2048 Roosevelt Pl · Gary, IN 46404

$125,000

3 bd · 1.5 ba · 2,472 sqft · SingleFamily public records · 44 Days on market

Built 1941 6,229 sqft lot $51/sqft · 37% below area Est $199k · 37% under ↓ 7% since listing

---

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 +28.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious all brick tri-level with huge inground pool, privacy fence & 2 car detached garage in the Tolleston neighborhood. Plenty of space for entertaining inside and out. Includes a bonus room and laundry area. This property is a must see!

Key facts

• 6,229 sq ft lot
• 2 garage spots
• Pool

Property features AI

Finance

• Other: Property is vacant

Exterior

• Parking: Detached garage; 2-car garage
• Utilities: Public water; Public sewer
• Home design: Quad-level home; Built in 1941
• Construction: Finished lower level (basement)
• Exterior features: In-ground pool; Neighborhood view

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating; No cooling listed
• Interior features: Finished basement; Neighborhood view
• Laundry & utility: No laundry appliances listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (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 (+11.6%/yr); 68 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $1,651/mo this rent would consume 47% of the median local household income ($42k/yr) (locally 800% 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 $864 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 + 8.0% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $51k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $121,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1941 — 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: 1.32% ✓
• Cap rate: 10.37%
• Cash-on-cash: 14.58%
• DSCR: 1.65
• GRM: 6.3

CMA / ARV

• ARV (median comp): $198,631
• List price: $125,000
• Delta: -37.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2122 W 19th Ave	0.23mi	3/2.0	2,436 (-2%)	19mo	$179,900	$74	69
1474 W 18th Ave	0.55mi	4/1.5 (+1)	2,470 (-0%)	2mo	$14,000	$6	68
1729 Arthur St	0.39mi	4/1.5 (+1)	2,475 (+0%)	16mo	$69,000	$28	63
1384 Roosevelt St	0.46mi	4/2.0 (+1)	2,500 (+1%)	8mo	$197,500	$79	63
1741 Cleveland St	0.34mi	3/1.0	2,214 (-10%)	9mo	$110,000	$50	57
1960 Chase St	0.58mi	3/1.5	2,668 (+8%)	12mo	$155,000	$58	50
1567 Mckinley St	0.38mi	2/1.5 (-1)	2,234 (-10%)	19mo	$23,000	$10	46
1327 Roosevelt St	0.53mi	4/1.5 (+1)	2,233 (-10%)	13mo	$93,000	$42	43
3309 20th Pl	0.70mi	3/2.0	2,684 (+9%)	10mo	$213,000	$79	43
1701 Rutledge St	0.32mi	4/3.5 (+1)	2,760 (+12%)	19mo	$196,000	$71	37
2366 Buchanan St	0.74mi	3/1.5	2,196 (-11%)	13mo	$140,000	$64	36
2568 W 13th Ave	0.64mi	4/3.0 (+1)	2,250 (-9%)	15mo	$177,500	$79	32

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 10.6%
• Equity multiple: 1.45×
• Total profit: $15,579
• Equity at exit: $18,638

10-year hold

• IRR: 23.5%
• Equity multiple: 3.52×
• Total profit: $88,275
• Equity at exit: $10,808

Cash invested: $35,000 (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 46404

• Home prices YoY: -4.8%
• Rents YoY: 11.6%
• Active inventory: 68
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,651 high
• Mortgage (P&I): −$656
• Tax from tax record: −$171 /mo · $2,056/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $425

Break-even live

Break-even rent $1,113

Max offer price $125,000

Occupancy floor 69%

Sensitivity live

Price	-10% $496	-5% $461	+0% $425	+5% $390	+10% $354
Rent	-10% $295	-5% $360	+0% $425	+5% $490	+10% $556
Rate	-1.0pp $488	-0.5pp $457	base $425	+0.5pp $393	+1.0pp $360

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2157 Marshall Pl Gary, IN	3.0	1.5	1650	$1,295	$0.78	45d	1	0.36mi
1368 Waite St Gary, IN	3.0	2.0	1696	$1,800	$1.06	0d	1	0.81mi
1348 Waite St Gary, IN	4.0	2.0	1776	$1,850	$1.04	0d	1	0.82mi
1744 Tyler St Unit 2 Gary, IN	4.0	2.0	1600	$1,700	$1.06	45d	1	0.91mi
2600 Pierce St Gary, IN	4.0	2.0	1800	$1,950	$1.08	45d	1	0.92mi
765 Garfield St Gary, IN	3.0	1.0	1688	$1,500	$0.89	14d	1	1.14mi
803 Pierce St Gary, IN	4.0	2.0	1600	$1,400	$0.88	2d	1	1.26mi

Listing history 18 events

1. 2026-06-21
   days on market $125,000 Active 44 DOM
2. 2026-06-18
   days on market $125,000 Active 41 DOM
3. 2026-06-17
   days on market $125,000 Active 40 DOM
4. 2026-06-16
   days on market $125,000 Active 39 DOM
5. 2026-06-15
   days on market $125,000 Active 38 DOM
6. 2026-06-13
   days on market $125,000 Active 36 DOM
7. 2026-06-13
   days on market $125,000 Active 35 DOM
8. 2026-06-09
   days on market $125,000 Active 32 DOM
9. 2026-06-08
   days on market $125,000 Active 31 DOM
10. 2026-06-07
    days on market $125,000 Active 30 DOM
11. 2026-06-04
    pricedays on market $125,000 Active 27 DOM
12. 2026-06-03
    days on market $175,900 Active 26 DOM
13. 2026-06-02
    days on market $175,900 Active 25 DOM
14. 2026-06-01
    days on market $175,900 Active 24 DOM
15. 2026-05-31
    days on market $175,900 Active 23 DOM
16. 2026-05-08
    listed $175,900 Active 437-char remark
17. 2021-05-19
    soldstatus $125,000 246-char remark

    Show marketing remark (246 chars)

    Spacious all brick tri-level with huge inground pool, privacy fence & 2 car detached garage in the Tolleston neighborhood. Plenty of space for entertaining inside and out. Includes a bonus room and laundry area. This property is a must see!

18. 2021-03-24
    listed $134,898 246-char remark

    Show marketing remark (246 chars)

    Spacious all brick tri-level with huge inground pool, privacy fence & 2 car detached garage in the Tolleston neighborhood. Plenty of space for entertaining inside and out. Includes a bonus room and laundry area. This property is a must see!

ⓘ 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: $2,056 · $171/mo
• Projected year-2 tax: $2,056 · $171/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 1/10 Low
• 🌡 Heat 3/10 Moderate 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,808
• − Mortgage interest: −$7,002
• − Property taxes: −$2,056
• − Insurance: −$625
• − Repairs & maintenance: −$1,585
• − Management: −$1,585
• − Depreciation: −$3,636
• Taxable income: $3,320
• Est. tax owed @ 24.0%: −$797
• After-tax cash flow: $4,305/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): 15,428
• Household income: $42,256
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 800.0

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 (90%)
• Race & ethnicity: Black 90% Two or more races 5% Hispanic / Latino 5% White 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -12.76%
• Current HPI: 252.6463
• Rent YoY: ▲ 11.62%
• 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

-7.3% since first listed

4 events — show timeline

• 2026-06-03 Price Changed $125,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-08 Listed $175,900 NIRA MLS as Distributed by MLS Grid
• 2021-05-19 Sold (MLS) $125,000 NIRA MLS as Distributed by MLS Grid
• 2021-03-24 Listed $134,898 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.4%/yr

Latest (2024): $2,056 · +9.5% YoY. Source: county tax records.