543 Pennsylvania St · Gary, IN 46402

$66,500

3 bd · 1.0 ba · 1,056 sqft · SingleFamily public records · 46 Days on market

Built 1920 3,746 sqft lot $63/sqft · 80% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0
• Schools +0.5/10.0

Listing remarks MLS

PRICED TO SELL - ATTENTION FIRST-TIME BUYERS & INVESTORS! Rent Ready Property Now Available! Stop wasting money on rent or overpriced fixer-uppers when you can own this solid brick ranch on a quiet street--minutes from the Rail Cats Stadium, Indiana Toll Road, I-65, and just a quick drive to the Steel Mill. This home is loaded with value: 3 comfortable bedrooms Large living room with hardwood floors--perfect for family gatherings Open concept flow to the dining area, also with hardwood floors Eat-in kitchen ready for your personal touch Full basement for storage, workshop, or future finishing Enjoy a wood-fenced yard ideal for kids, pets, or summer BBQs. Whether you're looking for a move-in ready home or a high-demand rental property, this is your chance to lock in a smart investment. Homes in this price range--and in this location--don't last. Call today to get inside before another savvy buyer beats you to it!

Key facts

• Quiet street
• Dining area
• Large living room

Tags

• SOLID BRICK RANCH
• QUIET STREET
• LARGE LIVING ROOM
• HARDWOOD FLOORS
• OPEN CONCEPT FLOW
• DINING AREA

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $66k.

Deal economics

• At list price, monthly cash flow is $514 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $66k).
• Recommended offer: $65k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.6% 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: 46 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 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 44% of the median local income ($34k/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 $460 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts 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 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $64,505 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.87% ✓
• Cap rate: 15.57%
• Cash-on-cash: 33.15%
• DSCR: 2.47
• GRM: 4.5

CMA / ARV

• ARV (median comp): $36,901
• List price: $66,500
• Delta: 80.21%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
655 Vermont St	0.48mi	3/1.0	1,080 (+2%)	13mo	$36,500	$34	63
1151 Delaware St	0.74mi	3/1.0	1,057 (+0%)	9mo	$34,500	$33	58
647 Vermont St	0.47mi	2/1.0 (-1)	1,100 (+4%)	13mo	$36,500	$33	55
607 Jefferson St	0.39mi	2/1.5 (-1)	966 (-8%)	16mo	$73,750	$76	47
271 Van Buren St	0.74mi	3/2.0	925 (-12%)	15mo	$108,000	$117	29

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.4%
• Equity multiple: 2.18×
• Total profit: $22,005
• Equity at exit: $9,915

10-year hold

• IRR: 35.8%
• Equity multiple: 4.30×
• Total profit: $61,436
• Equity at exit: $5,750

Cash invested: $18,620 (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 46402

• Home prices YoY: -2.8%
• Active inventory: 46
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,242 high
• Mortgage (P&I): −$349
• Tax from tax record: −$91 /mo · $1,086/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $514

Break-even live

Break-even rent $591

Max offer price $66,500

Occupancy floor 54%

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: $16,625
• Closing costs: $1,995
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	15d	1	0.19mi
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,362	$1.54	1d	11	0.46mi
1030 E 6th Ave Gary, IN	3.0	1.5	1400	$1,600	$1.14	1d	1	0.49mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	43d	1	0.66mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	20d	1	0.79mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	43d	1	0.81mi
411 Pierce St Gary, IN	3.0	1.0	874	$1,395	$1.60	22d	1	0.99mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	1d	1	1.31mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	1d	1	1.34mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	1.34mi
317 Garfield St Gary, IN	3.0	1.0	936	$1,495	$1.60	43d	1	1.38mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	19d	1	1.38mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	43d	1	1.39mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	17d	1	1.45mi
358 Arthur St Unit 2 Gary, IN	2.0	1.0	800	$1,250	$1.56	1d	1	1.46mi

Listing history 21 events

1. 2026-06-07
   statusdays on market $66,500 Pending 46 DOM
2. 2026-06-04
   days on market $66,500 Active 45 DOM
3. 2026-06-03
   days on market $66,500 Active 44 DOM
4. 2026-06-02
   days on market $66,500 Active 43 DOM
5. 2026-06-01
   days on market $66,500 Active 42 DOM
6. 2026-05-31
   days on market $66,500 Active 41 DOM
7. 2026-05-18
   status Active 938-char remark

   Show marketing remark (938 chars)

   PRICED TO SELL - ATTENTION FIRST-TIME BUYERS & INVESTORS! Rent Ready Property Now Available! Stop wasting money on rent or overpriced fixer-uppers when you can own this solid brick ranch on a quiet street--minutes from the Rail Cats Stadium, Indiana Toll Road, I-65, and just a quick drive to the Steel Mill. This home is loaded with value: 3 comfortable bedrooms Large living room with hardwood floors--perfect for family gatherings Open concept flow to the dining area, also with hardwood floors Eat-in kitchen ready for your personal touch Full basement for storage, workshop, or future finishing Enjoy a wood-fenced yard ideal for kids, pets, or summer BBQs. Whether you're looking for a move-in ready home or a high-demand rental property, this is your chance to lock in a smart investment. Homes in this price range--and in this location--don't last. Call today to get inside before another savvy buyer beats you to it!

8. 2026-05-05
   status Pending 938-char remark

   Show marketing remark (938 chars)

   PRICED TO SELL - ATTENTION FIRST-TIME BUYERS & INVESTORS! Rent Ready Property Now Available! Stop wasting money on rent or overpriced fixer-uppers when you can own this solid brick ranch on a quiet street--minutes from the Rail Cats Stadium, Indiana Toll Road, I-65, and just a quick drive to the Steel Mill. This home is loaded with value: 3 comfortable bedrooms Large living room with hardwood floors--perfect for family gatherings Open concept flow to the dining area, also with hardwood floors Eat-in kitchen ready for your personal touch Full basement for storage, workshop, or future finishing Enjoy a wood-fenced yard ideal for kids, pets, or summer BBQs. Whether you're looking for a move-in ready home or a high-demand rental property, this is your chance to lock in a smart investment. Homes in this price range--and in this location--don't last. Call today to get inside before another savvy buyer beats you to it!

