435 Buchanan St #46402 · Gary, IN 46402

$35,000

3 bd · 1.0 ba · 1,188 sqft · SingleFamily public records · 173 Days on market

Built 1917 6,098 sqft lot $29/sqft · 24% below area Est $46k · 24% under ↓ 12% 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
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0
• Schools +0.5/10.0

Listing remarks MLS

Tons of potential in this 2 story 3 bedroom with a full basement.

Key facts

• 6,098 sq ft lot
• Built 1917
• Listed 172 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $798 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Cap rate 33.6% 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: 47 active listings in the ZIP; 16 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 $1,331/mo this rent would consume 48% of the median local household income ($34k/yr) (locally 336% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 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 + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 173 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 28y 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.
• Current owner paid $29k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $30,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 173 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 1917 — 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: 3.80% ✓
• Cap rate: 33.65%
• Cash-on-cash: 97.69%
• DSCR: 5.35
• GRM: 2.2

CMA / ARV

• ARV (median comp): $45,891
• List price: $35,000
• Delta: -23.73%
• 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
435 Buchanan St	0.00mi	3/1.0	1,188 (0%)	10mo	$28,700	$24	92
266 Johnson St	0.27mi	2/1.0 (-1)	1,113 (-6%)	3mo	$37,000	$33	70
455 Polk St	0.19mi	3/1.0	1,140 (-4%)	19mo	$89,900	$79	69
759 Grant St	0.45mi	3/1.0	1,248 (+5%)	6mo	$100,000	$80	65
768 Tyler St	0.49mi	4/1.0 (+1)	1,248 (+5%)	1mo	$22,000	$18	63
1901 W 4th Pl	0.44mi	2/1.0 (-1)	1,154 (-3%)	16mo	$60,000	$52	56
235 W Taft St	0.67mi	3/2.0	1,158 (-2%)	8mo	$184,000	$159	53
805 Buchanan St	0.46mi	3/2.0	1,350 (+14%)	0mo	$100,000	$74	51
206 Mckinley St	0.60mi	2/1.0 (-1)	1,237 (+4%)	15mo	$110,000	$89	48
1067 Polk St	0.74mi	3/1.5	1,088 (-8%)	7mo	$116,000	$107	43
407 Mckinley St	0.50mi	3/1.5	1,047 (-12%)	16mo	$115,140	$110	42
231 Cleveland St	0.50mi	3/1.0	1,015 (-15%)	17mo	$60,000	$59	38

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 98.7%
• Equity multiple: 5.61×
• Total profit: $45,169
• Equity at exit: $5,219

10-year hold

• IRR: —
• Equity multiple: 11.70×
• Total profit: $104,873
• Equity at exit: $3,026

Cash invested: $9,800 (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 46402

• Home prices YoY: -2.8%
• Active inventory: 47
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,331 high
• Mortgage (P&I): −$184
• Tax from tax record: −$55 /mo · $665/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $798

Break-even live

Break-even rent $321

Max offer price $35,000

Occupancy floor 35%

Sensitivity live

Price	-10% $818	-5% $808	+0% $798	+5% $788	+10% $778
Rent	-10% $693	-5% $745	+0% $798	+5% $850	+10% $903
Rate	-1.0pp $815	-0.5pp $807	base $798	+0.5pp $789	+1.0pp $780

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
411 Pierce St Gary, IN	3.0	1.0	874	$1,395	$1.60	23d	1	0.07mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	44d	1	0.34mi
358 Arthur St Unit 2 Gary, IN	2.0	1.0	800	$1,250	$1.56	0d	1	0.42mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	0d	11	0.59mi
2306 W 5th Ave Gary, IN	2.0–3.0	1.0	937	$1,299	$1.39	0d	2	0.66mi
2306 W 5th Ave Apt 3 Gary, IN	3.0	1.0	1025	$1,299	$1.27	0d	1	0.67mi
2602 W 6th Ave Gary, IN	2.0	1.0	750	$990	$1.32	0d	1	0.91mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	16d	1	0.99mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	0d	1	1.08mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	0d	1	1.16mi
2939 W 10th Ave Gary, IN	2.0	1.0	744	$1,190	$1.60	0d	1	1.30mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	20d	1	1.32mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	3d	1	1.40mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	0d	1	1.40mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	21d	1	1.41mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	44d	1	1.45mi

Listing history 11 events

1. 2026-06-01
   days on market $35,000 Active 173 DOM
2. 2026-05-31
   days on market $35,000 Active 172 DOM
3. 2025-12-10
   listed $35,000 Active 65-char remark

   Show marketing remark (65 chars)

   Tons of potential in this 2 story 3 bedroom with a full basement.

4. 2025-08-22
   soldstatus $28,700 Closed 141-char remark

   Show marketing remark (141 chars)

   2 story with 3 bedroom and full basement. Low property taxes and large fenced yard and 4 car concrete parking spaces in the back of the house

5. 2025-08-10
   status Pending 141-char remark

   Show marketing remark (141 chars)

   2 story with 3 bedroom and full basement. Low property taxes and large fenced yard and 4 car concrete parking spaces in the back of the house

6. 2025-07-23
   price $36,900 141-char remark

   Show marketing remark (141 chars)

   2 story with 3 bedroom and full basement. Low property taxes and large fenced yard and 4 car concrete parking spaces in the back of the house

7. 2025-06-18
   listed $41,500 Active 141-char remark

   Show marketing remark (141 chars)

   2 story with 3 bedroom and full basement. Low property taxes and large fenced yard and 4 car concrete parking spaces in the back of the house

8. 2011-06-01
   historical
9. 2010-05-10
   listed $34,900
10. 1998-08-05
    historical
11. 1998-04-24
    listed $39,900

ⓘ 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: $665 · $55/mo
• Projected year-2 tax: $665 · $55/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 3/10 Moderate 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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,970
• − Mortgage interest: −$1,961
• − Property taxes: −$665
• − Insurance: −$175
• − Repairs & maintenance: −$1,278
• − Management: −$1,278
• − Depreciation: −$1,018
• Taxable income: $9,596
• Est. tax owed @ 24.0%: −$2,303
• After-tax cash flow: $7,271/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): 5,836
• Household income: $33,529
• Rent vs Own: 56.6% rent · 43.4% own
• Severe rent burden: 336.0

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 (87%)
• Race & ethnicity: Black 87% Two or more races 5% White 5% Hispanic / Latino 4%
• Common ancestry: Romanian 1% Ukrainian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% Arabic 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: ▼ -7.21%
• Current HPI: 250.2464
• 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

-12.3% since first listed

9 events — show timeline

• 2025-12-10 Listed $35,000 NIRA MLS as Distributed by MLS Grid
• 2025-08-22 Sold (MLS) $28,700 NIRA MLS as Distributed by MLS Grid
• 2025-08-10 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-07-23 Price Changed $36,900 NIRA MLS as Distributed by MLS Grid
• 2025-06-18 Listed $41,500 NIRA MLS as Distributed by MLS Grid
• 2011-06-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-05-10 Listed $34,900 NIRA MLS as Distributed by MLS Grid
• 1998-08-05 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 1998-04-24 Listed $39,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-12.1%/yr

Latest (2024): $665 · +56.8% YoY. Source: county tax records.