3966 Louisiana St · Gary, IN 46409

$84,900

2 bd · 1.0 ba · 875 sqft · SingleFamily public records · 607 Days on market

Built 1957 6,186 sqft lot $97/sqft · at area comps Est $82k · 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

Great Investment or First time home buyer This ranch style 3 bdrm 1 bath home is a great investment opportunity or a starter home for first time buyers. With a little TLC this property will make a great home or investment property! Property has a recently upgraded the exterior wood vinyl siding, and all walls have been demo, and the drywall has been hung. Is ready for final improvements Please note property is being "sold as is" Seller will not be making any repairs * * * * * * * *

Key facts

• Starter home
• Ranch style home
• 6,186 sq ft lot

Tags

• RANCH STYLE HOME
• STARTER HOME

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $472 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.0% 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; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 35% 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 $587 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 607 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $15k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $19k; list at $85k implies a 349% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 607 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1957 — 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: 1.52% ✓
• Cap rate: 12.97%
• Cash-on-cash: 23.84%
• DSCR: 2.06
• GRM: 5.5

CMA / ARV

• ARV (median comp): $82,046
• List price: $84,900
• Delta: 3.48%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3820 Swift St	0.26mi	2/1.0	840 (-4%)	3mo	$210,000	$250	79
4217 Maryland St	0.61mi	2/1.0	864 (-1%)	3mo	$49,900	$58	67
3979 Howard St	0.59mi	3/1.0 (+1)	884 (+1%)	2mo	$175,000	$198	64
4019 Pennsylvania St	0.66mi	2/—	856 (-2%)	4mo	$36,500	$43	63
4055 Kentucky St	0.20mi	3/1.0 (+1)	1,000 (+14%)	1mo	$50,000	$50	62
4341 Maryland St	0.70mi	2/1.0	864 (-1%)	7mo	$59,000	$68	59
1407 E 36th Ave	0.44mi	3/1.0 (+1)	950 (+9%)	3mo	$55,100	$58	58
4002 Pennsylvania St	0.69mi	2/1.0	846 (-3%)	8mo	$50,000	$59	56
908 E 44th Ave	0.59mi	2/1.5	790 (-10%)	2mo	$34,000	$43	52
4001 Virginia St	0.48mi	2/1.0	760 (-13%)	8mo	$45,000	$59	49
3624 Georgia St	0.59mi	3/2.0 (+1)	954 (+9%)	7mo	$77,000	$81	43
3621 Virginia St	0.66mi	2/1.0	748 (-14%)	7mo	$25,000	$33	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 · 4.85% rent growth · sell at horizon

5-year hold

• IRR: 19.0%
• Equity multiple: 1.79×
• Total profit: $18,763
• Equity at exit: $12,659

10-year hold

• IRR: 28.6%
• Equity multiple: 3.75×
• Total profit: $65,468
• Equity at exit: $7,341

Cash invested: $23,772 (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: 5.5×

Monthly cashflow live

• Estimated rent: $1,289 high
• Mortgage (P&I): −$445
• Tax from tax record: −$66 /mo · $788/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $472

Break-even live

Break-even rent $691

Max offer price $84,900

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
816 E 35th Ct Gary, IN	2.0	1.0	810	$1,075	$1.33	1d	1	0.68mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	2d	1	0.94mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	1d	1	0.98mi
4905 Kentucky St Unit 4901 Gary, IN	3.0	1.0	950	$1,525	$1.61	24d	1	1.18mi
4327 Monroe St Unit 1st front Gary, IN	1.0	1.0	600	$1,095	$1.82	1d	1	1.22mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	19d	1	1.24mi
4816 Massachusetts St Gary, IN	3.0	1.0	1024	$1,350	$1.32	15d	1	1.31mi
5001 Carolina St Gary, IN	3.0	1.0	875	$1,350	$1.54	2d	1	1.34mi
624 W 44th Pl Gary, IN	3.0	1.0	836	$1,250	$1.50	7d	1	1.38mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	2d	1	1.42mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	1d	1	1.43mi

