2392 Wheeler St · Gary, IN 46406

$114,000

2 bd · 1.0 ba · 1,120 sqft · SingleFamily public records · 24 Days on market

Built 1949 6,534 sqft lot Est $85k · 34% 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 +25.4/30.0
• DSCR +8.4/10.0
• 1% rule +6.7/10.0
• Appreciation +5.6/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0

Listing remarks

Well-Cared-For Ranch in Gary, Indiana - Prime Location! Discover this charming ranch-style home featuring a detached 2.5-car garage, perfect for parking and storage. Located just a few blocks from the Hard Rock Casino and minutes from the beautiful Lake Michigan beaches, this property offers both convenience and leisure. Inside, you'll find a thoughtfully designed layout with three bedrooms and a bright, inviting bathroom. The home boasts easy maintenance with laminate flooring, ceiling fans, and central air conditioning for year-round comfort. The architectural shingled roof and newer vinyl windows ensure durability and energy efficiency. The durable aluminum siding and fenced yard provide

Key facts

• Laminate flooring
• Fenced yard
• Newer vinyl windows

Tags

• DETACHED GARAGE
• FENCED YARD
• LAMINATE FLOORING
• ARCHITECTURAL SHINGLED ROOF
• NEWER VINYL WINDOWS
• ALUMINUM SIDING

Property features AI

Exterior

• Parking: Detached garage; Garage faces side; Approximately 2.5 garage spaces; Driveway with paved, concrete and asphalt surfaces; On-street parking and additional off-street parking; Garage door opener
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Natural gas connected; Electricity connected (100 Amp service); Cable available
• Home design: One-story home; Built in 1949
• Construction: Aluminum siding; Shingle roof; Garage(s) on property
• Exterior features: Covered porch/patio; Private backyard; Chain link fenced backyard; Back yard fencing; Rain gutters; Insulated windows; Neighborhood view; Smoke detectors

Interior

• Kitchen: Refrigerator included
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (forced air); Central air conditioning; Ceiling fans
• Interior features: Ceiling fans; Country-style kitchen; Laminate countertops; Eat-in kitchen; Crawl space basement
• Laundry & utility: Main-level laundry room with washer hookup; Gas dryer hookup; Laundry sink

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $114k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $114k).
• Recommended offer: $112k (1.5% below list) — sets the bar for market timing.

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; 7 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).

Forward outlook

• In year one you build about $2k of equity ($788 loan paydown + $1k 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 $32k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($112k) 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.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,290 (1.5% below list)

Questions for the listing agent

1. Built in 1949 — 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: 1.17% ✓
• Cap rate: 9.06%
• Cash-on-cash: 9.90%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $85,120
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2392 Wheeler St	0.00mi	3/1.0 (+1)	1,120 (0%)	1mo	$85,000	$76	94
2329 Colfax St	0.12mi	3/1.0 (+1)	1,034 (-8%)	6mo	$75,000	$73	72
2630 Colfax St	0.31mi	3/1.0 (+1)	1,134 (+1%)	13mo	$30,000	$26	67
2222 Burr St	0.58mi	3/1.0 (+1)	1,038 (-7%)	8mo	$90,000	$87	49
7201 W 24th Ave	0.69mi	3/1.0 (+1)	1,032 (-8%)	6mo	$154,900	$150	44
2407 Gerry St	0.47mi	3/1.0 (+1)	1,245 (+11%)	20mo	$32,500	$26	38
2349 Burr St	0.60mi	3/2.0 (+1)	1,252 (+12%)	10mo	$168,000	$134	36

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: 12.3%
• Equity multiple: 1.64×
• Total profit: $20,365
• Equity at exit: $40,451

10-year hold

• IRR: 15.8%
• Equity multiple: 2.96×
• Total profit: $62,614
• Equity at exit: $54,961

Cash invested: $31,920 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,331 high
• Mortgage (P&I): −$598
• Tax est. 1.5%: −$142 /mo · $1,710/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $263

Break-even live

Break-even rent $997

Max offer price $114,000

Occupancy floor 75%

Sensitivity live

Price	-10% $342	-5% $303	+0% $263	+5% $224	+10% $185
Rent	-10% $158	-5% $211	+0% $263	+5% $316	+10% $368
Rate	-1.0pp $321	-0.5pp $292	base $263	+0.5pp $234	+1.0pp $204

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: $28,500
• Closing costs: $3,420
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4328 W 22nd Plz Gary, IN	3.0	1.0	950	$1,300	$1.37	3d	1	1.24mi
4300 W 22nd Pl Gary, IN	3.0	1.0	977	$1,395	$1.43	3d	1	1.26mi
3607 Orchard Dr Hammond, IN	1.0–2.0	1.0	839	$1,539	$1.83	2d	6	1.34mi
3605 Orchard Dr Hammond, IN	1.0	1.0	736	$950	$1.29	5d	1	1.40mi
4134 W 22nd Pl Gary, IN	3.0	1.0	825	$1,395	$1.69	2d	1	1.40mi
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	2d	1	1.43mi
4061 W 20th Pl Gary, IN	3.0	1.0	925	$1,450	$1.57	2d	1	1.50mi

Listing history 8 events

1. 2026-05-13
   status Pending
2. 2026-05-07
   price $114,000
3. 2026-04-29
   status Active
4. 2026-04-24
   historical Active Under Contract
5. 2026-04-18
   listed $118,000 Active
6. 2000-04-20
   listed $49,900
7. 1999-04-15
   historical
8. 1998-10-16
   listed $49,999

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 15 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: $15,967
• − Mortgage interest: −$6,386
• − Property taxes: −$1,710
• − Insurance: −$570
• − Repairs & maintenance: −$1,277
• − Management: −$1,277
• − Depreciation: −$3,316
• Taxable income: $1,430
• Est. tax owed @ 24.0%: −$343
• After-tax cash flow: $2,817/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

+128.0% since first listed

8 events — show timeline

• 2026-05-13 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-07 Price Changed $114,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-29 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-04-24 Contingent — NIRA MLS as Distributed by MLS Grid
• 2026-04-18 Listed $118,000 NIRA MLS as Distributed by MLS Grid
• 2000-04-20 Listed $49,900 NIRA MLS as Distributed by MLS Grid
• 1999-04-15 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 1998-10-16 Listed $49,999 NIRA MLS as Distributed by MLS Grid

Property tax history

-12.1%/yr

Latest (2019): $105 · +0.0% YoY. Source: county tax records.