1024 E 35th Ct · Gary, IN 46409

$90,000

2 bd · 1.0 ba · 900 sqft · SingleFamily public records · 37 Days on market

Built 1955 4,748 sqft lot $100/sqft · 31% above area Est $69k · 31% 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 +29.6/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Appreciation +3.0/10.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Opportunity meets location in this 3-bedroom, 1-bath home in Gary! Perfectly situated close to local schools, just minutes from Indiana University Northwest, and with easy access to major expressways, this property offers both convenience and potential. Inside, you'll find a functional layout ready for your personal touch, while the unfinished basement provides additional space for storage or future finishing, ideal for expanding your living area or creating the space you've been dreaming of. Whether you're a first-time buyer looking to build equity or an investor seeking your next project, this home offers endless possibilities to make it your own. Don't miss your chance to unlock the potential this property has to offer!

Key facts

• Unfinished basement
• Expand living area
• Functional layout

Tags

• FUNCTIONAL LAYOUT
• UNFINISHED BASEMENT
• ADDITIONAL SPACE FOR STORAGE
• EXPAND LIVING AREA
• ENDLESS POSSIBILITIES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $326 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% 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.
• 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: Rents rising fast (+4.8%/yr); 75 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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).
• This rent runs 32% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 4.8% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y 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 $33k; list at $90k implies a 173% 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 $87,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 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 1955 — 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: 1.31% ✓
• Cap rate: 10.64%
• Cash-on-cash: 15.53%
• DSCR: 1.69
• GRM: 6.4

CMA / ARV

• ARV (median comp): $68,820
• List price: $90,000
• Delta: 30.78%
• 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
828 E 35th Pl	0.13mi	2/1.0	900 (0%)	10mo	$50,000	$56	86
1407 E 36th Ave	0.27mi	3/1.0 (+1)	950 (+6%)	3mo	$55,100	$58	71
3326 Delaware St	0.49mi	3/1.0 (+1)	896 (-0%)	1mo	$77,000	$86	71
3370 Pennsylvania St	0.53mi	2/1.0	894 (-1%)	9mo	$14,900	$17	67
3624 Georgia St	0.23mi	3/2.0 (+1)	954 (+6%)	7mo	$77,000	$81	65
1015 E 36th Pl	0.19mi	2/1.0	780 (-13%)	9mo	$82,000	$105	62
3820 Swift St	0.55mi	2/1.0	840 (-7%)	3mo	$210,000	$250	61
3471 Pennsylvania St	0.47mi	2/1.0	960 (+7%)	10mo	$75,000	$78	59
3320 Delaware St	0.50mi	3/1.0 (+1)	864 (-4%)	9mo	$57,000	$66	58
4055 Kentucky St	0.70mi	3/1.0 (+1)	1,000 (+11%)	1mo	$50,000	$50	43
3540 Pennsylvania St	0.49mi	3/1.5 (+1)	1,035 (+15%)	3mo	$68,000	$66	43
3346 Delaware St	0.48mi	3/1.0 (+1)	1,017 (+13%)	10mo	$74,000	$73	42

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

Projected returns pro-forma

-3.0% appreciation · 4.85% rent growth · sell at horizon

5-year hold

• IRR: 8.4%
• Equity multiple: 1.33×
• Total profit: $8,432
• Equity at exit: $13,419

10-year hold

• IRR: 19.1%
• Equity multiple: 2.73×
• Total profit: $43,647
• Equity at exit: $7,782

Cash invested: $25,200 (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 46409

• Home prices YoY: -2.0%
• Rents YoY: 4.8%
• Active inventory: 75
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,179 high
• Mortgage (P&I): −$472
• Tax from tax record: −$96 /mo · $1,149/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $326

Break-even live

Break-even rent $766

Max offer price $90,000

Occupancy floor 67%

Sensitivity live

Price	-10% $377	-5% $352	+0% $326	+5% $301	+10% $275
Rent	-10% $233	-5% $280	+0% $326	+5% $373	+10% $419
Rate	-1.0pp $371	-0.5pp $349	base $326	+0.5pp $303	+1.0pp $279

