1000 E 61st Pl · Merrillville, IN 46410

$146,000

2 bd · 2.0 ba · 1,112 sqft · SingleFamily public records · 9 Days on market

Built 1951 0.44 ac lot Est $181k · 19% under

---

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 +22.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +5.0/10.0
• 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

Great Ranch style brick home 3 bedrooms, 1 bath with fireplace in living room offer you endless options. Great for owner occupant or investor. Central location with easy access to shopping, schools & recreation. Offer deadline Thursday March 23, 2017 3pm!

Key facts

• Peaceful creek
• Generous deck
• Brick home

Tags

• BRICK HOME
• CUL-DE-SAC
• LARGE BACK YARD
• PEACEFUL CREEK
• GENEROUS DECK
• WELCOMING FIREPLACE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $146k.

Deal economics

• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (0.0% below list).
• Recommended offer: $146k (0.0% below list) — sets the bar for 1% rule.
• Cap rate 8.2% 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; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 14d 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 $1k of loan paydown is wiped out by about $4k 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 24y 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 $47k; list at $146k implies a 210% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,979

Questions for the listing agent

1. Built in 1951 — 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: 1.00% ✗
• Cap rate: 8.24%
• Cash-on-cash: 6.94%
• DSCR: 1.31
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $181,256
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6181 Kentucky Pl	0.12mi	3/2.0 (+1)	1,127 (+1%)	19mo	$230,500	$205	71
6150 Virginia St	0.28mi	3/1.0 (+1)	1,040 (-6%)	0mo	$170,000	$163	67
1029 E 64th Pl	0.42mi	2/1.0	1,092 (-2%)	8mo	$82,500	$76	66
735 E 61st Ave	0.19mi	3/1.0 (+1)	1,152 (+4%)	13mo	$160,000	$139	65
1424 Mississippi Pl	0.63mi	3/1.0 (+1)	1,176 (+6%)	5mo	$132,000	$112	48
6391 Vermont St	0.31mi	3/1.0 (+1)	1,026 (-8%)	20mo	$176,500	$172	47
46 E 66th Pl	0.72mi	3/1.0 (+1)	1,180 (+6%)	2mo	$188,000	$159	46
6174 Pennsylvania St	0.46mi	3/1.0 (+1)	1,008 (-9%)	16mo	$121,500	$121	40
43 E 66th Pl	0.75mi	3/1.0 (+1)	1,009 (-9%)	13mo	$207,000	$205	30
6667 Connecticut St	0.75mi	3/1.0 (+1)	960 (-14%)	10mo	$190,000	$198	25

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: -4.5%
• Equity multiple: 0.83×
• Total profit: $-6,993
• Equity at exit: $21,769

10-year hold

• IRR: 6.3%
• Equity multiple: 1.49×
• Total profit: $20,025
• Equity at exit: $12,623

Cash invested: $40,880 (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: 8.3×

Monthly cashflow live

• Estimated rent: $1,460 high
• Mortgage (P&I): −$766
• Tax from tax record: −$90 /mo · $1,082/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $237

Break-even live

Break-even rent $1,160

Max offer price $146,000

Occupancy floor 79%

Sensitivity live

Price	-10% $319	-5% $278	+0% $237	+5% $195	+10% $154
Rent	-10% $121	-5% $179	+0% $237	+5% $294	+10% $352
Rate	-1.0pp $310	-0.5pp $274	base $237	+0.5pp $199	+1.0pp $160

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: $36,500
• Closing costs: $4,380
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5850 Pennsylvania St Merrillville, IN	1.0–2.0	1.0	826	$1,195	$1.45	2d	4	0.56mi
330 E 69th Pl Merrillville, IN	3.0	1.5	1482	$1,850	$1.25	2d	1	1.14mi
5719 Van Buren St Merrillville, IN	3.0	2.0	950	$1,500	$1.58	22d	1	1.16mi
5026 Kentucky St Gary, IN	3.0	1.0	1200	$1,100	$0.92	7d	1	1.39mi
5001 Carolina St Gary, IN	3.0	1.0	875	$1,350	$1.54	3d	1	1.42mi
6850 Van Buren Pl Merrillville, IN	3.0	1.0	1120	$1,795	$1.60	21d	1	1.45mi
6839 Harrison St Merrillville, IN	3.0	1.0	1128	$1,650	$1.46	13d	1	1.45mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	20d	1	1.46mi

Listing history 8 events

1. 2026-04-23
   status Pending
2. 2026-04-13
   listed $146,000 Active
3. 2025-04-07
   historical
4. 2025-02-27
   listed $215,000 Active
5. 2017-04-18
   soldstatus $47,050 261-char remark

   Show marketing remark (261 chars)

   Great Ranch style brick home 3 bedrooms, 1 bath with fireplace in living room offer you endless options. Great for owner occupant or investor. Central location with easy access to shopping, schools & recreation. Offer deadline Thursday March 23, 2017 3pm!

6. 2017-03-18
   listed $42,300 261-char remark

   Show marketing remark (261 chars)

   Great Ranch style brick home 3 bedrooms, 1 bath with fireplace in living room offer you endless options. Great for owner occupant or investor. Central location with easy access to shopping, schools & recreation. Offer deadline Thursday March 23, 2017 3pm!

7. 2003-11-20
   historical
8. 2002-01-17
   listed $95,900

ⓘ 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: $1,082 · $90/mo
• Projected year-2 tax: $1,162 · $97/mo
• Expected delta: +$79/yr (+$7/mo · 7.3%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,517
• − Mortgage interest: −$8,178
• − Property taxes: −$1,082
• − Insurance: −$730
• − Repairs & maintenance: −$1,401
• − Management: −$1,401
• − Depreciation: −$4,247
• Taxable income: $477
• Est. tax owed @ 24.0%: −$114
• After-tax cash flow: $2,724/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

+52.2% since first listed

8 events — show timeline

• 2026-04-23 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-13 Listed $146,000 NIRA MLS as Distributed by MLS Grid
• 2025-04-07 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-02-27 Listed $215,000 NIRA MLS as Distributed by MLS Grid
• 2017-04-18 Sold (MLS) $47,050 NIRA MLS as Distributed by MLS Grid
• 2017-03-18 Listed $42,300 NIRA MLS as Distributed by MLS Grid
• 2003-11-20 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2002-01-17 Listed $95,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.8%/yr

Latest (2024): $1,082 · +7.6% YoY. Source: county tax records.