2307 Bell St · Gary, IN 46406

$94,900

3 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 6 Days on market

Built 1963 6,970 sqft lot Est $132k · 28% under

---

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 +2.5/5.0
• Schools +1.3/10.0

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. With comps and ARV supporting strong returns, this is a smart buy in

Key facts

• Metal shed
• One story layout
• Pex plumbing

Tags

• ONE STORY LAYOUT
• DETACHED GARAGE
• BRAND NEW ROOF
• METAL SHED
• PEX PLUMBING
• REPLACED JOISTS

Property features AI

Finance

• Other: Property listed by Connected America LLC
• Financial info: Tax information available but excluded
• HOA & community: No HOA information provided

Exterior

• Parking: Parking details not provided
• Security: Security details not provided
• Utilities: Public water; Public sewer
• Home design: Single-story, site-built single family home; Residential property
• Construction: Asphalt and vinyl siding exterior; Built with site-built construction
• Exterior features: Level lot; Lot dimensions approximately 55 x 128

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: Bedrooms not specified
• Flooring: Flooring details not provided
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; No cooling
• Interior features: Crawl space basement; Total of 5 rooms
• Laundry & utility: Laundry on the main level

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 $612 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Cap rate 14.0% 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: 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: 54 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 9d 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 ~3 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $94,900

Questions for the listing agent

1. Built in 1963 — 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: 1.64% ✓
• Cap rate: 14.03%
• Cash-on-cash: 27.63%
• DSCR: 2.23
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $132,080
• Comps found: 11

Show comp detail 11 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%)	7mo	$154,900	$150	77
2329 Colfax St	0.44mi	3/1.0	1,034 (-1%)	6mo	$75,000	$73	74
2392 Wheeler St	0.36mi	3/1.0	1,120 (+8%)	1mo	$85,000	$76	70
7207 Tennessee Ave	0.73mi	3/1.0	1,013 (-3%)	7mo	$162,000	$160	56
7218 Tennessee Ave	0.74mi	3/1.0	1,015 (-2%)	8mo	$127,500	$126	55
2345 Cline Ave	0.55mi	3/1.0	928 (-11%)	5mo	$118,000	$127	52
2630 Colfax St	0.56mi	3/1.0	1,134 (+9%)	13mo	$30,000	$26	48
7269 W 23rd Ave	0.51mi	3/1.0	1,170 (+12%)	14mo	$30,000	$26	44
7203 Tennessee Ave	0.74mi	3/1.0	1,013 (-3%)	23mo	$165,000	$163	42
7333 Rhode Island Ave	0.73mi	3/2.0	1,104 (+6%)	24mo	$200,000	$181	32
7339 Rhode Island Ave	0.72mi	2/1.0 (-1)	1,168 (+12%)	21mo	$172,000	$147	23

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: 30.4%
• Equity multiple: 2.58×
• Total profit: $41,934
• Equity at exit: $33,673

10-year hold

• IRR: 32.6%
• Equity multiple: 4.99×
• Total profit: $105,993
• 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: 5.1×

Monthly cashflow live

• Estimated rent: $1,555 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$79 /mo · $950/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $612

Break-even live

Break-even rent $780

Max offer price $94,900

Occupancy floor 56%

Sensitivity live

Price	-10% $665	-5% $639	+0% $612	+5% $585	+10% $558
Rent	-10% $489	-5% $550	+0% $612	+5% $673	+10% $735
Rate	-1.0pp $660	-0.5pp $636	base $612	+0.5pp $587	+1.0pp $562

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 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3607 Orchard Dr Hammond, IN	1.0–2.0	1.0	839	$1,539	$1.83	0d	6	1.03mi
6610 Rhode Island Ave Hammond, IN	3.0	1.0	1025	$1,600	$1.56	8d	1	1.34mi
7633 Kentucky Ave Hammond, IN	3.0	1.0	888	$1,595	$1.80	11d	1	1.34mi
3611 167th St Hammond, IN	1.0–2.0	1.0	695	$1,450	$2.09	0d	1	1.49mi

Listing history 6 events

1. 2026-06-21
   days on market $94,900 Active 6 DOM
2. 2026-06-18
   price $94,900 Active 3 DOM
3. 2026-06-18
   days on market $99,900 Active 3 DOM
4. 2026-06-17
   days on market $99,900 Active 2 DOM
5. 2026-06-15
   remarks 699-char remark
6. 2026-06-15
   listed $99,900 Active 1 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 2/10 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

Taxation est. · year 1

• Rental income: $18,654
• − Mortgage interest: −$5,316
• − Property taxes: −$950
• − Insurance: −$474
• − Repairs & maintenance: −$1,492
• − Management: −$1,492
• − Depreciation: −$2,761
• Taxable income: $6,169
• Est. tax owed @ 24.0%: −$1,480
• After-tax cash flow: $5,860/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: 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

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

1 event — show timeline

• 2026-06-15 Listed $99,900 IRMLS

Property tax history

+17.0%/yr

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