2394 W 61st Pl · Merrillville, IN 46410

$189,000

3 bd · 2.0 ba · 2,288 sqft · Manufactured public records · 28 Days on market

Built 1995 0.26 ac lot

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Attention investors and flippers! Major value-add opportunity in an area with 300K+ comps. 3 bed, 2 bath ranch with over 2,200 sq ft and basement space ready for your vision. Priced aggressively and sold as-is. Perfect for a flip or long-term hold. Don't miss this one!

Key facts

• 0.26 acre lot
• Built 1995
• Listed 28 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $189k.

Deal economics

• At list price, monthly cash flow is $452 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $189k).
• Recommended offer: $186k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.1% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,893/mo this rent would consume 54% of the median local household income ($64k/yr) (locally 1644% 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 $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.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $53k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 24y ago; this cycle's ask has dropped $21k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $108k; list at $189k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $186,165 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.53% ✓
• Cap rate: 12.08%
• Cash-on-cash: 20.68%
• DSCR: 1.92
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.1% rent growth · sell at horizon

5-year hold

• IRR: 0.9%
• Equity multiple: 1.03×
• Total profit: $1,747
• Equity at exit: $28,181

10-year hold

• IRR: 12.0%
• Equity multiple: 2.01×
• Total profit: $53,642
• Equity at exit: $16,341

Cash invested: $52,920 (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: 5.4×

Monthly cashflow live

• Estimated rent: $2,893 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$303 /mo · $3,637/yr
• Insurance: −$79
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $452

Break-even live

Break-even rent $2,321

Max offer price $189,000

Occupancy floor 79%

Sensitivity live

Price	-10% $559	-5% $505	+0% $452	+5% $398	+10% $345
Rent	-10% $223	-5% $337	+0% $452	+5% $566	+10% $680
Rate	-1.0pp $547	-0.5pp $500	base $452	+0.5pp $403	+1.0pp $353

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6092 Cleveland St Merrillville, IN	3.0	2.5	3136	$3,000	$0.96	44d	1	0.34mi
3023 W 63rd Ln Merrillville, IN	4.0	3.0	2500	$2,800	$1.12	3d	1	0.46mi
3190 W 63rd Ln Merrillville, IN	3.0	2.0	1667	$2,600	$1.56	4d	1	0.49mi
1865 W 64th Pl Merrillville, IN	4.0	2.0	2034	$4,900	$2.41	44d	1	0.55mi

Listing history 25 events

1. 2026-06-13
   days on market $189,000 Active 28 DOM
2. 2026-06-13
   pricedays on market $189,000 Active 27 DOM
3. 2026-06-09
   days on market $194,900 Active 24 DOM
4. 2026-06-08
   days on market $194,900 Active 23 DOM
5. 2026-06-07
   days on market $194,900 Active 22 DOM
6. 2026-06-04
   pricestatusdays on market $194,900 Active 19 DOM
7. 2026-04-21
   status Pending
8. 2026-04-15
   price $197,500
9. 2026-04-13
   price $199,995
10. 2026-04-03
    listed $210,000 Active
11. 2026-04-02
    price $210,000
12. 2026-04-02
    historical
13. 2026-03-26
    price $215,000
14. 2026-03-19
    price $219,999
15. 2026-03-06
    listed $225,000 Active
16. 2018-10-06
    historical
17. 2017-10-05
    listed $134,900
18. 2010-02-19
    soldstatus $108,000
19. 2009-09-17
    listed $115,000
20. 2009-06-03
    listed $39,900
21. 2004-04-14
    listed $99,999
22. 2004-01-31
    historical
23. 2003-07-25
    listed $102,900
24. 2003-04-01
    historical
25. 2002-09-23
    listed $109,900

ⓘ 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: $3,637 · $303/mo
• Projected year-2 tax: $3,637 · $303/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 4/10 Moderate FEMA zone AE · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $34,710
• − Mortgage interest: −$10,587
• − Property taxes: −$3,637
• − Insurance: −$6,470
• − Repairs & maintenance: −$2,777
• − Management: −$2,777
• − Depreciation: −$5,498
• Taxable income: $2,965
• Est. tax owed @ 24.0%: −$711
• After-tax cash flow: $4,709/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

+79.7% since first listed

19 events — show timeline

• 2026-04-21 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-15 Price Changed $197,500 NIRA MLS as Distributed by MLS Grid
• 2026-04-13 Price Changed $199,995 NIRA MLS as Distributed by MLS Grid
• 2026-04-03 Listed $210,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-02 Price Changed $210,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-02 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-03-26 Price Changed $215,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-19 Price Changed $219,999 NIRA MLS as Distributed by MLS Grid
• 2026-03-06 Listed $225,000 NIRA MLS as Distributed by MLS Grid
• 2018-10-06 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2017-10-05 Listed $134,900 NIRA MLS as Distributed by MLS Grid
• 2010-02-19 Sold (MLS) $108,000 NIRA MLS as Distributed by MLS Grid
• 2009-09-17 Listed $115,000 NIRA MLS as Distributed by MLS Grid
• 2009-06-03 Listed $39,900 NIRA MLS as Distributed by MLS Grid
• 2004-04-14 Listed $99,999 NIRA MLS as Distributed by MLS Grid
• 2004-01-31 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2003-07-25 Listed $102,900 NIRA MLS as Distributed by MLS Grid
• 2003-04-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2002-09-23 Listed $109,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+17.1%/yr

Latest (2024): $3,637 · +3.3% YoY. Source: county tax records.