568 Johnson St · Gary, IN 46402

$165,000

4 bd · 1.0 ba · 2,088 sqft · SingleFamily public records · 109 Days on market

Built 1921 6,708 sqft lot $79/sqft · 12% below area Est $188k · 12% under

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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 +22.7/30.0
• ARV discount +13.0/15.0
• DSCR +7.3/10.0
• 1% rule +4.9/10.0
• 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

Listing remarks MLS

Welcome to 568 Johnson Street, located in the desirable Horace Mann area of Gary. This classic two-story solid brick home is full of character, charm, and opportunity. Inside, you'll find three spacious bedrooms, a cozy fireplace, a formal dining room, and a functional kitchen layout that provides the perfect foundation for both homeowners and investors alike. With its strong structure and great bones, this home is ready for your personal touch to bring out its full potential. The primary bedroom features a private balcony, creating the perfect place to enjoy your morning coffee or unwind in the evening. The basement is nearly completed and ready for your ideas, already featuring a bathroom, making it an ideal space for additional living areas, a recreation room, home office, or guest space. Step outside to enjoy the back deck, perfect for relaxing or entertaining, along with a private driveway providing convenient off-street parking. Location is everything! This home offers close proximity to the hospital, downtown Gary, major highways, and commuter routes, making everyday living simple and convenient. Whether you're searching for your next home or a smart investment opportunity, this property delivers location, character, and value all in one. Schedule your showing

Key facts

• Private driveway
• Private balcony
• Back deck

Tags

• PRIVATE BALCONY
• BACK DECK
• PRIVATE DRIVEWAY
• CLOSE PROXIMITY TO BEACH
• CLOSE PROXIMITY TO HOSPITAL
• CLOSE PROXIMITY TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $285 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (0.9% below list).
• Recommended offer: $150k (9.0% 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: 47 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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 $1,634/mo this rent would consume 58% 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 $1k of loan paydown is wiped out by about $5k 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

• It's been on market 109 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 27y ago; this cycle's ask has dropped $30k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,150 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1921 — 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: 0.99% ✗
• Cap rate: 8.37%
• Cash-on-cash: 7.41%
• DSCR: 1.33
• GRM: 8.4

CMA / ARV

• ARV (median comp): $188,036
• List price: $165,000
• Delta: -12.25%
• 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
701 Tyler St	0.43mi	4/1.0	2,002 (-4%)	0mo	$94,900	$47	73
2025 W 4th Pl	0.37mi	4/2.5	2,124 (+2%)	4mo	$85,000	$40	70
851 Johnson St	0.33mi	4/2.5	1,954 (-6%)	2mo	$200,000	$102	67
407 Polk St	0.41mi	4/2.5	1,991 (-5%)	2mo	$192,900	$97	65
419 Cleveland St	0.35mi	5/2.0 (+1)	1,974 (-6%)	2mo	$250,000	$127	64
2401 W 6th Ave	0.57mi	4/3.0	2,134 (+2%)	1mo	$264,900	$124	61
329 Pierce St	0.39mi	3/1.0 (-1)	2,288 (+10%)	0mo	$120,000	$52	61
817 Fillmore St	0.41mi	3/1.0 (-1)	1,934 (-7%)	4mo	$45,000	$23	60
643 Mckinley St	0.35mi	4/2.5	1,896 (-9%)	4mo	$148,000	$78	59
429 Ellsworth St	0.69mi	3/2.0 (-1)	1,952 (-6%)	4mo	$145,000	$74	45
1109 W 11th Ave	0.64mi	3/1.0 (-1)	2,382 (+14%)	1mo	$32,500	$14	41
2100 W 2nd Ave	0.62mi	5/3.5 (+1)	2,400 (+15%)	2mo	$235,000	$98	29

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: -5.0%
• Equity multiple: 0.81×
• Total profit: $-8,634
• Equity at exit: $24,602

10-year hold

• IRR: 4.6%
• Equity multiple: 1.34×
• Total profit: $15,633
• Equity at exit: $14,266

Cash invested: $46,200 (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 46402

• Home prices YoY: -2.8%
• Active inventory: 47
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,634 high
• Mortgage (P&I): −$865
• Tax from tax record: −$72 /mo · $864/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $285

Break-even live

Break-even rent $1,274

Max offer price $165,000

Occupancy floor 78%

Sensitivity live

Price	-10% $379	-5% $332	+0% $285	+5% $238	+10% $192
Rent	-10% $156	-5% $221	+0% $285	+5% $350	+10% $414
Rate	-1.0pp $368	-0.5pp $327	base $285	+0.5pp $242	+1.0pp $199

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
765 Garfield St Gary, IN	3.0	1.0	1688	$1,500	$0.89	14d	1	0.27mi
346 Richard Gordon Hatcher Blvd Gary, IN	5.0	3.0	2744	$2,000	$0.73	0d	1	0.31mi
803 Pierce St Gary, IN	4.0	2.0	1600	$1,400	$0.88	2d	1	0.33mi
373 Taft Pl Gary, IN	4.0	2.0	1984	$1,800	$0.91	45d	1	0.60mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	0d	1	1.00mi
1744 Tyler St Unit 2 Gary, IN	4.0	2.0	1600	$1,700	$1.06	45d	1	1.11mi
1348 Waite St Gary, IN	4.0	2.0	1776	$1,850	$1.04	0d	1	1.34mi
1368 Waite St Gary, IN	3.0	2.0	1696	$1,800	$1.06	0d	1	1.35mi
1109 Maryland St Unit 1 Gary, IN	3.0	1.5	1982	$1,000	$0.50	0d	1	1.45mi
1109 Maryland St Gary, IN	3.0	1.0	1982	$1,000	$0.50	0d	1	1.45mi

