7405 Howard Ave · Hammond, IN 46324

$224,900

2 bd · 1.5 ba · 1,512 sqft · SingleFamily public records · 2 Days on market

Built 1945 5,227 sqft lot Est $180k · 25% over

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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 +25.1/30.0
• DSCR +8.2/10.0
• 1% rule +5.8/10.0
• Rent growth +3.9/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Recently remodeled Beautiful All Brick 3 Bed, 1 1/12 bath Cape Cod on a nice corner lot with a Cherry Tree in the front yard. There is additional living space in the full finished basement that has built in benches with wine racks. Other amenities are: the beautiful wrap around porch, a 6ft privacy fence, neutral colors and carpet throughout home, newer fold out Reynolds windows throughout home, master Bedroom with walk-in closet, Lots of storage in attic and utility room, Main floor bath with large linen closet, Breakfast nook in kitchen with small TV stays along with all of the appliances, Beautiful custom cabinets in Kitchen, built in 125 gallon aquarium with supplies, 27' foot pool with deck, newer filter and liner, brick patio great for entertaining, Pyramid Alarm Security System, NEW ROOF with 30 architectrual shingles in June 2004 on Garage and Home, garage with road access, Great neighborhood w/ new sidewalks & streets, Close to expressway, schools and shopping. Motivated seller

Key facts

• All brick
• Private fenced yard
• Wraparound deck

Tags

• ALL BRICK
• PRIVATE FENCED YARD
• WRAPAROUND DECK
• ORIGINAL HARDWOOD FLOORS
• STYLISH TILE BACKSPLASH
• BUTCHER BLOCK COUNTERTOPS

Property features AI

Exterior

• Parking: Detached garage (1 car); Driveway parking; On-street parking
• Utilities: Public water; Public sewer
• Home design: One and one half story house; Built in 1945
• Construction: Year built 1945
• Exterior features: Neighborhood view

Interior

• Kitchen: Gas range; Refrigerator; Microwave
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Neighborhood view; Unfinished basement with plumbing stubbed for a bath

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $497 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Cap rate 8.9% vs local median 5.8% 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: Rents rising fast (+5.5%/yr); 63 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,424/mo this rent would consume 46% of the median local household income ($63k/yr) (locally 507% 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 + 5.5% rent growth), your $63k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $224,900

Questions for the listing agent

1. Built in 1945 — 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: 1.08% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.47%
• DSCR: 1.42
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $179,928
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7436 Columbia Ave	0.11mi	3/1.0 (+1)	1,411 (-7%)	9mo	$150,000	$106	69
7149 Tapper Ave	0.30mi	3/2.0 (+1)	1,449 (-4%)	8mo	$200,000	$138	65
7339 Jefferson Ave	0.40mi	2/2.5	1,600 (+6%)	5mo	$155,000	$97	63
1125 177th Pl	0.42mi	2/1.0	1,652 (+9%)	2mo	$169,000	$102	62
919 171st St	0.45mi	2/1.0	1,656 (+10%)	2mo	$197,500	$119	60
7327 Howard Ave	0.07mi	3/1.0 (+1)	1,712 (+13%)	10mo	$195,000	$114	60
7623 Monroe Ave	0.60mi	3/1.0 (+1)	1,460 (-3%)	2mo	$197,000	$135	57
7019 Chestnut Ave	0.60mi	3/1.0 (+1)	1,440 (-5%)	6mo	$135,000	$94	52
7216 Mclaughlin Ave	0.52mi	3/1.0 (+1)	1,404 (-7%)	8mo	$207,000	$147	50
7420 White Oak Ave	0.60mi	3/1.0 (+1)	1,440 (-5%)	10mo	$210,000	$146	49
939 Cherry St	0.73mi	3/2.0 (+1)	1,462 (-3%)	9mo	$120,000	$82	46
7221 Jackson Ave	0.62mi	2/1.0	1,302 (-14%)	10mo	$169,500	$130	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 · 5.51% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $1,436
• Equity at exit: $33,533

