313 Dallas St · Gary, IN 46406

$82,500

2 bd · 1.0 ba · 806 sqft · SingleFamily public records · 60 Days on market

Built 1950 5,009 sqft lot $102/sqft · 40% above area Est $59k · 40% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.6/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Charming 2-bedroom, 1-bath ranch home offering fresh paint and a clean, move in-ready interior. This home features a spacious living room with great natural light throughout. The eat-in kitchen provides plenty of cabinet space and room for a dining table. Both bedrooms are comfortably sized, and the full bathroom offers a functional layout. Mechanical area includes furnace and water heater in a dedicated utility space. Whether you're a first-time buyer, downsizing, or an investor looking for a solid rental opportunity, this home offers great potential at an affordable price. Conveniently located near major roadways for easy access to surrounding areas.

Key facts

• Fresh paint
• Great natural light
• Eat-in kitchen

Tags

• FRESH PAINT
• CLEAN INTERIOR
• SPACIOUS LIVING ROOM
• GREAT NATURAL LIGHT
• EAT-IN KITCHEN
• PLENTY OF CABINET SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $82k.

Deal economics

• At list price, monthly cash flow is $502 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $82k).
• Recommended offer: $80k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.6% 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: 54 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($570 loan paydown + $1k appreciation (1.3% 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 (1.3% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y ago; this cycle's ask has dropped $28k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $82k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $80,025 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.63% ✓
• Cap rate: 13.60%
• Cash-on-cash: 26.10%
• DSCR: 2.16
• GRM: 5.1

CMA / ARV

• ARV (median comp): $58,909
• List price: $82,500
• Delta: 40.05%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
629 Hamlin St	0.41mi	2/1.0	750 (-7%)	4mo	$70,000	$93	66
426 Hovey St	0.67mi	2/1.0	836 (+4%)	13mo	$14,500	$17	52
771 Durbin St	0.74mi	2/1.5	864 (+7%)	2mo	$65,000	$75	50
721 Mount St	0.74mi	2/1.0	775 (-4%)	15mo	$23,500	$30	46
612 Hamlin St	0.40mi	3/1.0 (+1)	900 (+12%)	14mo	$87,000	$97	45
802 Hobart St	0.68mi	2/1.0	888 (+10%)	20mo	$19,000	$21	35
441 Hovey St	0.72mi	2/1.0	899 (+12%)	17mo	$17,000	$19	33

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

Projected returns pro-forma

1.26% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.8%
• Equity multiple: 2.50×
• Total profit: $34,596
• Equity at exit: $29,273

10-year hold

• IRR: 31.1%
• Equity multiple: 4.82×
• Total profit: $88,174
• Equity at exit: $39,774

Cash invested: $23,100 (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 46406

• Home prices YoY: 0.9%
• Active inventory: 54
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,345 medium
• Mortgage (P&I): −$433
• Tax from tax record: −$93 /mo · $1,119/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $502

Break-even live

Break-even rent $709

Max offer price $82,500

Occupancy floor 58%

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: $20,625
• Closing costs: $2,475
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
743 Hanley St Gary, IN	3.0	1.0	800	$1,350	$1.69	1d	1	0.65mi
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	1d	1	1.02mi
6320 Rhode Island Ave Hammond, IN	3.0	1.0	916	$1,550	$1.69	2d	1	1.44mi

Listing history 17 events

1. 2026-05-05
   status Pending 660-char remark

   Show marketing remark (660 chars)

   Charming 2-bedroom, 1-bath ranch home offering fresh paint and a clean, move in-ready interior. This home features a spacious living room with great natural light throughout. The eat-in kitchen provides plenty of cabinet space and room for a dining table. Both bedrooms are comfortably sized, and the full bathroom offers a functional layout. Mechanical area includes furnace and water heater in a dedicated utility space. Whether you're a first-time buyer, downsizing, or an investor looking for a solid rental opportunity, this home offers great potential at an affordable price. Conveniently located near major roadways for easy access to surrounding areas.

2. 2026-04-20
   price $82,500 660-char remark

   Show marketing remark (660 chars)

   Charming 2-bedroom, 1-bath ranch home offering fresh paint and a clean, move in-ready interior. This home features a spacious living room with great natural light throughout. The eat-in kitchen provides plenty of cabinet space and room for a dining table. Both bedrooms are comfortably sized, and the full bathroom offers a functional layout. Mechanical area includes furnace and water heater in a dedicated utility space. Whether you're a first-time buyer, downsizing, or an investor looking for a solid rental opportunity, this home offers great potential at an affordable price. Conveniently located near major roadways for easy access to surrounding areas.

3. 2026-04-04
   price $91,500 660-char remark

   Show marketing remark (660 chars)

   Charming 2-bedroom, 1-bath ranch home offering fresh paint and a clean, move in-ready interior. This home features a spacious living room with great natural light throughout. The eat-in kitchen provides plenty of cabinet space and room for a dining table. Both bedrooms are comfortably sized, and the full bathroom offers a functional layout. Mechanical area includes furnace and water heater in a dedicated utility space. Whether you're a first-time buyer, downsizing, or an investor looking for a solid rental opportunity, this home offers great potential at an affordable price. Conveniently located near major roadways for easy access to surrounding areas.

