229-231 W 37th Ave · Gary, IN 46408

$27,000

2 bd · 1.0 ba · 874 sqft · SingleFamily · 105 Days on market

Built 1925 Poor condition 3,920 sqft lot $31/sqft · 45% below area Est $49k · 45% under ↓ 10% 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 +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brick Bungalow ready for TLC, elbow grease, and some legwork to make this home ready to be added to a portfolio or flip.

Key facts

• 3,920 sq ft lot
• Built 1925
• Listed 104 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $27k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $752 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $27k).
• Recommended offer: $25k (9.0% below list) — sets the bar for market timing.
• Cap rate 39.7% 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: 102 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 30% 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 $187 of loan paydown is wiped out by about $810 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $22k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $24,570 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1925 — 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: 4.40% ✓
• Cap rate: 39.71%
• Cash-on-cash: 119.36%
• DSCR: 6.31
• GRM: 1.9

CMA / ARV

• ARV (median comp): $49,466
• List price: $27,000
• Delta: -45.42%
• 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
3724 Tyler St	0.41mi	2/1.0	870 (-0%)	4mo	$48,000	$55	76
4019 Pennsylvania St	0.55mi	2/—	856 (-2%)	4mo	$36,500	$43	68
4016 Connecticut St	0.49mi	2/1.0	920 (+5%)	4mo	$25,000	$27	65
4002 Pennsylvania St	0.51mi	2/1.0	846 (-3%)	8mo	$50,000	$59	64
3326 Delaware St	0.62mi	3/1.0 (+1)	896 (+2%)	1mo	$77,000	$86	61
4217 Massachusetts St	0.70mi	2/1.0	840 (-4%)	1mo	$28,000	$33	60
3679 Buchanan St	0.63mi	3/1.0 (+1)	918 (+5%)	0mo	$112,000	$122	57
3320 Delaware St	0.63mi	3/1.0 (+1)	864 (-1%)	9mo	$57,000	$66	56
4115 Fillmore St	0.71mi	2/1.0	950 (+9%)	6mo	$51,000	$54	47
3621 Virginia St	0.57mi	2/1.0	748 (-14%)	7mo	$25,000	$33	44
4001 Virginia St	0.68mi	2/1.0	760 (-13%)	8mo	$45,000	$59	40
3624 Georgia St	0.66mi	3/2.0 (+1)	954 (+9%)	7mo	$77,000	$81	39

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: —
• Equity multiple: 6.76×
• Total profit: $43,535
• Equity at exit: $4,026

10-year hold

• IRR: —
• Equity multiple: 14.18×
• Total profit: $99,651
• Equity at exit: $2,334

Cash invested: $7,560 (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: 102
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,188 high
• Mortgage (P&I): −$142
• Tax est. 1.5%: −$34 /mo · $405/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $752

Break-even live

Break-even rent $236

Max offer price $27,000

Occupancy floor 32%

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: $6,750
• Closing costs: $810
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	2d	1	0.34mi
1005 W 35th Ave Apt 202 Gary, IN	2.0	1.0	617	$795	$1.29	1d	1	0.52mi
1005 W 35th Ave Apt 105 Gary, IN	2.0	1.0	601	$795	$1.32	18d	1	0.52mi
1015 W 35th Ave Apt 206 Gary, IN	2.0	1.0	601	$795	$1.32	43d	1	0.54mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	1d	1	0.55mi
4040 Fillmore St Gary, IN	2.0	1.0	1000	$1,000	$1.00	10d	1	0.66mi
3777 Lincoln St Gary, IN	2.0	1.0	800	$1,150	$1.44	1d	1	0.69mi
816 E 35th Ct Gary, IN	2.0	1.0	810	$1,075	$1.33	1d	1	0.75mi
4170 Fillmore St Gary, IN	2.0	1.0	720	$950	$1.32	19d	1	0.77mi
4327 Monroe St Unit 1st front Gary, IN	1.0	1.0	600	$1,095	$1.82	1d	1	0.77mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	1d	1	0.92mi
624 W 44th Pl Gary, IN	3.0	1.0	836	$1,250	$1.50	7d	1	0.93mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	3d	1	0.98mi
4364 Buchanan St Gary, IN	3.0	1.0	900	$1,500	$1.67	1d	1	1.03mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	1d	1	1.31mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	1d	1	1.31mi
837 W 27th Ave Unit B Gary, IN	1.0	1.0	750	$950	$1.27	1d	1	1.31mi
4816 Massachusetts St Gary, IN	3.0	1.0	1024	$1,350	$1.32	15d	1	1.41mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	1d	1	1.47mi

