6640 W 24th Ave · Gary, IN 46406

$209,700

3 bd · 1.0 ba · 1,186 sqft · SingleFamily public records · 79 Days on market

Built 1955 6,969 sqft lot

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Why this score? — see what drove the D 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 +12.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.6/10.0
• Livability +3.7/5.0
• DSCR +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Schools +1.3/10.0

Listing remarks MLS

* THIS IS A FANNIE MAE HOME PATH PROPERTY * * Verbal Acceptance waiting on Seller sign docs * Property is not home path renovation or renovation mortgage approved. Three bedroom one bath with attached garage. Sitting on . 16 acre lot. This one is priced to sell quickly don't miss out on a great opportunity it will not last long!!

Key facts

• 6,969 sq ft lot
• Garage
• Built 1955

Property features AI

Exterior

• Parking: Attached garage; 1 garage space
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; Electricity connected (100 amp service); Natural gas connected
• Home design: One level; Built in 1955
• Construction: Vinyl siding; Shingle roof
• Exterior features: Private yard; Back yard fencing (fenced); Neighborhood view

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Stainless steel appliances
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Recessed lighting
• Laundry & utility: Main level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $-48 ($-576/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (4.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (29.1% below list).
• Recommended offer: $149k (29.1% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 9.1% in Gary — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• Lake Ridge New Tech Schools (suburban): math 11% / reading 20% proficiency, ranked #287 of 301 in IN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 54 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($1k loan paydown + $3k 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 $59k cash investment doubles in ~10 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 28y 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 $6k; list at $210k implies a 3713% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $148,718 (29.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.71% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.98%
• DSCR: 0.96
• GRM: 11.8

CMA / ARV

• ARV (on-the-fly): $86,578
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2392 Wheeler St	0.22mi	3/1.0	1,120 (-6%)	1mo	$85,000	$76	80
2630 Colfax St	0.40mi	3/1.0	1,134 (-4%)	13mo	$30,000	$26	63
2329 Colfax St	0.32mi	3/1.0	1,034 (-13%)	6mo	$75,000	$73	59
7269 W 23rd Ave	0.65mi	3/1.0	1,170 (-1%)	14mo	$30,000	$26	56
7201 W 24th Ave	0.47mi	3/1.0	1,032 (-13%)	6mo	$154,900	$150	51
2407 Gerry St	0.69mi	3/1.0	1,245 (+5%)	20mo	$32,500	$26	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 1.1%
• Equity multiple: 1.06×
• Total profit: $3,397
• Equity at exit: $74,408

10-year hold

• IRR: 5.6%
• Equity multiple: 1.70×
• Total profit: $41,223
• Equity at exit: $101,099

Cash invested: $58,716 (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: 11.8×

Monthly cashflow live

• Estimated rent: $1,487 high
• Mortgage (P&I): −$1,100
• Tax from tax record: −$36 /mo · $430/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $-48

Break-even live

Break-even rent $1,548

Max offer price $201,216

Occupancy floor 98%

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: $52,425
• Closing costs: $6,291
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3607 Orchard Dr Hammond, IN	1.0–2.0	1.0	839	$1,539	$1.83	1d	6	1.13mi
7633 Kentucky Ave Hammond, IN	3.0	1.0	888	$1,595	$1.80	10d	1	1.44mi
4328 W 22nd Plz Gary, IN	3.0	1.0	950	$1,300	$1.37	3d	1	1.45mi
6610 Rhode Island Ave Hammond, IN	3.0	1.0	1025	$1,600	$1.56	7d	1	1.46mi
4300 W 22nd Pl Gary, IN	3.0	1.0	977	$1,395	$1.43	2d	1	1.46mi

Listing history 21 events

1. 2026-06-18
   days on market $209,700 Active 79 DOM
2. 2026-06-18
   price $209,700 Active 78 DOM
3. 2026-06-17
   days on market $214,800 Active 78 DOM
4. 2026-06-16
   days on market $214,800 Active 77 DOM
5. 2026-06-15
   days on market $214,800 Active 76 DOM
6. 2026-06-13
   days on market $214,800 Active 74 DOM
7. 2026-06-13
   days on market $214,800 Active 73 DOM
8. 2026-06-09
   days on market $214,800 Active 70 DOM
9. 2026-06-08
   days on market $214,800 Active 69 DOM
10. 2026-06-07
    days on market $214,800 Active 68 DOM
11. 2026-06-04
    days on market $214,800 Active 65 DOM
12. 2026-06-03
    days on market $214,800 Active 64 DOM
13. 2026-06-02
    days on market $214,800 Active 63 DOM
14. 2026-06-01
    days on market $214,800 Active 62 DOM
15. 2026-05-31
    days on market $214,800 Active 61 DOM
16. 2026-03-31
    listed $214,800 Active
17. 2012-04-24
    soldstatus $5,500 333-char remark

    Show marketing remark (333 chars)

    * THIS IS A FANNIE MAE HOME PATH PROPERTY * * Verbal Acceptance waiting on Seller sign docs * Property is not home path renovation or renovation mortgage approved. Three bedroom one bath with attached garage. Sitting on . 16 acre lot. This one is priced to sell quickly don't miss out on a great opportunity it will not last long!!

18. 2012-02-17
    listed $4,900 333-char remark

    Show marketing remark (333 chars)

    * THIS IS A FANNIE MAE HOME PATH PROPERTY * * Verbal Acceptance waiting on Seller sign docs * Property is not home path renovation or renovation mortgage approved. Three bedroom one bath with attached garage. Sitting on . 16 acre lot. This one is priced to sell quickly don't miss out on a great opportunity it will not last long!!

19. 2010-07-14
    historical
20. 2010-01-16
    listed $59,900
21. 1998-07-29
    listed $49,000

ⓘ 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: $430 · $36/mo
• Projected year-2 tax: $1,106 · $92/mo
• Expected delta: +$676/yr (+$56/mo · 157.3%)

ⓘ 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 ≥103°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $17,846
• − Mortgage interest: −$11,746
• − Property taxes: −$430
• − Insurance: −$1,048
• − Repairs & maintenance: −$1,428
• − Management: −$1,428
• − Depreciation: −$6,100
• Taxable loss: −$4,335
• Est. tax savings @ 24.0%: +$1,040
• After-tax cash flow: $464/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: Lake Ridge New Tech Schools
• NCES district ID: 1805460
• Math proficiency: 11% ▼ -18.00%
• Reading proficiency: 20% ▼ -9.00%
• Median HH income: $34,568
• Composite: 12.67/100
• National rank: #9607
• State rank: #287 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

+338.4% since first listed

6 events — show timeline

• 2026-03-31 Listed $214,800 NIRA MLS as Distributed by MLS Grid
• 2012-04-24 Sold (MLS) $5,500 NIRA MLS as Distributed by MLS Grid
• 2012-02-17 Listed $4,900 NIRA MLS as Distributed by MLS Grid
• 2010-07-14 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-01-16 Listed $59,900 NIRA MLS as Distributed by MLS Grid
• 1998-07-29 Listed $49,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-17.7%/yr

Latest (2024): $430 · +4.4% YoY. Source: county tax records.