4215 Pennsylvania St · Gary, IN 46409

$114,500

2 bd · 1.0 ba · 1,406 sqft · SingleFamily public records · 107 Days on market

Built 1950 5,575 sqft lot $81/sqft · 70% 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 +6.9/10.0
• 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

Beautifully updated and move-in ready, this charming 2-bedroom, 1-bath home offers comfort, convenience, and peace of mind in a well-connected location just off Broadway. Located near Indiana University Northwest and the Hard Rock Casino Northern Indiana, the home also provides quick access to I-94, I-90/Skyway, and I-65 making commuting simple while keeping everyday amenities close by. Inside, you'll find fresh updates throughout, creating a clean and welcoming space that feels ready for its next chapter. Seller is offering concessions for flooring repair and paint touch-ups, giving buyers an opportunity to personalize the space and truly make it their own. 2023 furnace & water heater. Brand new roof.

Key facts

• 5,575 sq ft lot
• Built 1950
• Listed 106 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $114k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $114k).
• Recommended offer: $104k (9.0% 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; 20 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 37% 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 $792 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 $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $18k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $7k; list at $114k implies a 1536% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $104,195 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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: 1.19% ✓
• Cap rate: 9.30%
• Cash-on-cash: 10.73%
• DSCR: 1.48
• GRM: 7.0

CMA / ARV

• ARV (median comp): $67,256
• List price: $114,500
• Delta: 70.25%
• 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
226 W 45th Ave	0.49mi	2/1.0	1,456 (+4%)	6mo	$119,000	$82	66
4210 Connecticut St	0.09mi	3/1.0 (+1)	1,224 (-13%)	7mo	$149,200	$122	63
4256 Washington St	0.29mi	3/2.0 (+1)	1,520 (+8%)	6mo	$207,500	$137	59
519 W 39th Ave	0.68mi	3/1.0 (+1)	1,369 (-3%)	1mo	$150,000	$110	58
4327 Vermont Ct	0.48mi	3/1.0 (+1)	1,567 (+12%)	1mo	$123,600	$79	53
4200 Monroe St	0.54mi	3/1.0 (+1)	1,263 (-10%)	1mo	$169,900	$135	52
708 W 43rd Ave	0.67mi	3/2.0 (+1)	1,379 (-2%)	6mo	$150,000	$109	52
4688 Delaware St	0.59mi	3/2.0 (+1)	1,561 (+11%)	0mo	$168,000	$108	45
4118 Monroe St	0.55mi	3/1.5 (+1)	1,550 (+10%)	8mo	$72,000	$46	44
3789 Rhode Island St	0.65mi	3/2.0 (+1)	1,588 (+13%)	2mo	$140,000	$88	38
4265 Van Buren St	0.63mi	3/2.0 (+1)	1,598 (+14%)	3mo	$155,500	$97	37
3655 Connecticut St	0.71mi	3/2.0 (+1)	1,600 (+14%)	2mo	$174,000	$109	33

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: 1.8%
• Equity multiple: 1.07×
• Total profit: $2,314
• Equity at exit: $17,072

10-year hold

• IRR: 13.2%
• Equity multiple: 2.14×
• Total profit: $36,622
• Equity at exit: $9,900

Cash invested: $32,060 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,363 high
• Mortgage (P&I): −$600
• Tax from tax record: −$142 /mo · $1,698/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $287

Break-even live

Break-even rent $1,000

Max offer price $114,500

Occupancy floor 74%

Sensitivity live

Price	-10% $352	-5% $319	+0% $287	+5% $254	+10% $222
Rent	-10% $179	-5% $233	+0% $287	+5% $341	+10% $394
Rate	-1.0pp $344	-0.5pp $316	base $287	+0.5pp $257	+1.0pp $227

