805 Buchanan St · Gary, IN 46402

$110,000

3 bd · 1.0 ba · 1,350 sqft · SingleFamily public records · 1 Days on market

Built 1919 7,492 sqft lot

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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 +27.2/30.0
• DSCR +9.5/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0
• Schools +0.5/10.0

Listing remarks MLS

CALLING ALL INVESTORS!!! Lovely 2 story home sits on a corner lot, with mature trees and enormous fenced in back yard. Home has been well maintained and is SECTION 8 APPROVED WITH TENANT OCCUPANT!!. Nice sun porch, fireplace in living room, hardwood flooring in living/formal dining rooms. Spacious kitchen with newer tile. Upstairs has 3 bedrooms, with plenty of windows and updated bath. Need extra room for entertaining- travel downstairs to finished basement, with full bath, and laundry area and additional bedroom. Seller has many similar well maintained properties to sell!!!!!

Key facts

• Move in ready
• Corner lot
• Conveniently located

Tags

• CORNER LOT
• ENCLOSED FRONT PORCH
• REFINISHED HARDWOOD FLOORS
• MOVE IN READY
• CONVENIENTLY LOCATED

Property features AI

Finance

• Other: Vacant occupant status

Exterior

• Parking: Alley access; On-street parking
• Utilities: Electricity connected (100 Amp service); Public water; Public sewer; Natural gas connected
• Home design: Two levels; Built in 1919
• Construction: Brick construction; Asphalt roof; Full, partially finished basement
• Exterior features: Enclosed porch; Back yard fencing; Neighborhood view; No pool

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4; Total rooms: 8
• Flooring: Hardwood floors; Tile floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Open floor plan; Living room fireplace (1)
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $315 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).

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: 46 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $1,405/mo this rent would consume 50% of the median local household income ($34k/yr) (locally 336% 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 $761 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 ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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 $37k; list at $110k implies a 197% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000

Questions for the listing agent

1. Built in 1919 — 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 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?
4. 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?
5. 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.
6. 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.
7. 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: 9.73%
• Cash-on-cash: 12.28%
• DSCR: 1.55
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $31,050
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
805 Buchanan St	0.00mi	3/2.0	1,350 (0%)	0mo	$100,000	$74	96
759 Grant St	0.19mi	3/1.0	1,248 (-8%)	6mo	$100,000	$80	73
768 Tyler St	0.23mi	4/1.0 (+1)	1,248 (-8%)	1mo	$22,000	$18	71
1123 Garfield St	0.49mi	3/1.0	1,296 (-4%)	2mo	$14,900	$11	69
1361 Harrison Blvd	0.63mi	3/1.0	1,293 (-4%)	1mo	$30,000	$23	63
441 Tyler St	0.52mi	3/1.0	1,426 (+6%)	4mo	$20,000	$14	63
346 Richard Gordon Hatcher Blvd	0.60mi	3/2.0	1,372 (+2%)	4mo	$80,000	$58	62
327 Buchanan St	0.60mi	3/2.0	1,390 (+3%)	3mo	$180,000	$129	61
1313 Harrison St	0.58mi	3/1.0	1,262 (-6%)	2mo	$35,000	$28	60
1931 W 14th Ave	0.66mi	2/1.0 (-1)	1,296 (-4%)	5mo	$12,000	$9	54
1620 Tyler St	0.74mi	3/1.0	1,280 (-5%)	9mo	$17,500	$14	49
1524 Garfield St	0.70mi	3/1.0	1,241 (-8%)	10mo	$20,000	$16	46

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: 1.9%
• Equity multiple: 1.07×
• Total profit: $2,290
• Equity at exit: $16,401

10-year hold

• IRR: 11.6%
• Equity multiple: 1.91×
• Total profit: $28,013
• Equity at exit: $9,511

Cash invested: $30,800 (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 46402

• Home prices YoY: -2.8%
• Active inventory: 46
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,405 high
• Mortgage (P&I): −$577
• Tax from tax record: −$172 /mo · $2,064/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $315

