2003 Wright St · Gary, IN 46404

$119,900

3 bd · 1.0 ba · 1,480 sqft · SingleFamily public records · 78 Days on market

Built 1955 5,227 sqft lot $81/sqft · 17% below area Est $137k · 12% under ↓ 3% since listing

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Why this score? — see what drove the B 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
• ARV discount +13.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home is beautifully updated and well-maintained 4-bedroom, 1.5-bath ranch-style home. This inviting home features a spacious living room, formal dining area, recreation space, and a fenced backyard. Recent upgrades include stylish light fixtures, a modern backsplash, and updated mirrors and vanities in both bathrooms. A private driveway adds convenience, while the prime location offers quick access to major highways, dining, and entertainment. Do not miss out on this ideal blend of comfort, convenience, and opportunity! 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 built in 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

• Updated mirrors
• Private driveway
• Updated vanities

Tags

• FENCED BACKYARD
• PRIVATE DRIVEWAY
• MODERN BACKSPLASH
• STYLISH LIGHT FIXTURES
• UPDATED MIRRORS
• UPDATED VANITIES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $449 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $113k (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: Rents rising fast (+11.6%/yr); 67 active listings in the ZIP; 11 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).
• This rent runs 44% of the median local income ($42k/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 $829 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $40k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,706 (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 1955 — 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: 1.30% ✓
• Cap rate: 10.79%
• Cash-on-cash: 16.06%
• DSCR: 1.71
• GRM: 6.4

CMA / ARV

• ARV (median comp): $136,571
• List price: $119,900
• Delta: -12.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4252 W 21st Ave	0.24mi	3/2.0	1,406 (-5%)	1mo	$183,000	$130	76
1916 Wallace St	0.17mi	4/3.0 (+1)	1,450 (-2%)	3mo	$160,000	$110	74
1350 Morton St	0.47mi	3/1.0	1,506 (+2%)	3mo	$91,000	$60	73
1529 Hovey St	0.61mi	3/1.5	1,507 (+2%)	6mo	$140,000	$93	61
2232 Waite St	0.56mi	2/2.0 (-1)	1,533 (+4%)	6mo	$77,000	$50	54
1774 Noble St	0.25mi	4/2.5 (+1)	1,620 (+10%)	12mo	$232,500	$144	51
1166 Noble St	0.55mi	4/2.0 (+1)	1,604 (+8%)	2mo	$153,500	$96	50
1125 Wallace St	0.59mi	2/1.0 (-1)	1,326 (-10%)	2mo	$144,000	$109	48
4411 W 24th Pl	0.67mi	4/2.0 (+1)	1,408 (-5%)	12mo	$175,000	$124	42
2009 Chase St	0.56mi	3/2.0	1,260 (-15%)	9mo	$134,000	$106	38
1363 Clark Rd	0.56mi	2/1.0 (-1)	1,261 (-15%)	13mo	$127,000	$101	34
4429 W 13th Ave	0.57mi	2/3.0 (-1)	1,700 (+15%)	3mo	$71,999	$42	33

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 12.3%
• Equity multiple: 1.52×
• Total profit: $17,387
• Equity at exit: $17,877

10-year hold

• IRR: 24.8%
• Equity multiple: 3.66×
• Total profit: $89,335
• Equity at exit: $10,367

Cash invested: $33,572 (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 46404

• Home prices YoY: -4.8%
• Rents YoY: 11.6%
• Active inventory: 67
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,554 high
• Mortgage (P&I): −$629
• Tax from tax record: −$100 /mo · $1,199/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $449

Break-even live

Break-even rent $986

Max offer price $119,900

Occupancy floor 66%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4061 W 20th Pl Gary, IN	3.0	1.0	925	$1,450	$1.57	1d	1	0.13mi
4232 W 20th Ave Gary, IN	4.0	1.0	925	$1,395	$1.51	21d	1	0.20mi
4263 W 22nd Pl Gary, IN	4.0	1.0	950	$1,295	$1.36	1d	1	0.39mi
4300 W 22nd Pl Gary, IN	3.0	1.0	977	$1,395	$1.43	2d	1	0.40mi
4328 W 22nd Plz Gary, IN	3.0	1.0	950	$1,300	$1.37	3d	1	0.44mi
4429 W 13th Ave Gary, IN	4.0	2.0	1700	$1,950	$1.15	7d	1	0.56mi
1368 Waite St Gary, IN	3.0	2.0	1696	$1,800	$1.06	1d	1	0.59mi
1348 Waite St Gary, IN	4.0	2.0	1776	$1,850	$1.04	1d	1	0.61mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	1d	1	0.68mi
2157 Marshall Pl Gary, IN	3.0	1.5	1650	$1,295	$0.78	44d	1	0.78mi
1125 Dallas St Gary, IN	2.0	2.5	1872	$2,200	$1.18	1d	1	1.34mi

