1300 Carolina St · Gary, IN 46407

$65,000

3 bd · 1.0 ba · 748 sqft · SingleFamily public records · 330 Days on market

Built 1919 3,746 sqft lot $87/sqft · 74% above area ↓ 17% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

PERFECT STARTER HOME , or investment property, located on a very spacious corner lot!! You wont have to wait to start packing, this one is Move In Ready!! You will love the large covered front porch , where your outdoor furniture can be added, to make this a relaxed area, in warmer months . The kitchen boast plenty of cabinet space, and has plenty of windows, for streaming light. Enjoy the privacy of your backyard for summer cookouts, and the additional lot on side of home is yours also. Excellent location, near major transportation center, interstate highways, and minutes from the Miller Beach area. Make your move , there is no place like 'Home Ownership"!!

Key facts

• Additional lot
• Privacy of backyard
• Excellent location

Tags

• CORNER LOT
• LARGE COVERED FRONT PORCH
• PRIVACY OF BACKYARD
• ADDITIONAL LOT
• EXCELLENT LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $540 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.3% 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: 121 active listings in the ZIP; 7 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 $1,217/mo this rent would consume 51% 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 $1k of equity ($449 loan paydown + $637 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 $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 330 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 330 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 1919 — 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: 1.87% ✓
• Cap rate: 16.26%
• Cash-on-cash: 35.60%
• DSCR: 2.58
• GRM: 4.4

CMA / ARV

• ARV (median comp): $39,891
• List price: $65,000
• Delta: 62.95%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1621 Maryland St	0.25mi	2/1.0 (-1)	731 (-2%)	16mo	$17,000	$23	66
1980 Massachusetts St	0.62mi	3/1.0	802 (+7%)	0mo	$20,000	$25	59
1101 E 16th Ave	0.36mi	2/1.0 (-1)	720 (-4%)	20mo	$40,000	$56	56
734 Ohio St	0.67mi	2/2.0 (-1)	756 (+1%)	5mo	$30,000	$40	54
764 Rhode Island St	0.52mi	2/1.0 (-1)	804 (+8%)	12mo	$45,000	$56	48
772 Ohio St	0.63mi	2/1.0 (-1)	693 (-7%)	7mo	$17,000	$25	48
1819 Illinois St	0.74mi	2/1.0 (-1)	725 (-3%)	11mo	$55,000	$76	46
2025 Pennsylvania St	0.60mi	2/1.0 (-1)	810 (+8%)	15mo	$18,500	$23	40
769 Ohio St	0.65mi	2/1.0 (-1)	682 (-9%)	17mo	$43,000	$63	36
834 Martin Luther King Dr	0.68mi	2/1.0 (-1)	672 (-10%)	21mo	$5,000	$7	29

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: 38.0%
• Equity multiple: 2.95×
• Total profit: $35,545
• Equity at exit: $22,121

10-year hold

• IRR: 40.1%
• Equity multiple: 5.80×
• Total profit: $87,371
• Equity at exit: $29,344

Cash invested: $18,200 (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 46407

• Home prices YoY: 0.4%
• Active inventory: 121
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,217 high
• Mortgage (P&I): −$341
• Tax from tax record: −$54 /mo · $645/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $540

Break-even live

Break-even rent $534

Max offer price $65,000

Occupancy floor 51%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	20d	1	0.18mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	16d	1	0.77mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	43d	1	1.02mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	1d	11	1.05mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	1.11mi
2378 Jackson St Gary, IN	2.0	1.0	672	$1,050	$1.56	1d	1	1.27mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	1d	1	1.49mi

Listing history 24 events

1. 2026-06-18
   days on market $65,000 Active 330 DOM
2. 2026-06-17
   days on market $65,000 Active 329 DOM
3. 2026-06-16
   days on market $65,000 Active 328 DOM
4. 2026-06-15
   days on market $65,000 Active 327 DOM
5. 2026-06-13
   days on market $65,000 Active 325 DOM
6. 2026-06-13
   days on market $65,000 Active 324 DOM
7. 2026-06-09
   days on market $65,000 Active 321 DOM
8. 2026-06-08
   days on market $65,000 Active 320 DOM
9. 2026-06-07
   days on market $65,000 Active 319 DOM
10. 2026-06-04
    days on market $65,000 Active 316 DOM
11. 2026-06-03
    days on market $65,000 Active 315 DOM
12. 2026-06-02
    days on market $65,000 Active 314 DOM
13. 2026-06-01
    days on market $65,000 Active 313 DOM
14. 2026-05-31
    days on market $65,000 Active 312 DOM
15. 2026-02-26
    status Active 674-char remark

