701 Tyler St · Gary, IN 46402

$94,900

3 bd · 1.0 ba · 2,002 sqft · SingleFamily public records · 23 Days on market

Built 1911 5,227 sqft lot $47/sqft · 20% above area Est $79k · 20% over

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

CORPORATE OWNED, SOLD AS IS.

Key facts

• 5,227 sq ft lot
• Built 1911
• Listed 23 days

Property features AI

Finance

• Other: Vacant occupant status

Exterior

• Utilities: Public water; Public sewer
• Home design: Two-story property; Built in 1911; Property listed as fixer condition
• Construction: Has an unfinished basement
• Exterior features: Neighborhood view

Interior

• Kitchen: Gas range
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Other cooling
• Interior features: One fireplace located in the living room; No additional interior features listed
• Laundry & utility: Has unfinished basement

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 $472 ($6k/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: $93k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.3% 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: 46 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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 $1,440/mo this rent would consume 52% of the median local household income ($34k/yr) (locally 336% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $656 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 + 3.0% rent growth), your $27k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $93,476 (1.5% below list)

Questions for the listing agent

1. Built in 1911 — 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: 1.52% ✓
• Cap rate: 12.26%
• Cash-on-cash: 21.30%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

• ARV (median comp): $79,247
• List price: $94,900
• Delta: 19.75%
• 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
701 Tyler St	0.00mi	4/1.0 (+1)	2,002 (0%)	0mo	$94,900	$47	95
817 Fillmore St	0.19mi	3/1.0	1,934 (-3%)	4mo	$45,000	$23	82
749 Van Buren St	0.15mi	4/1.5 (+1)	1,972 (-2%)	10mo	$35,000	$18	76
407 Polk St	0.38mi	4/2.5 (+1)	1,991 (-0%)	2mo	$192,900	$97	69
725 Polk St	0.07mi	3/3.5	2,174 (+9%)	9mo	$185,000	$85	65
851 Johnson St	0.42mi	4/2.5 (+1)	1,954 (-2%)	2mo	$200,000	$102	64
571 Van Buren St	0.21mi	4/2.5 (+1)	2,145 (+7%)	6mo	$190,000	$89	62
833 Tyler St	0.17mi	4/— (+1)	1,778 (-11%)	9mo	$30,000	$17	61
642 Fillmore St	0.17mi	4/2.0 (+1)	2,230 (+11%)	6mo	$220,000	$99	59
604 Harrison St	0.13mi	4/2.0 (+1)	2,294 (+15%)	6mo	$156,000	$68	56
329 Pierce St	0.50mi	3/1.0	2,288 (+14%)	0mo	$120,000	$52	52
809 Hayes St	0.51mi	4/2.0 (+1)	2,184 (+9%)	10mo	$193,000	$88	44

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.8%
• Equity multiple: 1.55×
• Total profit: $14,694
• Equity at exit: $14,150

10-year hold

• IRR: 22.7%
• Equity multiple: 2.94×
• Total profit: $51,595
• Equity at exit: $8,205

Cash invested: $26,572 (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 46402

• Home prices YoY: -2.8%
• Active inventory: 46
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,440 high
• Mortgage (P&I): −$498
• Tax from tax record: −$129 /mo · $1,543/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $472

Break-even live

Break-even rent $843

Max offer price $94,900

Occupancy floor 62%

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
803 Pierce St Gary, IN	4.0	2.0	1600	$1,400	$0.88	1d	1	0.23mi
765 Garfield St Gary, IN	3.0	1.0	1688	$1,500	$0.89	13d	1	0.58mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	1d	1	0.80mi
1744 Tyler St Unit 2 Gary, IN	4.0	2.0	1600	$1,700	$1.06	44d	1	0.89mi
1109 Maryland St Unit 1 Gary, IN	3.0	1.5	1982	$1,000	$0.50	1d	1	1.01mi
1109 Maryland St Gary, IN	3.0	1.0	1982	$1,000	$0.50	1d	1	1.01mi
373 Taft Pl Gary, IN	4.0	2.0	1984	$1,800	$0.91	43d	1	1.03mi
1030 E 6th Ave Gary, IN	3.0	1.5	1400	$1,600	$1.14	1d	1	1.27mi

Listing history 5 events

1. 2026-05-12
   price $98,900 368-char remark
2. 2026-04-29
   listed $99,900 Active 368-char remark
3. 2004-11-18
   listed $21,900 28-char remark

   Show marketing remark (28 chars)

   CORPORATE OWNED, SOLD AS IS.

4. 2004-10-01
   historical
5. 2004-07-07
   listed $48,000

ⓘ 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: $1,543 · $129/mo
• Projected year-2 tax: $1,543 · $129/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 3/10 Moderate 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: $17,278
• − Mortgage interest: −$5,316
• − Property taxes: −$1,543
• − Insurance: −$474
• − Repairs & maintenance: −$1,382
• − Management: −$1,382
• − Depreciation: −$2,761
• Taxable income: $4,420
• Est. tax owed @ 24.0%: −$1,061
• After-tax cash flow: $4,600/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): 5,836
• Household income: $33,529
• Rent vs Own: 56.6% rent · 43.4% own
• Severe rent burden: 336.0

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 (87%)
• Race & ethnicity: Black 87% Two or more races 5% White 5% Hispanic / Latino 4%
• Common ancestry: Romanian 1% Ukrainian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% Arabic 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: ▼ -7.21%
• Current HPI: 250.2464
• 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

+97.7% since first listed

8 events — show timeline

• 2026-06-15 Sold (MLS) $94,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-22 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-20 Price Changed $94,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-12 Price Changed $98,900 NIRA MLS as Distributed by MLS Grid
• 2026-04-29 Listed $99,900 NIRA MLS as Distributed by MLS Grid
• 2004-11-18 Listed $21,900 NIRA MLS as Distributed by MLS Grid
• 2004-10-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2004-07-07 Listed $48,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-8.5%/yr

Latest (2024): $1,543 · +21.1% YoY. Source: county tax records.