745 Porter St · Gary, IN 46406

$120,000

3 bd · 2.0 ba · 3,220 sqft · Other public records · 42 Days on market

Built 1947 Good condition 5,009 sqft lot $37/sqft · 44% below area Est $100k · 21% 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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Appreciation +5.6/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0

Listing remarks

Welcome to this charming Cape Cod in Gary, Indiana! This beautifully updated home features 3 bedrooms with a possible 4th in the finished basement, modern finishes throughout, and stainless steel appliances. Enjoy a spacious fenced-in yard and a 1.5 car garage - perfect for convenience and storage. Location is everything - just minutes from The Hard Rock, a major expressway, and only about a 35-minute drive to Chicago. Plus you'll love the low taxes! This home is priced to sell - don't miss you opportunity to make it yours today!

Key facts

• Major expressway
• Finished basement
• Fenced-in yard

Tags

• FINISHED BASEMENT
• STAINLESS STEEL APPLIANCES
• FENCED-IN YARD
• MINUTES FROM THE HARD ROCK
• MAJOR EXPRESSWAY
• 35-MINUTE DRIVE TO CHICAGO

Property features AI

Exterior

• Parking: Detached garage; 1 garage space
• Utilities: Public water; Public sewer
• Home design: One and one-half story; Built in 1947
• Exterior features: Neighborhood view

Interior

• Kitchen: Dishwasher; Refrigerator; Microwave; Gas Range
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; No cooling system
• Interior features: No notable built-in interior features listed; Daylight, partially finished basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $120k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.

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: 54 active listings in the ZIP; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($830 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 $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 27y ago; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 1.32% ✓
• Cap rate: 10.51%
• Cash-on-cash: 15.07%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

• ARV (median comp): $99,530
• List price: $120,000
• Delta: 20.57%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 17.6%
• Equity multiple: 1.91×
• Total profit: $30,653
• Equity at exit: $42,580

10-year hold

• IRR: 20.6%
• Equity multiple: 3.55×
• Total profit: $85,809
• Equity at exit: $57,854

Cash invested: $33,600 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,584 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $422

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 68%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-13
   statusdays on market $120,000 Pending 42 DOM
2. 2026-06-09
   days on market $120,000 Active 41 DOM
3. 2026-06-08
   days on market $120,000 Active 40 DOM
4. 2026-06-07
   days on market $120,000 Active 39 DOM
5. 2026-06-04
   days on market $120,000 Active 36 DOM
6. 2026-06-03
   days on market $120,000 Active 35 DOM
7. 2026-06-02
   days on market $120,000 Active 34 DOM
8. 2026-06-01
   days on market $120,000 Active 33 DOM
9. 2026-05-31
   days on market $120,000 Active 32 DOM
10. 2026-04-29
    listed $139,900 Active 535-char remark
11. 2013-02-06
    historical
12. 2011-11-14
    listed $20,000
13. 2003-11-20
    historical
14. 2003-08-27
    historical
15. 2003-02-26
    listed $40,000
16. 2002-07-23
    listed $48,000
17. 1999-12-06
    listed $15,900

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $19,005
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,520
• − Management: −$1,520
• − Depreciation: −$3,491
• Taxable income: $3,351
• Est. tax owed @ 24.0%: −$804
• After-tax cash flow: $4,258/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This charming Cape Cod in Gary, Indiana is well-maintained and updated, with good condition throughout. Minor cosmetic improvements could further enhance its value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace worn-out door mat — Improves first impression and functionality

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace worn-out door mat — Improves first impression and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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
• 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

+654.7% since first listed

11 events — show timeline

• 2026-06-10 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-27 Price Changed $120,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-19 Price Changed $129,900 NIRA MLS as Distributed by MLS Grid
• 2026-04-29 Listed $139,900 NIRA MLS as Distributed by MLS Grid
• 2013-02-06 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-11-14 Listed $20,000 NIRA MLS as Distributed by MLS Grid
• 2003-11-20 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2003-08-27 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2003-02-26 Listed $40,000 NIRA MLS as Distributed by MLS Grid
• 2002-07-23 Listed $48,000 NIRA MLS as Distributed by MLS Grid
• 1999-12-06 Listed $15,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+60.8%/yr

Latest (2024): $28,355 · -7.0% YoY. Source: county tax records.