    Show marketing remark (674 chars)

    PERFECT STARTER HOME , or investment property, located on a very spacious corner lot!! You wont have to wait to start packing, this one is Move In Ready!! You will love the large covered front porch , where your outdoor furniture can be added, to make this a relaxed area, in warmer months . The kitchen boast plenty of cabinet space, and has plenty of windows, for streaming light. Enjoy the privacy of your backyard for summer cookouts, and the additional lot on side of home is yours also. Excellent location, near major transportation center, interstate highways, and minutes from the Miller Beach area. Make your move , there is no place like 'Home Ownership"!!

16. 2026-02-22
    status Pending 674-char remark

    Show marketing remark (674 chars)

    PERFECT STARTER HOME , or investment property, located on a very spacious corner lot!! You wont have to wait to start packing, this one is Move In Ready!! You will love the large covered front porch , where your outdoor furniture can be added, to make this a relaxed area, in warmer months . The kitchen boast plenty of cabinet space, and has plenty of windows, for streaming light. Enjoy the privacy of your backyard for summer cookouts, and the additional lot on side of home is yours also. Excellent location, near major transportation center, interstate highways, and minutes from the Miller Beach area. Make your move , there is no place like 'Home Ownership"!!

17. 2026-02-13
    status Active 674-char remark

    Show marketing remark (674 chars)

    PERFECT STARTER HOME , or investment property, located on a very spacious corner lot!! You wont have to wait to start packing, this one is Move In Ready!! You will love the large covered front porch , where your outdoor furniture can be added, to make this a relaxed area, in warmer months . The kitchen boast plenty of cabinet space, and has plenty of windows, for streaming light. Enjoy the privacy of your backyard for summer cookouts, and the additional lot on side of home is yours also. Excellent location, near major transportation center, interstate highways, and minutes from the Miller Beach area. Make your move , there is no place like 'Home Ownership"!!

18. 2026-02-10
    status Pending 674-char remark

    Show marketing remark (674 chars)

    PERFECT STARTER HOME , or investment property, located on a very spacious corner lot!! You wont have to wait to start packing, this one is Move In Ready!! You will love the large covered front porch , where your outdoor furniture can be added, to make this a relaxed area, in warmer months . The kitchen boast plenty of cabinet space, and has plenty of windows, for streaming light. Enjoy the privacy of your backyard for summer cookouts, and the additional lot on side of home is yours also. Excellent location, near major transportation center, interstate highways, and minutes from the Miller Beach area. Make your move , there is no place like 'Home Ownership"!!

19. 2025-07-16
    listed $65,000 Active 674-char remark

    Show marketing remark (674 chars)

    PERFECT STARTER HOME , or investment property, located on a very spacious corner lot!! You wont have to wait to start packing, this one is Move In Ready!! You will love the large covered front porch , where your outdoor furniture can be added, to make this a relaxed area, in warmer months . The kitchen boast plenty of cabinet space, and has plenty of windows, for streaming light. Enjoy the privacy of your backyard for summer cookouts, and the additional lot on side of home is yours also. Excellent location, near major transportation center, interstate highways, and minutes from the Miller Beach area. Make your move , there is no place like 'Home Ownership"!!

20. 2025-06-09
    status Pending
21. 2025-06-09
    historical
22. 2024-11-18
    price $65,000
23. 2024-10-07
    price $73,000
24. 2024-06-21
    listed $78,000 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: $645 · $54/mo
• Projected year-2 tax: $645 · $54/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 4/10 Moderate
• 🌡 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: $14,608
• − Mortgage interest: −$3,641
• − Property taxes: −$645
• − Insurance: −$325
• − Repairs & maintenance: −$1,169
• − Management: −$1,169
• − Depreciation: −$1,891
• Taxable income: $5,769
• Est. tax owed @ 24.0%: −$1,385
• After-tax cash flow: $5,096/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

-16.7% since first listed

10 events — show timeline

• 2026-02-26 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-02-22 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-02-13 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-02-10 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-07-16 Listed $65,000 NIRA MLS as Distributed by MLS Grid
• 2025-06-09 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-06-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-11-18 Price Changed $65,000 NIRA MLS as Distributed by MLS Grid
• 2024-10-07 Price Changed $73,000 NIRA MLS as Distributed by MLS Grid
• 2024-06-21 Listed $78,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-6.1%/yr

Latest (2024): $645 · +6.5% YoY. Source: county tax records.