1249 E 36th Ave · Gary, IN 46409

$53,000

2 bd · 1.0 ba · 900 sqft · SingleFamily public records · 1 Days on market

Built 1956 5,750 sqft lot Est $77k · 32% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Appreciation +3.0/10.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks MLS

Full basement and room for expansion this ranch needs your final touches on updating but is priced aggressively for a smooth sale and fast transaction. Functional room count and it appears some newer Oak cabinetry and exterior appears solid as well. Calendar Days 0-7: No offers will be considered for the first 7 calendar days a home is listed. Calendar Days 8-12: offers considered on the property ONLY from NSP buyers, municipalities, non-profit organizations and owner-occupants. Calendar Days 13+: offers considered from all buyers. Buyers should obtain a free prequalification letter from Wells Fargo Home Mortgage or an entity which is a joint venture with Wells Fargo Home Mortgage by working directly with a mortgage consultant or going online. Buyers also have the option to provide proof of other credit regarding financing or a NACA Qualification Letter.

Key facts

• Complete renovation
• Blank canvas
• 5,750 sq ft lot

Tags

• COMPLETE RENOVATION
• BLANK CANVAS

Property features AI

Finance

• Other: Property occupied by tenant

Exterior

• Utilities: Public water; Public sewer
• Home design: One-story home; Built in 1956
• Construction: Fixer condition
• Exterior features: Neighborhood view

Interior

• Kitchen: No appliances included
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No cooling
• Interior features: Other interior features; Unfinished basement
• Laundry & utility: No appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $53k.

Deal economics

• At list price, monthly cash flow is $535 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $53k).
• Cap rate 18.4% vs local median 9.1% in Gary — 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 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: Rents rising fast (+4.8%/yr); 75 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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).
• This rent runs 32% of the median local income ($45k/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 $366 of loan paydown is wiped out by about $2k 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 + 4.8% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 15y 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 $7k; list at $53k implies a 657% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $53,000

Questions for the listing agent

1. Built in 1956 — 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: 2.23% ✓
• Cap rate: 18.40%
• Cash-on-cash: 43.24%
• DSCR: 2.92
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $77,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1407 E 36th Ave	0.07mi	3/1.0 (+1)	950 (+6%)	3mo	$55,100	$58	80
3820 Swift St	0.35mi	2/1.0	840 (-7%)	3mo	$210,000	$250	70
1015 E 36th Pl	0.17mi	2/1.0	780 (-13%)	9mo	$82,000	$105	63
3326 Delaware St	0.70mi	3/1.0 (+1)	896 (-0%)	1mo	$77,000	$86	61
3624 Georgia St	0.33mi	3/2.0 (+1)	954 (+6%)	7mo	$77,000	$81	60
3372 Iowa St	0.74mi	2/1.0	896 (-0%)	9mo	$119,000	$133	58
3370 Pennsylvania St	0.72mi	2/1.0	894 (-1%)	9mo	$14,900	$17	58
4055 Kentucky St	0.57mi	3/1.0 (+1)	1,000 (+11%)	1mo	$50,000	$50	49
4125 Alabama St	0.75mi	3/1.0 (+1)	925 (+3%)	9mo	$96,850	$105	48
3320 Delaware St	0.70mi	3/1.0 (+1)	864 (-4%)	9mo	$57,000	$66	48
4069 W 39th Ave	0.74mi	3/1.0 (+1)	925 (+3%)	9mo	$195,000	$211	48
3540 Pennsylvania St	0.66mi	3/1.5 (+1)	1,035 (+15%)	3mo	$68,000	$66	35

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 · 4.85% rent growth · sell at horizon

5-year hold

• IRR: 42.3%
• Equity multiple: 2.87×
• Total profit: $27,746
• Equity at exit: $7,902

10-year hold

• IRR: 49.3%
• Equity multiple: 6.24×
• Total profit: $77,698
• Equity at exit: $4,582

Cash invested: $14,840 (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 46409

• Home prices YoY: -2.0%
• Rents YoY: 4.8%
• Active inventory: 75
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,180 high
• Mortgage (P&I): −$278
• Tax from tax record: −$97 /mo · $1,164/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $535

Break-even live

Break-even rent $503

Max offer price $53,000

Occupancy floor 50%

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: $13,250
• Closing costs: $1,590
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
816 E 35th Ct Gary, IN	2.0	1.0	810	$1,075	$1.33	1d	1	0.30mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	1d	1	0.52mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	2d	1	1.27mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	2d	1	1.33mi
4327 Monroe St Unit 1st front Gary, IN	1.0	1.0	600	$1,095	$1.82	1d	1	1.42mi
1005 W 35th Ave Apt 105 Gary, IN	2.0	1.0	601	$795	$1.32	18d	1	1.45mi
1005 W 35th Ave Apt 202 Gary, IN	2.0	1.0	617	$795	$1.29	1d	1	1.45mi
1015 W 35th Ave Apt 206 Gary, IN	2.0	1.0	601	$795	$1.32	43d	1	1.46mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	1d	1	1.47mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	1.48mi

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $53,000 Active 1 DOM

ⓘ 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: $1,164 · $97/mo
• Projected year-2 tax: $1,164 · $97/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
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,154
• − Mortgage interest: −$2,969
• − Property taxes: −$1,164
• − Insurance: −$265
• − Repairs & maintenance: −$1,132
• − Management: −$1,132
• − Depreciation: −$1,542
• Taxable income: $5,950
• Est. tax owed @ 24.0%: −$1,428
• After-tax cash flow: $4,990/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): 7,184
• Household income: $44,667
• Rent vs Own: 55.5% rent · 44.5% own
• Severe rent burden: 516.0

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 (68%)
• Race & ethnicity: Black 68% Two or more races 17% Hispanic / Latino 14% White 11%
• Hispanic origin (detail): Mexican 8% Puerto Rican 5%
• Common ancestry: Iranian 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 6%

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: ▼ -3.91%
• Current HPI: 190.6724
• Rent YoY: ▲ 4.85%
• 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

+32.5% since first listed

7 events — show timeline

• 2026-06-17 Listed $53,000 NIRA MLS as Distributed by MLS Grid
• 2013-03-21 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2013-03-21 Sold (MLS) $7,000 NIRA MLS as Distributed by MLS Grid
• 2013-02-21 Listed $9,000 NIRA MLS as Distributed by MLS Grid
• 2013-01-29 Listed $9,000 NIRA MLS as Distributed by MLS Grid
• 2012-03-31 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-09-06 Listed $40,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-8.9%/yr

Latest (2024): $1,164 · +8.1% YoY. Source: county tax records.