1031 W 59th Pl · Merrillville, IN 46410

$189,900

3 bd · 2.0 ba · 1,544 sqft · SingleFamily public records · 16 Days on market

Built 1979 5,184 sqft lot $123/sqft · 11% below area Est $213k · 11% under

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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 +23.8/30.0
• ARV discount +12.4/15.0
• DSCR +7.7/10.0
• 1% rule +5.6/10.0
• 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

Beautifully updated split level home awaits you! This home offers numerous recent updates including new wood flooring in living room and lower rec room, fresh paint, new lighting, carpet in bedrooms, doors and trim, water heater, and windows. That's not all! Gorgeous custom kitchen has ceiling height hickory cabinets with dovetailed drawers (solid wood-no particle board), GRANITE counters with tiled backsplash, Samsung stainless appliances, porcelain tiled floor, & separate pantry. Both bathrooms won't disappoint and are sure to please with all new porcelain tile on floors and walls with glass tile accent, new vanities with granite tops, & 1 piece toilets. First floor shower is luxurious with custom tile work & glass door. Other amenities include fireplace in first floor rec room, attached garage, & spacious fenced yard. Great price in Merrillville with all of these updates, so don't delay!

Key facts

• Move-in ready
• Natural light
• Updated bathrooms

Tags

• UPDATED KITCHEN
• UPDATED BATHROOMS
• FULLY FENCED BACKYARD
• SPACIOUS GATHERING AREAS
• NATURAL LIGHT
• MOVE-IN READY

Property features AI

Exterior

• Parking: Attached garage with automatic opener; One garage space
• Utilities: Public water; Municipal sewer connected; 200+ amp electrical service
• Home design: Single-family residence; Two-level home; Less than 1/4 acre lot
• Construction: Vinyl siding; Slab foundation
• Exterior features: Lot size approximately 0.12 acres

Interior

• Kitchen: Refrigerator; Gas oven; Microwave; Dishwasher
• Bedrooms: Three bedrooms (one on main level, two on upper level); Bedroom sizes include 13x8, 13x10, and 13x10
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Hardwood floors; Painted woodwork; One masonry, wood-burning fireplace
• Laundry & utility: Laundry room with washer and dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $187k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% 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; 12 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).
• This rent runs 37% of the median local income ($64k/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

• It's been on market 16 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $187,051 (1.5% below list)

Questions for the listing agent

1. Built in 1979 — 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: 1.06% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.26%
• DSCR: 1.37
• GRM: 7.9

CMA / ARV

• ARV (median comp): $213,148
• List price: $189,900
• Delta: -10.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1031 W 59th Pl	0.00mi	3/2.0	1,544 (0%)	0mo	$187,500	$121	100
1042 W 59th Ct	0.03mi	3/2.0	1,544 (0%)	7mo	$235,000	$152	93
6034 Harrison St	0.17mi	3/2.0	1,544 (0%)	4mo	$263,000	$170	89
1058 W 61st Ave	0.20mi	3/2.0	1,542 (-0%)	3mo	$235,000	$152	88
962 W 59th Cir	0.03mi	4/2.5 (+1)	1,568 (+2%)	2mo	$120,000	$77	87
919 W 61st Ave	0.24mi	3/2.0	1,636 (+6%)	7mo	$215,000	$131	74
1017 W 63rd Ave	0.44mi	2/1.5 (-1)	1,538 (-0%)	4mo	$197,500	$128	68
1310 W 61st Pl	0.34mi	3/1.5	1,705 (+10%)	5mo	$265,000	$155	60
423 W 55th Pl	0.62mi	3/3.5	1,612 (+4%)	2mo	$180,000	$112	56
5585 Jackson St	0.53mi	3/2.0	1,717 (+11%)	2mo	$284,000	$165	55
1711 W 57th Ave	0.49mi	3/1.5	1,712 (+11%)	4mo	$239,000	$140	54
5910 Arthur St	0.55mi	3/2.0	1,352 (-12%)	5mo	$155,000	$115	49

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: -2.6%
• Equity multiple: 0.90×
• Total profit: $-5,257
• Equity at exit: $28,315

10-year hold

• IRR: 8.2%
• Equity multiple: 1.65×
• Total profit: $34,719
• Equity at exit: $16,419

Cash invested: $53,172 (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: 7.9×

Monthly cashflow live

• Estimated rent: $2,004 high
• Mortgage (P&I): −$996
• Tax from tax record: −$142 /mo · $1,704/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $366

Break-even live

Break-even rent $1,541

Max offer price $189,900

Occupancy floor 77%

Sensitivity live

Price	-10% $473	-5% $420	+0% $366	+5% $312	+10% $258
Rent	-10% $208	-5% $287	+0% $366	+5% $445	+10% $524
Rate	-1.0pp $461	-0.5pp $414	base $366	+0.5pp $317	+1.0pp $267

