2550 Harrison · Gary, IN 46407

$105,000

2 bd · 1.0 ba · 946 sqft · SingleFamily public records · 133 Days on market

Built 1928 2,624 sqft lot $111/sqft · 219% above area

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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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• 1% rule +5.4/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks MLS

Newly rehabbed single-family home offering 2 bedrooms, 1 full bath, and an unfinished basement full of potential--including a layout that could easily accommodate an additional bedroom. Recent updates include a new roof, several new windows, updated HVAC system, water heater, and washer and dryer. The main level features a flexible floor plan with space for both living and dining areas, highlighted by a built-in electric fireplace and an abundance of natural light throughout. Enjoy outdoor living with an adorable front porch and a large backyard deck. Convenient exterior parking for approximately 1.5 vehicles off the alley, plus ample street parking. A great opportunity to own a move-in-ready home with room to grow.

Key facts

• Updated hvac system
• Washer and dryer
• Flexible floor plan

Tags

• NEW ROOF
• NEW WINDOWS
• UPDATED HVAC SYSTEM
• WATER HEATER
• WASHER AND DRYER
• FLEXIBLE FLOOR PLAN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $92k (12.0% 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: 121 active listings in the ZIP; 28 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 $1,095/mo this rent would consume 46% of the median local household income ($29k/yr) (locally 392% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $2k of equity ($726 loan paydown + $1k appreciation (1.0% local appreciation)).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $105k implies a 600% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — 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: 1.04% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.66%
• DSCR: 1.43
• GRM: 8.0

CMA / ARV

• ARV (median comp): $33,929
• List price: $105,000
• Delta: 209.47%
• 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
2402 Polk St	0.23mi	3/1.0 (+1)	920 (-3%)	4mo	$53,000	$58	77
2368 Fillmore St	0.30mi	2/1.0	858 (-9%)	3mo	$9,000	$10	68
2612 Tyler St	0.06mi	2/2.0	829 (-12%)	14mo	$28,250	$34	61
1201 W 21st Ave	0.61mi	2/1.0	980 (+4%)	7mo	$139,900	$143	60
2324 Johnson St	0.53mi	2/1.0	850 (-10%)	1mo	$8,500	$10	58
2549 Pierce St	0.25mi	3/2.0 (+1)	1,071 (+13%)	1mo	$144,900	$135	56
2710 Madison St	0.34mi	3/1.0 (+1)	851 (-10%)	12mo	$38,500	$45	52
2409 Jefferson St	0.40mi	2/1.0	814 (-14%)	9mo	$25,000	$31	50
1993 Harrison St	0.70mi	2/1.0	952 (+1%)	21mo	$43,500	$46	48
2280 Connecticut St	0.71mi	2/1.5	952 (+1%)	20mo	$14,450	$15	47
2200 Hayes St	0.72mi	3/1.0 (+1)	960 (+2%)	23mo	$90,000	$94	40
2484 Massachusetts St	0.57mi	3/1.5 (+1)	840 (-11%)	20mo	$26,500	$32	31

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

Projected returns pro-forma

0.98% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.3%
• Equity multiple: 1.57×
• Total profit: $16,888
• Equity at exit: $35,734

10-year hold

• IRR: 15.1%
• Equity multiple: 2.82×
• Total profit: $53,528
• Equity at exit: $47,401

Cash invested: $29,400 (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 46407

• Home prices YoY: 0.4%
• Active inventory: 121
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,095 high
• Mortgage (P&I): −$551
• Tax from tax record: −$34 /mo · $411/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $237

