3617 W 74th Ct Unit C · Merrillville, IN 46410

$143,000

2 bd · 1.5 ba · 4,760 sqft · Condo public records · 36 Days on market

Built 1978 $125/mo HOA · 8% of rent

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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 +21.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 1% rule +5.3/10.0
• 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 cozy condo is tucked away on a quiet cul-de-sac and feels warm and inviting the moment you step inside. The cute eat-in kitchen offers a functional layout and walks out to your own private, fenced-in backyard, perfect for relaxing or entertaining. Upstairs, you'll find two generously sized bedrooms with spacious closets, along with a full bath. This two-bedroom, one-and-a-half-bath condo blends comfort and practicality, whether you're enjoying a quiet night in or hosting guests. Recent updates include a new gas range, updated electrical and plumbing, plus a new bed frame, brand new mattress, sofa, and tables that will stay with the home, making it even more move-in ready. Sellers are relocating out of state due to urgent family matters, creating a great opportunity for the next owner to move into a well-cared-for home sooner than expected. Conveniently located near shopping, restaurants, I-65, and less than an hour from Chicago. Being sold AS-IS.

Key facts

• New gas range
• Updated electrical
• Recent updates

Tags

• EAT-IN KITCHEN
• PRIVATE FENCED-IN BACKYARD
• RECENT UPDATES
• NEW GAS RANGE
• UPDATED ELECTRICAL
• UPDATED PLUMBING

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $143k.

Deal economics

• At list price, monthly cash flow is $204 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $143k).
• Recommended offer: $139k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $989 of loan paydown is wiped out by about $4k 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 36 days — a 3% lower offer ($139k) is reasonable based on typical stale-listing flexibility.
• 6 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 $115k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $138,710 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 8.00%
• Cash-on-cash: 6.10%
• DSCR: 1.27
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.1% rent growth · sell at horizon

5-year hold

• IRR: -5.7%
• Equity multiple: 0.79×
• Total profit: $-8,539
• Equity at exit: $21,322

10-year hold

• IRR: 5.2%
• Equity multiple: 1.41×
• Total profit: $16,236
• Equity at exit: $12,364

Cash invested: $40,040 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,478 medium
• Mortgage (P&I): −$750
• Tax from tax record: −$29 /mo · $350/yr
• Insurance: −$60
• HOA: −$125
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $204

Break-even live

Break-even rent $1,220

Max offer price $143,000

Occupancy floor 81%

Sensitivity live

Price	-10% $285	-5% $244	+0% $204	+5% $163	+10% $123
Rent	-10% $87	-5% $145	+0% $204	+5% $262	+10% $320
Rate	-1.0pp $276	-0.5pp $240	base $204	+0.5pp $167	+1.0pp $129

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: $35,750
• Closing costs: $4,290
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $125 · $1,500/yr
• Likely covers: gaselectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-05-06
   price $143,000 965-char remark

   Show marketing remark (965 chars)

   This cozy condo is tucked away on a quiet cul-de-sac and feels warm and inviting the moment you step inside. The cute eat-in kitchen offers a functional layout and walks out to your own private, fenced-in backyard, perfect for relaxing or entertaining. Upstairs, you'll find two generously sized bedrooms with spacious closets, along with a full bath. This two-bedroom, one-and-a-half-bath condo blends comfort and practicality, whether you're enjoying a quiet night in or hosting guests. Recent updates include a new gas range, updated electrical and plumbing, plus a new bed frame, brand new mattress, sofa, and tables that will stay with the home, making it even more move-in ready. Sellers are relocating out of state due to urgent family matters, creating a great opportunity for the next owner to move into a well-cared-for home sooner than expected. Conveniently located near shopping, restaurants, I-65, and less than an hour from Chicago. Being sold AS-IS.

