7432-34 Noble St · Merrillville, IN 46410

$319,000

2 bd · 1.0 ba · 1,248 sqft · MultiFamily public records · 85 Days on market

Built 1984 0.33 ac lot

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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 +16.0/30.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• Rent growth +3.5/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Excellent investment opportunity! Totally recently renovated duplex. Newer siding, newer windows and newer doors, (2) HWH's and (1) furnace within the last 5 years. Unit Interiors were also done within the last 5 years. 12' x 12' concrete patios within the last 5 years. Both units leased continuously for the last 5 years. Separate garages, Ample parking, All appliances and the best part; Great cash flow! Tenants pay all utilities other than landlord pays small monthly sewer bill. A truly great opportunity!

Key facts

• Private entrance
• Spacious layout
• 0.33 acre lot

Tags

• PRIVATE ENTRANCE
• SPACIOUS LAYOUT
• INCOME GENERATING PROPERTY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $319k.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive. Per door: $80/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $276k (13.4% below list).
• Recommended offer: $276k (13.4% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 4.7% in Merrillville — 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 76/100 on livability (#50 in IN, #3,393 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, amenities F, health & safety D-.
• Merrillville Community School Corporation (suburban): math 22% / reading 36% proficiency, ranked #240 of 301 in IN (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.1%/yr); 264 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,763/mo this rent would consume 52% of the median local household income ($64k/yr) (locally 1644% 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 $10k 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 85 days — a 6% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• 6 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.
• Current owner paid $158k; list at $319k implies a 102% gain — meaningful room to come down on a strong offer.

Recommended offer $276,300 (13.4% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-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. 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?
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: 0.87% ✗
• Cap rate: 6.89%
• Cash-on-cash: 2.15%
• DSCR: 1.10
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.1% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.57×
• Total profit: $-38,487
• Equity at exit: $47,564

10-year hold

• IRR: -1.2%
• Equity multiple: 0.91×
• Total profit: $-7,713
• Equity at exit: $27,581

Cash invested: $89,320 (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 46410

• Rents YoY: 4.1%
• Active inventory: 264
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $2,763 medium
• Mortgage (P&I): −$1,673
• Tax from tax record: −$217 /mo · $2,605/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $160

Break-even live

Break-even rent $2,561

Max offer price $319,000

Occupancy floor 89%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,762
Total (2 units)			$2,763

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3753 W 73rd Pl Unit 3753 Merrillville, IN	3.0	1.5	1250	$1,700	$1.36	44d	1	0.08mi
3710 W 73rd Pl Unit 3714 W 73rd Place, Merrillville, IN 46410 Merrillville, IN	2.0	1.5	1150	$1,450	$1.26	7d	1	0.11mi
4059 W 73rd Ave Unit C Merrillville, IN	2.0	1.5	1200	$1,495	$1.25	1d	1	0.26mi
3950 W 76th Ln Unit B Merrillville, IN	3.0	1.0	1040	$1,500	$1.44	12d	1	0.36mi
7716 Noble St Merrillville, IN	3.0	1.0	1300	$1,595	$1.23	3d	1	0.44mi
3331 W 78th Pl Merrillville, IN	3.0	1.0	1200	$1,750	$1.46	4d	1	0.65mi
7302 W Taft St Unit A Merrillville, IN	3.0	1.0	1080	$1,510	$1.40	44d	1	0.86mi
7726 Durbin St Schererville, IN	3.0	1.5	1008	$1,995	$1.98	1d	1	1.01mi
8118 International Dr Crown Point, IN	1.0–2.0	1.0	755	$1,579	$2.09	1d	34	1.16mi
8127 Mount Ct Unit D Crown Point, IN	2.0	1.0	900	$1,225	$1.36	10d	1	1.22mi
5500 Cedar Point Dr Crown Point, IN	1.0–2.0	1.0–2.0	900	$1,144	$1.27	1d	2	1.32mi
8413 Jennings Pl Merrillville, IN	2.0	2.0	1457	$2,474	$1.70	1d	24	1.34mi
5477 Westwood Ct Unit 240 Crown Point, IN	2.0	1.0	950	$1,353	$1.42	12d	1	1.37mi
5477 Westwood Ct Unit 211 Crown Point, IN	1.0	1.0	700	$1,161	$1.66	24d	1	1.37mi

