2157 E 20th Ave · Gary, IN 46407

$49,700

1 bd · 1.0 ba · 1,140 sqft · SingleFamily public records · 289 Days on market

Built 1952 4,356 sqft lot $44/sqft · 39% below area Est $89k · 44% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

Investor's dream opportunity! This 3-bedroom, 1-bath ranch with a 2-car detached garage has been fully gutted down to the studs, offering a true blank canvas for your next project--whether you're planning a fix-and-flip, rental, or custom renovation. Electrical, plumbing, and utilities are all currently turned on, making it easier to begin your rehab right away. Some newer windows are already installed, giving you a valuable head start. Located on an up-and-coming block with multiple nearby investor remodels and just minutes from the Hard Rock Casino, this property offers strong potential for sweat equity and long-term value in a desirable single-level layout.

Key facts

• Newer windows
• Single-level layout
• 4,356 sq ft lot

Tags

• NEWER WINDOWS
• SINGLE-LEVEL LAYOUT

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $519 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.8% 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: 121 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 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 44% of the median local income ($29k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $831 of equity ($344 loan paydown + $487 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 289 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago; this cycle's ask is 5% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,736 (12.0% below list)

Questions for the listing agent

1. It's been on market 289 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 1952 — 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: 2.12% ✓
• Cap rate: 18.83%
• Cash-on-cash: 44.79%
• DSCR: 2.99
• GRM: 3.9

CMA / ARV

• ARV (median comp): $89,345
• List price: $49,700
• Delta: -44.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 47.4%
• Equity multiple: 3.44×
• Total profit: $33,960
• Equity at exit: $16,914

10-year hold

• IRR: 49.1%
• Equity multiple: 6.85×
• Total profit: $81,435
• Equity at exit: $22,437

Cash invested: $13,916 (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: 121
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,056 high
• Mortgage (P&I): −$261
• Tax from tax record: −$33 /mo · $401/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $519

Break-even live

Break-even rent $398

Max offer price $49,700

Occupancy floor 46%

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: $12,425
• Closing costs: $1,491
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	17d	1	0.35mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	43d	1	0.85mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	4d	1	0.99mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	1d	1	0.99mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	1.00mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	43d	1	1.02mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	19d	1	1.09mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	43d	1	1.22mi
904 Idaho St Gary, IN	2.0	1.0	1176	$1,200	$1.02	43d	1	1.22mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	21d	1	1.26mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	1d	1	1.29mi

Listing history 26 events

1. 2026-06-18
   days on market $49,700 Active 289 DOM
2. 2026-06-17
   remarks 686-char remark
3. 2026-06-17
   price $49,700 Active 288 DOM
4. 2026-06-17
   days on market $50,000 Active 288 DOM
5. 2026-06-16
   days on market $50,000 Active 287 DOM
6. 2026-06-15
   days on market $50,000 Active 286 DOM
7. 2026-06-13
   days on market $50,000 Active 284 DOM
8. 2026-06-13
   days on market $50,000 Active 283 DOM
9. 2026-06-09
   days on market $50,000 Active 280 DOM
10. 2026-06-08
    days on market $50,000 Active 279 DOM
11. 2026-06-07
    days on market $50,000 Active 278 DOM
12. 2026-06-04
    pricedays on market $50,000 Active 275 DOM
13. 2026-06-03
    days on market $52,500 Active 274 DOM
14. 2026-06-02
    days on market $52,500 Active 273 DOM
15. 2026-06-01
    days on market $52,500 Active 272 DOM
16. 2026-05-31
    days on market $52,500 Active 271 DOM
17. 2026-02-19
    price $52,500 668-char remark

    Show marketing remark (668 chars)

    Investor's dream opportunity! This 3-bedroom, 1-bath ranch with a 2-car detached garage has been fully gutted down to the studs, offering a true blank canvas for your next project--whether you're planning a fix-and-flip, rental, or custom renovation. Electrical, plumbing, and utilities are all currently turned on, making it easier to begin your rehab right away. Some newer windows are already installed, giving you a valuable head start. Located on an up-and-coming block with multiple nearby investor remodels and just minutes from the Hard Rock Casino, this property offers strong potential for sweat equity and long-term value in a desirable single-level layout.

18. 2026-01-13
    price $42,500 668-char remark

    Show marketing remark (668 chars)

    Investor's dream opportunity! This 3-bedroom, 1-bath ranch with a 2-car detached garage has been fully gutted down to the studs, offering a true blank canvas for your next project--whether you're planning a fix-and-flip, rental, or custom renovation. Electrical, plumbing, and utilities are all currently turned on, making it easier to begin your rehab right away. Some newer windows are already installed, giving you a valuable head start. Located on an up-and-coming block with multiple nearby investor remodels and just minutes from the Hard Rock Casino, this property offers strong potential for sweat equity and long-term value in a desirable single-level layout.

19. 2025-09-02
    listed $47,500 Active 668-char remark

    Show marketing remark (668 chars)

    Investor's dream opportunity! This 3-bedroom, 1-bath ranch with a 2-car detached garage has been fully gutted down to the studs, offering a true blank canvas for your next project--whether you're planning a fix-and-flip, rental, or custom renovation. Electrical, plumbing, and utilities are all currently turned on, making it easier to begin your rehab right away. Some newer windows are already installed, giving you a valuable head start. Located on an up-and-coming block with multiple nearby investor remodels and just minutes from the Hard Rock Casino, this property offers strong potential for sweat equity and long-term value in a desirable single-level layout.

20. 2010-05-21
    historical
21. 2009-01-26
    listed $14,900
22. 2007-02-14
    listed $12,900
23. 2007-02-10
    historical
24. 2007-01-29
    listed $17,650
25. 2007-01-14
    historical
26. 2006-10-17
    listed $19,900

ⓘ 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: $401 · $33/mo
• Projected year-2 tax: $412 · $34/mo
• Expected delta: +$11/yr (+$1/mo · 2.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 6 d/yr ≥102°F today · 13 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: $12,671
• − Mortgage interest: −$2,784
• − Property taxes: −$401
• − Insurance: −$248
• − Repairs & maintenance: −$1,014
• − Management: −$1,014
• − Depreciation: −$1,446
• Taxable income: $5,764
• Est. tax owed @ 24.0%: −$1,383
• After-tax cash flow: $4,850/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

+163.8% since first listed

10 events — show timeline

• 2026-02-19 Price Changed $52,500 NIRA MLS as Distributed by MLS Grid
• 2026-01-13 Price Changed $42,500 NIRA MLS as Distributed by MLS Grid
• 2025-09-02 Listed $47,500 NIRA MLS as Distributed by MLS Grid
• 2010-05-21 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2009-01-26 Listed $14,900 NIRA MLS as Distributed by MLS Grid
• 2007-02-14 Listed $12,900 NIRA MLS as Distributed by MLS Grid
• 2007-02-10 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-01-29 Listed $17,650 NIRA MLS as Distributed by MLS Grid
• 2007-01-14 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-10-17 Listed $19,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-17.0%/yr

Latest (2024): $401 · +0.1% YoY. Source: county tax records.