1046 Merrill St · Hammond, IN 46320

$330,500

4 bd · 2.5 ba · 2,362 sqft · SingleFamily public records · 6 Days on market

Built 1981 0.31 ac lot Est $231k · 43% over ↓ 9% since listing

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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).

• Appreciation +10.0/10.0
• Cash flow +9.4/30.0
• Rent growth +4.4/5.0
• Livability +3.5/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• Schools +1.1/10.0
• ARV discount +0.0/15.0

Listing remarks

This exquisitely remodeled 4-bedroom, 2.5 bath residence offers four levels of refined living, blending modern sophistication with thoughtful functionality at every turn. From the moment you arrive, the striking brick, stone, and paneling exterior--with a newly designed staircase accented by solar lighting--sets the tone for the elegance within. Step through the double doors into a welcoming foyer, ideal for coat and shoe storage, and discover an expansive open-concept living room with a stone walled fireplace, dining, and kitchen area. Designed in a stylish gray-and-white palette, the kitchen features stainless steel appliances, granite countertops, upgraded lighting, and newer windows tha

Key facts

• Newer windows
• Granite countertops
• Remodeled residence

Tags

• REMODELED RESIDENCE
• NEWLY DESIGNED STAIRCASE
• OPEN-CONCEPT LIVING ROOM
• STONE WALLED FIREPLACE
• GRANITE COUNTERTOPS
• NEWER WINDOWS

Property features AI

Exterior

• Parking: Oversized driveway; Concrete surfaces; Garage faces front; Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Quad-level home; Built in 1981
• Construction: Shingle roof; Unfinished basement
• Exterior features: Private yard; Storage; Enclosed patio; Patio; Neighborhood view; No pool

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Stainless steel appliances; Granite counters
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4; Office (can be used as a bedroom or flex space)
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Entrance foyer; Recessed lighting; Granite counters; One fireplace in the living room
• Laundry & utility: Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $330k.

Deal economics

• At list price, monthly cash flow is $-235 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $289k (12.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $217k (34.4% below list).
• Recommended offer: $217k (34.4% below list) — sets the bar for 1% rule.

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, crime 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.
• Zoned schools: Annie Burns-Hicks Elementary School (math 8% / reading 9%, grade F, #939 of 994 statewide, top 95%, 669 students, 77% FRL); Henry W Eggers Middle School (math 5% / reading 17%, grade F, #312 of 330 statewide, top 95%, 855 students, 76% FRL); Hammond Central High School (math 8% / reading 37%, grade F, #339 of 369 statewide, top 93%, 1,863 students, 73% FRL) — zoned schools at 75% FRL track the district average.
• Market conditions: Rents rising fast (+7.6%/yr); 51 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,168/mo this rent would consume 70% of the median local household income ($37k/yr) (locally 900% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $35k of equity ($2k loan paydown + $33k 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.
• By year 2, paydown + projected appreciation supports a ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $216,829 (34.4% 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. 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. 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?
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: 0.66% ✗
• Cap rate: 5.44%
• Cash-on-cash: -3.05%
• DSCR: 0.86
• GRM: 12.7

CMA / ARV

• ARV (on-the-fly): $231,476
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1021 Field St	0.05mi	3/2.0 (-1)	2,478 (+5%)	16mo	$278,000	$112	70
924 Drackert St	0.35mi	4/2.0	2,466 (+4%)	12mo	$210,000	$85	64
932 Ames St	0.23mi	5/3.0 (+1)	2,556 (+8%)	8mo	$278,000	$109	62
929 Field St	0.14mi	3/2.0 (-1)	2,050 (-13%)	6mo	$259,900	$127	59
1124 Eaton St	0.27mi	3/2.0 (-1)	2,172 (-8%)	13mo	$212,900	$98	56
1132 Eaton St	0.27mi	3/1.5 (-1)	2,512 (+6%)	17mo	$180,000	$72	54
918 E Morris St	0.18mi	3/1.0 (-1)	2,112 (-11%)	13mo	$244,362	$116	52
1145 Summer St	0.59mi	4/2.0	2,186 (-8%)	8mo	$200,000	$91	52
5534 Beall St	0.75mi	4/2.0	2,520 (+7%)	7mo	$195,000	$77	46
6332 Jackson Ave	0.66mi	4/2.0	2,008 (-15%)	3mo	$199,900	$100	40
5531 Beall St	0.74mi	3/2.0 (-1)	2,280 (-4%)	16mo	$160,000	$70	39
1113 Sibley St	0.68mi	4/2.0	2,008 (-15%)	6mo	$112,000	$56	37

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: 23.3%
• Equity multiple: 2.90×
• Total profit: $175,364
• Equity at exit: $297,741

10-year hold

• IRR: 21.7%
• Equity multiple: 6.98×
• Total profit: $553,539
• Equity at exit: $642,089

Cash invested: $92,540 (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: 51
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $2,168 medium
• Mortgage (P&I): −$1,733
• Tax from tax record: −$77 /mo · $928/yr
• Insurance: −$138
• HOA: −$0
• Vacancy / Maint / Mgmt: −$455
• Net cashflow: $-235

Break-even live

Break-even rent $2,466

Max offer price $288,935

Occupancy floor —

Sensitivity live

Price	-10% $-48	-5% $-142	+0% $-235	+5% $-329	+10% $-422
Rent	-10% $-407	-5% $-321	+0% $-235	+5% $-150	+10% $-64
Rate	-1.0pp $-69	-0.5pp $-151	base $-235	+0.5pp $-321	+1.0pp $-408

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: $82,625
• Closing costs: $9,915
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
617 Kane St Hammond, IN	4.0	2.0	2146	$2,300	$1.07	0d	1	1.01mi
252 Lawndale St Hammond, IN	4.0	3.0	2016	$2,600	$1.29	3d	1	1.38mi
7202 Chestnut Ave Hammond, IN	3.0	2.0	2178	$1,900	$0.87	0d	1	1.44mi

Listing history 4 events

1. 2026-05-19
   status Pending
2. 2026-05-13
   listed $330,500 Active
3. 2025-11-14
   historical
4. 2025-09-30
   listed $362,000 Active

ⓘ 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: $928 · $77/mo
• Projected year-2 tax: $1,869 · $156/mo
• Expected delta: +$940/yr (+$78/mo · 101.3%)

ⓘ 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
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,019
• − Mortgage interest: −$18,513
• − Property taxes: −$928
• − Insurance: −$1,652
• − Repairs & maintenance: −$2,082
• − Management: −$2,082
• − Depreciation: −$9,615
• Taxable loss: −$8,852
• Est. tax savings @ 24.0%: +$2,124
• After-tax cash flow: $-699/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

-8.7% since first listed

4 events — show timeline

• 2026-05-19 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-13 Listed $330,500 NIRA MLS as Distributed by MLS Grid
• 2025-11-14 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-09-30 Listed $362,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-8.1%/yr

Latest (2024): $928 · +2.0% YoY. Source: county tax records.