1168 Harrison St · Gary, IN 46407

$25,000

2 bd · 1.0 ba · 872 sqft · SingleFamily public records · 55 Days on market

Built 1927 3,746 sqft lot $29/sqft · at area comps

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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 +5.5/10.0
• 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 +0.5/10.0

Listing remarks

Investor opportunity, needs full renovation. Basement adds potential living space (possible extra beds/bath). Fenced yard and detached garage. Property cleaned out and ready for rehab. Property is being sold As-It

Key facts

• Fenced yard
• Detached garage
• 3,746 sq ft lot

Tags

• FENCED YARD
• DETACHED GARAGE

Property features AI

Finance

• Other: Occupant status: Vacant

Exterior

• Parking: Has garage(s); 1 garage space; No other parking features listed
• Security: Other security features
• Utilities: Public water; Public sewer; No utilities listed (other)
• Home design: Single-story living area (main level finished); Built in 1927; Property listed as fixer
• Construction: Brick construction; Asphalt roof; Unfinished basement
• Exterior features: Neighborhood view; Enclosed porch; Back yard fencing; Garage structure on site

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Second bedroom
• Flooring: Other flooring type
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; No cooling system listed
• Interior features: No notable interior features listed; Unfinished basement
• Laundry & utility: Laundry on main level; Laundry on lower level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $672 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.
• Cap rate 41.2% 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: 121 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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 $1,121/mo this rent would consume 47% of the median local household income ($29k/yr) (locally 392% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $418 of equity ($173 loan paydown + $245 appreciation (1.0% 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 (1.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $24,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 4.48% ✓
• Cap rate: 41.24%
• Cash-on-cash: 124.81%
• DSCR: 6.55
• GRM: 1.9

CMA / ARV

• ARV (median comp): $50,654
• List price: $25,000
• Delta: -50.65%
• 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
1177 Harrison St	0.03mi	2/1.0	946 (+8%)	2mo	$8,500	$9	83
1161 Fillmore St	0.20mi	2/1.0	905 (+4%)	14mo	$42,000	$46	72
1665 W 12th Ave	0.61mi	2/1.0	842 (-3%)	3mo	$13,000	$15	63
1567 Hayes St	0.63mi	2/1.0	934 (+7%)	4mo	$29,000	$31	56
1164 Harrison St	0.01mi	3/1.5 (+1)	968 (+11%)	24mo	$12,000	$12	54
1112 Johnson St	0.48mi	2/1.0	824 (-6%)	19mo	$11,000	$13	52
841 Pierce St	0.45mi	2/1.0	768 (-12%)	12mo	$75,000	$98	49
1747 Hayes St	0.67mi	2/1.0	831 (-5%)	19mo	$28,000	$34	45
1014 W 19th Ave	0.45mi	3/1.5 (+1)	960 (+10%)	14mo	$30,000	$31	44
1453 W 18th Ave	0.59mi	2/1.0	800 (-8%)	21mo	$39,000	$49	41
1993 Harrison St	0.56mi	2/1.0	952 (+9%)	21mo	$43,500	$46	41
607 Jefferson St	0.72mi	2/1.5	966 (+11%)	16mo	$73,750	$76	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.98% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.19×
• Total profit: $43,316
• Equity at exit: $8,508

10-year hold

• IRR: —
• Equity multiple: 14.96×
• Total profit: $97,704
• Equity at exit: $11,286

Cash invested: $7,000 (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 46407

• Home prices YoY: 0.4%
• Active inventory: 121
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,121 high
• Mortgage (P&I): −$131
• Tax from tax record: −$16 /mo · $192/yr
• Insurance: −$10
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $672

Break-even live

Break-even rent $270

Max offer price $25,000

Occupancy floor 35%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	1d	1	0.33mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	0.40mi
762 Harrison St Unit SRO Gary, IN	1.0	1.0	1075	$700	$0.65	1d	1	0.49mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	20d	1	0.70mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	43d	1	0.73mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	0.78mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,144	$1.29	1d	11	0.84mi
411 Pierce St Gary, IN	3.0	1.0	874	$1,395	$1.60	21d	1	0.98mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	43d	1	1.02mi
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	1d	1	1.02mi
2378 Jackson St Gary, IN	2.0	1.0	672	$1,050	$1.56	1d	1	1.02mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	1.18mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	1d	1	1.18mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	1d	1	1.19mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	19d	1	1.19mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	43d	1	1.24mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	1d	1	1.25mi
358 Arthur St Unit 2 Gary, IN	2.0	1.0	800	$1,250	$1.56	1d	1	1.25mi
358 Arthur St Unit 2 Gary, IN	1.0	1.0	800	$1,080	$1.35	43d	1	1.25mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	3d	1	1.27mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	1d	1	1.27mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	1d	1	1.27mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	43d	1	1.28mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	1d	1	1.32mi
2306 W 5th Ave Gary, IN	2.0–3.0	1.0	937	$1,199	$1.28	1d	2	1.33mi
2306 W 5th Ave Apt 3 Gary, IN	3.0	1.0	1025	$1,299	$1.27	1d	1	1.33mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	1d	1	1.35mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	1d	1	1.41mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	1d	1	1.44mi
837 W 27th Ave Unit B Gary, IN	1.0	1.0	750	$950	$1.27	1d	1	1.44mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	43d	1	1.45mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	1.46mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	1d	1	1.47mi
2939 W 10th Ave Gary, IN	2.0	1.0	744	$1,190	$1.60	1d	1	1.48mi

Listing history 15 events

1. 2026-06-18
   days on market $25,000 Active 55 DOM
2. 2026-06-17
   days on market $25,000 Active 54 DOM
3. 2026-06-16
   days on market $25,000 Active 53 DOM
4. 2026-06-15
   days on market $25,000 Active 52 DOM
5. 2026-06-13
   days on market $25,000 Active 50 DOM
6. 2026-06-13
   days on market $25,000 Active 49 DOM
7. 2026-06-09
   days on market $25,000 Active 46 DOM
8. 2026-06-08
   days on market $25,000 Active 45 DOM
9. 2026-06-07
   days on market $25,000 Active 44 DOM
10. 2026-06-04
    days on market $25,000 Active 41 DOM
11. 2026-06-03
    days on market $25,000 Active 40 DOM
12. 2026-06-02
    days on market $25,000 Active 39 DOM
13. 2026-06-01
    days on market $25,000 Active 38 DOM
14. 2026-05-31
    days on market $25,000 Active 37 DOM
15. 2026-04-24
    listed $25,000 Active 213-char remark

ⓘ 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: $192 · $16/mo
• Projected year-2 tax: $202 · $17/mo
• Expected delta: +$10/yr (+$1/mo · 5.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,451
• − Mortgage interest: −$1,400
• − Property taxes: −$192
• − Insurance: −$792
• − Repairs & maintenance: −$1,076
• − Management: −$1,076
• − Depreciation: −$727
• Taxable income: $8,188
• Est. tax owed @ 24.0%: −$1,965
• After-tax cash flow: $6,105/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): 8,577
• Household income: $28,526
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 392.0

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 (91%)
• Race & ethnicity: Black 91% Hispanic / Latino 3% White 2% Two or more races 1%
• Common ancestry: Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% Russian/Polish/Slavic 1% French/Haitian/Cajun 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: ▲ 0.98%
• Current HPI: 253.2856
• 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

1 event — show timeline

• 2026-04-24 Listed $25,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-9.2%/yr

Latest (2024): $192 · +3.2% YoY. Source: county tax records.