1168 Van Buren St · Gary, IN 46407

$8,000

3 bd · 1.0 ba · 1,032 sqft · SingleFamily public records

Built 1924 3,615 sqft lot ↓ 60% 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 +5.5/10.0
• 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

THIS MOVE IN READY HOME HAS BEEN DRASTICALLY REDUCED! IT'S IDEAL FOR SOMEONE LOOKING FOR AFFORDABLE LIVING OR INCOME PROPERTY!! This Very Charming well maintained 3 bedroom brick home with 9 Ft. ceilings, beautiful wood trim and window sills thru-out, hardwood floors and very dry basement has Character Galore! It features built-in dual matching curios with leaded glass in the living room. The dining room has Crown molding and a beveled mirrored Buffet with dual matching cabinets. In addition, there is a newly remodeled kitchen and bathroom. Some additional amenities include approx. 3 year old furnace, ductwork, basement block windows a newer hot water heater, a 2 car detached garage, freezer, gas range AND A 1 YEAR HOME WARRANTY! Seller MAY consider Contract or Lease/Purchase terms.

Key facts

• 3,615 sq ft lot
• Garage
• Built 1924

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $8k.

Deal economics

• At list price, monthly cash flow is $922 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $8k).
• Cap rate 144.7% 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: 121 active listings in the ZIP; 32 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).
• At $1,238/mo this rent would consume 52% 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 $133 of equity ($55 loan paydown + $78 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 $2k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 19y 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 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $8,000

Questions for the listing agent

1. Built in 1924 — 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. 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?
6. 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.
7. 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.
8. 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: 15.47% ✓
• Cap rate: 144.67%
• Cash-on-cash: 494.19%
• DSCR: 22.99
• GRM: 0.5

CMA / ARV

• ARV (on-the-fly): $31,992
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1561 Tyler St	0.29mi	3/1.0	1,008 (-2%)	0mo	$12,000	$12	82
1177 Harrison St	0.04mi	2/1.0 (-1)	946 (-8%)	2mo	$8,500	$9	78
1349 Harrison St	0.11mi	3/1.0	1,068 (+4%)	14mo	$22,900	$21	77
1067 Polk St	0.26mi	3/1.5	1,088 (+5%)	7mo	$116,000	$107	71
1161 Harrison Blvd	0.10mi	4/2.0 (+1)	912 (-12%)	0mo	$21,000	$23	67
668 Harrison St	0.58mi	3/1.5	1,008 (-2%)	10mo	$40,000	$40	59
1384 Fillmore St	0.32mi	2/1.5 (-1)	1,078 (+4%)	14mo	$39,900	$37	59
1151 Delaware St	0.69mi	3/1.0	1,057 (+2%)	9mo	$34,500	$33	56
1014 W 19th Ave	0.47mi	3/1.5	960 (-7%)	14mo	$30,000	$31	53
1161 Fillmore St	0.26mi	2/1.0 (-1)	905 (-12%)	14mo	$42,000	$46	51
1690 W 12th Ave	0.69mi	3/1.0	1,134 (+10%)	6mo	$25,000	$22	46
1567 Hayes St	0.68mi	2/1.0 (-1)	934 (-10%)	4mo	$29,000	$31	44

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: —
• Equity multiple: 27.30×
• Total profit: $58,914
• Equity at exit: $2,723

10-year hold

• IRR: —
• Equity multiple: 58.38×
• Total profit: $128,525
• Equity at exit: $3,612

Cash invested: $2,240 (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: 0.5×

Monthly cashflow live

• Estimated rent: $1,238 high
• Mortgage (P&I): −$42
• Tax est. 1.5%: −$10 /mo · $120/yr
• Insurance: −$3
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $922

Break-even live

Break-even rent $70

Max offer price $8,000

Occupancy floor 20%

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: $2,000
• Closing costs: $240
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	1d	1	0.33mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	1d	1	0.38mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	0.42mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	20d	1	0.65mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	43d	1	0.68mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	0.74mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	15d	1	0.79mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	1d	11	0.83mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	43d	1	0.98mi
411 Pierce St Gary, IN	3.0	1.0	874	$1,395	$1.60	22d	1	1.00mi
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	1d	1	1.03mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	1d	1	1.16mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	19d	1	1.16mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	1d	1	1.23mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	1.23mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	43d	1	1.23mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	4d	1	1.24mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	1d	1	1.24mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	1d	1	1.24mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	1d	1	1.25mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	43d	1	1.27mi
358 Arthur St Unit 2 Gary, IN	2.0	1.0	800	$1,250	$1.56	1d	1	1.28mi
1030 E 6th Ave Gary, IN	3.0	1.5	1400	$1,600	$1.14	1d	1	1.32mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	1d	1	1.35mi
2306 W 5th Ave Gary, IN	2.0–3.0	1.0	937	$1,299	$1.39	1d	2	1.37mi
2306 W 5th Ave Apt 3 Gary, IN	3.0	1.0	1025	$1,299	$1.27	1d	1	1.37mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	1d	1	1.38mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	1d	1	1.39mi
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	1d	1	1.39mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	43d	1	1.42mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	1.42mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	1d	1	1.44mi

Listing history 2 events

1. 2026-06-17
   remarks 69-char remark
2. 2026-06-17
   listed $8,000 Pending

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,852
• − Mortgage interest: −$448
• − Property taxes: −$120
• − Insurance: −$40
• − Repairs & maintenance: −$1,188
• − Management: −$1,188
• − Depreciation: −$233
• Taxable income: $11,635
• Est. tax owed @ 24.0%: −$2,792
• After-tax cash flow: $8,277/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

-59.8% since first listed

3 events — show timeline

• 2026-06-17 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-06-16 Listed $8,000 NIRA MLS as Distributed by MLS Grid
• 2007-07-11 Listed $19,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-7.0%/yr

Latest (2024): $737 · +1.9% YoY. Source: county tax records.