1962 Whitcomb St · Gary, IN 46404

$121,000

3 bd · 1.0 ba · 825 sqft · SingleFamily public records · 21 Days on market

Built 1955 5,227 sqft lot $147/sqft · 18% above area Est $103k · 18% over ↓ 6% since listing

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Why this score? — see what drove the C- 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 +25.7/30.0
• DSCR +8.6/10.0
• 1% rule +6.8/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Recently updated and move-in ready! This charming 3-bedroom, 1-bath home offers modern updates while maintaining its cozy character. Features include an eat-in kitchen with ample cabinet space, spacious bedrooms, and a bright living area perfect for relaxing or entertaining. The fully fenced yard provides plenty of room for outdoor enjoyment, gardening, or pets, while the detached 2-car garage offers additional storage and convenience. Ideal for first-time buyers, downsizers, or investors looking for a turnkey property. Schedule your showing today before this one is gone!

Key facts

• Eat-in kitchen
• Fully fenced yard
• Detached garage

Tags

• EAT-IN KITCHEN
• FULLY FENCED YARD
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $121k.

Deal economics

• At list price, monthly cash flow is $291 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $121k).
• Recommended offer: $119k (1.5% below list) — sets the bar for market timing.

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 (+11.6%/yr); 67 active listings in the ZIP; 14 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).
• This rent runs 41% of the median local income ($42k/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 $837 of loan paydown is wiped out by about $4k 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 + 8.0% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($119k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,185 (1.5% below list)

Questions for the listing agent

1. Built in 1955 — 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: 1.18% ✓
• Cap rate: 9.18%
• Cash-on-cash: 10.29%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (median comp): $102,524
• List price: $121,000
• Delta: 18.90%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4233 W 22nd Ave	0.36mi	3/1.0	850 (+3%)	6mo	$82,000	$96	73
1945 Lane St	0.12mi	3/1.0	925 (+12%)	4mo	$50,000	$54	71
4317 W 19th Plz	0.27mi	3/1.0	873 (+6%)	12mo	$119,900	$137	68
3902 W 21st Ave	0.16mi	3/1.0	925 (+12%)	9mo	$126,000	$136	65
4082 W 21st Pl	0.24mi	3/1.0	941 (+14%)	1mo	$129,900	$138	65
4144 W 23rd Ave	0.44mi	3/1.5	900 (+9%)	1mo	$80,000	$89	61
2165 Williams St	0.44mi	3/1.5	890 (+8%)	9mo	$135,000	$152	57
4154 W 23rd Ave	0.44mi	3/1.0	900 (+9%)	10mo	$57,000	$63	56
4241 W 22nd Plz	0.44mi	3/1.0	925 (+12%)	8mo	$63,000	$68	52
1548 Taney St	0.68mi	2/1.0 (-1)	916 (+11%)	2mo	$40,000	$44	43
4633 W 11th Ave	0.75mi	2/1.0 (-1)	720 (-13%)	1mo	$65,000	$90	38
1168 Hovey St	0.74mi	2/1.0 (-1)	931 (+13%)	4mo	$42,000	$45	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 4.7%
• Equity multiple: 1.19×
• Total profit: $6,463
• Equity at exit: $18,041

10-year hold

• IRR: 18.3%
• Equity multiple: 2.88×
• Total profit: $63,859
• Equity at exit: $10,462

Cash invested: $33,880 (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 46404

• Home prices YoY: -4.8%
• Rents YoY: 11.6%
• Active inventory: 67
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,426 high
• Mortgage (P&I): −$635
• Tax est. 1.5%: −$151 /mo · $1,815/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $291

Break-even live

Break-even rent $1,058

Max offer price $121,000

Occupancy floor 75%

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: $30,250
• Closing costs: $3,630
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4061 W 20th Pl Gary, IN	3.0	1.0	925	$1,450	$1.57	1d	1	0.13mi
4232 W 20th Ave Gary, IN	4.0	1.0	925	$1,395	$1.51	21d	1	0.20mi
4134 W 22nd Pl Gary, IN	3.0	1.0	825	$1,395	$1.69	1d	1	0.32mi
4263 W 22nd Pl Gary, IN	4.0	1.0	950	$1,295	$1.36	1d	1	0.39mi
4300 W 22nd Pl Gary, IN	3.0	1.0	977	$1,395	$1.43	2d	1	0.40mi
4328 W 22nd Plz Gary, IN	3.0	1.0	950	$1,300	$1.37	2d	1	0.44mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	1d	1	0.68mi
2939 W 10th Ave Gary, IN	2.0	1.0	744	$1,190	$1.60	1d	1	0.92mi
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	1d	1	0.92mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	2d	1	0.95mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	1d	1	0.95mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	1d	1	1.10mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	1d	1	1.16mi
743 Hanley St Gary, IN	3.0	1.0	800	$1,350	$1.69	1d	1	1.28mi

Listing history 17 events

1. 2026-06-18
   days on market $121,000 Active 21 DOM
2. 2026-06-17
   days on market $121,000 Active 20 DOM
3. 2026-06-16
   days on market $121,000 Active 19 DOM
4. 2026-06-15
   days on market $121,000 Active 18 DOM
5. 2026-06-13
   days on market $121,000 Active 16 DOM
6. 2026-06-13
   days on market $121,000 Active 15 DOM
7. 2026-06-09
   days on market $121,000 Active 12 DOM
8. 2026-06-08
   days on market $121,000 Active 11 DOM
9. 2026-06-07
   days on market $121,000 Active 10 DOM
10. 2026-06-04
    days on market $121,000 Active 7 DOM
11. 2026-06-03
    days on market $121,000 Active 6 DOM
12. 2026-06-02
    days on market $121,000 Active 5 DOM
13. 2026-06-01
    days on market $121,000 Active 4 DOM
14. 2026-05-31
    days on market $121,000 Active 3 DOM
15. 2026-05-15
    historical
16. 2025-10-24
    price $121,900
17. 2025-03-14
    listed $129,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,116
• − Mortgage interest: −$6,778
• − Property taxes: −$1,815
• − Insurance: −$605
• − Repairs & maintenance: −$1,369
• − Management: −$1,369
• − Depreciation: −$3,520
• Taxable income: $1,660
• Est. tax owed @ 24.0%: −$398
• After-tax cash flow: $3,089/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): 15,428
• Household income: $42,256
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 800.0

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 (90%)
• Race & ethnicity: Black 90% Two or more races 5% Hispanic / Latino 5% White 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -12.76%
• Current HPI: 252.6463
• Rent YoY: ▲ 11.62%
• 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

-5.5% since first listed

3 events — show timeline

• 2026-05-15 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-10-24 Price Changed $121,900 NIRA MLS as Distributed by MLS Grid
• 2025-03-14 Listed $129,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+0.0%/yr

Latest (2019): $60 · +0.0% YoY. Source: county tax records.