1027 Central Ave · Gary, IN 46407

$79,900

3 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 2 Days on market

Built 1955 4,791 sqft lot Est $58k · 37% over

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Why this score? — see what drove the C+ 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
• 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
• ARV discount +0.0/15.0

Listing remarks

3 bed, 1 bath home with an unfinished basement and plenty of value add potential. Whether you are a handy homeowner looking to build equity or an investor searching for your next project, this property offers a great opportunity to bring your vision to life. Sold as is. Opportunities like this do not last long.

Key facts

• Value add potential
• Unfinished basement
• 4,791 sq ft lot

Tags

• UNFINISHED BASEMENT
• VALUE ADD POTENTIAL

Property features AI

Finance

• Other: Vacant and available for immediate occupancy

Exterior

• Parking: Detached garage; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: One-story property; Built in 1955; Property listed as fixer condition
• Construction: Has basement (unfinished)
• Exterior features: Neighborhood view

Interior

• Kitchen: Includes appliances (other)
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Other cooling
• Interior features: No notable built-in interior features; Unfinished basement
• Laundry & utility: Basement utility space

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $461 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Cap rate 13.2% 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; 27 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 $1,283/mo this rent would consume 54% 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 $1k of equity ($552 loan paydown + $783 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 $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,900

Questions for the listing agent

1. Built in 1955 — 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: 1.61% ✓
• Cap rate: 13.22%
• Cash-on-cash: 24.75%
• DSCR: 2.10
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $58,464
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1027 Central Ave	0.00mi	3/1.0	1,008 (0%)	1mo	$69,000	$68	99
1151 Delaware St	0.42mi	3/1.0	1,057 (+5%)	9mo	$34,500	$33	65
825 E 14th Ave	0.13mi	3/1.0	900 (-11%)	19mo	$43,000	$48	60
1953 Carolina St	0.45mi	3/1.0	936 (-7%)	13mo	$125,000	$134	56
2047 Ohio St	0.56mi	3/2.0	1,092 (+8%)	6mo	$92,000	$84	51
905 E 19th Ave	0.36mi	3/1.0	1,145 (+14%)	16mo	$66,500	$58	47
655 Vermont St	0.72mi	3/1.0	1,080 (+7%)	13mo	$36,500	$34	44
1996 Central Dr	0.72mi	3/1.0	935 (-7%)	16mo	$108,000	$116	41
647 Vermont St	0.72mi	2/1.0 (-1)	1,100 (+9%)	13mo	$36,500	$33	35

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: 26.9%
• Equity multiple: 2.38×
• Total profit: $30,819
• Equity at exit: $27,192

10-year hold

• IRR: 29.6%
• Equity multiple: 4.56×
• Total profit: $79,659
• Equity at exit: $36,070

Cash invested: $22,372 (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: 5.2×

Monthly cashflow live

• Estimated rent: $1,283 high
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,198/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $461

Break-even live

Break-even rent $699

Max offer price $79,900

Occupancy floor 59%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	44d	1	0.41mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	21d	1	0.44mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	44d	1	0.47mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	17d	1	0.52mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	44d	1	0.66mi
2025 Central Dr Gary, IN	3.0	1.0	875	$1,550	$1.77	44d	1	0.76mi
1030 E 6th Ave Gary, IN	3.0	1.5	1400	$1,600	$1.14	1d	1	0.79mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	0.79mi
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	1d	1	0.87mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	15d	1	0.87mi
2257 Central Dr Gary, IN	4.0	2.0	1220	$1,650	$1.35	44d	1	0.88mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	4d	1	0.90mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	1d	1	0.90mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	1d	1	0.90mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	19d	1	0.93mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	44d	1	0.94mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	1d	1	0.99mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	1d	1	1.03mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	1.06mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	1.27mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	1d	11	1.27mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	1d	1	1.32mi
2561 E 23rd Ave Gary, IN	4.0	1.0	1490	$1,350	$0.91	44d	1	1.36mi
2612 Marshalltown Dr Gary, IN	4.0	1.0	1195	$1,450	$1.21	3d	1	1.39mi
2612 Marshalltown Dr Gary, IN	4.0	1.0	1195	$1,450	$1.21	11d	1	1.39mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	1d	1	1.42mi
2908 Central Dr Gary, IN	3.0	1.0	884	$1,525	$1.73	1d	1	1.43mi

Listing history 2 events

1. 2026-05-20
   status Pending
2. 2026-05-18
   listed $79,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 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: $15,396
• − Mortgage interest: −$4,476
• − Property taxes: −$1,198
• − Insurance: −$400
• − Repairs & maintenance: −$1,232
• − Management: −$1,232
• − Depreciation: −$2,324
• Taxable income: $4,534
• Est. tax owed @ 24.0%: −$1,088
• After-tax cash flow: $4,448/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

2 events — show timeline

• 2026-05-20 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-18 Listed $79,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-18.5%/yr

Latest (2019): $60 · +0.0% YoY. Source: county tax records.