2128 Tennessee St · Gary, IN 46407

$110,000

6 bd · 2.0 ba · 4,132 sqft · SingleFamily public records · 102 Days on market

Built 1949 5,619 sqft lot $27/sqft · 53% below area Est $125k · 12% 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 +12.9/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• 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

Discover strong cash flow potential with this solid single family home located at 2128 Tennessee Street in Gary's 46407 zip code. Positioned in a rapidly improving pocket near Indiana University Northwest, major transit routes, and ongoing city redevelopment, this property offers both immediate rental appeal and long term appreciation upside. The home features a practical layout with well proportioned living spaces, ample natural light, and a functional kitchen ready for tenant use or future upgrades. The 3 Bedrooms are generously sized, and the property includes 2 full bathrooms and 2 car garage that adds storage flexibility or potential for additional value add improvements. The lot provides off street parking and a manageable yard--ideal for low maintenance tenant turnover. Whether you're expanding your Northwest Indiana portfolio or entering the market for the first time, this property delivers a compelling blend of affordability, location strength, and rental demand. With continued investment activity throughout Midtown and proximity to schools, parks, and commuter routes, 2128 Tennessee Street stands out as a smart, income producing asset. Perfect for investors looking to expand rapidly, streamline management, or secure a high performing rental portfolio in one transaction. This property does not have to be sold as a package it can be sold as a single sale.

Key facts

• Functional kitchen
• Ample natural light
• Manageable yard

Tags

• SOLID SINGLE FAMILY HOME
• PRACTICAL LAYOUT
• AMPLE NATURAL LIGHT
• FUNCTIONAL KITCHEN
• OFF STREET PARKING
• MANAGEABLE YARD

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $517 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $100k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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; lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $1,553/mo this rent would consume 65% 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 $2k of equity ($761 loan paydown + $1k 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 $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 16y ago; this cycle's ask has dropped $40k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,100 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 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 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: 1.41% ✓
• Cap rate: 11.93%
• Cash-on-cash: 20.15%
• DSCR: 1.90
• GRM: 5.9

CMA / ARV

• ARV (median comp): $125,042
• List price: $110,000
• Delta: -12.03%
• 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: 22.2%
• Equity multiple: 2.13×
• Total profit: $34,873
• Equity at exit: $37,436

10-year hold

• IRR: 25.1%
• Equity multiple: 4.03×
• Total profit: $93,265
• Equity at exit: $49,659

Cash invested: $30,800 (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: 5.9×

Monthly cashflow live

• Estimated rent: $1,553 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$87 /mo · $1,048/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $517

Break-even live

Break-even rent $899

Max offer price $110,000

Occupancy floor 62%

Sensitivity live

Price	-10% $579	-5% $548	+0% $517	+5% $486	+10% $455
Rent	-10% $394	-5% $456	+0% $517	+5% $578	+10% $640
Rate	-1.0pp $572	-0.5pp $545	base $517	+0.5pp $489	+1.0pp $460

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $110,000 Active 102 DOM
2. 2026-06-17
   days on market $110,000 Active 101 DOM
3. 2026-06-16
   days on market $110,000 Active 100 DOM
4. 2026-06-15
   days on market $110,000 Active 99 DOM
5. 2026-06-13
   days on market $110,000 Active 97 DOM
6. 2026-06-13
   days on market $110,000 Active 96 DOM
7. 2026-06-10
   price $110,000 Active 93 DOM
8. 2026-06-09
   days on market $124,500 Active 93 DOM
9. 2026-06-08
   days on market $124,500 Active 92 DOM
10. 2026-06-07
    pricedays on market $124,500 Active 91 DOM
11. 2026-06-04
    days on market $149,500 Active 88 DOM
12. 2026-06-03
    days on market $149,500 Active 87 DOM
13. 2026-06-02
    days on market $149,500 Active 86 DOM
14. 2026-06-01
    days on market $149,500 Active 85 DOM
15. 2026-05-31
    days on market $149,500 Active 84 DOM
16. 2026-03-08
    listed $149,500 Active 1385-char remark

    Show marketing remark (1385 chars)

    Discover strong cash flow potential with this solid single family home located at 2128 Tennessee Street in Gary's 46407 zip code. Positioned in a rapidly improving pocket near Indiana University Northwest, major transit routes, and ongoing city redevelopment, this property offers both immediate rental appeal and long term appreciation upside. The home features a practical layout with well proportioned living spaces, ample natural light, and a functional kitchen ready for tenant use or future upgrades. The 3 Bedrooms are generously sized, and the property includes 2 full bathrooms and 2 car garage that adds storage flexibility or potential for additional value add improvements. The lot provides off street parking and a manageable yard--ideal for low maintenance tenant turnover. Whether you're expanding your Northwest Indiana portfolio or entering the market for the first time, this property delivers a compelling blend of affordability, location strength, and rental demand. With continued investment activity throughout Midtown and proximity to schools, parks, and commuter routes, 2128 Tennessee Street stands out as a smart, income producing asset. Perfect for investors looking to expand rapidly, streamline management, or secure a high performing rental portfolio in one transaction. This property does not have to be sold as a package it can be sold as a single sale.

