1545 Van Buren St · Gary, IN 46407

$22,500

4 bd · 1.0 ba · 1,190 sqft · SingleFamily public records · 300 Days on market

Built 1915 6,098 sqft lot $19/sqft · 29% below area Est $38k · 41% under

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Why this score? — see what drove the C- 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 +15.0/15.0
• 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 MLS

Tear down, property is being sold as-is previous buyer went MIA title company is ready to close. Buyer is responsible for any violations on the property

Key facts

• 6,098 sq ft lot
• Garage
• Built 1915

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $22k.

Deal economics

• At list price, monthly cash flow is $959 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $22k).
• Recommended offer: $20k (12.0% below list) — sets the bar for market timing.
• Cap rate 57.4% 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: 122 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 $1,402/mo this rent would consume 59% 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 $376 of equity ($156 loan paydown + $220 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 300 days — a 12% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y ago; this cycle's ask has dropped $5k (18%) 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 $19,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 300 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 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. 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: 6.23% ✓
• Cap rate: 57.45%
• Cash-on-cash: 182.70%
• DSCR: 9.13
• GRM: 1.3

CMA / ARV

• ARV (median comp): $38,368
• List price: $22,500
• Delta: -41.36%
• 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
1313 Harrison St	0.19mi	3/1.0 (-1)	1,262 (+6%)	2mo	$35,000	$28	75
1361 Harrison Blvd	0.15mi	3/1.0 (-1)	1,293 (+9%)	1mo	$30,000	$23	73
1148 Pierce St	0.46mi	3/1.0 (-1)	1,145 (-4%)	0mo	$13,000	$11	67
1620 Tyler St	0.19mi	3/1.0 (-1)	1,280 (+8%)	9mo	$17,500	$14	66
768 Tyler St	0.70mi	4/1.0	1,248 (+5%)	1mo	$22,000	$18	58
1720 Fillmore St	0.34mi	3/1.0 (-1)	1,280 (+8%)	13mo	$40,000	$31	56
1975 Jefferson St	0.40mi	3/2.0 (-1)	1,247 (+5%)	14mo	$181,120	$145	53
1067 Polk St	0.45mi	3/1.5 (-1)	1,088 (-9%)	7mo	$116,000	$107	52
1140 Delaware St	0.67mi	3/1.0 (-1)	1,235 (+4%)	13mo	$101,800	$82	47
1524 Garfield St	0.75mi	3/1.0 (-1)	1,241 (+4%)	10mo	$20,000	$16	45
1209 W 21st Ave	0.60mi	3/1.0 (-1)	1,326 (+11%)	4mo	$55,000	$41	45
1151 Delaware St	0.69mi	3/1.0 (-1)	1,057 (-11%)	9mo	$34,500	$33	37

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: 10.76×
• Total profit: $61,504
• Equity at exit: $7,657

10-year hold

• IRR: —
• Equity multiple: 22.66×
• Total profit: $136,485
• Equity at exit: $10,157

Cash invested: $6,300 (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: 122
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $1,402 high
• Mortgage (P&I): −$118
• Tax from tax record: −$21 /mo · $253/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $959

Break-even live

Break-even rent $188

Max offer price $22,500

Occupancy floor 27%

Sensitivity live

Price	-10% $972	-5% $966	+0% $959	+5% $953	+10% $946
Rent	-10% $848	-5% $904	+0% $959	+5% $1,015	+10% $1,070
Rate	-1.0pp $970	-0.5pp $965	base $959	+0.5pp $953	+1.0pp $947

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: $5,625
• Closing costs: $675
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	0d	1	0.23mi
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	0d	1	0.84mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	16d	1	0.95mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	0d	1	0.99mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,580	$1.79	0d	11	1.03mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	0d	1	1.09mi
411 Pierce St Gary, IN	3.0	1.0	874	$1,395	$1.60	23d	1	1.19mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	0d	1	1.22mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	0d	1	1.23mi
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	0d	1	1.26mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	44d	1	1.32mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	44d	1	1.44mi
1030 E 6th Ave Gary, IN	3.0	1.5	1400	$1,600	$1.14	0d	1	1.45mi

Listing history 21 events

1. 2026-06-21
   days on market $22,500 Active 300 DOM
2. 2026-06-18
   days on market $22,500 Active 297 DOM
3. 2026-06-17
   days on market $22,500 Active 296 DOM
4. 2026-06-16
   days on market $22,500 Active 295 DOM
5. 2026-06-15
   days on market $22,500 Active 294 DOM
6. 2026-06-13
   days on market $22,500 Active 292 DOM
7. 2026-06-13
   days on market $22,500 Active 291 DOM
8. 2026-06-09
   days on market $22,500 Active 288 DOM
9. 2026-06-08
   days on market $22,500 Active 287 DOM
10. 2026-06-07
    days on market $22,500 Active 286 DOM
11. 2026-06-04
    days on market $22,500 Active 283 DOM
12. 2026-06-03
    days on market $22,500 Active 282 DOM
13. 2026-06-02
    days on market $22,500 Active 281 DOM
14. 2026-06-01
    days on market $22,500 Active 280 DOM
15. 2026-05-31
    days on market $22,500 Active 279 DOM
16. 2026-03-24
    listed $27,500 Active 152-char remark

    Show marketing remark (152 chars)

    Tear down, property is being sold as-is previous buyer went MIA title company is ready to close. Buyer is responsible for any violations on the property

17. 2025-08-25
    listed $22,500 Active 184-char remark

    Show marketing remark (184 chars)

    Prime opportunity for a full tear down and new build! Great location, great price and endless potential! This property is sold as-is, making it the perfect canvas for your new project!

18. 2004-01-07
    listed $4,890
19. 2003-10-31
    historical
20. 2003-10-30
    listed $1,500
21. 2003-08-04
    listed $1,500

ⓘ 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: $253 · $21/mo
• Projected year-2 tax: $253 · $21/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 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: $16,825
• − Mortgage interest: −$1,260
• − Property taxes: −$253
• − Insurance: −$112
• − Repairs & maintenance: −$1,346
• − Management: −$1,346
• − Depreciation: −$655
• Taxable income: $11,852
• Est. tax owed @ 24.0%: −$2,845
• After-tax cash flow: $8,665/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

+1733.3% since first listed

6 events — show timeline

• 2026-03-24 Listed $27,500 NIRA MLS as Distributed by MLS Grid
• 2025-08-25 Listed $22,500 NIRA MLS as Distributed by MLS Grid
• 2004-01-07 Listed $4,890 NIRA MLS as Distributed by MLS Grid
• 2003-10-31 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2003-10-30 Listed $1,500 NIRA MLS as Distributed by MLS Grid
• 2003-08-04 Listed $1,500 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.6%/yr

Latest (2024): $253 · -7.8% YoY. Source: county tax records.