6515 Nebraska Ave · Hammond, IN 46323

$190,000

3 bd · 1.0 ba · 1,269 sqft · SingleFamily public records · 2 Days on market

Built 1966 6,098 sqft lot Est $166k · 14% over

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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 +16.0/30.0
• DSCR +4.9/10.0
• 1% rule +3.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.1/15.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * WILL SHOW TO PRE-APPROVED PURCHASERS AS BACK UP * * ORIGINAL OWNER HATES TO LEAVE WELL CARED FOR HOME. --- UPDATES INCLUDE 2 NEW BAY WINDOWS, STEEL ENTRY DOORS, ROOF OCT. 09 . --- KITCHEN HAS ABUNDANCE OF CABINETS, SNACK BAR AND DINING AREA. --- CEILING FANS IN ALL ROOMS. --- BASEMENT FINISHED WITH PANELING, CERAMIC FLOORING AND 3/4 BATH PLUS SINK AND CABINET FOR ENTERTAINING. --- FENCED YARD, CONCRETE PATIO , AND LAWN SPRINKLING SYSTEM. --- REFRIGERATOR TO BE INCLUDED IF SALES PRICE ACCEPTABLE.

Key facts

• Finished basement
• Fully fenced yard
• Oversized garage

Tags

• FINISHED BASEMENT
• FULLY FENCED YARD
• OVERSIZED GARAGE
• CONVENIENTLY LOCATED

Property features AI

Exterior

• Parking: Detached garage; Driveway; Garage door opener; Approximately 2.5 garage spaces
• Utilities: Public water; Public sewer; 100 Amp electric service
• Home design: One level (single-story); Built in 1966
• Construction: Brick construction; Shingle roof; Finished basement (full)
• Exterior features: Rear enclosed screened porch; Neighborhood view; Back yard fenced with chain link; No pool

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Natural gas heating; Central air; Ceiling fan(s)
• Interior features: Ceiling fan(s); Finished full basement
• Laundry & utility: Laundry room; Washer; Dryer; Washer hookup; Gas dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $93 ($1k/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 $170k (10.7% below list).
• Recommended offer: $170k (10.7% 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, crime 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.
• Zoned schools: Warren G Harding Elementary School (math 11% / reading 19%, grade F, #859 of 994 statewide, top 87%, 684 students, 77% FRL); Charles N Scott Middle School (math 5% / reading 15%, grade F, #314 of 330 statewide, top 95%, 738 students, 75% FRL); Morton Senior High School (math 12% / reading 54%, grade F, #290 of 369 statewide, top 79%, 1,609 students, 69% FRL) — zoned schools at 74% FRL track the district average.
• Market conditions: 62 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 34% of the median local income ($60k/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 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 16y 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 $127k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $169,734 (10.7% below list)

Questions for the listing agent

1. Built in 1966 — 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: 0.89% ✗
• Cap rate: 6.88%
• Cash-on-cash: 2.09%
• DSCR: 1.09
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $166,239
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6720 Grand Ave	0.28mi	3/1.5	1,260 (-1%)	5mo	$150,000	$119	80
6410 Grand Ave	0.17mi	3/1.0	1,166 (-8%)	0mo	$151,000	$130	78
6612 Missouri Ave	0.25mi	3/1.0	1,190 (-6%)	1mo	$197,900	$166	78
6403 New Jersey Ave	0.20mi	3/1.0	1,143 (-10%)	2mo	$150,000	$131	72
3320 163rd St	0.48mi	3/2.0	1,300 (+2%)	1mo	$139,900	$108	69
6307 Nebraska Ave	0.27mi	3/1.5	1,154 (-9%)	4mo	$184,000	$159	67
6639 New Hampshire Ave	0.26mi	4/2.0 (+1)	1,354 (+7%)	2mo	$230,000	$170	66
3241 163rd St	0.56mi	3/1.0	1,221 (-4%)	2mo	$111,250	$91	66
6808 Carolina Ave	0.74mi	2/2.0 (-1)	1,254 (-1%)	1mo	$124,900	$100	54
6339 Tennessee Ave	0.42mi	4/1.5 (+1)	1,440 (+14%)	2mo	$126,250	$88	49
3241 Kenwood St	0.53mi	4/1.0 (+1)	1,448 (+14%)	5mo	$200,000	$138	42
6518 Parrish Ave	0.60mi	4/2.0 (+1)	1,420 (+12%)	4mo	$240,000	$169	40

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -13.0%
• Equity multiple: 0.53×
• Total profit: $-24,905
• Equity at exit: $28,330

