25 W 43rd Ave · Gary, IN 46408

$119,900

3 bd · 1.0 ba · 1,566 sqft · SingleFamily public records · 19 Days on market

Built 1922 0.26 ac lot $77/sqft · 17% above area Est $129k · 7% under

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Why this score? — see what drove the C+ 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 +27.3/30.0
• ARV discount +10.5/15.0
• DSCR +9.5/10.0
• 1% rule +7.4/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Classic all brick bungalow perched high on large corner lot in Glen Park. Main floor offers 3 bedrooms, large kitchen, formal dining room, and living room, plus enclosed front and back porches. Hardwood flooring and original 1920's woodwork throughout. Bathroom with newer tub and porcelain tiled walls. Plenty of storage in basement which includes extra entrance from rear, 4th bedroom (with egress window), cedar closet, and bonus half bath. Home has comfortable boiler heat, but also has backup forced air furnace in basement. Unfinished attic boasts many future possibilities has designated stairway. Newer asphalt driveway in back gives plenty of extra parking near the 2 car brick garage. Viny

Key facts

• Hardwood flooring
• Brick bungalow
• Large corner lot

Tags

• BRICK BUNGALOW
• LARGE CORNER LOT
• HARDWOOD FLOORING
• ORIGINAL WOODWORK
• NEWER TUB
• PORCELAIN TILED WALLS

Property features AI

Finance

• Other: Property vacant

Exterior

• Parking: Detached garage; Garage faces rear; Asphalt driveway; 2 garage spaces
• Utilities: Public water; Public sewer; Electricity connected (100 amp service); Natural gas connected
• Home design: One-level home; Built in 1922
• Construction: Brick construction; Asphalt roof
• Exterior features: Front porch; Rear porch; Enclosed porch; Brick exterior; Asphalt roof

Interior

• Kitchen: Dishwasher
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4
• Flooring: Hardwood
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Hot water heating; No central cooling
• Interior features: Eat-in kitchen; Laminate counters; Walk-out basement; Insulated windows; Neighborhood view
• Laundry & utility: Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $348 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.

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: 102 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 38% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,101 (1.5% below list)

Questions for the listing agent

1. Built in 1922 — 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: 1.24% ✓
• Cap rate: 9.77%
• Cash-on-cash: 12.43%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $128,595
• List price: $119,900
• Delta: -6.76%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4256 Washington St	0.08mi	3/2.0	1,520 (-3%)	6mo	$207,500	$137	82
4265 Van Buren St	0.39mi	3/2.0	1,598 (+2%)	3mo	$155,500	$97	72
4471 Massachusetts St	0.23mi	3/2.0	1,686 (+8%)	1mo	$131,000	$78	71
4688 Delaware St	0.56mi	3/2.0	1,561 (-0%)	0mo	$168,000	$108	69
226 W 45th Ave	0.24mi	2/1.0 (-1)	1,456 (-7%)	6mo	$119,000	$82	67
4327 Vermont Ct	0.71mi	3/1.0	1,567 (+0%)	1mo	$123,600	$79	66
4238 Van Buren St	0.42mi	3/1.0	1,674 (+7%)	6mo	$167,000	$100	64
345 W 47th Ave	0.54mi	3/2.0	1,459 (-7%)	2mo	$166,000	$114	58
3905 Madison St	0.54mi	3/1.0	1,728 (+10%)	1mo	$81,500	$47	57
3836 Delaware St	0.65mi	3/2.0	1,652 (+6%)	3mo	$149,900	$91	54
708 W 43rd Ave	0.42mi	3/2.0	1,379 (-12%)	6mo	$150,000	$109	52
519 W 39th Ave	0.59mi	3/1.0	1,369 (-13%)	1mo	$150,000	$110	50

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

Projected returns pro-forma

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

5-year hold

• IRR: 2.1%
• Equity multiple: 1.08×
• Total profit: $2,741
• Equity at exit: $17,877

10-year hold

• IRR: 11.7%
• Equity multiple: 1.92×
• Total profit: $30,989
• Equity at exit: $10,367

Cash invested: $33,572 (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 46408

• Home prices YoY: -31.6%
• Active inventory: 102
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,484 high
• Mortgage (P&I): −$629
• Tax from tax record: −$146 /mo · $1,751/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $348

Break-even live

Break-even rent $1,044

Max offer price $119,900

Occupancy floor 72%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4430 Broadway Gary, IN	3.0	1.0	1200	$1,250	$1.04	1d	1	0.14mi
4208 Jackson St Gary, IN	3.0	1.0	1411	$1,350	$0.96	44d	1	0.38mi
4772 Jefferson St Gary, IN	3.0	2.0	1956	$1,595	$0.82	19d	1	0.60mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	1d	1	0.61mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	1d	1	0.70mi
4854 Jefferson St Gary, IN	3.0	1.0	2116	$1,395	$0.66	10d	1	0.70mi
4416 Vermont Ct Gary, IN	3.0	1.0	1162	$1,350	$1.16	44d	1	0.70mi
4767 Harrison St Gary, IN	3.0	1.0	1664	$1,500	$0.90	2d	1	0.72mi
4330 Kentucky St Gary, IN	4.0	2.0	2178	$1,930	$0.89	1d	1	0.75mi
4009 Kentucky St Gary, IN	4.0	1.0	1307	$1,595	$1.22	44d	1	0.83mi
3612 Van Buren St Gary, IN	3.0	1.0	1534	$1,600	$1.04	1d	1	0.98mi
3788 Lincoln St Gary, IN	3.0	2.0	1398	$1,400	$1.00	10d	1	1.10mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	19d	1	1.14mi
5026 Kentucky St Gary, IN	3.0	1.0	1200	$1,100	$0.92	6d	1	1.15mi
3395 Pennsylvania St Gary, IN	3.0	1.0	1300	$1,495	$1.15	1d	1	1.18mi
505 W 53rd Ave Merrillville, IN	4.0	2.0	1650	$1,650	$1.00	1d	1	1.24mi
505 W 53rd Ave Unit 1 Merrillville, IN	4.0	1.5	1900	$1,650	$0.87	1d	1	1.24mi
3449 Buchanan St Gary, IN	3.0	1.0	1301	$1,395	$1.07	44d	1	1.35mi

Listing history 1 events

1. 2026-05-01
   listed $119,900 Active 879-char remark

ⓘ 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: $1,751 · $146/mo
• Projected year-2 tax: $1,751 · $146/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 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,809
• − Mortgage interest: −$6,716
• − Property taxes: −$1,751
• − Insurance: −$600
• − Repairs & maintenance: −$1,425
• − Management: −$1,425
• − Depreciation: −$3,488
• Taxable income: $2,405
• Est. tax owed @ 24.0%: −$577
• After-tax cash flow: $3,596/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): 15,747
• Household income: $47,453
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 619.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 41% White 32% Hispanic / Latino 22% Two or more races 12%
• Hispanic origin (detail): Mexican 14% Puerto Rican 7%
• Common ancestry: Romanian 5% Iranian 1% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 87% English-only · Spanish 12% Chinese 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: ▼ -72.08%
• Current HPI: 155.6238
• 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

+0.0% since first listed

3 events — show timeline

• 2026-06-11 Sold (MLS) $119,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-20 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-01 Listed $119,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+0.5%/yr

Latest (2024): $1,751 · +5.8% YoY. Source: county tax records.