6516 Lyman Ave · Hammond, IN 46324

$139,900

3 bd · 1.0 ba · 1,004 sqft · SingleFamily public records · 1 Days on market

Built 1907 6,300 sqft lot Est $124k · 12% over

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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 +25.6/30.0
• DSCR +8.5/10.0
• 1% rule +6.2/10.0
• Rent growth +3.9/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.9/15.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

A bit of country in the city! This historical 1907 farm house was remodeled to today's standards. Country kitchen allows you plenty of space to cook. Maintenance free vinyl siding, newer furnace, windows, central air. Jacuzzi tub, refrigerator and stove has not been used by the seller-unsure of working order-as is condition. 5' easement on west side of lot for pedestrian ingress & egress to alley for 263 Florence St. Property was treated for powder post beetles 10/01. Agent is a relative & trustee for the trust.

Key facts

• Recessed ceiling
• Side entry with deck
• Vinyl sided exterior

Tags

• MOVE IN READY
• VINYL SIDED EXTERIOR
• LUXURY VINYL PLANK FLOORING
• EAT IN DINING AREA
• RECESSED CEILING
• SIDE ENTRY WITH DECK

Property features AI

Exterior

• Parking: Additional paved asphalt parking
• Utilities: Public water; Public sewer
• Home design: One-and-a-half story home; Built in 1907; Vinyl siding; Shingle roof
• Construction: Vinyl siding construction; Shingle roof; Crawl space basement
• Exterior features: Neighborhood view; Deck

Interior

• Kitchen: Gas range; Refrigerator; Range hood; Dishwasher
• Bedrooms: Primary bedroom; Two additional bedrooms
• Flooring: Carpet; Vinyl; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (natural gas, forced air); Central air conditioning
• Interior features: Ceiling fans; Recessed lighting; Eat-in kitchen; Entrance foyer
• Laundry & utility: Washer and dryer in main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $330 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 9.1% 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 (+5.5%/yr); 63 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,900

Questions for the listing agent

1. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.12% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.10%
• DSCR: 1.45
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $124,496
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6516 Lyman Ave	0.00mi	3/1.0	1,095 (+9%)	1mo	$150,000	$137	84
6438 Garfield Ave	0.10mi	3/1.0	938 (-7%)	0mo	$196,500	$209	84
19 Schrum Rd	0.43mi	3/1.5	1,062 (+6%)	3mo	$109,000	$103	66
6636 Van Buren Ave	0.26mi	2/1.0 (-1)	912 (-9%)	2mo	$155,000	$170	66
6438 Jefferson Ave	0.45mi	2/1.0 (-1)	1,100 (+10%)	1mo	$139,900	$127	58
116 163rd St	0.48mi	3/1.0	1,125 (+12%)	1mo	$61,500	$55	56
1374 Kenilworth Dr	0.51mi	3/2.0	1,111 (+11%)	0mo	$138,000	$124	54
43 162nd Pl	0.42mi	3/2.5	1,135 (+13%)	0mo	$159,000	$140	52
16 164th Pl	0.46mi	4/1.5 (+1)	1,122 (+12%)	2mo	$85,000	$76	50
1450 Forest Ave	0.68mi	3/1.0	1,147 (+14%)	3mo	$105,000	$92	42
11 166th St	0.60mi	3/2.0	1,134 (+13%)	6mo	$92,500	$82	42
1394 Forest Pl	0.72mi	3/1.0	1,147 (+14%)	2mo	$81,000	$71	41

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 · 5.51% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $2,371
• Equity at exit: $20,860

10-year hold

• IRR: 13.4%
• Equity multiple: 2.19×
• Total profit: $46,542
• Equity at exit: $12,096

Cash invested: $39,172 (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 46324

• Home prices YoY: -9.6%
• Rents YoY: 5.5%
• Active inventory: 63
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,563 high
• Mortgage (P&I): −$734
• Tax from tax record: −$113 /mo · $1,360/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $330

