Is 2307 Bell St in Gary, IN a good investment?

CashFlowRE grades it A- with a 21.1% cap rate and $799/mo modeled cash flow at a $64,900 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 2307 Bell St?

The modeled cap rate is 21.1% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $1,577/month, from CashFlowRE's rent model.

A- Composite 80.64

Why this score? — see what drove the A- 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 +5.6/10.0
Livability +3.7/5.0
Rent growth +2.5/5.0
Condition / age +2.2/5.0
Schools +1.6/10.0

$64,900

2307 Bell St · Gary, IN 46406

3 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 73 Days on market

Built 1963 Fair condition 6,970 sqft lot $62/sqft · 48% below area Est $124k · 48% under ↓ 30% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Positioned just steps from the Hard Rock Casino and the site of Gary's new $2 billion convention center, this property offers a rare chance to invest in a rapidly developing area with major upside. The home features a solid one-story layout with 3 bedrooms, 1 bath, and a detached 2-car garage with a brand new roof (2024), plus a metal shed for extra storage or workspace. Recent updates include PEX plumbing and replaced joists, giving you a strong foundation to build on. All city utilities are in place, and the home is move-in ready with room to add your own touches, windows are older and could be upgraded for added value.

Key facts

Metal shed
One story layout
Pex plumbing

What this means for you Summary

Snapshot

This is a 3-bed/1.0-bath single-family listed at $65k. Condition is rated fair.

Deal economics

At list price, monthly cash flow is $799 ($10k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($2k rent vs $65k).
Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
Cap rate 21.1% vs local median 8.9% 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: crime F, employment F.
Lake Ridge New Tech Schools (suburban): math 11% / reading 20% proficiency, ranked #287 of 301 in IN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
Zoned schools: Longfellow New Tech Elementary Sch (math 12% / reading 12%, grade F, #893 of 994 statewide, top 91%, 524 students, 90% FRL); Lake Ridge New Tech Middle School (math 12% / reading 21%, grade F, #287 of 330 statewide, top 88%, 476 students, 92% FRL); Calumet New Tech High School (math 8% / reading 32%, grade F, #345 of 369 statewide, top 95%, 619 students, 90% FRL).
Market conditions: 74 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 85d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
At $1,577/mo this rent would consume 53% of the median local household income ($36k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

In year one you build about $1k of equity ($449 loan paydown + $816 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 $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

It's been on market 73 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
2 sale attempts; this cycle's ask has dropped $35k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $61,006 (6.0% below list)

Questions for the listing agent

It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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?
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?
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.
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.
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: 2.43% ✓
Cap rate: 21.07%
Cash-on-cash: 52.77%
DSCR: 3.35
GRM: 3.4

CMA / ARV

ARV (median comp): $124,260
List price: $64,900
Delta: -47.77%
Verdict: UNDERPRICED
Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7201 W 24th Ave	0.36mi	3/1.0	1,032 (-1%)	10mo	$154,900	$150	74
2329 Colfax St	0.44mi	3/1.0	1,034 (-1%)	9mo	$75,000	$73	71
2392 Wheeler St	0.36mi	3/1.0	1,120 (+8%)	4mo	$85,000	$76	67
2368 Wheeler St	0.36mi	4/2.0 (+1)	1,120 (+8%)	3mo	$165,000	$147	59
7207 Tennessee Ave	0.73mi	3/1.0	1,013 (-3%)	10mo	$162,000	$160	53
7218 Tennessee Ave	0.74mi	3/1.0	1,015 (-2%)	11mo	$127,500	$126	52
2345 Cline Ave	0.55mi	3/1.0	928 (-11%)	8mo	$118,000	$127	50
2630 Colfax St	0.56mi	3/1.0	1,134 (+9%)	16mo	$30,000	$26	45
7269 W 23rd Ave	0.51mi	3/1.0	1,170 (+12%)	17mo	$30,000	$26	42

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: 55.8%
Equity multiple: 3.91×
Total profit: $52,952
Equity at exit: $23,028

10-year hold

IRR: 57.0%
Equity multiple: 7.88×
Total profit: $124,946
Equity at exit: $31,289

Cash invested: $18,172 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now: 3 active · 6 under contract
Months of supply: 3.6 mo (28%/mo absorbed)
Median asking: $190,000 ($184/sqft)
Median days on market: 97 d
This list price: lowest-priced of the active set
ARV vs active asking: -34.9% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46406

Home prices YoY: 0.9%
Active inventory: 74
Price-to-rent: 3.4×

Monthly cashflow live

Estimated rent: $1,577 high interval (Pro) →
Mortgage (P&I): −$340
Tax from tax record: −$79 /mo · $950/yr
Insurance: −$27
HOA: −$0
Lot rent: −$0
Vacancy / Maint / Mgmt: −$331
Net cashflow: $799

