4240 Delaware St · Gary, IN 46409

$29,000

4 bd · 1.5 ba · 1,632 sqft · SingleFamily public records · 1 Days on market

Built 1965 ↓ 28% since listing

---

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 +3.7/5.0
• Livability +3.7/5.0
• Appreciation +3.0/10.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks MLS

Spacious 4 bedroom Cap Cod. Large living room. Extra large lot. REALLY LOW taxes. Don't miss this one!

Key facts

• Built 1965

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $29k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $29k).
• Cap rate 51.0% 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 (+4.8%/yr); 75 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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 43% of the median local income ($45k/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 $200 of loan paydown is wiped out by about $870 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 + 4.8% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 25y 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.

Recommended offer $29,000

Questions for the listing agent

1. Built in 1965 — 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. 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?
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: 5.53% ✓
• Cap rate: 50.95%
• Cash-on-cash: 159.50%
• DSCR: 8.10
• GRM: 1.5

CMA / ARV

• ARV (on-the-fly): $155,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4471 Massachusetts St	0.32mi	3/2.0 (-1)	1,686 (+3%)	1mo	$131,000	$78	72
132 W 43rd Ave	0.35mi	5/2.0 (+1)	1,728 (+6%)	0mo	$210,000	$122	67
3836 Delaware St	0.50mi	3/2.0 (-1)	1,652 (+1%)	3mo	$149,900	$91	65
4327 Vermont Ct	0.45mi	3/1.0 (-1)	1,567 (-4%)	1mo	$123,600	$79	64
4688 Delaware St	0.56mi	3/2.0 (-1)	1,561 (-4%)	0mo	$168,000	$108	59
4265 Van Buren St	0.65mi	3/2.0 (-1)	1,598 (-2%)	3mo	$155,500	$97	57
3789 Rhode Island St	0.66mi	3/2.0 (-1)	1,588 (-3%)	2mo	$140,000	$88	56
4356 Pennsylvania St	0.16mi	3/3.0 (-1)	1,870 (+15%)	2mo	$174,900	$94	56
3655 Connecticut St	0.74mi	3/2.0 (-1)	1,600 (-2%)	2mo	$174,000	$109	53
3905 Madison St	0.63mi	3/1.0 (-1)	1,728 (+6%)	1mo	$81,500	$47	53
4044 Louisiana St	0.68mi	3/2.0 (-1)	1,776 (+9%)	2mo	$169,000	$95	45
345 W 47th Ave	0.75mi	3/2.0 (-1)	1,459 (-11%)	2mo	$166,000	$114	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 · 4.85% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.26×
• Total profit: $67,099
• Equity at exit: $4,324

10-year hold

• IRR: —
• Equity multiple: 20.70×
• Total profit: $159,975
• Equity at exit: $2,507

Cash invested: $8,120 (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 46409

• Home prices YoY: -2.0%
• Rents YoY: 4.8%
• Active inventory: 75
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $1,605 high
• Mortgage (P&I): −$152
• Tax from tax record: −$24 /mo · $293/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $1,079

Break-even live

Break-even rent $239

Max offer price $29,000

Occupancy floor 28%

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: $7,250
• Closing costs: $870
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4430 Broadway Gary, IN	3.0	1.0	1200	$1,250	$1.04	1d	1	0.32mi
4416 Vermont Ct Gary, IN	3.0	1.0	1162	$1,350	$1.16	43d	1	0.47mi
4330 Kentucky St Gary, IN	4.0	2.0	2178	$1,930	$0.89	1d	1	0.50mi
4009 Kentucky St Gary, IN	4.0	1.0	1307	$1,595	$1.22	43d	1	0.57mi
4208 Jackson St Gary, IN	3.0	1.0	1411	$1,350	$0.96	44d	1	0.62mi
4772 Jefferson St Gary, IN	3.0	2.0	1956	$1,595	$0.82	18d	1	0.77mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	1d	1	0.82mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	10d	1	0.86mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	1d	1	0.86mi
4767 Harrison St Gary, IN	3.0	1.0	1664	$1,500	$0.90	1d	1	0.95mi
5026 Kentucky St Gary, IN	3.0	1.0	1200	$1,100	$0.92	6d	1	1.07mi
3612 Van Buren St Gary, IN	3.0	1.0	1534	$1,600	$1.04	1d	1	1.07mi
3395 Pennsylvania St Gary, IN	3.0	1.0	1300	$1,495	$1.15	1d	1	1.09mi
3788 Lincoln St Gary, IN	3.0	2.0	1398	$1,400	$1.00	10d	1	1.28mi
3820 Colbourne St Hobart, IN	3.0	2.0	1209	$1,695	$1.40	43d	1	1.37mi
505 W 53rd Ave Merrillville, IN	4.0	2.0	1650	$1,650	$1.00	1d	1	1.39mi
505 W 53rd Ave Unit 1 Merrillville, IN	4.0	1.5	1900	$1,650	$0.87	1d	1	1.39mi
3852 Sandusky St Hobart, IN	4.0	1.0	1209	$1,800	$1.49	16d	1	1.42mi
3449 Buchanan St Gary, IN	3.0	1.0	1301	$1,395	$1.07	43d	1	1.47mi

Listing history 8 events

1. 2026-05-26
   listed $29,000 Active
2. 2007-04-30
   historical
3. 2007-03-28
   listed $75,000 102-char remark

   Show marketing remark (102 chars)

   Spacious 4 bedroom Cap Cod. Large living room. Extra large lot. REALLY LOW taxes. Don't miss this one!

4. 2007-01-06
   historical
5. 2006-09-06
   listed $65,000
6. 2006-03-11
   listed $65,000
7. 2002-04-23
   historical
8. 2001-10-24
   listed $40,000

ⓘ 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: $293 · $24/mo
• Projected year-2 tax: $293 · $24/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 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: $19,259
• − Mortgage interest: −$1,624
• − Property taxes: −$293
• − Insurance: −$145
• − Repairs & maintenance: −$1,541
• − Management: −$1,541
• − Depreciation: −$844
• Taxable income: $13,271
• Est. tax owed @ 24.0%: −$3,185
• After-tax cash flow: $9,766/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): 7,184
• Household income: $44,667
• Rent vs Own: 55.5% rent · 44.5% own
• Severe rent burden: 516.0

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 (68%)
• Race & ethnicity: Black 68% Two or more races 17% Hispanic / Latino 14% White 11%
• Hispanic origin (detail): Mexican 8% Puerto Rican 5%
• Common ancestry: Iranian 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 6%

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: ▼ -3.91%
• Current HPI: 190.6724
• Rent YoY: ▲ 4.85%
• 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

-27.5% since first listed

8 events — show timeline

• 2026-05-26 Listed $29,000 FSBO.com
• 2007-04-30 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-03-28 Listed $75,000 NIRA MLS as Distributed by MLS Grid
• 2007-01-06 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-09-06 Listed $65,000 NIRA MLS as Distributed by MLS Grid
• 2006-03-11 Listed $65,000 NIRA MLS as Distributed by MLS Grid
• 2002-04-23 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2001-10-24 Listed $40,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-21.1%/yr

Latest (2024): $293 · +2.1% YoY. Source: county tax records.