1957 Madison Ln · Gary, IN 46407

$95,000

3 bd · 1.0 ba · 999 sqft · SingleFamily public records · 212 Days on market

Built 1961 7,623 sqft lot

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Why this score? — see what drove the B- 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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks

SHORT SALE ALERT! Investor Special or Handy Homeowner Opportunity! Located in the heart of the historic Means Manor neighborhood of Midtown Gary, this 3-bedroom, 1-bathroom fixer-upper offers endless potential. Featuring a full basement and solid bones, it's perfect for your next renovation project. Just minutes from the I-90 Toll Road and Highway 80/94, with quick and easy access to Chicago--ideal for commuters or investors looking for a strategic location. Don't miss out on this diamond in the rough. Schedule your showing today!

Key facts

• Full basement
• Strategic location
• 7,623 sq ft lot

Tags

• FULL BASEMENT
• STRATEGIC LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $335 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $84k (12.0% 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: 121 active listings in the ZIP; 25 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).
• At $1,190/mo this rent would consume 50% 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 $2k of equity ($657 loan paydown + $931 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 $27k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 212 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 27y ago; this cycle's ask has dropped $15k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $83,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 212 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 1961 — 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. 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.
8. 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.
9. 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: 1.25% ✓
• Cap rate: 10.52%
• Cash-on-cash: 15.11%
• DSCR: 1.67
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $30,969
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1561 Tyler St	0.40mi	3/1.0	1,008 (+1%)	0mo	$12,000	$12	80
1201 W 21st Ave	0.53mi	2/1.0 (-1)	980 (-2%)	7mo	$139,900	$143	62
1014 W 19th Ave	0.41mi	3/1.5	960 (-4%)	14mo	$30,000	$31	61
1177 Harrison St	0.56mi	2/1.0 (-1)	946 (-5%)	2mo	$8,500	$9	58
1349 Harrison St	0.48mi	3/1.0	1,068 (+7%)	14mo	$22,900	$21	54
2402 Polk St	0.66mi	3/1.0	920 (-8%)	4mo	$53,000	$58	53
1151 Delaware St	0.74mi	3/1.0	1,057 (+6%)	9mo	$34,500	$33	48
1161 Harrison Blvd	0.61mi	4/2.0 (+1)	912 (-9%)	0mo	$21,000	$23	48
1953 Carolina St	0.71mi	3/1.0	936 (-6%)	13mo	$125,000	$134	46
2301 Delaware St	0.67mi	2/1.5 (-1)	1,064 (+6%)	8mo	$29,400	$28	44
2368 Fillmore St	0.66mi	2/1.0 (-1)	858 (-14%)	3mo	$9,000	$10	38
1161 Fillmore St	0.70mi	2/1.0 (-1)	905 (-9%)	14mo	$42,000	$46	35

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: 17.0%
• Equity multiple: 1.86×
• Total profit: $22,997
• Equity at exit: $32,331

10-year hold

• IRR: 20.3%
• Equity multiple: 3.45×
• Total profit: $65,158
• Equity at exit: $42,887

Cash invested: $26,600 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,190 high
• Mortgage (P&I): −$498
• Tax from tax record: −$68 /mo · $814/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $335

Break-even live

Break-even rent $767

Max offer price $95,000

Occupancy floor 67%

Sensitivity live

Price	-10% $389	-5% $362	+0% $335	+5% $308	+10% $281
Rent	-10% $241	-5% $288	+0% $335	+5% $382	+10% $429
Rate	-1.0pp $383	-0.5pp $359	base $335	+0.5pp $310	+1.0pp $285

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	20d	1	0.31mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	2d	1	0.33mi
2378 Jackson St Gary, IN	2.0	1.0	672	$1,050	$1.56	2d	1	0.54mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	2d	1	0.57mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	44d	1	0.61mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	21d	1	0.67mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	44d	1	0.68mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	2d	1	0.69mi
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	2d	1	0.69mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	20d	1	0.70mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	2d	1	0.78mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	4d	1	0.80mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	2d	1	0.80mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	2d	1	0.80mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	2d	1	0.92mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	2d	1	0.97mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	44d	1	0.99mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	2d	1	0.99mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	2d	1	1.25mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	2d	11	1.29mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	2d	1	1.31mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	17d	1	1.32mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	44d	1	1.34mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	3d	1	1.37mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	1.37mi

Listing history 12 events

1. 2026-03-21
   status Pending
2. 2025-12-02
   status Active
3. 2025-10-20
   status Pending
4. 2025-10-03
   price $95,000
5. 2025-09-19
   price $98,500
6. 2025-08-22
   price $105,000
7. 2025-07-25
   price $110,000
8. 2025-07-11
   status Active
9. 2025-06-05
   status Pending
10. 2025-06-05
    price $115,000
11. 2025-06-01
    listed $110,000 Active
12. 1999-05-29
    listed $71,000

ⓘ 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: $814 · $68/mo
• Projected year-2 tax: $814 · $68/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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,286
• − Mortgage interest: −$5,321
• − Property taxes: −$814
• − Insurance: −$475
• − Repairs & maintenance: −$1,143
• − Management: −$1,143
• − Depreciation: −$2,764
• Taxable income: $2,626
• Est. tax owed @ 24.0%: −$630
• After-tax cash flow: $3,388/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

+33.8% since first listed

12 events — show timeline

• 2026-03-21 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-12-02 Relisted — NIRA MLS as Distributed by MLS Grid
• 2025-10-20 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-10-03 Price Changed $95,000 NIRA MLS as Distributed by MLS Grid
• 2025-09-19 Price Changed $98,500 NIRA MLS as Distributed by MLS Grid
• 2025-08-22 Price Changed $105,000 NIRA MLS as Distributed by MLS Grid
• 2025-07-25 Price Changed $110,000 NIRA MLS as Distributed by MLS Grid
• 2025-07-11 Relisted — NIRA MLS as Distributed by MLS Grid
• 2025-06-05 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-06-05 Price Changed $115,000 NIRA MLS as Distributed by MLS Grid
• 2025-06-01 Listed $110,000 NIRA MLS as Distributed by MLS Grid
• 1999-05-29 Listed $71,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-2.9%/yr

Latest (2024): $814 · +27.1% YoY. Source: county tax records.