1724 Fillmore St · Gary, IN 46407

$57,500

2 bd · 1.0 ba · 700 sqft · SingleFamily public records · 38 Days on market

Built 1952 3,136 sqft lot $82/sqft · 48% above area Est $39k · 48% 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 MLS

Unlock the potential in this 3-bedroom, 1-bath home ideally located in the heart of Gary! Just minutes from the vibrant Hard Rock Casino Northern Indiana, this property offers convenience, accessibility, and endless opportunity for the right buyer. Situated blocks away from the historic Jackson Family Home, this home places you near a piece of music history while still providing easy access to major expressways, perfect for commuters or those looking to stay connected to surrounding areas. Inside, you'll find a functional layout featuring three bedrooms and one full bath, along with an unfinished basement ready for your vision, whether that's additional living space, a recreation area, or extra storage. Outside, enjoy a fenced-in yard offering privacy and room to create your own outdoor retreat. Whether you're an investor looking for your next project or a buyer ready to bring your ideas to life, this home is full of possibilities. Schedule your showing today and explore the potential!

Key facts

• Unfinished basement
• Fenced-in yard
• 3,136 sq ft lot

Tags

• FENCED-IN YARD
• UNFINISHED BASEMENT
• HISTORIC JACKSON FAMILY HOME

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $58k).
• Recommended offer: $56k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.5% 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: 122 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 $1,088/mo this rent would consume 46% 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 $961 of equity ($398 loan paydown + $563 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 $16k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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.
• Current owner paid $23k; list at $58k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $55,775 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1952 — 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: 1.89% ✓
• Cap rate: 15.48%
• Cash-on-cash: 32.81%
• DSCR: 2.46
• GRM: 4.4

CMA / ARV

• ARV (median comp): $38,867
• List price: $57,500
• Delta: 47.94%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1678 W 21st Ave	0.51mi	2/1.0	672 (-4%)	1mo	$60,000	$89	68
1949 Mckinley St	0.61mi	2/1.0	672 (-4%)	8mo	$86,000	$128	58
1975 Arthur St	0.50mi	3/1.0 (+1)	732 (+5%)	11mo	$60,000	$82	55
2401 Fillmore St	0.72mi	3/1.0 (+1)	716 (+2%)	5mo	$35,000	$49	53
1453 W 18th Ave	0.24mi	2/1.0	800 (+14%)	21mo	$39,000	$49	47
841 Pierce St	0.70mi	2/1.0	768 (+10%)	12mo	$75,000	$98	41
1968 W 14th Ave	0.62mi	3/1.0 (+1)	800 (+14%)	12mo	$12,900	$16	32

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: 35.2%
• Equity multiple: 2.81×
• Total profit: $29,087
• Equity at exit: $19,569

10-year hold

• IRR: 37.5%
• Equity multiple: 5.49×
• Total profit: $72,282
• Equity at exit: $25,958

Cash invested: $16,100 (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: 122
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,088 high
• Mortgage (P&I): −$302
• Tax from tax record: −$94 /mo · $1,126/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $440

Break-even live

Break-even rent $531

Max offer price $57,500

Occupancy floor 55%

Sensitivity live

Price	-10% $473	-5% $457	+0% $440	+5% $424	+10% $408
Rent	-10% $354	-5% $397	+0% $440	+5% $483	+10% $526
Rate	-1.0pp $469	-0.5pp $455	base $440	+0.5pp $425	+1.0pp $410

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: $14,375
• Closing costs: $1,725
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2378 Jackson St Gary, IN	2.0	1.0	672	$1,050	$1.56	0d	1	0.77mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	0d	1	0.96mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	22d	1	1.01mi
2301 Waverly Dr Unit 2374 Gary, IN	2.0	1.0	500	$910	$1.82	0d	1	1.10mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	0d	1	1.11mi
837 W 27th Ave Unit B Gary, IN	1.0	1.0	750	$950	$1.27	0d	1	1.11mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,144	$1.29	0d	11	1.25mi
2939 W 10th Ave Gary, IN	2.0	1.0	744	$1,190	$1.60	0d	1	1.33mi
2602 W 6th Ave Gary, IN	2.0	1.0	750	$990	$1.32	0d	1	1.33mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	0d	1	1.42mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	45d	1	1.47mi

Listing history 3 events

1. 2026-04-20
   listed $57,500 Active 1000-char remark

   Show marketing remark (1000 chars)

   Unlock the potential in this 3-bedroom, 1-bath home ideally located in the heart of Gary! Just minutes from the vibrant Hard Rock Casino Northern Indiana, this property offers convenience, accessibility, and endless opportunity for the right buyer. Situated blocks away from the historic Jackson Family Home, this home places you near a piece of music history while still providing easy access to major expressways, perfect for commuters or those looking to stay connected to surrounding areas. Inside, you'll find a functional layout featuring three bedrooms and one full bath, along with an unfinished basement ready for your vision, whether that's additional living space, a recreation area, or extra storage. Outside, enjoy a fenced-in yard offering privacy and room to create your own outdoor retreat. Whether you're an investor looking for your next project or a buyer ready to bring your ideas to life, this home is full of possibilities. Schedule your showing today and explore the potential!

2. 2021-08-27
   soldstatus $23,000 237-char remark

   Show marketing remark (237 chars)

   3 bedroom bungalow with full basement, enclosed porch, garage and fenced yard. Ready for you to update and make it charming again. Close to Indiana University Northwest and less than 5 miles to Hard Rock Casino. Schedule a showing today.

3. 2021-07-26
   listed $29,900 237-char remark

   Show marketing remark (237 chars)

   3 bedroom bungalow with full basement, enclosed porch, garage and fenced yard. Ready for you to update and make it charming again. Close to Indiana University Northwest and less than 5 miles to Hard Rock Casino. Schedule a showing today.

ⓘ 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: $1,126 · $94/mo
• Projected year-2 tax: $1,126 · $94/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 1/10 Low FEMA zone X (unshaded) · 0% 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,057
• − Mortgage interest: −$3,221
• − Property taxes: −$1,126
• − Insurance: −$288
• − Repairs & maintenance: −$1,045
• − Management: −$1,045
• − Depreciation: −$1,673
• Taxable income: $4,661
• Est. tax owed @ 24.0%: −$1,119
• After-tax cash flow: $4,164/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

+92.3% since first listed

3 events — show timeline

• 2026-04-20 Listed $57,500 NIRA MLS as Distributed by MLS Grid
• 2021-08-27 Sold (MLS) $23,000 NIRA MLS as Distributed by MLS Grid
• 2021-07-26 Listed $29,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.9%/yr

Latest (2024): $1,126 · +35.8% YoY. Source: county tax records.