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: $28,625
• Closing costs: $3,435
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	3d	1	0.33mi
4430 Broadway Gary, IN	3.0	1.0	1200	$1,250	$1.04	2d	1	0.37mi
4416 Vermont Ct Gary, IN	3.0	1.0	1162	$1,350	$1.16	44d	1	0.51mi
4208 Jackson St Gary, IN	3.0	1.0	1411	$1,350	$0.96	45d	1	0.62mi
4816 Massachusetts St Gary, IN	3.0	1.0	1024	$1,350	$1.32	16d	1	0.78mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	2d	1	0.84mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	2d	1	0.87mi
4040 Fillmore St Gary, IN	2.0	1.0	1000	$1,000	$1.00	11d	1	0.96mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	3d	1	0.98mi
4767 Harrison St Gary, IN	3.0	1.0	1664	$1,500	$0.90	2d	1	1.00mi
3612 Van Buren St Gary, IN	3.0	1.0	1534	$1,600	$1.04	2d	1	1.02mi
4905 Kentucky St Unit 4901 Gary, IN	3.0	1.0	950	$1,525	$1.61	24d	1	1.02mi
3395 Pennsylvania St Gary, IN	3.0	1.0	1300	$1,495	$1.15	2d	1	1.02mi
5001 Carolina St Gary, IN	3.0	1.0	875	$1,350	$1.54	3d	1	1.03mi
4364 Buchanan St Gary, IN	3.0	1.0	900	$1,500	$1.67	2d	1	1.07mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	20d	1	1.10mi
5026 Kentucky St Gary, IN	3.0	1.0	1200	$1,100	$0.92	7d	1	1.13mi
3788 Lincoln St Gary, IN	3.0	2.0	1398	$1,400	$1.00	11d	1	1.25mi
3820 Colbourne St Hobart, IN	3.0	2.0	1209	$1,695	$1.40	44d	1	1.35mi
3449 Buchanan St Gary, IN	3.0	1.0	1301	$1,395	$1.07	44d	1	1.42mi

Listing history 34 events

1. 2026-06-18
   days on market $114,500 Active 107 DOM
2. 2026-06-17
   days on market $114,500 Active 106 DOM
3. 2026-06-16
   days on market $114,500 Active 105 DOM
4. 2026-06-15
   days on market $114,500 Active 104 DOM
5. 2026-06-13
   days on market $114,500 Active 102 DOM
6. 2026-06-13
   days on market $114,500 Active 101 DOM
7. 2026-06-09
   days on market $114,500 Active 98 DOM
8. 2026-06-08
   days on market $114,500 Active 97 DOM
9. 2026-06-07
   pricedays on market $114,500 Active 96 DOM
10. 2026-06-04
    days on market $119,900 Active 93 DOM
11. 2026-06-03
    days on market $119,900 Active 92 DOM
12. 2026-06-02
    days on market $119,900 Active 91 DOM
13. 2026-06-01
    days on market $119,900 Active 90 DOM
14. 2026-05-31
    days on market $119,900 Active 89 DOM
15. 2026-04-25
    price $119,900 717-char remark

    Show marketing remark (717 chars)

    Beautifully updated and move-in ready, this charming 2-bedroom, 1-bath home offers comfort, convenience, and peace of mind in a well-connected location just off Broadway. Located near Indiana University Northwest and the Hard Rock Casino Northern Indiana, the home also provides quick access to I-94, I-90/Skyway, and I-65 making commuting simple while keeping everyday amenities close by. Inside, you'll find fresh updates throughout, creating a clean and welcoming space that feels ready for its next chapter. Seller is offering concessions for flooring repair and paint touch-ups, giving buyers an opportunity to personalize the space and truly make it their own. 2023 furnace & water heater. Brand new roof.

16. 2026-03-30
    price $124,999 717-char remark

    Show marketing remark (717 chars)

    Beautifully updated and move-in ready, this charming 2-bedroom, 1-bath home offers comfort, convenience, and peace of mind in a well-connected location just off Broadway. Located near Indiana University Northwest and the Hard Rock Casino Northern Indiana, the home also provides quick access to I-94, I-90/Skyway, and I-65 making commuting simple while keeping everyday amenities close by. Inside, you'll find fresh updates throughout, creating a clean and welcoming space that feels ready for its next chapter. Seller is offering concessions for flooring repair and paint touch-ups, giving buyers an opportunity to personalize the space and truly make it their own. 2023 furnace & water heater. Brand new roof.

