5207 W 4th Pl · Gary, IN 46406

$115,000

2 bd · 1.0 ba · 1,000 sqft · SingleFamily public records · 78 Days on market

Built 1952 6,969 sqft lot $115/sqft · 93% above area

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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 +26.6/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• 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

Listing remarks MLS

Completely remodeled 3 bed, 1 bath home located less than two miles from I 90/I 94 and the Hard Rock Casino. The kitchen is new with shaker-style cabinetry and quartz counters; luxury vinyl plank flooring flows through the main living areas. Appliances are all newer including range, microwave, refrigerator, and dishwasher, and the home also includes a newer washer and dryer. Mechanical updates include a furnace, central air, and water heater. The kitchen, laundry room, and bathroom feature ceramic tile, and the bathroom has been recently fully renovated. Most interior doors and the majority of windows have been recently replaced; the roof is newer and the electrical system has been updated. This owner is offering all 8 income generating properties in their portfolio as a single package deal, creating a rare chance to acquire immediate cash flow, established tenants, and builtin scale from day one. Perfect for investors looking to expand rapidly, streamline management, or secure a high performing rental portfolio in one transaction. This property does not have to be sold as a package it can be sold as a single sale. Schedule your showing today!

Key facts

• Quartz counters
• New kitchen
• Newer appliances

Tags

• REMODELED HOME
• NEW KITCHEN
• SHAKER-STYLE CABINETRY
• QUARTZ COUNTERS
• LUXURY VINYL PLANK FLOORING
• NEWER APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.

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; 2 comparable units currently listed for rent nearby; 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 ($795 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 $32k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y ago; this cycle's ask has dropped $24k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — 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. 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: 1.13% ✓
• Cap rate: 9.49%
• Cash-on-cash: 11.42%
• DSCR: 1.51
• GRM: 7.4

CMA / ARV

• ARV (median comp): $59,478
• List price: $115,000
• Delta: 93.35%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
395 Matthews St	0.23mi	2/1.0	966 (-3%)	9mo	$40,000	$41	76
738 Mount St	0.34mi	2/1.0	967 (-3%)	8mo	$95,000	$98	72
809 Clinton St	0.44mi	3/1.0 (+1)	1,008 (+1%)	3mo	$28,000	$28	70
714 Ralston St	0.30mi	2/1.0	938 (-6%)	13mo	$26,000	$28	65
286 Gerry St	0.35mi	3/1.0 (+1)	1,023 (+2%)	12mo	$40,000	$39	65
4838 W 6th Ave	0.27mi	2/1.0	1,134 (+13%)	6mo	$130,000	$115	60
771 Durbin St	0.38mi	2/1.5	864 (-14%)	2mo	$65,000	$75	56
160 Clark Rd	0.44mi	2/1.5	1,089 (+9%)	11mo	$15,000	$14	54
308 Hamlin St	0.60mi	3/1.5 (+1)	1,015 (+2%)	11mo	$125,000	$123	53
565 Porter St	0.36mi	3/1.0 (+1)	912 (-9%)	13mo	$80,000	$88	53
5035 W 9th Ave	0.54mi	3/1.0 (+1)	925 (-8%)	14mo	$82,500	$89	46
1075 Mount St	0.75mi	3/1.0 (+1)	884 (-12%)	2mo	$70,000	$79	39

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: 13.9%
• Equity multiple: 1.72×
• Total profit: $23,104
• Equity at exit: $40,805

10-year hold

• IRR: 17.2%
• Equity multiple: 3.13×
• Total profit: $68,565
• Equity at exit: $55,443

Cash invested: $32,200 (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 46406

• Home prices YoY: 0.9%
• Active inventory: 54
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,303 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$72 /mo · $860/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $307

Break-even live

Break-even rent $915

Max offer price $115,000

Occupancy floor 71%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	0.36mi
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	1d	1	0.73mi

