2256 W 57th Pl · Merrillville, IN 46410

$276,000

3 bd · 2.0 ba · 1,356 sqft · SingleFamily public records · 2 Days on market

Built 1966 0.27 ac lot Est $220k · 26% over

---

Why this score? — see what drove the F 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 +9.0/30.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Schools +2.6/10.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Come see what the heart of NW Indiana has to offer. This beautiful Merrillville home is located in the quiet neighborhood of Wright Manor. This family home has 3 bedrooms, 2 baths, large back yard, and full basement. Large 2.5 car garage. A dry bar in the basement, perfect for any get together with family or friends. Come visit this home and vision what is possible. This property is being sold AS-IS.

Key facts

• Dry bar
• Full basement
• Large back yard

Tags

• LARGE BACK YARD
• FULL BASEMENT
• DRY BAR

Property features AI

Exterior

• Parking: Detached garage; Driveway parking; Concrete driveway; Approximately 2.5 garage spaces
• Utilities: Electricity connected with circuit breakers; Public water; Public sewer; Natural gas connected
• Home design: One-level home; Built in 1966
• Construction: Brick and wood siding exterior; Asphalt roof; Full basement with storage space
• Exterior features: Neighborhood view; Wood-frame windows; Exterior lighting; Shed(s)

Interior

• Kitchen: Electric cooktop; Microwave
• Bedrooms: Primary bedroom; At least two additional bedrooms (Bedroom 2, Bedroom 3); Bonus room
• Flooring: Hardwood floors; Concrete floors; Tile floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating; Hot water heating
• Interior features: Other interior features; Lighting
• Laundry & utility: Laundry room with washer hookup; Gas dryer hookup; Laundry sink; Lower-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $276k.

Deal economics

• At list price, monthly cash flow is $-219 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $237k (14.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $183k (33.6% below list).
• Recommended offer: $183k (33.6% below list) — sets the bar for 1% rule.

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: 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.
• Zoned schools: Edgar L Miller Elementary School (math 17% / reading 12%, grade F, #862 of 994 statewide, top 88%, 351 students, 81% FRL); Merrillville Intermediate School (math 25% / reading 36%, grade F, #203 of 330 statewide, top 63%, 855 students, 71% FRL); Merrillville High School (math 19% / reading 55%, grade F, #247 of 369 statewide, top 70%, 2,042 students, 64% FRL) — zoned schools average 72% FRL vs 50% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.1%/yr); 264 active listings in the ZIP; 6 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 34% 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 $2k of loan paydown is wiped out by about $8k 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 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 28y 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.

Recommended offer $183,402 (33.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1966 — 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 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.66% ✗
• Cap rate: 5.34%
• Cash-on-cash: -3.41%
• DSCR: 0.85
• GRM: 12.5

CMA / ARV

• ARV (on-the-fly): $219,672
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5847 Taft Pl	0.18mi	3/1.5	1,374 (+1%)	10mo	$245,000	$178	79
5910 Arthur St	0.35mi	3/2.0	1,352 (-0%)	5mo	$155,000	$115	79
1851 W 58th Pl	0.34mi	3/2.0	1,302 (-4%)	13mo	$222,000	$171	67
5845 Roosevelt St	0.20mi	3/1.0	1,232 (-9%)	12mo	$220,000	$179	61
1720 W 54th Ave	0.58mi	3/2.0	1,400 (+3%)	8mo	$160,000	$114	61
5951 Hayes Pl	0.46mi	3/1.0	1,487 (+10%)	7mo	$260,000	$175	53
1670 W 61st Pl	0.58mi	3/1.0	1,226 (-10%)	2mo	$169,900	$139	52
6201 Hayes St	0.68mi	2/1.0 (-1)	1,390 (+2%)	7mo	$220,800	$159	49
5397 Cleveland St	0.58mi	3/1.5	1,538 (+13%)	1mo	$249,000	$162	48

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: -21.0%
• Equity multiple: 0.27×
• Total profit: $-56,762
• Equity at exit: $41,152

10-year hold

• IRR: -12.5%
• Equity multiple: 0.23×
• Total profit: $-59,290
• Equity at exit: $23,863

Cash invested: $77,280 (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: 12.5×

Monthly cashflow live

• Estimated rent: $1,834 high
• Mortgage (P&I): −$1,447
• Tax from tax record: −$106 /mo · $1,270/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $-219

Break-even live

Break-even rent $2,112

Max offer price $237,250

Occupancy floor —

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: $69,000
• Closing costs: $8,280
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3190 W 63rd Ln Merrillville, IN	3.0	2.0	1667	$2,600	$1.56	4d	1	0.86mi
910 W 56th Ave Merrillville, IN	4.0	1.5	1431	$1,825	$1.28	1d	1	0.95mi
1240 W 52nd Dr Merrillville, IN	2.0	1.0–2.0	957	$1,349	$1.41	1d	9	1.05mi
5719 Van Buren St Merrillville, IN	3.0	2.0	950	$1,500	$1.58	22d	1	1.07mi
5005 Chase St Gary, IN	3.0	2.0	1142	$1,400	$1.23	1d	1	1.12mi
505 W 53rd Ave Merrillville, IN	4.0	2.0	1650	$1,650	$1.00	1d	1	1.34mi

Listing history 5 events

1. 2026-05-10
   status Pending
2. 2026-05-08
   listed $276,000 Active
3. 2025-08-25
   historical
4. 2025-08-19
   listed $276,400 Active
5. 1998-10-06
   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: $1,270 · $106/mo
• Projected year-2 tax: $1,808 · $151/mo
• Expected delta: +$538/yr (+$45/mo · 42.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 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: $22,008
• − Mortgage interest: −$15,460
• − Property taxes: −$1,270
• − Insurance: −$1,380
• − Repairs & maintenance: −$1,761
• − Management: −$1,761
• − Depreciation: −$8,029
• Taxable loss: −$7,653
• Est. tax savings @ 24.0%: +$1,837
• After-tax cash flow: $-796/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

+176.3% since first listed

5 events — show timeline

• 2026-05-10 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-08 Listed $276,000 NIRA MLS as Distributed by MLS Grid
• 2025-08-25 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-08-19 Listed $276,400 NIRA MLS as Distributed by MLS Grid
• 1998-10-06 Listed $99,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.5%/yr

Latest (2024): $1,270 · +7.6% YoY. Source: county tax records.