1308 W 13th Ave · Gary, IN 46407

$68,900

3 bd · 1.0 ba · 1,492 sqft · SingleFamily public records · 49 Days on market

Built 1915 3,398 sqft lot $46/sqft · 24% above area Est $55k · 24% 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

Great opportunity in a growing area of Gary! This two-story home offers 3 bedrooms, all located on the upper level, including a primary bedroom with its own private bathroom. The main floor features a spacious living room, formal dining area, kitchen, and a full bathroom for added convenience. The basement provides even more potential with a third bathroom already in place and plenty of space to expand or customize. This home does need work and is ideal for investors or buyers looking to purchase at a smart price and add their own vision. With Gary continuing to see renewed attention and growth, this is a chance to get in early and be part of the city's transformation. Great potential for t

Key facts

• 3,398 sq ft lot
• Garage
• Built 1915

Property features AI

Exterior

• Parking: Alley access; On-street parking; Garage faces rear; Garage available (1.5 spaces)
• Utilities: Electricity connected; Public water; Public sewer; Natural gas connected
• Home design: Two-story home; Built in 1915
• Construction: Shingle roof; Full unfinished basement
• Exterior features: Neighborhood view; Shingle roof

Interior

• Kitchen: Gas Range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom; 2 three-quarter bathrooms
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: No additional interior features listed; Full unfinished basement
• Laundry & utility: Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $708 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.6% 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; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 14d 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 $1,417/mo this rent would consume 60% 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 ($476 loan paydown + $675 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 $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 5891% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $66,833 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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 1915 — 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: 2.06% ✓
• Cap rate: 18.63%
• Cash-on-cash: 44.06%
• DSCR: 2.96
• GRM: 4.1

CMA / ARV

• ARV (median comp): $55,373
• List price: $68,900
• Delta: 24.43%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1686 W 10th Pl	0.29mi	3/2.0	1,608 (+8%)	1mo	$20,900	$13	69
1942 Mckinley St	0.63mi	3/1.0	1,508 (+1%)	4mo	$35,100	$23	66
1123 Garfield St	0.28mi	3/1.0	1,296 (-13%)	2mo	$14,900	$11	64
823 Pierce St	0.43mi	3/1.0	1,612 (+8%)	5mo	$9,000	$6	63
1361 Harrison Blvd	0.38mi	3/1.0	1,293 (-13%)	1mo	$30,000	$23	59
805 Buchanan St	0.45mi	3/2.0	1,350 (-10%)	0mo	$100,000	$74	59
1931 W 14th Ave	0.34mi	2/1.0 (-1)	1,296 (-13%)	5mo	$12,000	$9	53
1535 Harrison St	0.46mi	4/2.0 (+1)	1,638 (+10%)	2mo	$9,000	$5	51
1209 W 21st Ave	0.67mi	3/1.0	1,326 (-11%)	4mo	$55,000	$41	47
1920 Roosevelt Pl	0.71mi	3/2.0	1,616 (+8%)	5mo	$185,000	$114	45
740 Hayes St	0.56mi	4/1.0 (+1)	1,674 (+12%)	4mo	$75,000	$45	45
553 W 19th Ave	0.67mi	2/1.0 (-1)	1,344 (-10%)	7mo	$114,900	$85	41

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: 46.6%
• Equity multiple: 3.40×
• Total profit: $46,316
• Equity at exit: $23,448

10-year hold

• IRR: 48.4%
• Equity multiple: 6.76×
• Total profit: $111,201
• Equity at exit: $31,104

Cash invested: $19,292 (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: 4.1×

Monthly cashflow live

• Estimated rent: $1,417 high
• Mortgage (P&I): −$361
• Tax from tax record: −$21 /mo · $251/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $708

Break-even live

Break-even rent $520

Max offer price $68,900

Occupancy floor 45%

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: $17,225
• Closing costs: $2,067
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	1d	1	0.35mi
803 Pierce St Gary, IN	4.0	2.0	1600	$1,400	$0.88	1d	1	0.45mi
1744 Tyler St Unit 2 Gary, IN	4.0	2.0	1600	$1,700	$1.06	44d	1	0.45mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	0.51mi
765 Garfield St Gary, IN	3.0	1.0	1688	$1,500	$0.89	13d	1	0.54mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	1d	11	1.03mi
2306 W 5th Ave Gary, IN	2.0–3.0	1.0	937	$1,299	$1.39	1d	2	1.04mi
2306 W 5th Ave Apt 3 Gary, IN	3.0	1.0	1025	$1,299	$1.27	1d	1	1.04mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	1d	1	1.06mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	43d	1	1.07mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	1.10mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	43d	1	1.15mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	15d	1	1.15mi
2157 Marshall Pl Gary, IN	3.0	1.5	1650	$1,295	$0.78	43d	1	1.17mi
1348 Waite St Gary, IN	4.0	2.0	1776	$1,850	$1.04	1d	1	1.20mi
1368 Waite St Gary, IN	3.0	2.0	1696	$1,800	$1.06	1d	1	1.20mi
2600 Pierce St Gary, IN	4.0	2.0	1800	$1,950	$1.08	43d	1	1.25mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	43d	1	1.37mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	19d	1	1.49mi

Listing history 12 events

1. 2026-06-13
   days on market $68,900 Active 49 DOM
2. 2026-06-09
   days on market $68,900 Active 46 DOM
3. 2026-06-08
   days on market $68,900 Active 45 DOM
4. 2026-06-07
   days on market $68,900 Active 44 DOM
5. 2026-06-04
   days on market $68,900 Active 41 DOM
6. 2026-06-03
   days on market $68,900 Active 40 DOM
7. 2026-06-02
   days on market $68,900 Active 39 DOM
8. 2026-06-02
   price $68,900 Active 38 DOM
9. 2026-06-01
   days on market $73,900 Active 38 DOM
10. 2026-05-31
    days on market $73,900 Active 37 DOM
11. 2026-05-06
    price $73,900 714-char remark
12. 2026-04-24
    listed $78,000 Active 714-char remark

ⓘ 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: $251 · $21/mo
• Projected year-2 tax: $418 · $35/mo
• Expected delta: +$167/yr (+$14/mo · 66.7%)

ⓘ 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 2/10 Low 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: $17,002
• − Mortgage interest: −$3,859
• − Property taxes: −$251
• − Insurance: −$344
• − Repairs & maintenance: −$1,360
• − Management: −$1,360
• − Depreciation: −$2,004
• Taxable income: $7,822
• Est. tax owed @ 24.0%: −$1,877
• After-tax cash flow: $6,623/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

-98.5% since first listed

5 events — show timeline

• 2026-06-15 Listed for Rent $1,150 TURBOTENANT
• 2026-06-13 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-06-01 Price Changed $68,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-06 Price Changed $73,900 NIRA MLS as Distributed by MLS Grid
• 2026-04-24 Listed $78,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-6.0%/yr

Latest (2024): $251 · +2.5% YoY. Source: county tax records.