Listing history 22 events

1. 2026-06-18
   days on market $119,900 Active 78 DOM
2. 2026-06-17
   days on market $119,900 Active 77 DOM
3. 2026-06-16
   days on market $119,900 Active 76 DOM
4. 2026-06-15
   days on market $119,900 Active 75 DOM
5. 2026-06-13
   days on market $119,900 Active 73 DOM
6. 2026-06-13
   days on market $119,900 Active 72 DOM
7. 2026-06-10
   price $119,900 Active 69 DOM
8. 2026-06-09
   days on market $132,000 Active 69 DOM
9. 2026-06-08
   days on market $132,000 Active 68 DOM
10. 2026-06-07
    pricedays on market $132,000 Active 67 DOM
11. 2026-06-04
    days on market $159,500 Active 64 DOM
12. 2026-06-03
    days on market $159,500 Active 63 DOM
13. 2026-06-02
    days on market $159,500 Active 62 DOM
14. 2026-06-01
    days on market $159,500 Active 61 DOM
15. 2026-05-31
    days on market $159,500 Active 60 DOM
16. 2026-04-01
    listed $159,500 Active 993-char remark

    Show marketing remark (993 chars)

    This home is beautifully updated and well-maintained 4-bedroom, 1.5-bath ranch-style home. This inviting home features a spacious living room, formal dining area, recreation space, and a fenced backyard. Recent upgrades include stylish light fixtures, a modern backsplash, and updated mirrors and vanities in both bathrooms. A private driveway adds convenience, while the prime location offers quick access to major highways, dining, and entertainment. Do not miss out on this ideal blend of comfort, convenience, and opportunity! 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 built in 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. 2025-03-04
    soldstatus $120,000 Closed 1152-char remark

    Show marketing remark (1152 chars)

    Welcome to 2003 Wright Street in Gary, Indiana--a beautifully updated and well-maintained four-bedroom, one-and-a-half-bath ranch-style home perfect for first-time buyers, one-level living enthusiasts, or investors seeking a turnkey addition to their portfolio. This inviting home features a spacious living room, formal dining area, a recreation space, and a fenced backyard. Recent upgrades include stylish light fixtures, a modern backsplash, and updated mirrors and vanities in both bathrooms. A private driveway adds convenience, while the prime location offers quick access to major highways, dining, and entertainment. Previously rented for $1,500 per month, this property has proven rental potential, making it a smart investment opportunity. Plus, it qualifies for the City of Gary's Down Payment Assistance Program and may align with additional grants from the state and other financial institutions. With a motivated seller ready to make your dream of homeownership a reality, don't miss out on this ideal blend of comfort, convenience, and opportunity! Schedule your showing today and experience easy, elevated living at 2003 Wright Street.

18. 2025-01-30
    status Pending 1152-char remark

    Show marketing remark (1152 chars)

    Welcome to 2003 Wright Street in Gary, Indiana--a beautifully updated and well-maintained four-bedroom, one-and-a-half-bath ranch-style home perfect for first-time buyers, one-level living enthusiasts, or investors seeking a turnkey addition to their portfolio. This inviting home features a spacious living room, formal dining area, a recreation space, and a fenced backyard. Recent upgrades include stylish light fixtures, a modern backsplash, and updated mirrors and vanities in both bathrooms. A private driveway adds convenience, while the prime location offers quick access to major highways, dining, and entertainment. Previously rented for $1,500 per month, this property has proven rental potential, making it a smart investment opportunity. Plus, it qualifies for the City of Gary's Down Payment Assistance Program and may align with additional grants from the state and other financial institutions. With a motivated seller ready to make your dream of homeownership a reality, don't miss out on this ideal blend of comfort, convenience, and opportunity! Schedule your showing today and experience easy, elevated living at 2003 Wright Street.

19. 2025-01-08
    price $135,000 1152-char remark

    Show marketing remark (1152 chars)

    Welcome to 2003 Wright Street in Gary, Indiana--a beautifully updated and well-maintained four-bedroom, one-and-a-half-bath ranch-style home perfect for first-time buyers, one-level living enthusiasts, or investors seeking a turnkey addition to their portfolio. This inviting home features a spacious living room, formal dining area, a recreation space, and a fenced backyard. Recent upgrades include stylish light fixtures, a modern backsplash, and updated mirrors and vanities in both bathrooms. A private driveway adds convenience, while the prime location offers quick access to major highways, dining, and entertainment. Previously rented for $1,500 per month, this property has proven rental potential, making it a smart investment opportunity. Plus, it qualifies for the City of Gary's Down Payment Assistance Program and may align with additional grants from the state and other financial institutions. With a motivated seller ready to make your dream of homeownership a reality, don't miss out on this ideal blend of comfort, convenience, and opportunity! Schedule your showing today and experience easy, elevated living at 2003 Wright Street.

