5316 W 8th Ave · Gary, IN 46406

$20,000

2 bd · 1.0 ba · 936 sqft · SingleFamily public records · 63 Days on market

Built 1947 6,273 sqft lot $21/sqft · 66% below area ↓ 50% 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 +7.5/15.0
• Appreciation +5.6/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks MLS

Property sold AS IS

Key facts

• 6,273 sq ft lot
• Garage
• Built 1947

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $875 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $19k (6.0% below list) — sets the bar for market timing.
• Cap rate 58.8% 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: 54 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• In year one you build about $389 of equity ($138 loan paydown + $251 appreciation (1.3% 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 (1.3% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• 4 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: property tax is 3.8% of price; built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $18,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 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 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 6.66% ✓
• Cap rate: 58.81%
• Cash-on-cash: 187.56%
• DSCR: 9.35
• GRM: 1.3

CMA / ARV

• ARV (median comp): $59,195
• List price: $20,000
• Delta: -66.21%
• 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
738 Mount St	0.22mi	2/1.0	967 (+3%)	8mo	$95,000	$98	78
809 Clinton St	0.08mi	3/1.0 (+1)	1,008 (+8%)	3mo	$28,000	$28	76
771 Durbin St	0.19mi	2/1.5	864 (-8%)	2mo	$65,000	$75	75
1168 Hovey St	0.61mi	2/1.0	931 (-0%)	4mo	$42,000	$45	68
973 Williams St	0.61mi	2/1.0	916 (-2%)	1mo	$55,000	$60	67
1075 Mount St	0.44mi	3/1.0 (+1)	884 (-6%)	2mo	$70,000	$79	63
395 Matthews St	0.54mi	2/1.0	966 (+3%)	9mo	$40,000	$41	62
565 Porter St	0.48mi	3/1.0 (+1)	912 (-3%)	13mo	$80,000	$88	58
1125 Durbin St	0.47mi	2/2.5	814 (-13%)	1mo	$32,500	$40	49
286 Gerry St	0.61mi	3/1.0 (+1)	1,023 (+9%)	12mo	$40,000	$39	41
210 Clark Rd	0.74mi	2/1.0	825 (-12%)	8mo	$47,500	$58	39
308 Hamlin St	0.72mi	3/1.5 (+1)	1,015 (+8%)	11mo	$125,000	$123	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.26% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.07×
• Total profit: $56,418
• Equity at exit: $7,097

10-year hold

• IRR: —
• Equity multiple: 23.35×
• Total profit: $125,158
• Equity at exit: $9,642

Cash invested: $5,600 (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 46406

• Home prices YoY: 0.9%
• Active inventory: 54
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $1,331 high
• Mortgage (P&I): −$105
• Tax from tax record: −$63 /mo · $758/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $875

Break-even live

Break-even rent $223

Max offer price $20,000

Occupancy floor 29%

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
743 Hanley St Gary, IN	3.0	1.0	800	$1,350	$1.69	1d	1	0.13mi
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	1d	1	0.39mi
4061 W 20th Pl Gary, IN	3.0	1.0	925	$1,450	$1.57	1d	1	1.37mi
4300 W 22nd Pl Gary, IN	3.0	1.0	977	$1,395	$1.43	2d	1	1.41mi
4328 W 22nd Plz Gary, IN	3.0	1.0	950	$1,300	$1.37	3d	1	1.45mi
4134 W 22nd Pl Gary, IN	3.0	1.0	825	$1,395	$1.69	1d	1	1.48mi

Listing history 20 events

1. 2026-06-18
   days on market $20,000 Active 63 DOM
2. 2026-06-17
   days on market $20,000 Active 62 DOM
3. 2026-06-16
   days on market $20,000 Active 61 DOM
4. 2026-06-15
   days on market $20,000 Active 60 DOM
5. 2026-06-13
   days on market $20,000 Active 58 DOM
6. 2026-06-13
   days on market $20,000 Active 57 DOM
7. 2026-06-09
   days on market $20,000 Active 54 DOM
8. 2026-06-08
   days on market $20,000 Active 53 DOM
9. 2026-06-07
   days on market $20,000 Active 52 DOM
10. 2026-06-04
    days on market $20,000 Active 49 DOM
11. 2026-06-03
    days on market $20,000 Active 48 DOM
12. 2026-06-02
    days on market $20,000 Active 47 DOM
13. 2026-06-01
    days on market $20,000 Active 46 DOM
14. 2026-05-31
    days on market $20,000 Active 45 DOM
15. 2026-04-15
    listed $20,000 Active 19-char remark

    Show marketing remark (19 chars)

    Property sold AS IS

16. 2008-06-16
    listed $8,000 31-char remark

    Show marketing remark (31 chars)

    Bank owned property sold as-is.

17. 2007-05-24
    historical
18. 2007-05-11
    listed $19,000
19. 2006-09-10
    historical
20. 2006-03-09
    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: $758 · $63/mo
• Projected year-2 tax: $758 · $63/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 3/10 Moderate 7 d/yr ≥103°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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,974
• − Mortgage interest: −$1,120
• − Property taxes: −$758
• − Insurance: −$100
• − Repairs & maintenance: −$1,278
• − Management: −$1,278
• − Depreciation: −$582
• Taxable income: $10,859
• Est. tax owed @ 24.0%: −$2,606
• After-tax cash flow: $7,897/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
• City population: 63,701
• Population (ZIP): 8,513

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: Majority Black (63%)
• Race & ethnicity: Black 63% White 21% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 8%

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: ▲ 1.26%
• Current HPI: 147.0732
• Rent YoY: —
• Metro: —
• 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

-50.0% since first listed

6 events — show timeline

• 2026-04-15 Listed $20,000 NIRA MLS as Distributed by MLS Grid
• 2008-06-16 Listed $8,000 NIRA MLS as Distributed by MLS Grid
• 2007-05-24 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-05-11 Listed $19,000 NIRA MLS as Distributed by MLS Grid
• 2006-09-10 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-03-09 Listed $40,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-12.2%/yr

Latest (2024): $758 · +2.5% YoY. Source: county tax records.