308 S Howard St · Gary, IN 46403

$223,900

3 bd · 1.5 ba · 1,146 sqft · SingleFamily public records · 41 Days on market

Built 1928 6,229 sqft lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.2/30.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.5/10.0
• Schools +0.5/10.0
• 1% rule +0.4/10.0
• Appreciation +0.0/10.0

Listing remarks

This home offers 3 beds & 2 new full baths on the main level. There is finished basement and new furnace, new tank-less water heater , new electrical . New 2.5 garage with door opener. This home has been redone from the roof to the floors but not overly stripped of her charm. Some of the original built-in's remain . Come take a look and spend your summer by the beach .

Key facts

• 6,229 sq ft lot
• 2 garage spots
• Built 1928

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $224k.

Deal economics

• At list price, monthly cash flow is $-409 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (32.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (45.7% below list).
• Recommended offer: $121k (45.7% below list) — sets the bar for 1% rule.
• Cap rate 4.1% vs local median 9.1% in Gary — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 32% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 9y 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.
• Current owner paid $28k; list at $224k implies a 686% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,480 (45.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
3. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.54% ✗
• Cap rate: 4.10%
• Cash-on-cash: -7.83%
• DSCR: 0.65
• GRM: 15.4

CMA / ARV

• ARV (on-the-fly): $127,206
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
387 S Hamilton St	0.25mi	3/1.0	1,080 (-6%)	12mo	$75,000	$69	67
5310 Miller Ave	0.59mi	3/2.0	1,130 (-1%)	14mo	$125,000	$111	57
6532 Miller Ave	0.33mi	2/1.0 (-1)	1,056 (-8%)	16mo	$95,000	$90	52
6715 E 3rd Ave	0.41mi	3/1.0	975 (-15%)	4mo	$109,900	$113	50
234 N Hamilton St	0.49mi	3/—	1,020 (-11%)	12mo	$178,000	$175	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -30.1%
• Equity multiple: 0.00×
• Total profit: $-62,431
• Equity at exit: $33,384

10-year hold

• IRR: -31.9%
• Equity multiple: -0.41×
• Total profit: $-88,289
• Equity at exit: $19,359

Cash invested: $62,692 (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: 15.4×

Monthly cashflow live

• Estimated rent: $1,215 high
• Mortgage (P&I): −$1,174
• Tax from tax record: −$101 /mo · $1,217/yr
• Insurance: −$93
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $-409

Break-even live

Break-even rent $1,733

Max offer price $151,625

Occupancy floor —

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: $55,975
• Closing costs: $6,717
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
430 S Grand Blvd Gary, IN	2.0	1.0	830	$865	$1.04	1d	1	0.23mi
283 N Hamilton St Gary, IN	2.0	1.0	1100	$1,100	$1.00	3d	1	0.51mi
440 N Lake St Gary, IN	3.0	1.0–2.0	677	$1,400	$2.07	1d	5	0.66mi
1041 DeKalb St Gary, IN	3.0	1.0	1006	$1,250	$1.24	44d	1	0.91mi
1118 Benton St Gary, IN	3.0	1.0	936	$1,245	$1.33	1d	1	1.15mi

Listing history 32 events

1. 2026-04-25
   status Pending
2. 2026-03-15
   listed $223,900 Active
3. 2026-01-04
   historical
4. 2025-10-21
   price $223,000
5. 2025-09-22
   price $227,000
6. 2025-08-15
   price $223,000
7. 2025-08-04
   status Active
8. 2025-06-23
   historical Active Under Contract
9. 2025-06-06
   price $219,900
10. 2025-06-06
    price $219,999
11. 2025-05-15
    price $223,777
12. 2025-05-06
    price $228,617
13. 2024-12-04
    status Active
14. 2024-11-22
    historical Active Under Contract
15. 2024-08-05
    listed $229,000 Active
16. 2024-06-07
    status Pending
17. 2024-06-07
    historical
18. 2024-06-03
    status Active
19. 2024-05-21
    historical Active Under Contract
20. 2024-02-14
    price $229,900
21. 2024-01-23
    price $227,900
22. 2023-11-07
    price $229,000
23. 2023-10-19
    price $230,000
24. 2023-07-08
    price $237,000
25. 2023-05-18
    listed $242,000 Active
26. 2020-12-04
    soldstatus $28,500
27. 2020-07-24
    listed $24,000
28. 2020-07-23
    listed $24,000
29. 2020-04-13
    historical
30. 2020-01-14
    listed $24,000
31. 2018-09-24
    historical
32. 2017-09-23
    listed $40,000

