301 W 43rd Ave · Gary, IN 46408

$139,900

4 bd · 1.5 ba · 2,992 sqft · SingleFamily public records · 23 Days on market

Built 1926 7,928 sqft lot $47/sqft · 35% below area Est $230k · 39% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

LARGE & STATELY 5 bedroom (above grade) all brick home in Glen Park boasting nearly 2700 square feet above grade (with basement would be nearly 4,000)! Investors, bring your vision as this estate is ready to be brought back to it's glory! Lots of original architectural details of this luxury built home from yester-year home with great brick details, arched covered front porch, generous room sizes, & gambrel style roof with unique rafter tails. Situated on large corner lot with rare 2 car ATTACHED brick garage. Tall ceiling in unfinished basement. Newer vinyl windows. Electric is on so you can get right to work. If you have a vision to restore an "old mansion on the corner", come check this one out! You don't see this quality of construction often! This home will need renovation and updates and is sold as-is, cash only. Alarm on property not included in sale. This could be your next flip!

Key facts

• Gambrel style roof
• Newer vinyl windows
• 7,928 sq ft lot

Tags

• ORIGINAL ARCHITECTURAL DETAILS
• ARCHED COVERED FRONT PORCH
• GAMBREL STYLE ROOF
• NEWER VINYL WINDOWS

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $542 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% 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: 102 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $1,918/mo this rent would consume 49% of the median local household income ($47k/yr) (locally 619% 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 $967 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 + 3.0% rent growth), your $39k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y 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 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $137,801 (1.5% below list)

Questions for the listing agent

1. Built in 1926 — 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: 1.37% ✓
• Cap rate: 10.94%
• Cash-on-cash: 16.61%
• DSCR: 1.74
• GRM: 6.1

CMA / ARV

• ARV (median comp): $230,457
• List price: $139,900
• Delta: -39.29%
• 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
301 W 43rd Ave	0.00mi	5/1.5 (+1)	3,224 (+8%)	0mo	$122,000	$38	82
4450 Washington St	0.22mi	4/2.0	2,986 (-0%)	7mo	$255,000	$85	82
4354 Washington St	0.14mi	5/4.0 (+1)	2,978 (-0%)	2mo	$319,000	$107	76
141 Morningside Ave	0.32mi	3/1.5 (-1)	3,060 (+2%)	15mo	$215,000	$70	64
4617 Harrison St	0.48mi	4/3.0	2,754 (-8%)	4mo	$254,000	$92	55
129 Morningside Ave	0.32mi	4/2.0	2,586 (-14%)	11mo	$202,000	$78	51
4564 Massachusetts St	0.40mi	3/2.0 (-1)	2,625 (-12%)	6mo	$105,000	$40	49
4592 Jefferson Pl	0.36mi	4/3.5	2,684 (-10%)	13mo	$281,900	$105	47
4680 Harrison St	0.56mi	4/3.5	2,822 (-6%)	13mo	$205,000	$73	46
511 E 43rd Ave	0.54mi	5/3.0 (+1)	2,784 (-7%)	16mo	$243,000	$87	39
4787 Jackson St	0.62mi	3/3.0 (-1)	2,724 (-9%)	13mo	$174,000	$64	34
4772 Van Buren St	0.63mi	3/2.0 (-1)	2,618 (-12%)	13mo	$240,000	$92	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.30×
• Total profit: $11,900
• Equity at exit: $20,860

10-year hold

• IRR: 17.0%
• Equity multiple: 2.40×
• Total profit: $54,968
• Equity at exit: $12,096

Cash invested: $39,172 (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 46408

• Home prices YoY: -31.6%
• Active inventory: 102
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,918 high
• Mortgage (P&I): −$734
• Tax from tax record: −$181 /mo · $2,172/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $542

Break-even live

Break-even rent $1,232

Max offer price $139,900

Occupancy floor 67%

Sensitivity live

Price	-10% $621	-5% $582	+0% $542	+5% $503	+10% $463
Rent	-10% $391	-5% $467	+0% $542	+5% $618	+10% $694
Rate	-1.0pp $613	-0.5pp $578	base $542	+0.5pp $506	+1.0pp $469

