2427 Durbin St · Gary, IN 46406

$12,000

2 bd · 1.0 ba · 798 sqft · SingleFamily public records · 1 Days on market

Built 1949 9,583 sqft lot ↓ 48% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.6/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks

Clean slate fixer-upper house on a quiet block with other nice houses. The house is being sold AS IS. Great potential for a flip or rental or primary residence. Low property taxes. Handyman's special!

Key facts

• 9,583 sq ft lot
• Built 1949

Property features AI

Finance

• Other: Property listed as vacant
• Financial info: No financial details reported
• HOA & community: No HOA information reported

Exterior

• Parking: No parking details reported
• Security: No security features reported
• Utilities: Public water; Sewer: unknown
• Home design: Single-story home; Built in 1949; Fixer condition
• Construction: No construction material or roof details reported; No foundation details reported
• Exterior features: Neighborhood view

Interior

• Kitchen: No appliances reported
• Bedrooms: Two bedrooms (one is primary)
• Flooring: No flooring details reported
• Bathrooms: One full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: No notable interior features reported
• Laundry & utility: No laundry appliances reported

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $12k.

Deal economics

• At list price, monthly cash flow is $983 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $12k).
• Cap rate 104.6% 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.
• Lake Ridge New Tech Schools (suburban): math 11% / reading 20% proficiency, ranked #287 of 301 in IN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 54 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• In year one you build about $234 of equity ($83 loan paydown + $151 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 $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $12,000

Questions for the listing agent

1. Built in 1949 — 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: 11.31% ✓
• Cap rate: 104.56%
• Cash-on-cash: 350.96%
• DSCR: 16.62
• GRM: 0.7

CMA / ARV

• ARV (on-the-fly): $76,608
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4233 W 22nd Ave	0.62mi	3/1.0 (+1)	850 (+6%)	6mo	$82,000	$96	50
4144 W 23rd Ave	0.61mi	3/1.5 (+1)	900 (+13%)	1mo	$80,000	$89	42
2165 Williams St	0.52mi	3/1.5 (+1)	890 (+12%)	9mo	$135,000	$152	42
4154 W 23rd Ave	0.60mi	3/1.0 (+1)	900 (+13%)	10mo	$57,000	$63	37

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: —
• Equity multiple: 19.75×
• Total profit: $62,988
• Equity at exit: $4,258

10-year hold

• IRR: —
• Equity multiple: 42.07×
• Total profit: $137,981
• Equity at exit: $5,785

Cash invested: $3,360 (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: 0.7×

Monthly cashflow live

• Estimated rent: $1,357 high
• Mortgage (P&I): −$63
• Tax from tax record: −$21 /mo · $256/yr
• Insurance: −$5
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $983

Break-even live

Break-even rent $113

Max offer price $12,000

Occupancy floor 23%

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: $3,000
• Closing costs: $360
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4328 W 22nd Plz Gary, IN	3.0	1.0	950	$1,300	$1.37	2d	1	0.53mi
4300 W 22nd Pl Gary, IN	3.0	1.0	977	$1,395	$1.43	2d	1	0.57mi
4134 W 22nd Pl Gary, IN	3.0	1.0	825	$1,395	$1.69	1d	1	0.69mi
4061 W 20th Pl Gary, IN	3.0	1.0	925	$1,450	$1.57	1d	1	0.84mi
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	1d	1	1.29mi

Listing history 2 events

1. 2026-06-18
   remarks 200-char remark
2. 2026-06-18
   listed $12,000 Active 1 DOM

ⓘ 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: $256 · $21/mo
• Projected year-2 tax: $256 · $21/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥103°F today · 14 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: $16,283
• − Mortgage interest: −$672
• − Property taxes: −$256
• − Insurance: −$60
• − Repairs & maintenance: −$1,303
• − Management: −$1,303
• − Depreciation: −$349
• Taxable income: $12,340
• Est. tax owed @ 24.0%: −$2,962
• After-tax cash flow: $8,831/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: Lake Ridge New Tech Schools
• NCES district ID: 1805460
• Math proficiency: 11% ▼ -18.00%
• Reading proficiency: 20% ▼ -9.00%
• Median HH income: $34,568
• Composite: 12.67/100
• National rank: #9607
• State rank: #287 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

-47.6% since first listed

7 events — show timeline

• 2026-06-18 Listed $12,000 NIRA MLS as Distributed by MLS Grid
• 2012-05-31 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-05-31 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-05-31 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2008-11-10 Listed $23,900 NIRA MLS as Distributed by MLS Grid
• 2007-09-06 Listed $22,500 NIRA MLS as Distributed by MLS Grid
• 2007-06-05 Listed $22,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-18.0%/yr

Latest (2024): $256 · +1.6% YoY. Source: county tax records.