1555 Ellsworth St · Gary, IN 46404

$74,900

2 bd · 1.0 ba · 780 sqft · SingleFamily public records · 6 Days on market

Built 1924 4,008 sqft lot Est $58k · 28% over

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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
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

WE HAVE A VERBAL ACCEPTANCE ON THIS PROPERTY. This is a great house for an investor! House is directly across the street from Tolleston Park. Home is sold as-is and all purchasers must have proof of funds. Seller will make no repairs or pay for any inspections.

Key facts

• Developing area
• 4,008 sq ft lot
• Built 1924

Tags

• ACROSS FROM TOLLESTON PARK
• EASY ACCESS TO GREEN SPACE
• DEVELOPING AREA

Property features AI

Finance

• Other: Vacant occupant status

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: One-story property; Built in 1924; Property listed as fixer
• Construction: Has a full unfinished basement (storage space)
• Exterior features: Neighborhood view; Park/greenbelt view

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Second bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Cooling: Other
• Interior features: No notable built-in interior features reported; Full unfinished basement with storage space
• Laundry & utility: Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Cap rate 13.4% 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: Rents rising fast (+11.6%/yr); 67 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 34% of the median local income ($42k/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 $518 of loan paydown is wiped out by about $2k 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 + 8.0% rent growth), your $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 21y 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 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,900

Questions for the listing agent

1. Built in 1924 — 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: 1.60% ✓
• Cap rate: 13.36%
• Cash-on-cash: 25.23%
• DSCR: 2.12
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $58,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1717 W Taft St	0.15mi	2/1.0	780 (0%)	3mo	$55,000	$71	90
2412 W 19th Ave	0.17mi	2/1.0	743 (-5%)	6mo	$34,000	$46	79
2025 Roosevelt Pl	0.39mi	3/1.5 (+1)	802 (+3%)	1mo	$19,000	$24	69
1968 W 14th Ave	0.38mi	3/1.0 (+1)	800 (+3%)	12mo	$12,900	$16	63
2963 W 12th Ave	0.42mi	2/1.0	861 (+10%)	3mo	$50,000	$58	60
1665 W 12th Ave	0.57mi	2/1.0	842 (+8%)	3mo	$13,000	$15	58
1949 Mckinley St	0.40mi	2/1.0	672 (-14%)	8mo	$86,000	$128	52
1975 Arthur St	0.52mi	3/1.0 (+1)	732 (-6%)	11mo	$60,000	$82	51
1678 W 21st Ave	0.66mi	2/1.0	672 (-14%)	1mo	$60,000	$89	46
2280 Roosevelt Pl	0.68mi	3/1.0 (+1)	864 (+11%)	0mo	$110,000	$127	45
2133 Mckinley St	0.58mi	3/1.0 (+1)	864 (+11%)	11mo	$65,000	$75	41
2288 W Taft St	0.68mi	3/1.0 (+1)	864 (+11%)	7mo	$125,000	$145	40

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 24.2%
• Equity multiple: 2.06×
• Total profit: $22,286
• Equity at exit: $11,168

10-year hold

• IRR: 35.1%
• Equity multiple: 5.02×
• Total profit: $84,411
• Equity at exit: $6,476

Cash invested: $20,972 (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 46404

• Home prices YoY: -4.8%
• Rents YoY: 11.6%
• Active inventory: 67
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,197 high
• Mortgage (P&I): −$393
• Tax from tax record: −$81 /mo · $971/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $441

Break-even live

Break-even rent $639

Max offer price $74,900

Occupancy floor 58%

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	1d	1	0.06mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	0.06mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	1d	1	0.32mi
2939 W 10th Ave Gary, IN	2.0	1.0	744	$1,190	$1.60	1d	1	0.53mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	1d	1	0.66mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	1d	1	0.69mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	1d	1	0.86mi
2306 W 5th Ave Apt 3 Gary, IN	3.0	1.0	1025	$1,299	$1.27	1d	1	1.06mi
2306 W 5th Ave Gary, IN	2.0–3.0	1.0	937	$1,199	$1.28	1d	2	1.06mi
4061 W 20th Pl Gary, IN	3.0	1.0	925	$1,450	$1.57	1d	1	1.06mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	1.07mi
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	1d	1	1.17mi
4134 W 22nd Pl Gary, IN	3.0	1.0	825	$1,395	$1.69	1d	1	1.19mi
329 Marshall St Unit 1 Gary, IN	1.0	1.0	997	$900	$0.90	1d	1	1.23mi
358 Arthur St Unit 2 Gary, IN	2.0	1.0	800	$1,250	$1.56	1d	1	1.24mi
358 Arthur St Unit 2 Gary, IN	1.0	1.0	800	$1,080	$1.35	44d	1	1.24mi
762 Harrison St Unit SRO Gary, IN	1.0	1.0	1075	$700	$0.65	1d	1	1.26mi
4300 W 22nd Pl Gary, IN	3.0	1.0	977	$1,395	$1.43	2d	1	1.32mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	44d	1	1.33mi
4328 W 22nd Plz Gary, IN	3.0	1.0	950	$1,300	$1.37	3d	1	1.35mi
411 Pierce St Gary, IN	3.0	1.0	874	$1,395	$1.60	22d	1	1.41mi
2378 Jackson St Gary, IN	2.0	1.0	672	$1,050	$1.56	1d	1	1.49mi

Listing history 5 events

1. 2026-06-13
   statusdays on market $74,900 Pending 6 DOM
2. 2026-06-09
   days on market $74,900 Active 4 DOM
3. 2026-06-08
   days on market $74,900 Active 3 DOM
4. 2026-06-07
   remarks 699-char remark
5. 2026-06-07
   listed $74,900 Active 2 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: $971 · $81/mo
• Projected year-2 tax: $971 · $81/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: $14,367
• − Mortgage interest: −$4,196
• − Property taxes: −$971
• − Insurance: −$374
• − Repairs & maintenance: −$1,149
• − Management: −$1,149
• − Depreciation: −$2,179
• Taxable income: $4,349
• Est. tax owed @ 24.0%: −$1,044
• After-tax cash flow: $4,248/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): 15,428
• Household income: $42,256
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 800.0

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 (90%)
• Race & ethnicity: Black 90% Two or more races 5% Hispanic / Latino 5% White 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -12.76%
• Current HPI: 252.6463
• Rent YoY: ▲ 11.62%
• 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

+25.0% since first listed

12 events — show timeline

• 2026-06-05 Listed $74,900 NIRA MLS as Distributed by MLS Grid
• 2008-11-14 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2008-02-12 Listed $8,900 NIRA MLS as Distributed by MLS Grid
• 2008-02-10 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-12-17 Listed $9,900 NIRA MLS as Distributed by MLS Grid
• 2007-12-12 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-09-11 Listed $17,500 NIRA MLS as Distributed by MLS Grid
• 2007-08-17 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-07-17 Listed $25,000 NIRA MLS as Distributed by MLS Grid
• 2007-04-09 Listed $29,900 NIRA MLS as Distributed by MLS Grid
• 2005-10-21 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2005-09-26 Listed $59,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-6.2%/yr

Latest (2024): $971 · +4.0% YoY. Source: county tax records.