5079 Connecticut St · Gary, IN 46409

$127,000

3 bd · 1.0 ba · 780 sqft · SingleFamily public records · 650 Days on market

Built 1949 5,053 sqft lot $163/sqft · 202% above area

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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 +26.1/30.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• 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

Enter 2026 in style--this beautifully renovated 2-bed, 1-bath charmer delivers luxe finishes at a budget-friendly price. Move-in ready and holiday-perfect--make your offer before the year-end rush. Charming Renovated Home in Prime Location Welcome to 5079 Connecticut St, an exceptional two-bedroom, one-bath home perfect for first-time buyers, downsizers, or savvy investors. Step inside to discover stunning quartz countertops, sleek white cabinets, and luxury finishes throughout. Enjoy cozy evenings by the custom 3-D wood feature fireplace in the living room or relax in the beautifully designed bedrooms, each featuring unique accent walls. The home boasts a mix of hardwood, carpet, ceramic tile, and vinyl flooring for a stylish yet practical living space. You'll appreciate the modern stainless steel appliance package and a brand-new air conditioning unit, ensuring comfort year-round. The spacious backyard is perfect for gatherings, while the charming front porch and landscaped entrance provide great curb appeal. The full basement awaits your personal touch, ideal for a recreation room, office, or potential third bedroom.

Key facts

• 5,053 sq ft lot
• Built 1949
• Listed 649 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $127k.

Deal economics

• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $127k).
• Recommended offer: $112k (12.0% 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 (+4.8%/yr); 75 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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 38% 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 $878 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 + 4.8% rent growth), your $36k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 650 days — a 12% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 24y 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 $111,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 650 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.11% ✓
• Cap rate: 9.31%
• Cash-on-cash: 10.76%
• DSCR: 1.48
• GRM: 7.5

CMA / ARV

• ARV (median comp): $42,065
• List price: $127,000
• Delta: 201.92%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5055 Adams St	0.25mi	2/1.0 (-1)	800 (+3%)	7mo	$60,000	$75	73
5177 Connecticut St	0.10mi	2/1.0 (-1)	693 (-11%)	10mo	$29,900	$43	63
4967 Carolina St	0.34mi	2/1.0 (-1)	800 (+3%)	14mo	$87,000	$109	63
4947 Madison St	0.42mi	3/1.0	867 (+11%)	1mo	$130,000	$150	61
4646 Pennsylvania St	0.55mi	2/1.0 (-1)	734 (-6%)	4mo	$30,000	$41	56
1138 E 49th Ave	0.64mi	2/1.0 (-1)	816 (+5%)	12mo	$25,000	$31	47
1146 E 49th Ave	0.65mi	2/1.0 (-1)	816 (+5%)	14mo	$44,000	$54	45

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: 1.7%
• Equity multiple: 1.07×
• Total profit: $2,392
• Equity at exit: $18,936

10-year hold

• IRR: 13.0%
• Equity multiple: 2.11×
• Total profit: $39,571
• Equity at exit: $10,981

Cash invested: $35,560 (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: 7.5×

Monthly cashflow live

• Estimated rent: $1,416 high
• Mortgage (P&I): −$666
• Tax from tax record: −$81 /mo · $968/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $319

Break-even live

Break-even rent $1,012

Max offer price $127,000

Occupancy floor 72%

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: $31,750
• Closing costs: $3,810
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5001 Carolina St Gary, IN	3.0	1.0	875	$1,350	$1.54	2d	1	0.31mi
4816 Massachusetts St Gary, IN	3.0	1.0	1024	$1,350	$1.32	15d	1	0.36mi
4905 Kentucky St Unit 4901 Gary, IN	3.0	1.0	950	$1,525	$1.61	24d	1	0.57mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	19d	1	0.59mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	1d	1	0.65mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	3d	1	0.80mi
1240 W 52nd Dr Merrillville, IN	2.0	1.0–2.0	957	$1,349	$1.41	1d	9	0.94mi
5850 Pennsylvania St Merrillville, IN	1.0–2.0	1.0	826	$1,195	$1.45	1d	4	0.98mi
624 W 44th Pl Gary, IN	3.0	1.0	836	$1,250	$1.50	7d	1	1.01mi
5719 Van Buren St Merrillville, IN	3.0	2.0	950	$1,500	$1.58	22d	1	1.03mi
1718 W 55th Ave Merrillville, IN	2.0	2.0	851	$1,200	$1.41	43d	1	1.34mi
1718 W 55th Ave Merrillville, IN	2.0	2.0	851	$1,200	$1.41	1d	1	1.34mi
4364 Buchanan St Gary, IN	3.0	1.0	900	$1,500	$1.67	1d	1	1.36mi
4170 Fillmore St Gary, IN	2.0	1.0	720	$950	$1.32	19d	1	1.45mi

