5939 Fillmore Pl · Merrillville, IN 46410

$150,000

2 bd · 2.0 ba · 1,544 sqft · SingleFamily public records · 6 Days on market

Built 1981 6,534 sqft lot Est $235k · 36% 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 +28.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.2/10.0
• 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

Three bedroom, two bath bilevel in need of repairs. Property needs work but has a lot of potential. Property being sold as-is.

Key facts

• Back yard space
• Bi-level layout
• Vinyl siding

Tags

• VINYL SIDING
• BACK YARD SPACE
• BI-LEVEL LAYOUT

Property features AI

Exterior

• Parking: Attached garage; 1 garage space
• Utilities: Public water; Public sewer
• Home design: Built in 1981; Property listed in fixer condition
• Construction: Year built 1981
• Exterior features: Neighborhood view; Back yard fencing

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Two additional bedrooms
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Central air conditioning; Forced air heating fueled by natural gas
• Interior features: No specific interior features listed; Total of 6 rooms; Bonus room, living room, primary bedroom, two additional bedrooms
• Laundry & utility: No laundry or utility appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $484 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 10.2% 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; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 11d 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 34% 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 $1k of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 24y 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.

Recommended offer $150,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.22% ✓
• Cap rate: 10.17%
• Cash-on-cash: 13.83%
• DSCR: 1.62
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $234,688
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1031 W 59th Pl	0.06mi	3/2.0 (+1)	1,544 (0%)	0mo	$187,500	$121	92
1042 W 59th Ct	0.05mi	3/2.0 (+1)	1,544 (0%)	7mo	$235,000	$152	87
1058 W 61st Ave	0.19mi	3/2.0 (+1)	1,542 (-0%)	3mo	$235,000	$152	83
6034 Harrison St	0.22mi	3/2.0 (+1)	1,544 (0%)	4mo	$263,000	$170	82
1017 W 63rd Ave	0.43mi	2/1.5	1,538 (-0%)	4mo	$197,500	$128	74
919 W 61st Ave	0.25mi	3/2.0 (+1)	1,636 (+6%)	7mo	$215,000	$131	68
1310 W 61st Pl	0.30mi	3/1.5 (+1)	1,705 (+10%)	5mo	$265,000	$155	57
6201 Hayes St	0.45mi	2/1.0	1,390 (-10%)	7mo	$220,800	$159	53
1711 W 57th Ave	0.44mi	3/1.5 (+1)	1,712 (+11%)	4mo	$239,000	$140	51
423 W 55th Pl	0.67mi	3/3.5 (+1)	1,612 (+4%)	2mo	$180,000	$112	48
5585 Jackson St	0.58mi	3/2.0 (+1)	1,717 (+11%)	2mo	$284,000	$165	48
5910 Arthur St	0.48mi	3/2.0 (+1)	1,352 (-12%)	5mo	$155,000	$115	47

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: 5.2%
• Equity multiple: 1.20×
• Total profit: $8,551
• Equity at exit: $22,365

10-year hold

• IRR: 15.6%
• Equity multiple: 2.32×
• Total profit: $55,650
• Equity at exit: $12,969

Cash invested: $42,000 (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: 6.8×

Monthly cashflow live

• Estimated rent: $1,828 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$111 /mo · $1,329/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $484

Break-even live

Break-even rent $1,215

Max offer price $150,000

Occupancy floor 69%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6004 Virginia St Merrillville, IN	3.0	2.5	1544	$1,800	$1.17	1d	1	1.11mi
6839 Harrison St Merrillville, IN	3.0	1.0	1128	$1,650	$1.46	13d	1	1.16mi
6850 Van Buren Pl Merrillville, IN	3.0	1.0	1120	$1,795	$1.60	21d	1	1.18mi
3190 W 63rd Ln Merrillville, IN	3.0	2.0	1667	$2,600	$1.56	4d	1	1.41mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	10d	1	1.48mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	1d	1	1.48mi

Listing history 6 events

1. 2026-05-22
   listed $150,000 Active
2. 2009-08-24
   listed $44,999 126-char remark

   Show marketing remark (126 chars)

   Three bedroom, two bath bilevel in need of repairs. Property needs work but has a lot of potential. Property being sold as-is.

3. 2009-03-25
   historical
4. 2008-09-24
   listed $89,000
5. 2005-09-25
   listed $98,900
6. 2002-06-17
   listed $83,000

ⓘ 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: $1,329 · $111/mo
• Projected year-2 tax: $1,329 · $111/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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $21,933
• − Mortgage interest: −$8,402
• − Property taxes: −$1,329
• − Insurance: −$750
• − Repairs & maintenance: −$1,755
• − Management: −$1,755
• − Depreciation: −$4,364
• Taxable income: $3,579
• Est. tax owed @ 24.0%: −$859
• After-tax cash flow: $4,950/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

+80.7% since first listed

6 events — show timeline

• 2026-05-22 Listed $150,000 NIRA MLS as Distributed by MLS Grid
• 2009-08-24 Listed $44,999 NIRA MLS as Distributed by MLS Grid
• 2009-03-25 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2008-09-24 Listed $89,000 NIRA MLS as Distributed by MLS Grid
• 2005-09-25 Listed $98,900 NIRA MLS as Distributed by MLS Grid
• 2002-06-17 Listed $83,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+4.1%/yr

Latest (2024): $1,329 · +9.7% YoY. Source: county tax records.