928 W 68th Pl · Merrillville, IN 46410

$230,000

4 bd · 3.0 ba · 2,784 sqft · SingleFamily public records · 2 Days on market

Built 1966 9,583 sqft lot Est $301k · 24% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• 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

So much room in this split level home located in the TURKEY CREEK subdivision. Nearly 2800 SQ. FT. of living space includes 5 BEDROOMS, 3 BATHS, spacious family room, living room, eat-in kitchen, separate MASTER BEDROOM SUITE WITH SITTING ROOM, main floor laundry, and a NEW 2-TIERED DECK with screened porch overlooking a huge, fenced back yard that gives you great space to enjoy outdoor living. Attached one-car garage. FURNACE (2019), A/C (2017)

Key facts

• Main level bedroom
• Laundry area
• Attached garage

Tags

• MAIN LEVEL BEDROOM
• FULL BATH
• LAUNDRY AREA
• PRIVATE BATHROOM
• GENEROUS CLOSET SPACE
• ATTACHED GARAGE

Property features AI

Exterior

• Parking: Attached garage; 1 garage space; Driveway; Off-street parking; Garage door opener
• Utilities: Public water; Public sewer
• Home design: Built in 1966; Single-family property; 2,784 above-grade finished living area (main + upper levels)
• Construction: Year built 1966
• Exterior features: No notable view

Interior

• Kitchen: Gas range; Microwave; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4; Bedroom 5
• Bathrooms: 2 full bathrooms; 1 three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: His and hers closets; Pantry
• Laundry & utility: Washer; Dryer; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Cap rate 12.4% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $3,336/mo this rent would consume 62% 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 $7k 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.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $64k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 26y 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 $170k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $230,000

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 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: 1.45% ✓
• Cap rate: 12.40%
• Cash-on-cash: 21.81%
• DSCR: 1.97
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $300,672
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
941 W 66th Ave	0.21mi	4/2.5	2,970 (+7%)	17mo	$312,900	$105	63
6771 Jefferson St	0.51mi	4/2.5	2,769 (-0%)	13mo	$280,000	$101	63
716 W 66th Ave	0.38mi	4/2.0	2,626 (-6%)	18mo	$230,500	$88	54
6407 Hayes St	0.63mi	5/2.5 (+1)	2,800 (+1%)	13mo	$328,000	$117	52
7405 Pierce Pl	0.73mi	5/3.0 (+1)	2,630 (-6%)	0mo	$344,000	$131	51
6706 Madison St	0.43mi	5/2.5 (+1)	2,494 (-10%)	10mo	$285,000	$114	47
712 W 66th Pl	0.33mi	4/1.5	2,376 (-15%)	11mo	$252,500	$106	45
6744 Jefferson St	0.49mi	4/2.0	2,452 (-12%)	18mo	$265,000	$108	39
170 Walter Ave	0.51mi	5/2.0 (+1)	2,534 (-9%)	18mo	$260,000	$103	37
6420 Arthur St	0.75mi	3/2.5 (-1)	2,574 (-8%)	10mo	$340,000	$132	37
2001 W 64th Pl	0.73mi	3/2.5 (-1)	3,161 (+14%)	0mo	$306,500	$97	36
1501 W 73rd Pl	0.70mi	3/3.0 (-1)	2,370 (-15%)	11mo	$278,000	$117	29

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: 15.6%
• Equity multiple: 1.64×
• Total profit: $40,975
• Equity at exit: $34,294

10-year hold

• IRR: 25.0%
• Equity multiple: 3.29×
• Total profit: $147,220
• Equity at exit: $19,886

Cash invested: $64,400 (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: 5.7×

Monthly cashflow live

• Estimated rent: $3,336 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$163 /mo · $1,961/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$701
• Net cashflow: $1,170

Break-even live

Break-even rent $1,855

Max offer price $230,000

Occupancy floor 60%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	0.70mi
6092 Cleveland St Merrillville, IN	3.0	2.5	3136	$3,000	$0.96	44d	1	1.12mi
3023 W 63rd Ln Merrillville, IN	4.0	3.0	2500	$2,800	$1.12	3d	1	1.50mi

Listing history 7 events

1. 2026-05-14
   status Pending
2. 2026-05-12
   listed $230,000 Active
3. 2020-11-10
   soldstatus $170,000 449-char remark

   Show marketing remark (449 chars)

   So much room in this split level home located in the TURKEY CREEK subdivision. Nearly 2800 SQ. FT. of living space includes 5 BEDROOMS, 3 BATHS, spacious family room, living room, eat-in kitchen, separate MASTER BEDROOM SUITE WITH SITTING ROOM, main floor laundry, and a NEW 2-TIERED DECK with screened porch overlooking a huge, fenced back yard that gives you great space to enjoy outdoor living. Attached one-car garage. FURNACE (2019), A/C (2017)

4. 2020-10-05
   listed $170,000 449-char remark

   Show marketing remark (449 chars)

   So much room in this split level home located in the TURKEY CREEK subdivision. Nearly 2800 SQ. FT. of living space includes 5 BEDROOMS, 3 BATHS, spacious family room, living room, eat-in kitchen, separate MASTER BEDROOM SUITE WITH SITTING ROOM, main floor laundry, and a NEW 2-TIERED DECK with screened porch overlooking a huge, fenced back yard that gives you great space to enjoy outdoor living. Attached one-car garage. FURNACE (2019), A/C (2017)

5. 2001-06-30
   listed $119,000
6. 2000-10-26
   historical
7. 2000-07-27
   listed $122,000

ⓘ 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: $1,961 · $163/mo
• Projected year-2 tax: $1,961 · $163/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 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: $40,036
• − Mortgage interest: −$12,884
• − Property taxes: −$1,961
• − Insurance: −$1,150
• − Repairs & maintenance: −$3,203
• − Management: −$3,203
• − Depreciation: −$6,691
• Taxable income: $10,945
• Est. tax owed @ 24.0%: −$2,627
• After-tax cash flow: $11,417/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

+88.5% since first listed

7 events — show timeline

• 2026-05-14 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-12 Listed $230,000 NIRA MLS as Distributed by MLS Grid
• 2020-11-10 Sold (MLS) $170,000 NIRA MLS as Distributed by MLS Grid
• 2020-10-05 Listed $170,000 NIRA MLS as Distributed by MLS Grid
• 2001-06-30 Listed $119,000 NIRA MLS as Distributed by MLS Grid
• 2000-10-26 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2000-07-27 Listed $122,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+0.3%/yr

Latest (2024): $1,961 · +7.8% YoY. Source: county tax records.