4177 Massachusetts St · Gary, IN 46409

$69,400

2 bd · 2.0 ba · 1,104 sqft · SingleFamily public records · 23 Days on market

Built 1923 Est $135k · 48% 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

Aluminum & brick ranch. Would make good investment. Partially finished basement.

Key facts

• Built 1923
• Listed 23 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $634 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Recommended offer: $68k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.2% 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; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 7d 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 35% 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 $480 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 $19k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 25y 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 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,359 (1.5% below list)

Questions for the listing agent

1. Built in 1923 — 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: 1.90% ✓
• Cap rate: 17.25%
• Cash-on-cash: 39.12%
• DSCR: 2.74
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $134,688
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4210 Connecticut St	0.05mi	3/1.0 (+1)	1,224 (+11%)	7mo	$149,200	$122	64
4195 Madison St	0.31mi	2/1.0	1,041 (-6%)	12mo	$17,900	$17	61
3886 Massachusetts St	0.37mi	2/3.0	1,155 (+5%)	13mo	$15,000	$13	60
3992 Adams St	0.33mi	3/1.0 (+1)	1,042 (-6%)	10mo	$66,880	$64	58
631 E 46th Ave	0.65mi	3/1.0 (+1)	1,120 (+1%)	7mo	$79,000	$71	52
3860 Connecticut St	0.41mi	3/1.0 (+1)	1,035 (-6%)	11mo	$135,000	$130	52
4088 Monroe St	0.43mi	2/2.0	956 (-13%)	10mo	$139,000	$145	49
4200 Monroe St	0.41mi	3/1.0 (+1)	1,263 (+14%)	1mo	$169,900	$135	47
4477 Maryland St	0.45mi	2/1.0	970 (-12%)	10mo	$27,000	$28	47
4055 Kentucky St	0.64mi	3/1.0 (+1)	1,000 (-9%)	1mo	$50,000	$50	45
3980 Tyler St	0.71mi	3/1.0 (+1)	1,042 (-6%)	5mo	$128,000	$123	45
4054 Kentucky St	0.62mi	3/1.0 (+1)	960 (-13%)	12mo	$129,000	$134	31

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: 37.3%
• Equity multiple: 2.63×
• Total profit: $31,580
• Equity at exit: $10,348

10-year hold

• IRR: 44.7%
• Equity multiple: 5.63×
• Total profit: $90,014
• Equity at exit: $6,000

Cash invested: $19,432 (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: 4.4×

Monthly cashflow live

• Estimated rent: $1,319 high
• Mortgage (P&I): −$364
• Tax from tax record: −$16 /mo · $188/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $634

Break-even live

Break-even rent $517

Max offer price $69,400

Occupancy floor 47%

Sensitivity live

Price	-10% $673	-5% $653	+0% $634	+5% $614	+10% $594
Rent	-10% $529	-5% $581	+0% $634	+5% $686	+10% $738
Rate	-1.0pp $668	-0.5pp $651	base $634	+0.5pp $616	+1.0pp $597

