3842 Maryland St · Gary, IN 46409

$30,000

3 bd · 2.0 ba · 1,334 sqft · SingleFamily public records · 87 Days on market

Built 1921 4,791 sqft lot $22/sqft · 62% below area

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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
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Appreciation +3.0/10.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks MLS

Investor special with tons of potential! This 3-bedroom, 2-bath home located in Gary offers a great opportunity for an owner-occupant, rehabber, or investor looking to add value. Featuring a functional layout, generous living space, and solid bones, this property is ready for your vision and updates. Whether you're looking for your next renovation project, rental property, or affordable home to customize, this property has plenty of upside. Conveniently located near major roads, local amenities, schools, and commuter routes, this home offers both accessibility and opportunity. Schedule your showing today!

Key facts

• 4,791 sq ft lot
• Garage
• Built 1921

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $989 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $28k (6.0% below list) — sets the bar for market timing.
• Cap rate 45.8% 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: Rents rising fast (+4.8%/yr); 77 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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 40% of the median local income ($45k/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 $207 of loan paydown is wiped out by about $900 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 + 4.8% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($28k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $28,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 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 1921 — 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. 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?
8. 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.
9. 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.
10. 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: 5.00% ✓
• Cap rate: 45.83%
• Cash-on-cash: 141.22%
• DSCR: 7.28
• GRM: 1.7

CMA / ARV

• ARV (median comp): $79,729
• List price: $30,000
• Delta: -62.37%
• 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
3636 Carolina St	0.28mi	4/2.0 (+1)	1,400 (+5%)	9mo	$187,000	$134	66
3618 Georgia St	0.33mi	4/2.0 (+1)	1,426 (+7%)	8mo	$20,000	$14	62
3537 Virginia St	0.39mi	3/1.0	1,252 (-6%)	7mo	$85,000	$68	62
519 W 39th Ave	0.64mi	3/1.0	1,369 (+3%)	1mo	$150,000	$110	61
3679 Monroe St	0.63mi	3/1.5	1,305 (-2%)	7mo	$183,000	$140	59
1436 E 39th Ave	0.64mi	3/1.5	1,392 (+4%)	6mo	$121,000	$87	56
4210 Connecticut St	0.50mi	3/1.0	1,224 (-8%)	7mo	$149,200	$122	53
4385 Massachusetts St	0.71mi	3/2.0	1,392 (+4%)	11mo	$22,000	$16	50
1221 E 41st Ave	0.65mi	3/2.0	1,466 (+10%)	11mo	$205,000	$140	44
3404 Connecticut St	0.58mi	4/2.0 (+1)	1,193 (-11%)	10mo	$169,000	$142	42
4256 Washington St	0.64mi	3/2.0	1,520 (+14%)	6mo	$207,500	$137	42
3761 Jackson St	0.67mi	3/1.0	1,504 (+13%)	7mo	$85,000	$57	38

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 · 4.85% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.26×
• Total profit: $60,954
• Equity at exit: $4,473

10-year hold

• IRR: —
• Equity multiple: 18.42×
• Total profit: $146,316
• Equity at exit: $2,594

Cash invested: $8,400 (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 46409

• Home prices YoY: -2.0%
• Rents YoY: 4.8%
• Active inventory: 77
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,499 high
• Mortgage (P&I): −$157
• Tax from tax record: −$26 /mo · $306/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $989

Break-even live

Break-even rent $247

Max offer price $30,000

Occupancy floor 29%

Sensitivity live

Price	-10% $1,006	-5% $997	+0% $989	+5% $980	+10% $972
Rent	-10% $870	-5% $929	+0% $989	+5% $1,048	+10% $1,107
Rate	-1.0pp $1,004	-0.5pp $996	base $989	+0.5pp $981	+1.0pp $973

