293 Calhoun St · Gary, IN 46406

$94,900

3 bd · 1.0 ba · 1,032 sqft · SingleFamily public records · 7 Days on market

Built 1947 4,356 sqft lot $92/sqft · 38% above area Est $86k · 10% over

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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
• Appreciation +5.6/10.0
• Livability +3.7/5.0
• ARV discount +2.8/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks

This 2 bed, 1 bath home has room in the basement to add additional living space and convert the property into a 4 bed, 2 bath, increasing the overall value. Great option for someone looking to renovate, build equity, or add to their portfolio. Property is being sold as-is.

Key facts

• 4,356 sq ft lot
• Built 1947
• Listed 7 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: One-level home; Built in 1947; Fixer condition
• Construction: Partially finished basement
• Exterior features: Neighborhood view

Interior

• Kitchen: Microwave
• Bedrooms: Primary bedroom; Second bedroom; Total of 5 rooms including bonus room and living room
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: No notable built-in interior features listed; Partially finished basement; Neighborhood view

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Cap rate 12.4% 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: 54 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($656 loan paydown + $1k appreciation (1.3% 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 (1.3% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,900

Questions for the listing agent

1. Built in 1947 — 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: 1.51% ✓
• Cap rate: 12.36%
• Cash-on-cash: 21.65%
• DSCR: 1.96
• GRM: 5.5

CMA / ARV

• ARV (median comp): $85,908
• List price: $94,900
• Delta: 10.47%
• 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
286 Gerry St	0.09mi	3/1.0	1,023 (-1%)	12mo	$40,000	$39	85
308 Hamlin St	0.22mi	3/1.5	1,015 (-2%)	11mo	$125,000	$123	76
809 Clinton St	0.65mi	3/1.0	1,008 (-2%)	3mo	$28,000	$28	63
796 Burr St	0.64mi	3/1.0	1,008 (-2%)	16mo	$92,800	$92	53
395 Matthews St	0.58mi	2/1.0 (-1)	966 (-6%)	9mo	$40,000	$41	50
769 Hamlin St	0.59mi	3/1.0	1,073 (+4%)	19mo	$110,000	$103	50
612 Hamlin St	0.47mi	3/1.0	900 (-13%)	14mo	$87,000	$97	45
738 Mount St	0.71mi	2/1.0 (-1)	967 (-6%)	8mo	$95,000	$98	45
714 Ralston St	0.58mi	2/1.0 (-1)	938 (-9%)	13mo	$26,000	$28	42
160 Clark Rd	0.71mi	2/1.5 (-1)	1,089 (+6%)	11mo	$15,000	$14	42
4838 W 6th Ave	0.68mi	2/1.0 (-1)	1,134 (+10%)	6mo	$130,000	$115	42
441 Hovey St	0.67mi	2/1.0 (-1)	899 (-13%)	17mo	$17,000	$19	28

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

Projected returns pro-forma

1.26% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.3%
• Equity multiple: 2.26×
• Total profit: $33,534
• Equity at exit: $33,673

10-year hold

• IRR: 26.9%
• Equity multiple: 4.31×
• Total profit: $87,927
• Equity at exit: $45,753

Cash invested: $26,572 (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 46406

• Home prices YoY: 0.9%
• Active inventory: 54
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,437 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,424/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $479

Break-even live

Break-even rent $830

Max offer price $94,900

Occupancy floor 62%

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
743 Hanley St Gary, IN	3.0	1.0	800	$1,350	$1.69	1d	1	0.68mi
395 Porter St Gary, IN	4.0	2.0	1472	$1,700	$1.15	6d	1	0.70mi
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	1d	1	1.05mi

Listing history 2 events

1. 2026-05-07
   status Pending 273-char remark
2. 2026-04-30
   listed $94,900 Active 273-char remark

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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: $17,245
• − Mortgage interest: −$5,316
• − Property taxes: −$1,424
• − Insurance: −$474
• − Repairs & maintenance: −$1,380
• − Management: −$1,380
• − Depreciation: −$2,761
• Taxable income: $4,511
• Est. tax owed @ 24.0%: −$1,083
• After-tax cash flow: $4,671/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
• City population: 63,701
• Population (ZIP): 8,513

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: Majority Black (63%)
• Race & ethnicity: Black 63% White 21% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 8%

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: ▲ 1.26%
• Current HPI: 147.0732
• Rent YoY: —
• Metro: —
• 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

+6.4% since first listed

3 events — show timeline

• 2026-06-02 Sold (MLS) $101,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-07 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-30 Listed $94,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-26.5%/yr

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