Break-even live

Break-even rent $796

Max offer price $105,000

Occupancy floor 73%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	1d	1	0.11mi
837 W 27th Ave Unit B Gary, IN	1.0	1.0	750	$950	$1.27	1d	1	0.20mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	1d	1	0.20mi
2378 Jackson St Gary, IN	2.0	1.0	672	$1,050	$1.56	1d	1	0.28mi
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	1d	1	0.34mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	1d	1	0.81mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	0.85mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	19d	1	0.88mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	0.89mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	4d	1	0.97mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	1d	1	0.97mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	1d	1	0.97mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	1d	1	0.98mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	1d	1	1.00mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	1.00mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	44d	1	1.05mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	1d	1	1.06mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	1d	1	1.08mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	44d	1	1.13mi
1015 W 35th Ave Apt 206 Gary, IN	2.0	1.0	601	$795	$1.32	44d	1	1.20mi
1005 W 35th Ave Apt 202 Gary, IN	2.0	1.0	617	$795	$1.29	1d	1	1.21mi
1005 W 35th Ave Apt 105 Gary, IN	2.0	1.0	601	$795	$1.32	18d	1	1.21mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	1d	1	1.38mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	21d	1	1.42mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	44d	1	1.43mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	2d	1	1.44mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	1d	1	1.47mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	1.47mi

Listing history 25 events

1. 2026-06-18
   days on market $105,000 Active 133 DOM
2. 2026-06-17
   days on market $105,000 Active 132 DOM
3. 2026-06-16
   days on market $105,000 Active 131 DOM
4. 2026-06-15
   days on market $105,000 Active 130 DOM
5. 2026-06-13
   days on market $105,000 Active 128 DOM
6. 2026-06-13
   days on market $105,000 Active 127 DOM
7. 2026-06-09
   days on market $105,000 Active 124 DOM
8. 2026-06-08
   days on market $105,000 Active 123 DOM
9. 2026-06-07
   days on market $105,000 Active 122 DOM
10. 2026-06-04
    days on market $105,000 Active 119 DOM
11. 2026-06-03
    days on market $105,000 Active 118 DOM
12. 2026-06-02
    days on market $105,000 Active 117 DOM
13. 2026-06-01
    days on market $105,000 Active 116 DOM
14. 2026-05-31
    days on market $105,000 Active 115 DOM
15. 2026-03-06
    price $105,000 725-char remark

    Show marketing remark (725 chars)

    Newly rehabbed single-family home offering 2 bedrooms, 1 full bath, and an unfinished basement full of potential--including a layout that could easily accommodate an additional bedroom. Recent updates include a new roof, several new windows, updated HVAC system, water heater, and washer and dryer. The main level features a flexible floor plan with space for both living and dining areas, highlighted by a built-in electric fireplace and an abundance of natural light throughout. Enjoy outdoor living with an adorable front porch and a large backyard deck. Convenient exterior parking for approximately 1.5 vehicles off the alley, plus ample street parking. A great opportunity to own a move-in-ready home with room to grow.

16. 2026-02-05
    listed $115,000 Active 725-char remark

    Show marketing remark (725 chars)

    Newly rehabbed single-family home offering 2 bedrooms, 1 full bath, and an unfinished basement full of potential--including a layout that could easily accommodate an additional bedroom. Recent updates include a new roof, several new windows, updated HVAC system, water heater, and washer and dryer. The main level features a flexible floor plan with space for both living and dining areas, highlighted by a built-in electric fireplace and an abundance of natural light throughout. Enjoy outdoor living with an adorable front porch and a large backyard deck. Convenient exterior parking for approximately 1.5 vehicles off the alley, plus ample street parking. A great opportunity to own a move-in-ready home with room to grow.

17. 2025-03-07
    soldstatus $15,000 Closed 242-char remark

    Show marketing remark (242 chars)

    Opportunity Knocks! Calling all investors! This house needs a lot of work but has so much potential! With significant TLC, this home's solid bones and character provide a fantastic foundation for your dream project! Imagine the possibilities!

18. 2025-03-03
    status Pending 242-char remark

    Show marketing remark (242 chars)

    Opportunity Knocks! Calling all investors! This house needs a lot of work but has so much potential! With significant TLC, this home's solid bones and character provide a fantastic foundation for your dream project! Imagine the possibilities!