Listing history 32 events

1. 2026-06-18
   days on market $127,000 Active 650 DOM
2. 2026-06-17
   days on market $127,000 Active 649 DOM
3. 2026-06-16
   days on market $127,000 Active 648 DOM
4. 2026-06-15
   days on market $127,000 Active 647 DOM
5. 2026-06-13
   days on market $127,000 Active 645 DOM
6. 2026-06-13
   days on market $127,000 Active 644 DOM
7. 2026-06-09
   days on market $127,000 Active 641 DOM
8. 2026-06-08
   days on market $127,000 Active 640 DOM
9. 2026-06-07
   days on market $127,000 Active 639 DOM
10. 2026-06-04
    days on market $127,000 Active 636 DOM
11. 2026-06-03
    days on market $127,000 Active 635 DOM
12. 2026-06-02
    days on market $127,000 Active 634 DOM
13. 2026-06-01
    days on market $127,000 Active 633 DOM
14. 2026-05-31
    days on market $127,000 Active 632 DOM
15. 2024-09-03
    listed $127,000 Active 1138-char remark

    Show marketing remark (1138 chars)

    Enter 2026 in style--this beautifully renovated 2-bed, 1-bath charmer delivers luxe finishes at a budget-friendly price. Move-in ready and holiday-perfect--make your offer before the year-end rush. Charming Renovated Home in Prime Location Welcome to 5079 Connecticut St, an exceptional two-bedroom, one-bath home perfect for first-time buyers, downsizers, or savvy investors. Step inside to discover stunning quartz countertops, sleek white cabinets, and luxury finishes throughout. Enjoy cozy evenings by the custom 3-D wood feature fireplace in the living room or relax in the beautifully designed bedrooms, each featuring unique accent walls. The home boasts a mix of hardwood, carpet, ceramic tile, and vinyl flooring for a stylish yet practical living space. You'll appreciate the modern stainless steel appliance package and a brand-new air conditioning unit, ensuring comfort year-round. The spacious backyard is perfect for gatherings, while the charming front porch and landscaped entrance provide great curb appeal. The full basement awaits your personal touch, ideal for a recreation room, office, or potential third bedroom.

16. 2012-05-18
    historical
17. 2011-07-06
    listed $9,999
18. 2011-07-01
    historical
19. 2011-04-27
    listed $9,999
20. 2010-05-01
    historical
21. 2010-04-14
    listed $9,999
22. 2010-02-01
    historical
23. 2009-11-02
    historical
24. 2009-11-02
    listed $9,999
25. 2009-05-29
    listed $9,999
26. 2009-04-01
    historical
27. 2009-01-23
    listed $12,000
28. 2008-12-13
    historical
29. 2008-05-14
    listed $12,000
30. 2003-11-20
    historical
31. 2002-05-28
    listed $15,900
32. 2002-01-17
    listed $21,900

ⓘ 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: $968 · $81/mo
• Projected year-2 tax: $1,024 · $85/mo
• Expected delta: +$56/yr (+$5/mo · 5.7%)

ⓘ 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 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: $16,991
• − Mortgage interest: −$7,114
• − Property taxes: −$968
• − Insurance: −$635
• − Repairs & maintenance: −$1,359
• − Management: −$1,359
• − Depreciation: −$3,695
• Taxable income: $1,860
• Est. tax owed @ 24.0%: −$447
• After-tax cash flow: $3,381/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

+479.9% since first listed

18 events — show timeline

• 2024-09-03 Listed $127,000 NIRA MLS as Distributed by MLS Grid
• 2012-05-18 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-07-06 Listed $9,999 NIRA MLS as Distributed by MLS Grid
• 2011-07-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-04-27 Listed $9,999 NIRA MLS as Distributed by MLS Grid
• 2010-05-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-04-14 Listed $9,999 NIRA MLS as Distributed by MLS Grid
• 2010-02-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2009-11-02 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2009-11-02 Listed $9,999 NIRA MLS as Distributed by MLS Grid
• 2009-05-29 Listed $9,999 NIRA MLS as Distributed by MLS Grid
• 2009-04-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2009-01-23 Listed $12,000 NIRA MLS as Distributed by MLS Grid
• 2008-12-13 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2008-05-14 Listed $12,000 NIRA MLS as Distributed by MLS Grid
• 2003-11-20 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2002-05-28 Listed $15,900 NIRA MLS as Distributed by MLS Grid
• 2002-01-17 Listed $21,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-6.5%/yr

Latest (2024): $968 · +43.3% YoY. Source: county tax records.