981 W 69th Pl · Merrillville, IN 46410

$215,000

3 bd · 2.0 ba · 1,598 sqft · SingleFamily public records · 13 Days on market

Built 1965 7,710 sqft lot Est $259k · 17% under

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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
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +4.7/10.0
• 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

This tri level home is a real fooler. It is so much bigger than it looks. There is room for everyone with four spacious bedrooms. The seller is providing all of the appliances, along with a 12 month home warranty. Lovely wood floors upstairs and a spacious kitchen on the main level. Situated on a lovely culdesac street. Extra storage in the oversized shed in the partially fenced back yard.

Key facts

• Tri-level
• Cul-de-sac
• Close to shopping

Tags

• CUL-DE-SAC
• CLOSE TO SHOPPING
• TRI-LEVEL

Property features AI

Finance

• Other: Vacant occupant status

Exterior

• Parking: Attached garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Tri-level home; Built in 1965; Property listed as fixer condition; Above grade finished area and below grade finished area present
• Construction: Year built 1965
• Exterior features: No notable view

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Primary bedroom; Four additional bedrooms (Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (natural gas); Central air conditioning
• Interior features: Cathedral and vaulted ceilings; Total of 8 rooms
• Laundry & utility: Washer and dryer included; Washer hookup; Gas dryer hookup; Laundry area on lower level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $322 ($4k/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 $209k (2.8% below list).
• Recommended offer: $209k (2.8% below list) — sets the bar for 1% rule.
• 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); 264 active listings in the ZIP; 6 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 39% 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 $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 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 22y 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 $139k; list at $215k implies a 55% gain — meaningful room to come down on a strong offer.

Recommended offer $208,878 (2.8% below list)

Questions for the listing agent

1. Built in 1965 — 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 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?
4. 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.
5. 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.
6. 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: 0.97% ✗
• Cap rate: 8.09%
• Cash-on-cash: 6.43%
• DSCR: 1.29
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $258,876
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6813 Tyler St	0.21mi	3/1.5	1,440 (-10%)	4mo	$148,000	$103	69
7030 Van Buren Ln	0.32mi	3/1.0	1,664 (+4%)	10mo	$215,000	$129	66
1110 W 72nd Cir	0.35mi	3/2.0	1,768 (+11%)	1mo	$295,000	$167	65
1130 W 72nd Ct	0.30mi	3/2.5	1,788 (+12%)	4mo	$245,000	$137	61
6797 Adams St	0.63mi	3/2.0	1,670 (+4%)	3mo	$190,000	$114	60
7257 Grant St	0.49mi	2/2.0 (-1)	1,613 (+1%)	13mo	$332,920	$206	60
754 W 67th Ave	0.33mi	3/1.0	1,416 (-11%)	2mo	$194,500	$137	59
6665 Van Buren Pl	0.34mi	3/2.5	1,755 (+10%)	9mo	$289,900	$165	58
6701 Madison St	0.54mi	3/2.0	1,400 (-12%)	3mo	$249,999	$179	52
7255 Grant St	0.49mi	2/2.0 (-1)	1,469 (-8%)	14mo	$306,550	$209	48
6925 Broadway	0.75mi	4/1.0 (+1)	1,502 (-6%)	4mo	$175,000	$117	42
1525 W 74th Pl	0.72mi	4/2.0 (+1)	1,816 (+14%)	7mo	$295,000	$162	33

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: -5.3%
• Equity multiple: 0.80×
• Total profit: $-12,038
• Equity at exit: $32,057

10-year hold

• IRR: 5.5%
• Equity multiple: 1.42×
• Total profit: $25,495
• Equity at exit: $18,589

Cash invested: $60,200 (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: 8.6×

Monthly cashflow live

• Estimated rent: $2,089 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$111 /mo · $1,329/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $322

Break-even live

Break-even rent $1,681

Max offer price $215,000

Occupancy floor 80%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6839 Harrison St Merrillville, IN	3.0	1.0	1128	$1,650	$1.46	13d	1	0.23mi
6850 Van Buren Pl Merrillville, IN	3.0	1.0	1120	$1,795	$1.60	21d	1	0.25mi
1865 W 64th Pl Merrillville, IN	4.0	2.0	2034	$4,900	$2.41	44d	1	0.71mi
7302 W Taft St Unit A Merrillville, IN	3.0	1.0	1080	$1,510	$1.40	44d	1	0.96mi
330 E 69th Pl Merrillville, IN	3.0	1.5	1482	$1,850	$1.25	2d	1	0.97mi
691 W 77th Ave Unit 691 Merrillville, IN	3.0	2.0	1300	$2,300	$1.77	7d	1	1.11mi

Listing history 11 events

1. 2026-06-18
   price $215,000 Active 13 DOM
2. 2026-06-18
   days on market $219,900 Active 13 DOM
3. 2026-06-17
   days on market $219,900 Active 12 DOM
4. 2026-06-16
   days on market $219,900 Active 11 DOM
5. 2026-06-15
   days on market $219,900 Active 10 DOM
6. 2026-06-13
   days on market $219,900 Active 8 DOM
7. 2026-06-13
   pricedays on market $219,900 Active 7 DOM
8. 2026-06-09
   days on market $225,000 Active 4 DOM
9. 2026-06-08
   days on market $225,000 Active 3 DOM
10. 2026-06-07
    remarks 191-char remark
11. 2026-06-07
    listed $225,000 Active 2 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: $1,329 · $111/mo
• Projected year-2 tax: $1,578 · $132/mo
• Expected delta: +$249/yr (+$21/mo · 18.8%)

ⓘ 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: $25,065
• − Mortgage interest: −$12,043
• − Property taxes: −$1,329
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,005
• − Management: −$2,005
• − Depreciation: −$6,255
• Taxable income: $353
• Est. tax owed @ 24.0%: −$85
• After-tax cash flow: $3,783/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

+87.7% since first listed

7 events — show timeline

• 2026-06-05 Price Changed $225,000 NIRA MLS as Distributed by MLS Grid
• 2026-06-05 Listed $225,000 NIRA MLS as Distributed by MLS Grid
• 2026-06-05 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-06-05 Listed $2,250,000 NIRA MLS as Distributed by MLS Grid
• 2018-05-11 Sold (MLS) $139,000 NIRA MLS as Distributed by MLS Grid
• 2018-03-15 Listed $139,900 NIRA MLS as Distributed by MLS Grid
• 2004-08-24 Listed $119,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2024): $1,329 · +8.2% YoY. Source: county tax records.