2525 Tyler St · Gary, IN 46407

$10,500

3 bd · 1.0 ba · 1,722 sqft · SingleFamily public records · 137 Days on market

Built 1920 2,614 sqft lot $6/sqft · 84% below area ↓ 12% since listing

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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
• Appreciation +5.5/10.0
• 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

Listing remarks MLS

Great opportunity for a total renovation! This 3-bedroom, 1-bathroom home is a blank canvas ready for an experienced investor or a handy homeowner to bring it back to life. Sold As-Is. Potential for building significant equity or a profitable flip in the growing Gary market.

Key facts

• 2,614 sq ft lot
• Built 1920
• Listed 136 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $10k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $10k).
• Recommended offer: $9k (12.0% below list) — sets the bar for market timing.
• Cap rate 143.4% 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: 121 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• At $1,611/mo this rent would consume 68% of the median local household income ($29k/yr) (locally 392% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $176 of equity ($73 loan paydown + $103 appreciation (1.0% 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 (1.0% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($9k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $9,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% 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. 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?
8. 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.
9. 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.
10. 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: 15.35% ✓
• Cap rate: 143.44%
• Cash-on-cash: 489.82%
• DSCR: 22.79
• GRM: 0.5

CMA / ARV

• ARV (median comp): $65,046
• List price: $10,500
• Delta: -83.86%
• 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
2309 Buchanan St	0.38mi	3/1.0	1,760 (+2%)	10mo	$155,000	$88	70
2692 Harrison St	0.21mi	4/2.0 (+1)	1,646 (-4%)	9mo	$155,000	$94	67
2341 Jefferson St	0.45mi	2/1.0 (-1)	1,680 (-2%)	8mo	$17,500	$10	63
2561 W Adams St	0.44mi	3/2.0	1,820 (+6%)	11mo	$44,000	$24	56
2701 Madison St	0.40mi	2/1.0 (-1)	1,556 (-10%)	7mo	$90,000	$58	55
2210 Pierce St	0.46mi	4/1.5 (+1)	1,624 (-6%)	15mo	$149,900	$92	50
2373 Jefferson St	0.43mi	4/2.0 (+1)	1,645 (-4%)	18mo	$87,500	$53	49
2370 Buchanan St	0.35mi	3/1.0	1,464 (-15%)	13mo	$120,000	$82	48
2240 Garfield St	0.70mi	4/1.5 (+1)	1,788 (+4%)	9mo	$176,000	$98	46
2221 Garfield St	0.70mi	4/2.0 (+1)	1,912 (+11%)	1mo	$185,000	$97	39
466 W 20th Pl	0.67mi	3/1.5	1,950 (+13%)	7mo	$199,899	$103	39
2305 Massachusetts St	0.67mi	4/2.0 (+1)	1,974 (+15%)	11mo	$48,000	$24	26

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

Projected returns pro-forma

0.98% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 27.07×
• Total profit: $76,644
• Equity at exit: $3,573

10-year hold

• IRR: —
• Equity multiple: 57.88×
• Total profit: $167,218
• Equity at exit: $4,740

Cash invested: $2,940 (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 46407

• Home prices YoY: 0.4%
• Active inventory: 121
• Price-to-rent: 0.5×

Monthly cashflow live

• Estimated rent: $1,611 high
• Mortgage (P&I): −$55
• Tax from tax record: −$13 /mo · $161/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $1,200

Break-even live

Break-even rent $92

Max offer price $10,500

Occupancy floor 21%

Sensitivity live

Price	-10% $1,206	-5% $1,203	+0% $1,200	+5% $1,197	+10% $1,194
Rent	-10% $1,073	-5% $1,136	+0% $1,200	+5% $1,264	+10% $1,327
Rate	-1.0pp $1,205	-0.5pp $1,203	base $1,200	+0.5pp $1,197	+1.0pp $1,195