17. 2026-03-03
    listed $132,500 Active 717-char remark

    Show marketing remark (717 chars)

    Beautifully updated and move-in ready, this charming 2-bedroom, 1-bath home offers comfort, convenience, and peace of mind in a well-connected location just off Broadway. Located near Indiana University Northwest and the Hard Rock Casino Northern Indiana, the home also provides quick access to I-94, I-90/Skyway, and I-65 making commuting simple while keeping everyday amenities close by. Inside, you'll find fresh updates throughout, creating a clean and welcoming space that feels ready for its next chapter. Seller is offering concessions for flooring repair and paint touch-ups, giving buyers an opportunity to personalize the space and truly make it their own. 2023 furnace & water heater. Brand new roof.

18. 2025-09-16
    historical
19. 2025-07-24
    price $127,500
20. 2025-06-27
    listed $135,000 Active
21. 2022-09-27
    soldstatus $7,000 Closed
22. 2022-09-21
    status Pending
23. 2022-09-02
    price $13,900
24. 2022-08-05
    listed $14,900 Active
25. 2022-08-05
    historical
26. 2022-07-17
    status Deal Fell Through
27. 2022-07-15
    historical Active Under Contract
28. 2022-06-14
    price $14,900
29. 2022-06-05
    price $19,895
30. 2022-06-01
    price $19,896
31. 2022-05-30
    price $19,897
32. 2022-05-27
    price $19,898
33. 2022-05-24
    price $19,899
34. 2022-05-04
    listed $19,900 Active

ⓘ 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: $1,698 · $142/mo
• Projected year-2 tax: $1,698 · $142/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 5/10 Major FEMA zone X (unshaded) · 66% 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: $16,351
• − Mortgage interest: −$6,414
• − Property taxes: −$1,698
• − Insurance: −$572
• − Repairs & maintenance: −$1,308
• − Management: −$1,308
• − Depreciation: −$3,331
• Taxable income: $1,720
• Est. tax owed @ 24.0%: −$413
• After-tax cash flow: $3,029/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

+502.5% since first listed

20 events — show timeline

• 2026-04-25 Price Changed $119,900 NIRA MLS as Distributed by MLS Grid
• 2026-03-30 Price Changed $124,999 NIRA MLS as Distributed by MLS Grid
• 2026-03-03 Listed $132,500 NIRA MLS as Distributed by MLS Grid
• 2025-09-16 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-07-24 Price Changed $127,500 NIRA MLS as Distributed by MLS Grid
• 2025-06-27 Listed $135,000 NIRA MLS as Distributed by MLS Grid
• 2022-09-27 Sold (MLS) $7,000 NIRA MLS as Distributed by MLS Grid
• 2022-09-21 Pending — NIRA MLS as Distributed by MLS Grid
• 2022-09-02 Price Changed $13,900 NIRA MLS as Distributed by MLS Grid
• 2022-08-05 Listed $14,900 NIRA MLS as Distributed by MLS Grid
• 2022-08-05 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2022-07-17 Relisted — NIRA MLS as Distributed by MLS Grid
• 2022-07-15 Contingent — NIRA MLS as Distributed by MLS Grid
• 2022-06-14 Price Changed $14,900 NIRA MLS as Distributed by MLS Grid
• 2022-06-05 Price Changed $19,895 NIRA MLS as Distributed by MLS Grid
• 2022-06-01 Price Changed $19,896 NIRA MLS as Distributed by MLS Grid
• 2022-05-30 Price Changed $19,897 NIRA MLS as Distributed by MLS Grid
• 2022-05-27 Price Changed $19,898 NIRA MLS as Distributed by MLS Grid
• 2022-05-24 Price Changed $19,899 NIRA MLS as Distributed by MLS Grid
• 2022-05-04 Listed $19,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+9.9%/yr

Latest (2024): $1,698 · +624.1% YoY. Source: county tax records.