1142 W 72nd Ln · Merrillville, IN 46410

$295,000

3 bd · 1.5 ba · 2,232 sqft · SingleFamily public records · 122 Days on market

Built 1969 0.27 ac lot $132/sqft · at area comps Est $282k · at est.

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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 +21.5/30.0
• DSCR +6.9/10.0
• ARV discount +5.5/15.0
• 1% rule +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this 3 bedroom, 1.5 bathroom ranch with a BONUS room or possible future 4th bedroom! The bright and inviting living room showcases beautiful hardwood flooring, recessed lighting and a welcoming, cozy atmosphere. The spacious dining area and kitchen are fully updated with ceramic tile flooring and a very functional layout. The striking granite countertops compliment the marble backsplash and modern cabinetry. Stainless steel kitchen appliances are included! The mud room, off of the kitchen, features a closet and access to the large backyard. The basement boasts luxury vinyl plank flooring and reveals plenty of flex space with a huge rec room and BONUS room. The options are endless for the versatile space. This home delivers flexible living space, modern finishes, a newer roof, newer windows and a fantastic location!

Key facts

• Marble backsplash
• Modern cabinetry
• Large backyard

Tags

• CERAMIC TILE FLOORING
• GRANITE COUNTERTOPS
• MARBLE BACKSPLASH
• MODERN CABINETRY
• MUD ROOM
• LARGE BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $295k.

Deal economics

• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $294k (0.3% below list).
• Recommended offer: $260k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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); 271 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,942/mo this rent would consume 55% 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 $9k 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 122 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 27y 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 $180k; list at $295k implies a 64% gain — meaningful room to come down on a strong offer.

Recommended offer $259,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.00% ✗
• Cap rate: 8.10%
• Cash-on-cash: 6.44%
• DSCR: 1.29
• GRM: 8.4

CMA / ARV

• ARV (median comp): $282,336
• List price: $295,000
• Delta: 4.49%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1136 W 72nd Cir	0.06mi	4/2.0 (+1)	2,216 (-1%)	7mo	$299,900	$135	83
7217 Pierce St	0.15mi	3/2.0	2,260 (+1%)	9mo	$195,000	$86	82
7216 Pierce St	0.14mi	3/2.0	2,060 (-8%)	1mo	$273,900	$133	78
7225 Tyler Ct	0.20mi	4/2.0 (+1)	2,260 (+1%)	14mo	$289,000	$128	70
854 W 70th Pl	0.41mi	3/2.0	2,232 (0%)	11mo	$267,000	$120	70
1501 W 73rd Pl	0.18mi	3/3.0	2,370 (+6%)	11mo	$278,000	$117	66
7252 Pierce St	0.06mi	4/1.5 (+1)	2,003 (-10%)	13mo	$280,000	$140	64
1429 W 74th Pl	0.29mi	3/2.5	1,945 (-13%)	2mo	$285,000	$147	60
1540 W 76th Ave	0.45mi	3/3.0	2,100 (-6%)	6mo	$419,900	$200	58
2310 W 73rd Ave	0.74mi	4/1.5 (+1)	2,184 (-2%)	2mo	$265,000	$121	55
6810 Van Buren St	0.65mi	4/2.0 (+1)	2,128 (-5%)	2mo	$243,000	$114	54
714 W 67th Ln	0.71mi	3/2.0	2,049 (-8%)	18mo	$195,000	$95	36

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 · 4.1% rent growth · sell at horizon

5-year hold

• IRR: -5.2%
• Equity multiple: 0.80×
• Total profit: $-16,323
• Equity at exit: $43,985

10-year hold

• IRR: 5.6%
• Equity multiple: 1.43×
• Total profit: $35,753
• Equity at exit: $25,506

Cash invested: $82,600 (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: 271
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,942 medium
• Mortgage (P&I): −$1,547
• Tax from tax record: −$211 /mo · $2,535/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$618
• Net cashflow: $443

Break-even live

Break-even rent $2,381

Max offer price $295,000

Occupancy floor 80%

Sensitivity live

Price	-10% $610	-5% $527	+0% $443	+5% $360	+10% $276
Rent	-10% $211	-5% $327	+0% $443	+5% $560	+10% $676
Rate	-1.0pp $592	-0.5pp $518	base $443	+0.5pp $367	+1.0pp $289

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1865 W 64th Pl Merrillville, IN	4.0	2.0	2034	$4,900	$2.41	45d	1	1.01mi
330 E 69th Pl Merrillville, IN	3.0	1.5	1482	$1,850	$1.25	3d	1	1.11mi
8201 Polo Club Dr Merrillville, IN	1.0–3.0	1.0–2.0	1200	$2,137	$1.78	0d	16	1.35mi

Listing history 28 events

1. 2026-06-21
   days on market $295,000 Active 122 DOM
2. 2026-06-18
   days on market $295,000 Active 119 DOM
3. 2026-06-17
   days on market $295,000 Active 118 DOM
4. 2026-06-16
   days on market $295,000 Active 117 DOM
5. 2026-06-15
   days on market $295,000 Active 116 DOM
6. 2026-06-13
   days on market $295,000 Active 114 DOM
7. 2026-06-13
   days on market $295,000 Active 113 DOM
8. 2026-06-09
   days on market $295,000 Active 110 DOM
9. 2026-06-08
   days on market $295,000 Active 109 DOM
10. 2026-06-07
    days on market $295,000 Active 108 DOM
11. 2026-06-04
    days on market $295,000 Active 105 DOM
12. 2026-06-03
    days on market $295,000 Active 104 DOM
13. 2026-06-02
    days on market $295,000 Active 103 DOM
14. 2026-06-01
    days on market $295,000 Active 102 DOM
15. 2026-05-31
    days on market $295,000 Active 101 DOM
16. 2026-04-30
    price $295,000 842-char remark