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: $2,625
• Closing costs: $315
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2600 Pierce St Gary, IN	4.0	2.0	1800	$1,950	$1.08	44d	1	0.26mi
1744 Tyler St Unit 2 Gary, IN	4.0	2.0	1600	$1,700	$1.06	45d	1	0.83mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	1d	1	0.94mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	1d	1	0.97mi
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	1d	1	1.16mi
3449 Buchanan St Gary, IN	3.0	1.0	1301	$1,395	$1.07	44d	1	1.20mi
3395 Pennsylvania St Gary, IN	3.0	1.0	1300	$1,495	$1.15	1d	1	1.34mi
2157 Marshall Pl Gary, IN	3.0	1.5	1650	$1,295	$0.78	44d	1	1.35mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	44d	1	1.37mi
3612 Van Buren St Gary, IN	3.0	1.0	1534	$1,600	$1.04	1d	1	1.40mi

Listing history 17 events

1. 2026-06-18
   days on market $10,500 Active 137 DOM
2. 2026-06-17
   days on market $10,500 Active 136 DOM
3. 2026-06-16
   days on market $10,500 Active 135 DOM
4. 2026-06-15
   days on market $10,500 Active 134 DOM
5. 2026-06-13
   days on market $10,500 Active 132 DOM
6. 2026-06-13
   days on market $10,500 Active 131 DOM
7. 2026-06-09
   days on market $10,500 Active 128 DOM
8. 2026-06-08
   days on market $10,500 Active 127 DOM
9. 2026-06-07
   days on market $10,500 Active 126 DOM
10. 2026-06-04
    days on market $10,500 Active 123 DOM
11. 2026-06-03
    days on market $10,500 Active 122 DOM
12. 2026-06-02
    days on market $10,500 Active 121 DOM
13. 2026-06-01
    days on market $10,500 Active 120 DOM
14. 2026-05-31
    days on market $10,500 Active 119 DOM
15. 2026-03-20
    price $10,500 275-char remark

    Show marketing remark (275 chars)

    Great opportunity for a total renovation! This 3-bedroom, 1-bathroom home is a blank canvas ready for an experienced investor or a handy homeowner to bring it back to life. Sold As-Is. Potential for building significant equity or a profitable flip in the growing Gary market.

16. 2026-02-19
    price $11,000 275-char remark

    Show marketing remark (275 chars)

    Great opportunity for a total renovation! This 3-bedroom, 1-bathroom home is a blank canvas ready for an experienced investor or a handy homeowner to bring it back to life. Sold As-Is. Potential for building significant equity or a profitable flip in the growing Gary market.

17. 2026-01-30
    listed $12,000 Active 275-char remark

    Show marketing remark (275 chars)

    Great opportunity for a total renovation! This 3-bedroom, 1-bathroom home is a blank canvas ready for an experienced investor or a handy homeowner to bring it back to life. Sold As-Is. Potential for building significant equity or a profitable flip in the growing Gary market.

ⓘ 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: $161 · $13/mo
• Projected year-2 tax: $161 · $13/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 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 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,335
• − Mortgage interest: −$588
• − Property taxes: −$161
• − Insurance: −$52
• − Repairs & maintenance: −$1,547
• − Management: −$1,547
• − Depreciation: −$305
• Taxable income: $15,135
• Est. tax owed @ 24.0%: −$3,632
• After-tax cash flow: $10,769/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): 8,577
• Household income: $28,526
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 392.0

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 (91%)
• Race & ethnicity: Black 91% Hispanic / Latino 3% White 2% Two or more races 1%
• Common ancestry: Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% Russian/Polish/Slavic 1% French/Haitian/Cajun 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: ▲ 0.98%
• Current HPI: 253.2856
• 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

-12.5% since first listed

3 events — show timeline

• 2026-03-20 Price Changed $10,500 NIRA MLS as Distributed by MLS Grid
• 2026-02-19 Price Changed $11,000 NIRA MLS as Distributed by MLS Grid
• 2026-01-30 Listed $12,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-6.2%/yr

Latest (2024): $161 · -11.6% YoY. Source: county tax records.