2. 2026-04-21
   listed $148,000 Active 965-char remark

   Show marketing remark (965 chars)

   This cozy condo is tucked away on a quiet cul-de-sac and feels warm and inviting the moment you step inside. The cute eat-in kitchen offers a functional layout and walks out to your own private, fenced-in backyard, perfect for relaxing or entertaining. Upstairs, you'll find two generously sized bedrooms with spacious closets, along with a full bath. This two-bedroom, one-and-a-half-bath condo blends comfort and practicality, whether you're enjoying a quiet night in or hosting guests. Recent updates include a new gas range, updated electrical and plumbing, plus a new bed frame, brand new mattress, sofa, and tables that will stay with the home, making it even more move-in ready. Sellers are relocating out of state due to urgent family matters, creating a great opportunity for the next owner to move into a well-cared-for home sooner than expected. Conveniently located near shopping, restaurants, I-65, and less than an hour from Chicago. Being sold AS-IS.

3. 2026-01-15
   soldstatus $115,000 Closed 510-char remark

   Show marketing remark (510 chars)

   Start your New Year in your very own cozy condo on a cul-de-sac , that is warm and inviting the moment you step inside. Cute eat in kitchen that walks out to your private fenced in backyard. Both bedrooms are upstairs and generously sized with spacious closets. Close to shopping , restaurants , I-65 and less than an hour from Chicago . Whether you are enjoying a quiet evening indoors or hosting friends, this two-bedroom one and half bath Condo blends comfort and practicality! Being Sold "AS-IS"

4. 2026-01-07
   status Pending 510-char remark

   Show marketing remark (510 chars)

   Start your New Year in your very own cozy condo on a cul-de-sac , that is warm and inviting the moment you step inside. Cute eat in kitchen that walks out to your private fenced in backyard. Both bedrooms are upstairs and generously sized with spacious closets. Close to shopping , restaurants , I-65 and less than an hour from Chicago . Whether you are enjoying a quiet evening indoors or hosting friends, this two-bedroom one and half bath Condo blends comfort and practicality! Being Sold "AS-IS"

5. 2025-12-28
   listed $130,000 Active 510-char remark

   Show marketing remark (510 chars)

   Start your New Year in your very own cozy condo on a cul-de-sac , that is warm and inviting the moment you step inside. Cute eat in kitchen that walks out to your private fenced in backyard. Both bedrooms are upstairs and generously sized with spacious closets. Close to shopping , restaurants , I-65 and less than an hour from Chicago . Whether you are enjoying a quiet evening indoors or hosting friends, this two-bedroom one and half bath Condo blends comfort and practicality! Being Sold "AS-IS"

6. 2013-01-01
   historical
7. 2012-06-07
   listed $56,900
8. 2012-06-07
   historical
9. 2011-12-07
   listed $56,900
10. 2011-12-07
    historical
11. 2011-06-15
    listed $74,900
12. 2010-07-24
    historical
13. 2010-01-20
    listed $84,900

ⓘ 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: $350 · $29/mo
• Projected year-2 tax: $783 · $65/mo
• Expected delta: +$433/yr (+$36/mo · 123.7%)

ⓘ 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: $17,732
• − Mortgage interest: −$8,010
• − Property taxes: −$350
• − Insurance: −$715
• − Repairs & maintenance: −$1,419
• − Management: −$1,419
• − HOA: −$1,500
• − Depreciation: −$4,160
• Taxable income: $159
• Est. tax owed @ 24.0%: −$38
• After-tax cash flow: $2,406/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

+68.4% since first listed

13 events — show timeline

• 2026-05-06 Price Changed $143,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-21 Listed $148,000 NIRA MLS as Distributed by MLS Grid
• 2026-01-15 Sold (MLS) $115,000 NIRA MLS as Distributed by MLS Grid
• 2026-01-07 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-12-28 Listed $130,000 NIRA MLS as Distributed by MLS Grid
• 2013-01-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-06-07 Listed $56,900 NIRA MLS as Distributed by MLS Grid
• 2012-06-07 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-12-07 Listed $56,900 NIRA MLS as Distributed by MLS Grid
• 2011-12-07 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-06-15 Listed $74,900 NIRA MLS as Distributed by MLS Grid
• 2010-07-24 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-01-20 Listed $84,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-1.3%/yr

Latest (2024): $350 · -0.5% YoY. Source: county tax records.