4701 Connecticut St · Gary, IN 46409

$110,000

2 bd · 1.0 ba · 1,488 sqft · SingleFamily public records · 28 Days on market

Built 1929 5,166 sqft lot $74/sqft · 29% above area Est $85k · 29% 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 +26.8/30.0
• DSCR +9.2/10.0
• 1% rule +7.2/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Appreciation +3.0/10.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0

Listing remarks

Appraised at 139k. Charming 3-bedroom, 2-bath home offering over 1,450 sq. ft. of comfortable living space. Enjoy recessed lighting throughout, shining onto waterproof vinyl in the living room and kitchen. The primary suite features a private ensuite with matching marble shower and flooring. Upstairs awaits another cozy bedroom with an additional bonus room perfect for storing. Nestle within is a second bathroom that also showcases marble flooring. Situated on a corner lot, this property boasts a huge yard and an attached, oversized 1-car garage with extra storage. Move-in ready, perfect starter home, down-sizing, or opportunity for immediate cashflow!

Key facts

• 5,166 sq ft lot
• Garage
• Built 1929

Property features AI

Exterior

• Parking: Attached garage; Heated garage; Oversized parking; Off-street parking; On-street parking; 1.5 garage spaces
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; 100 Amp electric service
• Home design: Two-story home; Built in 1929
• Construction: Vinyl siding; Shingle roof; Crawl space foundation
• Exterior features: Patio; Storage; Neighborhood view; Wood window frames; Smoke detectors

Interior

• Kitchen: Microwave
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bonus room
• Flooring: Carpet; Vinyl; Tile
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Open floorplan; Microwave
• Laundry & utility: Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $108k (1.5% 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 (+4.8%/yr); 76 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 36% of the median local income ($45k/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 $761 of loan paydown is wiped out by about $3k 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 + 4.8% rent growth), your $31k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $25k; list at $110k implies a 341% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,350 (1.5% below list)

Questions for the listing agent

1. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.22% ✓
• Cap rate: 9.59%
• Cash-on-cash: 11.79%
• DSCR: 1.52
• GRM: 6.8

CMA / ARV

• ARV (median comp): $85,431
• List price: $110,000
• Delta: 28.76%
• 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
4688 Delaware St	0.09mi	3/2.0 (+1)	1,561 (+5%)	0mo	$168,000	$108	78
226 W 45th Ave	0.43mi	2/1.0	1,456 (-2%)	6mo	$119,000	$82	72
4821-29 Vermont Pl	0.55mi	2/1.0	1,510 (+2%)	3mo	$12,000	$8	70
345 W 47th Ave	0.39mi	3/2.0 (+1)	1,459 (-2%)	2mo	$166,000	$114	67
4421 Pennsylvania St	0.36mi	2/2.0	1,592 (+7%)	9mo	$155,000	$97	60
5066 Pennsylvania St	0.46mi	3/2.0 (+1)	1,560 (+5%)	5mo	$170,000	$109	58
4742 Van Buren St	0.61mi	3/1.5 (+1)	1,520 (+2%)	8mo	$175,000	$115	55
4256 Washington St	0.61mi	3/2.0 (+1)	1,520 (+2%)	6mo	$207,500	$137	54
4471 Massachusetts St	0.31mi	3/2.0 (+1)	1,686 (+13%)	1mo	$131,000	$78	53
4327 Vermont Ct	0.69mi	3/1.0 (+1)	1,567 (+5%)	1mo	$123,600	$79	53
1011 E 47th Pl	0.52mi	2/1.0	1,300 (-13%)	4mo	$10,000	$8	52
407 E 43rd Ave	0.51mi	3/2.0 (+1)	1,636 (+10%)	0mo	$11,000	$7	50

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 · 4.85% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $4,024
• Equity at exit: $16,401

10-year hold

• IRR: 14.6%
• Equity multiple: 2.28×
• Total profit: $39,280
• Equity at exit: $9,511

Cash invested: $30,800 (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 46409

• Home prices YoY: -2.0%
• Rents YoY: 4.8%
• Active inventory: 76
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,345 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $303

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 72%

Sensitivity live

Price	-10% $379	-5% $341	+0% $303	+5% $265	+10% $227
Rent	-10% $196	-5% $250	+0% $303	+5% $356	+10% $409
Rate	-1.0pp $358	-0.5pp $331	base $303	+0.5pp $274	+1.0pp $245