17. 2024-09-20
    soldstatus $105,000 Closed 239-char remark

    Show marketing remark (239 chars)

    Selling AS-IS --- Step into this beautiful renovated home. Boasting a spacious living space, natural light pours in, creating an inviting atmosphere. This move-in ready gem is perfect for those seeking style and comfort without the hassle.

18. 2024-09-10
    status Pending 239-char remark

    Show marketing remark (239 chars)

    Selling AS-IS --- Step into this beautiful renovated home. Boasting a spacious living space, natural light pours in, creating an inviting atmosphere. This move-in ready gem is perfect for those seeking style and comfort without the hassle.

19. 2024-07-24
    price $126,500 239-char remark

    Show marketing remark (239 chars)

    Selling AS-IS --- Step into this beautiful renovated home. Boasting a spacious living space, natural light pours in, creating an inviting atmosphere. This move-in ready gem is perfect for those seeking style and comfort without the hassle.

20. 2024-04-30
    status Active 239-char remark

    Show marketing remark (239 chars)

    Selling AS-IS --- Step into this beautiful renovated home. Boasting a spacious living space, natural light pours in, creating an inviting atmosphere. This move-in ready gem is perfect for those seeking style and comfort without the hassle.

21. 2024-04-18
    status Pending 239-char remark

    Show marketing remark (239 chars)

    Selling AS-IS --- Step into this beautiful renovated home. Boasting a spacious living space, natural light pours in, creating an inviting atmosphere. This move-in ready gem is perfect for those seeking style and comfort without the hassle.

22. 2024-04-05
    status Active 239-char remark

    Show marketing remark (239 chars)

    Selling AS-IS --- Step into this beautiful renovated home. Boasting a spacious living space, natural light pours in, creating an inviting atmosphere. This move-in ready gem is perfect for those seeking style and comfort without the hassle.

23. 2024-03-10
    status Pending 239-char remark

    Show marketing remark (239 chars)

    Selling AS-IS --- Step into this beautiful renovated home. Boasting a spacious living space, natural light pours in, creating an inviting atmosphere. This move-in ready gem is perfect for those seeking style and comfort without the hassle.

24. 2023-12-28
    listed $140,000 Active 239-char remark

    Show marketing remark (239 chars)

    Selling AS-IS --- Step into this beautiful renovated home. Boasting a spacious living space, natural light pours in, creating an inviting atmosphere. This move-in ready gem is perfect for those seeking style and comfort without the hassle.

25. 2011-09-01
    historical
26. 2011-07-01
    historical
27. 2011-01-06
    listed $35,000
28. 2010-08-27
    listed $35,000
29. 2010-04-30
    soldstatus $11,500
30. 2010-02-03
    listed $12,900

ⓘ 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: $1,048 · $87/mo
• Projected year-2 tax: $1,048 · $87/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,640
• − Mortgage interest: −$6,162
• − Property taxes: −$1,048
• − Insurance: −$550
• − Repairs & maintenance: −$1,491
• − Management: −$1,491
• − Depreciation: −$3,200
• Taxable income: $4,697
• Est. tax owed @ 24.0%: −$1,127
• After-tax cash flow: $5,078/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

+1058.9% since first listed

15 events — show timeline

• 2026-03-08 Listed $149,500 NIRA MLS as Distributed by MLS Grid
• 2024-09-20 Sold (MLS) $105,000 NIRA MLS as Distributed by MLS Grid
• 2024-09-10 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-07-24 Price Changed $126,500 NIRA MLS as Distributed by MLS Grid
• 2024-04-30 Relisted — NIRA MLS as Distributed by MLS Grid
• 2024-04-18 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-04-05 Relisted — NIRA MLS as Distributed by MLS Grid
• 2024-03-10 Pending — NIRA MLS as Distributed by MLS Grid
• 2023-12-28 Listed $140,000 NIRA MLS as Distributed by MLS Grid
• 2011-09-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-07-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-01-06 Listed $35,000 NIRA MLS as Distributed by MLS Grid
• 2010-08-27 Listed $35,000 NIRA MLS as Distributed by MLS Grid
• 2010-04-30 Sold (MLS) $11,500 NIRA MLS as Distributed by MLS Grid
• 2010-02-03 Listed $12,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-15.3%/yr

Latest (2024): $1,048 · +6.3% YoY. Source: county tax records.