940 Mount St · Gary, IN 46406

$129,900

2 bd · 1.0 ba · 925 sqft · SingleFamily public records · 5 Days on market

Built 1956 5,625 sqft lot

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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 +20.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Appreciation +5.6/10.0
• 1% rule +4.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks MLS

Great cash deal for a 3 bedroom ranch starter home, Fix & Flip or Rental Property. Property is part of an Estate and offers are subject to court approval.

Key facts

• Newer cabinets
• Ranch style home
• 5,625 sq ft lot

Tags

• RANCH STYLE HOME
• LUXURY VINYL PLANK FLOORING
• NEWER CABINETS
• SPARKLY QUARTZ COUNTERTOPS
• MODERN TILE BACKSPLASH
• MAIN FLOOR LAUNDRY MUD ROOM

Property features AI

Exterior

• Parking: Driveway
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; 100 Amp electrical service
• Home design: Single-story home; Built in 1956
• Construction: Year built 1956
• Exterior features: Neighborhood view; Public lot information (per assessor)

Interior

• Kitchen: Gas range; Refrigerator; Microwave
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (natural gas); Central air conditioning
• Interior features: Open floor plan; Country-style kitchen; Stone counters; Laundry room
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (2.9% below list).
• Recommended offer: $126k (2.9% below list) — sets the bar for 1% rule.

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: 54 active listings in the ZIP; 8 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).

Forward outlook

• In year one you build about $3k of equity ($898 loan paydown + $2k appreciation (1.3% 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 (1.3% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 8y 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.
• Current owner paid $14k; list at $130k implies a 828% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,177 (2.9% below list)

Questions for the listing agent

1. Built in 1956 — 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: 0.97% ✗
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $43,475
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
973 Williams St	0.34mi	2/1.0	916 (-1%)	1mo	$55,000	$60	81
1168 Hovey St	0.32mi	2/1.0	931 (+1%)	4mo	$42,000	$45	81
1075 Mount St	0.16mi	3/1.0 (+1)	884 (-4%)	2mo	$70,000	$79	79
771 Durbin St	0.21mi	2/1.5	864 (-7%)	2mo	$65,000	$75	76
738 Mount St	0.25mi	2/1.0	967 (+4%)	8mo	$95,000	$98	74
714 Ralston St	0.35mi	2/1.0	938 (+1%)	13mo	$26,000	$28	71
1125 Durbin St	0.22mi	2/2.5	814 (-12%)	1mo	$32,500	$40	63
809 Clinton St	0.33mi	3/1.0 (+1)	1,008 (+9%)	3mo	$28,000	$28	62
565 Porter St	0.48mi	3/1.0 (+1)	912 (-1%)	13mo	$80,000	$88	60
395 Matthews St	0.67mi	2/1.0	966 (+4%)	9mo	$40,000	$41	54
4013 W 10th Ave	0.62mi	2/1.0	1,009 (+9%)	4mo	$47,000	$47	53
426 Hovey St	0.62mi	2/1.0	836 (-10%)	13mo	$14,500	$17	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.26% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.3%
• Equity multiple: 1.43×
• Total profit: $15,527
• Equity at exit: $46,092

10-year hold

• IRR: 12.0%
• Equity multiple: 2.50×
• Total profit: $54,624
• Equity at exit: $62,627

Cash invested: $36,372 (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 46406

• Home prices YoY: 0.9%
• Active inventory: 54
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,262 high
• Mortgage (P&I): −$681
• Tax from tax record: −$81 /mo · $973/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $180

Break-even live

Break-even rent $1,033

Max offer price $129,900

Occupancy floor 81%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	1d	1	0.10mi
743 Hanley St Gary, IN	3.0	1.0	800	$1,350	$1.69	1d	1	0.28mi
4061 W 20th Pl Gary, IN	3.0	1.0	925	$1,450	$1.57	1d	1	1.08mi
4300 W 22nd Pl Gary, IN	3.0	1.0	977	$1,395	$1.43	2d	1	1.14mi
4328 W 22nd Plz Gary, IN	3.0	1.0	950	$1,300	$1.37	2d	1	1.18mi
4134 W 22nd Pl Gary, IN	3.0	1.0	825	$1,395	$1.69	1d	1	1.20mi
2939 W 10th Ave Gary, IN	2.0	1.0	744	$1,190	$1.60	1d	1	1.28mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	1d	1	1.37mi

Listing history 6 events

1. 2026-06-18
   days on market $129,900 Active 5 DOM
2. 2026-06-17
   days on market $129,900 Active 4 DOM
3. 2026-06-16
   days on market $129,900 Active 3 DOM
4. 2026-06-15
   days on market $129,900 Active 2 DOM
5. 2026-06-13
   remarks 651-char remark
6. 2026-06-13
   listed $129,900 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: $973 · $81/mo
• Projected year-2 tax: $1,039 · $87/mo
• Expected delta: +$65/yr (+$5/mo · 6.7%)

ⓘ 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 2/10 Low 7 d/yr ≥103°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: $15,141
• − Mortgage interest: −$7,276
• − Property taxes: −$973
• − Insurance: −$650
• − Repairs & maintenance: −$1,211
• − Management: −$1,211
• − Depreciation: −$3,779
• Taxable income: $41
• Est. tax owed @ 24.0%: −$10
• After-tax cash flow: $2,155/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
• City population: 63,701
• Population (ZIP): 8,513

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: Majority Black (63%)
• Race & ethnicity: Black 63% White 21% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 8%

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: ▲ 1.26%
• Current HPI: 147.0732
• Rent YoY: —
• Metro: —
• 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

+827.9% since first listed

10 events — show timeline

• 2026-06-13 Listed $129,900 NIRA MLS as Distributed by MLS Grid
• 2025-11-24 Rental Removed $1,395 BUILDIUM
• 2025-10-31 Listed for Rent $1,395 BUILDIUM
• 2025-06-07 Rental Removed $1,350 BUILDIUM
• 2025-05-13 Price Changed $1,350 BUILDIUM
• 2025-04-09 Listed for Rent $1,395 BUILDIUM
• 2023-12-15 Rental Removed $1,250 BUILDIUM
• 2023-11-29 Listed for Rent $1,250 BUILDIUM
• 2019-02-13 Sold (MLS) $14,000 NIRA MLS as Distributed by MLS Grid
• 2018-12-06 Listed $14,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-8.2%/yr

Latest (2024): $973 · +6.9% YoY. Source: county tax records.