9. 2026-04-22
   price $66,500 938-char remark

   Show marketing remark (938 chars)

   PRICED TO SELL - ATTENTION FIRST-TIME BUYERS & INVESTORS! Rent Ready Property Now Available! Stop wasting money on rent or overpriced fixer-uppers when you can own this solid brick ranch on a quiet street--minutes from the Rail Cats Stadium, Indiana Toll Road, I-65, and just a quick drive to the Steel Mill. This home is loaded with value: 3 comfortable bedrooms Large living room with hardwood floors--perfect for family gatherings Open concept flow to the dining area, also with hardwood floors Eat-in kitchen ready for your personal touch Full basement for storage, workshop, or future finishing Enjoy a wood-fenced yard ideal for kids, pets, or summer BBQs. Whether you're looking for a move-in ready home or a high-demand rental property, this is your chance to lock in a smart investment. Homes in this price range--and in this location--don't last. Call today to get inside before another savvy buyer beats you to it!

10. 2026-04-11
    price $68,500 938-char remark

    Show marketing remark (938 chars)

    PRICED TO SELL - ATTENTION FIRST-TIME BUYERS & INVESTORS! Rent Ready Property Now Available! Stop wasting money on rent or overpriced fixer-uppers when you can own this solid brick ranch on a quiet street--minutes from the Rail Cats Stadium, Indiana Toll Road, I-65, and just a quick drive to the Steel Mill. This home is loaded with value: 3 comfortable bedrooms Large living room with hardwood floors--perfect for family gatherings Open concept flow to the dining area, also with hardwood floors Eat-in kitchen ready for your personal touch Full basement for storage, workshop, or future finishing Enjoy a wood-fenced yard ideal for kids, pets, or summer BBQs. Whether you're looking for a move-in ready home or a high-demand rental property, this is your chance to lock in a smart investment. Homes in this price range--and in this location--don't last. Call today to get inside before another savvy buyer beats you to it!

11. 2026-04-07
    listed $66,500 Active 938-char remark

    Show marketing remark (938 chars)

    PRICED TO SELL - ATTENTION FIRST-TIME BUYERS & INVESTORS! Rent Ready Property Now Available! Stop wasting money on rent or overpriced fixer-uppers when you can own this solid brick ranch on a quiet street--minutes from the Rail Cats Stadium, Indiana Toll Road, I-65, and just a quick drive to the Steel Mill. This home is loaded with value: 3 comfortable bedrooms Large living room with hardwood floors--perfect for family gatherings Open concept flow to the dining area, also with hardwood floors Eat-in kitchen ready for your personal touch Full basement for storage, workshop, or future finishing Enjoy a wood-fenced yard ideal for kids, pets, or summer BBQs. Whether you're looking for a move-in ready home or a high-demand rental property, this is your chance to lock in a smart investment. Homes in this price range--and in this location--don't last. Call today to get inside before another savvy buyer beats you to it!

12. 2025-11-01
    historical
13. 2025-09-10
    status Active
14. 2025-09-03
    status Pending
15. 2025-08-22
    price $66,500
16. 2025-08-09
    price $67,500
17. 2025-07-23
    price $69,500
18. 2025-07-10
    price $72,000
19. 2025-06-09
    listed $75,000 Active
20. 2025-06-09
    historical
21. 2025-06-03
    listed $65,000 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: $1,086 · $91/mo
• Projected year-2 tax: $1,086 · $91/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 8/10 Severe
• 🌡 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 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,905
• − Mortgage interest: −$3,725
• − Property taxes: −$1,086
• − Insurance: −$332
• − Repairs & maintenance: −$1,192
• − Management: −$1,192
• − Depreciation: −$1,935
• Taxable income: $5,442
• Est. tax owed @ 24.0%: −$1,306
• After-tax cash flow: $4,866/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): 5,836
• Household income: $33,529
• Rent vs Own: 56.6% rent · 43.4% own
• Severe rent burden: 336.0

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 (87%)
• Race & ethnicity: Black 87% Two or more races 5% White 5% Hispanic / Latino 4%
• Common ancestry: Romanian 1% Ukrainian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% Arabic 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: ▼ -7.21%
• Current HPI: 250.2464
• 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

+2.3% since first listed

15 events — show timeline

• 2026-05-18 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-05-05 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-22 Price Changed $66,500 NIRA MLS as Distributed by MLS Grid
• 2026-04-11 Price Changed $68,500 NIRA MLS as Distributed by MLS Grid
• 2026-04-07 Listed $66,500 NIRA MLS as Distributed by MLS Grid
• 2025-11-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-09-10 Relisted — NIRA MLS as Distributed by MLS Grid
• 2025-09-03 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-08-22 Price Changed $66,500 NIRA MLS as Distributed by MLS Grid
• 2025-08-09 Price Changed $67,500 NIRA MLS as Distributed by MLS Grid
• 2025-07-23 Price Changed $69,500 NIRA MLS as Distributed by MLS Grid
• 2025-07-10 Price Changed $72,000 NIRA MLS as Distributed by MLS Grid
• 2025-06-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-06-09 Listed $75,000 NIRA MLS as Distributed by MLS Grid
• 2025-06-03 Listed $65,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-10.7%/yr

Latest (2024): $1,086 · +4.3% YoY. Source: county tax records.