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
816 E 35th Ct Gary, IN	2.0	1.0	810	$1,075	$1.33	2d	1	0.12mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	2d	1	0.33mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	2d	1	1.20mi
1005 W 35th Ave Apt 202 Gary, IN	2.0	1.0	617	$795	$1.29	2d	1	1.29mi
1005 W 35th Ave Apt 105 Gary, IN	2.0	1.0	601	$795	$1.32	19d	1	1.29mi
1015 W 35th Ave Apt 206 Gary, IN	2.0	1.0	601	$795	$1.32	44d	1	1.30mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	3d	1	1.32mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	2d	1	1.32mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	2d	1	1.36mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	2d	1	1.39mi
4327 Monroe St Unit 1st front Gary, IN	1.0	1.0	600	$1,095	$1.82	2d	1	1.40mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	44d	1	1.42mi

Listing history 10 events

1. 2026-04-20
   listed $90,000 Active 732-char remark

   Show marketing remark (732 chars)

   Opportunity meets location in this 3-bedroom, 1-bath home in Gary! Perfectly situated close to local schools, just minutes from Indiana University Northwest, and with easy access to major expressways, this property offers both convenience and potential. Inside, you'll find a functional layout ready for your personal touch, while the unfinished basement provides additional space for storage or future finishing, ideal for expanding your living area or creating the space you've been dreaming of. Whether you're a first-time buyer looking to build equity or an investor seeking your next project, this home offers endless possibilities to make it your own. Don't miss your chance to unlock the potential this property has to offer!

2. 2021-06-10
   soldstatus $33,000 107-char remark

   Show marketing remark (107 chars)

   Unfinished SF: 0, Annual Maint Incl: None, Utilities: On (Assessor), Interior Features: Main Floor Bathroom

3. 2021-03-17
   listed $48,000 107-char remark

   Show marketing remark (107 chars)

   Unfinished SF: 0, Annual Maint Incl: None, Utilities: On (Assessor), Interior Features: Main Floor Bathroom

4. 2017-07-14
   soldstatus $11,000
5. 2016-12-14
   listed $15,000
6. 2010-05-01
   historical
7. 2009-05-07
   listed $44,900
8. 2008-07-20
   historical
9. 2007-07-19
   listed $52,500
10. 2006-10-30
    listed $15,000

ⓘ 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: $1,149 · $96/mo
• Projected year-2 tax: $1,149 · $96/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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,147
• − Mortgage interest: −$5,041
• − Property taxes: −$1,149
• − Insurance: −$450
• − Repairs & maintenance: −$1,132
• − Management: −$1,132
• − Depreciation: −$2,618
• Taxable income: $2,625
• Est. tax owed @ 24.0%: −$630
• After-tax cash flow: $3,284/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): 7,184
• Household income: $44,667
• Rent vs Own: 55.5% rent · 44.5% own
• Severe rent burden: 516.0

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 (68%)
• Race & ethnicity: Black 68% Two or more races 17% Hispanic / Latino 14% White 11%
• Hispanic origin (detail): Mexican 8% Puerto Rican 5%
• Common ancestry: Iranian 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 6%

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: ▼ -3.91%
• Current HPI: 190.6724
• Rent YoY: ▲ 4.85%
• 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

+500.0% since first listed

10 events — show timeline

• 2026-04-20 Listed $90,000 NIRA MLS as Distributed by MLS Grid
• 2021-06-10 Sold (MLS) $33,000 NIRA MLS as Distributed by MLS Grid
• 2021-03-17 Listed $48,000 NIRA MLS as Distributed by MLS Grid
• 2017-07-14 Sold (MLS) $11,000 NIRA MLS as Distributed by MLS Grid
• 2016-12-14 Listed $15,000 NIRA MLS as Distributed by MLS Grid
• 2010-05-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2009-05-07 Listed $44,900 NIRA MLS as Distributed by MLS Grid
• 2008-07-20 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-07-19 Listed $52,500 NIRA MLS as Distributed by MLS Grid
• 2006-10-30 Listed $15,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-6.7%/yr

Latest (2024): $1,149 · +11.1% YoY. Source: county tax records.