2327 Burr St · Gary, IN 46406

$180,000

2 bd · 1.0 ba · 975 sqft · SingleFamily public records · 99 Days on market

Built 1946 8,320 sqft lot ↓ 10% since listing

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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 +11.8/30.0
• ARV discount +7.5/15.0
• Appreciation +5.6/10.0
• Livability +3.7/5.0
• DSCR +3.5/10.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks

This charming and recently updated 2-bedroom home offers both comfort and incredible workspace potential. The inviting living room features beautiful neutral tones, creating a warm and welcoming atmosphere. The bright eat-in kitchen includes tiled walls and floors, with appliances included for added convenience. The dining room provides access to a spacious 13x34 enclosed patio, perfect for relaxing or entertaining. Just beyond, you'll find an attached outdoor kitchen area ready to be completed to your taste, already equipped with plumbing, gas, and electric. The true highlight of this property is the impressive garage and workshop setup. A 23x37 garage workshop offers power capable of runn

Key facts

• Outdoor kitchen area
• Enclosed patio
• 8,320 sq ft lot

Tags

• ENCLOSED PATIO
• OUTDOOR KITCHEN AREA
• GARAGE WORKSHOP SETUP
• FENCED-IN PRIVATE AREA
• GENEROUS PARKING AREA
• EASY EXPRESSWAY ACCESS

Property features AI

Finance

• Other: Property vacant
• Financial info: No investment or income/expense details listed
• HOA & community: No HOA information listed

Exterior

• Parking: Attached oversized garage; Heated garage; Garage faces front; Garage door opener; 5 garage spaces; Additional parking
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: One-story home; Built in 1946
• Construction: Year built 1946; Crawl space foundation
• Exterior features: Neighborhood view; Workshop; Additional detached garage structures

Interior

• Kitchen: Range; Microwave; Refrigerator; Dining room adjoins kitchen
• Bedrooms: Primary bedroom; Second bedroom
• Flooring: No flooring details listed
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Other cooling
• Interior features: No additional interior features listed
• Laundry & utility: Washer; Dryer; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-50 ($-604/yr) — negative.
• To cash-flow at today's rent, offer at most $171k (4.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (24.6% below list).
• Recommended offer: $136k (24.6% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 9.1% in Gary — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• Lake Ridge New Tech Schools (suburban): math 11% / reading 20% proficiency, ranked #287 of 301 in IN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 54 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($1k loan paydown + $2k appreciation (1.3% 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 (1.3% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~10 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,791 (24.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.75% ✗
• Cap rate: 5.96%
• Cash-on-cash: -1.20%
• DSCR: 0.95
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $84,825
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2222 Burr St	0.12mi	3/1.0 (+1)	1,038 (+6%)	8mo	$90,000	$87	72
2329 Colfax St	0.50mi	3/1.0 (+1)	1,034 (+6%)	6mo	$75,000	$73	57
2173 Baker St	0.64mi	3/1.0 (+1)	950 (-3%)	13mo	$48,000	$51	50
4241 W 22nd Plz	0.71mi	3/1.0 (+1)	925 (-5%)	8mo	$63,000	$68	47
2165 Williams St	0.60mi	3/1.5 (+1)	890 (-9%)	9mo	$135,000	$152	43
2392 Wheeler St	0.60mi	3/1.0 (+1)	1,120 (+15%)	1mo	$85,000	$76	42
4429 W 25th Pl	0.68mi	2/1.0	1,040 (+7%)	21mo	$54,500	$52	40
4263 W 22nd Pl	0.70mi	3/1.0 (+1)	998 (+2%)	24mo	$125,000	$125	39
1961 Williams St	0.73mi	3/1.0 (+1)	1,095 (+12%)	2mo	$155,000	$142	38
4233 W 22nd Ave	0.73mi	3/1.0 (+1)	850 (-13%)	6mo	$82,000	$96	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.26% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.9%
• Equity multiple: 1.05×
• Total profit: $2,380
• Equity at exit: $63,869

10-year hold

• IRR: 5.4%
• Equity multiple: 1.68×
• Total profit: $34,358
• Equity at exit: $86,780

Cash invested: $50,400 (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 46406

• Home prices YoY: 0.9%
• Active inventory: 54
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,358 high
• Mortgage (P&I): −$944
• Tax from tax record: −$104 /mo · $1,250/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $-50

Break-even live

Break-even rent $1,422

Max offer price $171,104

Occupancy floor 99%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4328 W 22nd Plz Gary, IN	3.0	1.0	950	$1,300	$1.37	3d	1	0.63mi
4300 W 22nd Pl Gary, IN	3.0	1.0	977	$1,395	$1.43	2d	1	0.65mi
4134 W 22nd Pl Gary, IN	3.0	1.0	825	$1,395	$1.69	1d	1	0.79mi
4061 W 20th Pl Gary, IN	3.0	1.0	925	$1,450	$1.57	1d	1	0.91mi
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	1d	1	1.17mi

Listing history 20 events

1. 2026-06-18
   days on market $180,000 Active 99 DOM
2. 2026-06-17
   days on market $180,000 Active 98 DOM
3. 2026-06-16
   days on market $180,000 Active 97 DOM
4. 2026-06-15
   days on market $180,000 Active 96 DOM
5. 2026-06-13
   days on market $180,000 Active 94 DOM
6. 2026-06-13
   days on market $180,000 Active 93 DOM
7. 2026-06-09
   days on market $180,000 Active 90 DOM
8. 2026-06-08
   days on market $180,000 Active 89 DOM
9. 2026-06-07
   days on market $180,000 Active 88 DOM
10. 2026-06-04
    days on market $180,000 Active 85 DOM
11. 2026-06-03
    days on market $180,000 Active 84 DOM
12. 2026-06-02
    days on market $180,000 Active 83 DOM
13. 2026-06-01
    days on market $180,000 Active 82 DOM
14. 2026-05-31
    days on market $180,000 Active 81 DOM
15. 2026-03-11
    listed $185,000 Active
16. 2026-03-03
    historical
17. 2026-01-22
    status Active
18. 2026-01-15
    status Pending
19. 2025-12-04
    price $189,000
20. 2025-10-03
    listed $205,000 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: $1,250 · $104/mo
• Projected year-2 tax: $1,390 · $116/mo
• Expected delta: +$140/yr (+$12/mo · 11.2%)

ⓘ 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 2/10 Low 7 d/yr ≥103°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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,295
• − Mortgage interest: −$10,083
• − Property taxes: −$1,250
• − Insurance: −$900
• − Repairs & maintenance: −$1,304
• − Management: −$1,304
• − Depreciation: −$5,236
• Taxable loss: −$3,781
• Est. tax savings @ 24.0%: +$908
• After-tax cash flow: $303/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: Lake Ridge New Tech Schools
• NCES district ID: 1805460
• Math proficiency: 11% ▼ -18.00%
• Reading proficiency: 20% ▼ -9.00%
• Median HH income: $34,568
• Composite: 12.67/100
• National rank: #9607
• State rank: #287 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
• City population: 63,701
• Population (ZIP): 8,513

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: Majority Black (63%)
• Race & ethnicity: Black 63% White 21% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 8%

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: ▲ 1.26%
• Current HPI: 147.0732
• Rent YoY: —
• Metro: —
• 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

-9.8% since first listed

6 events — show timeline

• 2026-03-11 Listed $185,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-03 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-01-22 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-01-15 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-12-04 Price Changed $189,000 NIRA MLS as Distributed by MLS Grid
• 2025-10-03 Listed $205,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.6%/yr

Latest (2024): $1,250 · +3.0% YoY. Source: county tax records.