1027 E 35th Pl · Gary, IN 46409

$44,200

2 bd · 1.0 ba · 750 sqft · SingleFamily public records · 190 Days on market

Built 1952 4,400 sqft lot $59/sqft · 16% below area Est $80k · 45% under ↓ 24% since listing

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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

This 2 bedroom 1 bath with full basement needs work. Low property taxes on a quiet street.

Key facts

• 4,400 sq ft lot
• Built 1952
• Listed 190 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $44k.

Deal economics

• At list price, monthly cash flow is $609 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $44k).
• Recommended offer: $39k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.8% 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: Rents rising fast (+4.8%/yr); 75 active listings in the ZIP; 13 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).
• This rent runs 31% 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 $306 of loan paydown is wiped out by about $1k 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 $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 190 days — a 12% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y ago; this cycle's ask has dropped $9k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,896 (12.0% below list)

Questions for the listing agent

1. It's been on market 190 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — 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: 2.64% ✓
• Cap rate: 22.82%
• Cash-on-cash: 59.03%
• DSCR: 3.63
• GRM: 3.2

CMA / ARV

• ARV (median comp): $80,213
• List price: $44,200
• Delta: -44.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1015 E 36th Pl	0.11mi	2/1.0	780 (+4%)	9mo	$82,000	$105	81
3621 Virginia St	0.28mi	2/1.0	748 (-0%)	7mo	$25,000	$33	81
3632 Virginia St	0.31mi	2/1.0	754 (+0%)	19mo	$59,750	$79	69
3705 Mississippi St	0.39mi	2/1.0	704 (-6%)	8mo	$83,500	$119	65
4001 Virginia St	0.60mi	2/1.0	760 (+1%)	8mo	$45,000	$59	63
3820 Swift St	0.50mi	2/1.0	840 (+12%)	3mo	$210,000	$250	54
933 E Ridge Rd	0.19mi	3/1.0 (+1)	651 (-13%)	17mo	$5,488	$8	50
3939 Massachusetts St	0.74mi	2/1.0	792 (+6%)	13mo	$18,000	$23	45
3518 Massachusetts St	0.62mi	2/1.0	660 (-12%)	9mo	$23,000	$35	44
711 E 40th Ave	0.57mi	3/1.0 (+1)	816 (+9%)	13mo	$10,000	$12	42
4019 Pennsylvania St	0.71mi	2/—	856 (+14%)	4mo	$36,500	$43	40
4002 Pennsylvania St	0.72mi	2/1.0	846 (+13%)	8mo	$50,000	$59	39

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: 59.8%
• Equity multiple: 3.73×
• Total profit: $33,842
• Equity at exit: $6,590

10-year hold

• IRR: 65.2%
• Equity multiple: 8.18×
• Total profit: $88,901
• Equity at exit: $3,822

Cash invested: $12,376 (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: 3.2×

Monthly cashflow live

• Estimated rent: $1,166 high
• Mortgage (P&I): −$232
• Tax from tax record: −$62 /mo · $742/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $609

Break-even live

Break-even rent $395

Max offer price $44,200

Occupancy floor 43%

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: $11,050
• Closing costs: $1,326
• Reserves months: —
• Total cash needed: —

Rent comps 13 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	0.16mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	1d	1	0.46mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	2d	1	1.17mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	3d	1	1.19mi
1005 W 35th Ave Apt 202 Gary, IN	2.0	1.0	617	$795	$1.29	1d	1	1.29mi
1005 W 35th Ave Apt 105 Gary, IN	2.0	1.0	601	$795	$1.32	18d	1	1.29mi
4327 Monroe St Unit 1st front Gary, IN	1.0	1.0	600	$1,095	$1.82	1d	1	1.30mi
1015 W 35th Ave Apt 206 Gary, IN	2.0	1.0	601	$795	$1.32	44d	1	1.31mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	1d	1	1.33mi
4040 Fillmore St Gary, IN	2.0	1.0	1000	$1,000	$1.00	10d	1	1.45mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	1.46mi
624 W 44th Pl Gary, IN	3.0	1.0	836	$1,250	$1.50	7d	1	1.48mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	1d	1	1.50mi

Listing history 18 events

1. 2026-06-18
   days on market $44,200 Active 190 DOM
2. 2026-06-17
   days on market $44,200 Active 189 DOM
3. 2026-06-16
   days on market $44,200 Active 188 DOM
4. 2026-06-15
   days on market $44,200 Active 187 DOM
5. 2026-06-13
   days on market $44,200 Active 185 DOM
6. 2026-06-13
   days on market $44,200 Active 184 DOM
7. 2026-06-09
   days on market $44,200 Active 181 DOM
8. 2026-06-08
   days on market $44,200 Active 180 DOM
9. 2026-06-07
   days on market $44,200 Active 179 DOM
10. 2026-06-04
    days on market $44,200 Active 176 DOM
11. 2026-06-03
    days on market $44,200 Active 175 DOM
12. 2026-06-02
    days on market $44,200 Active 174 DOM
13. 2026-06-01
    days on market $44,200 Active 173 DOM
14. 2026-05-31
    days on market $44,200 Active 172 DOM
15. 2026-03-21
    price $44,200 90-char remark

    Show marketing remark (90 chars)

    This 2 bedroom 1 bath with full basement needs work. Low property taxes on a quiet street.

16. 2025-12-10
    listed $52,900 Active 90-char remark

    Show marketing remark (90 chars)

    This 2 bedroom 1 bath with full basement needs work. Low property taxes on a quiet street.

17. 2005-04-15
    historical
18. 2004-05-27
    listed $58,000

ⓘ 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: $742 · $62/mo
• Projected year-2 tax: $742 · $62/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 2/10 Low
• 🌡 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: $13,988
• − Mortgage interest: −$2,476
• − Property taxes: −$742
• − Insurance: −$221
• − Repairs & maintenance: −$1,119
• − Management: −$1,119
• − Depreciation: −$1,286
• Taxable income: $7,024
• Est. tax owed @ 24.0%: −$1,686
• After-tax cash flow: $5,619/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

-23.8% since first listed

4 events — show timeline

• 2026-03-21 Price Changed $44,200 NIRA MLS as Distributed by MLS Grid
• 2025-12-10 Listed $52,900 NIRA MLS as Distributed by MLS Grid
• 2005-04-15 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2004-05-27 Listed $58,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-10.0%/yr

Latest (2024): $742 · +1.5% YoY. Source: county tax records.