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
621 W 44th Pl Gary, IN	5.0	3.0	2940	$2,200	$0.75	11d	1	0.28mi
4772 Jefferson St Gary, IN	3.0	2.0	1956	$1,595	$0.82	19d	1	0.57mi
4800 Monroe St Gary, IN	4.0	2.0	2640	$2,000	$0.76	1d	1	0.62mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	11d	1	0.68mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	1d	1	0.68mi
4330 Kentucky St Gary, IN	4.0	2.0	2178	$1,930	$0.89	1d	1	0.90mi

Listing history 10 events

1. 2026-05-11
   status Pending 921-char remark

   Show marketing remark (921 chars)

   LARGE & STATELY 5 bedroom (above grade) all brick home in Glen Park boasting nearly 2700 square feet above grade (with basement would be nearly 4,000)! Investors, bring your vision as this estate is ready to be brought back to it's glory! Lots of original architectural details of this luxury built home from yester-year home with great brick details, arched covered front porch, generous room sizes, & gambrel style roof with unique rafter tails. Situated on large corner lot with rare 2 car ATTACHED brick garage. Tall ceiling in unfinished basement. Newer vinyl windows. Electric is on so you can get right to work. If you have a vision to restore an "old mansion on the corner", come check this one out! You don't see this quality of construction often! This home will need renovation and updates and is sold as-is, cash only. Alarm on property not included in sale. This could be your next flip!

2. 2026-04-18
   listed $139,900 Active 921-char remark

   Show marketing remark (921 chars)

   LARGE & STATELY 5 bedroom (above grade) all brick home in Glen Park boasting nearly 2700 square feet above grade (with basement would be nearly 4,000)! Investors, bring your vision as this estate is ready to be brought back to it's glory! Lots of original architectural details of this luxury built home from yester-year home with great brick details, arched covered front porch, generous room sizes, & gambrel style roof with unique rafter tails. Situated on large corner lot with rare 2 car ATTACHED brick garage. Tall ceiling in unfinished basement. Newer vinyl windows. Electric is on so you can get right to work. If you have a vision to restore an "old mansion on the corner", come check this one out! You don't see this quality of construction often! This home will need renovation and updates and is sold as-is, cash only. Alarm on property not included in sale. This could be your next flip!

3. 2024-08-18
   historical
4. 2024-08-15
   status Active
5. 2024-07-31
   status Pending
6. 2024-07-03
   price $139,900
7. 2024-05-05
   listed $149,900 Active
8. 2004-09-02
   listed $59,900
9. 2003-11-20
   historical
10. 2002-07-25
    listed $94,500

ⓘ 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: $2,172 · $181/mo
• Projected year-2 tax: $2,172 · $181/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 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,016
• − Mortgage interest: −$7,837
• − Property taxes: −$2,172
• − Insurance: −$700
• − Repairs & maintenance: −$1,841
• − Management: −$1,841
• − Depreciation: −$4,070
• Taxable income: $4,555
• Est. tax owed @ 24.0%: −$1,093
• After-tax cash flow: $5,414/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): 15,747
• Household income: $47,453
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 619.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 41% White 32% Hispanic / Latino 22% Two or more races 12%
• Hispanic origin (detail): Mexican 14% Puerto Rican 7%
• Common ancestry: Romanian 5% Iranian 1% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 87% English-only · Spanish 12% Chinese 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: ▼ -72.08%
• Current HPI: 155.6238
• 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

+48.0% since first listed

10 events — show timeline

• 2026-05-11 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-18 Listed $139,900 NIRA MLS as Distributed by MLS Grid
• 2024-08-18 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-08-15 Relisted — NIRA MLS as Distributed by MLS Grid
• 2024-07-31 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-07-03 Price Changed $139,900 NIRA MLS as Distributed by MLS Grid
• 2024-05-05 Listed $149,900 NIRA MLS as Distributed by MLS Grid
• 2004-09-02 Listed $59,900 NIRA MLS as Distributed by MLS Grid
• 2003-11-20 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2002-07-25 Listed $94,500 NIRA MLS as Distributed by MLS Grid

Property tax history

-1.8%/yr

Latest (2024): $2,172 · +7.7% YoY. Source: county tax records.