233 Oakwood St · Hammond, IN 46324

$189,900

3 bd · 2.0 ba · 1,099 sqft · SingleFamily public records · 10 Days on market

Built 1926 5,662 sqft lot Est $151k · 26% over

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Why this score? — see what drove the F 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 +14.5/30.0
• DSCR +4.4/10.0
• Rent growth +3.9/5.0
• Livability +3.5/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

CHARMING BUNGALOW has all the UNIQUE DETAILS of the time. SOLID WOOD DOORS with GLASS KNOBS, HIGH CEILINGS, BUILT-IN SHELVING, CABINETS and a SCREENED-IN PORCH (with storm windows too). LARGE LIVING RM features a beautiful WOOD BURNING FIREPLACE and shelving surround. ENJOY the Morning sun in the TV room with Large closet. The DINING ROOM is where the everyone will gather and large enough to have a 10 person table! SUNNY KITCHEN offers long stretches of counter space, ample cabinetry and ALL APPLIANCES. The Breakfast nook is perfect for serving up juice and coffee! Each bedroom has DEEP CLOSETS. FULL BATH is clean and updated. The FINISHED BASEMENT has ample living and entertaining space, ANOTHER 3/4 BATH, LAUNDRY, and more STORAGE SPACE. The back yard has a paver brick patio, blooming garden, and well manicured lawn. The 2.5 CAR GARAGE, offers space for your DIY projects, but can easily be removed for another car. This is Home Sweet Home! MORE PICTURES TO COME!! SOLD AS-IS

Key facts

• 5,662 sq ft lot
• 2 garage spots
• Built 1926

Property features AI

Finance

• Other: Vacant; No auction

Exterior

• Parking: Detached garage; 2 garage spaces
• Security: Not specified
• Utilities: Public water; Public sewer
• Home design: One-level home; Built in 1926; Fixer condition
• Construction: Year built 1926
• Exterior features: Neighborhood view; Partially finished basement

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Second bedroom; Bonus room; Office
• Flooring: Not specified
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Living room fireplace (1)
• Laundry & utility: No laundry appliances listed

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $43 ($514/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 $158k (16.7% below list).
• Recommended offer: $158k (16.7% below list) — sets the bar for 1% rule.

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; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 30% of the median local income ($63k/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 $6k 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y 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 $85k; list at $190k implies a 123% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $158,199 (16.7% below list)

Questions for the listing agent

1. Built in 1926 — 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. 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?
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: 0.83% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.97%
• DSCR: 1.04
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $150,563
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6516 Lyman Ave	0.34mi	3/1.0	1,095 (-0%)	1mo	$150,000	$137	79
16 164th Pl	0.31mi	4/1.5 (+1)	1,122 (+2%)	2mo	$85,000	$76	74
1374 Kenilworth Dr	0.53mi	3/2.0	1,111 (+1%)	0mo	$138,000	$124	73
1636 State Line Rd	0.45mi	3/3.0	1,084 (-1%)	2mo	$241,000	$222	71
43 162nd Pl	0.45mi	3/2.5	1,135 (+3%)	0mo	$159,000	$140	71
116 163rd St	0.48mi	3/1.0	1,125 (+2%)	1mo	$61,500	$55	69
1531 Lincoln Ave	0.60mi	3/1.0	1,109 (+1%)	1mo	$170,000	$153	66
6438 Jefferson Ave	0.65mi	2/1.0 (-1)	1,100 (+0%)	1mo	$139,900	$127	60
1394 Forest Pl	0.69mi	3/1.0	1,147 (+4%)	2mo	$81,000	$71	55
35 166th Pl	0.40mi	4/1.0 (+1)	1,217 (+11%)	1mo	$149,500	$123	54
6438 Garfield Ave	0.43mi	3/1.0	938 (-15%)	0mo	$196,500	$209	51
7115 Harrison Ave	0.49mi	2/1.0 (-1)	973 (-12%)	2mo	$155,000	$159	48