Listing history 19 events

1. 2026-06-18
   days on market $27,000 Active 105 DOM
2. 2026-06-17
   days on market $27,000 Active 104 DOM
3. 2026-06-16
   days on market $27,000 Active 103 DOM
4. 2026-06-15
   days on market $27,000 Active 102 DOM
5. 2026-06-13
   days on market $27,000 Active 100 DOM
6. 2026-06-13
   days on market $27,000 Active 99 DOM
7. 2026-06-09
   days on market $27,000 Active 96 DOM
8. 2026-06-08
   days on market $27,000 Active 95 DOM
9. 2026-06-07
   days on market $27,000 Active 94 DOM
10. 2026-06-04
    days on market $27,000 Active 91 DOM
11. 2026-06-03
    days on market $27,000 Active 90 DOM
12. 2026-06-02
    days on market $27,000 Active 89 DOM
13. 2026-06-01
    days on market $27,000 Active 88 DOM
14. 2026-05-31
    days on market $27,000 Active 87 DOM
15. 2026-03-04
    listed $27,000 Active 120-char remark

    Show marketing remark (120 chars)

    Brick Bungalow ready for TLC, elbow grease, and some legwork to make this home ready to be added to a portfolio or flip.

16. 2024-03-29
    soldstatus $21,500 Closed 269-char remark

    Show marketing remark (269 chars)

    All BRICK bungalow, minutes away from IU Northwest!! Property has FIRE DAMAGE and sold AS IS. Fire did not reach the basement and mechanicals are still intact (Seller does not know if they are functional). This home has potential for the right buyer. CASH OFFERS ONLY!!

17. 2024-02-29
    status Pending 269-char remark

    Show marketing remark (269 chars)

    All BRICK bungalow, minutes away from IU Northwest!! Property has FIRE DAMAGE and sold AS IS. Fire did not reach the basement and mechanicals are still intact (Seller does not know if they are functional). This home has potential for the right buyer. CASH OFFERS ONLY!!

18. 2024-01-23
    price $25,000 269-char remark

    Show marketing remark (269 chars)

    All BRICK bungalow, minutes away from IU Northwest!! Property has FIRE DAMAGE and sold AS IS. Fire did not reach the basement and mechanicals are still intact (Seller does not know if they are functional). This home has potential for the right buyer. CASH OFFERS ONLY!!

19. 2024-01-10
    listed $30,000 Active 269-char remark

    Show marketing remark (269 chars)

    All BRICK bungalow, minutes away from IU Northwest!! Property has FIRE DAMAGE and sold AS IS. Fire did not reach the basement and mechanicals are still intact (Seller does not know if they are functional). This home has potential for the right buyer. CASH OFFERS ONLY!!

ⓘ 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 100% 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: $14,256
• − Mortgage interest: −$1,512
• − Property taxes: −$405
• − Insurance: −$135
• − Repairs & maintenance: −$1,141
• − Management: −$1,141
• − Depreciation: −$785
• Taxable income: $9,137
• Est. tax owed @ 24.0%: −$2,193
• After-tax cash flow: $6,830/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This property requires extensive repairs and structural reinforcement due to significant fire damage and structural issues. Immediate safety and structural repairs are essential before any further work can be done.

Repairs flagged

• Major front porch and foundation — Structural damage
• Major roof — Significant damage
• Major flooring — Missing or damaged
• Major interior walls — Significant fire damage
• Major bathroom doors — Missing
• Major kitchen — Significant fire damage
• Major mechanicals — Not functional

Value-add opportunities

• Both structural repairs and reinforcement — Essential for safety and structural integrity
• Both roof replacement — Critical for weather protection and safety
• Both flooring replacement — Improves safety and aesthetics
• Both interior wall repairs and painting — Enhances safety and aesthetics
• Both bathroom door replacement — Improves functionality and aesthetics
• Both kitchen repairs and updates — Enhances functionality and aesthetics
• Both mechanical system replacement — Ensures functionality and safety

Renovation cost estimate screening

Repair item	Severity	Est. cost
front porch and foundation · Structural damage	Major	$15,000–50,000
roof · Significant damage	Major	$15,000–50,000
flooring · Missing or damaged	Major	$15,000–50,000
interior walls · Significant fire damage	Major	$15,000–50,000
bathroom doors · Missing	Major	$15,000–50,000
kitchen · Significant fire damage	Major	$15,000–50,000
mechanicals · Not functional	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both structural repairs and reinforcement — Essential for safety and structural integrity ↑
• Both roof replacement — Critical for weather protection and safety ↑
• Both flooring replacement — Improves safety and aesthetics ↑
• Both interior wall repairs and painting — Enhances safety and aesthetics ↑
• Both bathroom door replacement — Improves functionality and aesthetics ↑
• Both kitchen repairs and updates — Enhances functionality and aesthetics ↑
• Both mechanical system replacement — Ensures functionality and safety ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-10.0% since first listed

5 events — show timeline

• 2026-03-04 Listed $27,000 NIRA MLS as Distributed by MLS Grid
• 2024-03-29 Sold (MLS) $21,500 NIRA MLS as Distributed by MLS Grid
• 2024-02-29 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-01-23 Price Changed $25,000 NIRA MLS as Distributed by MLS Grid
• 2024-01-10 Listed $30,000 NIRA MLS as Distributed by MLS Grid