1033 E 45th Ave · Gary, IN 46409

$80,000

2 bd · 1.0 ba · 1,540 sqft · SingleFamily public records · 9 Days on market

Built 1949 6,752 sqft lot Est $120k · 33% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Solid brick Cape Cod, 2 car garage. Proof of funds must accompany all offers.

Key facts

• Finished basement
• Detached garage
• 6,752 sq ft lot

Tags

• FINISHED BASEMENT
• DETACHED GARAGE

Property features AI

Finance

• Other: Occupied by tenant

Exterior

• Parking: Detached garage; 2 garage spaces; Driveway with concrete surface
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: One and one-half story; Built in 1949
• Construction: Finished full basement
• Exterior features: Neighborhood view; Smoke detector(s)

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Eat-in kitchen; Laminate countertops; Finished basement with storage space and sump pump; Bonus room; Family room; Living room; Other room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $566 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Cap rate 14.8% 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); 75 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 10d 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 36% 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 $553 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 + 4.8% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $80,000

Questions for the listing agent

1. Built in 1949 — 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. 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.
6. 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.
7. 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: 1.70% ✓
• Cap rate: 14.78%
• Cash-on-cash: 30.32%
• DSCR: 2.35
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $120,120
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4327 Vermont Ct	0.22mi	3/1.0 (+1)	1,567 (+2%)	1mo	$123,600	$79	81
4821-29 Vermont Pl	0.40mi	2/1.0	1,510 (-2%)	3mo	$12,000	$8	76
4688 Delaware St	0.49mi	3/2.0 (+1)	1,561 (+1%)	0mo	$168,000	$108	66
4234 Ohio St	0.37mi	3/1.0 (+1)	1,488 (-3%)	12mo	$60,000	$40	62
4421 Pennsylvania St	0.49mi	2/2.0	1,592 (+3%)	9mo	$155,000	$97	60
4060 Louisiana St	0.58mi	2/1.0	1,590 (+3%)	9mo	$7,000	$4	60
1221 E 41st Ave	0.43mi	3/2.0 (+1)	1,466 (-5%)	11mo	$205,000	$140	54
4471 Massachusetts St	0.61mi	3/2.0 (+1)	1,686 (+10%)	1mo	$131,000	$78	46
4110 Alabama St	0.64mi	3/1.0 (+1)	1,725 (+12%)	3mo	$155,000	$90	42
4385 Massachusetts St	0.63mi	3/2.0 (+1)	1,392 (-10%)	11mo	$22,000	$16	36
4224 Connecticut St	0.67mi	3/2.0 (+1)	1,410 (-8%)	11mo	$40,000	$28	36
4388 Massachusetts St	0.65mi	3/1.5 (+1)	1,736 (+13%)	9mo	$125,500	$72	34

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: 27.0%
• Equity multiple: 2.14×
• Total profit: $25,645
• Equity at exit: $11,928

10-year hold

• IRR: 35.6%
• Equity multiple: 4.56×
• Total profit: $79,677
• Equity at exit: $6,917

Cash invested: $22,400 (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: 75
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,358 high
• Mortgage (P&I): −$420
• Tax from tax record: −$54 /mo · $645/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $566

Break-even live

Break-even rent $641

Max offer price $80,000

Occupancy floor 53%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4416 Vermont Ct Gary, IN	3.0	1.0	1162	$1,350	$1.16	43d	1	0.14mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	19d	1	0.55mi
5026 Kentucky St Gary, IN	3.0	1.0	1200	$1,100	$0.92	6d	1	0.62mi
4430 Broadway Gary, IN	3.0	1.0	1200	$1,250	$1.04	1d	1	0.72mi
4772 Jefferson St Gary, IN	3.0	2.0	1956	$1,595	$0.82	18d	1	0.94mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	1d	1	0.97mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	10d	1	0.97mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	1d	1	1.05mi
4208 Jackson St Gary, IN	3.0	1.0	1411	$1,350	$0.96	44d	1	1.16mi
3820 Colbourne St Hobart, IN	3.0	2.0	1209	$1,695	$1.40	43d	1	1.19mi
4767 Harrison St Gary, IN	3.0	1.0	1664	$1,500	$0.90	1d	1	1.21mi

Listing history 8 events

1. 2026-06-17
   status $80,000 Pending 9 DOM
2. 2026-06-17
   days on market $80,000 Active 9 DOM
3. 2026-06-16
   days on market $80,000 Active 8 DOM
4. 2026-06-15
   days on market $80,000 Active 7 DOM
5. 2026-06-13
   days on market $80,000 Active 5 DOM
6. 2026-06-13
   days on market $80,000 Active 4 DOM
7. 2026-06-09
   remarks 381-char remark
8. 2026-06-09
   listed $80,000 Active 1 DOM

ⓘ 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: $645 · $54/mo
• Projected year-2 tax: $662 · $55/mo
• Expected delta: +$18/yr (+$1/mo · 2.7%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,291
• − Mortgage interest: −$4,481
• − Property taxes: −$645
• − Insurance: −$400
• − Repairs & maintenance: −$1,303
• − Management: −$1,303
• − Depreciation: −$2,327
• Taxable income: $5,831
• Est. tax owed @ 24.0%: −$1,399
• After-tax cash flow: $5,391/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

+154.8% since first listed

4 events — show timeline

• 2026-06-08 Listed $80,000 NIRA MLS as Distributed by MLS Grid
• 2007-09-17 Listed $17,500 NIRA MLS as Distributed by MLS Grid
• 2007-09-13 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-03-20 Listed $31,400 NIRA MLS as Distributed by MLS Grid

Property tax history

-15.6%/yr

Latest (2024): $645 · +50.0% YoY. Source: county tax records.