8613 Van Buren St · Merrillville, IN 46410

$234,900

3 bd · 2.0 ba · 1,534 sqft · SingleFamily public records · 125 Days on market

Built 1998 5,227 sqft lot $153/sqft · 7% below area Est $252k · 7% under $150/mo HOA · 7% 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 +16.7/30.0
• ARV discount +10.5/15.0
• DSCR +5.2/10.0
• 1% rule +4.6/10.0
• 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

Listing remarks MLS

SUNNY, SERENE & SIMPLY LOVELY!! Welcome home to this enchanting 3 bedroom patio home filled with warmth and natural light. Enjoy a bright eat-in kitchen plus a separate dining area - perfect for cozy mornings or hosting family and friends. The spacious primary en-suite is your personal retreat, featuring a private attached bath and and elegant high end walk-in jetted tub designed by relaxation and comfort. Step outside to a large patio where you can unwind and enjoy peaceful views of the woods - private, quiet, and perfect for morning coffee or evening sunsets. All appliances are included, and you'll love the low-maintenance living with snow removal and lawn care handled for you. Breathe. .. relax. .. and take it all in. This charming home offers comfort, privacy, and easy living - all in one beautiful space.

Key facts

• Primary en-suite
• Walk-in jetted tub
• Large patio

Tags

• EAT-IN KITCHEN
• SEPARATE DINING AREA
• PRIMARY EN-SUITE
• ATTACHED BATH
• WALK-IN JETTED TUB
• LARGE PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $147 ($2k/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 $225k (4.1% below list).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 42% 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 125 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 28y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $206,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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 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: 0.96% ✗
• Cap rate: 7.05%
• Cash-on-cash: 2.69%
• DSCR: 1.12
• GRM: 8.7

CMA / ARV

• ARV (median comp): $251,866
• List price: $234,900
• Delta: -6.74%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
874 W 87th Ave	0.15mi	3/2.0	1,542 (+0%)	16mo	$255,000	$165	79
8712 Tyler St	0.20mi	3/2.0	1,644 (+7%)	1mo	$300,000	$182	78
8811 Harrison St	0.17mi	3/2.0	1,553 (+1%)	18mo	$278,000	$179	75
8474 Jackson St	0.25mi	3/2.0	1,565 (+2%)	14mo	$270,000	$173	73
8653 Madison St	0.16mi	3/2.0	1,574 (+3%)	22mo	$274,928	$175	70
8628 Madison St	0.16mi	3/2.0	1,574 (+3%)	23mo	$255,137	$162	69
8821 Jackson St	0.19mi	3/2.0	1,607 (+5%)	20mo	$249,900	$156	66
8524 Fillmore St	0.26mi	3/2.0	1,456 (-5%)	20mo	$278,000	$191	63
1202 W 84th Ln	0.47mi	2/2.0 (-1)	1,555 (+1%)	12mo	$260,000	$167	60
8649 Madison St	0.14mi	3/2.0	1,733 (+13%)	22mo	$315,495	$182	54
1224 W 85th Ave	0.37mi	3/2.5	1,728 (+13%)	8mo	$320,000	$185	53
1228 W 82nd Ave	0.70mi	2/2.0 (-1)	1,334 (-13%)	20mo	$210,000	$157	24

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: -10.8%
• Equity multiple: 0.60×
• Total profit: $-26,122
• Equity at exit: $35,024

10-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $72
• Equity at exit: $20,310

Cash invested: $65,772 (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: 8.7×

Monthly cashflow live

• Estimated rent: $2,253 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$153 /mo · $1,834/yr
• Insurance: −$98
• HOA: −$150
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $147

Break-even live

Break-even rent $2,067

Max offer price $234,900

Occupancy floor 88%

Sensitivity live

Price	-10% $280	-5% $214	+0% $147	+5% $81	+10% $14
Rent	-10% $-31	-5% $58	+0% $147	+5% $236	+10% $325
Rate	-1.0pp $266	-0.5pp $207	base $147	+0.5pp $86	+1.0pp $25

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: $58,725
• Closing costs: $7,047
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9000 Lincoln St Merrillville, IN	2.0	2.0	1196	$2,238	$1.87	44d	1	0.55mi
9000 Lincoln St Merrillville, IN	2.0	2.0	1196	$2,181	$1.82	16d	1	0.55mi
9000 Lincoln St Merrillville, IN	3.0	2.0	1223	$3,119	$2.55	22d	1	0.55mi
8400 Grant Cir Merrillville, IN	1.0–2.0	1.0–2.0	904	$1,720	$1.90	2d	10	0.62mi
9310 Monroe St Crown Point, IN	3.0	2.0	1370	$2,521	$1.84	5d	1	0.76mi
9123 Cleveland St Merrillville, IN	1.0–2.0	1.0–2.0	1068	$2,145	$2.01	2d	35	0.91mi
8201 Polo Club Dr Merrillville, IN	1.0–3.0	1.0–2.0	1200	$2,137	$1.78	2d	18	0.93mi
691 W 77th Ave Unit 691 Merrillville, IN	3.0	2.0	1300	$2,300	$1.77	8d	1	1.20mi
1400 W 97th Ave Crown Point, IN	3.0	3.0	1928	$2,800	$1.45	7d	1	1.25mi

