1137 W 25th Ave · Gary, IN 46407

$92,900

3 bd · 2.0 ba · 1,063 sqft · SingleFamily public records · 10 Days on market

Built 1923 8,276 sqft lot Est $100k · 7% under

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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 +29.2/30.0
• ARV discount +10.7/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• 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

Opportunity awaits with this spacious 3-bedroom, 2-bath ranch home situated on a corner lot with an additional oversized lot included in the sale, offering extra space, privacy, and future possibilities. Whether you're looking for a primary residence, investment property, or a home with room to grow, this property presents a unique value proposition. Inside, you'll find a functional ranch-style layout with three bedrooms, two full bathrooms, and comfortable living spaces designed for everyday living. Outside, the fully fenced backyard provides a secure area for pets, recreation, and entertaining, while the concrete patio offers the perfect place to relax or host gatherings. The additional l

Key facts

• Concrete patio
• Oversized lot
• Corner lot

Tags

• CORNER LOT
• OVERSIZED LOT
• FULLY FENCED BACKYARD
• CONCRETE PATIO
• ADDITIONAL GREEN SPACE

Property features AI

Finance

• Other: Living area reported as 1,063 (appraiser source); Vacant occupancy

Exterior

• Utilities: Public water; Public sewer; 100 Amp electric service
• Home design: One-story home; Built in 1923
• Construction: Vinyl siding construction; Shingle roof; Built in 1923
• Exterior features: City view; Vinyl siding; Shingle roof

Interior

• Kitchen: Stainless steel appliances
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; No cooling
• Interior features: Includes other interior features; Stainless steel appliances
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $93k.

Deal economics

• At list price, monthly cash flow is $324 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $93k).

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: 121 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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 $1,206/mo this rent would consume 51% 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 $2k of equity ($642 loan paydown + $910 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 $26k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 27y 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 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,900

Questions for the listing agent

1. Built in 1923 — 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: 1.30% ✓
• Cap rate: 10.48%
• Cash-on-cash: 14.96%
• DSCR: 1.67
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $99,922
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2549 Pierce St	0.05mi	3/2.0	1,071 (+1%)	1mo	$144,900	$135	95
2679 Van Buren St	0.43mi	3/1.0	1,100 (+4%)	9mo	$28,000	$25	63
2402 Polk St	0.18mi	3/1.0	920 (-14%)	4mo	$53,000	$58	62
2545 Van Buren St	0.37mi	3/1.0	1,117 (+5%)	16mo	$90,000	$81	57
1201 W 21st Ave	0.50mi	2/1.0 (-1)	980 (-8%)	7mo	$139,900	$143	49
2231 Garfield St	0.50mi	4/1.5 (+1)	1,138 (+7%)	17mo	$127,000	$112	44
2200 Hayes St	0.50mi	3/1.0	960 (-10%)	23mo	$90,000	$94	38
1993 Harrison St	0.71mi	2/1.0 (-1)	952 (-10%)	21mo	$43,500	$46	23

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: 16.8%
• Equity multiple: 1.86×
• Total profit: $22,303
• Equity at exit: $31,616

10-year hold

• IRR: 20.2%
• Equity multiple: 3.44×
• Total profit: $63,382
• Equity at exit: $41,939

Cash invested: $26,012 (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: 121
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,206 high
• Mortgage (P&I): −$487
• Tax from tax record: −$103 /mo · $1,232/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $324

Break-even live

Break-even rent $796

Max offer price $92,900

Occupancy floor 68%

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: $23,225
• Closing costs: $2,787
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	1d	1	0.20mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	1d	1	0.36mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	1d	1	0.38mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	1d	1	0.73mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	1d	1	0.80mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	0.81mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	1d	1	0.94mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	1d	1	0.99mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	1.03mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	1d	1	1.04mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	19d	1	1.10mi
3449 Buchanan St Gary, IN	3.0	1.0	1301	$1,395	$1.07	43d	1	1.17mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	3d	1	1.21mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	1d	1	1.21mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	1d	1	1.21mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	1d	1	1.23mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	43d	1	1.24mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	1.24mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	1d	1	1.24mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	1.25mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	43d	1	1.37mi
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	1d	1	1.42mi
3395 Pennsylvania St Gary, IN	3.0	1.0	1300	$1,495	$1.15	1d	1	1.50mi

Listing history 8 events

1. 2026-06-18
   days on market $92,900 Active 10 DOM
2. 2026-06-17
   days on market $92,900 Active 9 DOM
3. 2026-06-16
   days on market $92,900 Active 8 DOM
4. 2026-06-15
   days on market $92,900 Active 7 DOM
5. 2026-06-13
   days on market $92,900 Active 5 DOM
6. 2026-06-13
   days on market $92,900 Active 4 DOM
7. 2026-06-08
   remarks 699-char remark
8. 2026-06-08
   listed $92,900 Active 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: $1,232 · $103/mo
• Projected year-2 tax: $1,232 · $103/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 ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $14,472
• − Mortgage interest: −$5,204
• − Property taxes: −$1,232
• − Insurance: −$464
• − Repairs & maintenance: −$1,158
• − Management: −$1,158
• − Depreciation: −$2,703
• Taxable income: $2,554
• Est. tax owed @ 24.0%: −$613
• After-tax cash flow: $3,278/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

+233.0% since first listed

7 events — show timeline

• 2026-06-08 Listed $92,900 NIRA MLS as Distributed by MLS Grid
• 2011-10-07 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-12-10 Listed $14,900 NIRA MLS as Distributed by MLS Grid
• 2000-07-20 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2000-07-20 Listed $26,900 NIRA MLS as Distributed by MLS Grid
• 2000-01-31 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 1999-12-28 Listed $27,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+10.0%/yr

Latest (2024): $1,232 · +52.2% YoY. Source: county tax records.