201 Johnson St · Gary, IN 46402

$110,000

2 bd · 1.0 ba · 944 sqft · SingleFamily public records · 42 Days on market

Built 1942 5,009 sqft lot $117/sqft · 76% above area Est $125k · 12% under ↓ 19% 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 +24.9/30.0
• ARV discount +12.9/15.0
• DSCR +8.1/10.0
• 1% rule +6.2/10.0
• 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

Charming 2-bedroom ranch on a corner lot with a finished basement and 2-car garage! This home offers 1,888 sq. ft. of living space in a location that can't be beat. You'll be minutes from Indiana Dunes National Park, Hard Rock Casino, and the U. S. Steel Yard baseball stadium. From the historic Aquatorium at Marquette Park to the local favorite 18th Street Brewery, there is always something to do nearby. A solid home in a vibrant, landmark-filled neighborhood--ready for its new owner!

Key facts

• Finished basement
• Corner lot
• 5,009 sq ft lot

Tags

• CORNER LOT
• FINISHED BASEMENT
• MINUTES FROM HARD ROCK CASINO

Property features AI

Finance

• Other: Vacant occupant status

Exterior

• Parking: Attached parking; On-street parking; 1-car garage
• Security: Smoke detector(s); Carbon monoxide detector(s)
• Utilities: Public water; Public sewer; Electric service (other)
• Home design: One-story home; Built in 1942
• Construction: Aluminum siding; Asphalt roof; Has basement (unfinished)
• Exterior features: Neighborhood view; Smoke and carbon monoxide detectors

Interior

• Kitchen: Kitchen
• Bedrooms: Primary bedroom; Second bedroom
• Flooring: Carpet; Tile; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Other interior features; Unfinished basement
• Laundry & utility: No appliances listed; Basement access for utilities

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $107k (3.0% 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: 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.
• Zoned schools: West Side Leadership Academy (math 2% / reading 42%, grade F, #339 of 369 statewide, top 93%, 1,013 students, 86% FRL).
• Zoned-school proficiency averages 22% at this address vs 7% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Gary Community School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 46 active listings in the ZIP; 11 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 44% of the median local income ($34k/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 $761 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.12% ✓
• Cap rate: 8.89%
• Cash-on-cash: 9.26%
• DSCR: 1.41
• GRM: 7.5

CMA / ARV

• ARV (median comp): $125,049
• List price: $110,000
• Delta: 3.16%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
434 Pierce St	0.29mi	2/1.5	945 (+0%)	0mo	$34,000	$36	84
302 Lincoln St	0.08mi	3/1.0 (+1)	889 (-6%)	2mo	$33,900	$38	80
440 Johnson St	0.24mi	2/1.0	980 (+4%)	18mo	$28,000	$29	67
452 Pierce St	0.31mi	2/1.0	867 (-8%)	6mo	$45,000	$52	66
1009 W 2nd Ave	0.29mi	3/1.0 (+1)	892 (-6%)	8mo	$179,000	$201	66
231 Cleveland St	0.31mi	3/1.0 (+1)	1,015 (+8%)	16mo	$60,000	$59	54
271 Van Buren St	0.51mi	3/2.0 (+1)	925 (-2%)	15mo	$108,000	$117	52
668 Harrison St	0.68mi	3/1.5 (+1)	1,008 (+7%)	10mo	$40,000	$40	42
407 Mckinley St	0.42mi	3/1.5 (+1)	1,047 (+11%)	16mo	$115,140	$110	42
344 Roosevelt St	0.49mi	2/1.0	1,057 (+12%)	21mo	$74,900	$71	40
353 Madison St	0.72mi	3/2.0 (+1)	850 (-10%)	8mo	$40,000	$47	34

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: -2.3%
• Equity multiple: 0.91×
• Total profit: $-2,684
• Equity at exit: $16,401

10-year hold

• IRR: 7.4%
• Equity multiple: 1.56×
• Total profit: $17,162
• Equity at exit: $9,511

Cash invested: $30,800 (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: 46
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,228 high
• Mortgage (P&I): −$577
• Tax from tax record: −$110 /mo · $1,317/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $238

Break-even live

Break-even rent $927

Max offer price $110,000

Occupancy floor 76%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	43d	1	0.21mi
358 Arthur St Unit 2 Gary, IN	1.0	1.0	800	$1,080	$1.35	43d	1	0.32mi
358 Arthur St Unit 2 Gary, IN	2.0	1.0	800	$1,250	$1.56	1d	1	0.32mi
411 Pierce St Gary, IN	3.0	1.0	874	$1,395	$1.60	22d	1	0.32mi
2306 W 5th Ave Gary, IN	2.0–3.0	1.0	937	$1,199	$1.28	1d	2	0.60mi
2306 W 5th Ave Apt 3 Gary, IN	3.0	1.0	1025	$1,299	$1.27	1d	1	0.61mi
329 Marshall St Unit 1 Gary, IN	1.0	1.0	997	$900	$0.90	1d	1	0.75mi
762 Harrison St Unit SRO Gary, IN	1.0	1.0	1075	$700	$0.65	1d	1	0.82mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,144	$1.29	1d	11	0.82mi
2939 W 10th Ave Gary, IN	2.0	1.0	744	$1,190	$1.60	1d	1	1.35mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	1d	1	1.38mi

Listing history 19 events

1. 2026-06-18
   days on market $110,000 Active 42 DOM
2. 2026-06-18
   price $110,000 Active 41 DOM
3. 2026-06-17
   days on market $129,000 Active 41 DOM
4. 2026-06-16
   days on market $129,000 Active 40 DOM
5. 2026-06-15
   days on market $129,000 Active 39 DOM
6. 2026-06-13
   days on market $129,000 Active 37 DOM
7. 2026-06-13
   days on market $129,000 Active 36 DOM
8. 2026-06-09
   days on market $129,000 Active 33 DOM
9. 2026-06-08
   days on market $129,000 Active 32 DOM
10. 2026-06-07
    days on market $129,000 Active 31 DOM
11. 2026-06-04
    days on market $129,000 Active 28 DOM
12. 2026-06-03
    days on market $129,000 Active 27 DOM
13. 2026-06-02
    days on market $129,000 Active 26 DOM
14. 2026-06-01
    days on market $129,000 Active 25 DOM
15. 2026-06-01
    price $129,000 Active 24 DOM
16. 2026-05-31
    days on market $130,000 Active 24 DOM
17. 2026-05-07
    listed $135,000 Active 489-char remark
18. 2026-03-14
    historical
19. 2026-02-24
    listed $135,000 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: $1,317 · $110/mo
• Projected year-2 tax: $1,317 · $110/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
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,736
• − Mortgage interest: −$6,162
• − Property taxes: −$1,317
• − Insurance: −$550
• − Repairs & maintenance: −$1,179
• − Management: −$1,179
• − Depreciation: −$3,200
• Taxable income: $1,150
• Est. tax owed @ 24.0%: −$276
• After-tax cash flow: $2,576/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

-18.5% since first listed

6 events — show timeline

• 2026-06-17 Price Changed $110,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-31 Price Changed $129,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-20 Price Changed $130,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-07 Listed $135,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-14 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-02-24 Listed $135,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+7.6%/yr

Latest (2024): $1,317 · +218.9% YoY. Source: county tax records.