1297-1299 W 15th Ave · Gary, IN 46407

$97,500

4 bd · 2.0 ba · 1,992 sqft · MultiFamily public records · 3 Days on market

Built 1922 7,057 sqft lot Est $118k · 17% under

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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
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Investor special in Gary! This bi-level duplex offers an outstanding value-add opportunity for investors, flippers, or buyers looking to build sweat equity. Featuring two units--one upper and one lower--this property has strong income potential with projected rents of approximately 1,200 per month per unit, creating a potential gross annual income of 28,800. With some renovation and updates, investors may have the opportunity to achieve attractive cash flow and returns. Whether you're looking to expand your rental portfolio, complete a fix-and-hold project, or capitalize on Northwest Indiana's continued growth and revitalization, this property deserves a look. Located just minutes from maj

Key facts

• 7,057 sq ft lot
• Garage
• Built 1922

Property features AI

Finance

• Other: Occupant status: Vacant; Above-grade finished area reported as 996 (source: assessor); Total building area reported as 1,992
• Financial info: Property assessed by assessor (living area source); Assessed value and tax amounts available but excluded per instructions
• HOA & community: No HOA information reported

Exterior

• Parking: No designated parking reported
• Security: No security features reported
• Utilities: Public water; Public sewer
• Home design: Multi-family property with 2 units; Built in 1922
• Construction: Year built 1922; No construction material, roof, or foundation details reported
• Exterior features: Garage(s) listed as other structures; Property listed in fixer condition

Interior

• Kitchen: No appliances reported
• Bedrooms: Two 3-bedroom units (multi-family property)
• Flooring: No flooring information reported
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: No heating or cooling systems reported
• Interior features: No notable interior features reported; Total of 10 rooms
• Laundry & utility: No laundry/utility appliances reported

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $98k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $626/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $98k).
• Cap rate 21.7% 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: 122 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 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 $2,391/mo this rent would consume 101% 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 ($674 loan paydown + $955 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 $27k 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.
• 5 sale attempts since 17y 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: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $97,500

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.45% ✓
• Cap rate: 21.71%
• Cash-on-cash: 55.06%
• DSCR: 3.45
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $117,528
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1330 Van Buren St	0.46mi	5/2.0 (+1)	1,992 (0%)	6mo	$35,000	$18	69
1438 W 19th Ave	0.23mi	4/2.5	2,090 (+5%)	13mo	$124,000	$59	68
1676 W 13th Ave	0.28mi	5/2.0 (+1)	2,262 (+14%)	2mo	$142,500	$63	58
1354 Roosevelt Pl	0.58mi	3/2.0 (-1)	2,244 (+13%)	21mo	$29,500	$13	29

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: 57.8%
• Equity multiple: 3.99×
• Total profit: $81,513
• Equity at exit: $33,182

10-year hold

• IRR: 59.2%
• Equity multiple: 8.03×
• Total profit: $191,944
• Equity at exit: $44,016

Cash invested: $27,300 (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: 122
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,391 high
• Mortgage (P&I): −$511
• Tax from tax record: −$84 /mo · $1,013/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $1,253

Break-even live

Break-even rent $806

Max offer price $97,500

Occupancy floor 43%

Sensitivity live

Price	-10% $1,308	-5% $1,280	+0% $1,253	+5% $1,225	+10% $1,197
Rent	-10% $1,064	-5% $1,158	+0% $1,253	+5% $1,347	+10% $1,441
Rate	-1.0pp $1,302	-0.5pp $1,277	base $1,253	+0.5pp $1,227	+1.0pp $1,202

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,392
Total (2 units)			$2,391

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: $24,375
• Closing costs: $2,925
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	0d	1	0.27mi
1744 Tyler St Unit 2 Gary, IN	4.0	2.0	1600	$1,700	$1.06	46d	1	0.36mi
803 Pierce St Gary, IN	4.0	2.0	1600	$1,400	$0.88	2d	1	0.59mi
765 Garfield St Gary, IN	3.0	1.0	1688	$1,500	$0.89	15d	1	0.67mi
2157 Marshall Pl Gary, IN	3.0	1.5	1650	$1,295	$0.78	45d	1	1.09mi
2600 Pierce St Gary, IN	4.0	2.0	1800	$1,950	$1.08	45d	1	1.11mi
1368 Waite St Gary, IN	3.0	2.0	1696	$1,800	$1.06	0d	1	1.20mi
1348 Waite St Gary, IN	4.0	2.0	1776	$1,850	$1.04	0d	1	1.20mi
1109 Maryland St Unit 1 Gary, IN	3.0	1.5	1982	$1,000	$0.50	0d	1	1.22mi
1109 Maryland St Gary, IN	3.0	1.0	1982	$1,000	$0.50	0d	1	1.22mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	16d	1	1.23mi
373 Taft Pl Gary, IN	4.0	2.0	1984	$1,800	$0.91	45d	1	1.27mi

Listing history 3 events

1. 2026-06-21
   days on market $97,500 Active 3 DOM
2. 2026-06-18
   remarks 699-char remark
3. 2026-06-18
   listed $97,500 Active 1 DOM

ⓘ 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: $1,013 · $84/mo
• Projected year-2 tax: $1,013 · $84/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 4/10 Moderate FEMA zone X (unshaded) · 24% 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 0% 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: $28,692
• − Mortgage interest: −$5,462
• − Property taxes: −$1,013
• − Insurance: −$488
• − Repairs & maintenance: −$2,295
• − Management: −$2,295
• − Depreciation: −$2,836
• Taxable income: $14,303
• Est. tax owed @ 24.0%: −$3,433
• After-tax cash flow: $11,598/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

+290.0% since first listed

9 events — show timeline

• 2026-06-18 Listed $97,500 NIRA MLS as Distributed by MLS Grid
• 2012-09-02 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-09-02 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-03-01 Listed $30,000 NIRA MLS as Distributed by MLS Grid
• 2012-03-01 Listed $30,000 NIRA MLS as Distributed by MLS Grid
• 2010-02-02 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-02-02 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2009-08-01 Listed $25,000 NIRA MLS as Distributed by MLS Grid
• 2009-08-01 Listed $25,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.6%/yr

Latest (2024): $1,013 · -2.2% YoY. Source: county tax records.