4217 Massachusetts St · Gary, IN 46409

$30,000

2 bd · 1.0 ba · 840 sqft · SingleFamily public records · 122 Days on market

Built 1924 3,920 sqft lot $36/sqft · 40% below area Est $50k · 40% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Appreciation +3.0/10.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks MLS

Brick Home For Sale In Gary * Large Living Room * Eat In Kitchen * 2 Nice Sized Bedrooms * Full Basement * Detached 1 Car Garage * Please See Agent Remarks For Offer Submission Instructions *

Key facts

• Eat in kitchen
• Large living room
• Full basement

Tags

• LARGE LIVING ROOM
• EAT IN KITCHEN
• FULL BASEMENT
• DETACHED 1 CAR GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $741 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• Cap rate 35.9% 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: Rents rising fast (+4.8%/yr); 75 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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).
• This rent runs 34% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $900 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 + 4.8% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $20k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $5k; list at $30k implies a 545% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $26,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 4.16% ✓
• Cap rate: 35.94%
• Cash-on-cash: 105.88%
• DSCR: 5.71
• GRM: 2.0

CMA / ARV

• ARV (median comp): $50,225
• List price: $30,000
• Delta: -40.27%
• 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
4217 Massachusetts St	0.00mi	2/1.0	840 (0%)	1mo	$28,000	$33	99
4217 Maryland St	0.25mi	2/1.0	864 (+3%)	3mo	$49,900	$58	81
4019 Pennsylvania St	0.29mi	2/—	856 (+2%)	4mo	$36,500	$43	80
4002 Pennsylvania St	0.29mi	2/1.0	846 (+1%)	8mo	$50,000	$59	79
4341 Maryland St	0.29mi	2/1.0	864 (+3%)	7mo	$59,000	$68	76
4016 Connecticut St	0.26mi	2/1.0	920 (+10%)	4mo	$25,000	$27	68
908 E 44th Ave	0.55mi	2/1.5	790 (-6%)	2mo	$34,000	$43	61
3953 Monroe St	0.51mi	2/1.0	740 (-12%)	2mo	$57,000	$77	54
4525 Tyler St	0.73mi	3/1.0 (+1)	875 (+4%)	1mo	$136,000	$155	53
4646 Pennsylvania St	0.54mi	2/1.0	734 (-13%)	4mo	$30,000	$41	50
436 E 47th Pl	0.67mi	3/1.0 (+1)	925 (+10%)	0mo	$157,000	$170	47
436 E 48th Ave	0.71mi	3/1.0 (+1)	925 (+10%)	2mo	$100,000	$108	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 · 4.85% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.33×
• Total profit: $44,754
• Equity at exit: $4,473

10-year hold

• IRR: —
• Equity multiple: 14.10×
• Total profit: $110,014
• Equity at exit: $2,594

Cash invested: $8,400 (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 46409

• Home prices YoY: -2.0%
• Rents YoY: 4.8%
• Active inventory: 75
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,248 high
• Mortgage (P&I): −$157
• Tax from tax record: −$75 /mo · $903/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $741

Break-even live

Break-even rent $310

Max offer price $30,000

Occupancy floor 36%

Sensitivity live

Price	-10% $758	-5% $750	+0% $741	+5% $733	+10% $724
Rent	-10% $643	-5% $692	+0% $741	+5% $791	+10% $840
Rate	-1.0pp $756	-0.5pp $749	base $741	+0.5pp $733	+1.0pp $726

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	3d	1	0.31mi
4327 Monroe St Unit 1st front Gary, IN	1.0	1.0	600	$1,095	$1.82	1d	1	0.40mi
624 W 44th Pl Gary, IN	3.0	1.0	836	$1,250	$1.50	7d	1	0.56mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	1d	1	0.69mi
4816 Massachusetts St Gary, IN	3.0	1.0	1024	$1,350	$1.32	15d	1	0.77mi
4170 Fillmore St Gary, IN	2.0	1.0	720	$950	$1.32	19d	1	0.78mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	1d	1	0.78mi
4040 Fillmore St Gary, IN	2.0	1.0	1000	$1,000	$1.00	10d	1	0.81mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	2d	1	0.87mi
4364 Buchanan St Gary, IN	3.0	1.0	900	$1,500	$1.67	1d	1	0.92mi
816 E 35th Ct Gary, IN	2.0	1.0	810	$1,075	$1.33	1d	1	0.98mi
5001 Carolina St Gary, IN	3.0	1.0	875	$1,350	$1.54	2d	1	1.08mi
3777 Lincoln St Gary, IN	2.0	1.0	800	$1,150	$1.44	1d	1	1.09mi
4905 Kentucky St Unit 4901 Gary, IN	3.0	1.0	950	$1,525	$1.61	24d	1	1.10mi
1005 W 35th Ave Apt 202 Gary, IN	2.0	1.0	617	$795	$1.29	1d	1	1.13mi
1005 W 35th Ave Apt 105 Gary, IN	2.0	1.0	601	$795	$1.32	18d	1	1.13mi
1015 W 35th Ave Apt 206 Gary, IN	2.0	1.0	601	$795	$1.32	44d	1	1.14mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	19d	1	1.18mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	1d	1	1.29mi

