990 W 87th Ave · Merrillville, IN 46410

$238,000

1 bd · 2.0 ba · 1,356 sqft · SingleFamily public records · 132 Days on market

Built 1999 6,534 sqft lot $176/sqft · at area comps Est $242k · at est.

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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 +11.7/30.0
• ARV discount +8.3/15.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• DSCR +3.4/10.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Coveniently Located Two Bedroom Two Bath Home All on One Level At A Great Value! Open Concept with Nice Kitchen and Eat-In Area. Bedrooms are Large and the Home Offers Great Functionality Overall. Back Yard Space has a Deck and a Privacy Fence. The Home Currently Has a Lease in Place until Nov. 30th 2026. Easy Access to Hwy. 30. Shopping, Dining and Parks Nearby.

Key facts

• Eat-in area
• Nice kitchen
• Back yard space

Tags

• OPEN CONCEPT
• NICE KITCHEN
• EAT-IN AREA
• BACK YARD SPACE
• DECK
• PRIVACY FENCE

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath single-family listed at $238k.

Deal economics

• At list price, monthly cash flow is $-71 ($-852/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (5.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (26.5% below list).
• Recommended offer: $175k (26.5% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 4.7% in Merrillville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 33% of the median local income ($64k/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 $2k of loan paydown is wiped out by about $7k 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 132 days — a 12% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y 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; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $175,005 (26.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
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. 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?
7. 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.
8. 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.
9. 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: 0.74% ✗
• Cap rate: 5.93%
• Cash-on-cash: -1.28%
• DSCR: 0.94
• GRM: 11.3

CMA / ARV

• ARV (median comp): $242,453
• List price: $238,000
• Delta: -1.84%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8622 Pierce St	0.13mi	2/2.0 (+1)	1,240 (-9%)	17mo	$220,000	$177	61
8741 Van Buren St	0.19mi	2/2.0 (+1)	1,254 (-8%)	18mo	$240,000	$191	59
8635 Fillmore Pl	0.09mi	2/2.0 (+1)	1,230 (-9%)	20mo	$224,900	$183	59
8686 Van Buren St	0.17mi	2/2.0 (+1)	1,204 (-11%)	17mo	$225,000	$187	54
1228 W 82nd Ave	0.75mi	2/2.0 (+1)	1,334 (-2%)	20mo	$210,000	$157	40
1202 W 84th Ln	0.53mi	2/2.0 (+1)	1,555 (+15%)	12mo	$260,000	$167	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: -17.4%
• Equity multiple: 0.38×
• Total profit: $-41,221
• Equity at exit: $35,487

10-year hold

• IRR: -7.7%
• Equity multiple: 0.49×
• Total profit: $-33,870
• Equity at exit: $20,578

Cash invested: $66,640 (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: 11.3×

Monthly cashflow live

• Estimated rent: $1,750 high
• Mortgage (P&I): −$1,248
• Tax from tax record: −$106 /mo · $1,275/yr
• Insurance: −$99
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $-71

Break-even live

Break-even rent $1,840

Max offer price $225,458

Occupancy floor 99%

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: $59,500
• Closing costs: $7,140
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9000 Lincoln St Merrillville, IN	2.0	2.0	1196	$2,181	$1.82	15d	1	0.34mi
9000 Lincoln St Merrillville, IN	2.0	2.0	1196	$2,238	$1.87	43d	1	0.34mi
8400 Grant Cir Merrillville, IN	1.0–2.0	1.0–2.0	904	$1,325	$1.47	1d	10	0.53mi
9310 Monroe St Crown Point, IN	2.0	2.0	1034	$2,254	$2.18	24d	1	0.65mi
9310 Monroe St Crown Point, IN	2.0	2.0	947	$2,314	$2.44	43d	1	0.65mi
9123 Cleveland St Merrillville, IN	1.0–2.0	1.0–2.0	1068	$1,466	$1.37	1d	35	0.71mi
8201 Polo Club Dr Merrillville, IN	1.0–3.0	1.0–2.0	1200	$1,280	$1.07	1d	18	0.91mi

