3838 Adams St · Gary, IN 46408

$9,900

2 bd · 1.0 ba · 995 sqft · SingleFamily public records · 94 Days on market

Built 1921 3,746 sqft lot $10/sqft · 78% below area ↓ 32% since listing

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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
• 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
• Appreciation +0.0/10.0

Listing remarks MLS

GET STARTED! Calling All EXPERIENCED CONTRACTORS ! You will be done by Summer, to flip this one. Great Price, good location, for this Brick home, with an Abundance of potential. New investors this will suit your budget also. Located in Gary 's Historic West Side. The convenient access to Broadway, leading to the US 30 Corridor, providing a mecca of shopping and eateries. A major University blocks away . , New Hard Rock Casino , and Miller Beach for summer fun, Make your move. before it's gone.

Key facts

• Access to broadway
• Historic west side
• Us 30 corridor

Tags

• BRICK HOME
• HISTORIC WEST SIDE
• ACCESS TO BROADWAY
• US 30 CORRIDOR
• MAJOR UNIVERSITY
• NEW CASINO

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $10k.

Deal economics

• At list price, monthly cash flow is $877 ($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: $9k (9.0% below list) — sets the bar for market timing.
• Cap rate 112.6% 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: 102 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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 31% of the median local income ($47k/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 $68 of loan paydown is wiped out by about $297 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 $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($9k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $9,009 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
8. 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.
9. 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.
10. 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: 12.19% ✓
• Cap rate: 112.63%
• Cash-on-cash: 379.78%
• DSCR: 17.90
• GRM: 0.7

CMA / ARV

• ARV (median comp): $49,466
• List price: $9,900
• Delta: -79.99%
• 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
4016 Connecticut St	0.34mi	2/1.0	920 (-8%)	4mo	$25,000	$27	68
3540 Pennsylvania St	0.48mi	3/1.5 (+1)	1,035 (+4%)	3mo	$68,000	$66	62
3980 Tyler St	0.47mi	3/1.0 (+1)	1,042 (+5%)	5mo	$128,000	$123	61
4115 Fillmore St	0.63mi	2/1.0	950 (-4%)	6mo	$51,000	$54	58
4019 Pennsylvania St	0.42mi	2/—	856 (-14%)	4mo	$36,500	$43	54
3724 Tyler St	0.47mi	2/1.0	870 (-13%)	4mo	$48,000	$55	54
3608 Virginia St	0.57mi	2/1.0	1,115 (+12%)	1mo	$36,500	$33	53
4181 Fillmore St	0.68mi	2/1.0	1,080 (+8%)	3mo	$22,000	$20	52
3737 Fillmore St	0.56mi	3/1.0 (+1)	1,080 (+8%)	5mo	$175,500	$163	51
3679 Buchanan St	0.69mi	3/1.0 (+1)	918 (-8%)	0mo	$112,000	$122	49
4217 Maryland St	0.68mi	2/1.0	864 (-13%)	3mo	$49,900	$58	44
3326 Delaware St	0.74mi	3/1.0 (+1)	896 (-10%)	1mo	$77,000	$86	43

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: 20.59×
• Total profit: $54,294
• Equity at exit: $1,476

10-year hold

• IRR: —
• Equity multiple: 44.04×
• Total profit: $119,320
• Equity at exit: $856

Cash invested: $2,772 (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 46408

• Home prices YoY: -31.6%
• Active inventory: 102
• Price-to-rent: 0.7×

Monthly cashflow live

• Estimated rent: $1,207 high
• Mortgage (P&I): −$52
• Tax from tax record: −$20 /mo · $238/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $877

Break-even live

Break-even rent $96

Max offer price $9,900

Occupancy floor 22%

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: $2,475
• Closing costs: $297
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	2d	1	0.41mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	1d	1	0.51mi
4040 Fillmore St Gary, IN	2.0	1.0	1000	$1,000	$1.00	10d	1	0.63mi
1005 W 35th Ave Apt 202 Gary, IN	2.0	1.0	617	$795	$1.29	1d	1	0.64mi
1005 W 35th Ave Apt 105 Gary, IN	2.0	1.0	601	$795	$1.32	18d	1	0.64mi
4327 Monroe St Unit 1st front Gary, IN	1.0	1.0	600	$1,095	$1.82	1d	1	0.65mi
1015 W 35th Ave Apt 206 Gary, IN	2.0	1.0	601	$795	$1.32	43d	1	0.66mi
4170 Fillmore St Gary, IN	2.0	1.0	720	$950	$1.32	19d	1	0.71mi
3777 Lincoln St Gary, IN	2.0	1.0	800	$1,150	$1.44	1d	1	0.74mi
816 E 35th Ct Gary, IN	2.0	1.0	810	$1,075	$1.33	1d	1	0.76mi
624 W 44th Pl Gary, IN	3.0	1.0	836	$1,250	$1.50	7d	1	0.81mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	3d	1	0.83mi
4364 Buchanan St Gary, IN	3.0	1.0	900	$1,500	$1.67	1d	1	0.97mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	1d	1	0.98mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	1d	1	1.18mi
4816 Massachusetts St Gary, IN	3.0	1.0	1024	$1,350	$1.32	15d	1	1.26mi
837 W 27th Ave Unit B Gary, IN	1.0	1.0	750	$950	$1.27	1d	1	1.46mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	1d	1	1.46mi