Listing history 7 events

1. 2026-05-11
   status Pending 206-char remark

   Show marketing remark (206 chars)

   Brick Home For Sale In Gary * Large Living Room * Eat In Kitchen * 2 Nice Sized Bedrooms * Full Basement * Detached 1 Car Garage * Please See Agent Remarks For Offer Submission Instructions *

2. 2026-05-06
   price $30,000 206-char remark

   Show marketing remark (206 chars)

   Brick Home For Sale In Gary * Large Living Room * Eat In Kitchen * 2 Nice Sized Bedrooms * Full Basement * Detached 1 Car Garage * Please See Agent Remarks For Offer Submission Instructions *

3. 2026-04-06
   price $35,000 206-char remark

   Show marketing remark (206 chars)

   Brick Home For Sale In Gary * Large Living Room * Eat In Kitchen * 2 Nice Sized Bedrooms * Full Basement * Detached 1 Car Garage * Please See Agent Remarks For Offer Submission Instructions *

4. 2026-03-04
   price $40,000 206-char remark

   Show marketing remark (206 chars)

   Brick Home For Sale In Gary * Large Living Room * Eat In Kitchen * 2 Nice Sized Bedrooms * Full Basement * Detached 1 Car Garage * Please See Agent Remarks For Offer Submission Instructions *

5. 2026-01-09
   listed $50,000 Active 206-char remark

   Show marketing remark (206 chars)

   Brick Home For Sale In Gary * Large Living Room * Eat In Kitchen * 2 Nice Sized Bedrooms * Full Basement * Detached 1 Car Garage * Please See Agent Remarks For Offer Submission Instructions *

6. 2016-06-06
   soldstatus $4,650 125-char remark

   Show marketing remark (125 chars)

   2 Bedroom 1 bath home. Needs work. No furnace. No hot water heater. Verbal offer accepted - (in process of signing with bank)

7. 2015-10-15
   listed $4,650 125-char remark

   Show marketing remark (125 chars)

   2 Bedroom 1 bath home. Needs work. No furnace. No hot water heater. Verbal offer accepted - (in process of signing with bank)

ⓘ 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: $903 · $75/mo
• Projected year-2 tax: $903 · $75/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: $14,981
• − Mortgage interest: −$1,680
• − Property taxes: −$903
• − Insurance: −$150
• − Repairs & maintenance: −$1,199
• − Management: −$1,199
• − Depreciation: −$873
• Taxable income: $8,978
• Est. tax owed @ 24.0%: −$2,155
• After-tax cash flow: $6,740/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): 7,184
• Household income: $44,667
• Rent vs Own: 55.5% rent · 44.5% own
• Severe rent burden: 516.0

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 (68%)
• Race & ethnicity: Black 68% Two or more races 17% Hispanic / Latino 14% White 11%
• Hispanic origin (detail): Mexican 8% Puerto Rican 5%
• Common ancestry: Iranian 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 6%

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: ▼ -3.91%
• Current HPI: 190.6724
• Rent YoY: ▲ 4.85%
• 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

+545.2% since first listed

7 events — show timeline

• 2026-05-11 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-06 Price Changed $30,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-06 Price Changed $35,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-04 Price Changed $40,000 NIRA MLS as Distributed by MLS Grid
• 2026-01-09 Listed $50,000 NIRA MLS as Distributed by MLS Grid
• 2016-06-06 Sold (MLS) $4,650 NIRA MLS as Distributed by MLS Grid
• 2015-10-15 Listed $4,650 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.3%/yr

Latest (2024): $903 · +3.8% YoY. Source: county tax records.