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4816 Massachusetts St Gary, IN	3.0	1.0	1024	$1,350	$1.32	16d	1	0.19mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	4d	1	0.32mi
4430 Broadway Gary, IN	3.0	1.0	1200	$1,250	$1.04	0d	1	0.39mi
5001 Carolina St Gary, IN	3.0	1.0	875	$1,350	$1.54	3d	1	0.48mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	0d	1	0.50mi
4416 Vermont Ct Gary, IN	3.0	1.0	1162	$1,350	$1.16	45d	1	0.59mi
4905 Kentucky St Unit 4901 Gary, IN	3.0	1.0	950	$1,525	$1.61	25d	1	0.60mi
5026 Kentucky St Gary, IN	3.0	1.0	1200	$1,100	$0.92	7d	1	0.66mi
4767 Harrison St Gary, IN	3.0	1.0	1664	$1,500	$0.90	3d	1	0.66mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	20d	1	0.67mi
4208 Jackson St Gary, IN	3.0	1.0	1411	$1,350	$0.96	45d	1	0.84mi
4364 Buchanan St Gary, IN	3.0	1.0	900	$1,400	$1.56	0d	1	1.09mi
1240 W 52nd Dr Merrillville, IN	2.0	1.0–2.0	952	$1,411	$1.48	0d	7	1.12mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	0d	1	1.15mi
4040 Fillmore St Gary, IN	2.0	1.0	1000	$1,000	$1.00	11d	1	1.21mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	3d	1	1.43mi
5719 Van Buren St Merrillville, IN	3.0	2.0	950	$1,500	$1.58	23d	1	1.45mi
5850 Pennsylvania St Merrillville, IN	1.0–2.0	1.0	826	$1,195	$1.45	0d	4	1.47mi

Listing history 18 events

1. 2026-06-13
   statusdays on market $110,000 Pending 28 DOM
2. 2026-06-09
   days on market $110,000 Active 25 DOM
3. 2026-06-08
   days on market $110,000 Active 24 DOM
4. 2026-06-07
   days on market $110,000 Active 23 DOM
5. 2026-06-04
   days on market $110,000 Active 20 DOM
6. 2026-06-03
   days on market $110,000 Active 19 DOM
7. 2026-06-02
   days on market $110,000 Active 18 DOM
8. 2026-06-01
   days on market $110,000 Active 17 DOM
9. 2026-05-31
   days on market $110,000 Active 16 DOM
10. 2026-05-15
    listed $110,000 Active 660-char remark
11. 2026-03-23
    historical
12. 2026-02-23
    price $110,000
13. 2026-02-19
    price $120,000
14. 2026-02-05
    listed $135,000 Active
15. 2025-09-16
    historical
16. 2025-09-07
    price $145,000
17. 2025-08-28
    listed $155,000 Active
18. 2023-04-05
    soldstatus $24,950

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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: $16,145
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,292
• − Management: −$1,292
• − Depreciation: −$3,200
• Taxable income: $2,000
• Est. tax owed @ 24.0%: −$480
• After-tax cash flow: $3,152/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): 7,184
• Household income: $44,667
• Rent vs Own: 55.5% rent · 44.5% own
• Severe rent burden: 516.0

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 (68%)
• Race & ethnicity: Black 68% Two or more races 17% Hispanic / Latino 14% White 11%
• Hispanic origin (detail): Mexican 8% Puerto Rican 5%
• Common ancestry: Iranian 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 6%

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: ▼ -3.91%
• Current HPI: 190.6724
• Rent YoY: ▲ 4.85%
• 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

+340.9% since first listed

10 events — show timeline

• 2026-06-12 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-15 Listed $110,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-23 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-02-23 Price Changed $110,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-19 Price Changed $120,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-05 Listed $135,000 NIRA MLS as Distributed by MLS Grid
• 2025-09-16 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-09-07 Price Changed $145,000 NIRA MLS as Distributed by MLS Grid
• 2025-08-28 Listed $155,000 NIRA MLS as Distributed by MLS Grid
• 2023-04-05 Sold (Public Records) $24,950 Public Records

Property tax history

+9.5%/yr

Latest (2019): $138 · +1.1% YoY. Source: county tax records.