555 Kentucky St · Gary, IN 46402

$39,990

3 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 5 Days on market

Built 1924 5,009 sqft lot Est $39k · at est. ↓ 44% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.6/15.0
• 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

3 bedroom 1 bath home. Investor home, Rehab needed.

Key facts

• 5,009 sq ft lot
• Built 1924
• Listed 5 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $851 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 31.8% 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: 46 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $1,434/mo this rent would consume 51% 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 $276 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 20y 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 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,990

Questions for the listing agent

1. Built in 1924 — 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: 3.59% ✓
• Cap rate: 31.84%
• Cash-on-cash: 91.23%
• DSCR: 5.06
• GRM: 2.3

CMA / ARV

• ARV (on-the-fly): $39,168
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
655 Vermont St	0.14mi	3/1.0	1,080 (-6%)	13mo	$36,500	$34	72
647 Vermont St	0.13mi	2/1.0 (-1)	1,100 (-4%)	13mo	$36,500	$33	70
713 Maryland St	0.44mi	2/1.0 (-1)	1,232 (+7%)	4mo	$25,000	$20	59
720 Maryland St	0.47mi	4/2.5 (+1)	1,316 (+14%)	1mo	$169,900	$129	43

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: 92.0%
• Equity multiple: 5.27×
• Total profit: $47,764
• Equity at exit: $5,963

10-year hold

• IRR: 94.8%
• Equity multiple: 10.96×
• Total profit: $111,508
• Equity at exit: $3,458

Cash invested: $11,197 (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: 46
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,434 high
• Mortgage (P&I): −$210
• Tax from tax record: −$55 /mo · $659/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $851

Break-even live

Break-even rent $356

Max offer price $39,990

Occupancy floor 36%

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: $9,998
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1030 E 6th Ave Gary, IN	3.0	1.5	1400	$1,600	$1.14	1d	1	0.05mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	43d	1	0.37mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	15d	1	0.64mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	43d	1	0.93mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	20d	1	0.93mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	1d	11	0.97mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	16d	1	1.22mi
2025 Central Dr Gary, IN	3.0	1.0	875	$1,550	$1.77	43d	1	1.38mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	43d	1	1.44mi
2257 Central Dr Gary, IN	4.0	2.0	1220	$1,650	$1.35	43d	1	1.48mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	1.49mi

Listing history 22 events

1. 2026-04-28
   historical Active Under Contract 51-char remark

   Show marketing remark (51 chars)

   3 bedroom 1 bath home. Investor home, Rehab needed.

2. 2026-04-27
   status Pending
3. 2026-04-22
   listed $39,990 Active 51-char remark

   Show marketing remark (51 chars)

   3 bedroom 1 bath home. Investor home, Rehab needed.

4. 2026-04-21
   listed $39,990 Active
5. 2024-01-16
   soldstatus $70,000 Closed 396-char remark

   Show marketing remark (396 chars)

   MOTIVATED SELLER!!! Come see this move-in ready large 2 Story Home. Updates and upgrades have been made throughout the home and many areas have been freshly painted. The roof is approximately 3 years old and there is more than plenty storage. The home was pleasantly taken care of and yet, has so much potential. Seconds from RT 20 and minutes from I-65. (LOW TAXES)!! Definitely worth a showing.

6. 2023-11-21
   historical Active Under Contract 396-char remark

   Show marketing remark (396 chars)

   MOTIVATED SELLER!!! Come see this move-in ready large 2 Story Home. Updates and upgrades have been made throughout the home and many areas have been freshly painted. The roof is approximately 3 years old and there is more than plenty storage. The home was pleasantly taken care of and yet, has so much potential. Seconds from RT 20 and minutes from I-65. (LOW TAXES)!! Definitely worth a showing.

7. 2023-09-06
   price $78,000 396-char remark

   Show marketing remark (396 chars)

   MOTIVATED SELLER!!! Come see this move-in ready large 2 Story Home. Updates and upgrades have been made throughout the home and many areas have been freshly painted. The roof is approximately 3 years old and there is more than plenty storage. The home was pleasantly taken care of and yet, has so much potential. Seconds from RT 20 and minutes from I-65. (LOW TAXES)!! Definitely worth a showing.

