921 173rd St · Hammond, IN 46324

$232,500

3 bd · 2.0 ba · 1,574 sqft · SingleFamily public records · 5 Days on market

Built 1947 6,264 sqft lot Est $208k · 12% over

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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 +22.1/30.0
• DSCR +7.1/10.0
• 1% rule +6.2/10.0
• Rent growth +3.9/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Back on the market due to no fault of Sellers. SPACIOUS 2 story brick home minute from 80/94 for easy commute!! This home features 4 large bedrooms and 3 bathrooms. BEAUTIFUL ALL BRICK FIREPLACE located in the formal dining room and convenient custom built-ins throughout the entire home. Main level has much natural lighting, master bedroom with walk in closet, a galley kitchen, formal dining room, recreation room and flows perfectly into your garage. Upstairs you will find most of your bedroom space and down in the unfinished basement is where your imagination can run wild! FULL, DRY, basement ready for its next homeowner! Schedule your showing today!

Key facts

• Fenced yard
• Updated bathrooms
• 6,264 sq ft lot

Tags

• FENCED YARD
• UPDATED BATHROOMS

Property features AI

Exterior

• Parking: Attached garage; Garage with 1.5 spaces
• Utilities: Public water; Public sewer
• Home design: Two levels; Built in 1947
• Construction: Year built: 1947
• Exterior features: Neighborhood view; Back yard fencing (fenced)

Interior

• Kitchen: Gas range; Range hood; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4
• Flooring: Carpet; Vinyl; Tile; Hardwood
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: One fireplace (other style); Bonus room; Living room; Dining room; Unfinished basement; 9 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $232k.

Deal economics

• At list price, monthly cash flow is $373 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $232k).
• Cap rate 8.2% 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: Rents rising fast (+5.5%/yr); 63 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,602/mo this rent would consume 50% of the median local household income ($63k/yr) (locally 507% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $65k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 17y 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 $166k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $232,500

Questions for the listing agent

1. Built in 1947 — 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. 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: 1.12% ✓
• Cap rate: 8.22%
• Cash-on-cash: 6.87%
• DSCR: 1.31
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $207,768
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7339 Jefferson Ave	0.23mi	2/2.5 (-1)	1,600 (+2%)	5mo	$155,000	$97	75
921 173rd St	0.00mi	4/2.0 (+1)	1,763 (+12%)	0mo	$238,500	$135	75
919 171st St	0.25mi	2/1.0 (-1)	1,656 (+5%)	2mo	$197,500	$119	69
939 175th Pl	0.32mi	4/1.5 (+1)	1,508 (-4%)	7mo	$180,000	$119	66
7208 Monroe Ave	0.37mi	3/2.0	1,750 (+11%)	1mo	$289,999	$166	63
7609 Jarnecke Ave	0.48mi	4/1.0 (+1)	1,512 (-4%)	5mo	$199,500	$132	58
7623 Monroe Ave	0.56mi	3/1.0	1,460 (-7%)	2mo	$197,000	$135	56
1125 177th Pl	0.61mi	2/1.0 (-1)	1,652 (+5%)	2mo	$169,000	$102	53
7019 Chestnut Ave	0.65mi	3/1.0	1,440 (-8%)	6mo	$135,000	$94	47
7341 Harrison Ave	0.53mi	4/2.0 (+1)	1,365 (-13%)	2mo	$201,995	$148	47
7509 Jackson Ave	0.49mi	2/3.0 (-1)	1,776 (+13%)	6mo	$154,000	$87	42
7216 Mclaughlin Ave	0.66mi	3/1.0	1,404 (-11%)	8mo	$207,000	$147	40

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 · 5.51% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.89×
• Total profit: $-7,110
• Equity at exit: $34,667

10-year hold

• IRR: 9.6%
• Equity multiple: 1.83×
• Total profit: $53,833
• Equity at exit: $20,102

Cash invested: $65,100 (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 46324

• Home prices YoY: -9.6%
• Rents YoY: 5.5%
• Active inventory: 63
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,602 high
• Mortgage (P&I): −$1,219
• Tax from tax record: −$367 /mo · $4,403/yr
• Insurance: −$97
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $373

Break-even live

Break-even rent $2,130

Max offer price $232,500

Occupancy floor 81%

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: $58,125
• Closing costs: $6,975
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7202 Chestnut Ave Hammond, IN	3.0	2.0	2178	$1,900	$0.87	1d	1	0.56mi
7019 Chestnut Ave Hammond, IN	3.0	1.5	1440	$1,895	$1.32	20d	1	0.66mi
252 Lawndale St Hammond, IN	4.0	3.0	2016	$2,600	$1.29	1d	1	0.82mi
7610 Manor Ave Munster, IN	3.0	2.0	1700	$4,750	$2.79	1d	1	0.84mi
7611 Kinsley Pl Munster, IN	3.0	2.0	1700	$4,700	$2.76	1d	1	0.87mi
8016 Monaldi Dr Munster, IN	4.0	2.0	2000	$2,999	$1.50	10d	1	0.91mi
232 Gregory Ave Munster, IN	3.0	1.5	1600	$2,450	$1.53	1d	1	0.96mi
7741 Hohman Ave Munster, IN	4.0	2.0	2200	$3,200	$1.45	10d	1	1.02mi
1539 Wentworth Ave Unit 3W Calumet City, IL	3.0	1.0	1100	$1,700	$1.55	12d	1	1.33mi

