3643 Carolina St · Gary, IN 46409

$79,900

3 bd · 1.0 ba · 1,536 sqft · SingleFamily public records · 23 Days on market

Built 1925 6,229 sqft lot $52/sqft · 17% below area Est $121k · 34% under

---

Why this score? — see what drove the B+ 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Appreciation +3.0/10.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks MLS

Opportunity awaits at 3643 Carolina Street in Gary! This 2-bedroom, 2-bath home offers over 1,900 square feet of potential and is ready for the right buyer to bring it back to life. Previously used as a rental, the property features a functional layout with a spacious living area, dining space, and a full basement, providing plenty of room to reimagine and add value. Upstairs offers additional space that could be utilized for storage, office, or flex use. Outside, you'll find a detached 2-car garage and a generously sized yard. With some updates and repairs, this property has strong potential as a rental, flip, or long-term investment. Conveniently located near major roadways, shopping, and commuter routes. Property is being sold as-is.

Key facts

• 6,229 sq ft lot
• Garage
• Built 1925

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $612 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.5% 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: Rents rising fast (+4.8%/yr); 75 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 42% of the median local income ($45k/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 $552 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 + 4.8% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y 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 2.6% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,701 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.96% ✓
• Cap rate: 15.48%
• Cash-on-cash: 32.82%
• DSCR: 2.46
• GRM: 4.2

CMA / ARV

• ARV (median comp): $121,303
• List price: $79,900
• Delta: -34.13%
• 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
3789 Rhode Island St	0.22mi	3/2.0	1,588 (+3%)	2mo	$140,000	$88	79
3655 Connecticut St	0.31mi	3/2.0	1,600 (+4%)	2mo	$174,000	$109	73
3618 Georgia St	0.05mi	4/2.0 (+1)	1,426 (-7%)	7mo	$20,000	$14	71
3636 Carolina St	0.03mi	4/2.0 (+1)	1,400 (-9%)	9mo	$187,000	$134	68
3836 Delaware St	0.32mi	3/2.0	1,652 (+8%)	3mo	$149,900	$91	66
1103 E Ridge Rd	0.26mi	4/1.5 (+1)	1,608 (+5%)	11mo	$135,000	$84	64
3564 Massachusetts St	0.42mi	4/2.0 (+1)	1,620 (+6%)	2mo	$143,500	$89	61
4038 Rhode Island St	0.52mi	4/3.0 (+1)	1,566 (+2%)	6mo	$226,000	$144	54
1436 E 39th Ave	0.57mi	3/1.5	1,392 (-9%)	6mo	$121,000	$87	51
3786 Alabama St	0.69mi	3/1.0	1,428 (-7%)	7mo	$185,000	$130	51
4060 Louisiana St	0.68mi	2/1.0 (-1)	1,590 (+4%)	9mo	$7,000	$4	50
3421 Pennsylvania St	0.37mi	3/1.0	1,756 (+14%)	11mo	$110,000	$63	49

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 · 4.85% rent growth · sell at horizon

5-year hold

• IRR: 30.2%
• Equity multiple: 2.30×
• Total profit: $29,067
• Equity at exit: $11,913

10-year hold

• IRR: 38.6%
• Equity multiple: 4.95×
• Total profit: $88,456
• Equity at exit: $6,908

Cash invested: $22,372 (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 46409

• Home prices YoY: -2.0%
• Rents YoY: 4.8%
• Active inventory: 75
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,570 high
• Mortgage (P&I): −$419
• Tax from tax record: −$176 /mo · $2,109/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $612

