600 Pierce St · Gary, IN 46402

$23,000

4 bd · 1.5 ba · 2,204 sqft · SingleFamily public records · 111 Days on market

Built 1915 7,492 sqft lot $10/sqft · 87% below area

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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
• 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
• Appreciation +1.4/10.0
• Schools +0.5/10.0

Listing remarks MLS

RARELY , do you get the perfect combination of a Fixer-Upper. CORNER LOT , CLOSE TO THREE THOUSAND SQ. FT. , 2 STORY , 2 CAR GARAGE, and FIREPLACE , 4Bedrooms, 3 Ba. Restore this once AMAZING property back to life. Smart moves, for a first time home buyer, Investor, fix and flip, or related living. Near everything, Miller Beach, the New Hard Rock Casinos, Major University, shopping plazas, Schools, Hospital !!

Key facts

• Major university
• Shopping plazas
• Schools

Tags

• CORNER LOT
• FIREPLACE
• MILLER BEACH
• MAJOR UNIVERSITY
• SHOPPING PLAZAS
• SCHOOLS

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $23k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $23k).
• Recommended offer: $21k (9.0% below list) — sets the bar for market timing.
• Cap rate 64.7% 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: 47 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 $1,617/mo this rent would consume 58% of the median local household income ($34k/yr) (locally 336% 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 $159 of loan paydown is wiped out by about $690 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($21k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y ago; this cycle's ask has dropped $16k (41%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $20,930 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — 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: 7.03% ✓
• Cap rate: 64.66%
• Cash-on-cash: 208.46%
• DSCR: 10.28
• GRM: 1.2

CMA / ARV

• ARV (median comp): $172,959
• List price: $23,000
• Delta: -86.70%
• 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
642 Fillmore St	0.09mi	4/2.0	2,230 (+1%)	6mo	$220,000	$99	87
604 Harrison St	0.25mi	4/2.0	2,294 (+4%)	6mo	$156,000	$68	74
701 Tyler St	0.25mi	4/1.0	2,002 (-9%)	0mo	$94,900	$47	71
329 Pierce St	0.34mi	3/1.0 (-1)	2,288 (+4%)	0mo	$120,000	$52	70
407 Polk St	0.30mi	4/2.5	1,991 (-10%)	2mo	$192,900	$97	64
2025 W 4th Pl	0.55mi	4/2.5	2,124 (-4%)	4mo	$85,000	$40	61
851 Johnson St	0.34mi	4/2.5	1,954 (-11%)	2mo	$200,000	$102	60
537 Harrison St	0.29mi	5/3.0 (+1)	2,448 (+11%)	2mo	$202,771	$83	55
817 Fillmore St	0.29mi	3/1.0 (-1)	1,934 (-12%)	4mo	$45,000	$23	55
1109 W 11th Ave	0.57mi	3/1.0 (-1)	2,382 (+8%)	1mo	$32,500	$14	52
419 Cleveland St	0.52mi	5/2.0 (+1)	1,974 (-10%)	2mo	$250,000	$127	49
643 Mckinley St	0.54mi	4/2.5	1,896 (-14%)	4mo	$148,000	$78	45

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: —
• Equity multiple: 11.49×
• Total profit: $67,549
• Equity at exit: $3,429

10-year hold

• IRR: —
• Equity multiple: 24.40×
• Total profit: $150,668
• Equity at exit: $1,989

Cash invested: $6,440 (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 46402

• Home prices YoY: -2.8%
• Active inventory: 47
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $1,617 high
• Mortgage (P&I): −$121
• Tax est. 1.5%: −$29 /mo · $345/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $1,119

Break-even live

Break-even rent $201

Max offer price $23,000

Occupancy floor 26%

Sensitivity live

Price	-10% $1,135	-5% $1,127	+0% $1,119	+5% $1,111	+10% $1,103
Rent	-10% $991	-5% $1,055	+0% $1,119	+5% $1,183	+10% $1,246
Rate	-1.0pp $1,130	-0.5pp $1,125	base $1,119	+0.5pp $1,113	+1.0pp $1,107

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: $5,750
• Closing costs: $690
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
803 Pierce St Gary, IN	4.0	2.0	1600	$1,400	$0.88	2d	1	0.25mi
346-348 Grant St Gary, IN	5.0	3.0	2744	$2,000	$0.73	2d	1	0.41mi
765 Garfield St Gary, IN	3.0	1.0	1688	$1,500	$0.89	14d	1	0.42mi
373 Taft Pl Gary, IN	4.0	2.0	1984	$1,800	$0.91	44d	1	0.79mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	2d	1	0.95mi
1744 Tyler St Unit 2 Gary, IN	4.0	2.0	1600	$1,700	$1.06	45d	1	1.05mi
1109 Maryland St Unit 1 Gary, IN	3.0	1.5	1982	$1,000	$0.50	2d	1	1.26mi
1109 Maryland St Gary, IN	3.0	1.0	1982	$1,000	$0.50	2d	1	1.26mi
1030 E 6th Ave Gary, IN	3.0	1.5	1400	$1,600	$1.14	2d	1	1.47mi

