4818 Van Buren St · Gary, IN 46408

$112,000

3 bd · 1.5 ba · 1,417 sqft · SingleFamily public records · 91 Days on market

Built 1946 5,837 sqft lot $79/sqft · 6% below area Est $119k · 6% under

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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 +30.0/30.0
• ARV discount +10.2/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brick Home For Sale In Gary * 3 Bedroom 1.5 Bath * Large Living Room * Eat In Kitchen * 3 Nice Sized Bedrooms * Full Basement * Detached Garage * Please See Agent Remarks For Offer Submission Instructions *

Key facts

• Eat in kitchen
• Large living room
• Full basement

Tags

• BRICK HOME
• LARGE LIVING ROOM
• EAT IN KITCHEN
• FULL BASEMENT
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $112k.

Deal economics

• At list price, monthly cash flow is $423 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $112k).
• Recommended offer: $102k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#105 in IN) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools F, crime F, employment F.
• Gary Community School Corporation (urban): math 3% / reading 11% proficiency, ranked #299 of 301 in IN (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 105 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 38% of the median local income ($47k/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 $774 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 $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago; this cycle's ask has dropped $13k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,920 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.35% ✓
• Cap rate: 10.82%
• Cash-on-cash: 16.18%
• DSCR: 1.72
• GRM: 6.2

CMA / ARV

• ARV (median comp): $119,040
• List price: $112,000
• Delta: -5.91%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
345 W 47th Ave	0.26mi	3/2.0	1,459 (+3%)	2mo	$166,000	$114	79
4742 Van Buren St	0.10mi	3/1.5	1,520 (+7%)	8mo	$175,000	$115	77
1226 W 45th Ave	0.55mi	4/2.0 (+1)	1,418 (+0%)	5mo	$160,000	$113	63
226 W 45th Ave	0.51mi	2/1.0 (-1)	1,456 (+3%)	6mo	$119,000	$82	60
708 W 43rd Ave	0.68mi	3/2.0	1,379 (-3%)	6mo	$150,000	$109	57
4863 Pennsylvania St	0.66mi	3/1.5	1,424 (+0%)	16mo	$94,000	$66	55
1212 W 47th Ave	0.38mi	4/1.0 (+1)	1,256 (-11%)	10mo	$90,000	$72	48
4688 Delaware St	0.71mi	3/2.0	1,561 (+10%)	0mo	$168,000	$108	47
5066 Pennsylvania St	0.71mi	3/2.0	1,560 (+10%)	5mo	$170,000	$109	44
4516 Connecticut St	0.68mi	4/1.0 (+1)	1,328 (-6%)	11mo	$10,000	$8	42
4265 Van Buren St	0.70mi	3/2.0	1,598 (+13%)	3mo	$155,500	$97	42
4432 Johnson St	0.71mi	3/2.0	1,212 (-14%)	13mo	$160,000	$132	30

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: 7.2%
• Equity multiple: 1.28×
• Total profit: $8,796
• Equity at exit: $16,700

10-year hold

• IRR: 16.5%
• Equity multiple: 2.35×
• Total profit: $42,415
• Equity at exit: $9,684

Cash invested: $31,360 (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 46408

• Home prices YoY: -31.6%
• Active inventory: 105
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,511 high
• Mortgage (P&I): −$587
• Tax from tax record: −$137 /mo · $1,648/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $423

Break-even live

Break-even rent $976

Max offer price $112,000

Occupancy floor 67%

Sensitivity live

Price	-10% $486	-5% $454	+0% $423	+5% $391	+10% $359
Rent	-10% $303	-5% $363	+0% $423	+5% $482	+10% $542
Rate	-1.0pp $479	-0.5pp $451	base $423	+0.5pp $394	+1.0pp $364

