4690 Delaware St · Gary, IN 46409

$75,890

2 bd · 1.0 ba · 551 sqft · SingleFamily public records · 72 Days on market

Built 1924 3,267 sqft lot $138/sqft · 107% above area Est $73k · at est.

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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 +5.9/15.0
• 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

LITTLE CHARMER WITH SOME DESIGNER TOUCHES! Everything is new! This home would make a great starter home or rental. The main floor has an open concept living/kitchen & dining, 2 bedrooms and full bath. The basement is finished with a family room and possible 2 more bedrooms/office space and laundry. Schedule your showing today.

Key facts

• 3,267 sq ft lot
• Built 1924
• Listed 72 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $76k.

Deal economics

• At list price, monthly cash flow is $453 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $76k).
• Recommended offer: $71k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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); 77 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 10d 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 31% 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 $524 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 + 4.8% rent growth), your $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($71k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y ago; this cycle's ask has dropped $51k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $7k; list at $76k implies a 984% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $71,336 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.53% ✓
• Cap rate: 13.45%
• Cash-on-cash: 25.57%
• DSCR: 2.14
• GRM: 5.4

CMA / ARV

• ARV (median comp): $73,287
• List price: $75,890
• Delta: 3.55%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4690 Delaware St	0.00mi	2/1.0	551 (0%)	19mo	$7,000	$13	84
4651 Massachusetts St	0.16mi	2/1.0	609 (+10%)	15mo	$15,400	$25	62
4414 Georgia St	0.43mi	2/1.0	608 (+10%)	12mo	$19,000	$31	53
4249 Maryland St	0.56mi	2/1.0	620 (+12%)	19mo	$13,500	$22	37

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: 21.1%
• Equity multiple: 1.88×
• Total profit: $18,723
• Equity at exit: $11,315

10-year hold

• IRR: 30.4%
• Equity multiple: 3.95×
• Total profit: $62,737
• Equity at exit: $6,562

Cash invested: $21,249 (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: 77
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,161 medium
• Mortgage (P&I): −$398
• Tax from tax record: −$34 /mo · $414/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $453

Break-even live

Break-even rent $587

Max offer price $75,890

Occupancy floor 56%

Sensitivity live

Price	-10% $496	-5% $474	+0% $453	+5% $431	+10% $410
Rent	-10% $361	-5% $407	+0% $453	+5% $499	+10% $545
Rate	-1.0pp $491	-0.5pp $472	base $453	+0.5pp $433	+1.0pp $413

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: $18,972
• Closing costs: $2,277
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	0.71mi
4170 Fillmore St Gary, IN	2.0	1.0	720	$950	$1.32	21d	1	1.15mi
3942 Lincoln St Gary, IN	2.0	1.0	520	$1,150	$2.21	5d	1	1.49mi
3942 Lincoln St Gary, IN	2.0	1.0	520	$1,150	$2.21	9d	1	1.49mi

Listing history 24 events

1. 2026-06-15
   days on market $75,890 Active 72 DOM
2. 2026-06-13
   days on market $75,890 Active 70 DOM
3. 2026-06-13
   days on market $75,890 Active 69 DOM
4. 2026-06-09
   days on market $75,890 Active 66 DOM
5. 2026-06-08
   days on market $75,890 Active 65 DOM
6. 2026-06-07
   days on market $75,890 Active 64 DOM
7. 2026-06-04
   days on market $75,890 Active 61 DOM
8. 2026-06-03
   days on market $75,890 Active 60 DOM
9. 2026-06-02
   days on market $75,890 Active 59 DOM
10. 2026-06-01
    days on market $75,890 Active 58 DOM
11. 2026-05-31
    days on market $75,890 Active 57 DOM
12. 2026-05-04
    price $75,890 335-char remark

    Show marketing remark (335 chars)

    LITTLE CHARMER WITH SOME DESIGNER TOUCHES! Everything is new! This home would make a great starter home or rental. The main floor has an open concept living/kitchen & dining, 2 bedrooms and full bath. The basement is finished with a family room and possible 2 more bedrooms/office space and laundry. Schedule your showing today.

