6525 Delaware Ave · Hammond, IN 46323

$89,999

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 12 Days on market

Built 1926 6,150 sqft lot Est $162k · 45% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Hessville Bungalow * 2 Bedroom * 1 Bath * 864 s. f. * Ready to be Fully Remodeled on the Interior * Exterior Updated Roof * Gutters * Maintenance Free Fascia and Soffit * Vinyl Siding * Full Basement * 2 Car Detached Garage * Fenced Rear Yard * Front Deck *

Key facts

• Front deck
• Full basement
• Updated roof

Tags

• UPDATED ROOF
• VINYL SIDING
• FULL BASEMENT
• FENCED REAR YARD
• FRONT DECK

Property features AI

Exterior

• Parking: Detached garage; 2 garage spaces; Driveway with additional parking
• Utilities: Public water; Public sewer; Electricity connected (100 Amp service); Natural gas available
• Home design: One-story property; Built in 1926; Property listed as fixer condition
• Construction: Vinyl siding; Composition shingle roof; Has basement (unfinished)
• Exterior features: Neighborhood view; Back yard with chain link fencing (fenced)

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Primary bedroom; Second bedroom
• Flooring: Hardwood; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: No notable built-in interior features listed; Unfinished basement
• Laundry & utility: Washer hookup; Gas dryer hookup; Laundry located on lower level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $503 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 13.0% vs local median 5.9% in Hammond — 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 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, schools 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.
• Market conditions: 62 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $622 of loan paydown is wiped out by about $3k 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 + 3.0% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,999

Questions for the listing agent

1. Built in 1926 — 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. 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.
6. 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.
7. 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: 1.55% ✓
• Cap rate: 13.00%
• Cash-on-cash: 23.94%
• DSCR: 2.07
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $162,432
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6522 California Ave	0.16mi	2/1.5	875 (+1%)	13mo	$203,000	$232	78
6839 Arkansas Ave	0.42mi	2/1.0	850 (-2%)	4mo	$159,000	$187	74
6538 Alexander Ave	0.53mi	2/1.0	825 (-4%)	4mo	$155,000	$188	64
3044 Crane Pl	0.39mi	3/1.0 (+1)	816 (-6%)	5mo	$80,000	$98	63
6603 Alabama Ave	0.32mi	2/1.0	960 (+11%)	9mo	$176,000	$183	59
2726 162nd Pl	0.58mi	3/1.5 (+1)	874 (+1%)	6mo	$195,000	$223	59
7045 Alabama Ave	0.74mi	2/1.0	862 (-0%)	8mo	$150,000	$174	58
3228 163rd St	0.32mi	3/1.0 (+1)	981 (+14%)	0mo	$118,000	$120	57
3435 165th St	0.45mi	3/1.0 (+1)	925 (+7%)	10mo	$145,000	$157	54
2715 164th Pl	0.50mi	2/1.0	736 (-15%)	3mo	$150,000	$204	50
2913 Janet Pl	0.48mi	2/11.0	852 (-1%)	9mo	$163,000	$191	48
3445 164th St	0.48mi	3/1.0 (+1)	981 (+14%)	12mo	$200,000	$204	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: 17.1%
• Equity multiple: 1.69×
• Total profit: $17,441
• Equity at exit: $13,419

10-year hold

• IRR: 25.7%
• Equity multiple: 3.24×
• Total profit: $56,444
• Equity at exit: $7,781

Cash invested: $25,200 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,395 high
• Mortgage (P&I): −$472
• Tax from tax record: −$90 /mo · $1,077/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $503

Break-even live

Break-even rent $759

Max offer price $89,999

Occupancy floor 59%

Sensitivity live

Price	-10% $554	-5% $528	+0% $503	+5% $477	+10% $452
Rent	-10% $393	-5% $448	+0% $503	+5% $558	+10% $613
Rate	-1.0pp $548	-0.5pp $526	base $503	+0.5pp $479	+1.0pp $456

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2723 E 165th St Unit 3 Hammond, IN	2.0	1.0	800	$1,350	$1.69	7d	1	0.47mi
3400 Stevens Ct Hammond, IN	1.0	1.0	700	$1,120	$1.60	19d	1	0.60mi
3611 167th St Hammond, IN	1.0–2.0	1.0	695	$1,450	$2.09	0d	1	0.67mi
7050 Idaho Ave Unit 3S Hammond, IN	1.0	1.0	650	$1,275	$1.96	11d	1	0.70mi
7050 Idaho Ave Hammond, IN	1.0	1.0	650	$1,275	$1.96	4d	1	0.70mi
7105 Parrish Ave Hammond, IN	1.0	1.0	650	$1,275	$1.96	21d	1	0.73mi
7105 Parrish Ave Unit 3N Hammond, IN	1.0	1.0	650	$1,275	$1.96	25d	1	0.73mi
6610 Rhode Island Ave Hammond, IN	3.0	1.0	1025	$1,600	$1.56	8d	1	0.98mi
6320 Rhode Island Ave Hammond, IN	3.0	1.0	916	$1,550	$1.69	3d	1	0.99mi
6746 Forestdale Ave Hammond, IN	3.0	1.0	900	$1,860	$2.07	0d	1	1.14mi
3605 Orchard Dr Hammond, IN	1.0	1.0	736	$950	$1.29	5d	1	1.44mi
7633 Kentucky Ave Hammond, IN	3.0	1.0	888	$1,595	$1.80	11d	1	1.46mi

Listing history 8 events

1. 2026-06-15
   status $89,999 Pending 12 DOM
2. 2026-06-15
   days on market $89,999 Active 12 DOM
3. 2026-06-13
   days on market $89,999 Active 10 DOM
4. 2026-06-09
   days on market $89,999 Active 6 DOM
5. 2026-06-08
   days on market $89,999 Active 5 DOM
6. 2026-06-07
   days on market $89,999 Active 4 DOM
7. 2026-06-04
   remarks 282-char remark
8. 2026-06-04
   listed $89,999 Active 1 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: $1,077 · $90/mo
• Projected year-2 tax: $1,077 · $90/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $16,739
• − Mortgage interest: −$5,041
• − Property taxes: −$1,077
• − Insurance: −$450
• − Repairs & maintenance: −$1,339
• − Management: −$1,339
• − Depreciation: −$2,618
• Taxable income: $4,873
• Est. tax owed @ 24.0%: −$1,170
• After-tax cash flow: $4,863/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

1 event — show timeline

• 2026-06-03 Listed $89,999 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2024): $1,077 · -6.1% YoY. Source: county tax records.