2424 Delaware St · Gary, IN 46407

$45,000

2 bd · 1.0 ba · 640 sqft · SingleFamily public records · 1 Days on market

Built 1948 3,006 sqft lot

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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

3 beds 2 bath all brick homes perfect for a investment property

Key facts

• 3,006 sq ft lot
• Built 1948

Property features AI

Finance

• Other: Property is vacant

Exterior

• Utilities: Public water; Public sewer
• Home design: One-level residence; Built in 1948
• Construction: Asphalt roof
• Exterior features: Asphalt roof; Lot information from assessor

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Bedroom 2; Bonus room
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Finished basement; Neighborhood view
• Laundry & utility: No appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Cap rate 21.2% 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: 122 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 $1,128/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 $752 of equity ($311 loan paydown + $441 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 20y 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 $45,000

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: 2.51% ✓
• Cap rate: 21.16%
• Cash-on-cash: 53.09%
• DSCR: 3.36
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $17,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2290 Maryland St	0.18mi	2/1.0	672 (+5%)	6mo	$9,000	$13	79
2259 Delaware St	0.22mi	2/1.0	672 (+5%)	4mo	$17,000	$25	78
2339 Delaware St	0.10mi	2/1.5	672 (+5%)	14mo	$17,900	$27	73
2379 Industrial Blvd	0.29mi	2/1.0	600 (-6%)	7mo	$13,000	$22	70
2244 Kentucky St	0.49mi	2/1.0	672 (+5%)	4mo	$16,000	$24	66
2413-2415 Industrial Blvd	0.34mi	2/1.0	700 (+9%)	6mo	$20,000	$29	64
2254 Tennessee St	0.54mi	2/1.0	672 (+5%)	11mo	$17,500	$26	57
2271 Pennsylvania St	0.20mi	2/1.0	725 (+13%)	15mo	$26,000	$36	56
2379 Jackson St	0.56mi	2/1.0	672 (+5%)	11mo	$12,000	$18	56
2636 Jackson St	0.64mi	2/1.0	648 (+1%)	15mo	$30,000	$46	56
2355 Rhode Island St	0.35mi	2/1.0	701 (+10%)	15mo	$85,000	$121	55
2678 Monroe St	0.61mi	2/1.0	700 (+9%)	2mo	$86,000	$123	54

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: 55.8%
• Equity multiple: 3.88×
• Total profit: $36,335
• Equity at exit: $15,315

10-year hold

• IRR: 57.3%
• Equity multiple: 7.82×
• Total profit: $85,883
• Equity at exit: $20,315

Cash invested: $12,600 (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: 122
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,128 high
• Mortgage (P&I): −$236
• Tax from tax record: −$79 /mo · $951/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $557

Break-even live

Break-even rent $423

Max offer price $45,000

Occupancy floor 46%

Sensitivity live

Price	-10% $583	-5% $570	+0% $557	+5% $545	+10% $532
Rent	-10% $468	-5% $513	+0% $557	+5% $602	+10% $647
Rate	-1.0pp $580	-0.5pp $569	base $557	+0.5pp $546	+1.0pp $534

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	0d	1	0.23mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	45d	1	0.33mi
2378 Jackson St Gary, IN	2.0	1.0	672	$1,050	$1.56	0d	1	0.61mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	0d	1	0.70mi
837 W 27th Ave Unit B Gary, IN	1.0	1.0	750	$950	$1.27	0d	1	0.89mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	0d	1	0.89mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	22d	1	1.00mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	18d	1	1.02mi

Listing history 2 events

1. 2026-06-07
   remarks 63-char remark
2. 2026-06-07
   listed $45,000 Pending 1 DOM

ⓘ 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: $951 · $79/mo
• Projected year-2 tax: $951 · $79/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
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,541
• − Mortgage interest: −$2,521
• − Property taxes: −$951
• − Insurance: −$225
• − Repairs & maintenance: −$1,083
• − Management: −$1,083
• − Depreciation: −$1,309
• Taxable income: $6,369
• Est. tax owed @ 24.0%: −$1,529
• After-tax cash flow: $5,161/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

+126.1% since first listed

4 events — show timeline

• 2026-06-05 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-06-04 Listed $45,000 NIRA MLS as Distributed by MLS Grid
• 2006-04-14 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-01-13 Listed $19,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+31.7%/yr

Latest (2024): $951 · +2.2% YoY. Source: county tax records.