2424 Maryland St · Gary, IN 46407

$119,900

3 bd · 1.0 ba · 680 sqft · SingleFamily public records · 119 Days on market

Built 1948 3,006 sqft lot $176/sqft · 345% above area ↓ 14% since listing

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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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• 1% rule +5.4/10.0
• 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

Welcome to your perfect first home fully updated, thoughtfully designed, and truly move-in ready. This charming 2-bedroom, 1-bathroom home has been renovated from top to bottom with a brand-new roof, HVAC system, updated plumbing, and electrical, giving you the peace of mind that the big-ticket items are already taken care of. Step into the open-concept living space where natural light flows through, creating a warm and welcoming atmosphere. The gorgeous new kitchen features soft-close cabinets, granite countertops, and a modern layout that makes cooking and entertaining a breeze. The custom ceramic-tiled bathroom adds a designer touch, and the two oversized bedrooms offer comfort and flexibility perfect for a growing family, work-from-home space, or guest room. Whether you're looking to start your journey into homeownership, downsize with ease, or invest in a solid, low-maintenance property, this home delivers unmatched value. With every major system already updated, you can simply move in, relax, and start making memories. This is more than just a house it's the start of something new.

Key facts

• Updated electrical
• Gorgeous new kitchen
• Hvac system

Tags

• NEW ROOF
• HVAC SYSTEM
• UPDATED PLUMBING
• UPDATED ELECTRICAL
• OPEN-CONCEPT LIVING SPACE
• GORGEOUS NEW KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.

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; 7 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 $1,243/mo this rent would consume 52% 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 $2k of equity ($829 loan paydown + $1k 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 $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,109 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — 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: 1.04% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.09%
• DSCR: 1.45
• GRM: 8.0

CMA / ARV

• ARV (median comp): $26,959
• List price: $119,900
• Delta: 344.75%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2290 Maryland St	0.17mi	2/1.0 (-1)	672 (-1%)	6mo	$9,000	$13	80
2259 Delaware St	0.22mi	2/1.0 (-1)	672 (-1%)	4mo	$17,000	$25	80
2339 Delaware St	0.10mi	2/1.5 (-1)	672 (-1%)	14mo	$17,900	$27	74
2413-2415 Industrial Blvd	0.28mi	2/1.0 (-1)	700 (+3%)	6mo	$20,000	$29	72
2244 Kentucky St	0.43mi	2/1.0 (-1)	672 (-1%)	4mo	$16,000	$24	70
2355 Rhode Island St	0.29mi	2/1.0 (-1)	701 (+3%)	15mo	$85,000	$121	64
2271 Pennsylvania St	0.22mi	2/1.0 (-1)	725 (+7%)	14mo	$26,000	$36	62
2254 Tennessee St	0.48mi	2/1.0 (-1)	672 (-1%)	11mo	$17,500	$26	61
2379 Industrial Blvd	0.23mi	2/1.0 (-1)	600 (-12%)	7mo	$13,000	$22	58
2678 Monroe St	0.67mi	2/1.0 (-1)	700 (+3%)	2mo	$86,000	$123	58
2379 Jackson St	0.62mi	2/1.0 (-1)	672 (-1%)	11mo	$12,000	$18	55
2180 Nichols Pl	0.35mi	2/1.0 (-1)	771 (+13%)	4mo	$15,000	$19	54

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: 11.7%
• Equity multiple: 1.60×
• Total profit: $20,039
• Equity at exit: $40,805

10-year hold

• IRR: 15.5%
• Equity multiple: 2.87×
• Total profit: $62,720
• Equity at exit: $54,128

Cash invested: $33,572 (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: 8.0×

Monthly cashflow live

• Estimated rent: $1,243 high
• Mortgage (P&I): −$629
• Tax from tax record: −$21 /mo · $248/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $282

Break-even live

Break-even rent $885

Max offer price $119,900

Occupancy floor 72%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	0.16mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	43d	1	0.29mi
2378 Jackson St Gary, IN	2.0	1.0	672	$1,050	$1.56	1d	1	0.67mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	1d	1	0.73mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	1d	1	0.91mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	16d	1	1.02mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	20d	1	1.07mi

Listing history 20 events

1. 2026-06-18
   days on market $119,900 Active 119 DOM
2. 2026-06-17
   days on market $119,900 Active 118 DOM
3. 2026-06-16
   days on market $119,900 Active 117 DOM
4. 2026-06-15
   days on market $119,900 Active 116 DOM
5. 2026-06-13
   days on market $119,900 Active 114 DOM
6. 2026-06-13
   days on market $119,900 Active 113 DOM
7. 2026-06-09
   days on market $119,900 Active 110 DOM
8. 2026-06-08
   days on market $119,900 Active 109 DOM
9. 2026-06-07
   days on market $119,900 Active 108 DOM
10. 2026-06-04
    days on market $119,900 Active 105 DOM
11. 2026-06-03
    days on market $119,900 Active 104 DOM
12. 2026-06-02
    days on market $119,900 Active 103 DOM
13. 2026-06-01
    days on market $119,900 Active 102 DOM
14. 2026-05-31
    days on market $119,900 Active 101 DOM
15. 2026-02-19
    listed $119,900 Active 1104-char remark

    Show marketing remark (1104 chars)

    Welcome to your perfect first home fully updated, thoughtfully designed, and truly move-in ready. This charming 2-bedroom, 1-bathroom home has been renovated from top to bottom with a brand-new roof, HVAC system, updated plumbing, and electrical, giving you the peace of mind that the big-ticket items are already taken care of. Step into the open-concept living space where natural light flows through, creating a warm and welcoming atmosphere. The gorgeous new kitchen features soft-close cabinets, granite countertops, and a modern layout that makes cooking and entertaining a breeze. The custom ceramic-tiled bathroom adds a designer touch, and the two oversized bedrooms offer comfort and flexibility perfect for a growing family, work-from-home space, or guest room. Whether you're looking to start your journey into homeownership, downsize with ease, or invest in a solid, low-maintenance property, this home delivers unmatched value. With every major system already updated, you can simply move in, relax, and start making memories. This is more than just a house it's the start of something new.

16. 2026-01-16
    historical
17. 2025-10-03
    listed $129,000 Active
18. 2025-10-02
    historical
19. 2025-09-19
    price $136,000
20. 2025-07-11
    listed $139,000 Active

ⓘ 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: $248 · $21/mo
• Projected year-2 tax: $634 · $53/mo
• Expected delta: +$385/yr (+$32/mo · 155.2%)

ⓘ 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 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: $14,912
• − Mortgage interest: −$6,716
• − Property taxes: −$248
• − Insurance: −$600
• − Repairs & maintenance: −$1,193
• − Management: −$1,193
• − Depreciation: −$3,488
• Taxable income: $1,474
• Est. tax owed @ 24.0%: −$354
• After-tax cash flow: $3,033/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

-13.7% since first listed

6 events — show timeline

• 2026-02-19 Listed $119,900 NIRA MLS as Distributed by MLS Grid
• 2026-01-16 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-10-03 Listed $129,000 NIRA MLS as Distributed by MLS Grid
• 2025-10-02 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-09-19 Price Changed $136,000 NIRA MLS as Distributed by MLS Grid
• 2025-07-11 Listed $139,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-17.0%/yr

Latest (2024): $248 · -0.5% YoY. Source: county tax records.