Listing history 17 events

1. 2026-06-18
   days on market $9,900 Active 94 DOM
2. 2026-06-17
   days on market $9,900 Active 93 DOM
3. 2026-06-16
   days on market $9,900 Active 92 DOM
4. 2026-06-15
   days on market $9,900 Active 91 DOM
5. 2026-06-13
   days on market $9,900 Active 89 DOM
6. 2026-06-13
   days on market $9,900 Active 88 DOM
7. 2026-06-09
   days on market $9,900 Active 85 DOM
8. 2026-06-08
   pricedays on market $9,900 Active 84 DOM
9. 2026-06-07
   days on market $11,500 Active 83 DOM
10. 2026-06-04
    days on market $11,500 Active 80 DOM
11. 2026-06-03
    days on market $11,500 Active 79 DOM
12. 2026-06-02
    days on market $11,500 Active 78 DOM
13. 2026-06-01
    days on market $11,500 Active 77 DOM
14. 2026-05-31
    days on market $11,500 Active 76 DOM
15. 2026-04-23
    price $13,000 501-char remark

    Show marketing remark (501 chars)

    GET STARTED! Calling All EXPERIENCED CONTRACTORS ! You will be done by Summer, to flip this one. Great Price, good location, for this Brick home, with an Abundance of potential. New investors this will suit your budget also. Located in Gary 's Historic West Side. The convenient access to Broadway, leading to the US 30 Corridor, providing a mecca of shopping and eateries. A major University blocks away . , New Hard Rock Casino , and Miller Beach for summer fun, Make your move. before it's gone.

16. 2026-04-03
    price $15,000 501-char remark

    Show marketing remark (501 chars)

    GET STARTED! Calling All EXPERIENCED CONTRACTORS ! You will be done by Summer, to flip this one. Great Price, good location, for this Brick home, with an Abundance of potential. New investors this will suit your budget also. Located in Gary 's Historic West Side. The convenient access to Broadway, leading to the US 30 Corridor, providing a mecca of shopping and eateries. A major University blocks away . , New Hard Rock Casino , and Miller Beach for summer fun, Make your move. before it's gone.

17. 2026-03-16
    listed $19,000 Active 501-char remark

    Show marketing remark (501 chars)

    GET STARTED! Calling All EXPERIENCED CONTRACTORS ! You will be done by Summer, to flip this one. Great Price, good location, for this Brick home, with an Abundance of potential. New investors this will suit your budget also. Located in Gary 's Historic West Side. The convenient access to Broadway, leading to the US 30 Corridor, providing a mecca of shopping and eateries. A major University blocks away . , New Hard Rock Casino , and Miller Beach for summer fun, Make your move. before it's gone.

ⓘ 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: $238 · $20/mo
• Projected year-2 tax: $238 · $20/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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,479
• − Mortgage interest: −$555
• − Property taxes: −$238
• − Insurance: −$50
• − Repairs & maintenance: −$1,158
• − Management: −$1,158
• − Depreciation: −$288
• Taxable income: $11,032
• Est. tax owed @ 24.0%: −$2,648
• After-tax cash flow: $7,880/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): 15,747
• Household income: $47,453
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 619.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 41% White 32% Hispanic / Latino 22% Two or more races 12%
• Hispanic origin (detail): Mexican 14% Puerto Rican 7%
• Common ancestry: Romanian 5% Iranian 1% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 87% English-only · Spanish 12% Chinese 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: ▼ -72.08%
• Current HPI: 155.6238
• 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

-31.6% since first listed

3 events — show timeline

• 2026-04-23 Price Changed $13,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-03 Price Changed $15,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-16 Listed $19,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-14.2%/yr

Latest (2024): $238 · +3.9% YoY. Source: county tax records.