2348 Pierce St · Gary, IN 46407

$38,000

3 bd · 1.0 ba · 1,065 sqft · SingleFamily · 1 Days on market

Built 1975 6,229 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks

Calling all Investors, Rehabbers and Flippers! Here is an opportunity to bring your ideas to this 3 bedroom, 1 bath home! It is just waiting on you to put your touches on it and make it yours!Home is sold As-Is, Sellers will not make any repairs. There is a presence of discoloration in the home.

Key facts

• 6,229 sq ft lot
• Built 1975

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $38k.

Deal economics

• At list price, monthly cash flow is $664 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Cap rate 27.3% 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: 122 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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).
• At $1,173/mo this rent would consume 49% of the median local household income ($29k/yr) (locally 392% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $635 of equity ($263 loan paydown + $372 appreciation (1.0% local appreciation)).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $38,000

Questions for the listing agent

1. Built in 1975 — 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: 3.09% ✓
• Cap rate: 27.27%
• Cash-on-cash: 74.90%
• DSCR: 4.33
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $119,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2549 Pierce St	0.25mi	3/2.0	1,071 (+1%)	1mo	$144,900	$135	82
2402 Polk St	0.14mi	3/1.0	920 (-14%)	4mo	$53,000	$58	68
1201 W 21st Ave	0.30mi	2/1.0 (-1)	980 (-8%)	7mo	$139,900	$143	62
2679 Van Buren St	0.55mi	3/1.0	1,100 (+3%)	9mo	$28,000	$25	61
2232 Roosevelt Pl	0.70mi	3/2.0	1,072 (+1%)	5mo	$174,900	$163	58
2545 Van Buren St	0.45mi	3/1.0	1,117 (+5%)	16mo	$90,000	$81	58
2231 Garfield St	0.38mi	4/1.5 (+1)	1,138 (+7%)	17mo	$127,000	$112	50
2060 Mckinley St	0.68mi	3/1.0	912 (-14%)	2mo	$53,000	$58	43
2088 Roosevelt St	0.71mi	3/2.0	1,087 (+2%)	20mo	$130,000	$120	42
1014 W 19th Ave	0.60mi	3/1.5	960 (-10%)	14mo	$30,000	$31	42
1571 Pierce St	0.73mi	3/1.0	1,008 (-5%)	21mo	$13,800	$14	39
2012 Mckinley	0.71mi	3/2.0	912 (-14%)	21mo	$125,000	$137	21

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.98% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 77.8%
• Equity multiple: 5.04×
• Total profit: $42,989
• Equity at exit: $12,932

10-year hold

• IRR: 78.8%
• Equity multiple: 10.31×
• Total profit: $99,061
• Equity at exit: $17,155

Cash invested: $10,640 (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 46407

• Home prices YoY: 0.4%
• Active inventory: 122
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,173 high
• Mortgage (P&I): −$199
• Tax est. 1.5%: −$48 /mo · $570/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $664

Break-even live

Break-even rent $332

Max offer price $38,000

Occupancy floor 38%

Sensitivity live

Price	-10% $690	-5% $677	+0% $664	+5% $651	+10% $638
Rent	-10% $571	-5% $618	+0% $664	+5% $710	+10% $757
Rate	-1.0pp $683	-0.5pp $674	base $664	+0.5pp $654	+1.0pp $644

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: $9,500
• Closing costs: $1,140
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2361 Pierce St Unit 2 Gary, IN	3.0	1.0	860	$900	$1.05	0d	1	0.05mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	0d	1	0.46mi
837 W 27th Ave Unit A Gary, IN	2.0	1.0	750	$1,150	$1.53	0d	1	0.53mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	20d	1	0.62mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	0d	1	0.67mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	0d	1	0.73mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	0d	1	0.74mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	0d	1	0.78mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$975	$1.01	0d	1	0.93mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	0d	1	1.02mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	20d	1	1.07mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	3d	1	1.09mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	0d	1	1.09mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	45d	1	1.16mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	0d	1	1.18mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	5d	1	1.18mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	0d	1	1.18mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	0d	1	1.23mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	0d	1	1.26mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	45d	1	1.36mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	22d	1	1.38mi
3449 Buchanan St Gary, IN	3.0	1.0	1301	$1,395	$1.07	45d	1	1.38mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	2d	1	1.39mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	45d	1	1.39mi
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	0d	1	1.40mi

Listing history 2 events

1. 2021-03-22
   historical
2. 2021-03-05
   listed $38,000

ⓘ 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 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,077
• − Mortgage interest: −$2,129
• − Property taxes: −$570
• − Insurance: −$190
• − Repairs & maintenance: −$1,126
• − Management: −$1,126
• − Depreciation: −$1,105
• Taxable income: $7,831
• Est. tax owed @ 24.0%: −$1,879
• After-tax cash flow: $6,090/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): 8,577
• Household income: $28,526
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 392.0

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 (91%)
• Race & ethnicity: Black 91% Hispanic / Latino 3% White 2% Two or more races 1%
• Common ancestry: Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% Russian/Polish/Slavic 1% French/Haitian/Cajun 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: ▲ 0.98%
• Current HPI: 253.2856
• Rent YoY: —
• 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

2 events — show timeline

• 2021-03-22 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2021-03-05 Listed $38,000 NIRA MLS as Distributed by MLS Grid