3665 Massachusetts St · Gary, IN 46409

$99,000

2 bd · 1.0 ba · 1,716 sqft · SingleFamily public records · 27 Days on market

Built 1942 6,098 sqft lot $58/sqft · 23% below 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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• 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

Convenient location with this spacious 2 bedroom home near Indiana University! Original hardwood floors. fireplace in living room (as is). HUGE attic with dedicated stairwell offers over 600+ square feet to finish for additional living space for bedroom/bathroom! Unfinished basement. Furnace and water heater about 5 years old. Plenty of room to grow your equity here!

Key facts

• 6,098 sq ft lot
• Built 1942
• Listed 27 days

Property features AI

Exterior

• Parking: Off-street parking via driveway
• Utilities: Public water; Public sewer
• Home design: One-story home; Built in 1942
• Construction: Asphalt roof; Unfinished basement
• Exterior features: Front porch; Neighborhood view

Interior

• Kitchen: No appliances included
• Bedrooms: Primary bedroom; Second bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Ceiling fan(s); Living room fireplace (1)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 9.1% in Gary — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 39% 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 $684 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; list at $99k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $97,515 (1.5% below list)

Questions for the listing agent

1. Built in 1942 — 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: 1.47% ✓
• Cap rate: 11.54%
• Cash-on-cash: 18.76%
• DSCR: 1.83
• GRM: 5.7

CMA / ARV

• ARV (median comp): $64,183
• List price: $99,000
• Delta: 54.25%
• 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
3655 Connecticut St	0.07mi	3/2.0 (+1)	1,600 (-7%)	2mo	$174,000	$109	75
3905 Madison St	0.43mi	3/1.0 (+1)	1,728 (+1%)	1mo	$81,500	$47	73
3836 Delaware St	0.27mi	3/2.0 (+1)	1,652 (-4%)	3mo	$149,900	$91	70
3421 Pennsylvania St	0.33mi	3/1.0 (+1)	1,756 (+2%)	11mo	$110,000	$63	66
3789 Rhode Island St	0.52mi	3/2.0 (+1)	1,588 (-8%)	2mo	$140,000	$88	53
3643 Carolina St	0.38mi	3/2.0 (+1)	1,930 (+12%)	1mo	$67,000	$35	52
3761 Jackson St	0.45mi	3/1.0 (+1)	1,504 (-12%)	6mo	$85,000	$57	48
830 W 39th Ave	0.68mi	3/1.0 (+1)	1,553 (-10%)	10mo	$143,000	$92	40
4156 Connecticut St	0.62mi	2/1.0	1,952 (+14%)	10mo	$12,000	$6	39
4118 Monroe St	0.69mi	3/1.5 (+1)	1,550 (-10%)	8mo	$72,000	$46	38
3564 Jackson St	0.48mi	3/2.0 (+1)	1,954 (+14%)	11mo	$213,000	$109	36
3776 Harrison St	0.60mi	3/3.0 (+1)	1,496 (-13%)	10mo	$167,000	$112	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 · 4.85% rent growth · sell at horizon

5-year hold

• IRR: 12.7%
• Equity multiple: 1.52×
• Total profit: $14,345
• Equity at exit: $14,761

10-year hold

• IRR: 23.1%
• Equity multiple: 3.16×
• Total profit: $59,911
• Equity at exit: $8,560

Cash invested: $27,720 (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: 5.7×

Monthly cashflow live

• Estimated rent: $1,451 high
• Mortgage (P&I): −$519
• Tax from tax record: −$153 /mo · $1,834/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $433

Break-even live

Break-even rent $903

Max offer price $99,000

Occupancy floor 65%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3395 Pennsylvania St Gary, IN	3.0	1.0	1300	$1,495	$1.15	1d	1	0.35mi
3612 Van Buren St Gary, IN	3.0	1.0	1534	$1,600	$1.04	1d	1	0.54mi
4208 Jackson St Gary, IN	3.0	1.0	1411	$1,350	$0.96	44d	1	0.83mi
3449 Buchanan St Gary, IN	3.0	1.0	1301	$1,395	$1.07	43d	1	0.92mi
4430 Broadway Gary, IN	3.0	1.0	1200	$1,250	$1.04	1d	1	0.97mi
3788 Lincoln St Gary, IN	3.0	2.0	1398	$1,400	$1.00	10d	1	0.98mi
4416 Vermont Ct Gary, IN	3.0	1.0	1162	$1,350	$1.16	43d	1	1.13mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	1d	1	1.42mi
4772 Jefferson St Gary, IN	3.0	2.0	1956	$1,595	$0.82	18d	1	1.43mi
3820 Colbourne St Hobart, IN	3.0	2.0	1209	$1,695	$1.40	43d	1	1.43mi
4767 Harrison St Gary, IN	3.0	1.0	1664	$1,500	$0.90	1d	1	1.50mi

Listing history 5 events

1. 2026-05-11
   price $99,000 1067-char remark
2. 2026-04-29
   listed $105,000 Active 1067-char remark
3. 2025-01-31
   soldstatus $57,000 Closed 369-char remark

   Show marketing remark (369 chars)

   Convenient location with this spacious 2 bedroom home near Indiana University! Original hardwood floors. fireplace in living room (as is). HUGE attic with dedicated stairwell offers over 600+ square feet to finish for additional living space for bedroom/bathroom! Unfinished basement. Furnace and water heater about 5 years old. Plenty of room to grow your equity here!

4. 2025-01-22
   status Pending 369-char remark

   Show marketing remark (369 chars)

   Convenient location with this spacious 2 bedroom home near Indiana University! Original hardwood floors. fireplace in living room (as is). HUGE attic with dedicated stairwell offers over 600+ square feet to finish for additional living space for bedroom/bathroom! Unfinished basement. Furnace and water heater about 5 years old. Plenty of room to grow your equity here!

5. 2025-01-16
   listed $59,900 Active 369-char remark

   Show marketing remark (369 chars)

   Convenient location with this spacious 2 bedroom home near Indiana University! Original hardwood floors. fireplace in living room (as is). HUGE attic with dedicated stairwell offers over 600+ square feet to finish for additional living space for bedroom/bathroom! Unfinished basement. Furnace and water heater about 5 years old. Plenty of room to grow your equity here!

ⓘ 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: $1,834 · $153/mo
• Projected year-2 tax: $1,834 · $153/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 1/10 Low
• 🌡 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: $17,415
• − Mortgage interest: −$5,546
• − Property taxes: −$1,834
• − Insurance: −$495
• − Repairs & maintenance: −$1,393
• − Management: −$1,393
• − Depreciation: −$2,880
• Taxable income: $3,875
• Est. tax owed @ 24.0%: −$930
• After-tax cash flow: $4,269/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

+65.3% since first listed

6 events — show timeline

• 2026-05-26 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-11 Price Changed $99,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-29 Listed $105,000 NIRA MLS as Distributed by MLS Grid
• 2025-01-31 Sold (MLS) $57,000 NIRA MLS as Distributed by MLS Grid
• 2025-01-22 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-01-16 Listed $59,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-7.6%/yr

Latest (2024): $1,834 · +3.0% YoY. Source: county tax records.