809 Pierce St · Gary, IN 46402

$65,500

4 bd · 1.0 ba · 1,344 sqft · SingleFamily public records · 34 Days on market

Built 1916 5,619 sqft lot $49/sqft · 50% above area Est $44k · 50% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

READY TO INVEST? Start here, nice 2 story on well maintained block! Ample space throughout, lots of light streaming in and spacious living/formal dining area. Tenants want to stay, no wait for income from your investment!

Key facts

• 5,619 sq ft lot
• Built 1916
• Listed 34 days

Property features AI

Finance

• Other: Lot size source: Assessor; Occupant status: Vacant
• Financial info: No investor or income/expense details provided
• HOA & community: No HOA information provided

Exterior

• Parking: No parking information provided
• Security: No security features listed
• Utilities: Electricity connected; Public water available; Public sewer connected; Natural gas available
• Home design: One and one-half story house; Built in 1916; Property listed as fixer condition
• Construction: Year built 1916
• Exterior features: Neighborhood view; Shingle roof

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Seven total rooms including living room, kitchen, dining room, primary bedroom and additional bedroom(s)
• Flooring: No flooring information provided
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; No cooling system
• Interior features: No specific interior features listed; Unfinished basement
• Laundry & utility: No laundry or utility appliances listed

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $66k.

Deal economics

• At list price, monthly cash flow is $736 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $66k).
• Recommended offer: $64k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.8% 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: 46 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).
• At $1,500/mo this rent would consume 54% of the median local household income ($34k/yr) (locally 336% 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 $453 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 27y ago; this cycle's ask has dropped $4k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $66k implies a 118% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,535 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.29% ✓
• Cap rate: 19.79%
• Cash-on-cash: 48.19%
• DSCR: 3.14
• GRM: 3.6

CMA / ARV

• ARV (median comp): $43,681
• List price: $65,500
• Delta: 49.95%
• 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
805 Buchanan St	0.06mi	3/2.0 (-1)	1,350 (+0%)	0mo	$100,000	$74	87
768 Tyler St	0.17mi	4/1.0	1,248 (-7%)	1mo	$22,000	$18	80
759 Grant St	0.26mi	3/1.0 (-1)	1,248 (-7%)	6mo	$100,000	$80	66
1123 Garfield St	0.54mi	3/1.0 (-1)	1,296 (-4%)	2mo	$14,900	$11	63
1361 Harrison Blvd	0.59mi	3/1.0 (-1)	1,293 (-4%)	1mo	$30,000	$23	60
441 Tyler St	0.49mi	3/1.0 (-1)	1,426 (+6%)	4mo	$20,000	$14	58
1313 Harrison St	0.54mi	3/1.0 (-1)	1,262 (-6%)	2mo	$35,000	$28	58
327 Buchanan St	0.61mi	3/2.0 (-1)	1,390 (+3%)	3mo	$180,000	$129	55
346 Richard Gordon Hatcher Blvd	0.63mi	3/2.0 (-1)	1,372 (+2%)	4mo	$80,000	$58	54
1148 Pierce St	0.36mi	3/1.0 (-1)	1,145 (-15%)	0mo	$13,000	$11	53
1620 Tyler St	0.71mi	3/1.0 (-1)	1,280 (-5%)	9mo	$17,500	$14	46
1524 Garfield St	0.72mi	3/1.0 (-1)	1,241 (-8%)	10mo	$20,000	$16	40

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 45.7%
• Equity multiple: 2.98×
• Total profit: $36,312
• Equity at exit: $9,766

10-year hold

• IRR: 51.5%
• Equity multiple: 6.02×
• Total profit: $92,101
• Equity at exit: $5,663

Cash invested: $18,340 (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 46402

• Home prices YoY: -2.8%
• Active inventory: 46
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,500 high
• Mortgage (P&I): −$343
• Tax from tax record: −$78 /mo · $936/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $736

Break-even live

Break-even rent $568

Max offer price $65,500

Occupancy floor 46%

Sensitivity live

Price	-10% $774	-5% $755	+0% $736	+5% $718	+10% $699
Rent	-10% $618	-5% $677	+0% $736	+5% $796	+10% $855
Rate	-1.0pp $769	-0.5pp $753	base $736	+0.5pp $719	+1.0pp $702

