1105 W 15th Ave · Gary, IN 46407

$29,999

3 bd · 1.0 ba · 858 sqft · SingleFamily public records · 112 Days on market

Built 1924 4,791 sqft lot $35/sqft · 15% below area Est $35k · 15% 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 +30.0/30.0
• ARV discount +14.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

Investor Special - Corner Lot Opportunity! Located at 1105 W 15th Ave in Gary, this property sits on a spacious square corner lot offering strong redevelopment potential. The home is currently gutted and in damaged condition, providing a blank slate for a full renovation or rebuild. The lot features an existing fence and a dedicated driveway, adding immediate value and convenience for future plans. With its corner positioning, there's added flexibility for layout, access, and curb appeal. Ideal for investors, rehabbers, or builders looking for their next project. Bring your vision and transform this property into a strong income-producing asset or resale opportunity. Property sold as-is. Cash or renovation financing only.

Key facts

• Dedicated driveway
• Existing fence
• Full renovation

Tags

• CORNER LOT OPPORTUNITY
• SPACIOUS SQUARE CORNER LOT
• STRONG REDEVELOPMENT POTENTIAL
• EXISTING FENCE
• DEDICATED DRIVEWAY
• FULL RENOVATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $717 ($9k/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: $27k (9.0% below list) — sets the bar for market timing.
• Cap rate 35.0% 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; 27 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 $1,171/mo this rent would consume 49% 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 $501 of equity ($207 loan paydown + $294 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($27k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $27,299 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 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 1924 — 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: 3.90% ✓
• Cap rate: 34.97%
• Cash-on-cash: 102.42%
• DSCR: 5.56
• GRM: 2.1

CMA / ARV

• ARV (median comp): $35,334
• List price: $29,999
• Delta: -15.10%
• 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
1665 W 12th Ave	0.44mi	2/1.0 (-1)	842 (-2%)	3mo	$13,000	$15	69
1161 Harrison Blvd	0.27mi	4/2.0 (+1)	912 (+6%)	0mo	$21,000	$23	68
1161 Fillmore St	0.21mi	2/1.0 (-1)	905 (+6%)	14mo	$42,000	$46	64
1177 Harrison St	0.30mi	2/1.0 (-1)	946 (+10%)	2mo	$8,500	$9	62
1567 Hayes St	0.36mi	2/1.0 (-1)	934 (+9%)	4mo	$29,000	$31	60
1014 W 19th Ave	0.23mi	3/1.5	960 (+12%)	14mo	$30,000	$31	56
1747 Hayes St	0.39mi	2/1.0 (-1)	831 (-3%)	19mo	$28,000	$34	56
1675 W 20th Pl	0.60mi	2/1.0 (-1)	864 (+1%)	15mo	$52,000	$60	53
1968 W 14th Ave	0.57mi	3/1.0	800 (-7%)	12mo	$12,900	$16	52
1201 W 21st Ave	0.51mi	2/1.0 (-1)	980 (+14%)	7mo	$139,900	$143	42
841 Pierce St	0.55mi	2/1.0 (-1)	768 (-10%)	12mo	$75,000	$98	42
1975 Arthur St	0.57mi	3/1.0	732 (-15%)	11mo	$60,000	$82	39

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: 6.50×
• Total profit: $46,208
• Equity at exit: $10,209

10-year hold

• IRR: —
• Equity multiple: 13.46×
• Total profit: $104,701
• Equity at exit: $13,543

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 46407

• Home prices YoY: 0.4%
• Active inventory: 121
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,171 high
• Mortgage (P&I): −$157
• Tax from tax record: −$38 /mo · $459/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $717

Break-even live

Break-even rent $263

Max offer price $29,999

Occupancy floor 34%

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 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	1d	1	0.05mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	0.31mi
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	1d	1	0.84mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	0.90mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	1d	1	0.90mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	0.90mi
2378 Jackson St Gary, IN	2.0	1.0	672	$1,050	$1.56	1d	1	0.95mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	20d	1	0.97mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	43d	1	0.99mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	1d	1	1.03mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	1d	11	1.06mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	1d	1	1.06mi
411 Pierce St Gary, IN	3.0	1.0	874	$1,395	$1.60	21d	1	1.07mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	1d	1	1.15mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	43d	1	1.16mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	1d	1	1.20mi
358 Arthur St Unit 2 Gary, IN	2.0	1.0	800	$1,250	$1.56	1d	1	1.23mi
2306 W 5th Ave Gary, IN	2.0–3.0	1.0	937	$1,299	$1.39	1d	2	1.25mi
2306 W 5th Ave Apt 3 Gary, IN	3.0	1.0	1025	$1,299	$1.27	1d	1	1.25mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	43d	1	1.25mi
2939 W 10th Ave Gary, IN	2.0	1.0	744	$1,190	$1.60	1d	1	1.26mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	1d	1	1.26mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	19d	1	1.28mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	1d	1	1.32mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	3d	1	1.38mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	1d	1	1.38mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	1d	1	1.38mi

Listing history 15 events

1. 2026-06-18
   days on market $29,999 Active 112 DOM
2. 2026-06-17
   days on market $29,999 Active 111 DOM
3. 2026-06-16
   days on market $29,999 Active 110 DOM
4. 2026-06-15
   days on market $29,999 Active 109 DOM
5. 2026-06-13
   days on market $29,999 Active 107 DOM
6. 2026-06-13
   days on market $29,999 Active 106 DOM
7. 2026-06-09
   days on market $29,999 Active 103 DOM
8. 2026-06-08
   days on market $29,999 Active 102 DOM
9. 2026-06-07
   days on market $29,999 Active 101 DOM
10. 2026-06-04
    days on market $29,999 Active 98 DOM
11. 2026-06-03
    days on market $29,999 Active 97 DOM
12. 2026-06-02
    days on market $29,999 Active 96 DOM
13. 2026-06-01
    days on market $29,999 Active 95 DOM
14. 2026-05-31
    days on market $29,999 Active 94 DOM
15. 2026-02-26
    listed $29,999 Active 732-char remark

    Show marketing remark (732 chars)

    Investor Special - Corner Lot Opportunity! Located at 1105 W 15th Ave in Gary, this property sits on a spacious square corner lot offering strong redevelopment potential. The home is currently gutted and in damaged condition, providing a blank slate for a full renovation or rebuild. The lot features an existing fence and a dedicated driveway, adding immediate value and convenience for future plans. With its corner positioning, there's added flexibility for layout, access, and curb appeal. Ideal for investors, rehabbers, or builders looking for their next project. Bring your vision and transform this property into a strong income-producing asset or resale opportunity. Property sold as-is. Cash or renovation financing only.

ⓘ 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: $459 · $38/mo
• Projected year-2 tax: $459 · $38/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,050
• − Mortgage interest: −$1,680
• − Property taxes: −$459
• − Insurance: −$150
• − Repairs & maintenance: −$1,124
• − Management: −$1,124
• − Depreciation: −$873
• Taxable income: $8,640
• Est. tax owed @ 24.0%: −$2,074
• After-tax cash flow: $6,529/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

1 event — show timeline

• 2026-02-26 Listed $29,999 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2024): $459 · +112.5% YoY. Source: county tax records.