128 W 41st Ave · Gary, IN 46408

$55,000

2 bd · 1.0 ba · 957 sqft · SingleFamily public records · 32 Days on market

Built 1925 4,138 sqft lot $57/sqft · 87% above area ↓ 15% since listing

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Why this score? — see what drove the B- 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
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity knocks with this solid brick home ready for your personal touch! This 2-bedroom, 1-bath property is perfect for investors, renovators, or buyers looking to create their dream space from the ground up.

Key facts

• 4,138 sq ft lot
• Garage
• Built 1925

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $597 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.3% 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: 105 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 31% of the median local income ($47k/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 $380 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 $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $53,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 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 1925 — 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: 2.25% ✓
• Cap rate: 19.32%
• Cash-on-cash: 46.53%
• DSCR: 3.07
• GRM: 3.7

CMA / ARV

• ARV (median comp): $29,430
• List price: $55,000
• Delta: 86.89%
• 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
4016 Connecticut St	0.23mi	2/1.0	920 (-4%)	4mo	$25,000	$27	79
4217 Massachusetts St	0.25mi	2/1.0	840 (-12%)	1mo	$28,000	$33	67
4115 Fillmore St	0.57mi	2/1.0	950 (-1%)	6mo	$51,000	$54	67
4019 Pennsylvania St	0.32mi	2/—	856 (-11%)	4mo	$36,500	$43	64
4217 Maryland St	0.47mi	2/1.0	864 (-10%)	3mo	$49,900	$58	60
3980 Tyler St	0.50mi	3/1.0 (+1)	1,042 (+9%)	5mo	$128,000	$123	53
4341 Maryland St	0.54mi	2/1.0	864 (-10%)	7mo	$59,000	$68	53
3724 Tyler St	0.67mi	2/1.0	870 (-9%)	4mo	$48,000	$55	50
4181 Fillmore St	0.58mi	2/1.0	1,080 (+13%)	3mo	$22,000	$20	49
4525 Tyler St	0.71mi	3/1.0 (+1)	875 (-9%)	1mo	$136,000	$155	47
3540 Pennsylvania St	0.73mi	3/1.5 (+1)	1,035 (+8%)	3mo	$68,000	$66	43
3737 Fillmore St	0.73mi	3/1.0 (+1)	1,080 (+13%)	5mo	$175,500	$163	36

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: 43.8%
• Equity multiple: 2.89×
• Total profit: $29,139
• Equity at exit: $8,201

10-year hold

• IRR: 49.8%
• Equity multiple: 5.83×
• Total profit: $74,423
• Equity at exit: $4,755

Cash invested: $15,400 (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 46408

• Home prices YoY: -31.6%
• Active inventory: 105
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,237 high
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $597

Break-even live

Break-even rent $481

Max offer price $55,000

Occupancy floor 47%

Sensitivity live

Price	-10% $635	-5% $616	+0% $597	+5% $578	+10% $559
Rent	-10% $499	-5% $548	+0% $597	+5% $646	+10% $695
Rate	-1.0pp $625	-0.5pp $611	base $597	+0.5pp $583	+1.0pp $568

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4327 Monroe St Unit 1st front Gary, IN	1.0	1.0	600	$1,095	$1.82	0d	1	0.35mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	5d	1	0.49mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	0d	1	0.51mi
624 W 44th Pl Gary, IN	3.0	1.0	836	$1,250	$1.50	9d	1	0.53mi
4040 Fillmore St Gary, IN	2.0	1.0	1000	$1,000	$1.00	12d	1	0.63mi
4170 Fillmore St Gary, IN	2.0	1.0	720	$950	$1.32	21d	1	0.63mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	4d	1	0.66mi
4364 Buchanan St Gary, IN	3.0	1.0	900	$1,400	$1.56	0d	1	0.81mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	0d	1	0.85mi
3777 Lincoln St Gary, IN	2.0	1.0	800	$1,150	$1.44	1d	1	0.89mi
4816 Massachusetts St Gary, IN	3.0	1.0	1024	$1,350	$1.32	17d	1	0.91mi
1005 W 35th Ave Apt 202 Gary, IN	2.0	1.0	617	$795	$1.29	3d	1	0.92mi
1005 W 35th Ave Apt 105 Gary, IN	2.0	1.0	601	$795	$1.32	20d	1	0.92mi
1015 W 35th Ave Apt 206 Gary, IN	2.0	1.0	601	$795	$1.32	46d	1	0.94mi
816 E 35th Ct Gary, IN	2.0	1.0	810	$1,050	$1.30	0d	1	0.95mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	0d	1	1.23mi
5001 Carolina St Gary, IN	3.0	1.0	875	$1,350	$1.54	4d	1	1.27mi
4905 Kentucky St Unit 4901 Gary, IN	3.0	1.0	950	$1,525	$1.61	26d	1	1.30mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	21d	1	1.38mi

Listing history 9 events

1. 2026-06-04
   status $55,000 Pending 32 DOM
2. 2026-06-03
   days on market $55,000 Active 32 DOM
3. 2026-06-02
   days on market $55,000 Active 31 DOM
4. 2026-06-01
   days on market $55,000 Active 30 DOM
5. 2026-05-31
   days on market $55,000 Active 29 DOM
6. 2026-05-13
   price $55,000 212-char remark

   Show marketing remark (212 chars)

   Opportunity knocks with this solid brick home ready for your personal touch! This 2-bedroom, 1-bath property is perfect for investors, renovators, or buyers looking to create their dream space from the ground up.

7. 2026-05-08
   status Active 212-char remark

   Show marketing remark (212 chars)

   Opportunity knocks with this solid brick home ready for your personal touch! This 2-bedroom, 1-bath property is perfect for investors, renovators, or buyers looking to create their dream space from the ground up.

8. 2026-04-07
   status Pending 212-char remark

   Show marketing remark (212 chars)

   Opportunity knocks with this solid brick home ready for your personal touch! This 2-bedroom, 1-bath property is perfect for investors, renovators, or buyers looking to create their dream space from the ground up.

9. 2026-04-01
   listed $65,000 Active 212-char remark

   Show marketing remark (212 chars)

   Opportunity knocks with this solid brick home ready for your personal touch! This 2-bedroom, 1-bath property is perfect for investors, renovators, or buyers looking to create their dream space from the ground up.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,844
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$1,188
• − Management: −$1,188
• − Depreciation: −$1,600
• Taxable income: $6,688
• Est. tax owed @ 24.0%: −$1,605
• After-tax cash flow: $5,561/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): 15,747
• Household income: $47,453
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 619.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 41% White 32% Hispanic / Latino 22% Two or more races 12%
• Hispanic origin (detail): Mexican 14% Puerto Rican 7%
• Common ancestry: Romanian 5% Iranian 1% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 87% English-only · Spanish 12% Chinese 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: ▼ -72.08%
• Current HPI: 155.6238
• 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

-15.4% since first listed

4 events — show timeline

• 2026-05-13 Price Changed $55,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-08 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-04-07 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-01 Listed $65,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+0.0%/yr

Latest (2019): $105 · +0.0% YoY. Source: county tax records.