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: $28,000
• Closing costs: $3,360
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4767 Harrison St Gary, IN	3.0	1.0	1664	$1,500	$0.90	3d	1	0.06mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	0d	1	0.15mi
4816 Massachusetts St Gary, IN	3.0	1.0	1024	$1,350	$1.32	16d	1	0.51mi
1240 W 52nd Dr Merrillville, IN	2.0	1.0–2.0	939	$1,388	$1.48	0d	10	0.58mi
505 W 53rd Ave Merrillville, IN	4.0	2.0	1650	$1,650	$1.00	0d	1	0.60mi
4430 Broadway Gary, IN	3.0	1.0	1200	$1,250	$1.04	0d	1	0.65mi
4364 Buchanan St Gary, IN	3.0	1.0	900	$1,400	$1.56	0d	1	0.68mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	4d	1	0.72mi
4208 Jackson St Gary, IN	3.0	1.0	1411	$1,350	$0.96	46d	1	0.76mi
5001 Carolina St Gary, IN	3.0	1.0	875	$1,350	$1.54	3d	1	0.95mi
910 W 56th Ave Merrillville, IN	4.0	1.5	1431	$1,825	$1.28	0d	1	0.97mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	0d	1	1.01mi
4040 Fillmore St Gary, IN	2.0	1.0	1000	$1,000	$1.00	11d	1	1.01mi
4905 Kentucky St Unit 4901 Gary, IN	3.0	1.0	950	$1,525	$1.61	25d	1	1.16mi
5026 Kentucky St Gary, IN	3.0	1.0	1200	$1,100	$0.92	7d	1	1.17mi
5719 Van Buren St Merrillville, IN	3.0	2.0	950	$1,500	$1.58	23d	1	1.18mi
4416 Vermont Ct Gary, IN	3.0	1.0	1162	$1,350	$1.16	45d	1	1.20mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	20d	1	1.21mi
3788 Lincoln St Gary, IN	3.0	2.0	1398	$1,400	$1.00	11d	1	1.37mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	3d	1	1.39mi
5850 Pennsylvania St Merrillville, IN	1.0–2.0	1.0	826	$1,195	$1.45	0d	4	1.47mi

Listing history 18 events

1. 2026-06-21
   days on market $112,000 Active 91 DOM
2. 2026-06-18
   days on market $112,000 Active 88 DOM
3. 2026-06-17
   days on market $112,000 Active 87 DOM
4. 2026-06-16
   days on market $112,000 Active 86 DOM
5. 2026-06-15
   days on market $112,000 Active 85 DOM
6. 2026-06-13
   days on market $112,000 Active 83 DOM
7. 2026-06-13
   days on market $112,000 Active 82 DOM
8. 2026-06-09
   days on market $112,000 Active 79 DOM
9. 2026-06-08
   days on market $112,000 Active 78 DOM
10. 2026-06-07
    days on market $112,000 Active 77 DOM
11. 2026-06-04
    days on market $112,000 Active 74 DOM
12. 2026-06-03
    days on market $112,000 Active 73 DOM
13. 2026-06-02
    days on market $112,000 Active 72 DOM
14. 2026-06-01
    days on market $112,000 Active 71 DOM
15. 2026-05-31
    days on market $112,000 Active 70 DOM
16. 2026-05-01
    price $112,000 223-char remark

    Show marketing remark (223 chars)

    Brick Home For Sale In Gary * 3 Bedroom 1.5 Bath * Large Living Room * Eat In Kitchen * 3 Nice Sized Bedrooms * Full Basement * Detached Garage * Please See Agent Remarks For Offer Submission Instructions *

17. 2026-03-21
    listed $125,000 Active 223-char remark

    Show marketing remark (223 chars)

    Brick Home For Sale In Gary * 3 Bedroom 1.5 Bath * Large Living Room * Eat In Kitchen * 3 Nice Sized Bedrooms * Full Basement * Detached Garage * Please See Agent Remarks For Offer Submission Instructions *

18. 2005-12-21
    listed $75,000

ⓘ 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: $1,648 · $137/mo
• Projected year-2 tax: $1,648 · $137/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 2/10 Low 7 d/yr ≥102°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: $18,138
• − Mortgage interest: −$6,274
• − Property taxes: −$1,648
• − Insurance: −$560
• − Repairs & maintenance: −$1,451
• − Management: −$1,451
• − Depreciation: −$3,258
• Taxable income: $3,496
• Est. tax owed @ 24.0%: −$839
• After-tax cash flow: $4,234/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: Gary Community School Corporation
• NCES district ID: 1803870
• Math proficiency: 3% ▼ -10.00%
• Reading proficiency: 11% ▼ -6.00%
• Median HH income: $27,739
• Composite: 4.98/100
• National rank: #10039
• State rank: #299 of 301 in IN

Livability — Gary

• Score: 73/100
• State rank: #105
• US rank: #5592

Category grades

Amenities C+ Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety B- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gary, IN
• County: Lake County · 422,878 people
• City population: 63,701
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 15,747
• Household income: $47,453
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 619.0

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: Black 41% White 32% Hispanic / Latino 22% Two or more races 12%
• Hispanic origin (detail): Mexican 14% Puerto Rican 7%
• Common ancestry: Romanian 5% Iranian 1% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 87% English-only · Spanish 12% 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: ▼ -72.08%
• Current HPI: 155.6238
• 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

+49.3% since first listed

3 events — show timeline

• 2026-05-01 Price Changed $112,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-21 Listed $125,000 NIRA MLS as Distributed by MLS Grid
• 2005-12-21 Listed $75,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+41.1%/yr

Latest (2024): $1,648 · +7.3% YoY. Source: county tax records.