Break-even live

Break-even rent $1,146

Max offer price $139,900

Occupancy floor 74%

Sensitivity live

Price	-10% $409	-5% $369	+0% $330	+5% $290	+10% $251
Rent	-10% $206	-5% $268	+0% $330	+5% $392	+10% $453
Rate	-1.0pp $400	-0.5pp $365	base $330	+0.5pp $294	+1.0pp $257

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	17d	1	0.31mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	25d	1	0.31mi
1338 Wentworth Ave Unit 1338 Calumet City, IL	2.0	1.0	800	$1,430	$1.79	25d	1	0.58mi
1539 Wentworth Ave Unit 3W Calumet City, IL	3.0	1.0	1100	$1,700	$1.55	13d	1	0.69mi
34 Elizabeth St Calumet City, IL	3.0	1.0	1246	$2,400	$1.93	2d	1	0.82mi
3 Waltham St Hammond, IN	3.0	1.0	1200	$1,095	$0.91	25d	1	0.84mi
5 Ruth St Unit 2W Hammond, IN	2.0	1.0	900	$1,250	$1.39	13d	1	0.89mi
3 Ruth St Hammond, IN	2.0	1.0	900	$1,250	$1.39	25d	1	0.89mi
1312 Gordon Ave Calumet City, IL	2.0	1.0	1134	$1,600	$1.41	8d	1	0.89mi
3649 173rd Ct Lansing, IL	2.0	2.0	972	$1,357	$1.40	25d	1	1.14mi
115 157th St Unit 3 Calumet City, IL	3.0	1.0	800	$1,350	$1.69	25d	1	1.15mi
7129 Columbia Ave Unit 1E Hammond, IN	2.0	1.0	900	$1,195	$1.33	11d	1	1.26mi
7234 Columbia Ave Hammond, IN	2.0	1.0	960	$1,300	$1.35	25d	1	1.32mi
7019 Chestnut Ave Hammond, IN	3.0	1.5	1440	$1,895	$1.32	21d	1	1.39mi

Listing history 5 events

1. 2026-04-11
   status Pending
2. 2026-04-09
   listed $139,900 Active
3. 2012-12-08
   historical
4. 2011-12-06
   listed $72,000
5. 2001-11-06
   listed $76,900 529-char remark

   Show marketing remark (529 chars)

   A bit of country in the city! This historical 1907 farm house was remodeled to today's standards. Country kitchen allows you plenty of space to cook. Maintenance free vinyl siding, newer furnace, windows, central air. Jacuzzi tub, refrigerator and stove has not been used by the seller-unsure of working order-as is condition. 5' easement on west side of lot for pedestrian ingress & egress to alley for 263 Florence St. Property was treated for powder post beetles 10/01. Agent is a relative & trustee for the trust.

ⓘ 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: $1,360 · $113/mo
• Projected year-2 tax: $1,360 · $113/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: $18,762
• − Mortgage interest: −$7,837
• − Property taxes: −$1,360
• − Insurance: −$700
• − Repairs & maintenance: −$1,501
• − Management: −$1,501
• − Depreciation: −$4,070
• Taxable income: $1,793
• Est. tax owed @ 24.0%: −$430
• After-tax cash flow: $3,528/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): 21,409
• Household income: $63,052
• Rent vs Own: 32.0% rent · 68.0% own
• Severe rent burden: 507.0

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 0.69)
• Race & ethnicity: Hispanic / Latino 39% White 34% Black 22% Two or more races 14% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 31% Puerto Rican 5%
• Common ancestry: Romanian 5% Lithuanian 1% Italian 1%
• Foreign-born: 10% · Canada
• Languages at home: 79% English-only · Spanish 20%

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: ▼ -37.65%
• Current HPI: 352.8678
• Rent YoY: ▲ 5.51%
• 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

+81.9% since first listed

5 events — show timeline

• 2026-04-11 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-09 Listed $139,900 NIRA MLS as Distributed by MLS Grid
• 2012-12-08 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-12-06 Listed $72,000 NIRA MLS as Distributed by MLS Grid
• 2001-11-06 Listed $76,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+5.8%/yr

Latest (2024): $1,360 · -9.2% YoY. Source: county tax records.