    Show marketing remark (842 chars)

    Welcome home to this 3 bedroom, 1.5 bathroom ranch with a BONUS room or possible future 4th bedroom! The bright and inviting living room showcases beautiful hardwood flooring, recessed lighting and a welcoming, cozy atmosphere. The spacious dining area and kitchen are fully updated with ceramic tile flooring and a very functional layout. The striking granite countertops compliment the marble backsplash and modern cabinetry. Stainless steel kitchen appliances are included! The mud room, off of the kitchen, features a closet and access to the large backyard. The basement boasts luxury vinyl plank flooring and reveals plenty of flex space with a huge rec room and BONUS room. The options are endless for the versatile space. This home delivers flexible living space, modern finishes, a newer roof, newer windows and a fantastic location!

17. 2026-02-19
    listed $300,000 Active 842-char remark

    Show marketing remark (842 chars)

    Welcome home to this 3 bedroom, 1.5 bathroom ranch with a BONUS room or possible future 4th bedroom! The bright and inviting living room showcases beautiful hardwood flooring, recessed lighting and a welcoming, cozy atmosphere. The spacious dining area and kitchen are fully updated with ceramic tile flooring and a very functional layout. The striking granite countertops compliment the marble backsplash and modern cabinetry. Stainless steel kitchen appliances are included! The mud room, off of the kitchen, features a closet and access to the large backyard. The basement boasts luxury vinyl plank flooring and reveals plenty of flex space with a huge rec room and BONUS room. The options are endless for the versatile space. This home delivers flexible living space, modern finishes, a newer roof, newer windows and a fantastic location!

18. 2019-05-24
    soldstatus $179,900 670-char remark

    Show marketing remark (670 chars)

    Adorable 3 possibly 4th BEDROOM Ranch HOME with full finished basement! UPDATED and with Gorgeous ORIGINAL HARDWOOD floors throughout main level. GRANITE countertops with MARBLE backsplash. CERAMIC TILE floors in kitchen and bathrooms. NEW ROOF! NEW WINDOWS! Bonus tiled 4th bedroom with outdoor access on main level can be used as play room, office, mud room, work room, etc. MASSIVE PRIVATE BACKYARD!! Cement patio area with potential for a gazebo, pool, shed and entertaining area. Rec room in lower level perfect for a media room, family room, etc. plus extra space for storage, office, and more. HOT COMMODITY THAT WONT LAST LONG!! Schedule you appointment today!

19. 2019-02-08
    listed $179,900 670-char remark

    Show marketing remark (670 chars)

    Adorable 3 possibly 4th BEDROOM Ranch HOME with full finished basement! UPDATED and with Gorgeous ORIGINAL HARDWOOD floors throughout main level. GRANITE countertops with MARBLE backsplash. CERAMIC TILE floors in kitchen and bathrooms. NEW ROOF! NEW WINDOWS! Bonus tiled 4th bedroom with outdoor access on main level can be used as play room, office, mud room, work room, etc. MASSIVE PRIVATE BACKYARD!! Cement patio area with potential for a gazebo, pool, shed and entertaining area. Rec room in lower level perfect for a media room, family room, etc. plus extra space for storage, office, and more. HOT COMMODITY THAT WONT LAST LONG!! Schedule you appointment today!

20. 2017-08-18
    soldstatus $155,000
21. 2017-05-15
    listed $149,900
22. 2017-03-23
    soldstatus $64,200
23. 2016-12-15
    listed $73,000
24. 2004-11-15
    historical
25. 2004-02-16
    listed $105,900
26. 2003-11-17
    listed $109,900
27. 2003-04-11
    listed $71,100
28. 1999-08-13
    listed $99,900

ⓘ 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: $2,535 · $211/mo
• Projected year-2 tax: $2,535 · $211/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 2/10 Low 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: $35,310
• − Mortgage interest: −$16,525
• − Property taxes: −$2,535
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,825
• − Management: −$2,825
• − Depreciation: −$8,582
• Taxable income: $544
• Est. tax owed @ 24.0%: −$131
• After-tax cash flow: $5,190/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

+195.3% since first listed

13 events — show timeline

• 2026-04-30 Price Changed $295,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-19 Listed $300,000 NIRA MLS as Distributed by MLS Grid
• 2019-05-24 Sold (MLS) $179,900 NIRA MLS as Distributed by MLS Grid
• 2019-02-08 Listed $179,900 NIRA MLS as Distributed by MLS Grid
• 2017-08-18 Sold (MLS) $155,000 NIRA MLS as Distributed by MLS Grid
• 2017-05-15 Listed $149,900 NIRA MLS as Distributed by MLS Grid
• 2017-03-23 Sold (MLS) $64,200 NIRA MLS as Distributed by MLS Grid
• 2016-12-15 Listed $73,000 NIRA MLS as Distributed by MLS Grid
• 2004-11-15 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2004-02-16 Listed $105,900 NIRA MLS as Distributed by MLS Grid
• 2003-11-17 Listed $109,900 NIRA MLS as Distributed by MLS Grid
• 2003-04-11 Listed $71,100 NIRA MLS as Distributed by MLS Grid
• 1999-08-13 Listed $99,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+9.1%/yr

Latest (2024): $2,535 · +5.3% YoY. Source: county tax records.