Break-even live

Break-even rent $1,006

Max offer price $110,000

Occupancy floor 73%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
803 Pierce St Gary, IN	4.0	2.0	1600	$1,400	$0.88	1d	1	0.06mi
765 Garfield St Gary, IN	3.0	1.0	1688	$1,500	$0.89	13d	1	0.32mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	1d	1	0.69mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	44d	1	0.70mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	1d	11	0.70mi
2306 W 5th Ave Gary, IN	2.0–3.0	1.0	937	$1,299	$1.39	1d	2	0.79mi
2306 W 5th Ave Apt 3 Gary, IN	3.0	1.0	1025	$1,299	$1.27	1d	1	0.79mi
1744 Tyler St Unit 2 Gary, IN	4.0	2.0	1600	$1,700	$1.06	44d	1	0.80mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	0.85mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	15d	1	0.95mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	44d	1	1.19mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	1d	1	1.25mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	1.33mi
1348 Waite St Gary, IN	4.0	2.0	1776	$1,850	$1.04	1d	1	1.35mi
1368 Waite St Gary, IN	3.0	2.0	1696	$1,800	$1.06	1d	1	1.35mi

Listing history 4 events

1. 2026-05-20
   status Pending
2. 2026-05-19
   listed $110,000 Active
3. 2019-05-10
   soldstatus $37,000 585-char remark

   Show marketing remark (585 chars)

   CALLING ALL INVESTORS!!! Lovely 2 story home sits on a corner lot, with mature trees and enormous fenced in back yard. Home has been well maintained and is SECTION 8 APPROVED WITH TENANT OCCUPANT!!. Nice sun porch, fireplace in living room, hardwood flooring in living/formal dining rooms. Spacious kitchen with newer tile. Upstairs has 3 bedrooms, with plenty of windows and updated bath. Need extra room for entertaining- travel downstairs to finished basement, with full bath, and laundry area and additional bedroom. Seller has many similar well maintained properties to sell!!!!!

4. 2018-09-14
   listed $40,000 585-char remark

   Show marketing remark (585 chars)

   CALLING ALL INVESTORS!!! Lovely 2 story home sits on a corner lot, with mature trees and enormous fenced in back yard. Home has been well maintained and is SECTION 8 APPROVED WITH TENANT OCCUPANT!!. Nice sun porch, fireplace in living room, hardwood flooring in living/formal dining rooms. Spacious kitchen with newer tile. Upstairs has 3 bedrooms, with plenty of windows and updated bath. Need extra room for entertaining- travel downstairs to finished basement, with full bath, and laundry area and additional bedroom. Seller has many similar well maintained properties to sell!!!!!

ⓘ 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: $2,064 · $172/mo
• Projected year-2 tax: $2,064 · $172/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 1/10 Low
• 🌡 Heat 3/10 Moderate 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,859
• − Mortgage interest: −$6,162
• − Property taxes: −$2,064
• − Insurance: −$550
• − Repairs & maintenance: −$1,349
• − Management: −$1,349
• − Depreciation: −$3,200
• Taxable income: $2,185
• Est. tax owed @ 24.0%: −$524
• After-tax cash flow: $3,257/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): 5,836
• Household income: $33,529
• Rent vs Own: 56.6% rent · 43.4% own
• Severe rent burden: 336.0

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: Predominantly Black (87%)
• Race & ethnicity: Black 87% Two or more races 5% White 5% Hispanic / Latino 4%
• Common ancestry: Romanian 1% Ukrainian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% Arabic 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: ▼ -7.21%
• Current HPI: 250.2464
• 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

+175.0% since first listed

4 events — show timeline

• 2026-05-20 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-19 Listed $110,000 NIRA MLS as Distributed by MLS Grid
• 2019-05-10 Sold (MLS) $37,000 NIRA MLS as Distributed by MLS Grid
• 2018-09-14 Listed $40,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+11.2%/yr

Latest (2024): $2,064 · +111.0% YoY. Source: county tax records.