Listing history 13 events

1. 2026-05-02
   status Pending
2. 2026-04-27
   listed $232,500 Active
3. 2022-04-14
   soldstatus $166,100 Closed 659-char remark

   Show marketing remark (659 chars)

   Back on the market due to no fault of Sellers. SPACIOUS 2 story brick home minute from 80/94 for easy commute!! This home features 4 large bedrooms and 3 bathrooms. BEAUTIFUL ALL BRICK FIREPLACE located in the formal dining room and convenient custom built-ins throughout the entire home. Main level has much natural lighting, master bedroom with walk in closet, a galley kitchen, formal dining room, recreation room and flows perfectly into your garage. Upstairs you will find most of your bedroom space and down in the unfinished basement is where your imagination can run wild! FULL, DRY, basement ready for its next homeowner! Schedule your showing today!

4. 2022-03-14
   historical Active Under Contract 659-char remark

   Show marketing remark (659 chars)

   Back on the market due to no fault of Sellers. SPACIOUS 2 story brick home minute from 80/94 for easy commute!! This home features 4 large bedrooms and 3 bathrooms. BEAUTIFUL ALL BRICK FIREPLACE located in the formal dining room and convenient custom built-ins throughout the entire home. Main level has much natural lighting, master bedroom with walk in closet, a galley kitchen, formal dining room, recreation room and flows perfectly into your garage. Upstairs you will find most of your bedroom space and down in the unfinished basement is where your imagination can run wild! FULL, DRY, basement ready for its next homeowner! Schedule your showing today!

5. 2022-03-09
   status Deal Fell Through 659-char remark

   Show marketing remark (659 chars)

   Back on the market due to no fault of Sellers. SPACIOUS 2 story brick home minute from 80/94 for easy commute!! This home features 4 large bedrooms and 3 bathrooms. BEAUTIFUL ALL BRICK FIREPLACE located in the formal dining room and convenient custom built-ins throughout the entire home. Main level has much natural lighting, master bedroom with walk in closet, a galley kitchen, formal dining room, recreation room and flows perfectly into your garage. Upstairs you will find most of your bedroom space and down in the unfinished basement is where your imagination can run wild! FULL, DRY, basement ready for its next homeowner! Schedule your showing today!

6. 2022-03-09
   price $154,900 659-char remark

   Show marketing remark (659 chars)

   Back on the market due to no fault of Sellers. SPACIOUS 2 story brick home minute from 80/94 for easy commute!! This home features 4 large bedrooms and 3 bathrooms. BEAUTIFUL ALL BRICK FIREPLACE located in the formal dining room and convenient custom built-ins throughout the entire home. Main level has much natural lighting, master bedroom with walk in closet, a galley kitchen, formal dining room, recreation room and flows perfectly into your garage. Upstairs you will find most of your bedroom space and down in the unfinished basement is where your imagination can run wild! FULL, DRY, basement ready for its next homeowner! Schedule your showing today!

7. 2022-03-04
   price $170,000 659-char remark

   Show marketing remark (659 chars)

   Back on the market due to no fault of Sellers. SPACIOUS 2 story brick home minute from 80/94 for easy commute!! This home features 4 large bedrooms and 3 bathrooms. BEAUTIFUL ALL BRICK FIREPLACE located in the formal dining room and convenient custom built-ins throughout the entire home. Main level has much natural lighting, master bedroom with walk in closet, a galley kitchen, formal dining room, recreation room and flows perfectly into your garage. Upstairs you will find most of your bedroom space and down in the unfinished basement is where your imagination can run wild! FULL, DRY, basement ready for its next homeowner! Schedule your showing today!

8. 2022-03-04
   historical Active Under Contract 659-char remark

   Show marketing remark (659 chars)

   Back on the market due to no fault of Sellers. SPACIOUS 2 story brick home minute from 80/94 for easy commute!! This home features 4 large bedrooms and 3 bathrooms. BEAUTIFUL ALL BRICK FIREPLACE located in the formal dining room and convenient custom built-ins throughout the entire home. Main level has much natural lighting, master bedroom with walk in closet, a galley kitchen, formal dining room, recreation room and flows perfectly into your garage. Upstairs you will find most of your bedroom space and down in the unfinished basement is where your imagination can run wild! FULL, DRY, basement ready for its next homeowner! Schedule your showing today!

