1686 W 10th Pl · Gary, IN 46404

$24,900

3 bd · 1.0 ba · 1,052 sqft · SingleFamily public records · 75 Days on market

Built 1925 2,100 sqft lot $24/sqft · 28% below area ↓ 22% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Low property taxes!!!! Brick 2 bedroom 2 bath with full basement needs work

Key facts

• 2,100 sq ft lot
• Built 1925
• Listed 75 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $842 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $23k (6.0% below list) — sets the bar for market timing.
• Cap rate 46.9% 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: Rents rising fast (+11.6%/yr); 67 active listings in the ZIP; 20 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 37% 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 $172 of loan paydown is wiped out by about $747 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($23k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $23,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 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 1925 — 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. 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?
8. 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.
9. 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.
10. 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: 5.19% ✓
• Cap rate: 46.87%
• Cash-on-cash: 144.91%
• DSCR: 7.45
• GRM: 1.6

CMA / ARV

• ARV (median comp): $52,816
• List price: $24,900
• Delta: -52.86%
• 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
1965 W 10th Pl	0.14mi	3/1.0	1,028 (-2%)	10mo	$25,000	$24	82
1690 W 12th Ave	0.11mi	3/1.0	1,134 (+8%)	6mo	$25,000	$22	77
1148 Pierce St	0.37mi	3/1.0	1,145 (+9%)	0mo	$13,000	$11	68
1201 Rutledge St	0.44mi	2/1.0 (-1)	1,032 (-2%)	7mo	$56,000	$54	66
1067 Polk St	0.49mi	3/1.5	1,088 (+3%)	7mo	$116,000	$107	63
1561 Tyler St	0.70mi	3/1.0	1,008 (-4%)	0mo	$12,000	$12	60
1576 W Taft St	0.57mi	2/1.0 (-1)	1,110 (+6%)	2mo	$18,100	$16	58
1567 Hayes St	0.42mi	2/1.0 (-1)	934 (-11%)	4mo	$29,000	$31	54
668 Harrison St	0.72mi	3/1.5	1,008 (-4%)	10mo	$40,000	$40	49
1177 Harrison St	0.67mi	2/1.0 (-1)	946 (-10%)	2mo	$8,500	$9	45
1161 Harrison Blvd	0.61mi	4/2.0 (+1)	912 (-13%)	0mo	$21,000	$23	40
1014 W 19th Ave	0.72mi	3/1.5	960 (-9%)	14mo	$30,000	$31	38

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: —
• Equity multiple: 9.10×
• Total profit: $56,442
• Equity at exit: $3,713

10-year hold

• IRR: —
• Equity multiple: 22.43×
• Total profit: $149,385
• Equity at exit: $2,153

Cash invested: $6,972 (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: 1.6×

Monthly cashflow live

• Estimated rent: $1,293 high
• Mortgage (P&I): −$131
• Tax from tax record: −$38 /mo · $460/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $842

Break-even live

Break-even rent $227

Max offer price $24,900

Occupancy floor 30%

Sensitivity live

Price	-10% $856	-5% $849	+0% $842	+5% $835	+10% $828
Rent	-10% $740	-5% $791	+0% $842	+5% $893	+10% $944
Rate	-1.0pp $854	-0.5pp $848	base $842	+0.5pp $835	+1.0pp $829

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	2d	1	0.51mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	0.62mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	3d	1	0.62mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	2d	1	0.63mi
2306 W 5th Ave Gary, IN	2.0–3.0	1.0	937	$1,299	$1.39	2d	2	0.79mi
2306 W 5th Ave Apt 3 Gary, IN	3.0	1.0	1025	$1,299	$1.27	2d	1	0.79mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	20d	1	0.79mi
2939 W 10th Ave Gary, IN	2.0	1.0	744	$1,190	$1.60	2d	1	0.80mi
358 Arthur St Unit 2 Gary, IN	2.0	1.0	800	$1,250	$1.56	2d	1	0.85mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	2d	1	0.85mi
411 Pierce St Gary, IN	3.0	1.0	874	$1,395	$1.60	22d	1	0.88mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	44d	1	0.90mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	2d	1	1.06mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	2d	1	1.06mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	2d	11	1.12mi
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	2d	1	1.19mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	16d	1	1.33mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	21d	1	1.38mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	2d	1	1.39mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	44d	1	1.42mi

Listing history 2 events

1. 2026-04-14
   price $24,900 75-char remark

   Show marketing remark (75 chars)

   Low property taxes!!!! Brick 2 bedroom 2 bath with full basement needs work

2. 2026-03-06
   listed $31,900 Active 75-char remark

   Show marketing remark (75 chars)

   Low property taxes!!!! Brick 2 bedroom 2 bath with full basement needs work

ⓘ 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: $460 · $38/mo
• Projected year-2 tax: $460 · $38/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: $15,512
• − Mortgage interest: −$1,395
• − Property taxes: −$460
• − Insurance: −$124
• − Repairs & maintenance: −$1,241
• − Management: −$1,241
• − Depreciation: −$724
• Taxable income: $10,326
• Est. tax owed @ 24.0%: −$2,478
• After-tax cash flow: $7,625/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

-21.9% since first listed

2 events — show timeline

• 2026-04-14 Price Changed $24,900 NIRA MLS as Distributed by MLS Grid
• 2026-03-06 Listed $31,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-5.7%/yr

Latest (2024): $460 · -1.8% YoY. Source: county tax records.