Listing history 29 events

1. 2026-06-18
   days on market $115,000 Active 78 DOM
2. 2026-06-17
   days on market $115,000 Active 77 DOM
3. 2026-06-16
   days on market $115,000 Active 76 DOM
4. 2026-06-15
   days on market $115,000 Active 75 DOM
5. 2026-06-13
   days on market $115,000 Active 73 DOM
6. 2026-06-13
   days on market $115,000 Active 72 DOM
7. 2026-06-10
   price $115,000 Active 69 DOM
8. 2026-06-09
   days on market $124,900 Active 69 DOM
9. 2026-06-08
   days on market $124,900 Active 68 DOM
10. 2026-06-07
    pricedays on market $124,900 Active 67 DOM
11. 2026-06-04
    days on market $139,500 Active 64 DOM
12. 2026-06-03
    days on market $139,500 Active 63 DOM
13. 2026-06-02
    days on market $139,500 Active 62 DOM
14. 2026-06-01
    days on market $139,500 Active 61 DOM
15. 2026-05-31
    days on market $139,500 Active 60 DOM
16. 2026-04-01
    listed $139,500 Active 1161-char remark

    Show marketing remark (1161 chars)

    Completely remodeled 3 bed, 1 bath home located less than two miles from I 90/I 94 and the Hard Rock Casino. The kitchen is new with shaker-style cabinetry and quartz counters; luxury vinyl plank flooring flows through the main living areas. Appliances are all newer including range, microwave, refrigerator, and dishwasher, and the home also includes a newer washer and dryer. Mechanical updates include a furnace, central air, and water heater. The kitchen, laundry room, and bathroom feature ceramic tile, and the bathroom has been recently fully renovated. Most interior doors and the majority of windows have been recently replaced; the roof is newer and the electrical system has been updated. This owner is offering all 8 income generating properties in their portfolio as a single package deal, creating a rare chance to acquire immediate cash flow, established tenants, and builtin scale from day one. Perfect for investors looking to expand rapidly, streamline management, or secure a high performing rental portfolio in one transaction. This property does not have to be sold as a package it can be sold as a single sale. Schedule your showing today!

17. 2025-06-02
    soldstatus $115,000 Closed 497-char remark

    Show marketing remark (497 chars)

    Fully renovated 3 bedroom 1 bath home within less than 2 miles from two major highways(90,94) and Hard Rock Casino. BRAND NEW kitchen cabinets, quartz countertop, luxury vinyl flooring, stove range, microwave, fridge, dishwasher, washer and dryer, furnace, central AC unit, water heater. Ceramic tile throughout the kitchen, laundry room and bathroom. Completely renovated bathroom. New doors, and most of the windows in the house it has been replaced recently. Newer roof and updated electrical.

18. 2025-05-06
    status Pending 497-char remark

    Show marketing remark (497 chars)

    Fully renovated 3 bedroom 1 bath home within less than 2 miles from two major highways(90,94) and Hard Rock Casino. BRAND NEW kitchen cabinets, quartz countertop, luxury vinyl flooring, stove range, microwave, fridge, dishwasher, washer and dryer, furnace, central AC unit, water heater. Ceramic tile throughout the kitchen, laundry room and bathroom. Completely renovated bathroom. New doors, and most of the windows in the house it has been replaced recently. Newer roof and updated electrical.

19. 2025-04-13
    price $129,000 497-char remark

    Show marketing remark (497 chars)

    Fully renovated 3 bedroom 1 bath home within less than 2 miles from two major highways(90,94) and Hard Rock Casino. BRAND NEW kitchen cabinets, quartz countertop, luxury vinyl flooring, stove range, microwave, fridge, dishwasher, washer and dryer, furnace, central AC unit, water heater. Ceramic tile throughout the kitchen, laundry room and bathroom. Completely renovated bathroom. New doors, and most of the windows in the house it has been replaced recently. Newer roof and updated electrical.

20. 2025-03-20
    price $134,900 497-char remark

    Show marketing remark (497 chars)

    Fully renovated 3 bedroom 1 bath home within less than 2 miles from two major highways(90,94) and Hard Rock Casino. BRAND NEW kitchen cabinets, quartz countertop, luxury vinyl flooring, stove range, microwave, fridge, dishwasher, washer and dryer, furnace, central AC unit, water heater. Ceramic tile throughout the kitchen, laundry room and bathroom. Completely renovated bathroom. New doors, and most of the windows in the house it has been replaced recently. Newer roof and updated electrical.