20. 2024-12-04
    price $146,500 1152-char remark

    Show marketing remark (1152 chars)

    Welcome to 2003 Wright Street in Gary, Indiana--a beautifully updated and well-maintained four-bedroom, one-and-a-half-bath ranch-style home perfect for first-time buyers, one-level living enthusiasts, or investors seeking a turnkey addition to their portfolio. This inviting home features a spacious living room, formal dining area, a recreation space, and a fenced backyard. Recent upgrades include stylish light fixtures, a modern backsplash, and updated mirrors and vanities in both bathrooms. A private driveway adds convenience, while the prime location offers quick access to major highways, dining, and entertainment. Previously rented for $1,500 per month, this property has proven rental potential, making it a smart investment opportunity. Plus, it qualifies for the City of Gary's Down Payment Assistance Program and may align with additional grants from the state and other financial institutions. With a motivated seller ready to make your dream of homeownership a reality, don't miss out on this ideal blend of comfort, convenience, and opportunity! Schedule your showing today and experience easy, elevated living at 2003 Wright Street.

21. 2024-11-12
    price $155,000 1152-char remark

    Show marketing remark (1152 chars)

    Welcome to 2003 Wright Street in Gary, Indiana--a beautifully updated and well-maintained four-bedroom, one-and-a-half-bath ranch-style home perfect for first-time buyers, one-level living enthusiasts, or investors seeking a turnkey addition to their portfolio. This inviting home features a spacious living room, formal dining area, a recreation space, and a fenced backyard. Recent upgrades include stylish light fixtures, a modern backsplash, and updated mirrors and vanities in both bathrooms. A private driveway adds convenience, while the prime location offers quick access to major highways, dining, and entertainment. Previously rented for $1,500 per month, this property has proven rental potential, making it a smart investment opportunity. Plus, it qualifies for the City of Gary's Down Payment Assistance Program and may align with additional grants from the state and other financial institutions. With a motivated seller ready to make your dream of homeownership a reality, don't miss out on this ideal blend of comfort, convenience, and opportunity! Schedule your showing today and experience easy, elevated living at 2003 Wright Street.

22. 2024-10-24
    listed $165,000 Active 1152-char remark

    Show marketing remark (1152 chars)

    Welcome to 2003 Wright Street in Gary, Indiana--a beautifully updated and well-maintained four-bedroom, one-and-a-half-bath ranch-style home perfect for first-time buyers, one-level living enthusiasts, or investors seeking a turnkey addition to their portfolio. This inviting home features a spacious living room, formal dining area, a recreation space, and a fenced backyard. Recent upgrades include stylish light fixtures, a modern backsplash, and updated mirrors and vanities in both bathrooms. A private driveway adds convenience, while the prime location offers quick access to major highways, dining, and entertainment. Previously rented for $1,500 per month, this property has proven rental potential, making it a smart investment opportunity. Plus, it qualifies for the City of Gary's Down Payment Assistance Program and may align with additional grants from the state and other financial institutions. With a motivated seller ready to make your dream of homeownership a reality, don't miss out on this ideal blend of comfort, convenience, and opportunity! Schedule your showing today and experience easy, elevated living at 2003 Wright Street.

ⓘ 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: $1,199 · $100/mo
• Projected year-2 tax: $1,199 · $100/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 1/10 Low FEMA zone X (unshaded) · 0% 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 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: $18,651
• − Mortgage interest: −$6,716
• − Property taxes: −$1,199
• − Insurance: −$600
• − Repairs & maintenance: −$1,492
• − Management: −$1,492
• − Depreciation: −$3,488
• Taxable income: $3,664
• Est. tax owed @ 24.0%: −$879
• After-tax cash flow: $4,511/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): 15,428
• Household income: $42,256
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 800.0

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 (90%)
• Race & ethnicity: Black 90% Two or more races 5% Hispanic / Latino 5% White 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -12.76%
• Current HPI: 252.6463
• Rent YoY: ▲ 11.62%
• 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

-3.3% since first listed

7 events — show timeline

• 2026-04-01 Listed $159,500 NIRA MLS as Distributed by MLS Grid
• 2025-03-04 Sold (MLS) $120,000 NIRA MLS as Distributed by MLS Grid
• 2025-01-30 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-01-08 Price Changed $135,000 NIRA MLS as Distributed by MLS Grid
• 2024-12-04 Price Changed $146,500 NIRA MLS as Distributed by MLS Grid
• 2024-11-12 Price Changed $155,000 NIRA MLS as Distributed by MLS Grid
• 2024-10-24 Listed $165,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-3.2%/yr

Latest (2024): $1,199 · +7.8% YoY. Source: county tax records.