556 Gerry St · Gary, IN 46406

$189,900

3 bd · 1.0 ba · 784 sqft · SingleFamily public records · 115 Days on market

Built 1954 4,879 sqft lot ↓ 10% since listing

---

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 +9.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.6/10.0
• Livability +3.7/5.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• Schools +0.5/10.0

Listing remarks

Beautifully updated one-story home with a finished basement, fenced yard, and 2-car garage. Truly move-in ready with nothing left to do. The main level offers two bedrooms and a 3/4 bath, while the finished basement adds a third bedroom, spacious family room, and an additional 3/4 bath. Finished laundry room includes washer, dryer, and sink. Enjoy the private, landscaped backyard--perfect for relaxing or entertaining.

Key facts

• Landscaped backyard
• Fenced yard
• Private backyard

Tags

• FINISHED BASEMENT
• FENCED YARD
• LANDSCAPED BACKYARD
• PRIVATE BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-149 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (13.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (31.5% below list).
• Recommended offer: $130k (31.5% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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: 54 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($1k loan paydown + $2k appreciation (1.3% local appreciation)).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,107 (31.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.69% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.36%
• DSCR: 0.85
• GRM: 12.2

CMA / ARV

• ARV (on-the-fly): $58,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
629 Hamlin St	0.30mi	2/1.0 (-1)	750 (-4%)	4mo	$70,000	$93	71
972 Durbin St	0.57mi	3/1.0	780 (-0%)	12mo	$40,000	$51	63
1000 Durbin St	0.60mi	2/1.0 (-1)	780 (-0%)	5mo	$89,900	$115	62
942 Durbin St	0.54mi	2/1.0 (-1)	780 (-0%)	11mo	$45,000	$58	60
771 Durbin St	0.41mi	2/1.5 (-1)	864 (+10%)	2mo	$65,000	$75	55
794 Porter St	0.63mi	2/2.0 (-1)	768 (-2%)	5mo	$57,000	$74	54
1013 Durbin St	0.63mi	2/1.0 (-1)	780 (-0%)	15mo	$84,000	$108	52
426 Hovey St	0.52mi	2/1.0 (-1)	836 (+7%)	13mo	$14,500	$17	49
612 Hamlin St	0.32mi	3/1.0	900 (+15%)	14mo	$87,000	$97	49
1125 Durbin St	0.74mi	2/2.5 (-1)	814 (+4%)	1mo	$32,500	$40	47
210 Clark Rd	0.72mi	2/1.0 (-1)	825 (+5%)	8mo	$47,500	$58	46
1075 Mount St	0.72mi	3/1.0	884 (+13%)	2mo	$70,000	$79	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.26% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.93×
• Total profit: $-3,585
• Equity at exit: $67,382

10-year hold

• IRR: 3.5%
• Equity multiple: 1.43×
• Total profit: $23,071
• Equity at exit: $91,553

Cash invested: $53,172 (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 46406

• Home prices YoY: 0.9%
• Active inventory: 54
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $1,301 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$102 /mo · $1,219/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $-149

Break-even live

Break-even rent $1,489

Max offer price $163,628

Occupancy floor —

Sensitivity live

Price	-10% $-41	-5% $-95	+0% $-149	+5% $-202	+10% $-256
Rent	-10% $-252	-5% $-200	+0% $-149	+5% $-97	+10% $-46
Rate	-1.0pp $-53	-0.5pp $-100	base $-149	+0.5pp $-198	+1.0pp $-248

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
743 Hanley St Gary, IN	3.0	1.0	800	$1,350	$1.69	0d	1	0.35mi
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	0d	1	0.70mi

Listing history 6 events

1. 2026-04-28
   status Pending
2. 2026-04-06
   status Active
3. 2026-03-21
   historical
4. 2026-02-23
   price $189,900
5. 2026-01-17
   price $199,900
6. 2025-12-18
   listed $209,900 Active

ⓘ 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: $1,219 · $102/mo
• Projected year-2 tax: $1,417 · $118/mo
• Expected delta: +$198/yr (+$16/mo · 16.2%)

ⓘ 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 ≥103°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: $15,613
• − Mortgage interest: −$10,637
• − Property taxes: −$1,219
• − Insurance: −$950
• − Repairs & maintenance: −$1,249
• − Management: −$1,249
• − Depreciation: −$5,524
• Taxable loss: −$5,215
• Est. tax savings @ 24.0%: +$1,252
• After-tax cash flow: $-533/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
• City population: 63,701
• Population (ZIP): 8,513

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: Majority Black (63%)
• Race & ethnicity: Black 63% White 21% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 8%

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: ▲ 1.26%
• Current HPI: 147.0732
• Rent YoY: —
• Metro: —
• 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

-9.5% since first listed

6 events — show timeline

• 2026-04-28 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-06 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-03-21 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-02-23 Price Changed $189,900 NIRA MLS as Distributed by MLS Grid
• 2026-01-17 Price Changed $199,900 NIRA MLS as Distributed by MLS Grid
• 2025-12-18 Listed $209,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.2%/yr

Latest (2024): $1,219 · +4.6% YoY. Source: county tax records.