Break-even live

Break-even rent $565

Max offer price $64,900

Occupancy floor 44%

Sensitivity live

Price	-10% $836	-5% $817	+0% $799	+5% $781	+10% $762
Rent	-10% $675	-5% $737	+0% $799	+5% $861	+10% $924
Rate	-1.0pp $832	-0.5pp $816	base $799	+0.5pp $782	+1.0pp $765

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: $16,225
Closing costs: $1,947
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3607 Orchard Dr Hammond, IN	1.0–2.0	1.0	839	$1,699	$2.02	0d	5	1.03mi
1088 Hobart St Gary, IN	3.0	1.0	925	$1,860	$2.01	84d	1	1.04mi
1755 Ralston St Gary, IN	2.0	1.0	701	$1,500	$2.14	34d	1	1.15mi
3532 170th Pl Hammond, IN	3.0	1.5	1152	$1,475	$1.28	0d	1	1.29mi
7601 Kentucky Ave Hammond, IN	3.0	1.0	1100	$1,500	$1.36	88d	1	1.34mi
6610 Rhode Island Ave Hammond, IN	3.0	1.0	1025	$1,600	$1.56	103d	1	1.34mi
7633 Kentucky Ave Hammond, IN	3.0	1.0	888	$1,595	$1.80	106d	1	1.34mi
2248 Williams St Gary, IN	3.0	1.0	900	$1,250	$1.39	19d	1	1.45mi

Property features AI

Finance

Other: No additional financial amenities provided
Financial info: Tax amount provided but financial details excluded
HOA & community: No HOA information provided

Exterior

Parking: Parking details not provided
Security: Security details not provided
Utilities: Public waterPublic sewer
Home design: Single-family residence (site-built)
Construction: Asphalt and vinyl siding exteriorBuilt area above grade: 1,040 (details provided)Year built not provided
Exterior features: Level lotLot dimensions approximately 55 x 128

Interior

Kitchen: Kitchen details not provided
Bedrooms: Bedrooms information not provided
Flooring: Flooring details not provided
Bathrooms: One full bathroom (main level)
Heating & cooling: Natural gas forced-air heatingNo cooling
Interior features: Crawl space basementTotal of 5 rooms
Laundry & utility: Laundry on the main level

