556 Durbin St · Gary, IN 46406

$169,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 15 Days on market

Built 1942 3,746 sqft lot $235/sqft · 241% above 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 +10.6/30.0
• ARV discount +7.5/15.0
• Appreciation +5.6/10.0
• Livability +3.7/5.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Schools +0.5/10.0

Listing remarks

This completely remodeled 3-bedroom, 2-bath home delivers the perfect blend of elegance, modern design, and everyday functionality. From the moment you walk in, you are welcomed by a bright, open-concept main level that flows seamlessly from the living room into the dining area and show-stopping kitchen. Every detail has been thoughtfully selected, from the fresh modern paint palette and stylish lighting to the sleek finishes that give the home a clean, high-end feel throughout. The kitchen is truly the centerpiece of the home, designed for both everyday living and entertaining. Featuring brand-new modern cabinetry, sleek quartz countertops, a custom tile backsplash, stainless steel applian

Key facts

• 3,746 sq ft lot
• Garage
• Built 1942

Tags

• OPEN CONCEPT MAIN LEVEL
• SHOW STOPPING KITCHEN
• BRAND NEW MODERN CABINETRY
• SLEEK QUARTZ COUNTERTOPS
• CUSTOM TILE BACKSPLASH
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Vacant occupancy

Exterior

• Parking: Detached garage (1 car); On-street parking; Off-street parking
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public water; Public sewer; Natural gas connected; Electricity connected (100 amp service); Cable connected
• Home design: One-story home; Built in 1942
• Construction: Vinyl siding; Shingle roof
• Exterior features: Front porch; Exterior lighting; Rain gutters; Neighborhood view; Blinds on windows; Carbon monoxide and smoke detectors

Interior

• Kitchen: Built-in gas range; Gas range / gas cooktop; Stainless steel appliances; Refrigerator; Microwave
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Carpet; Tile; Hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (forced air); Central air conditioning
• Interior features: Open floor plan; Walk-in closets; Stone counters; Recessed lighting; Finished full basement
• Laundry & utility: Washer hookup; Gas dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $169k.

Deal economics

• At list price, monthly cash flow is $-84 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $154k (8.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (29.2% below list).
• Recommended offer: $120k (29.2% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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; 2 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.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 4 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 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,708 (29.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.71% ✗
• Cap rate: 5.70%
• Cash-on-cash: -2.13%
• DSCR: 0.91
• GRM: 11.8

CMA / ARV

• ARV (median comp): $99,125
• List price: $169,000
• Delta: 70.49%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4633 W 11th Ave	0.69mi	2/1.0	720 (0%)	1mo	$65,000	$90	67
721 Mount St	0.18mi	2/1.0	775 (+8%)	15mo	$23,500	$30	66
794 Porter St	0.37mi	2/2.0	768 (+7%)	5mo	$57,000	$74	63
629 Hamlin St	0.60mi	2/1.0	750 (+4%)	4mo	$70,000	$93	62
1000 Durbin St	0.50mi	2/1.0	780 (+8%)	5mo	$89,900	$115	58
942 Durbin St	0.43mi	2/1.0	780 (+8%)	11mo	$45,000	$58	57
934 Durbin St	0.42mi	2/1.0	780 (+8%)	18mo	$15,000	$19	51
972 Durbin St	0.48mi	3/1.0 (+1)	780 (+8%)	12mo	$40,000	$51	49
1013 Durbin St	0.52mi	2/1.0	780 (+8%)	15mo	$84,000	$108	49
210 Clark Rd	0.48mi	2/1.0	825 (+15%)	8mo	$47,500	$58	47
1125 Durbin St	0.65mi	2/2.5	814 (+13%)	1mo	$32,500	$40	41
4907 W 11th Ave	0.65mi	3/1.0 (+1)	616 (-14%)	0mo	$8,000	$13	40

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: -0.0%
• Equity multiple: 1.00×
• Total profit: $-115
• Equity at exit: $59,966

10-year hold

• IRR: 4.6%
• Equity multiple: 1.57×
• Total profit: $27,140
• Equity at exit: $81,477

Cash invested: $47,320 (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: 11.8×

Monthly cashflow live

• Estimated rent: $1,197 medium
• Mortgage (P&I): −$886
• Tax from tax record: −$73 /mo · $875/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $-84

Break-even live

Break-even rent $1,303

Max offer price $154,175

Occupancy floor —

Sensitivity live

Price	-10% $12	-5% $-36	+0% $-84	+5% $-132	+10% $-180
Rent	-10% $-178	-5% $-131	+0% $-84	+5% $-37	+10% $11
Rate	-1.0pp $1	-0.5pp $-41	base $-84	+0.5pp $-128	+1.0pp $-172

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	0.59mi
2939 W 10th Ave Gary, IN	2.0	1.0	744	$1,190	$1.60	0d	1	1.44mi

Listing history 7 events

1. 2026-05-08
   listed $169,000 Active 1836-char remark
2. 2008-11-19
   historical
3. 2008-08-26
   listed $24,900
4. 2002-09-06
   historical
5. 2001-09-06
   historical
6. 2001-09-05
   listed $24,900
7. 2001-09-05
   listed $24,900

ⓘ 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: $875 · $73/mo
• Projected year-2 tax: $1,156 · $96/mo
• Expected delta: +$281/yr (+$23/mo · 32.0%)

ⓘ 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 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: $14,365
• − Mortgage interest: −$9,467
• − Property taxes: −$875
• − Insurance: −$845
• − Repairs & maintenance: −$1,149
• − Management: −$1,149
• − Depreciation: −$4,916
• Taxable loss: −$4,037
• Est. tax savings @ 24.0%: +$969
• After-tax cash flow: $-38/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

+578.7% since first listed

8 events — show timeline

• 2026-05-24 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-08 Listed $169,000 NIRA MLS as Distributed by MLS Grid
• 2008-11-19 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2008-08-26 Listed $24,900 NIRA MLS as Distributed by MLS Grid
• 2002-09-06 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2001-09-06 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2001-09-05 Listed $24,900 NIRA MLS as Distributed by MLS Grid
• 2001-09-05 Listed $24,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-8.4%/yr

Latest (2024): $875 · +3.3% YoY. Source: county tax records.