1148 Jackson St · Gary, IN 46407

$23,333

3 bd · 2.0 ba · 1,200 sqft · MultiFamily public records · 251 Days on market

Built 1925 3,528 sqft lot $19/sqft · 20% below area Est $24k · at est. ↓ 33% 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 +8.8/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

CASH OFFERS ONLY - SELLER WILL NOT CONSIDER HARD MONEY LOAN OFFERS!!! Investor special! This solid all-brick home at 1148 Jackson St offers a fantastic opportunity for those looking to flip, use as a rental, or restore. Featuring 3 bedrooms and 2 full bathrooms, this property has the size and structure to become a valuable addition to your portfolio or a great starter home once renovated. The home is being sold AS-IS--the seller will make no repairs, not remove any debris, all utilities are currently off and will not be turned on by the seller. With your vision and updates, this property has the potential to shine again as a long-term rental or flip. Bring your tools, creativity, and investment mindset--this one is priced for the work needed and ready for its next chapter!

Key facts

• 3,528 sq ft lot
• Garage
• Built 1925

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $23k.

Deal economics

• At list price, monthly cash flow is $829 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $23k).
• Recommended offer: $21k (12.0% below list) — sets the bar for market timing.
• Cap rate 48.9% 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; 31 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $1,242/mo this rent would consume 52% 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 $391 of equity ($162 loan paydown + $229 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 251 days — a 12% lower offer ($21k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $20,533 (12.0% below list)

Questions for the listing agent

1. It's been on market 251 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 1925 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 5.32% ✓
• Cap rate: 48.93%
• Cash-on-cash: 152.28%
• DSCR: 7.78
• GRM: 1.6

CMA / ARV

• ARV (median comp): $24,016
• List price: $23,333
• Delta: -2.84%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 9.15×
• Total profit: $53,229
• Equity at exit: $7,941

10-year hold

• IRR: —
• Equity multiple: 19.18×
• Total profit: $118,751
• Equity at exit: $10,533

Cash invested: $6,533 (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: 1.6×

Monthly cashflow live

• Estimated rent: $1,242 high
• Mortgage (P&I): −$122
• Tax from tax record: −$20 /mo · $243/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $829

Break-even live

Break-even rent $193

Max offer price $23,333

Occupancy floor 28%

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: $5,833
• Closing costs: $700
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	1d	1	0.42mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	1d	1	0.46mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	0.50mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	21d	1	0.61mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	44d	1	0.64mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	15d	1	0.70mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	1d	11	0.75mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	0.77mi
411 Pierce St Gary, IN	3.0	1.0	874	$1,395	$1.60	22d	1	0.95mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	44d	1	0.98mi
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	1d	1	1.11mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	44d	1	1.16mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	19d	1	1.19mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	1d	1	1.19mi
1030 E 6th Ave Gary, IN	3.0	1.5	1400	$1,600	$1.14	1d	1	1.24mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	44d	1	1.24mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	4d	1	1.26mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	1d	1	1.26mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	1d	1	1.26mi
358 Arthur St Unit 2 Gary, IN	2.0	1.0	800	$1,250	$1.56	1d	1	1.26mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	1.29mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	1d	1	1.29mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	1d	1	1.32mi
2306 W 5th Ave Gary, IN	2.0–3.0	1.0	937	$1,299	$1.39	1d	2	1.37mi
2306 W 5th Ave Apt 3 Gary, IN	3.0	1.0	1025	$1,299	$1.27	1d	1	1.37mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	1d	1	1.40mi
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	1d	1	1.40mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	44d	1	1.43mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	1d	1	1.44mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	1.45mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	1d	1	1.47mi

Listing history 18 events

1. 2026-06-18
   days on market $23,333 Active 251 DOM
2. 2026-06-17
   days on market $23,333 Active 250 DOM
3. 2026-06-16
   days on market $23,333 Active 249 DOM
4. 2026-06-15
   days on market $23,333 Active 248 DOM
5. 2026-06-13
   days on market $23,333 Active 246 DOM
6. 2026-06-13
   days on market $23,333 Active 245 DOM
7. 2026-06-09
   days on market $23,333 Active 242 DOM
8. 2026-06-08
   days on market $23,333 Active 241 DOM
9. 2026-06-07
   days on market $23,333 Active 240 DOM
10. 2026-06-04
    days on market $23,333 Active 237 DOM
11. 2026-06-03
    days on market $23,333 Active 236 DOM
12. 2026-06-02
    days on market $23,333 Active 235 DOM
13. 2026-06-01
    days on market $23,333 Active 234 DOM
14. 2026-05-31
    days on market $23,333 Active 233 DOM
15. 2026-03-23
    price $23,333 785-char remark

