601 Burr St · Gary, IN 46406

$149,900

2 bd · 1.0 ba · 704 sqft · SingleFamily public records · 7 Days on market

Built 1941 3,659 sqft lot

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Why this score? — see what drove the D 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 +13.9/30.0
• ARV discount +7.5/15.0
• Appreciation +5.6/10.0
• DSCR +4.2/10.0
• Livability +3.7/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks MLS

2 BEDROOM RANCH, NEEDS WORK, GOOD INVESTMENT PROPERTY.

Key facts

• Corner lot
• Enclosed front porch
• 3,659 sq ft lot

Tags

• FULL FINISHED BASEMENT
• DETACHED 2-CAR GARAGE
• CORNER LOT
• OPEN-CONCEPT FLOOR PLAN
• ENCLOSED FRONT PORCH
• GOURMET-STYLE KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $16 ($193/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (19.9% below list).
• Recommended offer: $120k (19.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 9.1% in Gary — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 54 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.3% 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 (1.3% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 25y 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 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,000 (19.9% below list)

Questions for the listing agent

1. Built in 1941 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.80% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.46%
• DSCR: 1.02
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $52,096
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
629 Hamlin St	0.44mi	2/1.0	750 (+6%)	4mo	$70,000	$93	65
4633 W 11th Ave	0.73mi	2/1.0	720 (+2%)	1mo	$65,000	$90	61
721 Mount St	0.27mi	2/1.0	775 (+10%)	15mo	$23,500	$30	58
1000 Durbin St	0.49mi	2/1.0	780 (+11%)	5mo	$89,900	$115	55
794 Porter St	0.46mi	2/2.0	768 (+9%)	5mo	$57,000	$74	55
942 Durbin St	0.42mi	2/1.0	780 (+11%)	11mo	$45,000	$58	54
801 Hobart St	0.71mi	2/1.0	651 (-8%)	3mo	$28,500	$44	52
934 Durbin St	0.41mi	2/1.0	780 (+11%)	18mo	$15,000	$19	48
972 Durbin St	0.46mi	3/1.0 (+1)	780 (+11%)	12mo	$40,000	$51	46
1013 Durbin St	0.51mi	2/1.0	780 (+11%)	15mo	$84,000	$108	46
4907 W 11th Ave	0.66mi	3/1.0 (+1)	616 (-12%)	0mo	$8,000	$13	43
1021 Mount St	0.54mi	2/1.0	780 (+11%)	18mo	$78,000	$100	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.26% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.6%
• Equity multiple: 1.14×
• Total profit: $5,674
• Equity at exit: $53,189

10-year hold

• IRR: 7.0%
• Equity multiple: 1.87×
• Total profit: $36,579
• Equity at exit: $72,269

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 46406

• Home prices YoY: 0.9%
• Active inventory: 54
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$83 /mo · $1,001/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $16

Break-even live

Break-even rent $1,180

Max offer price $149,900

Occupancy floor 94%

Sensitivity live

Price	-10% $101	-5% $58	+0% $16	+5% $-26	+10% $-69
Rent	-10% $-79	-5% $-31	+0% $16	+5% $63	+10% $111
Rate	-1.0pp $92	-0.5pp $54	base $16	+0.5pp $-23	+1.0pp $-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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	0d	1	0.56mi

Listing history 3 events

1. 2026-04-10
   status Pending
2. 2026-04-01
   listed $149,900 Active
3. 2001-11-07
   listed $18,900 54-char remark

   Show marketing remark (54 chars)

   2 BEDROOM RANCH, NEEDS WORK, GOOD INVESTMENT PROPERTY.

ⓘ 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: $1,001 · $83/mo
• Projected year-2 tax: $1,137 · $95/mo
• Expected delta: +$137/yr (+$11/mo · 13.7%)

ⓘ 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 ≥103°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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,400
• − Mortgage interest: −$8,397
• − Property taxes: −$1,001
• − Insurance: −$750
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$4,361
• Taxable loss: −$2,412
• Est. tax savings @ 24.0%: +$579
• After-tax cash flow: $771/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
• City population: 63,701
• Population (ZIP): 8,513

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: Majority Black (63%)
• Race & ethnicity: Black 63% White 21% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 8%

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: ▲ 1.26%
• Current HPI: 147.0732
• Rent YoY: —
• Metro: —
• 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

+693.1% since first listed

3 events — show timeline

• 2026-04-10 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-01 Listed $149,900 NIRA MLS as Distributed by MLS Grid
• 2001-11-07 Listed $18,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2024): $1,001 · +3.1% YoY. Source: county tax records.