2016 Wright St · Gary, IN 46404

$120,000

3 bd · 1.0 ba · 925 sqft · SingleFamily public records · 94 Days on market

Built 1955 5,097 sqft lot $130/sqft · at area comps Est $115k · at est.

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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 +28.4/30.0
• DSCR +10.0/10.0
• 1% rule +7.0/10.0
• ARV discount +5.5/15.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Completely updated 3 Bedroom 1-1/2 Bath home It's almost like NEW CONSTRUCTION. New Everything!! Flooring, Kitchen, Bathrooms [ Including the Master Suite ] HVAC System, Roof. This OPEN CONCEPT Ranch Home is move in ready. This is perfect for 1st time Home Buyers, or your next Investment Property. The yard provides you the opportunity to bring your best HGTV visions to create that dream Exterior. Motivated Sellers who welcome all offers.

Key facts

• New kitchen
• New flooring
• Updated home

Tags

• UPDATED HOME
• NEW FLOORING
• NEW KITCHEN
• NEW BATHROOMS
• NEW HVAC SYSTEM
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $387 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.

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 (+11.6%/yr); 67 active listings in the ZIP; 14 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 41% of the median local income ($42k/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 $830 of loan paydown is wiped out by about $4k 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 + 8.0% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; list at $120k implies a 606% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — 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: 1.20% ✓
• Cap rate: 10.16%
• Cash-on-cash: 13.82%
• DSCR: 1.61
• GRM: 7.0

CMA / ARV

• ARV (median comp): $114,781
• List price: $120,000
• Delta: 4.55%
• 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
1945 Lane St	0.09mi	3/1.0	925 (0%)	4mo	$50,000	$54	92
4082 W 21st Pl	0.18mi	3/1.0	941 (+2%)	1mo	$129,900	$138	88
4123 W 19th Pl	0.11mi	3/1.0	981 (+6%)	5mo	$75,000	$76	80
4251 W 20th Pl	0.21mi	3/1.0	950 (+3%)	9mo	$100,000	$105	78
4241 W 22nd Plz	0.38mi	3/1.0	925 (0%)	8mo	$63,000	$68	76
4144 W 23rd Ave	0.38mi	3/1.5	900 (-3%)	1mo	$80,000	$89	75
4309 W 19th Ave	0.24mi	4/1.0 (+1)	973 (+5%)	1mo	$105,000	$108	74
4233 W 22nd Ave	0.29mi	3/1.0	850 (-8%)	6mo	$82,000	$96	68
1570 Hendricks St	0.41mi	2/1.0 (-1)	962 (+4%)	5mo	$132,000	$137	65
1548 Taney St	0.74mi	2/1.0 (-1)	916 (-1%)	2mo	$40,000	$44	57
1168 Hovey St	0.74mi	2/1.0 (-1)	931 (+1%)	4mo	$42,000	$45	57
4013 W 10th Ave	0.74mi	2/1.0 (-1)	1,009 (+9%)	4mo	$47,000	$47	42

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 9.2%
• Equity multiple: 1.38×
• Total profit: $12,760
• Equity at exit: $17,892

10-year hold

• IRR: 22.0%
• Equity multiple: 3.30×
• Total profit: $77,286
• Equity at exit: $10,375

Cash invested: $33,600 (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 46404

• Home prices YoY: -4.8%
• Rents YoY: 11.6%
• Active inventory: 67
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,437 high
• Mortgage (P&I): −$629
• Tax from tax record: −$69 /mo · $828/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $387

Break-even live

Break-even rent $947

Max offer price $120,000

Occupancy floor 68%

Sensitivity live

Price	-10% $455	-5% $421	+0% $387	+5% $353	+10% $319
Rent	-10% $273	-5% $330	+0% $387	+5% $444	+10% $500
Rate	-1.0pp $447	-0.5pp $417	base $387	+0.5pp $356	+1.0pp $324