Listing history 12 events

1. 2026-04-27
   status Pending
2. 2026-02-18
   price $319,000
3. 2026-02-01
   listed $329,000 Active
4. 2026-01-01
   historical
5. 2025-10-15
   status Active
6. 2025-10-03
   historical
7. 2025-09-24
   listed $329,000 Active
8. 2019-02-15
   soldstatus $158,000 513-char remark

   Show marketing remark (513 chars)

   Excellent investment opportunity! Totally recently renovated duplex. Newer siding, newer windows and newer doors, (2) HWH's and (1) furnace within the last 5 years. Unit Interiors were also done within the last 5 years. 12' x 12' concrete patios within the last 5 years. Both units leased continuously for the last 5 years. Separate garages, Ample parking, All appliances and the best part; Great cash flow! Tenants pay all utilities other than landlord pays small monthly sewer bill. A truly great opportunity!

9. 2019-01-07
   listed $164,900 513-char remark

   Show marketing remark (513 chars)

   Excellent investment opportunity! Totally recently renovated duplex. Newer siding, newer windows and newer doors, (2) HWH's and (1) furnace within the last 5 years. Unit Interiors were also done within the last 5 years. 12' x 12' concrete patios within the last 5 years. Both units leased continuously for the last 5 years. Separate garages, Ample parking, All appliances and the best part; Great cash flow! Tenants pay all utilities other than landlord pays small monthly sewer bill. A truly great opportunity!

10. 2014-06-11
    soldstatus $83,528
11. 2014-04-23
    listed $79,900
12. 2001-12-14
    listed $124,200

ⓘ 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: $2,605 · $217/mo
• Projected year-2 tax: $2,658 · $222/mo
• Expected delta: +$53/yr (+$4/mo · 2.0%)

ⓘ 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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,156
• − Mortgage interest: −$17,869
• − Property taxes: −$2,605
• − Insurance: −$1,595
• − Repairs & maintenance: −$2,652
• − Management: −$2,652
• − Depreciation: −$9,280
• Taxable loss: −$3,498
• Est. tax savings @ 24.0%: +$840
• After-tax cash flow: $2,758/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: Merrillville Community School Corporation
• NCES district ID: 1809690
• Math proficiency: 22% ▼ -17.00%
• Reading proficiency: 36% ▼ -8.00%
• Median HH income: $54,401
• Composite: 25.74/100
• National rank: #7375
• State rank: #240 of 301 in IN

Livability — Merrillville

• Score: 76/100
• State rank: #50
• US rank: #3393

Category grades

Amenities F Commute A+ Cost of living A+ Crime B- Employment C+ Housing A+ Health & safety D- User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merrillville, IN
• County: Lake County · 422,878 people
• City population: 39,243
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 39,243
• Household income: $64,127
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1644.0

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 0.66)
• Race & ethnicity: Black 46% White 32% Hispanic / Latino 16% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11% Puerto Rican 3%
• Common ancestry: Romanian 4% Iranian 2% Italian 1%
• Foreign-born: 7% · Canada
• Languages at home: 88% English-only · Spanish 7% Other Indo-European 2%

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: ▼ -180.11%
• Current HPI: 240.8833
• Rent YoY: ▲ 4.10%
• 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

+156.8% since first listed

12 events — show timeline

• 2026-04-27 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-02-18 Price Changed $319,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-01 Listed $329,000 NIRA MLS as Distributed by MLS Grid
• 2026-01-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-10-15 Relisted — NIRA MLS as Distributed by MLS Grid
• 2025-10-03 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-09-24 Listed $329,000 NIRA MLS as Distributed by MLS Grid
• 2019-02-15 Sold (MLS) $158,000 NIRA MLS as Distributed by MLS Grid
• 2019-01-07 Listed $164,900 NIRA MLS as Distributed by MLS Grid
• 2014-06-11 Sold (MLS) $83,528 NIRA MLS as Distributed by MLS Grid
• 2014-04-23 Listed $79,900 NIRA MLS as Distributed by MLS Grid
• 2001-12-14 Listed $124,200 NIRA MLS as Distributed by MLS Grid

Property tax history

-1.7%/yr

Latest (2024): $2,605 · +5.0% YoY. Source: county tax records.