246 142nd St · Hammond, IN 46327

$335,000

2 bd · 2.0 ba · 1,424 sqft · MultiFamily public records · 129 Days on market

Built 1886 8,973 sqft lot

---

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 +9.5/10.0
• ARV discount +7.5/15.0
• Cash flow +7.4/30.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +1.6/10.0
• Schools +1.1/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Two Homes on One Property - A Rare Find! Perfect for related living or as an investment opportunity, this unique property offers the versatility you've been looking for. The front home boasts 5 bedrooms and 3 full bathrooms, fully remodeled with brand-new windows and a new roof. The back home features 1 bedroom, 1 full bathroom, and 2 bonus rooms--ideal for a home office, guest space, or hobby area.

Key facts

• Fully remodeled
• Guest space
• Brand-new windows

Tags

• TWO HOMES ON ONE PROPERTY
• FULLY REMODELED
• BRAND-NEW WINDOWS
• NEW ROOF
• HOME OFFICE
• GUEST SPACE

Property features AI

Exterior

• Parking: Gravel parking; On-street parking
• Utilities: Public water; Public sewer
• Home design: Two-story home; Built in 1886
• Construction: House originally built in 1886
• Exterior features: Neighborhood view; No notable exterior features listed

Interior

• Kitchen: Gas range; Refrigerator; Microwave
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4; Bedroom 5
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Granite counters; Pantry; Bonus room; Living room; Family room; Dining room
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $335k.

Deal economics

• At list price, monthly cash flow is $-428 ($-5k/yr) — negative. Per door: $-214/mo.
• To cash-flow at today's rent, offer at most $259k (22.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $239k (28.6% below list).
• Recommended offer: $239k (28.6% 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: Abraham Lincoln Elementary School (math 8% / reading 13%, grade F, #914 of 994 statewide, top 92%, 546 students, 75% FRL) — zoned schools at 75% FRL track the district average.
• Market conditions: 29 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• In year one you build about $33k of equity ($2k loan paydown + $30k appreciation (9.1% 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 ~$53k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $239,200 (28.6% 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. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.71% ✗
• Cap rate: 4.76%
• Cash-on-cash: -5.47%
• DSCR: 0.76
• GRM: 11.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.08% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.4%
• Equity multiple: 2.43×
• Total profit: $134,369
• Equity at exit: $279,600

10-year hold

• IRR: 17.2%
• Equity multiple: 5.40×
• Total profit: $412,822
• Equity at exit: $580,812

Cash invested: $93,800 (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 46327

• Home prices YoY: 2.7%
• Active inventory: 29
• Price-to-rent: 23.3×

Monthly cashflow live

• Estimated rent: $2,392 medium
• Mortgage (P&I): −$1,757
• Tax from tax record: −$421 /mo · $5,055/yr
• Insurance: −$140
• HOA: −$0
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $-428

Break-even live

Break-even rent $2,934

Max offer price $259,402

Occupancy floor —

Sensitivity live

Price	-10% $-238	-5% $-333	+0% $-428	+5% $-523	+10% $-618
Rent	-10% $-617	-5% $-522	+0% $-428	+5% $-333	+10% $-239
Rate	-1.0pp $-259	-0.5pp $-343	base $-428	+0.5pp $-515	+1.0pp $-603

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,392
Total (2 units)			$2,392

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
323 Memorial Dr Unit 2 Calumet City, IL	2.0	1.0	1000	$1,600	$1.60	26d	1	1.46mi
323 Memorial Dr #1 Calumet City, IL	1.0	1.0	1000	$1,250	$1.25	26d	1	1.46mi

Listing history 22 events

1. 2026-06-13
   statusdays on marketlisting id $335,000 Pending 129 DOM
2. 2026-06-09
   days on market $335,000 Active 126 DOM
3. 2026-06-08
   days on market $335,000 Active 125 DOM
4. 2026-06-07
   days on market $335,000 Active 124 DOM
5. 2026-06-04
   days on market $335,000 Active 121 DOM
6. 2026-06-03
   days on market $335,000 Active 120 DOM
7. 2026-06-02
   days on market $335,000 Active 119 DOM
8. 2026-06-01
   days on market $335,000 Active 118 DOM
9. 2026-05-31
   days on market $335,000 Active 117 DOM
10. 2026-02-02
    listed $335,000 Active 402-char remark

