3036 173rd St · Hammond, IN 46323

$154,900

3 bd · 1.0 ba · 960 sqft · SingleFamily public records · 52 Days on market

Built 1957 6,747 sqft lot Est $190k · 19% under

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Why this score? — see what drove the C+ 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 +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +5.8/10.0
• 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

This single family home in Hammond, Indiana offers 960 square feet of living space on a 0.1549-acre lot. Built in 1957, this one story property features 3 bedrooms and 1 bathroom. Buyers searching for a Hammond single-family home with garage, full basement, value-add opportunity, rental portfolio addition, rehab project, or buy-and-hold property should take a look. (as-is, handyman special, investor special)

Key facts

• 6,747 sq ft lot
• Garage
• Built 1957

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Built with asphalt, brick and vinyl siding
• Exterior features: Level lot; Lot dimensions approximately 135 x 50

Interior

• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Finished full basement; Total of 6 rooms
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $150k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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: Joseph Hess Elementary School (math 10% / reading 16%, grade F, #885 of 994 statewide, top 89%, 688 students, 76% FRL); Charles N Scott Middle School (math 5% / reading 15%, grade F, #314 of 330 statewide, top 95%, 738 students, 75% FRL); Morton Senior High School (math 12% / reading 54%, grade F, #290 of 369 statewide, top 79%, 1,609 students, 69% FRL) — zoned schools at 73% FRL track the district average.
• Market conditions: 59 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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 34% 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y ago; this cycle's ask has dropped $25k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,253 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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 1957 — 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 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: 1.08% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.06%
• DSCR: 1.40
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $190,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3339 176th Pl	0.55mi	3/1.0	954 (-1%)	6mo	$170,400	$179	68
7146 Parrish Ave	0.22mi	3/1.0	864 (-10%)	8mo	$211,000	$244	66
7134 Parrish Ave	0.24mi	3/1.0	864 (-10%)	7mo	$150,000	$174	66
3246 176th St	0.45mi	3/1.0	888 (-8%)	2mo	$189,900	$214	65
3244 176th Pl	0.50mi	3/1.0	900 (-6%)	2mo	$180,000	$200	64
7007 Marshall Ave	0.55mi	3/1.0	1,032 (+8%)	1mo	$209,000	$203	61
7416 Montana Ave	0.61mi	3/1.0	1,008 (+5%)	6mo	$135,000	$134	58
7415 Montana Ave	0.64mi	3/1.0	1,008 (+5%)	5mo	$221,000	$219	58
7411 Marshall Ave	0.41mi	2/1.0 (-1)	865 (-10%)	2mo	$171,000	$198	58
7045 Alabama Ave	0.39mi	2/1.0 (-1)	862 (-10%)	8mo	$150,000	$174	53
3311 175th Pl	0.42mi	3/1.0	1,102 (+15%)	4mo	$85,000	$77	52
6839 Arkansas Ave	0.60mi	2/1.0 (-1)	850 (-12%)	4mo	$159,000	$187	44

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: -2.6%
• Equity multiple: 0.90×
• Total profit: $-4,269
• Equity at exit: $23,096

10-year hold

• IRR: 7.1%
• Equity multiple: 1.53×
• Total profit: $23,045
• Equity at exit: $13,393

Cash invested: $43,372 (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: 59
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,672 high
• Mortgage (P&I): −$812
• Tax from tax record: −$117 /mo · $1,400/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $327

Break-even live

Break-even rent $1,258

Max offer price $154,900

Occupancy floor 75%

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7633 Kentucky Ave Hammond, IN	3.0	1.0	888	$1,595	$1.80	10d	1	0.62mi
3607 Orchard Dr Hammond, IN	1.0–2.0	1.0	839	$1,539	$1.83	1d	6	0.83mi
3611 167th St Hammond, IN	1.0–2.0	1.0	695	$1,450	$2.09	1d	1	1.03mi
2723 E 165th St Unit 3 Hammond, IN	2.0	1.0	800	$1,350	$1.69	6d	1	1.09mi
6746 Forestdale Ave Hammond, IN	3.0	1.0	900	$1,860	$2.07	1d	1	1.24mi
6610 Rhode Island Ave Hammond, IN	3.0	1.0	1025	$1,600	$1.56	7d	1	1.33mi

Listing history 24 events

1. 2026-06-18
   price $154,900 Active 52 DOM
2. 2026-06-18
   days on market $154,500 Active 52 DOM
3. 2026-06-17
   days on market $154,500 Active 51 DOM
4. 2026-06-16
   days on market $154,500 Active 50 DOM
5. 2026-06-15
   price $154,500 Active 49 DOM
6. 2026-06-15
   days on market $154,600 Active 49 DOM
7. 2026-06-13
   pricedays on market $154,600 Active 47 DOM
8. 2026-06-09
   days on market $155,600 Active 43 DOM
9. 2026-06-08
   pricedays on market $155,600 Active 42 DOM
10. 2026-06-07
    pricedays on market $156,600 Active 41 DOM
11. 2026-06-04
    days on market $156,900 Active 38 DOM
12. 2026-06-03
    days on market $156,900 Active 37 DOM
13. 2026-06-02
    days on market $156,900 Active 36 DOM
14. 2026-06-02
    price $156,900 Active 35 DOM
15. 2026-06-01
    days on market $157,900 Active 35 DOM
16. 2026-05-31
    days on market $157,900 Active 34 DOM
17. 2026-05-22
    price $158,900
18. 2026-05-15
    price $159,900
19. 2026-05-11
    price $164,900
20. 2026-05-06
    price $169,900
21. 2026-04-29
    price $174,900
22. 2026-04-27
    listed $179,900 Active
23. 1999-05-21
    historical
24. 1999-03-26
    listed $89,900

ⓘ 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: $1,400 · $117/mo
• Projected year-2 tax: $1,400 · $117/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 · 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: $20,065
• − Mortgage interest: −$8,677
• − Property taxes: −$1,400
• − Insurance: −$774
• − Repairs & maintenance: −$1,605
• − Management: −$1,605
• − Depreciation: −$4,506
• Taxable income: $1,497
• Est. tax owed @ 24.0%: −$359
• After-tax cash flow: $3,570/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

+76.8% since first listed

8 events — show timeline

• 2026-05-22 Price Changed $158,900 IRMLS
• 2026-05-15 Price Changed $159,900 IRMLS
• 2026-05-11 Price Changed $164,900 IRMLS
• 2026-05-06 Price Changed $169,900 IRMLS
• 2026-04-29 Price Changed $174,900 IRMLS
• 2026-04-27 Listed $179,900 IRMLS
• 1999-05-21 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 1999-03-26 Listed $89,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+7.7%/yr

Latest (2024): $1,400 · -10.4% YoY. Source: county tax records.