2445 Woodlane Dr · Merrillville, IN 46410

$265,000

3 bd · 2.0 ba · 1,885 sqft · SingleFamily public records · 71 Days on market

Built 1958 0.63 ac lot $141/sqft · 7% below area Est $284k · 7% under

---

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 +24.8/30.0
• ARV discount +10.4/15.0
• DSCR +8.0/10.0
• 1% rule +5.6/10.0
• 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

Step right into 2445 Woodland Dr in Merrillville. When you pull up you will wonder if you are still located in Merrillville. Everything about this house screams private retreat. This all brick ranch has 3 bedrooms and 2 bathrooms. When you walk inside you will notice the open layout right from the foyer. Entering the kitchen you will see loads of cabinets. In the dining room you have hardwood floors that lead to french doors that overlook the . 65 acre lot which is private and serene. Back to the living room you have an inviting space with a gorgeous fireplace. Down the hall you'll find 3 bedrooms with the first being perfect for the Bears fan in your life. A full bath is your last stop before the master which also overlooks the backyard. An attached 2 car garage is all you need to seal the deal that this is the one.

Key facts

• Loads of cabinets
• French doors
• Gorgeous fireplace

Tags

• OPEN LAYOUT
• LOADS OF CABINETS
• HARDWOOD FLOORS
• FRENCH DOORS
• PRIVATE RETREAT
• GORGEOUS FIREPLACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $496 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $249k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,798/mo this rent would consume 52% 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 $8k 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 71 days — a 6% lower offer ($249k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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 $133k; list at $265k implies a 99% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $249,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.06% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.09%
• DSCR: 1.40
• GRM: 7.9

CMA / ARV

• ARV (median comp): $283,573
• List price: $265,000
• Delta: -6.55%
• 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
2575 W 65th Ave	0.08mi	3/2.5	1,793 (-5%)	10mo	$294,000	$164	78
6450 Marshall St	0.20mi	3/2.5	1,920 (+2%)	11mo	$349,900	$182	76
2962 W 63rd Pl	0.50mi	3/2.0	1,861 (-1%)	10mo	$230,000	$124	66
6430 Ellsworth Pl	0.20mi	3/1.5	1,662 (-12%)	4mo	$231,000	$139	66
2812 W 60th Dr	0.69mi	3/2.0	1,876 (-0%)	2mo	$265,000	$141	65
6378 Ellsworth Pl	0.31mi	3/2.5	1,948 (+3%)	16mo	$267,000	$137	64
6380 Ellsworth Pl	0.29mi	4/2.0 (+1)	2,005 (+6%)	9mo	$280,000	$140	63
2684 W 61st Ave	0.61mi	4/2.5 (+1)	1,850 (-2%)	3mo	$275,000	$149	58
2249 W 60th Dr	0.64mi	3/2.0	1,788 (-5%)	13mo	$280,000	$157	51
6344 Garfield St	0.58mi	3/2.0	2,151 (+14%)	2mo	$289,900	$135	48
2627 W 60th Dr	0.64mi	3/1.5	1,674 (-11%)	14mo	$190,000	$114	38
2575 W 60th Dr	0.63mi	3/1.5	1,684 (-11%)	16mo	$245,000	$145	38

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: -2.9%
• Equity multiple: 0.89×
• Total profit: $-8,259
• Equity at exit: $39,512

10-year hold

• IRR: 7.9%
• Equity multiple: 1.63×
• Total profit: $46,489
• Equity at exit: $22,912

Cash invested: $74,200 (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: 271
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,798 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$148 /mo · $1,772/yr
• Insurance: −$110
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $496

Break-even live

Break-even rent $2,170

Max offer price $265,000

Occupancy floor 77%

Sensitivity live

Price	-10% $646	-5% $571	+0% $496	+5% $421	+10% $346
Rent	-10% $275	-5% $385	+0% $496	+5% $606	+10% $717
Rate	-1.0pp $629	-0.5pp $563	base $496	+0.5pp $427	+1.0pp $357

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	44d	1	0.46mi
3023 W 63rd Ln Merrillville, IN	4.0	3.0	2500	$2,800	$1.12	4d	1	0.47mi
3190 W 63rd Ln Merrillville, IN	3.0	2.0	1667	$2,600	$1.56	4d	1	0.53mi
3753 W 73rd Pl Unit 3753 Merrillville, IN	3.0	1.5	1250	$1,700	$1.36	44d	1	1.22mi
7363 Bigger St Merrillville, IN	2.0	1.0	1720	$1,500	$0.87	21d	1	1.25mi

