1271 Dakota St #13 · Gary, IN 46403

$15,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 9 Days on market

Built 1950 5,140 sqft lot

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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

Opportunity awaits in Gary's desirable Aetna neighborhood! Located at 1271 Dakota Street, this property is completely gutted and is ready for your vision. A true blank slate, this home offers endless potential for investors, rehabbers, or buyers looking to create a custom residence from the ground up. Conveniently located near schools, parks, shopping, major highways, and just minutes from Lake Michigan beaches. Property is being sold As-Is. Bring your contractor and imagination--this is your chance to transform this property into something special!

Key facts

• Near schools
• Near shopping
• Near major highways

Tags

• NEAR SCHOOLS
• NEAR PARKS
• NEAR SHOPPING
• NEAR MAJOR HIGHWAYS
• NEAR LAKE MICHIGAN BEACHES

Property features AI

Finance

• Other: Living area reported as 720 (assessor)
• Financial info: Property listed as a fixer; Vacant at time of listing
• HOA & community: No HOA information listed

Exterior

• Parking: No designated parking
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: One-story property; Built in 1950
• Construction: 1950 construction
• Exterior features: Neighborhood view

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Second bedroom
• Flooring: No flooring details listed
• Bathrooms: 1 full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: No interior-specific features listed
• Laundry & utility: No laundry/utility details listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $15k.

Deal economics

• At list price, monthly cash flow is $791 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $15k).
• Cap rate 69.6% 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: 88 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 30% of the median local income ($46k/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 $104 of loan paydown is wiped out by about $450 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $15,000

Questions for the listing agent

1. Built in 1950 — 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. 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?
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: 7.76% ✓
• Cap rate: 69.56%
• Cash-on-cash: 225.96%
• DSCR: 11.05
• GRM: 1.1

CMA / ARV

• ARV (on-the-fly): $41,040
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1245 Oklahoma St	0.30mi	2/1.0	768 (+7%)	23mo	$43,500	$57	56

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: 12.42×
• Total profit: $47,973
• Equity at exit: $2,237

10-year hold

• IRR: —
• Equity multiple: 26.42×
• Total profit: $106,768
• Equity at exit: $1,297

Cash invested: $4,200 (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 46403

• Home prices YoY: -27.3%
• Active inventory: 88
• Price-to-rent: 1.1×

Monthly cashflow live

• Estimated rent: $1,164 medium
• Mortgage (P&I): −$79
• Tax from tax record: −$44 /mo · $527/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $791

Break-even live

Break-even rent $163

Max offer price $15,000

Occupancy floor 27%

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	17d	1	1.14mi

Listing history 7 events

1. 2026-06-15
   days on market $15,000 Active 9 DOM
2. 2026-06-13
   days on market $15,000 Active 7 DOM
3. 2026-06-13
   days on market $15,000 Active 6 DOM
4. 2026-06-09
   days on market $15,000 Active 3 DOM
5. 2026-06-08
   days on market $15,000 Active 2 DOM
6. 2026-06-07
   remarks 555-char remark
7. 2026-06-07
   listed $15,000 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: $527 · $44/mo
• Projected year-2 tax: $527 · $44/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 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥103°F today · 14 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: $13,970
• − Mortgage interest: −$840
• − Property taxes: −$527
• − Insurance: −$75
• − Repairs & maintenance: −$1,118
• − Management: −$1,118
• − Depreciation: −$436
• Taxable income: $9,856
• Est. tax owed @ 24.0%: −$2,365
• After-tax cash flow: $7,125/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): 10,929
• Household income: $45,991
• Rent vs Own: 51.2% rent · 48.8% own
• Severe rent burden: 656.0

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 (71%)
• Race & ethnicity: Black 71% White 18% Hispanic / Latino 9% Two or more races 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 4%
• Common ancestry: Romanian 2% Hispanic 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -110.41%
• Current HPI: 294.0935
• 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

1 event — show timeline

• 2026-06-05 Listed $15,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-9.5%/yr

Latest (2024): $527 · +4.4% YoY. Source: county tax records.