814 Summer St · Hammond, IN 46320

$129,700

3 bd · 1.0 ba · 940 sqft · MultiFamily public records · 31 Days on market

Built 1890 2,352 sqft lot

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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 +22.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +6.1/10.0
• Rent growth +4.4/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

* NEW HOT WATER HEATER AND FURNACE!! Don't miss this exceptional opportunity to own a home that perfectly balances potential and practicality, making it wonderful for an investor looking to add to their portfolio or a first-time homebuyer ready to break into the market. Centrally located near local amenities, this property features a highly functional layout that maximizes every square inch of its living space. Inside, you will find three comfortable bedrooms and one full bathroom, providing a solid foundation for daily living or future customization. The property boasts a spacious 1.5-car garage that comes complete with an additional second-floor space, perfect for transforming into a qui

Key facts

• Unfinished basement
• Spacious garage
• Second-floor space

Tags

• HIGHLY FUNCTIONAL LAYOUT
• SPACIOUS GARAGE
• SECOND-FLOOR SPACE
• UNFINISHED BASEMENT

Property features AI

Exterior

• Parking: Detached garage with alley access; 1 garage space
• Utilities: Electricity connected; Water connected; Sewer connected; Natural gas connected; Public water source; Public sewer
• Home design: One-story; Built in 1890
• Construction: Assessor-listed living area: 940 (main level only)
• Exterior features: Neighborhood view; Public water; Public sewer

Interior

• Kitchen: Gas range; Range hood; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Hardwood; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Natural gas heating; Ceiling fan cooling
• Interior features: Ceiling fans; Eat-in kitchen; Unfinished basement; Vacant

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $227 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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 (+7.6%/yr); 52 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 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 $1,435/mo this rent would consume 46% 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 $14k of equity ($897 loan paydown + $13k 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.
• At projected returns (10.0% appreciation + 7.6% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,809 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.11% ✓
• Cap rate: 8.40%
• Cash-on-cash: 7.51%
• DSCR: 1.33
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 7.61% rent growth · sell at horizon

5-year hold

• IRR: 31.7%
• Equity multiple: 3.54×
• Total profit: $92,118
• Equity at exit: $116,844

10-year hold

• IRR: 29.0%
• Equity multiple: 8.63×
• Total profit: $276,939
• Equity at exit: $251,979

Cash invested: $36,316 (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: 52
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,435 high
• Mortgage (P&I): −$680
• Tax from tax record: −$172 /mo · $2,069/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $227

Break-even live

Break-even rent $1,148

Max offer price $129,700

Occupancy floor 79%

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: $32,425
• Closing costs: $3,891
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1227 Logan St Hammond, IN	2.0	1.0	768	$1,350	$1.76	10d	1	0.48mi
1227 Logan St Hammond, IN	2.0	1.0	768	$1,350	$1.76	15d	1	0.48mi
1344 Michigan St Hammond, IN	3.0	1.0	1006	$1,595	$1.59	15d	1	0.61mi
1454 Sherman St Hammond, IN	3.0	1.0	960	$1,400	$1.46	4d	1	0.91mi
3 Ruth St Hammond, IN	2.0	1.0	900	$1,250	$1.39	24d	1	0.97mi
5 Ruth St Unit 2W Hammond, IN	2.0	1.0	900	$1,250	$1.39	12d	1	0.98mi
4724 Pine Ave Unit 4726 Hammond, IN	2.0	1.0	650	$1,000	$1.54	5d	1	1.04mi
115 157th St Unit 3 Calumet City, IL	3.0	1.0	800	$1,350	$1.69	24d	1	1.06mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	24d	1	1.07mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	17d	1	1.07mi
323 Memorial Dr Unit 2 Calumet City, IL	2.0	1.0	1000	$1,600	$1.60	24d	1	1.38mi

Listing history 15 events

1. 2026-06-18
   days on market $129,700 Active 31 DOM
2. 2026-06-17
   price $129,700 Active 30 DOM
3. 2026-06-17
   days on market $129,900 Active 30 DOM
4. 2026-06-16
   days on market $129,900 Active 29 DOM
5. 2026-06-15
   days on market $129,900 Active 28 DOM
6. 2026-06-13
   days on market $129,900 Active 26 DOM
7. 2026-06-09
   days on market $129,900 Active 22 DOM
8. 2026-06-08
   days on market $129,900 Active 21 DOM
9. 2026-06-07
   days on market $129,900 Active 20 DOM
10. 2026-06-04
    days on market $129,900 Active 17 DOM
11. 2026-06-03
    days on market $129,900 Active 16 DOM
12. 2026-06-02
    days on market $129,900 Active 15 DOM
13. 2026-06-01
    days on market $129,900 Active 14 DOM
14. 2026-05-31
    days on market $129,900 Active 13 DOM
15. 2026-05-17
    listed $129,900 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: $2,069 · $172/mo
• Projected year-2 tax: $2,069 · $172/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 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: $17,226
• − Mortgage interest: −$7,265
• − Property taxes: −$2,069
• − Insurance: −$648
• − Repairs & maintenance: −$1,378
• − Management: −$1,378
• − Depreciation: −$3,773
• Taxable income: $714
• Est. tax owed @ 24.0%: −$171
• After-tax cash flow: $2,558/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

1 event — show timeline

• 2026-05-17 Listed $129,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-1.1%/yr

Latest (2024): $2,069 · +7.0% YoY. Source: county tax records.