9. 2022-02-28
   price $154,900 659-char remark

   Show marketing remark (659 chars)

   Back on the market due to no fault of Sellers. SPACIOUS 2 story brick home minute from 80/94 for easy commute!! This home features 4 large bedrooms and 3 bathrooms. BEAUTIFUL ALL BRICK FIREPLACE located in the formal dining room and convenient custom built-ins throughout the entire home. Main level has much natural lighting, master bedroom with walk in closet, a galley kitchen, formal dining room, recreation room and flows perfectly into your garage. Upstairs you will find most of your bedroom space and down in the unfinished basement is where your imagination can run wild! FULL, DRY, basement ready for its next homeowner! Schedule your showing today!

10. 2022-02-25
    price $164,900 659-char remark

    Show marketing remark (659 chars)

    Back on the market due to no fault of Sellers. SPACIOUS 2 story brick home minute from 80/94 for easy commute!! This home features 4 large bedrooms and 3 bathrooms. BEAUTIFUL ALL BRICK FIREPLACE located in the formal dining room and convenient custom built-ins throughout the entire home. Main level has much natural lighting, master bedroom with walk in closet, a galley kitchen, formal dining room, recreation room and flows perfectly into your garage. Upstairs you will find most of your bedroom space and down in the unfinished basement is where your imagination can run wild! FULL, DRY, basement ready for its next homeowner! Schedule your showing today!

11. 2022-02-21
    listed $170,000 Active 659-char remark

    Show marketing remark (659 chars)

    Back on the market due to no fault of Sellers. SPACIOUS 2 story brick home minute from 80/94 for easy commute!! This home features 4 large bedrooms and 3 bathrooms. BEAUTIFUL ALL BRICK FIREPLACE located in the formal dining room and convenient custom built-ins throughout the entire home. Main level has much natural lighting, master bedroom with walk in closet, a galley kitchen, formal dining room, recreation room and flows perfectly into your garage. Upstairs you will find most of your bedroom space and down in the unfinished basement is where your imagination can run wild! FULL, DRY, basement ready for its next homeowner! Schedule your showing today!

12. 2011-06-16
    soldstatus $80,000 345-char remark

    Show marketing remark (345 chars)

    Spacious 2 story brick with 4 bedrooms, 3 baths with family room and fireplace. Dining room has built-in desk and drawers. Living room carpeted with built-in bookcase. Kitchen has range, refrigerator and some built-ins. See attached documents for all newer items since 1981. This is a large home with an unusual interior design. A must see home.

13. 2009-10-19
    listed $89,900 345-char remark

    Show marketing remark (345 chars)

    Spacious 2 story brick with 4 bedrooms, 3 baths with family room and fireplace. Dining room has built-in desk and drawers. Living room carpeted with built-in bookcase. Kitchen has range, refrigerator and some built-ins. See attached documents for all newer items since 1981. This is a large home with an unusual interior design. A must see home.

ⓘ 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: $4,403 · $367/mo
• Projected year-2 tax: $4,403 · $367/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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 0% 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: $31,228
• − Mortgage interest: −$13,024
• − Property taxes: −$4,403
• − Insurance: −$1,162
• − Repairs & maintenance: −$2,498
• − Management: −$2,498
• − Depreciation: −$6,764
• Taxable income: $878
• Est. tax owed @ 24.0%: −$211
• After-tax cash flow: $4,262/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): 21,409
• Household income: $63,052
• Rent vs Own: 32.0% rent · 68.0% own
• Severe rent burden: 507.0

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 0.69)
• Race & ethnicity: Hispanic / Latino 39% White 34% Black 22% Two or more races 14% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 31% Puerto Rican 5%
• Common ancestry: Romanian 5% Lithuanian 1% Italian 1%
• Foreign-born: 10% · Canada
• Languages at home: 79% English-only · Spanish 20%

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: ▼ -37.65%
• Current HPI: 352.8678
• Rent YoY: ▲ 5.51%
• 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

+158.6% since first listed

13 events — show timeline

• 2026-05-02 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-27 Listed $232,500 NIRA MLS as Distributed by MLS Grid
• 2022-04-14 Sold (MLS) $166,100 NIRA MLS as Distributed by MLS Grid
• 2022-03-14 Contingent — NIRA MLS as Distributed by MLS Grid
• 2022-03-09 Relisted — NIRA MLS as Distributed by MLS Grid
• 2022-03-09 Price Changed $154,900 NIRA MLS as Distributed by MLS Grid
• 2022-03-04 Price Changed $170,000 NIRA MLS as Distributed by MLS Grid
• 2022-03-04 Contingent — NIRA MLS as Distributed by MLS Grid
• 2022-02-28 Price Changed $154,900 NIRA MLS as Distributed by MLS Grid
• 2022-02-25 Price Changed $164,900 NIRA MLS as Distributed by MLS Grid
• 2022-02-21 Listed $170,000 NIRA MLS as Distributed by MLS Grid
• 2011-06-16 Sold (MLS) $80,000 NIRA MLS as Distributed by MLS Grid
• 2009-10-19 Listed $89,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+9.9%/yr

Latest (2024): $4,403 · -9.3% YoY. Source: county tax records.