1220 W 41st Ave · Gary, IN 46408

$219,900

2 bd · 3.0 ba · 2,150 sqft · MultiFamily public records · 7 Days on market

Built 1927 4,792 sqft lot

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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 +17.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• 1% rule +4.3/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

GREAT INVESTMENT PROPERTY! Long time Owner has decided to sell and its Available to a New Owner! Property has been so well Maintained. Upper level has a long term tenant and is in great condition. Main Level has 2 Bedrooms, Large Living room with Fireplace (Decorative), Formal Dining room and Kitchen. Appliance stay on Main unit. Finished Basement with Egress windows. Fenced yard, 2 Car Garage. Low Taxes! Don't Miss This Great Opportunity!

Key facts

• Recently renovated
• 4,792 sq ft lot
• 2 garage spots

Tags

• RECENTLY RENOVATED
• PROFESSIONALLY MANAGED

Property features AI

Exterior

• Parking: Alley access and on-street parking; Detached garage with 2 garage spaces
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Two-story building; Originally built in 1927
• Construction: Has a finished basement (daylight, walk-out access)
• Exterior features: Neighborhood view; Smoke detector(s)

Interior

• Kitchen: Gas range; Range hood; Refrigerator
• Bedrooms: Three-unit building with 1 efficiency, 1 one-bedroom unit and 1 two-bedroom unit
• Flooring: Carpet; Vinyl; Hardwood
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Central heating; No central cooling
• Interior features: Granite counters; Living room fireplace (1)
• Laundry & utility: Basement with daylight, walk-out access and finished space

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/?-bath units multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $163 ($2k/yr) — positive. Per door: $81/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (6.6% below list).
• Recommended offer: $205k (6.6% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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: 102 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,054/mo this rent would consume 52% of the median local household income ($47k/yr) (locally 619% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 5y 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 $100k; list at $220k implies a 120% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $205,400 (6.6% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1927 — 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 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: 0.93% ✗
• Cap rate: 7.18%
• Cash-on-cash: 3.17%
• DSCR: 1.14
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -11.3%
• Equity multiple: 0.59×
• Total profit: $-25,272
• Equity at exit: $32,788

10-year hold

• IRR: -2.1%
• Equity multiple: 0.86×
• Total profit: $-8,681
• Equity at exit: $19,013

Cash invested: $61,572 (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 46408

• Home prices YoY: -31.6%
• Active inventory: 102
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $2,054 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$215 /mo · $2,581/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $163

Break-even live

Break-even rent $1,848

Max offer price $219,900

Occupancy floor 87%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	—	$2,054
Total (2 units)			$2,054

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4208 Jackson St Gary, IN	3.0	1.0	1411	$1,350	$0.96	44d	1	0.39mi
3612 Van Buren St Gary, IN	3.0	1.0	1534	$1,600	$1.04	1d	1	0.67mi
4767 Harrison St Gary, IN	3.0	1.0	1664	$1,500	$0.90	1d	1	0.89mi
4772 Jefferson St Gary, IN	3.0	2.0	1956	$1,595	$0.82	18d	1	1.02mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	1d	1	1.11mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	10d	1	1.11mi

Listing history 7 events

1. 2026-06-18
   days on market $219,900 Active 7 DOM
2. 2026-06-17
   days on market $219,900 Active 6 DOM
3. 2026-06-16
   days on market $219,900 Active 5 DOM
4. 2026-06-15
   days on market $219,900 Active 4 DOM
5. 2026-06-13
   days on market $219,900 Active 2 DOM
6. 2026-06-13
   remarks 210-char remark
7. 2026-06-13
   listed $219,900 Active 1 DOM

ⓘ 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: $2,581 · $215/mo
• Projected year-2 tax: $2,581 · $215/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 5/10 Major FEMA zone X (unshaded) · 66% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,648
• − Mortgage interest: −$12,318
• − Property taxes: −$2,581
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,972
• − Management: −$1,972
• − Depreciation: −$6,397
• Taxable loss: −$1,691
• Est. tax savings @ 24.0%: +$406
• After-tax cash flow: $2,359/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): 15,747
• Household income: $47,453
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 619.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 41% White 32% Hispanic / Latino 22% Two or more races 12%
• Hispanic origin (detail): Mexican 14% Puerto Rican 7%
• Common ancestry: Romanian 5% Iranian 1% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 87% English-only · Spanish 12% Chinese 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: ▼ -72.08%
• Current HPI: 155.6238
• 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

+120.1% since first listed

13 events — show timeline

• 2026-06-11 Listed $219,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-26 Rental Removed $695 RENTALBEAST
• 2026-04-27 Listed for Rent $695 RENTALBEAST
• 2026-04-25 Price Changed $795 RENTALBEAST
• 2026-03-13 Listed for Rent $695 RENTALBEAST
• 2024-11-10 Rental Removed $695 LEASESTAR
• 2024-11-05 Listed for Rent $695 LEASESTAR
• 2024-04-14 Rental Removed — BUILDIUM
• 2024-03-16 Listed for Rent — BUILDIUM
• 2023-12-29 Rental Removed — BUILDIUM
• 2023-11-04 Listed for Rent — BUILDIUM
• 2021-08-31 Sold (MLS) $99,900 NIRA MLS as Distributed by MLS Grid
• 2021-08-10 Listed $99,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-1.7%/yr

Latest (2024): $2,581 · +78.0% YoY. Source: county tax records.