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: -12.2%
• Equity multiple: 0.55×
• Total profit: $-23,988
• Equity at exit: $28,315

10-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $153
• Equity at exit: $16,419

Cash invested: $53,172 (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: 10.0×

Monthly cashflow live

• Estimated rent: $1,582 high
• Mortgage (P&I): −$996
• Tax from tax record: −$132 /mo · $1,583/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $43

Break-even live

Break-even rent $1,528

Max offer price $189,900

Occupancy floor 92%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1539 Wentworth Ave Unit 3W Calumet City, IL	3.0	1.0	1100	$1,700	$1.55	12d	1	0.50mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	24d	1	0.66mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	16d	1	0.66mi
1338 Wentworth Ave Unit 1338 Calumet City, IL	2.0	1.0	800	$1,430	$1.79	24d	1	0.66mi
3649 173rd Ct Lansing, IL	2.0	2.0	972	$1,357	$1.40	24d	1	0.81mi
1312 Gordon Ave Calumet City, IL	2.0	1.0	1134	$1,600	$1.41	7d	1	0.96mi
34 Elizabeth St Calumet City, IL	3.0	1.0	1246	$2,400	$1.93	1d	1	1.11mi
7129 Columbia Ave Unit 1E Hammond, IN	2.0	1.0	900	$1,195	$1.33	11d	1	1.13mi
3 Waltham St Hammond, IN	3.0	1.0	1200	$1,095	$0.91	24d	1	1.15mi
7234 Columbia Ave Hammond, IN	2.0	1.0	960	$1,300	$1.35	24d	1	1.16mi
5 Ruth St Unit 2W Hammond, IN	2.0	1.0	900	$1,250	$1.39	12d	1	1.20mi
3 Ruth St Hammond, IN	2.0	1.0	900	$1,250	$1.39	24d	1	1.20mi
7019 Chestnut Ave Hammond, IN	3.0	1.5	1440	$1,895	$1.32	20d	1	1.32mi
3069 Bernice Rd Apt 2N Lansing, IL	3.0	1.0	950	$1,535	$1.62	20d	1	1.38mi
3069 Bernice Rd Apt 2S Lansing, IL	3.0	1.0	950	$1,535	$1.62	2d	1	1.38mi
3023 Bernice Rd Apt 2S Lansing, IL	3.0	1.0	1000	$1,600	$1.60	1d	1	1.43mi
115 157th St Unit 3 Calumet City, IL	3.0	1.0	800	$1,350	$1.69	24d	1	1.45mi

Listing history 7 events

1. 2026-06-18
   days on market $189,900 Active 10 DOM
2. 2026-06-17
   days on market $189,900 Active 9 DOM
3. 2026-06-16
   days on market $189,900 Active 8 DOM
4. 2026-06-15
   days on market $189,900 Active 7 DOM
5. 2026-06-13
   days on market $189,900 Active 5 DOM
6. 2026-06-09
   remarks 246-char remark
7. 2026-06-09
   listed $189,900 Active 1 DOM

ⓘ 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: $1,583 · $132/mo
• Projected year-2 tax: $1,599 · $133/mo
• Expected delta: +$15/yr (+$1/mo · 1.0%)

ⓘ 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: $18,984
• − Mortgage interest: −$10,637
• − Property taxes: −$1,583
• − Insurance: −$950
• − Repairs & maintenance: −$1,519
• − Management: −$1,519
• − Depreciation: −$5,524
• Taxable loss: −$2,748
• Est. tax savings @ 24.0%: +$660
• After-tax cash flow: $1,174/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

+123.7% since first listed

3 events — show timeline

• 2026-06-08 Listed $189,900 NIRA MLS as Distributed by MLS Grid
• 2015-09-01 Sold (MLS) $85,000 NIRA MLS as Distributed by MLS Grid
• 2015-07-05 Listed $84,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+4.2%/yr

Latest (2024): $1,583 · -9.5% YoY. Source: county tax records.