Listing history 24 events

1. 2026-06-21
   days on market $23,000 Active 111 DOM
2. 2026-06-18
   days on market $23,000 Active 108 DOM
3. 2026-06-17
   days on market $23,000 Active 107 DOM
4. 2026-06-16
   days on market $23,000 Active 106 DOM
5. 2026-06-15
   days on market $23,000 Active 105 DOM
6. 2026-06-13
   days on market $23,000 Active 103 DOM
7. 2026-06-13
   days on market $23,000 Active 102 DOM
8. 2026-06-09
   days on market $23,000 Active 99 DOM
9. 2026-06-08
   days on market $23,000 Active 98 DOM
10. 2026-06-07
    pricedays on market $23,000 Active 97 DOM
11. 2026-06-04
    days on market $25,000 Active 94 DOM
12. 2026-06-03
    days on market $25,000 Active 93 DOM
13. 2026-06-02
    days on market $25,000 Active 92 DOM
14. 2026-06-01
    days on market $25,000 Active 91 DOM
15. 2026-05-31
    days on market $25,000 Active 90 DOM
16. 2026-04-23
    price $25,000 414-char remark

    Show marketing remark (414 chars)

    RARELY , do you get the perfect combination of a Fixer-Upper. CORNER LOT , CLOSE TO THREE THOUSAND SQ. FT. , 2 STORY , 2 CAR GARAGE, and FIREPLACE , 4Bedrooms, 3 Ba. Restore this once AMAZING property back to life. Smart moves, for a first time home buyer, Investor, fix and flip, or related living. Near everything, Miller Beach, the New Hard Rock Casinos, Major University, shopping plazas, Schools, Hospital !!

17. 2026-04-03
    price $30,000 414-char remark

    Show marketing remark (414 chars)

    RARELY , do you get the perfect combination of a Fixer-Upper. CORNER LOT , CLOSE TO THREE THOUSAND SQ. FT. , 2 STORY , 2 CAR GARAGE, and FIREPLACE , 4Bedrooms, 3 Ba. Restore this once AMAZING property back to life. Smart moves, for a first time home buyer, Investor, fix and flip, or related living. Near everything, Miller Beach, the New Hard Rock Casinos, Major University, shopping plazas, Schools, Hospital !!

18. 2026-03-02
    listed $39,000 Active 414-char remark

    Show marketing remark (414 chars)

    RARELY , do you get the perfect combination of a Fixer-Upper. CORNER LOT , CLOSE TO THREE THOUSAND SQ. FT. , 2 STORY , 2 CAR GARAGE, and FIREPLACE , 4Bedrooms, 3 Ba. Restore this once AMAZING property back to life. Smart moves, for a first time home buyer, Investor, fix and flip, or related living. Near everything, Miller Beach, the New Hard Rock Casinos, Major University, shopping plazas, Schools, Hospital !!

19. 2024-10-03
    soldstatus $52,500 Closed 102-char remark

    Show marketing remark (102 chars)

    Welcome to 600 Pierce a fixer-upper that has over 3,000 square feet for you to revitalize. Sold As-Is!

20. 2024-08-20
    status Pending 102-char remark

    Show marketing remark (102 chars)

    Welcome to 600 Pierce a fixer-upper that has over 3,000 square feet for you to revitalize. Sold As-Is!

21. 2024-08-18
    historical Active Under Contract 102-char remark

    Show marketing remark (102 chars)

    Welcome to 600 Pierce a fixer-upper that has over 3,000 square feet for you to revitalize. Sold As-Is!

22. 2024-07-26
    listed $65,000 Active 102-char remark

    Show marketing remark (102 chars)

    Welcome to 600 Pierce a fixer-upper that has over 3,000 square feet for you to revitalize. Sold As-Is!

23. 2011-08-19
    historical
24. 2011-05-19
    listed $10,230

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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

Taxation est. · year 1

• Rental income: $19,408
• − Mortgage interest: −$1,288
• − Property taxes: −$345
• − Insurance: −$115
• − Repairs & maintenance: −$1,553
• − Management: −$1,553
• − Depreciation: −$669
• Taxable income: $13,885
• Est. tax owed @ 24.0%: −$3,332
• After-tax cash flow: $10,092/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): 5,836
• Household income: $33,529
• Rent vs Own: 56.6% rent · 43.4% own
• Severe rent burden: 336.0

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 (87%)
• Race & ethnicity: Black 87% Two or more races 5% White 5% Hispanic / Latino 4%
• Common ancestry: Romanian 1% Ukrainian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% Arabic 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: ▼ -7.21%
• Current HPI: 250.2464
• 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

+144.4% since first listed

9 events — show timeline

• 2026-04-23 Price Changed $25,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-03 Price Changed $30,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-02 Listed $39,000 NIRA MLS as Distributed by MLS Grid
• 2024-10-03 Sold (MLS) $52,500 NIRA MLS as Distributed by MLS Grid
• 2024-08-20 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-08-18 Contingent — NIRA MLS as Distributed by MLS Grid
• 2024-07-26 Listed $65,000 NIRA MLS as Distributed by MLS Grid
• 2011-08-19 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-05-19 Listed $10,230 NIRA MLS as Distributed by MLS Grid

Property tax history

-7.0%/yr

Latest (2024): $2,027 · +26.8% YoY. Source: county tax records.