2420 Maryland St · Gary, IN 46407

$68,000

2 bd · 1.0 ba · 800 sqft · SingleFamily public records

Built 1948 3,049 sqft lot ↓ 28% 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
• Appreciation +5.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks

Charming and newly remodeled 2-bedroom, 1-bath home! This cozy property has been thoughtfully updated with a brand-new roof, siding, flooring, electrical, plumbing, and more. It's the perfect opportunity for homeownership with all the hard work already done. Located 5 minutes away from the Hard Rock Casino and next to the expressway making its location very convenient. Don't miss your chance to make this beautifully refreshed home yours!

Key facts

• 3,049 sq ft lot
• Built 1948

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $68k.

Deal economics

• At list price, monthly cash flow is $414 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).
• Cap rate 13.6% 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: 121 active listings in the ZIP; 24 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 $1,119/mo this rent would consume 47% 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 $1k of equity ($470 loan paydown + $666 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 $19k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,000

Questions for the listing agent

1. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.65% ✓
• Cap rate: 13.60%
• Cash-on-cash: 26.10%
• DSCR: 2.16
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $28,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2180 Nichols Pl	0.34mi	2/1.0	771 (-4%)	4mo	$15,000	$19	75
2476 Connecticut St	0.19mi	3/1.0 (+1)	800 (0%)	15mo	$45,000	$56	74
2409 Jefferson St	0.45mi	2/1.0	814 (+2%)	9mo	$25,000	$31	68
1980 Massachusetts St	0.60mi	3/1.0 (+1)	802 (+0%)	0mo	$20,000	$25	66
2271 Pennsylvania St	0.21mi	2/1.0	725 (-9%)	14mo	$26,000	$36	62
2025 Pennsylvania St	0.50mi	2/1.0	810 (+1%)	15mo	$18,500	$23	62
2131 Kentucky St	0.53mi	3/1.0 (+1)	804 (+0%)	9mo	$20,000	$25	62
2413-2415 Industrial Blvd	0.28mi	2/1.0	700 (-12%)	6mo	$20,000	$29	61
2355 Rhode Island St	0.29mi	2/1.0	701 (-12%)	15mo	$85,000	$121	54
2678 Monroe St	0.67mi	2/1.0	700 (-12%)	2mo	$86,000	$123	46
2710 Madison St	0.64mi	3/1.0 (+1)	851 (+6%)	12mo	$38,500	$45	44
2452 Jackson St	0.65mi	3/1.0 (+1)	700 (-12%)	17mo	$32,500	$46	30

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: 28.3%
• Equity multiple: 2.45×
• Total profit: $27,596
• Equity at exit: $23,142

10-year hold

• IRR: 30.9%
• Equity multiple: 4.72×
• Total profit: $70,746
• Equity at exit: $30,698

Cash invested: $19,040 (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: 5.1×

Monthly cashflow live

• Estimated rent: $1,119 high
• Mortgage (P&I): −$357
• Tax est. 1.5%: −$85 /mo · $1,020/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $414

Break-even live

Break-even rent $595

Max offer price $68,000

Occupancy floor 58%

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: $17,000
• Closing costs: $2,040
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	1d	1	0.11mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	19d	1	0.12mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	1d	1	0.14mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	3d	1	0.14mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	1d	1	0.14mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	1d	1	0.14mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	0.18mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	43d	1	0.28mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	43d	1	0.41mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	0.53mi
2378 Jackson St Gary, IN	2.0	1.0	672	$1,050	$1.56	1d	1	0.66mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	1d	1	0.75mi
837 W 27th Ave Unit B Gary, IN	1.0	1.0	750	$950	$1.27	1d	1	0.93mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	1d	1	0.93mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	16d	1	0.98mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	43d	1	0.99mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	20d	1	1.01mi
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	1d	1	1.04mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	1.08mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	1d	1	1.10mi
2025 Central Dr Gary, IN	3.0	1.0	875	$1,550	$1.77	43d	1	1.13mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	1d	1	1.35mi
816 E 35th Ct Gary, IN	2.0	1.0	810	$1,075	$1.33	1d	1	1.43mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	43d	1	1.49mi

Listing history 17 events

1. 2026-05-01
   historical
2. 2026-05-01
   listed $68,000
3. 2026-05-01
   historical
4. 2025-12-16
   price $68,000
5. 2025-12-01
   listed $69,000 Active
6. 2025-12-01
   historical
7. 2025-10-29
   price $69,000
8. 2025-10-02
   price $70,000
9. 2025-08-05
   listed $75,000 Active
10. 2025-07-28
    historical
11. 2025-07-15
    price $68,900
12. 2025-06-26
    price $69,900
13. 2025-05-02
    price $78,000
14. 2025-04-22
    price $79,900
15. 2025-01-21
    price $84,900
16. 2024-10-25
    price $89,900
17. 2024-09-16
    listed $95,000 Active

ⓘ 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 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,428
• − Mortgage interest: −$3,809
• − Property taxes: −$1,020
• − Insurance: −$340
• − Repairs & maintenance: −$1,074
• − Management: −$1,074
• − Depreciation: −$1,978
• Taxable income: $4,133
• Est. tax owed @ 24.0%: −$992
• After-tax cash flow: $3,977/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

-28.4% since first listed

17 events — show timeline

• 2026-05-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-05-01 Listed $68,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-12-16 Price Changed $68,000 NIRA MLS as Distributed by MLS Grid
• 2025-12-01 Listed $69,000 NIRA MLS as Distributed by MLS Grid
• 2025-12-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-10-29 Price Changed $69,000 NIRA MLS as Distributed by MLS Grid
• 2025-10-02 Price Changed $70,000 NIRA MLS as Distributed by MLS Grid
• 2025-08-05 Listed $75,000 NIRA MLS as Distributed by MLS Grid
• 2025-07-28 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-07-15 Price Changed $68,900 NIRA MLS as Distributed by MLS Grid
• 2025-06-26 Price Changed $69,900 NIRA MLS as Distributed by MLS Grid
• 2025-05-02 Price Changed $78,000 NIRA MLS as Distributed by MLS Grid
• 2025-04-22 Price Changed $79,900 NIRA MLS as Distributed by MLS Grid
• 2025-01-21 Price Changed $84,900 NIRA MLS as Distributed by MLS Grid
• 2024-10-25 Price Changed $89,900 NIRA MLS as Distributed by MLS Grid
• 2024-09-16 Listed $95,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-12.7%/yr

Latest (2024): $116 · +1.2% YoY. Source: county tax records.