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4009 Kentucky St Gary, IN	4.0	1.0	1307	$1,595	$1.22	45d	1	0.49mi
3395 Pennsylvania St Gary, IN	3.0	1.0	1300	$1,495	$1.15	0d	1	0.55mi
3612 Van Buren St Gary, IN	3.0	1.0	1534	$1,600	$1.04	0d	1	0.79mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	5d	1	0.81mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	4d	1	0.82mi
4430 Broadway Gary, IN	3.0	1.0	1200	$1,250	$1.04	0d	1	0.82mi
4208 Jackson St Gary, IN	3.0	1.0	1411	$1,350	$0.96	46d	1	0.83mi
4416 Vermont Ct Gary, IN	3.0	1.0	1162	$1,350	$1.16	45d	1	0.85mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	0d	1	0.89mi
4040 Fillmore St Gary, IN	2.0	1.0	1000	$1,000	$1.00	12d	1	1.02mi
3788 Lincoln St Gary, IN	3.0	2.0	1398	$1,400	$1.00	12d	1	1.18mi
3449 Buchanan St Gary, IN	3.0	1.0	1301	$1,395	$1.07	45d	1	1.19mi
3820 Colbourne St Hobart, IN	3.0	2.0	1209	$1,695	$1.40	45d	1	1.21mi
4816 Massachusetts St Gary, IN	3.0	1.0	1024	$1,350	$1.32	17d	1	1.27mi
3852 Sandusky St Hobart, IN	4.0	1.0	1209	$1,800	$1.49	19d	1	1.27mi
4364 Buchanan St Gary, IN	3.0	1.0	900	$1,400	$1.56	0d	1	1.30mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	0d	1	1.31mi
4767 Harrison St Gary, IN	3.0	1.0	1664	$1,500	$0.90	4d	1	1.41mi
4905 Kentucky St Unit 4901 Gary, IN	3.0	1.0	950	$1,525	$1.61	26d	1	1.44mi
5001 Carolina St Gary, IN	3.0	1.0	875	$1,350	$1.54	4d	1	1.50mi

Listing history 16 events

1. 2026-06-21
   days on market $30,000 Active 87 DOM
2. 2026-06-18
   days on market $30,000 Active 84 DOM
3. 2026-06-17
   days on market $30,000 Active 83 DOM
4. 2026-06-16
   days on market $30,000 Active 82 DOM
5. 2026-06-15
   days on market $30,000 Active 81 DOM
6. 2026-06-13
   days on market $30,000 Active 79 DOM
7. 2026-06-13
   days on market $30,000 Active 78 DOM
8. 2026-06-09
   days on market $30,000 Active 75 DOM
9. 2026-06-08
   days on market $30,000 Active 74 DOM
10. 2026-06-07
    days on market $30,000 Active 73 DOM
11. 2026-06-04
    days on market $30,000 Active 70 DOM
12. 2026-06-03
    days on market $30,000 Active 69 DOM
13. 2026-06-02
    days on market $30,000 Active 68 DOM
14. 2026-06-01
    days on market $30,000 Active 67 DOM
15. 2026-05-31
    days on market $30,000 Active 66 DOM
16. 2026-03-26
    listed $30,000 Active 612-char remark

    Show marketing remark (612 chars)

    Investor special with tons of potential! This 3-bedroom, 2-bath home located in Gary offers a great opportunity for an owner-occupant, rehabber, or investor looking to add value. Featuring a functional layout, generous living space, and solid bones, this property is ready for your vision and updates. Whether you're looking for your next renovation project, rental property, or affordable home to customize, this property has plenty of upside. Conveniently located near major roads, local amenities, schools, and commuter routes, this home offers both accessibility and opportunity. Schedule your showing today!

ⓘ 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: $306 · $26/mo
• Projected year-2 tax: $306 · $26/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 2/10 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,982
• − Mortgage interest: −$1,680
• − Property taxes: −$306
• − Insurance: −$150
• − Repairs & maintenance: −$1,439
• − Management: −$1,439
• − Depreciation: −$873
• Taxable income: $12,096
• Est. tax owed @ 24.0%: −$2,903
• After-tax cash flow: $8,959/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): 7,184
• Household income: $44,667
• Rent vs Own: 55.5% rent · 44.5% own
• Severe rent burden: 516.0

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 (68%)
• Race & ethnicity: Black 68% Two or more races 17% Hispanic / Latino 14% White 11%
• Hispanic origin (detail): Mexican 8% Puerto Rican 5%
• Common ancestry: Iranian 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 6%

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: ▼ -3.91%
• Current HPI: 190.6724
• Rent YoY: ▲ 4.85%
• 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

1 event — show timeline

• 2026-03-26 Listed $30,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-16.9%/yr

Latest (2024): $306 · -69.7% YoY. Source: county tax records.