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: $17,350
• Closing costs: $2,082
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4430 Broadway Gary, IN	3.0	1.0	1200	$1,250	$1.04	2d	1	0.29mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	3d	1	0.31mi
4208 Jackson St Gary, IN	3.0	1.0	1411	$1,350	$0.96	45d	1	0.46mi
624 W 44th Pl Gary, IN	3.0	1.0	836	$1,250	$1.50	8d	1	0.56mi
4416 Vermont Ct Gary, IN	3.0	1.0	1162	$1,350	$1.16	44d	1	0.64mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	2d	1	0.69mi
4816 Massachusetts St Gary, IN	3.0	1.0	1024	$1,350	$1.32	16d	1	0.77mi
4170 Fillmore St Gary, IN	2.0	1.0	720	$950	$1.32	20d	1	0.78mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	2d	1	0.78mi
4040 Fillmore St Gary, IN	2.0	1.0	1000	$1,000	$1.00	11d	1	0.81mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	3d	1	0.87mi
4364 Buchanan St Gary, IN	3.0	1.0	900	$1,500	$1.67	2d	1	0.92mi
816 E 35th Ct Gary, IN	2.0	1.0	810	$1,075	$1.33	2d	1	0.98mi
3395 Pennsylvania St Gary, IN	3.0	1.0	1300	$1,495	$1.15	2d	1	1.03mi
5001 Carolina St Gary, IN	3.0	1.0	875	$1,350	$1.54	3d	1	1.08mi
3777 Lincoln St Gary, IN	2.0	1.0	800	$1,150	$1.44	2d	1	1.09mi
4905 Kentucky St Unit 4901 Gary, IN	3.0	1.0	950	$1,525	$1.61	25d	1	1.10mi
3788 Lincoln St Gary, IN	3.0	2.0	1398	$1,400	$1.00	11d	1	1.11mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	20d	1	1.18mi
5026 Kentucky St Gary, IN	3.0	1.0	1200	$1,100	$0.92	7d	1	1.20mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	2d	1	1.29mi
3449 Buchanan St Gary, IN	3.0	1.0	1301	$1,395	$1.07	44d	1	1.31mi
3820 Colbourne St Hobart, IN	3.0	2.0	1209	$1,695	$1.40	44d	1	1.49mi

Listing history 24 events

1. 2026-06-18
   days on market $69,400 Active 23 DOM
2. 2026-06-17
   days on market $69,400 Active 22 DOM
3. 2026-06-16
   days on market $69,400 Active 21 DOM
4. 2026-06-15
   days on market $69,400 Active 20 DOM
5. 2026-06-13
   days on market $69,400 Active 18 DOM
6. 2026-06-13
   days on market $69,400 Active 17 DOM
7. 2026-06-09
   days on market $69,400 Active 14 DOM
8. 2026-06-08
   days on market $69,400 Active 13 DOM
9. 2026-06-07
   days on market $69,400 Active 12 DOM
10. 2026-06-04
    days on market $69,400 Active 9 DOM
11. 2026-06-03
    days on market $69,400 Active 8 DOM
12. 2026-06-02
    days on market $69,400 Active 7 DOM
13. 2026-06-01
    days on market $69,400 Active 6 DOM
14. 2026-05-31
    days on market $69,400 Active 5 DOM
15. 2026-05-26
    listed $69,400 Active
16. 2014-12-24
    historical
17. 2014-10-20
    listed $16,000
18. 2008-12-09
    listed $11,000 86-char remark

    Show marketing remark (86 chars)

    Aluminum & brick ranch. Would make good investment. Partially finished basement.

19. 2006-09-25
    listed $69,000
20. 2006-08-12
    historical
21. 2005-12-22
    listed $75,000
22. 2004-08-21
    listed $30,000
23. 2001-08-30
    historical
24. 2001-07-12
    listed $25,000

ⓘ 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: $188 · $16/mo
• Projected year-2 tax: $389 · $32/mo
• Expected delta: +$201/yr (+$17/mo · 106.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 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: $15,829
• − Mortgage interest: −$3,887
• − Property taxes: −$188
• − Insurance: −$347
• − Repairs & maintenance: −$1,266
• − Management: −$1,266
• − Depreciation: −$2,019
• Taxable income: $6,855
• Est. tax owed @ 24.0%: −$1,645
• After-tax cash flow: $5,957/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

+177.6% since first listed

10 events — show timeline

• 2026-05-26 Listed $69,400 FSBO.com
• 2014-12-24 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2014-10-20 Listed $16,000 NIRA MLS as Distributed by MLS Grid
• 2008-12-09 Listed $11,000 NIRA MLS as Distributed by MLS Grid
• 2006-09-25 Listed $69,000 NIRA MLS as Distributed by MLS Grid
• 2006-08-12 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2005-12-22 Listed $75,000 NIRA MLS as Distributed by MLS Grid
• 2004-08-21 Listed $30,000 NIRA MLS as Distributed by MLS Grid
• 2001-08-30 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2001-07-12 Listed $25,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-23.9%/yr

Latest (2024): $188 · -80.6% YoY. Source: county tax records.