545 Pennsylvania St · Gary, IN 46402

$69,900

3 bd · 1.0 ba · 1,025 sqft · SingleFamily public records · 79 Days on market

Built 1920 3,746 sqft lot $68/sqft · 162% above area Est $53k · 31% over

---

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
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Great opportunity in a convenient urban location! This bungalow-style home features classic brick siding and a welcoming front yard, offering both charm and functionality. Inside, you'll find 3 bedrooms along with a walkout basement that adds additional space and potential. Ideally located close to downtown and major expressways, this property provides easy access to shopping, dining, and commuting routes. The home is currently tenant-occupied on a month-to-month lease, offering flexibility for both investors and future homeowners. Don't miss this opportunity to own a property with character, convenience, and potential!

Key facts

• Brick siding
• Walkout basement
• Front yard

Tags

• BRICK SIDING
• FRONT YARD
• WALKOUT BASEMENT
• CLOSE TO DOWNTOWN
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $497 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.8% 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: 46 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 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 45% of the median local income ($34k/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 $483 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 + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 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 1920 — 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. 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.
8. 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.
9. 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: 1.78% ✓
• Cap rate: 14.83%
• Cash-on-cash: 30.48%
• DSCR: 2.36
• GRM: 4.7

CMA / ARV

• ARV (median comp): $53,449
• List price: $69,900
• Delta: 30.78%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
655 Vermont St	0.47mi	3/1.0	1,080 (+5%)	13mo	$36,500	$34	58
1151 Delaware St	0.73mi	3/1.0	1,057 (+3%)	9mo	$34,500	$33	53
607 Jefferson St	0.39mi	2/1.5 (-1)	966 (-6%)	16mo	$73,750	$76	52
647 Vermont St	0.47mi	2/1.0 (-1)	1,100 (+7%)	13mo	$36,500	$33	50
271 Van Buren St	0.74mi	3/2.0	925 (-10%)	15mo	$108,000	$117	33

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: 25.2%
• Equity multiple: 2.04×
• Total profit: $20,357
• Equity at exit: $10,422

10-year hold

• IRR: 32.9%
• Equity multiple: 3.99×
• Total profit: $58,581
• Equity at exit: $6,044

Cash invested: $19,572 (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 46402

• Home prices YoY: -2.8%
• Active inventory: 46
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,244 high
• Mortgage (P&I): −$367
• Tax from tax record: −$90 /mo · $1,079/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $497

Break-even live

Break-even rent $615

Max offer price $69,900

Occupancy floor 55%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	15d	1	0.19mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	1d	11	0.46mi
1030 E 6th Ave Gary, IN	3.0	1.5	1400	$1,600	$1.14	1d	1	0.49mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	43d	1	0.66mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	20d	1	0.79mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	43d	1	0.81mi
411 Pierce St Gary, IN	3.0	1.0	874	$1,395	$1.60	22d	1	0.99mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	1d	1	1.31mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	1d	1	1.34mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	1.34mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	43d	1	1.38mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	1.38mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	43d	1	1.39mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	16d	1	1.45mi
358 Arthur St Unit 2 Gary, IN	2.0	1.0	800	$1,250	$1.56	1d	1	1.46mi

Listing history 17 events

1. 2026-06-18
   days on market $69,900 Active 79 DOM
2. 2026-06-17
   days on market $69,900 Active 78 DOM
3. 2026-06-16
   days on market $69,900 Active 77 DOM
4. 2026-06-15
   days on market $69,900 Active 76 DOM
5. 2026-06-13
   days on market $69,900 Active 74 DOM
6. 2026-06-13
   days on market $69,900 Active 73 DOM
7. 2026-06-09
   days on market $69,900 Active 70 DOM
8. 2026-06-08
   days on market $69,900 Active 69 DOM
9. 2026-06-07
   days on market $69,900 Active 68 DOM
10. 2026-06-04
    days on market $69,900 Active 65 DOM
11. 2026-06-03
    days on market $69,900 Active 64 DOM
12. 2026-06-02
    days on market $69,900 Active 63 DOM
13. 2026-06-01
    days on market $69,900 Active 62 DOM
14. 2026-05-31
    days on market $69,900 Active 61 DOM
15. 2026-03-31
    listed $69,900 Active 629-char remark

    Show marketing remark (629 chars)

    Great opportunity in a convenient urban location! This bungalow-style home features classic brick siding and a welcoming front yard, offering both charm and functionality. Inside, you'll find 3 bedrooms along with a walkout basement that adds additional space and potential. Ideally located close to downtown and major expressways, this property provides easy access to shopping, dining, and commuting routes. The home is currently tenant-occupied on a month-to-month lease, offering flexibility for both investors and future homeowners. Don't miss this opportunity to own a property with character, convenience, and potential!

16. 2008-08-31
    historical
17. 2008-04-17
    listed $55,000

ⓘ 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: $1,079 · $90/mo
• Projected year-2 tax: $1,079 · $90/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 8/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $14,927
• − Mortgage interest: −$3,915
• − Property taxes: −$1,079
• − Insurance: −$350
• − Repairs & maintenance: −$1,194
• − Management: −$1,194
• − Depreciation: −$2,033
• Taxable income: $5,162
• Est. tax owed @ 24.0%: −$1,239
• After-tax cash flow: $4,727/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): 5,836
• Household income: $33,529
• Rent vs Own: 56.6% rent · 43.4% own
• Severe rent burden: 336.0

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 (87%)
• Race & ethnicity: Black 87% Two or more races 5% White 5% Hispanic / Latino 4%
• Common ancestry: Romanian 1% Ukrainian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% Arabic 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: ▼ -7.21%
• Current HPI: 250.2464
• 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

+27.1% since first listed

3 events — show timeline

• 2026-03-31 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2008-08-31 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2008-04-17 Listed $55,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-10.3%/yr

Latest (2024): $1,079 · +4.3% YoY. Source: county tax records.