4826 Homerlee Ave · East Chicago, IN 46312

$130,000

3 bd · 1.0 ba · 1,760 sqft · SingleFamily public records · 8 Days on market

Built 1919 3,484 sqft lot Est $195k · 33% under

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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 +24.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +5.4/10.0
• Appreciation +4.8/10.0
• Rent growth +4.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0

Listing remarks

1.5-story home with a functional layout and flexible living space. The main level features a spacious living room. The kitchen offers cabinet and counter space with an adjoining dining area for everyday use. The finished basement provides additional living space along with a laundry area and added cabinetry for storage. . A home with good space and potential, ready for its next owner.

Key facts

• 3,484 sq ft lot
• 2 garage spots
• Built 1919

Property features AI

Exterior

• Parking: Garage with approximately 2.5 spaces
• Utilities: Public water; Public sewer
• Home design: One and one-half story; Built in 1919
• Construction: Finished basement
• Exterior features: Neighborhood view

Interior

• Kitchen: Built-In Gas Range; Range hood
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Hot water heating; No central air
• Interior features: Finished basement; Bonus room; Family room; Living room
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).

Location & tenants

• Location reads 64/100 on livability (#371 in IN) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: health & safety D+, schools F, crime F.
• School City Of East Chicago (suburban): math 7% / reading 15% proficiency, ranked #293 of 301 in IN (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 89% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.1%/yr); 79 active listings in the ZIP; lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 39% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $504 of equity ($899 loan paydown + $-395 appreciation (-0.3% 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 (-0.3% appreciation + 8.0% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,000

Questions for the listing agent

1. Built in 1919 — 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 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?
4. 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?
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: 1.04% ✓
• Cap rate: 8.74%
• Cash-on-cash: 8.73%
• DSCR: 1.39
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $195,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4856 Wegg Ave	0.10mi	3/2.0	1,650 (-6%)	3mo	$165,000	$100	78
4855 Indianapolis Blvd	0.32mi	3/1.0	1,689 (-4%)	3mo	$198,000	$117	75
4805 Baring Ave	0.18mi	3/1.5	1,657 (-6%)	10mo	$250,000	$151	72
1206 W 151st St	0.33mi	3/1.0	1,722 (-2%)	18mo	$206,000	$120	66
4945 Northcote Ave Apt 2F	0.23mi	3/2.0	1,582 (-10%)	13mo	$176,000	$111	57
5016 Magoun Ave	0.34mi	4/3.0 (+1)	1,800 (+2%)	16mo	$100,000	$56	54
5019 Homerlee Ave	0.28mi	3/2.0	2,016 (+14%)	10mo	$162,500	$81	50
4220 Homerlee Ave	0.72mi	3/1.0	1,706 (-3%)	13mo	$135,000	$79	50
4736 Tod Ave	0.44mi	4/2.0 (+1)	1,888 (+7%)	11mo	$190,000	$101	49
4402 Northcote Ave	0.52mi	3/1.5	1,580 (-10%)	11mo	$165,000	$104	48
1241 Hoffman St	0.60mi	4/3.0 (+1)	1,730 (-2%)	16mo	$195,000	$113	43
4330 Olcott Ave	0.68mi	4/2.0 (+1)	1,500 (-15%)	0mo	$179,000	$119	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.3% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 10.3%
• Equity multiple: 1.50×
• Total profit: $18,360
• Equity at exit: $35,787

10-year hold

• IRR: 18.8%
• Equity multiple: 3.34×
• Total profit: $85,210
• Equity at exit: $41,483

Cash invested: $36,400 (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 46312

• Home prices YoY: -0.1%
• Rents YoY: 8.1%
• Active inventory: 79
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,357 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$71 /mo · $857/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $265

Break-even live

Break-even rent $1,022

Max offer price $130,000

Occupancy floor 75%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-04
   status Pending
2. 2026-04-26
   listed $130,000 Active
3. 2012-12-01
   historical
4. 2006-05-24
   historical
5. 2005-11-23
   listed $124,900

ⓘ 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: $857 · $71/mo
• Projected year-2 tax: $981 · $82/mo
• Expected delta: +$124/yr (+$10/mo · 14.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $16,286
• − Mortgage interest: −$7,282
• − Property taxes: −$857
• − Insurance: −$650
• − Repairs & maintenance: −$1,303
• − Management: −$1,303
• − Depreciation: −$3,782
• Taxable income: $1,110
• Est. tax owed @ 24.0%: −$266
• After-tax cash flow: $2,912/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 East Chicago
• NCES district ID: 1802880
• Math proficiency: 7% ▼ -10.00%
• Reading proficiency: 15% ▼ -7.00%
• Median HH income: $28,423
• Composite: 8.36/100
• National rank: #9909
• State rank: #293 of 301 in IN

Livability — East Chicago

• Score: 64/100
• State rank: #371
• US rank: #13869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Chicago, IN
• County: Lake County · 422,878 people
• City population: 26,022
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 26,022
• Household income: $42,125
• Rent vs Own: 57.1% rent · 42.9% own
• Severe rent burden: 1227.0

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: Majority Hispanic (56%)
• Race & ethnicity: Hispanic / Latino 56% Black 36% Two or more races 11% White 7%
• Hispanic origin (detail): Mexican 45% Puerto Rican 6%
• Common ancestry: Romanian 2%
• Foreign-born: 16% · Canada
• Languages at home: 59% English-only · Spanish 40%

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: ▼ -0.30%
• Current HPI: 267.9232
• Rent YoY: ▲ 8.06%
• 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

+4.1% since first listed

5 events — show timeline

• 2026-05-04 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-26 Listed $130,000 NIRA MLS as Distributed by MLS Grid
• 2012-12-01 Listing Removed — MRED as Distributed by MLS Grid
• 2006-05-24 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2005-11-23 Listed $124,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2024): $857 · +13.9% YoY. Source: county tax records.