Listing history 23 events

1. 2026-06-18
   days on market $84,900 Active 607 DOM
2. 2026-06-17
   days on market $84,900 Active 606 DOM
3. 2026-06-16
   days on market $84,900 Active 605 DOM
4. 2026-06-15
   days on market $84,900 Active 604 DOM
5. 2026-06-13
   days on market $84,900 Active 602 DOM
6. 2026-06-13
   days on market $84,900 Active 601 DOM
7. 2026-06-09
   days on market $84,900 Active 598 DOM
8. 2026-06-08
   days on market $84,900 Active 597 DOM
9. 2026-06-07
   days on market $84,900 Active 596 DOM
10. 2026-06-04
    days on market $84,900 Active 593 DOM
11. 2026-06-03
    days on market $84,900 Active 592 DOM
12. 2026-06-02
    days on market $84,900 Active 591 DOM
13. 2026-06-01
    days on market $84,900 Active 590 DOM
14. 2026-05-31
    days on market $84,900 Active 589 DOM
15. 2025-10-18
    price $84,900 508-char remark

    Show marketing remark (508 chars)

    Great Investment or First time home buyer This ranch style 3 bdrm 1 bath home is a great investment opportunity or a starter home for first time buyers. With a little TLC this property will make a great home or investment property! Property has a recently upgraded the exterior wood vinyl siding, and all walls have been demo, and the drywall has been hung. Is ready for final improvements Please note property is being "sold as is" Seller will not be making any repairs * * * * * * * *

16. 2024-12-03
    price $89,900 508-char remark

    Show marketing remark (508 chars)

    Great Investment or First time home buyer This ranch style 3 bdrm 1 bath home is a great investment opportunity or a starter home for first time buyers. With a little TLC this property will make a great home or investment property! Property has a recently upgraded the exterior wood vinyl siding, and all walls have been demo, and the drywall has been hung. Is ready for final improvements Please note property is being "sold as is" Seller will not be making any repairs * * * * * * * *

17. 2024-11-05
    price $94,900 508-char remark

    Show marketing remark (508 chars)

    Great Investment or First time home buyer This ranch style 3 bdrm 1 bath home is a great investment opportunity or a starter home for first time buyers. With a little TLC this property will make a great home or investment property! Property has a recently upgraded the exterior wood vinyl siding, and all walls have been demo, and the drywall has been hung. Is ready for final improvements Please note property is being "sold as is" Seller will not be making any repairs * * * * * * * *

18. 2024-10-18
    listed $99,900 Active 508-char remark

    Show marketing remark (508 chars)

    Great Investment or First time home buyer This ranch style 3 bdrm 1 bath home is a great investment opportunity or a starter home for first time buyers. With a little TLC this property will make a great home or investment property! Property has a recently upgraded the exterior wood vinyl siding, and all walls have been demo, and the drywall has been hung. Is ready for final improvements Please note property is being "sold as is" Seller will not be making any repairs * * * * * * * *

19. 2024-10-14
    historical
20. 2024-08-17
    listed $80,000 Active
21. 2019-01-16
    historical
22. 2018-01-15
    listed $42,900
23. 2005-07-14
    soldstatus $18,900

ⓘ 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: $788 · $66/mo
• Projected year-2 tax: $788 · $66/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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,472
• − Mortgage interest: −$4,756
• − Property taxes: −$788
• − Insurance: −$424
• − Repairs & maintenance: −$1,238
• − Management: −$1,238
• − Depreciation: −$2,470
• Taxable income: $4,559
• Est. tax owed @ 24.0%: −$1,094
• After-tax cash flow: $4,574/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

+349.2% since first listed

9 events — show timeline

• 2025-10-18 Price Changed $84,900 NIRA MLS as Distributed by MLS Grid
• 2024-12-03 Price Changed $89,900 NIRA MLS as Distributed by MLS Grid
• 2024-11-05 Price Changed $94,900 NIRA MLS as Distributed by MLS Grid
• 2024-10-18 Listed $99,900 NIRA MLS as Distributed by MLS Grid
• 2024-10-14 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-08-17 Listed $80,000 NIRA MLS as Distributed by MLS Grid
• 2019-01-16 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2018-01-15 Listed $42,900 NIRA MLS as Distributed by MLS Grid
• 2005-07-14 Sold (Public Records) $18,900 Public Records

Property tax history

+5.3%/yr

Latest (2024): $788 · -3.9% YoY. Source: county tax records.