Listing history 21 events

1. 2026-06-18
   days on market $238,000 Active 132 DOM
2. 2026-06-17
   days on market $238,000 Active 131 DOM
3. 2026-06-16
   days on market $238,000 Active 130 DOM
4. 2026-06-15
   price $238,000 Active 129 DOM
5. 2026-06-15
   days on market $240,000 Active 129 DOM
6. 2026-06-13
   days on market $240,000 Active 127 DOM
7. 2026-06-13
   days on market $240,000 Active 126 DOM
8. 2026-06-09
   days on market $240,000 Active 123 DOM
9. 2026-06-08
   days on market $240,000 Active 122 DOM
10. 2026-06-07
    days on market $240,000 Active 121 DOM
11. 2026-06-04
    days on market $240,000 Active 118 DOM
12. 2026-06-03
    days on market $240,000 Active 117 DOM
13. 2026-06-02
    days on market $240,000 Active 116 DOM
14. 2026-06-01
    days on market $240,000 Active 115 DOM
15. 2026-05-31
    days on market $240,000 Active 114 DOM
16. 2026-02-06
    listed $240,000 Active 365-char remark

    Show marketing remark (365 chars)

    Coveniently Located Two Bedroom Two Bath Home All on One Level At A Great Value! Open Concept with Nice Kitchen and Eat-In Area. Bedrooms are Large and the Home Offers Great Functionality Overall. Back Yard Space has a Deck and a Privacy Fence. The Home Currently Has a Lease in Place until Nov. 30th 2026. Easy Access to Hwy. 30. Shopping, Dining and Parks Nearby.

17. 2024-10-29
    soldstatus $180,000 Closed 410-char remark

    Show marketing remark (410 chars)

    NO HOA! Yes you read that right, this 2 bedroom 2 bathroom townhouse is one of the only communities around that does not have a homeowner's association! That means no exorbitant hoa fees every month, among other things. This townhome is ready for your finishing touches! Great bones on this 1350 sq foot townhome. Newer deck is one less thing to worry about! Attached 2.5 car garage for all your storage needs.

18. 2024-10-11
    status Pending 410-char remark

    Show marketing remark (410 chars)

    NO HOA! Yes you read that right, this 2 bedroom 2 bathroom townhouse is one of the only communities around that does not have a homeowner's association! That means no exorbitant hoa fees every month, among other things. This townhome is ready for your finishing touches! Great bones on this 1350 sq foot townhome. Newer deck is one less thing to worry about! Attached 2.5 car garage for all your storage needs.

19. 2024-09-16
    listed $200,000 Active 410-char remark

    Show marketing remark (410 chars)

    NO HOA! Yes you read that right, this 2 bedroom 2 bathroom townhouse is one of the only communities around that does not have a homeowner's association! That means no exorbitant hoa fees every month, among other things. This townhome is ready for your finishing touches! Great bones on this 1350 sq foot townhome. Newer deck is one less thing to worry about! Attached 2.5 car garage for all your storage needs.

20. 2007-05-08
    listed $129,900
21. 2003-12-17
    listed $115,000

ⓘ 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: $1,275 · $106/mo
• Projected year-2 tax: $1,649 · $137/mo
• Expected delta: +$374/yr (+$31/mo · 29.3%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $21,001
• − Mortgage interest: −$13,332
• − Property taxes: −$1,275
• − Insurance: −$1,190
• − Repairs & maintenance: −$1,680
• − Management: −$1,680
• − Depreciation: −$6,924
• Taxable loss: −$5,080
• Est. tax savings @ 24.0%: +$1,219
• After-tax cash flow: $367/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

+108.7% since first listed

6 events — show timeline

• 2026-02-06 Listed $240,000 NIRA MLS as Distributed by MLS Grid
• 2024-10-29 Sold (MLS) $180,000 NIRA MLS as Distributed by MLS Grid
• 2024-10-11 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-09-16 Listed $200,000 NIRA MLS as Distributed by MLS Grid
• 2007-05-08 Listed $129,900 NIRA MLS as Distributed by MLS Grid
• 2003-12-17 Listed $115,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.2%/yr

Latest (2024): $1,275 · +10.8% YoY. Source: county tax records.