6640 Delaware Ave · Hammond, IN 46323

$94,500

1 bd · 1.0 ba · 590 sqft · SingleFamily public records · 58 Days on market

Built 1926 Est $126k · 25% under ↓ 10% since listing

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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 +27.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• 1% rule +7.8/10.0
• 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

1-bedroom, 1-bathroom home offering endless potential. With a spacious yard, this property provides the perfect canvas for those looking to invest in a renovation project. The home includes a basement, adding additional possibilities for expansion. This property is being sold as-is, providing a fantastic opportunity for buyers ready to roll up their sleeves and create their dream home. Don't miss your chance to transform this space into something special! Schedule your showing today.

Key facts

• Spacious yard
• Basement
• Renovation project

Tags

• SPACIOUS YARD
• BASEMENT
• RENOVATION PROJECT

Property features AI

Finance

• Other: Property is vacant
• Financial info: Tax information provided separately (excluded per instructions)
• HOA & community: No HOA information provided

Exterior

• Parking: Attached garage; 1 garage space
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: One-story home; Built in 1926
• Construction: Year built 1926; Basement (unfinished)
• Exterior features: No notable exterior features listed; No special view

Interior

• Kitchen: Kitchen (specific appliances not listed)
• Bedrooms: Primary bedroom (level not specified)
• Flooring: Flooring details not provided
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No cooling system listed
• Interior features: No notable interior features listed; Unfinished basement
• Laundry & utility: Basement utility area (details not specified)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $94k.

Deal economics

• At list price, monthly cash flow is $277 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $94k).
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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: 59 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 11d 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 $653 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 $26k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $91,665 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 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 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.28% ✓
• Cap rate: 9.81%
• Cash-on-cash: 12.57%
• DSCR: 1.56
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $125,670
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7132 Marshall Ave	0.75mi	2/1.0 (+1)	598 (+1%)	2mo	$110,500	$185	57
6515 Missouri Ave	0.58mi	2/1.0 (+1)	588 (-0%)	15mo	$125,000	$213	55
2714 162nd Pl	0.69mi	2/1.0 (+1)	666 (+13%)	9mo	$170,000	$255	34
7116 Delaware Ave	0.57mi	2/1.0 (+1)	675 (+14%)	21mo	$87,500	$130	27

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: 2.3%
• Equity multiple: 1.09×
• Total profit: $2,369
• Equity at exit: $14,090

10-year hold

• IRR: 11.9%
• Equity multiple: 1.94×
• Total profit: $24,931
• Equity at exit: $8,171

Cash invested: $26,460 (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: 59
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,213 high
• Mortgage (P&I): −$496
• Tax from tax record: −$146 /mo · $1,757/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $277

Break-even live

Break-even rent $863

Max offer price $94,500

Occupancy floor 72%

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: $23,625
• Closing costs: $2,835
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3400 Stevens Ct Hammond, IN	1.0	1.0	700	$1,120	$1.60	18d	1	0.46mi
7050 Idaho Ave Hammond, IN	1.0	1.0	650	$1,275	$1.96	4d	1	0.52mi
7050 Idaho Ave Unit 3S Hammond, IN	1.0	1.0	650	$1,275	$1.96	10d	1	0.52mi
7105 Parrish Ave Hammond, IN	1.0	1.0	650	$1,275	$1.96	21d	1	0.55mi
7105 Parrish Ave Unit 3N Hammond, IN	1.0	1.0	650	$1,275	$1.96	24d	1	0.55mi
3611 167th St Hammond, IN	1.0–2.0	1.0	695	$1,250	$1.80	1d	1	0.69mi
3510 173rd St Hammond, IN	1.0	1.0	475	$975	$2.05	7d	1	1.01mi
3605 Orchard Dr Hammond, IN	1.0	1.0	736	$950	$1.29	4d	1	1.28mi

Listing history 15 events

1. 2026-06-18
   days on market $94,500 Active 58 DOM
2. 2026-06-17
   days on market $94,500 Active 57 DOM
3. 2026-06-16
   days on market $94,500 Active 56 DOM
4. 2026-06-15
   days on market $94,500 Active 55 DOM
5. 2026-06-13
   days on market $94,500 Active 53 DOM
6. 2026-06-09
   days on market $94,500 Active 49 DOM
7. 2026-06-08
   days on market $94,500 Active 48 DOM
8. 2026-06-07
   days on market $94,500 Active 47 DOM
9. 2026-06-04
   pricedays on market $94,500 Active 44 DOM
10. 2026-06-03
    days on market $99,500 Active 43 DOM
11. 2026-06-02
    days on market $99,500 Active 42 DOM
12. 2026-06-01
    days on market $99,500 Active 41 DOM
13. 2026-05-31
    days on market $99,500 Active 40 DOM
14. 2026-04-30
    price $99,500
15. 2026-04-21
    listed $110,000 Active

ⓘ 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: $1,757 · $146/mo
• Projected year-2 tax: $1,757 · $146/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: $14,559
• − Mortgage interest: −$5,293
• − Property taxes: −$1,757
• − Insurance: −$472
• − Repairs & maintenance: −$1,165
• − Management: −$1,165
• − Depreciation: −$2,749
• Taxable income: $1,957
• Est. tax owed @ 24.0%: −$470
• After-tax cash flow: $2,855/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

-9.5% since first listed

2 events — show timeline

• 2026-04-30 Price Changed $99,500 NIRA MLS as Distributed by MLS Grid
• 2026-04-21 Listed $110,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-3.8%/yr

Latest (2024): $1,757 · -13.3% YoY. Source: county tax records.