Listing history 25 events

1. 2026-06-21
   days on market $165,000 Active 109 DOM
2. 2026-06-18
   days on market $165,000 Active 106 DOM
3. 2026-06-17
   days on market $165,000 Active 105 DOM
4. 2026-06-16
   days on market $165,000 Active 104 DOM
5. 2026-06-15
   days on market $165,000 Active 103 DOM
6. 2026-06-13
   days on market $165,000 Active 101 DOM
7. 2026-06-13
   days on market $165,000 Active 100 DOM
8. 2026-06-09
   days on market $165,000 Active 97 DOM
9. 2026-06-08
   days on market $165,000 Active 96 DOM
10. 2026-06-07
    days on market $165,000 Active 95 DOM
11. 2026-06-04
    days on market $165,000 Active 92 DOM
12. 2026-06-03
    days on market $165,000 Active 91 DOM
13. 2026-06-02
    days on market $165,000 Active 90 DOM
14. 2026-06-01
    days on market $165,000 Active 89 DOM
15. 2026-05-31
    days on market $165,000 Active 88 DOM
16. 2026-03-23
    price $179,500 1287-char remark

    Show marketing remark (1287 chars)

    Welcome to 568 Johnson Street, located in the desirable Horace Mann area of Gary. This classic two-story solid brick home is full of character, charm, and opportunity. Inside, you'll find three spacious bedrooms, a cozy fireplace, a formal dining room, and a functional kitchen layout that provides the perfect foundation for both homeowners and investors alike. With its strong structure and great bones, this home is ready for your personal touch to bring out its full potential. The primary bedroom features a private balcony, creating the perfect place to enjoy your morning coffee or unwind in the evening. The basement is nearly completed and ready for your ideas, already featuring a bathroom, making it an ideal space for additional living areas, a recreation room, home office, or guest space. Step outside to enjoy the back deck, perfect for relaxing or entertaining, along with a private driveway providing convenient off-street parking. Location is everything! This home offers close proximity to the hospital, downtown Gary, major highways, and commuter routes, making everyday living simple and convenient. Whether you're searching for your next home or a smart investment opportunity, this property delivers location, character, and value all in one. Schedule your showing

17. 2026-02-27
    listed $195,000 Active 1287-char remark

    Show marketing remark (1287 chars)

    Welcome to 568 Johnson Street, located in the desirable Horace Mann area of Gary. This classic two-story solid brick home is full of character, charm, and opportunity. Inside, you'll find three spacious bedrooms, a cozy fireplace, a formal dining room, and a functional kitchen layout that provides the perfect foundation for both homeowners and investors alike. With its strong structure and great bones, this home is ready for your personal touch to bring out its full potential. The primary bedroom features a private balcony, creating the perfect place to enjoy your morning coffee or unwind in the evening. The basement is nearly completed and ready for your ideas, already featuring a bathroom, making it an ideal space for additional living areas, a recreation room, home office, or guest space. Step outside to enjoy the back deck, perfect for relaxing or entertaining, along with a private driveway providing convenient off-street parking. Location is everything! This home offers close proximity to the hospital, downtown Gary, major highways, and commuter routes, making everyday living simple and convenient. Whether you're searching for your next home or a smart investment opportunity, this property delivers location, character, and value all in one. Schedule your showing

18. 2007-01-31
    historical
19. 2006-12-06
    listed $75,900
20. 2005-12-21
    historical
21. 2005-12-12
    listed $87,500
22. 2000-08-08
    listed $39,900
23. 2000-08-07
    historical
24. 2000-04-19
    listed $28,500
25. 1999-12-29
    listed $39,900

ⓘ 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: $864 · $72/mo
• Projected year-2 tax: $1,133 · $94/mo
• Expected delta: +$269/yr (+$22/mo · 31.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 · 14 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: $19,613
• − Mortgage interest: −$9,243
• − Property taxes: −$864
• − Insurance: −$825
• − Repairs & maintenance: −$1,569
• − Management: −$1,569
• − Depreciation: −$4,800
• Taxable income: $743
• Est. tax owed @ 24.0%: −$178
• After-tax cash flow: $3,243/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

+349.9% since first listed

10 events — show timeline

• 2026-03-23 Price Changed $179,500 NIRA MLS as Distributed by MLS Grid
• 2026-02-27 Listed $195,000 NIRA MLS as Distributed by MLS Grid
• 2007-01-31 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-12-06 Listed $75,900 NIRA MLS as Distributed by MLS Grid
• 2005-12-21 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2005-12-12 Listed $87,500 NIRA MLS as Distributed by MLS Grid
• 2000-08-08 Listed $39,900 NIRA MLS as Distributed by MLS Grid
• 2000-08-07 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2000-04-19 Listed $28,500 NIRA MLS as Distributed by MLS Grid
• 1999-12-29 Listed $39,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-3.9%/yr

Latest (2024): $864 · -22.6% YoY. Source: county tax records.