2609 Delaware St · Gary, IN 46407

$58,500

3 bd · 1.0 ba · 820 sqft · SingleFamily public records · 111 Days on market

Built 1956 6,229 sqft lot $71/sqft · 134% above area Est $47k · 23% over ↓ 2% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

* * Attention Investors * * Single family home, located a few blocks away from I-94! Also, this one is minutes away from the South Shore Train for those they commute to Illinois so this is great for tenants that want convenient commuting! This home boasts 3 Bedrooms + Spacious Living Room + Full Basement + Big yard! (home needs some work of course and has been priced accordingly)

Key facts

• Big yard
• Single family home
• Full basement

Tags

• SINGLE FAMILY HOME
• SPACIOUS LIVING ROOM
• FULL BASEMENT
• BIG YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $597 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $58k).
• Recommended offer: $53k (9.0% below list) — sets the bar for market timing.
• Cap rate 18.5% 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; 24 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 $1,189/mo this rent would consume 50% 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 $977 of equity ($404 loan paydown + $573 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 $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $53,235 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 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 1956 — 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: 2.03% ✓
• Cap rate: 18.53%
• Cash-on-cash: 43.71%
• DSCR: 2.95
• GRM: 4.1

CMA / ARV

• ARV (median comp): $47,386
• List price: $58,500
• Delta: 23.45%
• 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
2476 Connecticut St	0.22mi	3/1.0	800 (-2%)	15mo	$45,000	$56	73
2409 Jefferson St	0.48mi	2/1.0 (-1)	814 (-1%)	9mo	$25,000	$31	63
2710 Madison St	0.51mi	3/1.0	851 (+4%)	12mo	$38,500	$45	60
2180 Nichols Pl	0.54mi	2/1.0 (-1)	771 (-6%)	4mo	$15,000	$19	57
2131 Kentucky St	0.73mi	3/1.0	804 (-2%)	9mo	$20,000	$25	55
2413-2415 Industrial Blvd	0.39mi	2/1.0 (-1)	700 (-15%)	6mo	$20,000	$29	47
2025 Pennsylvania St	0.72mi	2/1.0 (-1)	810 (-1%)	15mo	$18,500	$23	47
2271 Pennsylvania St	0.43mi	2/1.0 (-1)	725 (-12%)	14mo	$26,000	$36	44
2678 Monroe St	0.56mi	2/1.0 (-1)	700 (-15%)	2mo	$86,000	$123	43
2355 Rhode Island St	0.43mi	2/1.0 (-1)	701 (-14%)	15mo	$85,000	$121	38
2209 Georgia St	0.55mi	2/1.0 (-1)	725 (-12%)	19mo	$19,000	$26	34
2452 Jackson St	0.64mi	3/1.0	700 (-15%)	17mo	$32,500	$46	32

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: 46.3%
• Equity multiple: 3.38×
• Total profit: $39,020
• Equity at exit: $19,909

10-year hold

• IRR: 48.0%
• Equity multiple: 6.72×
• Total profit: $93,746
• Equity at exit: $26,409

Cash invested: $16,380 (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: 4.1×

Monthly cashflow live

• Estimated rent: $1,189 high
• Mortgage (P&I): −$307
• Tax from tax record: −$12 /mo · $138/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $597

Break-even live

Break-even rent $434

Max offer price $58,500

Occupancy floor 45%

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: $14,625
• Closing costs: $1,755
• Reserves months: —
• Total cash needed: —

Rent comps 24 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	0.29mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	1d	1	0.31mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	1d	1	0.36mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	19d	1	0.40mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	1d	1	0.41mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	4d	1	0.41mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	1d	1	0.41mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	43d	1	0.45mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	1d	1	0.67mi
2378 Jackson St Gary, IN	2.0	1.0	672	$1,050	$1.56	1d	1	0.68mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	43d	1	0.69mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	0.77mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	1d	1	0.80mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	1d	1	0.85mi
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	1d	1	1.04mi
816 E 35th Ct Gary, IN	2.0	1.0	810	$1,075	$1.33	1d	1	1.17mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	17d	1	1.20mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	1.23mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	43d	1	1.26mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	20d	1	1.28mi
2025 Central Dr Gary, IN	3.0	1.0	875	$1,550	$1.77	43d	1	1.33mi
1005 W 35th Ave Apt 202 Gary, IN	2.0	1.0	617	$795	$1.29	1d	1	1.43mi
1005 W 35th Ave Apt 105 Gary, IN	2.0	1.0	601	$795	$1.32	18d	1	1.43mi
1015 W 35th Ave Apt 206 Gary, IN	2.0	1.0	601	$795	$1.32	43d	1	1.44mi

Listing history 4 events

1. 2026-05-31
   days on market $58,500 Active 111 DOM
2. 2026-03-24
   price $58,500 388-char remark

   Show marketing remark (388 chars)

   * * Attention Investors * * Single family home, located a few blocks away from I-94! Also, this one is minutes away from the South Shore Train for those they commute to Illinois so this is great for tenants that want convenient commuting! This home boasts 3 Bedrooms + Spacious Living Room + Full Basement + Big yard! (home needs some work of course and has been priced accordingly)

3. 2026-03-04
   price $59,500 388-char remark

   Show marketing remark (388 chars)

   * * Attention Investors * * Single family home, located a few blocks away from I-94! Also, this one is minutes away from the South Shore Train for those they commute to Illinois so this is great for tenants that want convenient commuting! This home boasts 3 Bedrooms + Spacious Living Room + Full Basement + Big yard! (home needs some work of course and has been priced accordingly)

4. 2026-02-09
   listed $60,000 Active 388-char remark

   Show marketing remark (388 chars)

   * * Attention Investors * * Single family home, located a few blocks away from I-94! Also, this one is minutes away from the South Shore Train for those they commute to Illinois so this is great for tenants that want convenient commuting! This home boasts 3 Bedrooms + Spacious Living Room + Full Basement + Big yard! (home needs some work of course and has been priced accordingly)

ⓘ 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: $138 · $12/mo
• Projected year-2 tax: $318 · $26/mo
• Expected delta: +$180/yr (+$15/mo · 130.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 14 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: $14,269
• − Mortgage interest: −$3,277
• − Property taxes: −$138
• − Insurance: −$292
• − Repairs & maintenance: −$1,141
• − Management: −$1,141
• − Depreciation: −$1,702
• Taxable income: $6,576
• Est. tax owed @ 24.0%: −$1,578
• After-tax cash flow: $5,582/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

-2.5% since first listed

3 events — show timeline

• 2026-03-24 Price Changed $58,500 NIRA MLS as Distributed by MLS Grid
• 2026-03-04 Price Changed $59,500 NIRA MLS as Distributed by MLS Grid
• 2026-02-09 Listed $60,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+9.5%/yr

Latest (2019): $138 · +0.0% YoY. Source: county tax records.