1015 New Jersey St · Gary, IN 46403

$35,000

2 bd · 1.0 ba · 1,027 sqft · SingleFamily public records · 29 Days on market

Built 1952 8,407 sqft lot $34/sqft · 63% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2 bedrooms, 1bath home offers 1,027 square feet of potential and is ideal for buyers looking to add value with a little TLC. Featuring a full unfinished basement, there is plenty of room to expand, create added living space, or maximize storage. The property also includes a spacious two car detached garage. Bring your vision and creativity, this property is ready to be transformed into something special! Make your offer today! This is a Fannie Mae HomePath property.

Key facts

• 8,407 sq ft lot
• Garage
• Built 1952

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $819 ($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: $34k (1.5% below list) — sets the bar for market timing.
• Cap rate 34.4% 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: 88 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 35% of the median local income ($46k/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 $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 29 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 2 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 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $34,475 (1.5% below list)

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 3.84% ✓
• Cap rate: 34.36%
• Cash-on-cash: 100.24%
• DSCR: 5.46
• GRM: 2.2

CMA / ARV

• ARV (median comp): $94,617
• List price: $35,000
• Delta: -63.01%
• 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
1119 Cass St	0.36mi	3/1.0 (+1)	1,066 (+4%)	4mo	$80,000	$75	68
4409 E 11th Ave	0.19mi	3/1.0 (+1)	944 (-8%)	6mo	$125,000	$132	68
1118 Dearborn Cir	0.46mi	3/1.0 (+1)	1,008 (-2%)	9mo	$122,000	$121	63
616 N New Hampshire St	0.33mi	3/1.0 (+1)	1,073 (+4%)	11mo	$100,000	$93	63
1121 Dekalb St	0.60mi	3/1.0 (+1)	1,060 (+3%)	3mo	$127,500	$120	59
1151 Benton St	0.32mi	3/2.0 (+1)	936 (-9%)	3mo	$150,000	$160	59
1017 Utah St	0.27mi	3/1.0 (+1)	912 (-11%)	7mo	$60,000	$66	58
3932 E 14th Ave	0.32mi	3/2.0 (+1)	960 (-6%)	10mo	$100,000	$104	57
3937 E 13th Ave	0.28mi	3/1.0 (+1)	884 (-14%)	8mo	$119,900	$136	52
1310 Dearborn St	0.48mi	3/1.0 (+1)	1,156 (+13%)	5mo	$82,000	$71	48
5330 E 11th Pl	0.65mi	3/1.0 (+1)	927 (-10%)	10mo	$120,000	$129	40
1134 Dekalb St	0.58mi	3/1.0 (+1)	884 (-14%)	8mo	$148,000	$167	39

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: —
• Equity multiple: 5.74×
• Total profit: $46,490
• Equity at exit: $5,219

10-year hold

• IRR: —
• Equity multiple: 11.99×
• Total profit: $107,705
• 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 46403

• Home prices YoY: -27.3%
• Active inventory: 88
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,342 high
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $819

Break-even live

Break-even rent $306

Max offer price $35,000

Occupancy floor 34%

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 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1118 Benton St Gary, IN	3.0	1.0	936	$1,245	$1.33	1d	1	0.30mi
904 Idaho St Gary, IN	2.0	1.0	1176	$1,200	$1.02	43d	1	0.40mi
1252-54 Idaho St Gary, IN	3.0	1.0	900	$2,200	$2.44	1d	1	0.46mi
1041 DeKalb St Gary, IN	3.0	1.0	1006	$1,250	$1.24	43d	1	0.63mi
2908 Central Dr Gary, IN	3.0	1.0	884	$1,525	$1.73	1d	1	1.29mi
430 S Grand Blvd Gary, IN	2.0	1.0	830	$865	$1.04	1d	1	1.43mi
283 N Hamilton St Gary, IN	2.0	1.0	1100	$1,100	$1.00	3d	1	1.46mi

Listing history 3 events

1. 2026-05-01
   status Active 475-char remark

   Show marketing remark (475 chars)

   This 2 bedrooms, 1bath home offers 1,027 square feet of potential and is ideal for buyers looking to add value with a little TLC. Featuring a full unfinished basement, there is plenty of room to expand, create added living space, or maximize storage. The property also includes a spacious two car detached garage. Bring your vision and creativity, this property is ready to be transformed into something special! Make your offer today! This is a Fannie Mae HomePath property.

2. 2026-04-22
   status Pending 475-char remark

   Show marketing remark (475 chars)

   This 2 bedrooms, 1bath home offers 1,027 square feet of potential and is ideal for buyers looking to add value with a little TLC. Featuring a full unfinished basement, there is plenty of room to expand, create added living space, or maximize storage. The property also includes a spacious two car detached garage. Bring your vision and creativity, this property is ready to be transformed into something special! Make your offer today! This is a Fannie Mae HomePath property.

3. 2026-04-14
   listed $36,500 Active 475-char remark

   Show marketing remark (475 chars)

   This 2 bedrooms, 1bath home offers 1,027 square feet of potential and is ideal for buyers looking to add value with a little TLC. Featuring a full unfinished basement, there is plenty of room to expand, create added living space, or maximize storage. The property also includes a spacious two car detached garage. Bring your vision and creativity, this property is ready to be transformed into something special! Make your offer today! This is a Fannie Mae HomePath property.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥103°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 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,110
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$1,289
• − Management: −$1,289
• − Depreciation: −$1,018
• Taxable income: $9,853
• Est. tax owed @ 24.0%: −$2,365
• After-tax cash flow: $7,459/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): 10,929
• Household income: $45,991
• Rent vs Own: 51.2% rent · 48.8% own
• Severe rent burden: 656.0

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 (71%)
• Race & ethnicity: Black 71% White 18% Hispanic / Latino 9% Two or more races 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 4%
• Common ancestry: Romanian 2% Hispanic 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -110.41%
• Current HPI: 294.0935
• 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

3 events — show timeline

• 2026-05-01 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-04-22 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-14 Listed $36,500 NIRA MLS as Distributed by MLS Grid

Property tax history

+0.0%/yr

Latest (2019): $60 · +0.0% YoY. Source: county tax records.