2144 Kentucky St · Gary, IN 46407

$10,500

3 bd · 1.0 ba · 1,064 sqft · SingleFamily public records · 61 Days on market

Built 1949 3,093 sqft lot $10/sqft · 87% below area

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks

Here's your chance to rebuild on this lot! This owner is offering all 4 properties in their portfolio as a single package deal, creating a rare chance for Investors looking to expand their portfolio. This property does not have to be sold as a package it can be sold as a single sale.

Key facts

• 3,093 sq ft lot
• 2 garage spots
• Built 1949

Property features AI

Finance

• Other: Vacant at time of listing

Exterior

• Parking: Attached garage with 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: One-story property; Built in 1949; Property listed as fixer condition
• Construction: Unfinished basement
• Exterior features: No significant view reported

Interior

• Kitchen: No appliances reported
• Bedrooms: Primary bedroom; Two additional bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No cooling system
• Interior features: No notable interior features reported; Unfinished basement
• Laundry & utility: No laundry appliances reported

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $10k.

Deal economics

• At list price, monthly cash flow is $912 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $10k).
• Recommended offer: $10k (6.0% below list) — sets the bar for market timing.
• Cap rate 110.5% 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: 122 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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 $1,259/mo this rent would consume 53% 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 $176 of equity ($73 loan paydown + $103 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 $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($10k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y 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: property tax is 2.7% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $9,870 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 11.99% ✓
• Cap rate: 110.47%
• Cash-on-cash: 372.07%
• DSCR: 17.56
• GRM: 0.7

CMA / ARV

• ARV (median comp): $82,930
• List price: $10,500
• Delta: -87.34%
• 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
2425 Prospect St	0.40mi	3/1.0	1,056 (-1%)	2mo	$44,550	$42	78
2047 Ohio St	0.20mi	3/2.0	1,092 (+3%)	6mo	$92,000	$84	77
2435 Diamond Ave	0.38mi	3/1.0	1,100 (+3%)	3mo	$35,000	$32	74
2301 Delaware St	0.45mi	2/1.5 (-1)	1,064 (0%)	8mo	$29,400	$28	66
1976 Missouri Ter	0.66mi	3/1.0	1,037 (-2%)	5mo	$8,500	$8	61
1027 Central Ave	0.66mi	3/1.0	1,008 (-5%)	1mo	$69,000	$68	60
905 E 19th Ave	0.33mi	3/1.0	1,145 (+8%)	16mo	$66,500	$58	59
2428 Industrial Blvd	0.35mi	3/1.0	1,193 (+12%)	12mo	$105,000	$88	53
1953 Carolina St	0.34mi	3/1.0	936 (-12%)	13mo	$125,000	$134	53
2458 Virginia St	0.49mi	2/1.0 (-1)	996 (-6%)	12mo	$30,000	$30	52
1996 Central Dr	0.67mi	3/1.0	935 (-12%)	16mo	$108,000	$116	36
2280 Connecticut St	0.58mi	2/1.5 (-1)	952 (-10%)	20mo	$14,450	$15	31

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: —
• Equity multiple: 20.82×
• Total profit: $58,270
• Equity at exit: $3,573

10-year hold

• IRR: —
• Equity multiple: 44.39×
• Total profit: $127,563
• Equity at exit: $4,740

Cash invested: $2,940 (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: 0.7×

Monthly cashflow live

• Estimated rent: $1,259 high
• Mortgage (P&I): −$55
• Tax from tax record: −$24 /mo · $283/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $912

Break-even live

Break-even rent $105

Max offer price $10,500

Occupancy floor 23%

Sensitivity live

Price	-10% $918	-5% $915	+0% $912	+5% $909	+10% $906
Rent	-10% $812	-5% $862	+0% $912	+5% $961	+10% $1,011
Rate	-1.0pp $917	-0.5pp $914	base $912	+0.5pp $909	+1.0pp $906

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: $2,625
• Closing costs: $315
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	0d	1	0.18mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	45d	1	0.26mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	0d	1	0.32mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	0d	1	0.32mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	5d	1	0.32mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	45d	1	0.37mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	0d	1	0.39mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	0d	1	0.40mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	21d	1	0.41mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	0d	1	0.48mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	18d	1	0.52mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$975	$1.01	0d	1	0.64mi
2025 Central Dr Gary, IN	3.0	1.0	875	$1,550	$1.77	45d	1	0.68mi
2257 Central Dr Gary, IN	4.0	2.0	1220	$1,650	$1.35	45d	1	0.76mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	45d	1	0.82mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	22d	1	0.85mi
2561 E 23rd Ave Gary, IN	4.0	1.0	1490	$1,350	$0.91	45d	1	1.04mi
2612 Marshalltown Dr Gary, IN	4.0	1.0	1195	$1,450	$1.21	5d	1	1.09mi
2612 Marshalltown Dr Gary, IN	4.0	1.0	1195	$1,450	$1.21	13d	1	1.09mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	45d	1	1.15mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	0d	1	1.19mi
2908 Central Dr Gary, IN	3.0	1.0	884	$1,525	$1.73	0d	1	1.22mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	21d	1	1.28mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	0d	1	1.35mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	0d	1	1.38mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	0d	1	1.41mi
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	0d	1	1.42mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	17d	1	1.46mi
1030 E 6th Ave Gary, IN	3.0	1.5	1400	$1,600	$1.14	0d	1	1.48mi

Listing history 17 events

1. 2026-06-21
   days on market $10,500 Active 61 DOM
2. 2026-06-18
   days on market $10,500 Active 58 DOM
3. 2026-06-17
   days on market $10,500 Active 57 DOM
4. 2026-06-16
   days on market $10,500 Active 56 DOM
5. 2026-06-15
   days on market $10,500 Active 55 DOM
6. 2026-06-13
   days on market $10,500 Active 53 DOM
7. 2026-06-13
   days on market $10,500 Active 52 DOM
8. 2026-06-09
   days on market $10,500 Active 49 DOM
9. 2026-06-08
   days on market $10,500 Active 48 DOM
10. 2026-06-07
    days on market $10,500 Active 47 DOM
11. 2026-06-04
    days on market $10,500 Active 44 DOM
12. 2026-06-03
    days on market $10,500 Active 43 DOM
13. 2026-06-02
    days on market $10,500 Active 42 DOM
14. 2026-06-01
    days on market $10,500 Active 41 DOM
15. 2026-05-31
    days on market $10,500 Active 40 DOM
16. 2026-04-21
    listed $10,500 Active 284-char remark
17. 2003-09-27
    listed $45,000

ⓘ 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: $283 · $24/mo
• Projected year-2 tax: $283 · $24/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 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,108
• − Mortgage interest: −$588
• − Property taxes: −$283
• − Insurance: −$52
• − Repairs & maintenance: −$1,209
• − Management: −$1,209
• − Depreciation: −$305
• Taxable income: $11,461
• Est. tax owed @ 24.0%: −$2,751
• After-tax cash flow: $8,188/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

-76.7% since first listed

2 events — show timeline

• 2026-04-21 Listed $10,500 NIRA MLS as Distributed by MLS Grid
• 2003-09-27 Listed $45,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-17.1%/yr

Latest (2024): $283 · +3.1% YoY. Source: county tax records.