2345 E 21st Ave · Gary, IN 46407

$28,500

3 bd · 1.0 ba · 1,068 sqft · SingleFamily public records · 174 Days on market

Built 1947 0.50 ac lot $27/sqft · 60% below area

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks MLS

There is a house in there-" SOME WHERE OVER THE RAINBOW "! 3 Beds & 1 Bath, waiting on you to REVIVE, this once lovely home! Think of the nature landscaping options available to you. Restore, rebuild , or demolish, the land will be yours to utilize your creativity. The location provides access to three major interstate highway exchanges, I-65, I-80-94, US 12/20, and scenic Miller Beach. You are also MINUTES away from major shopping malls, eateries, supermarkets and more. Start CLEARING and START CREATING!!

Key facts

• Eateries
• Supermarkets
• 0.5 acre lot

Tags

• EATERIES
• SUPERMARKETS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $28k.

Deal economics

• At list price, monthly cash flow is $923 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $25k (12.0% below list) — sets the bar for market timing.
• Cap rate 45.2% 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; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 12d 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 $1,411/mo this rent would consume 59% 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 $476 of equity ($197 loan paydown + $279 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $25,080 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 4.95% ✓
• Cap rate: 45.18%
• Cash-on-cash: 138.87%
• DSCR: 7.18
• GRM: 1.7

CMA / ARV

• ARV (median comp): $71,880
• List price: $28,500
• Delta: -60.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1976 Missouri Ter	0.20mi	3/1.0	1,037 (-3%)	5mo	$8,500	$8	82
2801 Central Ave	0.34mi	3/1.0	1,046 (-2%)	9mo	$65,000	$62	73
2601 E 22nd Ave	0.26mi	2/1.0 (-1)	925 (-13%)	1mo	$99,999	$108	60
2543 E 21st Pl	0.21mi	3/2.0	1,177 (+10%)	14mo	$36,900	$31	57
2047 Ohio St	0.66mi	3/2.0	1,092 (+2%)	6mo	$92,000	$84	56
2601 Marshalltown Dr	0.39mi	3/1.0	999 (-6%)	19mo	$90,000	$90	55
2801 Central Dr	0.36mi	3/1.0	933 (-13%)	11mo	$129,900	$139	52
1996 Central Dr	0.32mi	3/1.0	935 (-12%)	16mo	$108,000	$116	51
2714 E 21st Pl	0.30mi	3/1.0	1,200 (+12%)	18mo	$65,000	$54	50
2546 E 22nd Pl	0.25mi	4/1.0 (+1)	1,197 (+12%)	17mo	$102,000	$85	49
2417 Marshalltown Ln	0.46mi	3/1.0	925 (-13%)	15mo	$45,000	$49	44
2437 Marshalltown Ln	0.44mi	3/1.0	925 (-13%)	19mo	$120,000	$130	42

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: —
• Equity multiple: 8.44×
• Total profit: $59,339
• Equity at exit: $9,699

10-year hold

• IRR: —
• Equity multiple: 17.64×
• Total profit: $132,796
• Equity at exit: $12,866

Cash invested: $7,980 (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: 1.7×

Monthly cashflow live

• Estimated rent: $1,411 high
• Mortgage (P&I): −$149
• Tax from tax record: −$30 /mo · $359/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $923

Break-even live

Break-even rent $242

Max offer price $28,500

Occupancy floor 30%

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: $7,125
• Closing costs: $855
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2257 Central Dr Gary, IN	4.0	2.0	1220	$1,650	$1.35	43d	1	0.17mi
2025 Central Dr Gary, IN	3.0	1.0	875	$1,550	$1.77	43d	1	0.28mi
2561 E 23rd Ave Gary, IN	4.0	1.0	1490	$1,350	$0.91	43d	1	0.33mi
2612 Marshalltown Dr Gary, IN	4.0	1.0	1195	$1,450	$1.21	11d	1	0.36mi
2612 Marshalltown Dr Gary, IN	4.0	1.0	1195	$1,450	$1.21	3d	1	0.36mi
2908 Central Dr Gary, IN	3.0	1.0	884	$1,525	$1.73	1d	1	0.41mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	16d	1	0.52mi
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	1d	1	0.92mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	43d	1	0.97mi
1252-54 Idaho St Gary, IN	3.0	1.0	900	$2,200	$2.44	1d	1	1.00mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	1.11mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	1d	1	1.12mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	3d	1	1.12mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	1d	1	1.12mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	1d	1	1.12mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	43d	1	1.17mi
904 Idaho St Gary, IN	2.0	1.0	1176	$1,200	$1.02	43d	1	1.18mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	19d	1	1.23mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	1d	1	1.29mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	43d	1	1.31mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	43d	1	1.39mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	20d	1	1.43mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	1.45mi

Listing history 17 events

1. 2026-06-18
   days on market $28,500 Active 174 DOM
2. 2026-06-17
   days on market $28,500 Active 173 DOM
3. 2026-06-16
   days on market $28,500 Active 172 DOM
4. 2026-06-15
   days on market $28,500 Active 171 DOM
5. 2026-06-13
   days on market $28,500 Active 169 DOM
6. 2026-06-13
   days on market $28,500 Active 168 DOM
7. 2026-06-09
   days on market $28,500 Active 165 DOM
8. 2026-06-08
   days on market $28,500 Active 164 DOM
9. 2026-06-07
   days on market $28,500 Active 163 DOM
10. 2026-06-04
    days on market $28,500 Active 160 DOM
11. 2026-06-03
    days on market $28,500 Active 159 DOM
12. 2026-06-02
    days on market $28,500 Active 158 DOM
13. 2026-06-01
    days on market $28,500 Active 157 DOM
14. 2026-05-31
    days on market $28,500 Active 156 DOM
15. 2025-12-26
    listed $28,500 Active 533-char remark

    Show marketing remark (533 chars)

    There is a house in there-" SOME WHERE OVER THE RAINBOW "! 3 Beds & 1 Bath, waiting on you to REVIVE, this once lovely home! Think of the nature landscaping options available to you. Restore, rebuild , or demolish, the land will be yours to utilize your creativity. The location provides access to three major interstate highway exchanges, I-65, I-80-94, US 12/20, and scenic Miller Beach. You are also MINUTES away from major shopping malls, eateries, supermarkets and more. Start CLEARING and START CREATING!!

16. 2025-10-12
    historical
17. 2024-10-11
    listed $28,500 Active

ⓘ 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: $359 · $30/mo
• Projected year-2 tax: $359 · $30/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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥103°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,932
• − Mortgage interest: −$1,596
• − Property taxes: −$359
• − Insurance: −$142
• − Repairs & maintenance: −$1,355
• − Management: −$1,355
• − Depreciation: −$829
• Taxable income: $11,296
• Est. tax owed @ 24.0%: −$2,711
• After-tax cash flow: $8,371/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

+0.0% since first listed

3 events — show timeline

• 2025-12-26 Listed $28,500 NIRA MLS as Distributed by MLS Grid
• 2025-10-12 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-10-11 Listed $28,500 NIRA MLS as Distributed by MLS Grid

Property tax history

-16.9%/yr

Latest (2024): $359 · +1.6% YoY. Source: county tax records.