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4061 W 20th Pl Gary, IN	3.0	1.0	925	$1,450	$1.57	2d	1	0.07mi
4232 W 20th Ave Gary, IN	4.0	1.0	925	$1,395	$1.51	21d	1	0.20mi
4134 W 22nd Pl Gary, IN	3.0	1.0	825	$1,395	$1.69	2d	1	0.26mi
4263 W 22nd Pl Gary, IN	4.0	1.0	950	$1,295	$1.36	2d	1	0.33mi
4300 W 22nd Pl Gary, IN	3.0	1.0	977	$1,395	$1.43	2d	1	0.35mi
4328 W 22nd Plz Gary, IN	3.0	1.0	950	$1,300	$1.37	3d	1	0.39mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	2d	1	0.71mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	0.97mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	0.97mi
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	2d	1	0.97mi
2939 W 10th Ave Gary, IN	2.0	1.0	744	$1,190	$1.60	2d	1	0.97mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	2d	1	1.07mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	2d	1	1.14mi
743 Hanley St Gary, IN	3.0	1.0	800	$1,350	$1.69	2d	1	1.33mi

Listing history 12 events

1. 2026-06-02
   statusdays on market $120,000 Pending 94 DOM
2. 2026-06-01
   days on market $120,000 Active 93 DOM
3. 2026-05-31
   days on market $120,000 Active 92 DOM
4. 2026-04-16
   price $120,000 442-char remark

   Show marketing remark (442 chars)

   Completely updated 3 Bedroom 1-1/2 Bath home It's almost like NEW CONSTRUCTION. New Everything!! Flooring, Kitchen, Bathrooms [ Including the Master Suite ] HVAC System, Roof. This OPEN CONCEPT Ranch Home is move in ready. This is perfect for 1st time Home Buyers, or your next Investment Property. The yard provides you the opportunity to bring your best HGTV visions to create that dream Exterior. Motivated Sellers who welcome all offers.

5. 2026-02-27
   listed $130,000 Active 442-char remark

   Show marketing remark (442 chars)

   Completely updated 3 Bedroom 1-1/2 Bath home It's almost like NEW CONSTRUCTION. New Everything!! Flooring, Kitchen, Bathrooms [ Including the Master Suite ] HVAC System, Roof. This OPEN CONCEPT Ranch Home is move in ready. This is perfect for 1st time Home Buyers, or your next Investment Property. The yard provides you the opportunity to bring your best HGTV visions to create that dream Exterior. Motivated Sellers who welcome all offers.

6. 2026-01-01
   historical
7. 2025-11-04
   price $125,000
8. 2025-10-10
   price $127,000
9. 2025-09-19
   listed $130,000 Active
10. 2024-05-03
    soldstatus $17,000 Closed
11. 2024-04-15
    status Pending
12. 2024-04-13
    listed $17,000 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: $828 · $69/mo
• Projected year-2 tax: $924 · $77/mo
• Expected delta: +$96/yr (+$8/mo · 11.6%)

ⓘ 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 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: $17,243
• − Mortgage interest: −$6,722
• − Property taxes: −$828
• − Insurance: −$600
• − Repairs & maintenance: −$1,379
• − Management: −$1,379
• − Depreciation: −$3,491
• Taxable income: $2,843
• Est. tax owed @ 24.0%: −$682
• After-tax cash flow: $3,960/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): 15,428
• Household income: $42,256
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 800.0

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 (90%)
• Race & ethnicity: Black 90% Two or more races 5% Hispanic / Latino 5% White 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -12.76%
• Current HPI: 252.6463
• Rent YoY: ▲ 11.62%
• 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

+605.9% since first listed

9 events — show timeline

• 2026-04-16 Price Changed $120,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-27 Listed $130,000 NIRA MLS as Distributed by MLS Grid
• 2026-01-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-11-04 Price Changed $125,000 NIRA MLS as Distributed by MLS Grid
• 2025-10-10 Price Changed $127,000 NIRA MLS as Distributed by MLS Grid
• 2025-09-19 Listed $130,000 NIRA MLS as Distributed by MLS Grid
• 2024-05-03 Sold (MLS) $17,000 NIRA MLS as Distributed by MLS Grid
• 2024-04-15 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-04-13 Listed $17,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+38.8%/yr

Latest (2024): $828 · +6.9% YoY. Source: county tax records.