ⓘ 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: $1,217 · $101/mo
• Projected year-2 tax: $1,560 · $130/mo
• Expected delta: +$343/yr (+$29/mo · 28.2%)

ⓘ 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 7/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $14,578
• − Mortgage interest: −$12,542
• − Property taxes: −$1,217
• − Insurance: −$1,120
• − Repairs & maintenance: −$1,166
• − Management: −$1,166
• − Depreciation: −$6,513
• Taxable loss: −$9,146
• Est. tax savings @ 24.0%: +$2,195
• After-tax cash flow: $-2,715/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

+459.8% since first listed

32 events — show timeline

• 2026-04-25 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-03-15 Listed $223,900 NIRA MLS as Distributed by MLS Grid
• 2026-01-04 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-10-21 Price Changed $223,000 NIRA MLS as Distributed by MLS Grid
• 2025-09-22 Price Changed $227,000 NIRA MLS as Distributed by MLS Grid
• 2025-08-15 Price Changed $223,000 NIRA MLS as Distributed by MLS Grid
• 2025-08-04 Relisted — NIRA MLS as Distributed by MLS Grid
• 2025-06-23 Contingent — NIRA MLS as Distributed by MLS Grid
• 2025-06-06 Price Changed $219,900 NIRA MLS as Distributed by MLS Grid
• 2025-06-06 Price Changed $219,999 NIRA MLS as Distributed by MLS Grid
• 2025-05-15 Price Changed $223,777 NIRA MLS as Distributed by MLS Grid
• 2025-05-06 Price Changed $228,617 NIRA MLS as Distributed by MLS Grid
• 2024-12-04 Relisted — NIRA MLS as Distributed by MLS Grid
• 2024-11-22 Contingent — NIRA MLS as Distributed by MLS Grid
• 2024-08-05 Listed $229,000 NIRA MLS as Distributed by MLS Grid
• 2024-06-07 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-06-07 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-06-03 Relisted — NIRA MLS as Distributed by MLS Grid
• 2024-05-21 Contingent — NIRA MLS as Distributed by MLS Grid
• 2024-02-14 Price Changed $229,900 NIRA MLS as Distributed by MLS Grid
• 2024-01-23 Price Changed $227,900 NIRA MLS as Distributed by MLS Grid
• 2023-11-07 Price Changed $229,000 NIRA MLS as Distributed by MLS Grid
• 2023-10-19 Price Changed $230,000 NIRA MLS as Distributed by MLS Grid
• 2023-07-08 Price Changed $237,000 NIRA MLS as Distributed by MLS Grid
• 2023-05-18 Listed $242,000 NIRA MLS as Distributed by MLS Grid
• 2020-12-04 Sold (MLS) $28,500 NIRA MLS as Distributed by MLS Grid
• 2020-07-24 Listed $24,000 NIRA MLS as Distributed by MLS Grid
• 2020-07-23 Listed $24,000 IRMLS
• 2020-04-13 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2020-01-14 Listed $24,000 NIRA MLS as Distributed by MLS Grid
• 2018-09-24 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2017-09-23 Listed $40,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+45.7%/yr

Latest (2024): $1,217 · +4.0% YoY. Source: county tax records.