    Show marketing remark (785 chars)

    CASH OFFERS ONLY - SELLER WILL NOT CONSIDER HARD MONEY LOAN OFFERS!!! Investor special! This solid all-brick home at 1148 Jackson St offers a fantastic opportunity for those looking to flip, use as a rental, or restore. Featuring 3 bedrooms and 2 full bathrooms, this property has the size and structure to become a valuable addition to your portfolio or a great starter home once renovated. The home is being sold AS-IS--the seller will make no repairs, not remove any debris, all utilities are currently off and will not be turned on by the seller. With your vision and updates, this property has the potential to shine again as a long-term rental or flip. Bring your tools, creativity, and investment mindset--this one is priced for the work needed and ready for its next chapter!

16. 2026-01-12
    price $27,500 785-char remark

    Show marketing remark (785 chars)

    CASH OFFERS ONLY - SELLER WILL NOT CONSIDER HARD MONEY LOAN OFFERS!!! Investor special! This solid all-brick home at 1148 Jackson St offers a fantastic opportunity for those looking to flip, use as a rental, or restore. Featuring 3 bedrooms and 2 full bathrooms, this property has the size and structure to become a valuable addition to your portfolio or a great starter home once renovated. The home is being sold AS-IS--the seller will make no repairs, not remove any debris, all utilities are currently off and will not be turned on by the seller. With your vision and updates, this property has the potential to shine again as a long-term rental or flip. Bring your tools, creativity, and investment mindset--this one is priced for the work needed and ready for its next chapter!

17. 2025-12-16
    price $30,000 785-char remark

    Show marketing remark (785 chars)

    CASH OFFERS ONLY - SELLER WILL NOT CONSIDER HARD MONEY LOAN OFFERS!!! Investor special! This solid all-brick home at 1148 Jackson St offers a fantastic opportunity for those looking to flip, use as a rental, or restore. Featuring 3 bedrooms and 2 full bathrooms, this property has the size and structure to become a valuable addition to your portfolio or a great starter home once renovated. The home is being sold AS-IS--the seller will make no repairs, not remove any debris, all utilities are currently off and will not be turned on by the seller. With your vision and updates, this property has the potential to shine again as a long-term rental or flip. Bring your tools, creativity, and investment mindset--this one is priced for the work needed and ready for its next chapter!

18. 2025-10-08
    listed $35,000 Active 785-char remark

    Show marketing remark (785 chars)

    CASH OFFERS ONLY - SELLER WILL NOT CONSIDER HARD MONEY LOAN OFFERS!!! Investor special! This solid all-brick home at 1148 Jackson St offers a fantastic opportunity for those looking to flip, use as a rental, or restore. Featuring 3 bedrooms and 2 full bathrooms, this property has the size and structure to become a valuable addition to your portfolio or a great starter home once renovated. The home is being sold AS-IS--the seller will make no repairs, not remove any debris, all utilities are currently off and will not be turned on by the seller. With your vision and updates, this property has the potential to shine again as a long-term rental or flip. Bring your tools, creativity, and investment mindset--this one is priced for the work needed and ready for its next chapter!

ⓘ 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: $243 · $20/mo
• Projected year-2 tax: $243 · $20/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) · 73% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 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: $14,908
• − Mortgage interest: −$1,307
• − Property taxes: −$243
• − Insurance: −$117
• − Repairs & maintenance: −$1,193
• − Management: −$1,193
• − Depreciation: −$679
• Taxable income: $10,177
• Est. tax owed @ 24.0%: −$2,442
• After-tax cash flow: $7,506/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

-33.3% since first listed

4 events — show timeline

• 2026-03-23 Price Changed $23,333 NIRA MLS as Distributed by MLS Grid
• 2026-01-12 Price Changed $27,500 NIRA MLS as Distributed by MLS Grid
• 2025-12-16 Price Changed $30,000 NIRA MLS as Distributed by MLS Grid
• 2025-10-08 Listed $35,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-8.7%/yr

Latest (2024): $243 · +46.8% YoY. Source: county tax records.