    Show marketing remark (402 chars)

    Two Homes on One Property - A Rare Find! Perfect for related living or as an investment opportunity, this unique property offers the versatility you've been looking for. The front home boasts 5 bedrooms and 3 full bathrooms, fully remodeled with brand-new windows and a new roof. The back home features 1 bedroom, 1 full bathroom, and 2 bonus rooms--ideal for a home office, guest space, or hobby area.

11. 2026-02-02
    listed $335,000 Active

    Show marketing remark (402 chars)

    Two Homes on One Property - A Rare Find! Perfect for related living or as an investment opportunity, this unique property offers the versatility you've been looking for. The front home boasts 5 bedrooms and 3 full bathrooms, fully remodeled with brand-new windows and a new roof. The back home features 1 bedroom, 1 full bathroom, and 2 bonus rooms--ideal for a home office, guest space, or hobby area.

12. 2026-02-02
    historical

    Show marketing remark (402 chars)

    Two Homes on One Property - A Rare Find! Perfect for related living or as an investment opportunity, this unique property offers the versatility you've been looking for. The front home boasts 5 bedrooms and 3 full bathrooms, fully remodeled with brand-new windows and a new roof. The back home features 1 bedroom, 1 full bathroom, and 2 bonus rooms--ideal for a home office, guest space, or hobby area.

13. 2026-01-06
    price $340,000
14. 2025-09-30
    price $350,000
15. 2025-09-08
    price $355,000
16. 2025-08-10
    listed $360,000 Active
17. 2011-04-01
    historical
18. 2011-04-01
    historical
19. 2010-09-23
    listed $110,000
20. 2010-09-07
    listed $110,000
21. 2008-09-11
    historical
22. 2007-09-10
    listed $120,000

ⓘ 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: $5,055 · $421/mo
• Projected year-2 tax: $5,055 · $421/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 ≥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: $28,704
• − Mortgage interest: −$18,765
• − Property taxes: −$5,055
• − Insurance: −$1,675
• − Repairs & maintenance: −$2,296
• − Management: −$2,296
• − Depreciation: −$9,745
• Taxable loss: −$11,129
• Est. tax savings @ 24.0%: +$2,671
• After-tax cash flow: $-2,464/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
• City population: 58,809
• Population (ZIP): 10,797

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 0.57)
• Race & ethnicity: Hispanic / Latino 58% White 28% Black 13% Two or more races 9%
• Hispanic origin (detail): Mexican 54% Puerto Rican 3%
• Common ancestry: Romanian 7% Iranian 2% Lithuanian 1%
• Foreign-born: 21% · Canada
• Languages at home: 60% English-only · Spanish 38% Russian/Polish/Slavic 1% Arabic 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: ▲ 9.08%
• Current HPI: 343.2924
• Rent YoY: —
• Metro: —
• 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

+179.2% since first listed

13 events — show timeline

• 2026-02-02 Listed $335,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-02 Listed $335,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-02 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-01-06 Price Changed $340,000 NIRA MLS as Distributed by MLS Grid
• 2025-09-30 Price Changed $350,000 NIRA MLS as Distributed by MLS Grid
• 2025-09-08 Price Changed $355,000 NIRA MLS as Distributed by MLS Grid
• 2025-08-10 Listed $360,000 NIRA MLS as Distributed by MLS Grid
• 2011-04-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-04-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-09-23 Listed $110,000 NIRA MLS as Distributed by MLS Grid
• 2010-09-07 Listed $110,000 NIRA MLS as Distributed by MLS Grid
• 2008-09-11 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-09-10 Listed $120,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+8.0%/yr

Latest (2024): $5,055 · +24.5% YoY. Source: county tax records.