2050-58 Rhode Island Ct · Gary, IN 46407

$105,000

3 bd · 2.0 ba · 1,450 sqft · MultiFamily public records · 30 Days on market

Built 1956 9,147 sqft lot Est $125k · 16% under

---

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 +14.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.5/10.0
• 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: 2 units. confirmed

Listing remarks

Investment opportunity in Gary, Indiana. This duplex features two identical units, each with 2 bedrooms and 1 bath, totaling 1,450 square feet. Whether you're looking to rent both units or renovate and resell, the layout gives you options. Conveniently located near the Indiana Toll Road and just a short drive to 80/94. Sold as-is.

Key facts

• Two identical units
• Duplex
• Conveniently located

Tags

• INVESTMENT OPPORTUNITY
• DUPLEX
• TWO IDENTICAL UNITS
• CONVENIENTLY LOCATED

Property features AI

Finance

• Other: Property is a 2-unit multi-family building; Units currently vacant
• Financial info: Tax information not included per request
• HOA & community: No HOA information reported

Exterior

• Parking: Garage available; 2-car garage
• Security: No security features reported
• Utilities: Public water; Public sewer
• Home design: One-story property; Built in 1956
• Construction: Year built: 1956; Construction materials and roof/foundation details not reported
• Exterior features: Lot information sourced from assessor

Interior

• Kitchen: No appliances reported
• Bedrooms: Property contains 2 units (unit-level bedroom details not provided)
• Flooring: Flooring details not provided
• Bathrooms: Bathroom details not provided
• Heating & cooling: Forced air heating; Natural gas heating; No central cooling reported
• Interior features: Pets allowed; No additional interior features reported
• Laundry & utility: Washer/dryer details not reported

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $105k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $566/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $103k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.2% 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; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 12d 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 $2,265/mo this rent would consume 95% 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 $2k of equity ($726 loan paydown + $1k 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 $29k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $103,425 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 2.16% ✓
• Cap rate: 19.24%
• Cash-on-cash: 46.24%
• DSCR: 3.06
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $124,700
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2053 Maryland St	0.22mi	3/2.0	1,512 (+4%)	19mo	$130,000	$86	66

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

Projected returns pro-forma

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

5-year hold

• IRR: 48.8%
• Equity multiple: 3.52×
• Total profit: $73,998
• Equity at exit: $35,734

10-year hold

• IRR: 50.5%
• Equity multiple: 7.02×
• Total profit: $176,893
• Equity at exit: $47,401

Cash invested: $29,400 (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 46407

• Home prices YoY: 0.4%
• Active inventory: 121
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,265 high
• Mortgage (P&I): −$551
• Tax from tax record: −$62 /mo · $746/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $1,133

Break-even live

Break-even rent $831

Max offer price $105,000

Occupancy floor 45%

Sensitivity live

Price	-10% $1,192	-5% $1,163	+0% $1,133	+5% $1,103	+10% $1,073
Rent	-10% $954	-5% $1,043	+0% $1,133	+5% $1,222	+10% $1,312
Rate	-1.0pp $1,186	-0.5pp $1,159	base $1,133	+0.5pp $1,106	+1.0pp $1,078

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,266
Total (2 units)			$2,265

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	44d	1	0.24mi
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	2d	1	0.32mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	2d	1	0.35mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	2d	1	0.35mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	4d	1	0.35mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	20d	1	0.40mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	2d	1	0.47mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	2d	1	0.51mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	44d	1	0.65mi
2025 Central Dr Gary, IN	3.0	1.0	875	$1,550	$1.77	44d	1	0.74mi
2034 Central Dr Gary, IN	4.0	2.0	1615	$1,700	$1.05	4d	1	0.76mi
2257 Central Dr Gary, IN	4.0	2.0	1220	$1,650	$1.35	44d	1	0.84mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	44d	1	1.03mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	20d	1	1.15mi
2561 E 23rd Ave Gary, IN	4.0	1.0	1490	$1,350	$0.91	44d	1	1.18mi
1744 Tyler St Unit 2 Gary, IN	4.0	2.0	1600	$1,700	$1.06	45d	1	1.18mi
2612 Marshalltown Dr Gary, IN	4.0	1.0	1195	$1,450	$1.21	12d	1	1.22mi
2612 Marshalltown Dr Gary, IN	4.0	1.0	1195	$1,450	$1.21	4d	1	1.22mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	2d	1	1.26mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	16d	1	1.30mi
2908 Central Dr Gary, IN	3.0	1.0	884	$1,525	$1.73	2d	1	1.34mi
1030 E 6th Ave Gary, IN	3.0	1.5	1400	$1,600	$1.14	2d	1	1.35mi
2600 Pierce St Gary, IN	4.0	2.0	1800	$1,950	$1.08	44d	1	1.48mi

Listing history 15 events

1. 2026-06-17
   status $105,000 Pending 30 DOM
2. 2026-06-17
   days on market $105,000 Active 30 DOM
3. 2026-06-16
   days on market $105,000 Active 29 DOM
4. 2026-06-15
   days on market $105,000 Active 28 DOM
5. 2026-06-13
   days on market $105,000 Active 26 DOM
6. 2026-06-13
   days on market $105,000 Active 25 DOM
7. 2026-06-09
   pricedays on market $105,000 Active 22 DOM
8. 2026-06-08
   days on market $119,000 Active 21 DOM
9. 2026-06-07
   days on market $119,000 Active 20 DOM
10. 2026-06-04
    days on market $119,000 Active 17 DOM
11. 2026-06-03
    days on market $119,000 Active 16 DOM
12. 2026-06-02
    days on market $119,000 Active 15 DOM
13. 2026-06-01
    days on market $119,000 Active 14 DOM
14. 2026-05-31
    days on market $119,000 Active 13 DOM
15. 2026-05-18
    listed $130,000 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: $746 · $62/mo
• Projected year-2 tax: $819 · $68/mo
• Expected delta: +$73/yr (+$6/mo · 9.8%)

ⓘ 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 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: $27,180
• − Mortgage interest: −$5,882
• − Property taxes: −$746
• − Insurance: −$525
• − Repairs & maintenance: −$2,174
• − Management: −$2,174
• − Depreciation: −$3,055
• Taxable income: $12,624
• Est. tax owed @ 24.0%: −$3,030
• After-tax cash flow: $10,564/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

1 event — show timeline

• 2026-05-18 Listed $130,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.1%/yr

Latest (2024): $746 · -33.0% YoY. Source: county tax records.