Break-even live

Break-even rent $795

Max offer price $79,900

Occupancy floor 56%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3395 Pennsylvania St Gary, IN	3.0	1.0	1300	$1,495	$1.15	1d	1	0.41mi
4009 Kentucky St Gary, IN	4.0	1.0	1307	$1,595	$1.22	44d	1	0.53mi
3612 Van Buren St Gary, IN	3.0	1.0	1534	$1,600	$1.04	1d	1	0.90mi
4330 Kentucky St Gary, IN	4.0	2.0	2178	$1,930	$0.89	1d	1	0.90mi
4416 Vermont Ct Gary, IN	3.0	1.0	1162	$1,350	$1.16	44d	1	0.99mi
4430 Broadway Gary, IN	3.0	1.0	1200	$1,250	$1.04	1d	1	1.07mi
3820 Colbourne St Hobart, IN	3.0	2.0	1209	$1,695	$1.40	44d	1	1.07mi
4208 Jackson St Gary, IN	3.0	1.0	1411	$1,350	$0.96	44d	1	1.08mi
3852 Sandusky St Hobart, IN	4.0	1.0	1209	$1,800	$1.49	17d	1	1.14mi
3449 Buchanan St Gary, IN	3.0	1.0	1301	$1,395	$1.07	44d	1	1.27mi
3788 Lincoln St Gary, IN	3.0	2.0	1398	$1,400	$1.00	10d	1	1.34mi

Listing history 6 events

1. 2026-05-10
   status Pending 746-char remark

   Show marketing remark (746 chars)

   Opportunity awaits at 3643 Carolina Street in Gary! This 2-bedroom, 2-bath home offers over 1,900 square feet of potential and is ready for the right buyer to bring it back to life. Previously used as a rental, the property features a functional layout with a spacious living area, dining space, and a full basement, providing plenty of room to reimagine and add value. Upstairs offers additional space that could be utilized for storage, office, or flex use. Outside, you'll find a detached 2-car garage and a generously sized yard. With some updates and repairs, this property has strong potential as a rental, flip, or long-term investment. Conveniently located near major roadways, shopping, and commuter routes. Property is being sold as-is.

2. 2026-04-17
   listed $79,900 Active 746-char remark

   Show marketing remark (746 chars)

   Opportunity awaits at 3643 Carolina Street in Gary! This 2-bedroom, 2-bath home offers over 1,900 square feet of potential and is ready for the right buyer to bring it back to life. Previously used as a rental, the property features a functional layout with a spacious living area, dining space, and a full basement, providing plenty of room to reimagine and add value. Upstairs offers additional space that could be utilized for storage, office, or flex use. Outside, you'll find a detached 2-car garage and a generously sized yard. With some updates and repairs, this property has strong potential as a rental, flip, or long-term investment. Conveniently located near major roadways, shopping, and commuter routes. Property is being sold as-is.

3. 2026-01-01
   historical
4. 2025-08-28
   listed $83,000 Active
5. 2008-06-27
   listed $7,900
6. 2006-11-01
   listed $24,900

ⓘ 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: $2,109 · $176/mo
• Projected year-2 tax: $2,109 · $176/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 3/10 Moderate
• 🌡 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: $18,834
• − Mortgage interest: −$4,476
• − Property taxes: −$2,109
• − Insurance: −$400
• − Repairs & maintenance: −$1,507
• − Management: −$1,507
• − Depreciation: −$2,324
• Taxable income: $6,512
• Est. tax owed @ 24.0%: −$1,563
• After-tax cash flow: $5,779/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): 7,184
• Household income: $44,667
• Rent vs Own: 55.5% rent · 44.5% own
• Severe rent burden: 516.0

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 (68%)
• Race & ethnicity: Black 68% Two or more races 17% Hispanic / Latino 14% White 11%
• Hispanic origin (detail): Mexican 8% Puerto Rican 5%
• Common ancestry: Iranian 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 6%

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: ▼ -3.91%
• Current HPI: 190.6724
• Rent YoY: ▲ 4.85%
• 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

+220.9% since first listed

6 events — show timeline

• 2026-05-10 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-17 Listed $79,900 NIRA MLS as Distributed by MLS Grid
• 2026-01-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-08-28 Listed $83,000 NIRA MLS as Distributed by MLS Grid
• 2008-06-27 Listed $7,900 NIRA MLS as Distributed by MLS Grid
• 2006-11-01 Listed $24,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-2.9%/yr

Latest (2024): $2,109 · +37.6% YoY. Source: county tax records.