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: $16,375
• Closing costs: $1,965
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
803 Pierce St Gary, IN	4.0	2.0	1600	$1,400	$0.88	2d	1	0.03mi
765 Garfield St Gary, IN	3.0	1.0	1688	$1,500	$0.89	14d	1	0.37mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,580	$1.79	2d	11	0.66mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	2d	1	0.67mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	44d	1	0.72mi
1744 Tyler St Unit 2 Gary, IN	4.0	2.0	1600	$1,700	$1.06	45d	1	0.78mi
2306 W 5th Ave Gary, IN	2.0–3.0	1.0	937	$1,299	$1.39	2d	2	0.83mi
2306 W 5th Ave Apt 3 Gary, IN	3.0	1.0	1025	$1,299	$1.27	2d	1	0.83mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	16d	1	0.90mi
1348 Waite St Gary, IN	4.0	2.0	1776	$1,850	$1.04	2d	1	1.39mi
1368 Waite St Gary, IN	3.0	2.0	1696	$1,800	$1.06	2d	1	1.40mi

Listing history 16 events

1. 2026-06-15
   pricestatus $65,500 Pending 34 DOM
2. 2026-06-15
   days on market $70,000 Active 34 DOM
3. 2026-06-13
   days on market $70,000 Active 32 DOM
4. 2026-06-13
   days on market $70,000 Active 31 DOM
5. 2026-06-09
   days on market $70,000 Active 28 DOM
6. 2026-06-08
   days on market $70,000 Active 27 DOM
7. 2026-06-07
   days on market $70,000 Active 26 DOM
8. 2026-06-04
   days on market $70,000 Active 23 DOM
9. 2026-06-03
   days on market $70,000 Active 22 DOM
10. 2026-06-02
    days on market $70,000 Active 21 DOM
11. 2026-06-01
    days on market $70,000 Active 20 DOM
12. 2026-05-31
    days on market $70,000 Active 19 DOM
13. 2026-05-12
    listed $70,000 Active 351-char remark
14. 2019-08-30
    soldstatus $30,000 222-char remark

    Show marketing remark (222 chars)

    READY TO INVEST? Start here, nice 2 story on well maintained block! Ample space throughout, lots of light streaming in and spacious living/formal dining area. Tenants want to stay, no wait for income from your investment!

15. 2018-09-20
    listed $37,500 222-char remark

    Show marketing remark (222 chars)

    READY TO INVEST? Start here, nice 2 story on well maintained block! Ample space throughout, lots of light streaming in and spacious living/formal dining area. Tenants want to stay, no wait for income from your investment!

16. 1999-12-13
    listed $35,000

ⓘ 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: $936 · $78/mo
• Projected year-2 tax: $936 · $78/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 0% 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: $18,003
• − Mortgage interest: −$3,669
• − Property taxes: −$936
• − Insurance: −$328
• − Repairs & maintenance: −$1,440
• − Management: −$1,440
• − Depreciation: −$1,905
• Taxable income: $8,285
• Est. tax owed @ 24.0%: −$1,988
• After-tax cash flow: $6,849/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): 5,836
• Household income: $33,529
• Rent vs Own: 56.6% rent · 43.4% own
• Severe rent burden: 336.0

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 (87%)
• Race & ethnicity: Black 87% Two or more races 5% White 5% Hispanic / Latino 4%
• Common ancestry: Romanian 1% Ukrainian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% Arabic 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: ▼ -7.21%
• Current HPI: 250.2464
• 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

+87.1% since first listed

6 events — show timeline

• 2026-06-15 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-06-15 Price Changed $65,500 NIRA MLS as Distributed by MLS Grid
• 2026-05-12 Listed $70,000 NIRA MLS as Distributed by MLS Grid
• 2019-08-30 Sold (MLS) $30,000 NIRA MLS as Distributed by MLS Grid
• 2018-09-20 Listed $37,500 NIRA MLS as Distributed by MLS Grid
• 1999-12-13 Listed $35,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2024): $936 · +12.8% YoY. Source: county tax records.