3228 163rd St · Hammond, IN 46323

$127,900

3 bd · 1.0 ba · 981 sqft · SingleFamily public records · 14 Days on market

Built 1954 10,193 sqft lot Est $183k · 30% 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 +27.1/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +7.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Home is in a quiet neighborhood that is close to parks, schools and shopping. Corner lot with fenced in yard. Garage is a larger 1 car that provides a larger work area. Property is HUD owned. Property sold As Is an Equal Opportunity. Home is eligible for FHA 203K financing. Ask your agent for details.

Key facts

• Functional layout
• 0.23 acre lot
• 2 garage spots

Tags

• SINGLE-LEVEL FLOOR PLAN
• FUNCTIONAL LAYOUT

Property features AI

Finance

• Other: Property vacant
• Financial info: No investor or income/expense details listed
• HOA & community: No HOA information listed

Exterior

• Parking: Has garage; 2-car garage
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: One-level home; Built in 1954
• Construction: Built in 1954
• Exterior features: Neighborhood view

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Total of 7 rooms (includes bedrooms, living, kitchen, dining, laundry, other room)
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; Central air conditioning
• Interior features: No additional interior features listed
• Laundry & utility: Laundry room present

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $128k.

Deal economics

• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $128k).
• Cap rate 9.7% vs local median 5.8% in Hammond — 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 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, schools 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.
• Market conditions: 62 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 33% of the median local income ($60k/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 $884 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 + 3.0% rent growth), your $36k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 27y 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 $22k; list at $128k implies a 493% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,900

Questions for the listing agent

1. Built in 1954 — 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: 1.29% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.15%
• DSCR: 1.54
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $183,447
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3228 163rd St	0.00mi	3/1.0	981 (0%)	0mo	$118,000	$120	100
3448 164th St	0.34mi	3/1.0	1,011 (+3%)	2mo	$162,000	$160	77
3516 164th St	0.39mi	3/1.0	1,011 (+3%)	3mo	$171,000	$169	74
3140 Crane Pl	0.17mi	2/1.0 (-1)	1,035 (+6%)	8mo	$197,000	$190	71
3515 164th St	0.38mi	3/1.0	1,037 (+6%)	4mo	$110,500	$107	70
3521 164th St	0.39mi	3/1.0	1,069 (+9%)	3mo	$190,000	$178	65
6708 Kansas Ave	0.49mi	2/1.5 (-1)	1,025 (+4%)	3mo	$214,000	$209	60
6402 New Hampshire Ave	0.68mi	3/1.0	1,026 (+5%)	2mo	$205,000	$200	59
6311 New Jersey Ave	0.64mi	3/1.0	1,056 (+8%)	8mo	$215,000	$204	51
2726 162nd Pl	0.64mi	3/1.5	874 (-11%)	6mo	$195,000	$223	45
2730 162nd Pl	0.63mi	3/1.0	1,100 (+12%)	9mo	$165,400	$150	43
6839 Arkansas Ave	0.74mi	2/1.0 (-1)	850 (-13%)	4mo	$159,000	$187	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.8%
• Equity multiple: 1.07×
• Total profit: $2,420
• Equity at exit: $19,070

10-year hold

• IRR: 11.4%
• Equity multiple: 1.90×
• Total profit: $32,072
• Equity at exit: $11,058

Cash invested: $35,812 (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 46323

• Home prices YoY: -18.8%
• Active inventory: 62
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,646 high
• Mortgage (P&I): −$671
• Tax from tax record: −$214 /mo · $2,571/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $362

Break-even live

Break-even rent $1,188

Max offer price $127,900

Occupancy floor 73%

Sensitivity live

Price	-10% $435	-5% $399	+0% $362	+5% $326	+10% $290
Rent	-10% $232	-5% $297	+0% $362	+5% $428	+10% $493
Rate	-1.0pp $427	-0.5pp $395	base $362	+0.5pp $329	+1.0pp $296

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: $31,975
• Closing costs: $3,837
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2723 E 165th St Unit 3 Hammond, IN	2.0	1.0	800	$1,350	$1.69	7d	1	0.67mi
3611 167th St Hammond, IN	1.0–2.0	1.0	695	$1,450	$2.09	0d	1	0.68mi
6320 Rhode Island Ave Hammond, IN	3.0	1.0	916	$1,550	$1.69	4d	1	0.81mi
6610 Rhode Island Ave Hammond, IN	3.0	1.0	1025	$1,600	$1.56	8d	1	0.91mi
6746 Forestdale Ave Hammond, IN	3.0	1.0	900	$1,860	$2.07	0d	1	1.39mi

Listing history 11 events

1. 2026-06-07
   statusdays on market $127,900 Pending 14 DOM
2. 2026-06-04
   days on market $127,900 Active Under Contract 12 DOM
3. 2026-06-03
   days on market $127,900 Active Under Contract 11 DOM
4. 2026-06-02
   days on market $127,900 Active Under Contract 10 DOM
5. 2026-06-01
   days on market $127,900 Active Under Contract 9 DOM
6. 2026-05-31
   days on market $127,900 Active Under Contract 8 DOM
7. 2026-05-24
   historical Active Under Contract
8. 2026-05-23
   listed $127,900 Active
9. 2013-05-03
   soldstatus $21,555 302-char remark

   Show marketing remark (302 chars)

   Home is in a quiet neighborhood that is close to parks, schools and shopping. Corner lot with fenced in yard. Garage is a larger 1 car that provides a larger work area. Property is HUD owned. Property sold As Is an Equal Opportunity. Home is eligible for FHA 203K financing. Ask your agent for details.

10. 2013-03-07
    listed $20,000 302-char remark

    Show marketing remark (302 chars)

    Home is in a quiet neighborhood that is close to parks, schools and shopping. Corner lot with fenced in yard. Garage is a larger 1 car that provides a larger work area. Property is HUD owned. Property sold As Is an Equal Opportunity. Home is eligible for FHA 203K financing. Ask your agent for details.

11. 1999-06-30
    listed $69,900

ⓘ 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: $2,571 · $214/mo
• Projected year-2 tax: $2,571 · $214/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $19,758
• − Mortgage interest: −$7,164
• − Property taxes: −$2,571
• − Insurance: −$640
• − Repairs & maintenance: −$1,581
• − Management: −$1,581
• − Depreciation: −$3,721
• Taxable income: $2,501
• Est. tax owed @ 24.0%: −$600
• After-tax cash flow: $3,750/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): 23,047
• Household income: $59,688
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 692.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 38% White 36% Black 21% Two or more races 12% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 29% Puerto Rican 7%
• Common ancestry: Romanian 6% Italian 2% Lithuanian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 78% English-only · Spanish 19% Chinese 1%

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: ▼ -67.70%
• Current HPI: 293.4702
• Rent YoY: —
• 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

+83.0% since first listed

5 events — show timeline

• 2026-05-24 Contingent — NIRA MLS as Distributed by MLS Grid
• 2026-05-23 Listed $127,900 NIRA MLS as Distributed by MLS Grid
• 2013-05-03 Sold (MLS) $21,555 NIRA MLS as Distributed by MLS Grid
• 2013-03-07 Listed $20,000 NIRA MLS as Distributed by MLS Grid
• 1999-06-30 Listed $69,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-2.1%/yr

Latest (2024): $2,571 · -11.5% YoY. Source: county tax records.