10-year hold

• IRR: 12.5%
• Equity multiple: 2.09×
• Total profit: $68,921
• Equity at exit: $19,445

Cash invested: $62,972 (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 46324

• Home prices YoY: -9.6%
• Rents YoY: 5.5%
• Active inventory: 63
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,424 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$144 /mo · $1,734/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $497

Break-even live

Break-even rent $1,794

Max offer price $224,900

Occupancy floor 74%

Sensitivity live

Price	-10% $624	-5% $561	+0% $497	+5% $433	+10% $370
Rent	-10% $306	-5% $401	+0% $497	+5% $593	+10% $688
Rate	-1.0pp $610	-0.5pp $554	base $497	+0.5pp $439	+1.0pp $379

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7202 Chestnut Ave Hammond, IN	3.0	2.0	2178	$1,900	$0.87	2d	1	0.43mi
7019 Chestnut Ave Hammond, IN	3.0	1.5	1440	$1,895	$1.32	21d	1	0.60mi
7610 Manor Ave Munster, IN	3.0	2.0	1700	$4,750	$2.79	2d	1	0.98mi
7611 Kinsley Pl Munster, IN	3.0	2.0	1700	$4,700	$2.76	2d	1	1.01mi
232 Gregory Ave Munster, IN	3.0	1.5	1600	$2,450	$1.53	2d	1	1.07mi

Listing history 3 events

1. 2026-05-02
   status Pending
2. 2026-04-29
   listed $224,900 Active
3. 2004-09-01
   listed $114,900 1007-char remark

   Show marketing remark (1007 chars)

   Recently remodeled Beautiful All Brick 3 Bed, 1 1/12 bath Cape Cod on a nice corner lot with a Cherry Tree in the front yard. There is additional living space in the full finished basement that has built in benches with wine racks. Other amenities are: the beautiful wrap around porch, a 6ft privacy fence, neutral colors and carpet throughout home, newer fold out Reynolds windows throughout home, master Bedroom with walk-in closet, Lots of storage in attic and utility room, Main floor bath with large linen closet, Breakfast nook in kitchen with small TV stays along with all of the appliances, Beautiful custom cabinets in Kitchen, built in 125 gallon aquarium with supplies, 27' foot pool with deck, newer filter and liner, brick patio great for entertaining, Pyramid Alarm Security System, NEW ROOF with 30 architectrual shingles in June 2004 on Garage and Home, garage with road access, Great neighborhood w/ new sidewalks & streets, Close to expressway, schools and shopping. Motivated seller

ⓘ 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: $1,734 · $144/mo
• Projected year-2 tax: $1,823 · $152/mo
• Expected delta: +$89/yr (+$7/mo · 5.1%)

ⓘ 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 ≥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: $29,082
• − Mortgage interest: −$12,598
• − Property taxes: −$1,734
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,327
• − Management: −$2,327
• − Depreciation: −$6,543
• Taxable income: $2,430
• Est. tax owed @ 24.0%: −$583
• After-tax cash flow: $5,381/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): 21,409
• Household income: $63,052
• Rent vs Own: 32.0% rent · 68.0% own
• Severe rent burden: 507.0

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 0.69)
• Race & ethnicity: Hispanic / Latino 39% White 34% Black 22% Two or more races 14% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 31% Puerto Rican 5%
• Common ancestry: Romanian 5% Lithuanian 1% Italian 1%
• Foreign-born: 10% · Canada
• Languages at home: 79% English-only · Spanish 20%

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: ▼ -37.65%
• Current HPI: 352.8678
• Rent YoY: ▲ 5.51%
• 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

+95.7% since first listed

3 events — show timeline

• 2026-05-02 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-29 Listed $224,900 NIRA MLS as Distributed by MLS Grid
• 2004-09-01 Listed $114,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.7%/yr

Latest (2024): $1,734 · -5.6% YoY. Source: county tax records.