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
910 W 56th Ave Merrillville, IN	4.0	1.5	1431	$1,825	$1.28	1d	1	0.43mi
505 W 53rd Ave Unit 1 Merrillville, IN	4.0	1.5	1900	$1,650	$0.87	1d	1	0.86mi
505 W 53rd Ave Merrillville, IN	4.0	2.0	1650	$1,650	$1.00	1d	1	0.86mi
1865 W 64th Pl Merrillville, IN	4.0	2.0	2034	$4,900	$2.41	44d	1	0.90mi
6004 Virginia St Merrillville, IN	3.0	2.5	1544	$1,800	$1.17	1d	1	1.06mi
6839 Harrison St Merrillville, IN	3.0	1.0	1128	$1,650	$1.46	13d	1	1.22mi
6850 Van Buren Pl Merrillville, IN	3.0	1.0	1120	$1,795	$1.60	21d	1	1.24mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	1d	1	1.40mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	10d	1	1.40mi
4767 Harrison St Gary, IN	3.0	1.0	1664	$1,500	$0.90	2d	1	1.45mi
3190 W 63rd Ln Merrillville, IN	3.0	2.0	1667	$2,600	$1.56	4d	1	1.49mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	1d	1	1.50mi

Listing history 11 events

1. 2026-05-18
   status Pending 832-char remark
2. 2026-05-18
   price $189,900 832-char remark
3. 2026-05-11
   price $199,900 832-char remark
4. 2026-05-01
   listed $209,900 Active 832-char remark
5. 2018-02-09
   soldstatus $124,900 924-char remark

   Show marketing remark (924 chars)

   Beautifully updated split level home awaits you! This home offers numerous recent updates including new wood flooring in living room and lower rec room, fresh paint, new lighting, carpet in bedrooms, doors and trim, water heater, and windows. That's not all! Gorgeous custom kitchen has ceiling height hickory cabinets with dovetailed drawers (solid wood-no particle board), GRANITE counters with tiled backsplash, Samsung stainless appliances, porcelain tiled floor, & separate pantry. Both bathrooms won't disappoint and are sure to please with all new porcelain tile on floors and walls with glass tile accent, new vanities with granite tops, & 1 piece toilets. First floor shower is luxurious with custom tile work & glass door. Other amenities include fireplace in first floor rec room, attached garage, & spacious fenced yard. Great price in Merrillville with all of these updates, so don't delay!

6. 2017-12-21
   listed $124,900 924-char remark

   Show marketing remark (924 chars)

   Beautifully updated split level home awaits you! This home offers numerous recent updates including new wood flooring in living room and lower rec room, fresh paint, new lighting, carpet in bedrooms, doors and trim, water heater, and windows. That's not all! Gorgeous custom kitchen has ceiling height hickory cabinets with dovetailed drawers (solid wood-no particle board), GRANITE counters with tiled backsplash, Samsung stainless appliances, porcelain tiled floor, & separate pantry. Both bathrooms won't disappoint and are sure to please with all new porcelain tile on floors and walls with glass tile accent, new vanities with granite tops, & 1 piece toilets. First floor shower is luxurious with custom tile work & glass door. Other amenities include fireplace in first floor rec room, attached garage, & spacious fenced yard. Great price in Merrillville with all of these updates, so don't delay!

7. 2013-01-15
   historical
8. 2013-01-15
   historical
9. 2011-09-22
   listed $44,900
10. 2011-03-04
    listed $44,900
11. 2005-04-20
    listed $99,900

ⓘ 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: $1,704 · $142/mo
• Projected year-2 tax: $1,704 · $142/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 ≥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: $24,044
• − Mortgage interest: −$10,637
• − Property taxes: −$1,704
• − Insurance: −$950
• − Repairs & maintenance: −$1,923
• − Management: −$1,923
• − Depreciation: −$5,524
• Taxable income: $1,381
• Est. tax owed @ 24.0%: −$331
• After-tax cash flow: $4,059/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

+87.7% since first listed

12 events — show timeline

• 2026-06-12 Sold (MLS) $187,500 MIBOR as Distributed by MLS Grid
• 2026-05-18 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-18 Price Changed $189,900 MIBOR as Distributed by MLS Grid
• 2026-05-11 Price Changed $199,900 MIBOR as Distributed by MLS Grid
• 2026-05-01 Listed $209,900 MIBOR as Distributed by MLS Grid
• 2018-02-09 Sold (MLS) $124,900 NIRA MLS as Distributed by MLS Grid
• 2017-12-21 Listed $124,900 NIRA MLS as Distributed by MLS Grid
• 2013-01-15 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2013-01-15 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-09-22 Listed $44,900 NIRA MLS as Distributed by MLS Grid
• 2011-03-04 Listed $44,900 NIRA MLS as Distributed by MLS Grid
• 2005-04-20 Listed $99,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+9.4%/yr

Latest (2024): $1,704 · +7.8% YoY. Source: county tax records.