13. 2026-04-28
    price $85,890 335-char remark

    Show marketing remark (335 chars)

    LITTLE CHARMER WITH SOME DESIGNER TOUCHES! Everything is new! This home would make a great starter home or rental. The main floor has an open concept living/kitchen & dining, 2 bedrooms and full bath. The basement is finished with a family room and possible 2 more bedrooms/office space and laundry. Schedule your showing today.

14. 2026-04-18
    price $99,890 335-char remark

    Show marketing remark (335 chars)

    LITTLE CHARMER WITH SOME DESIGNER TOUCHES! Everything is new! This home would make a great starter home or rental. The main floor has an open concept living/kitchen & dining, 2 bedrooms and full bath. The basement is finished with a family room and possible 2 more bedrooms/office space and laundry. Schedule your showing today.

15. 2026-04-14
    price $110,890 335-char remark

    Show marketing remark (335 chars)

    LITTLE CHARMER WITH SOME DESIGNER TOUCHES! Everything is new! This home would make a great starter home or rental. The main floor has an open concept living/kitchen & dining, 2 bedrooms and full bath. The basement is finished with a family room and possible 2 more bedrooms/office space and laundry. Schedule your showing today.

16. 2026-04-03
    listed $126,890 Active 335-char remark

    Show marketing remark (335 chars)

    LITTLE CHARMER WITH SOME DESIGNER TOUCHES! Everything is new! This home would make a great starter home or rental. The main floor has an open concept living/kitchen & dining, 2 bedrooms and full bath. The basement is finished with a family room and possible 2 more bedrooms/office space and laundry. Schedule your showing today.

17. 2024-12-02
    soldstatus $7,000 Closed 25-char remark

    Show marketing remark (25 chars)

    Fixer upper with basement

18. 2024-11-26
    status Pending 25-char remark

    Show marketing remark (25 chars)

    Fixer upper with basement

19. 2024-11-21
    price $9,900 25-char remark

    Show marketing remark (25 chars)

    Fixer upper with basement

20. 2024-08-09
    listed $14,900 Active 25-char remark

    Show marketing remark (25 chars)

    Fixer upper with basement

21. 2003-11-20
    historical
22. 2003-07-01
    historical
23. 2003-03-05
    listed $20,000
24. 2002-05-13
    listed $10,000

ⓘ 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: $414 · $34/mo
• Projected year-2 tax: $529 · $44/mo
• Expected delta: +$116/yr (+$10/mo · 27.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $13,928
• − Mortgage interest: −$4,251
• − Property taxes: −$414
• − Insurance: −$379
• − Repairs & maintenance: −$1,114
• − Management: −$1,114
• − Depreciation: −$2,208
• Taxable income: $4,447
• Est. tax owed @ 24.0%: −$1,067
• After-tax cash flow: $4,367/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

+658.9% since first listed

13 events — show timeline

• 2026-05-04 Price Changed $75,890 NIRA MLS as Distributed by MLS Grid
• 2026-04-28 Price Changed $85,890 NIRA MLS as Distributed by MLS Grid
• 2026-04-18 Price Changed $99,890 NIRA MLS as Distributed by MLS Grid
• 2026-04-14 Price Changed $110,890 NIRA MLS as Distributed by MLS Grid
• 2026-04-03 Listed $126,890 NIRA MLS as Distributed by MLS Grid
• 2024-12-02 Sold (MLS) $7,000 NIRA MLS as Distributed by MLS Grid
• 2024-11-26 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-11-21 Price Changed $9,900 NIRA MLS as Distributed by MLS Grid
• 2024-08-09 Listed $14,900 NIRA MLS as Distributed by MLS Grid
• 2003-11-20 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2003-07-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2003-03-05 Listed $20,000 NIRA MLS as Distributed by MLS Grid
• 2002-05-13 Listed $10,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-11.2%/yr

Latest (2024): $414 · +40.3% YoY. Source: county tax records.