HOA detail

• Monthly dues: $150 · $1,800/yr
• Likely covers: landscapingsnow removal

Listing history 15 events

1. 2026-06-13
   statusdays on market $234,900 Pending 125 DOM
2. 2026-06-09
   days on market $234,900 Active 124 DOM
3. 2026-06-08
   days on market $234,900 Active 123 DOM
4. 2026-06-07
   days on market $234,900 Active 122 DOM
5. 2026-06-04
   days on market $234,900 Active 119 DOM
6. 2026-06-03
   days on market $234,900 Active 118 DOM
7. 2026-06-02
   days on market $234,900 Active 117 DOM
8. 2026-06-01
   days on market $234,900 Active 116 DOM
9. 2026-05-31
   days on market $234,900 Active 115 DOM
10. 2026-04-07
    price $239,900 827-char remark

    Show marketing remark (827 chars)

    SUNNY, SERENE & SIMPLY LOVELY!! Welcome home to this enchanting 3 bedroom patio home filled with warmth and natural light. Enjoy a bright eat-in kitchen plus a separate dining area - perfect for cozy mornings or hosting family and friends. The spacious primary en-suite is your personal retreat, featuring a private attached bath and and elegant high end walk-in jetted tub designed by relaxation and comfort. Step outside to a large patio where you can unwind and enjoy peaceful views of the woods - private, quiet, and perfect for morning coffee or evening sunsets. All appliances are included, and you'll love the low-maintenance living with snow removal and lawn care handled for you. Breathe. .. relax. .. and take it all in. This charming home offers comfort, privacy, and easy living - all in one beautiful space.

11. 2026-02-13
    price $249,900 827-char remark

    Show marketing remark (827 chars)

    SUNNY, SERENE & SIMPLY LOVELY!! Welcome home to this enchanting 3 bedroom patio home filled with warmth and natural light. Enjoy a bright eat-in kitchen plus a separate dining area - perfect for cozy mornings or hosting family and friends. The spacious primary en-suite is your personal retreat, featuring a private attached bath and and elegant high end walk-in jetted tub designed by relaxation and comfort. Step outside to a large patio where you can unwind and enjoy peaceful views of the woods - private, quiet, and perfect for morning coffee or evening sunsets. All appliances are included, and you'll love the low-maintenance living with snow removal and lawn care handled for you. Breathe. .. relax. .. and take it all in. This charming home offers comfort, privacy, and easy living - all in one beautiful space.

12. 2026-02-04
    listed $254,900 Active 827-char remark

    Show marketing remark (827 chars)

    SUNNY, SERENE & SIMPLY LOVELY!! Welcome home to this enchanting 3 bedroom patio home filled with warmth and natural light. Enjoy a bright eat-in kitchen plus a separate dining area - perfect for cozy mornings or hosting family and friends. The spacious primary en-suite is your personal retreat, featuring a private attached bath and and elegant high end walk-in jetted tub designed by relaxation and comfort. Step outside to a large patio where you can unwind and enjoy peaceful views of the woods - private, quiet, and perfect for morning coffee or evening sunsets. All appliances are included, and you'll love the low-maintenance living with snow removal and lawn care handled for you. Breathe. .. relax. .. and take it all in. This charming home offers comfort, privacy, and easy living - all in one beautiful space.

13. 1999-11-12
    historical
14. 1999-05-12
    listed $119,000
15. 1998-02-13
    listed $117,900

ⓘ 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: $1,834 · $153/mo
• Projected year-2 tax: $1,915 · $160/mo
• Expected delta: +$81/yr (+$7/mo · 4.4%)

ⓘ 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 ≥102°F today · 16 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: $27,035
• − Mortgage interest: −$13,158
• − Property taxes: −$1,834
• − Insurance: −$1,174
• − Repairs & maintenance: −$2,163
• − Management: −$2,163
• − HOA: −$1,800
• − Depreciation: −$6,833
• Taxable loss: −$2,090
• Est. tax savings @ 24.0%: +$502
• After-tax cash flow: $2,269/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

+103.5% since first listed

6 events — show timeline

• 2026-04-07 Price Changed $239,900 NIRA MLS as Distributed by MLS Grid
• 2026-02-13 Price Changed $249,900 NIRA MLS as Distributed by MLS Grid
• 2026-02-04 Listed $254,900 NIRA MLS as Distributed by MLS Grid
• 1999-11-12 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 1999-05-12 Listed $119,000 NIRA MLS as Distributed by MLS Grid
• 1998-02-13 Listed $117,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.0%/yr

Latest (2024): $1,834 · +5.4% YoY. Source: county tax records.