555 W 22nd Pl · Gary, IN 46407

$10,000

3 bd · 2.0 ba · 1,177 sqft · MultiFamily public records · 12 Days on market

Built 1920 3,136 sqft lot

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

* * * Update! We have received an offer on this property that the sellers are strongly considering! Please submit highest and best offers via e-mail by 3/4 at 7pm. * * * Don't wait, hurry to be the first to see this amazing opportunity. Just minutes away from Indiana University and Ivy tech this is a prime opportunity for an investor that's ready to bring his dream to life with this well built all brick home. ! It is being sold as-is and won't last long!

Key facts

• 3,136 sq ft lot
• Built 1920
• Listed 12 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $10k.

Deal economics

• At list price, monthly cash flow is $863 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $10k).
• Cap rate 109.8% 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: 121 active listings in the ZIP; 25 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 $1,190/mo this rent would consume 50% of the median local household income ($29k/yr) (locally 392% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $167 of equity ($69 loan paydown + $98 appreciation (1.0% local appreciation)).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.0% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $10,000

Questions for the listing agent

1. Built in 1920 — 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. 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 11.90% ✓
• Cap rate: 109.84%
• Cash-on-cash: 369.82%
• DSCR: 17.45
• GRM: 0.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.98% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 20.70×
• Total profit: $55,159
• Equity at exit: $3,403

10-year hold

• IRR: —
• Equity multiple: 44.13×
• Total profit: $120,759
• Equity at exit: $4,514

Cash invested: $2,800 (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 46407

• Home prices YoY: 0.4%
• Active inventory: 121
• Price-to-rent: 0.7×

Monthly cashflow live

• Estimated rent: $1,190 high
• Mortgage (P&I): −$52
• Tax from tax record: −$20 /mo · $246/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $863

Break-even live

Break-even rent $98

Max offer price $10,000

Occupancy floor 22%

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: $2,500
• Closing costs: $300
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	1d	1	0.43mi
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	1d	1	0.45mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	0.45mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	0.50mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	1d	1	0.56mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	19d	1	0.61mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	1d	1	0.65mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	1d	1	0.67mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	44d	1	0.67mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	1d	1	0.72mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	1d	1	0.72mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	4d	1	0.72mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	1d	1	0.78mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	1d	1	0.80mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	0.84mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	44d	1	0.91mi
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	1d	1	0.93mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	21d	1	0.96mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	44d	1	0.97mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	1d	1	1.14mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	1d	1	1.20mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	1.42mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	1d	1	1.42mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	17d	1	1.43mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	15d	1	1.48mi

Listing history 4 events

1. 2023-05-16
   historical
2. 2023-05-07
   status Pending
3. 2023-03-15
   listed $10,000 Active
4. 2023-03-15
   listed $10,000 Active

ⓘ 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: $246 · $20/mo
• Projected year-2 tax: $246 · $20/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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,279
• − Mortgage interest: −$560
• − Property taxes: −$246
• − Insurance: −$50
• − Repairs & maintenance: −$1,142
• − Management: −$1,142
• − Depreciation: −$291
• Taxable income: $10,847
• Est. tax owed @ 24.0%: −$2,603
• After-tax cash flow: $7,752/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): 8,577
• Household income: $28,526
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 392.0

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 (91%)
• Race & ethnicity: Black 91% Hispanic / Latino 3% White 2% Two or more races 1%
• Common ancestry: Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% Russian/Polish/Slavic 1% French/Haitian/Cajun 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: ▲ 0.98%
• Current HPI: 253.2856
• 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

+0.0% since first listed

4 events — show timeline

• 2023-05-16 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2023-05-07 Pending — NIRA MLS as Distributed by MLS Grid
• 2023-03-15 Listed $10,000 NIRA MLS as Distributed by MLS Grid
• 2023-03-15 Listed $10,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-7.8%/yr

Latest (2024): $246 · -76.8% YoY. Source: county tax records.