeled TRI-LEVEL has it all: Brand new updated Bathroom, Kitchen with NEW CABINENTS and STAINLESS STEEL APPLIANCES, NEW HOT WATER HEATER, vinyl plank flooring, carpet, paint and so much more. THE ROOF AND WINDOWS ARE newer and are in fabulous condition, not to mention the brand new vinyl siding. The main level offers a versatile nook area which could be set as an office or home schooling area. Why pay rent when you can own this awesome remodeled home that sits on a quiet cul-de-sac, and once EXEMPTIONS are filed the taxes will be lowered considerably. DO NOT WAIT- stop RENTING and turn this REMODELED STARTER house into your HOME and start building equity today!!!!!!

20. 2022-03-28
    listed $169,999 Active 783-char remark

    Show marketing remark (783 chars)

    If you are looking for an AMAZING STARTER HOME with all the bells and whistles then look no further. This remodeled TRI-LEVEL has it all: Brand new updated Bathroom, Kitchen with NEW CABINENTS and STAINLESS STEEL APPLIANCES, NEW HOT WATER HEATER, vinyl plank flooring, carpet, paint and so much more. THE ROOF AND WINDOWS ARE newer and are in fabulous condition, not to mention the brand new vinyl siding. The main level offers a versatile nook area which could be set as an office or home schooling area. Why pay rent when you can own this awesome remodeled home that sits on a quiet cul-de-sac, and once EXEMPTIONS are filed the taxes will be lowered considerably. DO NOT WAIT- stop RENTING and turn this REMODELED STARTER house into your HOME and start building equity today!!!!!!

21. 2001-03-23
    listed $84,900

ⓘ 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: $1,840 · $153/mo
• Projected year-2 tax: $1,961 · $163/mo
• Expected delta: +$121/yr (+$10/mo · 6.6%)

ⓘ 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: $24,714
• − Mortgage interest: −$13,724
• − Property taxes: −$1,840
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,977
• − Management: −$1,977
• − Depreciation: −$7,127
• Taxable loss: −$3,157
• Est. tax savings @ 24.0%: +$758
• After-tax cash flow: $1,799/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

+194.5% since first listed

6 events — show timeline

• 2026-05-22 Listed $250,000 NIRA MLS as Distributed by MLS Grid
• 2022-04-29 Sold (MLS) $180,500 NIRA MLS as Distributed by MLS Grid
• 2022-03-31 Pending — NIRA MLS as Distributed by MLS Grid
• 2022-03-31 Contingent — NIRA MLS as Distributed by MLS Grid
• 2022-03-28 Listed $169,999 NIRA MLS as Distributed by MLS Grid
• 2001-03-23 Listed $84,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-4.3%/yr

Latest (2024): $1,840 · +7.2% YoY. Source: county tax records.