4049 Kentucky St · Gary, IN 46409

$149,900

3 bd · 1.0 ba · 1,507 sqft · SingleFamily public records · 31 Days on market

Built 1955 7,560 sqft lot Est $136k · 11% 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 +23.7/30.0
• DSCR +7.6/10.0
• 1% rule +5.6/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Appreciation +3.0/10.0
• ARV discount +2.8/15.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks

This well maintained ranch home is the home you have been looking for. This spacious home offers a remodeled kitchen, featuring sleek stainless steel appliances, modern finishes, and trendy backsplash. This spacious ranch provides generously sized rooms, updated bathrooms, and central air conditioning. Nothing to do but move-in. Schedule your showing today!

Key facts

• Remodeled kitchen
• Modern finishes
• Updated bathrooms

Tags

• REMODELED KITCHEN
• STAINLESS STEEL APPLIANCES
• MODERN FINISHES
• TRENDY BACKSPLASH
• UPDATED BATHROOMS

Property features AI

Finance

• Other: Property is currently vacant

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: Single-story home; Built in 1955
• Construction: One-level construction
• Exterior features: Neighborhood view

Interior

• Kitchen: Stainless steel appliances; Gas range; Microwave; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: No notable built-in interior features listed; Neighborhood view from the property
• Laundry & utility: Washer; Dryer; Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $285 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (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; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 11d 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 43% 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 $1k of loan paydown is wiped out by about $4k 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 $42k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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: 1.06% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.16%
• DSCR: 1.36
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $135,630
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4327 Vermont Ct	0.34mi	3/1.0	1,567 (+4%)	1mo	$123,600	$79	77
4060 Louisiana St	0.16mi	2/1.0 (-1)	1,590 (+6%)	9mo	$7,000	$4	71
3789 Rhode Island St	0.37mi	3/2.0	1,588 (+5%)	2mo	$140,000	$88	68
4038 Rhode Island St	0.15mi	4/3.0 (+1)	1,566 (+4%)	6mo	$226,000	$144	68
1436 E 39th Ave	0.31mi	3/1.5	1,392 (-8%)	6mo	$121,000	$87	66
3786 Alabama St	0.54mi	3/1.0	1,428 (-5%)	7mo	$185,000	$130	61
407 E 43rd Ave	0.53mi	3/2.0	1,636 (+9%)	0mo	$11,000	$7	57
4110 Alabama St	0.42mi	3/1.0	1,725 (+14%)	3mo	$155,000	$90	54
3836 Delaware St	0.55mi	3/2.0	1,652 (+10%)	3mo	$149,900	$91	52
3618 Georgia St	0.60mi	4/2.0 (+1)	1,426 (-5%)	8mo	$20,000	$14	48
3636 Carolina St	0.61mi	4/2.0 (+1)	1,400 (-7%)	9mo	$187,000	$134	44
4421 Pennsylvania St	0.66mi	2/2.0 (-1)	1,592 (+6%)	9mo	$155,000	$97	43

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: -1.9%
• Equity multiple: 0.93×
• Total profit: $-3,133
• Equity at exit: $22,351

10-year hold

• IRR: 9.6%
• Equity multiple: 1.80×
• Total profit: $33,390
• Equity at exit: $12,961

Cash invested: $41,972 (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: 7.9×

Monthly cashflow live

• Estimated rent: $1,584 high
• Mortgage (P&I): −$786
• Tax from tax record: −$117 /mo · $1,407/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $285

Break-even live

Break-even rent $1,223

Max offer price $149,900

Occupancy floor 77%

Sensitivity live

Price	-10% $370	-5% $328	+0% $285	+5% $243	+10% $200
Rent	-10% $160	-5% $223	+0% $285	+5% $348	+10% $410
Rate	-1.0pp $361	-0.5pp $323	base $285	+0.5pp $247	+1.0pp $207

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4009 Kentucky St Gary, IN	4.0	1.0	1307	$1,595	$1.22	44d	1	0.03mi
4330 Kentucky St Gary, IN	4.0	2.0	2178	$1,930	$0.89	2d	1	0.37mi
4416 Vermont Ct Gary, IN	3.0	1.0	1162	$1,350	$1.16	44d	1	0.49mi
3820 Colbourne St Hobart, IN	3.0	2.0	1209	$1,695	$1.40	44d	1	0.84mi
4430 Broadway Gary, IN	3.0	1.0	1200	$1,250	$1.04	2d	1	0.86mi
3852 Sandusky St Hobart, IN	4.0	1.0	1209	$1,800	$1.49	17d	1	0.89mi
3395 Pennsylvania St Gary, IN	3.0	1.0	1300	$1,495	$1.15	2d	1	0.96mi
4208 Jackson St Gary, IN	3.0	1.0	1411	$1,350	$0.96	45d	1	1.10mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	20d	1	1.17mi
5026 Kentucky St Gary, IN	3.0	1.0	1200	$1,100	$0.92	7d	1	1.24mi
3612 Van Buren St Gary, IN	3.0	1.0	1534	$1,600	$1.04	2d	1	1.28mi
4772 Jefferson St Gary, IN	3.0	2.0	1956	$1,595	$0.82	19d	1	1.28mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	2d	1	1.35mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	11d	1	1.35mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	2d	1	1.35mi
4767 Harrison St Gary, IN	3.0	1.0	1664	$1,500	$0.90	2d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $149,900 Active 31 DOM
2. 2026-06-18
   price $149,900 Active 30 DOM
3. 2026-06-17
   days on market $160,000 Active 30 DOM
4. 2026-06-16
   days on market $160,000 Active 29 DOM
5. 2026-06-15
   days on market $160,000 Active 28 DOM
6. 2026-06-13
   days on market $160,000 Active 26 DOM
7. 2026-06-13
   days on market $160,000 Active 25 DOM
8. 2026-06-09
   days on market $160,000 Active 22 DOM
9. 2026-06-08
   days on market $160,000 Active 21 DOM
10. 2026-06-07
    days on market $160,000 Active 20 DOM
11. 2026-06-04
    days on market $160,000 Active 17 DOM
12. 2026-06-03
    days on market $160,000 Active 16 DOM
13. 2026-06-02
    days on market $160,000 Active 15 DOM
14. 2026-06-01
    days on market $160,000 Active 14 DOM
15. 2026-05-31
    days on market $160,000 Active 13 DOM
16. 2026-05-18
    listed $160,000 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: $1,407 · $117/mo
• Projected year-2 tax: $1,407 · $117/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 ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,005
• − Mortgage interest: −$8,397
• − Property taxes: −$1,407
• − Insurance: −$750
• − Repairs & maintenance: −$1,520
• − Management: −$1,520
• − Depreciation: −$4,361
• Taxable income: $1,050
• Est. tax owed @ 24.0%: −$252
• After-tax cash flow: $3,172/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

1 event — show timeline

• 2026-05-18 Listed $160,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-6.9%/yr

Latest (2024): $1,407 · +24.6% YoY. Source: county tax records.