21. 2025-03-19
    status Active 497-char remark

    Show marketing remark (497 chars)

    Fully renovated 3 bedroom 1 bath home within less than 2 miles from two major highways(90,94) and Hard Rock Casino. BRAND NEW kitchen cabinets, quartz countertop, luxury vinyl flooring, stove range, microwave, fridge, dishwasher, washer and dryer, furnace, central AC unit, water heater. Ceramic tile throughout the kitchen, laundry room and bathroom. Completely renovated bathroom. New doors, and most of the windows in the house it has been replaced recently. Newer roof and updated electrical.

22. 2025-03-11
    status Pending 497-char remark

    Show marketing remark (497 chars)

    Fully renovated 3 bedroom 1 bath home within less than 2 miles from two major highways(90,94) and Hard Rock Casino. BRAND NEW kitchen cabinets, quartz countertop, luxury vinyl flooring, stove range, microwave, fridge, dishwasher, washer and dryer, furnace, central AC unit, water heater. Ceramic tile throughout the kitchen, laundry room and bathroom. Completely renovated bathroom. New doors, and most of the windows in the house it has been replaced recently. Newer roof and updated electrical.

23. 2025-02-27
    price $139,500 497-char remark

    Show marketing remark (497 chars)

    Fully renovated 3 bedroom 1 bath home within less than 2 miles from two major highways(90,94) and Hard Rock Casino. BRAND NEW kitchen cabinets, quartz countertop, luxury vinyl flooring, stove range, microwave, fridge, dishwasher, washer and dryer, furnace, central AC unit, water heater. Ceramic tile throughout the kitchen, laundry room and bathroom. Completely renovated bathroom. New doors, and most of the windows in the house it has been replaced recently. Newer roof and updated electrical.

24. 2025-02-12
    listed $145,000 Active 497-char remark

    Show marketing remark (497 chars)

    Fully renovated 3 bedroom 1 bath home within less than 2 miles from two major highways(90,94) and Hard Rock Casino. BRAND NEW kitchen cabinets, quartz countertop, luxury vinyl flooring, stove range, microwave, fridge, dishwasher, washer and dryer, furnace, central AC unit, water heater. Ceramic tile throughout the kitchen, laundry room and bathroom. Completely renovated bathroom. New doors, and most of the windows in the house it has been replaced recently. Newer roof and updated electrical.

25. 2024-11-18
    soldstatus $53,000 Closed
26. 2024-11-07
    status Pending
27. 2024-10-29
    listed $70,000 Active
28. 2012-12-17
    soldstatus $6,000
29. 2012-10-02
    listed $7,450

ⓘ 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: $860 · $72/mo
• Projected year-2 tax: $919 · $77/mo
• Expected delta: +$59/yr (+$5/mo · 6.8%)

ⓘ 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 ≥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: $15,634
• − Mortgage interest: −$6,442
• − Property taxes: −$860
• − Insurance: −$575
• − Repairs & maintenance: −$1,251
• − Management: −$1,251
• − Depreciation: −$3,345
• Taxable income: $1,910
• Est. tax owed @ 24.0%: −$458
• After-tax cash flow: $3,220/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

+1772.5% since first listed

14 events — show timeline

• 2026-04-01 Listed $139,500 NIRA MLS as Distributed by MLS Grid
• 2025-06-02 Sold (MLS) $115,000 NIRA MLS as Distributed by MLS Grid
• 2025-05-06 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-04-13 Price Changed $129,000 NIRA MLS as Distributed by MLS Grid
• 2025-03-20 Price Changed $134,900 NIRA MLS as Distributed by MLS Grid
• 2025-03-19 Relisted — NIRA MLS as Distributed by MLS Grid
• 2025-03-11 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-02-27 Price Changed $139,500 NIRA MLS as Distributed by MLS Grid
• 2025-02-12 Listed $145,000 NIRA MLS as Distributed by MLS Grid
• 2024-11-18 Sold (MLS) $53,000 NIRA MLS as Distributed by MLS Grid
• 2024-11-07 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-10-29 Listed $70,000 NIRA MLS as Distributed by MLS Grid
• 2012-12-17 Sold (MLS) $6,000 NIRA MLS as Distributed by MLS Grid
• 2012-10-02 Listed $7,450 NIRA MLS as Distributed by MLS Grid

Property tax history

-8.6%/yr

Latest (2024): $860 · +4.7% YoY. Source: county tax records.