19. 2025-01-21
    price $25,000 242-char remark

    Show marketing remark (242 chars)

    Opportunity Knocks! Calling all investors! This house needs a lot of work but has so much potential! With significant TLC, this home's solid bones and character provide a fantastic foundation for your dream project! Imagine the possibilities!

20. 2025-01-01
    price $30,000 242-char remark

    Show marketing remark (242 chars)

    Opportunity Knocks! Calling all investors! This house needs a lot of work but has so much potential! With significant TLC, this home's solid bones and character provide a fantastic foundation for your dream project! Imagine the possibilities!

21. 2024-11-09
    price $35,000 242-char remark

    Show marketing remark (242 chars)

    Opportunity Knocks! Calling all investors! This house needs a lot of work but has so much potential! With significant TLC, this home's solid bones and character provide a fantastic foundation for your dream project! Imagine the possibilities!

22. 2024-10-28
    price $45,000 242-char remark

    Show marketing remark (242 chars)

    Opportunity Knocks! Calling all investors! This house needs a lot of work but has so much potential! With significant TLC, this home's solid bones and character provide a fantastic foundation for your dream project! Imagine the possibilities!

23. 2024-10-26
    price $35,000 242-char remark

    Show marketing remark (242 chars)

    Opportunity Knocks! Calling all investors! This house needs a lot of work but has so much potential! With significant TLC, this home's solid bones and character provide a fantastic foundation for your dream project! Imagine the possibilities!

24. 2024-10-10
    price $45,000 242-char remark

    Show marketing remark (242 chars)

    Opportunity Knocks! Calling all investors! This house needs a lot of work but has so much potential! With significant TLC, this home's solid bones and character provide a fantastic foundation for your dream project! Imagine the possibilities!

25. 2024-09-25
    listed $55,000 Active 242-char remark

    Show marketing remark (242 chars)

    Opportunity Knocks! Calling all investors! This house needs a lot of work but has so much potential! With significant TLC, this home's solid bones and character provide a fantastic foundation for your dream project! Imagine the possibilities!

ⓘ 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: $411 · $34/mo
• Projected year-2 tax: $652 · $54/mo
• Expected delta: +$241/yr (+$20/mo · 58.5%)

ⓘ 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 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,144
• − Mortgage interest: −$5,882
• − Property taxes: −$411
• − Insurance: −$525
• − Repairs & maintenance: −$1,052
• − Management: −$1,052
• − Depreciation: −$3,055
• Taxable income: $1,168
• Est. tax owed @ 24.0%: −$280
• After-tax cash flow: $2,559/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): 8,577
• Household income: $28,526
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 392.0

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 (91%)
• Race & ethnicity: Black 91% Hispanic / Latino 3% White 2% Two or more races 1%
• Common ancestry: Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% Russian/Polish/Slavic 1% French/Haitian/Cajun 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: ▲ 0.98%
• Current HPI: 253.2856
• 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

+90.9% since first listed

11 events — show timeline

• 2026-03-06 Price Changed $105,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-05 Listed $115,000 NIRA MLS as Distributed by MLS Grid
• 2025-03-07 Sold (MLS) $15,000 NIRA MLS as Distributed by MLS Grid
• 2025-03-03 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-01-21 Price Changed $25,000 NIRA MLS as Distributed by MLS Grid
• 2025-01-01 Price Changed $30,000 NIRA MLS as Distributed by MLS Grid
• 2024-11-09 Price Changed $35,000 NIRA MLS as Distributed by MLS Grid
• 2024-10-28 Price Changed $45,000 NIRA MLS as Distributed by MLS Grid
• 2024-10-26 Price Changed $35,000 NIRA MLS as Distributed by MLS Grid
• 2024-10-10 Price Changed $45,000 NIRA MLS as Distributed by MLS Grid
• 2024-09-25 Listed $55,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-1.4%/yr

Latest (2024): $411 · +35.4% YoY. Source: county tax records.