10-year hold

• IRR: -4.0%
• Equity multiple: 0.73×
• Total profit: $-14,151
• Equity at exit: $16,428

Cash invested: $53,200 (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 46323

• Home prices YoY: -18.8%
• Active inventory: 62
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,697 high
• Mortgage (P&I): −$996
• Tax from tax record: −$173 /mo · $2,073/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $93

Break-even live

Break-even rent $1,580

Max offer price $190,000

Occupancy floor 90%

Sensitivity live

Price	-10% $200	-5% $146	+0% $93	+5% $39	+10% $-15
Rent	-10% $-42	-5% $26	+0% $93	+5% $160	+10% $227
Rate	-1.0pp $188	-0.5pp $141	base $93	+0.5pp $43	+1.0pp $-7

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6610 Rhode Island Ave Hammond, IN	3.0	1.0	1025	$1,600	$1.56	9d	1	0.32mi
6320 Rhode Island Ave Hammond, IN	3.0	1.0	916	$1,550	$1.69	4d	1	0.37mi
6949 Alabama Ave Hammond, IN	2.0	1.5	1200	$1,795	$1.50	5d	1	1.15mi
3607 Orchard Dr Hammond, IN	1.0–2.0	1.0	839	$1,539	$1.83	0d	6	1.35mi
7633 Kentucky Ave Hammond, IN	3.0	1.0	888	$1,595	$1.80	12d	1	1.44mi

Listing history 4 events

1. 2026-05-18
   status Pending
2. 2026-05-15
   listed $190,000 Active
3. 2010-11-05
   soldstatus $127,000 519-char remark

   Show marketing remark (519 chars)

   * * WILL SHOW TO PRE-APPROVED PURCHASERS AS BACK UP * * ORIGINAL OWNER HATES TO LEAVE WELL CARED FOR HOME. --- UPDATES INCLUDE 2 NEW BAY WINDOWS, STEEL ENTRY DOORS, ROOF OCT. 09 . --- KITCHEN HAS ABUNDANCE OF CABINETS, SNACK BAR AND DINING AREA. --- CEILING FANS IN ALL ROOMS. --- BASEMENT FINISHED WITH PANELING, CERAMIC FLOORING AND 3/4 BATH PLUS SINK AND CABINET FOR ENTERTAINING. --- FENCED YARD, CONCRETE PATIO , AND LAWN SPRINKLING SYSTEM. --- REFRIGERATOR TO BE INCLUDED IF SALES PRICE ACCEPTABLE.

4. 2010-06-18
   listed $129,900 519-char remark

   Show marketing remark (519 chars)

   * * WILL SHOW TO PRE-APPROVED PURCHASERS AS BACK UP * * ORIGINAL OWNER HATES TO LEAVE WELL CARED FOR HOME. --- UPDATES INCLUDE 2 NEW BAY WINDOWS, STEEL ENTRY DOORS, ROOF OCT. 09 . --- KITCHEN HAS ABUNDANCE OF CABINETS, SNACK BAR AND DINING AREA. --- CEILING FANS IN ALL ROOMS. --- BASEMENT FINISHED WITH PANELING, CERAMIC FLOORING AND 3/4 BATH PLUS SINK AND CABINET FOR ENTERTAINING. --- FENCED YARD, CONCRETE PATIO , AND LAWN SPRINKLING SYSTEM. --- REFRIGERATOR TO BE INCLUDED IF SALES PRICE ACCEPTABLE.

ⓘ 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: $2,073 · $173/mo
• Projected year-2 tax: $2,073 · $173/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 4/10 Moderate
• 🌡 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: $20,368
• − Mortgage interest: −$10,643
• − Property taxes: −$2,073
• − Insurance: −$950
• − Repairs & maintenance: −$1,629
• − Management: −$1,629
• − Depreciation: −$5,527
• Taxable loss: −$2,084
• Est. tax savings @ 24.0%: +$500
• After-tax cash flow: $1,611/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): 23,047
• Household income: $59,688
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 692.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 38% White 36% Black 21% Two or more races 12% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 29% Puerto Rican 7%
• Common ancestry: Romanian 6% Italian 2% Lithuanian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 78% English-only · Spanish 19% Chinese 1%

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: ▼ -67.70%
• Current HPI: 293.4702
• Rent YoY: —
• 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

+46.3% since first listed

4 events — show timeline

• 2026-05-18 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-15 Listed $190,000 NIRA MLS as Distributed by MLS Grid
• 2010-11-05 Sold (MLS) $127,000 NIRA MLS as Distributed by MLS Grid
• 2010-06-18 Listed $129,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2024): $2,073 · -7.1% YoY. Source: county tax records.