243 Taft Pl · Gary, IN 46404

$135,000

3 bd · 1.0 ba · 901 sqft · SingleFamily public records · 1 Days on market

Built 1940 5,271 sqft lot

---

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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained home where all the BIG items are already done for you! From the brand new furnace (just 4 months old) and the 1-year old AC to the 3-year old roof, recent hot water heater, and NEW siding on both the house and garage. The heavy lifting is complete. Inside, you'll find approximately 1,400 sqft of total living space across two levels, including a finished basement that adds a family area, bedroom, and laundry room, plenty of room to spread out, host, or grow. Located with easy access to major highways, this is the perfect opportunity to step into homeownership without worrying about replacing the expensive stuff. Bring your personal vision and make this house feel like home!

Key facts

• 5,271 sq ft lot
• 2 garage spots
• Built 1940

Property features AI

Exterior

• Parking: Additional parking; 2-car garage
• Utilities: Public water; Public sewer
• Home design: One-level home; Built in 1940
• Construction: Finished basement
• Exterior features: Neighborhood view; Chain link fenced yard; Fenced yard; Detached garage(s)

Interior

• Kitchen: Gas range; Range hood; Microwave; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air; Ceiling fan(s)
• Interior features: Ceiling fan(s); Finished basement
• Laundry & utility: Laundry room; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).

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; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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 40% 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 $933 of loan paydown is wiped out by about $4k 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 $38k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,000

Questions for the listing agent

1. Built in 1940 — 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: 1.03% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.46%
• DSCR: 1.42
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $61,268
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
302 Lincoln St	0.60mi	3/1.0	889 (-1%)	2mo	$33,900	$38	68
619 Taney St	0.65mi	3/1.0	936 (+4%)	4mo	$81,498	$87	60
231 Cleveland St	0.25mi	3/1.0	1,015 (+13%)	16mo	$60,000	$59	54
573 Chase St	0.65mi	2/1.0 (-1)	844 (-6%)	13mo	$107,000	$127	43
336 W Wilson St	0.56mi	2/1.0 (-1)	768 (-15%)	5mo	$52,500	$68	40
440 Johnson St	0.58mi	2/1.0 (-1)	980 (+9%)	18mo	$28,000	$29	38
724 Taney St	0.73mi	3/1.0	975 (+8%)	23mo	$109,900	$113	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 2.9%
• Equity multiple: 1.12×
• Total profit: $4,393
• Equity at exit: $20,129

10-year hold

• IRR: 16.4%
• Equity multiple: 2.63×
• Total profit: $61,492
• Equity at exit: $11,672

Cash invested: $37,800 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,392 high
• Mortgage (P&I): −$708
• Tax from tax record: −$37 /mo · $450/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $298

Break-even live

Break-even rent $1,015

Max offer price $135,000

Occupancy floor 74%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
358 Arthur St Unit 2 Gary, IN	2.0	1.0	800	$1,250	$1.56	1d	1	0.33mi
2306 W 5th Ave Gary, IN	2.0–3.0	1.0	937	$1,299	$1.39	1d	2	0.33mi
2306 W 5th Ave Apt 3 Gary, IN	3.0	1.0	1025	$1,299	$1.27	1d	1	0.33mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	43d	1	0.38mi
411 Pierce St Gary, IN	3.0	1.0	874	$1,395	$1.60	22d	1	0.77mi
2939 W 10th Ave Gary, IN	2.0	1.0	744	$1,190	$1.60	1d	1	1.06mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	1d	11	1.31mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	1d	1	1.42mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	1.44mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	1d	1	1.44mi

Listing history 2 events

1. 2026-06-18
   remarks 697-char remark
2. 2026-06-18
   listed $135,000 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: $450 · $37/mo
• Projected year-2 tax: $799 · $67/mo
• Expected delta: +$349/yr (+$29/mo · 77.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% 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 0% 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: $16,702
• − Mortgage interest: −$7,562
• − Property taxes: −$450
• − Insurance: −$675
• − Repairs & maintenance: −$1,336
• − Management: −$1,336
• − Depreciation: −$3,927
• Taxable income: $1,416
• Est. tax owed @ 24.0%: −$340
• After-tax cash flow: $3,235/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

1 event — show timeline

• 2026-06-18 Listed $135,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-2.1%/yr

Latest (2024): $450 · +6.9% YoY. Source: county tax records.