Listing history 8 events

1. 2026-06-02
   status $265,000 Pending 71 DOM
2. 2026-06-01
   days on market $265,000 Active 71 DOM
3. 2026-05-31
   days on market $265,000 Active 70 DOM
4. 2026-05-05
   price $265,000 828-char remark

   Show marketing remark (828 chars)

   Step right into 2445 Woodland Dr in Merrillville. When you pull up you will wonder if you are still located in Merrillville. Everything about this house screams private retreat. This all brick ranch has 3 bedrooms and 2 bathrooms. When you walk inside you will notice the open layout right from the foyer. Entering the kitchen you will see loads of cabinets. In the dining room you have hardwood floors that lead to french doors that overlook the . 65 acre lot which is private and serene. Back to the living room you have an inviting space with a gorgeous fireplace. Down the hall you'll find 3 bedrooms with the first being perfect for the Bears fan in your life. A full bath is your last stop before the master which also overlooks the backyard. An attached 2 car garage is all you need to seal the deal that this is the one.

5. 2026-03-22
   listed $275,000 Active 828-char remark

   Show marketing remark (828 chars)

   Step right into 2445 Woodland Dr in Merrillville. When you pull up you will wonder if you are still located in Merrillville. Everything about this house screams private retreat. This all brick ranch has 3 bedrooms and 2 bathrooms. When you walk inside you will notice the open layout right from the foyer. Entering the kitchen you will see loads of cabinets. In the dining room you have hardwood floors that lead to french doors that overlook the . 65 acre lot which is private and serene. Back to the living room you have an inviting space with a gorgeous fireplace. Down the hall you'll find 3 bedrooms with the first being perfect for the Bears fan in your life. A full bath is your last stop before the master which also overlooks the backyard. An attached 2 car garage is all you need to seal the deal that this is the one.

6. 2016-04-07
   soldstatus $133,100 913-char remark

   Show marketing remark (913 chars)

   THIS MOVE IN READY HOME WON'T LAST LONG AT THIS PRICE! Don't miss out on this exceptional all brick home at the end of a quiet cul-de-sac. The foyer leads to a bright, sunny, eat-in kitchen with skylight and full complement of appliances. The laundry room/mudroom is conveniently located between the home and 2 car garage and the washer and dryer are included. A French door in the formal dining room leads to the expansive patio overlooking the private rear yard and woods. The sunken living room has a large wall of windows, fireplace and custom built oak dry bar. There are three large bedrooms equipped with closet organizers, ceiling fans and hardwood floors. The master bedroom has a beautiful shower with stylish ceramic tile surround. All this on a . 63 acre homesite with a large storage shed, conveniently located near area golf courses, shopping and restaurants and a mere 45 minute commute to Chicago.

7. 2014-08-04
   listed $133,100 913-char remark

   Show marketing remark (913 chars)

   THIS MOVE IN READY HOME WON'T LAST LONG AT THIS PRICE! Don't miss out on this exceptional all brick home at the end of a quiet cul-de-sac. The foyer leads to a bright, sunny, eat-in kitchen with skylight and full complement of appliances. The laundry room/mudroom is conveniently located between the home and 2 car garage and the washer and dryer are included. A French door in the formal dining room leads to the expansive patio overlooking the private rear yard and woods. The sunken living room has a large wall of windows, fireplace and custom built oak dry bar. There are three large bedrooms equipped with closet organizers, ceiling fans and hardwood floors. The master bedroom has a beautiful shower with stylish ceramic tile surround. All this on a . 63 acre homesite with a large storage shed, conveniently located near area golf courses, shopping and restaurants and a mere 45 minute commute to Chicago.

8. 2006-06-03
   listed $169,900

ⓘ 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: $1,772 · $148/mo
• Projected year-2 tax: $2,012 · $168/mo
• Expected delta: +$240/yr (+$20/mo · 13.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $33,571
• − Mortgage interest: −$14,844
• − Property taxes: −$1,772
• − Insurance: −$2,122
• − Repairs & maintenance: −$2,686
• − Management: −$2,686
• − Depreciation: −$7,709
• Taxable income: $1,752
• Est. tax owed @ 24.0%: −$420
• After-tax cash flow: $5,530/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

+56.0% since first listed

5 events — show timeline

• 2026-05-05 Price Changed $265,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-22 Listed $275,000 NIRA MLS as Distributed by MLS Grid
• 2016-04-07 Sold (MLS) $133,100 NIRA MLS as Distributed by MLS Grid
• 2014-08-04 Listed $133,100 NIRA MLS as Distributed by MLS Grid
• 2006-06-03 Listed $169,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2024): $1,772 · +7.7% YoY. Source: county tax records.