46 Ruth St · Hammond, IN 46320

$209,000

7 bd · 3.0 ba · 3,171 sqft · MultiFamily public records · 4 Days on market

Built 1909 7,800 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 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: 3 units. confirmed

Listing remarks

Rare value-add multifamily opportunity in Hammond's Hessville neighborhood! This oversized brick 3-unit property offers approximately 4,150 SF with spacious unit layouts, original architectural charm, and a detached 3-car brick garage. Property is currently vacant with renovations already started, giving investors the ability to finish improvements and set market rents from day one. Potential upside includes adding bedrooms or converting the unfinished walk-up loft into an additional unit (subject to approvals). Conveniently located near major highways, commuter routes, and downtown Hammond developments.

Key facts

• Vacant property
• 7,800 sq ft lot
• 3 parking spots

Tags

• MULTIFAMILY OPPORTUNITY
• OVERSIZED BRICK PROPERTY
• SPACIOUS UNIT LAYOUTS
• ORIGINAL ARCHITECTURAL CHARM
• DETACHED 3 CAR GARAGE
• VACANT PROPERTY

Property features AI

Exterior

• Parking: Driveway; Detached parking; Three covered carport spaces
• Utilities: Public water; Public sewer
• Home design: Two levels; Built in 1909; Fixer condition
• Construction: Shingle roof
• Exterior features: Neighborhood view; Assessor-listed lot size source

Interior

• Bedrooms: Three-unit building: two 1-bedroom units and one 2-bedroom unit
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: No heating; No cooling
• Interior features: Cats and dogs are allowed; Unfinished basement

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $209k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $734/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $209k).
• Cap rate 18.9% 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, 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: Kenwood Elementary School (math 12% / reading 12%, grade F, #893 of 994 statewide, top 91%, 253 students, 71% FRL); Henry W Eggers Middle School (math 5% / reading 17%, grade F, #312 of 330 statewide, top 95%, 855 students, 76% FRL); Hammond Central High School (math 8% / reading 37%, grade F, #339 of 369 statewide, top 93%, 1,863 students, 73% FRL) — zoned schools at 73% FRL track the district average.
• Market conditions: Rents rising fast (+7.6%/yr); 51 active listings in the ZIP; lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $4,901/mo this rent would consume 158% 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 $22k of equity ($1k loan paydown + $21k 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 $59k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 25y 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: property tax is 2.8% of price; built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $209,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.34% ✓
• Cap rate: 18.93%
• Cash-on-cash: 45.15%
• DSCR: 3.01
• GRM: 3.6

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: 63.1%
• Equity multiple: 5.75×
• Total profit: $278,054
• Equity at exit: $188,284

10-year hold

• IRR: 58.7%
• Equity multiple: 14.11×
• Total profit: $767,019
• Equity at exit: $406,041

Cash invested: $58,520 (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: 51
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $4,901 high
• Mortgage (P&I): −$1,096
• Tax from tax record: −$487 /mo · $5,844/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,029
• Net cashflow: $2,202

Break-even live

Break-even rent $2,114

Max offer price $209,000

Occupancy floor 50%

Sensitivity live

Price	-10% $2,320	-5% $2,261	+0% $2,202	+5% $2,143	+10% $2,083
Rent	-10% $1,814	-5% $2,008	+0% $2,202	+5% $2,395	+10% $2,589
Rate	-1.0pp $2,307	-0.5pp $2,255	base $2,202	+0.5pp $2,148	+1.0pp $2,092

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$4,902
Total (3 units)			$4,901

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-22
   status Pending
2. 2026-05-18
   listed $209,000 Active
3. 2001-01-31
   listed $138,000

ⓘ 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: $5,844 · $487/mo
• Projected year-2 tax: $5,844 · $487/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 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: $58,812
• − Mortgage interest: −$11,707
• − Property taxes: −$5,844
• − Insurance: −$1,045
• − Repairs & maintenance: −$4,705
• − Management: −$4,705
• − Depreciation: −$6,080
• Taxable income: $24,726
• Est. tax owed @ 24.0%: −$5,934
• After-tax cash flow: $20,486/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

+51.4% since first listed

3 events — show timeline

• 2026-05-22 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-18 Listed $209,000 NIRA MLS as Distributed by MLS Grid
• 2001-01-31 Listed $138,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+0.3%/yr

Latest (2024): $5,844 · +4.0% YoY. Source: county tax records.