456 Gerry St · Gary, IN 46406

$164,999

2 bd · 1.0 ba · 1,584 sqft · SingleFamily public records · 24 Days on market

Built 1949 3,659 sqft lot $104/sqft · 41% above area Est $117k · 41% over ↓ 3% since listing

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Appreciation +5.6/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0

Listing remarks

Welcome to the best deal in Gary, IN. This beautifully renovated 3-bedroom, 2-bathroom home situated on a desirable corner lot. From the moment you step inside, you'll appreciate the bright, open-concept layout featuring contemporary flooring, recessed lighting, and fresh designer paint throughout. The stunning kitchen is the heart of the home, showcasing crisp white shaker cabinetry, elegant quartz countertops, a stylish tile backsplash, stainless steel appliances, and sophisticated black-and-gold accents that create a modern yet inviting feel. Two generously sized bedrooms are located on the main level, while the expansive upper-level bedroom offers an ideal retreat and excellent potentia

Key facts

• Quartz countertops
• Corner lot
• Tile backsplash

Tags

• CORNER LOT
• OPEN-CONCEPT LAYOUT
• WHITE SHAKER CABINETRY
• QUARTZ COUNTERTOPS
• TILE BACKSPLASH
• STAINLESS STEEL APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $710 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $163k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 9.1% in Gary — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 1 comparable units currently listed for rent nearby; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($1k loan paydown + $2k 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 $46k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,524 (1.5% below list)

Questions for the listing agent

1. Built in 1949 — 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: 1.33% ✓
• Cap rate: 11.46%
• Cash-on-cash: 18.44%
• DSCR: 1.82
• GRM: 6.2

CMA / ARV

• ARV (median comp): $117,297
• List price: $164,999
• Delta: 40.67%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
562 Dallas St	0.23mi	2/1.0	1,568 (-1%)	2mo	$105,000	$67	86
418 Dallas St	0.19mi	3/2.0 (+1)	1,500 (-5%)	0mo	$172,500	$115	73
564 Hamlin St	0.34mi	2/1.0	1,500 (-5%)	7mo	$148,000	$99	70
550 King St	0.27mi	3/1.0 (+1)	1,500 (-5%)	7mo	$149,000	$99	67
637 Tompkins St	0.22mi	3/1.5 (+1)	1,632 (+3%)	14mo	$133,000	$81	66
323 King St	0.28mi	3/2.0 (+1)	1,500 (-5%)	5mo	$169,000	$113	65
5329 W 4th Pl	0.16mi	3/1.0 (+1)	1,680 (+6%)	16mo	$145,000	$86	65
601 Burr St	0.23mi	3/2.0 (+1)	1,408 (-11%)	0mo	$149,900	$106	61
395 Porter St	0.60mi	2/1.0	1,472 (-7%)	3mo	$67,500	$46	58
608 Clark Rd	0.65mi	2/1.5	1,574 (-1%)	14mo	$95,000	$60	55
5718 W 6th Ave	0.17mi	3/1.0 (+1)	1,808 (+14%)	12mo	$129,900	$72	53
932 Hanley St	0.60mi	3/2.0 (+1)	1,485 (-6%)	9mo	$140,000	$94	45

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: 21.0%
• Equity multiple: 2.09×
• Total profit: $50,363
• Equity at exit: $58,547

10-year hold

• IRR: 23.8%
• Equity multiple: 3.93×
• Total profit: $135,529
• Equity at exit: $79,548

Cash invested: $46,200 (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: 6.2×

Monthly cashflow live

• Estimated rent: $2,200 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$94 /mo · $1,126/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $710

Break-even live

Break-even rent $1,301

Max offer price $164,999

Occupancy floor 63%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1125 Dallas St Gary, IN	2.0	2.5	1872	$2,200	$1.18	1d	1	0.77mi

Listing history 19 events

1. 2026-06-18
   days on market $164,999 Active 24 DOM
2. 2026-06-17
   days on market $164,999 Active 23 DOM
3. 2026-06-16
   days on market $164,999 Active 22 DOM
4. 2026-06-15
   days on market $164,999 Active 21 DOM
5. 2026-06-13
   days on market $164,999 Active 19 DOM
6. 2026-06-13
   days on market $164,999 Active 18 DOM
7. 2026-06-09
   days on market $164,999 Active 15 DOM
8. 2026-06-08
   days on market $164,999 Active 14 DOM
9. 2026-06-07
   days on market $164,999 Active 13 DOM
10. 2026-06-04
    days on market $164,999 Active 10 DOM
11. 2026-06-03
    days on market $164,999 Active 9 DOM
12. 2026-06-02
    days on market $164,999 Active 8 DOM
13. 2026-06-01
    days on market $164,999 Active 7 DOM
14. 2026-05-31
    days on market $164,999 Active 6 DOM
15. 2026-05-17
    historical
16. 2026-05-01
    price $165,000
17. 2026-03-12
    price $168,000
18. 2026-02-10
    price $169,900
19. 2025-12-01
    listed $170,000 Active

ⓘ 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: $1,126 · $94/mo
• Projected year-2 tax: $1,264 · $105/mo
• Expected delta: +$138/yr (+$12/mo · 12.3%)

ⓘ 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: $26,400
• − Mortgage interest: −$9,243
• − Property taxes: −$1,126
• − Insurance: −$825
• − Repairs & maintenance: −$2,112
• − Management: −$2,112
• − Depreciation: −$4,800
• Taxable income: $6,182
• Est. tax owed @ 24.0%: −$1,484
• After-tax cash flow: $7,038/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

-2.9% since first listed

5 events — show timeline

• 2026-05-17 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-05-01 Price Changed $165,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-12 Price Changed $168,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-10 Price Changed $169,900 NIRA MLS as Distributed by MLS Grid
• 2025-12-01 Listed $170,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-5.7%/yr

Latest (2024): $1,126 · +5.3% YoY. Source: county tax records.