2221 Ohio St · Gary, IN 46407

$135,000

2 bd · 1.0 ba · 952 sqft · SingleFamily public records · 261 Days on market

Built 1949 6,186 sqft lot $142/sqft · 165% above area Est $102k · 32% over

---

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 +17.1/30.0
• Appreciation +5.5/10.0
• DSCR +5.3/10.0
• Livability +3.7/5.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

MONEY MAKER! This home is currently rented for 1,550 per month. The main floor has 3 bedrooms and the basement is finished with family room, laundry and with slight modifications, 2 more bedrooms.

Key facts

• 6,186 sq ft lot
• Built 1949
• Listed 261 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $93 ($1k/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 $116k (14.3% below list).
• Recommended offer: $116k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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: 122 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 $1,157/mo this rent would consume 49% 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 ($933 loan paydown + $1k 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 $38k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 261 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y 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 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,677 (14.3% below list)

Questions for the listing agent

1. It's been on market 261 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — 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. 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?
8. 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.
9. 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.
10. 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: 0.86% ✗
• Cap rate: 7.12%
• Cash-on-cash: 2.95%
• DSCR: 1.13
• GRM: 9.7

CMA / ARV

• ARV (median comp): $101,986
• List price: $135,000
• Delta: 32.37%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1953 Carolina St	0.51mi	3/1.0 (+1)	936 (-2%)	13mo	$125,000	$134	57
2458 Virginia St	0.55mi	2/1.0	996 (+5%)	12mo	$30,000	$30	57
2042 Mississippi St	0.26mi	3/1.0 (+1)	836 (-12%)	8mo	$144,001	$172	56
2425 Prospect St	0.45mi	3/1.0 (+1)	1,056 (+11%)	2mo	$44,550	$42	54
1996 Central Dr	0.59mi	3/1.0 (+1)	935 (-2%)	16mo	$108,000	$116	52
2047 Ohio St	0.22mi	3/2.0 (+1)	1,092 (+15%)	6mo	$92,000	$84	51
1976 Missouri Ter	0.54mi	3/1.0 (+1)	1,037 (+9%)	5mo	$8,500	$8	51
2280 Connecticut St	0.72mi	2/1.5	952 (0%)	20mo	$14,450	$15	48
2301 Delaware St	0.57mi	2/1.5	1,064 (+12%)	8mo	$29,400	$28	45
1954 Central Dr	0.57mi	3/1.0 (+1)	825 (-13%)	2mo	$128,000	$155	44
2025 Pennsylvania St	0.67mi	2/1.0	810 (-15%)	15mo	$18,500	$23	31

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: 4.3%
• Equity multiple: 1.22×
• Total profit: $8,262
• Equity at exit: $45,944

10-year hold

• IRR: 8.7%
• Equity multiple: 2.05×
• Total profit: $39,798
• Equity at exit: $60,945

Cash invested: $37,800 (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: 122
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,157 high
• Mortgage (P&I): −$708
• Tax from tax record: −$57 /mo · $680/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $93

Break-even live

Break-even rent $1,039

Max offer price $135,000

Occupancy floor 87%

Sensitivity live

Price	-10% $169	-5% $131	+0% $93	+5% $55	+10% $17
Rent	-10% $2	-5% $47	+0% $93	+5% $139	+10% $184
Rate	-1.0pp $161	-0.5pp $127	base $93	+0.5pp $58	+1.0pp $22

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	45d	1	0.30mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	0d	1	0.44mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	5d	1	0.44mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	0d	1	0.44mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	0d	1	0.45mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	0d	1	0.45mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	18d	1	0.48mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	45d	1	0.54mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	21d	1	0.54mi
2025 Central Dr Gary, IN	3.0	1.0	875	$1,550	$1.77	45d	1	0.58mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	0d	1	0.60mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$975	$1.01	0d	1	0.81mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	45d	1	0.96mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	22d	1	0.99mi
2908 Central Dr Gary, IN	3.0	1.0	884	$1,525	$1.73	0d	1	1.07mi
2378 Jackson St Gary, IN	2.0	1.0	672	$1,050	$1.56	0d	1	1.20mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	45d	1	1.22mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	0d	1	1.31mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	0d	1	1.31mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	21d	1	1.45mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	0d	1	1.49mi
837 W 27th Ave Unit B Gary, IN	1.0	1.0	750	$950	$1.27	0d	1	1.49mi

Listing history 23 events

1. 2026-06-21
   days on market $135,000 Active 261 DOM
2. 2026-06-18
   days on market $135,000 Active 258 DOM
3. 2026-06-17
   days on market $135,000 Active 257 DOM
4. 2026-06-16
   days on market $135,000 Active 256 DOM
5. 2026-06-15
   days on market $135,000 Active 255 DOM
6. 2026-06-13
   days on market $135,000 Active 253 DOM
7. 2026-06-13
   days on market $135,000 Active 252 DOM
8. 2026-06-09
   days on market $135,000 Active 249 DOM
9. 2026-06-08
   days on market $135,000 Active 248 DOM
10. 2026-06-07
    days on market $135,000 Active 247 DOM
11. 2026-06-04
    days on market $135,000 Active 244 DOM
12. 2026-06-03
    days on market $135,000 Active 243 DOM
13. 2026-06-02
    days on market $135,000 Active 242 DOM
14. 2026-06-01
    days on market $135,000 Active 241 DOM
15. 2026-05-31
    days on market $135,000 Active 240 DOM
16. 2025-10-03
    listed $135,000 Active 197-char remark

    Show marketing remark (197 chars)

    MONEY MAKER! This home is currently rented for 1,550 per month. The main floor has 3 bedrooms and the basement is finished with family room, laundry and with slight modifications, 2 more bedrooms.

17. 2025-01-11
    historical
18. 2024-12-27
    price $129,900
19. 2024-07-25
    status Active
20. 2024-07-17
    historical Active Under Contract
21. 2024-07-02
    listed $130,000 Active
22. 2008-02-15
    historical
23. 2007-08-14
    listed $59,900

ⓘ 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: $680 · $57/mo
• Projected year-2 tax: $914 · $76/mo
• Expected delta: +$234/yr (+$19/mo · 34.4%)

ⓘ 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 2/10 Low 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 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,881
• − Mortgage interest: −$7,562
• − Property taxes: −$680
• − Insurance: −$675
• − Repairs & maintenance: −$1,110
• − Management: −$1,110
• − Depreciation: −$3,927
• Taxable loss: −$1,184
• Est. tax savings @ 24.0%: +$284
• After-tax cash flow: $1,400/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

+125.4% since first listed

8 events — show timeline

• 2025-10-03 Listed $135,000 NIRA MLS as Distributed by MLS Grid
• 2025-01-11 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-12-27 Price Changed $129,900 NIRA MLS as Distributed by MLS Grid
• 2024-07-25 Relisted — NIRA MLS as Distributed by MLS Grid
• 2024-07-17 Contingent — NIRA MLS as Distributed by MLS Grid
• 2024-07-02 Listed $130,000 NIRA MLS as Distributed by MLS Grid
• 2008-02-15 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-08-14 Listed $59,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-13.1%/yr

Latest (2024): $680 · +5.7% YoY. Source: county tax records.