3608 Virginia St · Gary, IN 46409

$34,900

2 bd · 1.0 ba · 775 sqft · SingleFamily public records · 3 Days on market

Built 1952 5,625 sqft lot Est $46k · 24% under ↓ 49% 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
• 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

Nice home in nice quite area.

Key facts

• Low property taxes
• 5,625 sq ft lot
• Built 1952

Tags

• HIGH CEILING IN THE BASEMENT
• LOW PROPERTY TAXES

Property features AI

Finance

• Other: Occupant status: Vacant
• Financial info: Financial details such as taxes and assessed value were omitted per instructions
• HOA & community: No HOA information provided

Exterior

• Parking: Parking details not provided
• Security: No security features reported
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer
• Home design: One level; Built in 1952
• Construction: Construction materials and roof details not provided; Basement present (daylight, partially finished, full)
• Exterior features: City view

Interior

• Kitchen: No appliances reported
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Office (can be used as a bedroom/flex room)
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; No cooling system reported
• Interior features: No notable built-in interior features reported; Daylight, partially finished full basement
• Laundry & utility: No laundry appliances reported

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $598 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Cap rate 26.9% 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; 18 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).
• This rent runs 31% 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 $241 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 + 4.8% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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: property tax is 4.3% of price; built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,900

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
7. 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.
8. 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: 3.34% ✓
• Cap rate: 26.86%
• Cash-on-cash: 73.46%
• DSCR: 4.27
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $45,725
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3621 Virginia St	0.03mi	2/1.0	748 (-4%)	7mo	$25,000	$33	87
1015 E 36th Pl	0.30mi	2/1.0	780 (+1%)	9mo	$82,000	$105	78
4001 Virginia St	0.49mi	2/1.0	760 (-2%)	8mo	$45,000	$59	67
3939 Massachusetts St	0.49mi	2/1.0	792 (+2%)	13mo	$18,000	$23	62
4019 Pennsylvania St	0.53mi	2/—	856 (+10%)	4mo	$36,500	$43	55
4045 Massachusetts St	0.62mi	2/1.5	736 (-5%)	8mo	$3,500	$5	54
4002 Pennsylvania St	0.52mi	2/1.0	846 (+9%)	8mo	$50,000	$59	54
3518 Massachusetts St	0.34mi	2/1.0	660 (-15%)	9mo	$23,000	$35	52
1063 E 36th Ave	0.35mi	2/1.0	884 (+14%)	11mo	$55,000	$62	51
3320 Delaware St	0.39mi	3/1.0 (+1)	864 (+12%)	9mo	$57,000	$66	50
3820 Swift St	0.74mi	2/1.0	840 (+8%)	3mo	$210,000	$250	49
3705 Mississippi St	0.67mi	2/1.0	704 (-9%)	8mo	$83,500	$119	47

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: 75.6%
• Equity multiple: 4.55×
• Total profit: $34,727
• Equity at exit: $5,204

10-year hold

• IRR: 79.8%
• Equity multiple: 10.11×
• Total profit: $89,010
• Equity at exit: $3,018

Cash invested: $9,772 (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: 2.5×

Monthly cashflow live

• Estimated rent: $1,167 high
• Mortgage (P&I): −$183
• Tax from tax record: −$126 /mo · $1,518/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $598

Break-even live

Break-even rent $410

Max offer price $34,900

Occupancy floor 44%

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: $8,725
• Closing costs: $1,047
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
816 E 35th Ct Gary, IN	2.0	1.0	810	$1,075	$1.33	1d	1	0.22mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	1d	1	0.48mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	2d	1	0.86mi
1005 W 35th Ave Apt 105 Gary, IN	2.0	1.0	601	$795	$1.32	18d	1	0.98mi
1005 W 35th Ave Apt 202 Gary, IN	2.0	1.0	617	$795	$1.29	1d	1	0.98mi
1015 W 35th Ave Apt 206 Gary, IN	2.0	1.0	601	$795	$1.32	43d	1	1.00mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	1d	1	1.05mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	2d	1	1.09mi
4327 Monroe St Unit 1st front Gary, IN	1.0	1.0	600	$1,095	$1.82	1d	1	1.10mi
4040 Fillmore St Gary, IN	2.0	1.0	1000	$1,000	$1.00	10d	1	1.17mi
3777 Lincoln St Gary, IN	2.0	1.0	800	$1,150	$1.44	1d	1	1.22mi
4170 Fillmore St Gary, IN	2.0	1.0	720	$950	$1.32	19d	1	1.25mi
624 W 44th Pl Gary, IN	3.0	1.0	836	$1,250	$1.50	7d	1	1.28mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	1d	1	1.43mi
837 W 27th Ave Unit B Gary, IN	1.0	1.0	750	$950	$1.27	1d	1	1.43mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	1.45mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	1d	1	1.48mi
4364 Buchanan St Gary, IN	3.0	1.0	900	$1,500	$1.67	1d	1	1.50mi

Listing history 3 events

1. 2026-05-19
   status Pending
2. 2026-05-16
   listed $34,900 Active
3. 2006-08-01
   listed $68,000 29-char remark

   Show marketing remark (29 chars)

   Nice home in nice quite area.

ⓘ 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: $1,518 · $126/mo
• Projected year-2 tax: $1,518 · $126/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 2/10 Low
• 🌡 Heat 3/10 Moderate 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 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,009
• − Mortgage interest: −$1,955
• − Property taxes: −$1,518
• − Insurance: −$174
• − Repairs & maintenance: −$1,121
• − Management: −$1,121
• − Depreciation: −$1,015
• Taxable income: $7,105
• Est. tax owed @ 24.0%: −$1,705
• After-tax cash flow: $5,473/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

-48.7% since first listed

3 events — show timeline

• 2026-05-19 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-16 Listed $34,900 NIRA MLS as Distributed by MLS Grid
• 2006-08-01 Listed $68,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-6.2%/yr

Latest (2024): $1,518 · +117.3% YoY. Source: county tax records.