4. 2026-03-17
   price $105,000 660-char remark

   Show marketing remark (660 chars)

   Charming 2-bedroom, 1-bath ranch home offering fresh paint and a clean, move in-ready interior. This home features a spacious living room with great natural light throughout. The eat-in kitchen provides plenty of cabinet space and room for a dining table. Both bedrooms are comfortably sized, and the full bathroom offers a functional layout. Mechanical area includes furnace and water heater in a dedicated utility space. Whether you're a first-time buyer, downsizing, or an investor looking for a solid rental opportunity, this home offers great potential at an affordable price. Conveniently located near major roadways for easy access to surrounding areas.

5. 2026-03-06
   listed $110,000 Active 660-char remark

   Show marketing remark (660 chars)

   Charming 2-bedroom, 1-bath ranch home offering fresh paint and a clean, move in-ready interior. This home features a spacious living room with great natural light throughout. The eat-in kitchen provides plenty of cabinet space and room for a dining table. Both bedrooms are comfortably sized, and the full bathroom offers a functional layout. Mechanical area includes furnace and water heater in a dedicated utility space. Whether you're a first-time buyer, downsizing, or an investor looking for a solid rental opportunity, this home offers great potential at an affordable price. Conveniently located near major roadways for easy access to surrounding areas.

6. 2020-10-09
   soldstatus $39,900 551-char remark

   Show marketing remark (551 chars)

   HELLO AFFORDABLE AND ADORABLE!!!! WELCOME HOME to this ranch style BEAUTY! This home features 2 bedrooms, a full bathroom, a finished laundry room, an eat-in kitchen and a spacious living room. Every room has been freshly painted and has new flooring. The furnace and hot water heater are new and the roof is newer at just 3 years old!!! There is a partially fenced in yard and a front porch-deck for your out of doors enjoyment. All this beauty has to offer is just waiting for you to make this house YOUR home. Call your REALTOR today for a showing!

7. 2020-01-14
   listed $39,900 551-char remark

   Show marketing remark (551 chars)

   HELLO AFFORDABLE AND ADORABLE!!!! WELCOME HOME to this ranch style BEAUTY! This home features 2 bedrooms, a full bathroom, a finished laundry room, an eat-in kitchen and a spacious living room. Every room has been freshly painted and has new flooring. The furnace and hot water heater are new and the roof is newer at just 3 years old!!! There is a partially fenced in yard and a front porch-deck for your out of doors enjoyment. All this beauty has to offer is just waiting for you to make this house YOUR home. Call your REALTOR today for a showing!

8. 2019-10-27
   historical
9. 2019-04-26
   listed $33,547
10. 2019-01-08
    soldstatus $6,500
11. 2011-07-01
    historical
12. 2010-06-18
    historical
13. 2010-05-13
    listed $16,500
14. 2009-08-21
    listed $27,500
15. 2009-04-23
    historical
16. 2008-10-22
    listed $25,000
17. 2006-12-03
    listed $17,900

ⓘ 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: $1,119 · $93/mo
• Projected year-2 tax: $1,119 · $93/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 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,141
• − Mortgage interest: −$4,621
• − Property taxes: −$1,119
• − Insurance: −$412
• − Repairs & maintenance: −$1,291
• − Management: −$1,291
• − Depreciation: −$2,400
• Taxable income: $5,006
• Est. tax owed @ 24.0%: −$1,201
• After-tax cash flow: $4,827/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
• City population: 63,701
• Population (ZIP): 8,513

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: Majority Black (63%)
• Race & ethnicity: Black 63% White 21% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 8%

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: ▲ 1.26%
• Current HPI: 147.0732
• Rent YoY: —
• Metro: —
• 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

+360.9% since first listed

17 events — show timeline

• 2026-05-05 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-20 Price Changed $82,500 NIRA MLS as Distributed by MLS Grid
• 2026-04-04 Price Changed $91,500 NIRA MLS as Distributed by MLS Grid
• 2026-03-17 Price Changed $105,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-06 Listed $110,000 NIRA MLS as Distributed by MLS Grid
• 2020-10-09 Sold (MLS) $39,900 NIRA MLS as Distributed by MLS Grid
• 2020-01-14 Listed $39,900 NIRA MLS as Distributed by MLS Grid
• 2019-10-27 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2019-04-26 Listed $33,547 NIRA MLS as Distributed by MLS Grid
• 2019-01-08 Sold (Public Records) $6,500 Public Records
• 2011-07-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-06-18 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-05-13 Listed $16,500 NIRA MLS as Distributed by MLS Grid
• 2009-08-21 Listed $27,500 NIRA MLS as Distributed by MLS Grid
• 2009-04-23 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2008-10-22 Listed $25,000 NIRA MLS as Distributed by MLS Grid
• 2006-12-03 Listed $17,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-2.2%/yr

Latest (2024): $1,119 · +5.9% YoY. Source: county tax records.