Listing history 50 events

2026-09-23

days on market $64,900 Active 73 DOM
2026-09-22

status $64,900 Active 72 DOM
2026-08-31

statusdays on market $64,900 Pending 72 DOM
2026-08-29

days on market $64,900 Active 70 DOM
2026-08-28

days on market $64,900 Active 69 DOM
2026-08-27

days on market $64,900 Active 68 DOM
2026-08-25

days on market $64,900 Active 66 DOM
2026-08-24

days on market $64,900 Active 65 DOM
2026-08-23

days on market $64,900 Active 64 DOM
2026-08-22

days on market $64,900 Active 63 DOM
2026-08-21

days on market $64,900 Active 62 DOM
2026-08-20

days on market $64,900 Active 61 DOM
2026-08-19

days on market $64,900 Active 60 DOM
2026-08-18

days on market $64,900 Active 59 DOM
2026-08-17

days on market $64,900 Active 58 DOM
2026-08-16

days on market $64,900 Active 57 DOM
2026-08-15

days on market $64,900 Active 56 DOM
2026-08-14

days on market $64,900 Active 55 DOM
2026-08-13

days on market $64,900 Active 54 DOM
2026-08-12

days on market $64,900 Active 53 DOM
2026-08-11

days on market $64,900 Active 52 DOM
2026-08-10

days on market $64,900 Active 51 DOM
2026-08-09

days on market $64,900 Active 50 DOM
2026-08-08

days on market $64,900 Active 49 DOM
2026-08-06

days on market $64,900 Active 47 DOM
2026-08-05

days on market $64,900 Active 46 DOM
2026-08-04

days on market $64,900 Active 45 DOM
2026-08-03

pricedays on market $64,900 Active 44 DOM
2026-07-31

price $66,900 Active 41 DOM
2026-07-31

days on market $67,900 Active 41 DOM
2026-07-30

days on market $67,900 Active 40 DOM
2026-07-30

pricedays on market $67,900 Active 39 DOM
2026-07-28

pricedays on market $68,900 Active 38 DOM
2026-07-26

days on market $69,900 Active 36 DOM
2026-07-24

days on market $69,900 Active 34 DOM
2026-07-23

days on market $69,900 Active 33 DOM
2026-07-22

days on market $69,900 Active 32 DOM
2026-07-21

days on market $69,900 Active 31 DOM
2026-07-20

days on market $69,900 Active 30 DOM
2026-07-18

days on market $69,900 Active 28 DOM
2026-07-18

days on market $69,900 Active 27 DOM
2026-07-16

pricedays on market $69,900 Active 26 DOM
2026-07-15

days on market $77,900 Active 25 DOM
2026-07-14

pricedays on market $77,900 Active 24 DOM
2026-07-13

pricedays on market $78,400 Active 23 DOM
2026-07-13

pricedays on market $78,900 Active 22 DOM
2026-07-11

pricedays on market $79,400 Active 21 DOM
2026-07-10

days on market $84,900 Active 20 DOM
2026-07-09

pricestatusdays on market $84,900 Active 19 DOM
2026-07-03

statusdays on market $89,600 Pending 18 DOM

ⓘ 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: $950 · $79/mo
Projected year-2 tax: $950 · $79/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 1/10 Low
🌡 Heat 2/10 Low 6 d/yr ≥103°F today · 13 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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $18,921
− Mortgage interest: −$3,635
− Property taxes: −$950
− Insurance: −$324
− Repairs & maintenance: −$1,514
− Management: −$1,514
− Depreciation: −$1,888
Taxable income: $9,096

Your marginal tax rate % combined federal + state — saved on this device

Est. tax owed @ 24.0%: −$2,183
After-tax cash flow: $7,406/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.

Condition & rehab AI · 9 photos

Fair 45/100 Moderate rehab Est. rehab $26,000–$46,800 screening

This home requires significant repairs and maintenance, including a new roof and exterior siding, as well as trimming the landscaping. These updates will significantly improve its resale and rental value.

Components & finishes AI

Roof asphalt shingle · aged Flooring laminate Appliances white

Deferred maintenance Est. $40,000–$120,000 screening

Major Roof (roof) — Signs of significant wear and potential damage
Major Windows (windows) — Visible wear and tear on window frames
Major Electrical (electrical) — Exposed wiring and potential hazards
Major Exterior (exterior) — Significant damage to siding and structural integrity

Repairs flagged

Major roof — The roof appears to be in poor condition, with visible damage and wear.
Major exterior siding — The exterior siding is peeling and in need of repainting or replacement.
Minor landscaping — The landscaping is overgrown and requires trimming.

Value-add opportunities

Resale repair and replace roof — A new roof will significantly improve the home's curb appeal and overall condition, making it more attractive to potential buyers. ↑
Resale paint exterior siding and trim landscaping — These updates will improve the home's curb appeal and make it more attractive to potential buyers. ↑
Both replace HVAC system — A new HVAC system will improve the home's comfort and energy efficiency, making it more attractive to both buyers and renters. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 16/100

Zoned Schools

Elementary Longfellow New Tech Elementary Sch F IN #893/994 Nat'l #38,100/41,679 Middle Lake Ridge New Tech Middle School F IN #287/330 Nat'l #12,406/14,009 High Calumet New Tech High School F IN #345/369 Nat'l #14,291/17,239

Schools (NCES district)

District: Lake Ridge New Tech Schools
NCES district ID: 1805460
Math proficiency: 11% ▼ -18.00%
Reading proficiency: 20% ▼ -9.00%
Median HH income: $34,568
Composite: 12.67/100
National rank: #9607
State rank: #287 of 301 in IN

B Composite livability gradescore 73/100

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 · 484,026 people
City population: 63,701
Metro: Chicago-Naperville-Elgin, IL-IN
Population (ZIP): 8,513
Household income: $35,631
Rent vs Own: 53.1% rent · 46.9% own
Severe rent burden: 14% of renters

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
#125 Cummins Columbus $33.4B #416 Allegion Dublin $3.6B
Healthcare	1	$177B
#20 Elevance Health Indianapolis $177.0B
Pharmaceuticals	1	$45B
#100 Eli Lilly Indianapolis $45.0B
Metals / Steel	1	$18B
#179 Steel Dynamics Fort Wayne $18.2B
Agriculture	1	$17B
#210 Corteva Agriscience Indianapolis $16.5B
Packaging	1	$12B
#474 Berry Global Group Evansville $12.3B

Price history

-30.0% since first listed

15 events — show timeline

2026-07-15 Price Changed $69,900 IRMLS
2026-07-14 Price Changed $77,900 IRMLS
2026-07-13 Price Changed $78,400 IRMLS
2026-07-12 Price Changed $78,900 IRMLS
2026-07-11 Price Changed $79,400 IRMLS
2026-07-11 Price Changed $79,900 IRMLS
2026-07-08 Relisted — IRMLS
2026-07-08 Price Changed $84,900 IRMLS
2026-07-03 Pending — IRMLS
2026-07-02 Price Changed $89,600 IRMLS
2026-06-30 Price Changed $89,700 IRMLS
2026-06-29 Price Changed $89,800 IRMLS
2026-06-26 Price Changed $89,900 IRMLS
2026-06-18 Price Changed $94,900 IRMLS
2026-06-15 Listed $99,900 IRMLS

Property tax history

+17.0%/yr

Latest (2024): $950 · -4.6% YoY. Source: county tax records.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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