128 W 49th Ave · Gary, IN 46408

$154,900

5 bd · 2.0 ba · 1,664 sqft · SingleFamily public records · 6 Days on market

Built 1957 5,662 sqft lot $93/sqft · 15% below area Est $182k · 15% under

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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 +26.1/30.0
• ARV discount +14.1/15.0
• DSCR +8.8/10.0
• 1% rule +7.1/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks

All-brick home with great potential. Whether you're an investor looking for your next project or a handy homeowner wanting to build equity, this property offers a solid opportunity. Home is being sold as-is.

Key facts

• 5,662 sq ft lot
• 2 garage spots
• Built 1957

Property features AI

Finance

• Other: Property is vacant
• Financial info: No financial details listed
• HOA & community: No HOA information listed

Exterior

• Parking: Detached garage; 2 garage spaces
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: Two-level home; Built in 1957; Fixer condition
• Construction: No construction materials or roof/foundation details listed
• Exterior features: Neighborhood view; Has basement (unfinished)

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4; Bedroom 5
• Flooring: No flooring information listed
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: No interior-specific features listed
• Laundry & utility: No laundry or utility appliances listed

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $391 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).

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: 102 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).
• At $1,870/mo this rent would consume 47% of the median local household income ($47k/yr) (locally 619% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 3.0% rent growth), your $43k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 15y ago 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 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $154,900

Questions for the listing agent

1. Built in 1957 — 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: 1.21% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.82%
• DSCR: 1.48
• GRM: 6.9

CMA / ARV

• ARV (median comp): $181,663
• List price: $154,900
• Delta: -14.73%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5165 Pennsylvania St	0.47mi	4/2.0 (-1)	1,772 (+6%)	10mo	$159,000	$90	54
4665 Carolina St	0.62mi	4/1.0 (-1)	1,684 (+1%)	8mo	$160,000	$95	54
4416 Pennsylvania St	0.64mi	4/1.5 (-1)	1,602 (-4%)	14mo	$35,000	$22	45
5136 Carolina St	0.62mi	5/2.0	1,850 (+11%)	9mo	$240,000	$130	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-166
• Equity at exit: $23,096

10-year hold

• IRR: 9.6%
• Equity multiple: 1.74×
• Total profit: $32,068
• Equity at exit: $13,393

Cash invested: $43,372 (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 46408

• Home prices YoY: -31.6%
• Active inventory: 102
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,870 high
• Mortgage (P&I): −$812
• Tax from tax record: −$210 /mo · $2,516/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $391

Break-even live

Break-even rent $1,375

Max offer price $154,900

Occupancy floor 74%

Sensitivity live

Price	-10% $479	-5% $435	+0% $391	+5% $347	+10% $303
Rent	-10% $243	-5% $317	+0% $391	+5% $465	+10% $539
Rate	-1.0pp $469	-0.5pp $430	base $391	+0.5pp $351	+1.0pp $310

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
505 W 53rd Ave Unit 1 Merrillville, IN	4.0	1.5	1900	$1,650	$0.87	2d	1	0.57mi
505 W 53rd Ave Merrillville, IN	4.0	2.0	1650	$1,650	$1.00	2d	1	0.57mi
910 W 56th Ave Merrillville, IN	4.0	1.5	1431	$1,825	$1.28	2d	1	1.02mi
4330 Kentucky St Gary, IN	4.0	2.0	2178	$1,930	$0.89	2d	1	1.04mi
4009 Kentucky St Gary, IN	4.0	1.0	1307	$1,595	$1.22	44d	1	1.33mi

Listing history 6 events

1. 2026-05-19
   status Pending 207-char remark
2. 2026-05-12
   listed $154,900 Active 207-char remark
3. 2017-06-09
   historical
4. 2013-05-22
   listed $80,000
5. 2012-07-26
   historical
6. 2011-07-25
   listed $85,000

ⓘ 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: $2,516 · $210/mo
• Projected year-2 tax: $2,516 · $210/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,442
• − Mortgage interest: −$8,677
• − Property taxes: −$2,516
• − Insurance: −$774
• − Repairs & maintenance: −$1,795
• − Management: −$1,795
• − Depreciation: −$4,506
• Taxable income: $2,378
• Est. tax owed @ 24.0%: −$571
• After-tax cash flow: $4,120/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): 15,747
• Household income: $47,453
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 619.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 41% White 32% Hispanic / Latino 22% Two or more races 12%
• Hispanic origin (detail): Mexican 14% Puerto Rican 7%
• Common ancestry: Romanian 5% Iranian 1% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 87% English-only · Spanish 12% Chinese 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: ▼ -72.08%
• Current HPI: 155.6238
• 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

+82.2% since first listed

6 events — show timeline

• 2026-05-19 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-12 Listed $154,900 NIRA MLS as Distributed by MLS Grid
• 2017-06-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2013-05-22 Listed $80,000 NIRA MLS as Distributed by MLS Grid
• 2012-07-26 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-07-25 Listed $85,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+0.7%/yr

Latest (2024): $2,516 · +7.0% YoY. Source: county tax records.