8. 2023-07-14
   price $85,000 396-char remark

   Show marketing remark (396 chars)

   MOTIVATED SELLER!!! Come see this move-in ready large 2 Story Home. Updates and upgrades have been made throughout the home and many areas have been freshly painted. The roof is approximately 3 years old and there is more than plenty storage. The home was pleasantly taken care of and yet, has so much potential. Seconds from RT 20 and minutes from I-65. (LOW TAXES)!! Definitely worth a showing.

9. 2023-02-21
   price $95,000 396-char remark

   Show marketing remark (396 chars)

   MOTIVATED SELLER!!! Come see this move-in ready large 2 Story Home. Updates and upgrades have been made throughout the home and many areas have been freshly painted. The roof is approximately 3 years old and there is more than plenty storage. The home was pleasantly taken care of and yet, has so much potential. Seconds from RT 20 and minutes from I-65. (LOW TAXES)!! Definitely worth a showing.

10. 2022-10-26
    price $104,900 396-char remark

    Show marketing remark (396 chars)

    MOTIVATED SELLER!!! Come see this move-in ready large 2 Story Home. Updates and upgrades have been made throughout the home and many areas have been freshly painted. The roof is approximately 3 years old and there is more than plenty storage. The home was pleasantly taken care of and yet, has so much potential. Seconds from RT 20 and minutes from I-65. (LOW TAXES)!! Definitely worth a showing.

11. 2022-09-09
    listed $109,900 Active 396-char remark

    Show marketing remark (396 chars)

    MOTIVATED SELLER!!! Come see this move-in ready large 2 Story Home. Updates and upgrades have been made throughout the home and many areas have been freshly painted. The roof is approximately 3 years old and there is more than plenty storage. The home was pleasantly taken care of and yet, has so much potential. Seconds from RT 20 and minutes from I-65. (LOW TAXES)!! Definitely worth a showing.

12. 2022-09-01
    historical
13. 2022-06-30
    price $60,000
14. 2022-06-14
    status Active
15. 2022-06-09
    status Pending
16. 2022-06-02
    listed $63,500 Active
17. 2019-12-24
    soldstatus $10,777
18. 2019-09-14
    listed $13,900
19. 2007-01-26
    historical
20. 2006-10-24
    listed $69,900
21. 2006-08-02
    historical
22. 2006-05-01
    listed $72,000

ⓘ 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: $659 · $55/mo
• Projected year-2 tax: $659 · $55/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 8/10 Severe
• 🌡 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 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,204
• − Mortgage interest: −$2,240
• − Property taxes: −$659
• − Insurance: −$200
• − Repairs & maintenance: −$1,376
• − Management: −$1,376
• − Depreciation: −$1,163
• Taxable income: $10,189
• Est. tax owed @ 24.0%: −$2,445
• After-tax cash flow: $7,770/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

-44.5% since first listed

22 events — show timeline

• 2026-04-28 Contingent — IRMLS
• 2026-04-27 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-22 Listed $39,990 IRMLS
• 2026-04-21 Listed $39,990 MIBOR as Distributed by MLS Grid
• 2024-01-16 Sold (MLS) $70,000 NIRA MLS as Distributed by MLS Grid
• 2023-11-21 Contingent — NIRA MLS as Distributed by MLS Grid
• 2023-09-06 Price Changed $78,000 NIRA MLS as Distributed by MLS Grid
• 2023-07-14 Price Changed $85,000 NIRA MLS as Distributed by MLS Grid
• 2023-02-21 Price Changed $95,000 NIRA MLS as Distributed by MLS Grid
• 2022-10-26 Price Changed $104,900 NIRA MLS as Distributed by MLS Grid
• 2022-09-09 Listed $109,900 NIRA MLS as Distributed by MLS Grid
• 2022-09-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2022-06-30 Price Changed $60,000 NIRA MLS as Distributed by MLS Grid
• 2022-06-14 Relisted — NIRA MLS as Distributed by MLS Grid
• 2022-06-09 Pending — NIRA MLS as Distributed by MLS Grid
• 2022-06-02 Listed $63,500 NIRA MLS as Distributed by MLS Grid
• 2019-12-24 Sold (MLS) $10,777 NIRA MLS as Distributed by MLS Grid
• 2019-09-14 Listed $13,900 NIRA MLS as Distributed by MLS Grid
• 2007-01-26 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-10-24 Listed $69,900 NIRA MLS as Distributed by MLS Grid
• 2006-08-02 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-05-01 Listed $72,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-0.8%/yr

Latest (2024): $659 · +43.6% YoY. Source: county tax records.