351-353 Fillmore St · Gary, IN 46402

$159,900

4 bd · 2.0 ba · 1,612 sqft · MultiFamily public records · 1 Days on market

Built 1916 4,356 sqft lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0
• Schools +0.5/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Gary - * * 2 UNIT REMODELED INCOME PRODUCING PROPERTY NOW AVAILABLE FOR SALE * * Both units are now available to buy! Income-generating assets are what the wealthy focus on acquiring. OR maybe this is your 2nd, 3rd, 10th property and your looking to add more 'Doors' to your portfolio, THESE ARE 2 DOORS YOU WANT!! 2 updated similar units each with 2 bdrms, 1 full bath, Kitchen, Living Rm, Basement. Shared Garage and Fenced Yard.

Key facts

• Fenced yard
• Shared garage
• 4,356 sq ft lot

Tags

• INCOME GENERATING ASSETS
• SHARED GARAGE
• FENCED YARD

Property features AI

Finance

• Other: Living area reported from other source
• Financial info: Multi-unit property with 2 total units (both are two-bedroom units; occupant type: tenant); Insurance expense noted: $973 (reported)
• HOA & community: No HOA information provided

Exterior

• Parking: Alley access; Garage faces the rear; 2-car garage
• Security: No accessibility features indicated
• Utilities: Electricity connected (100 amp service); Natural gas connected; Public water; Public sewer
• Home design: Two-story building; Built in 1916
• Construction: Shingle roof; Has basement (unfinished)
• Exterior features: No notable view; No pool; Garage(s) on the property; Shingle roof

Interior

• Kitchen: Microwave
• Bedrooms: Two 2-bedroom units (multi-unit property)
• Flooring: Vinyl
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Forced air heating (natural gas); Ceiling fan(s); no central air
• Interior features: Ceiling fans; Recessed lighting; Pets allowed; Unfinished basement
• Laundry & utility: Was not specified

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $912 ($11k/yr) — positive. Per door: $456/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 13.1% 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: 46 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,449/mo this rent would consume 88% of the median local household income ($34k/yr) (locally 336% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.53% ✓
• Cap rate: 13.14%
• Cash-on-cash: 24.45%
• DSCR: 2.09
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 17.8%
• Equity multiple: 1.72×
• Total profit: $32,180
• Equity at exit: $23,842

10-year hold

• IRR: 26.2%
• Equity multiple: 3.30×
• Total profit: $102,784
• Equity at exit: $13,825

Cash invested: $44,772 (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 46402

• Home prices YoY: -2.8%
• Active inventory: 46
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,449 high
• Mortgage (P&I): −$839
• Tax from tax record: −$117 /mo · $1,407/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $912

Break-even live

Break-even rent $1,294

Max offer price $159,900

Occupancy floor 58%

Sensitivity live

Price	-10% $1,003	-5% $958	+0% $912	+5% $867	+10% $822
Rent	-10% $719	-5% $816	+0% $912	+5% $1,009	+10% $1,106
Rate	-1.0pp $993	-0.5pp $953	base $912	+0.5pp $871	+1.0pp $829

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,448
Total (2 units)			$2,449

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
501 Madison St Gary, IN	1.0–4.0	1.0	883	$1,580	$1.79	1d	11	0.50mi
803 Pierce St Gary, IN	4.0	2.0	1600	$1,400	$0.88	1d	1	0.53mi
765 Garfield St Gary, IN	3.0	1.0	1688	$1,500	$0.89	14d	1	0.64mi
373 Taft Pl Gary, IN	4.0	2.0	1984	$1,800	$0.91	44d	1	0.79mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	15d	1	0.91mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	1d	1	1.22mi
1744 Tyler St Unit 2 Gary, IN	4.0	2.0	1600	$1,700	$1.06	45d	1	1.32mi
1109 Maryland St Unit 1 Gary, IN	3.0	1.5	1982	$1,000	$0.50	1d	1	1.38mi
1109 Maryland St Gary, IN	3.0	1.0	1982	$1,000	$0.50	1d	1	1.38mi
1030 E 6th Ave Gary, IN	3.0	1.5	1400	$1,600	$1.14	1d	1	1.44mi

Listing history 2 events

1. 2026-06-18
   remarks 438-char remark
2. 2026-06-18
   listed $159,900 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: $1,407 · $117/mo
• Projected year-2 tax: $1,407 · $117/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 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: $29,388
• − Mortgage interest: −$8,957
• − Property taxes: −$1,407
• − Insurance: −$800
• − Repairs & maintenance: −$2,351
• − Management: −$2,351
• − Depreciation: −$4,652
• Taxable income: $8,871
• Est. tax owed @ 24.0%: −$2,129
• After-tax cash flow: $8,818/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): 5,836
• Household income: $33,529
• Rent vs Own: 56.6% rent · 43.4% own
• Severe rent burden: 336.0

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 (87%)
• Race & ethnicity: Black 87% Two or more races 5% White 5% Hispanic / Latino 4%
• Common ancestry: Romanian 1% Ukrainian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% Arabic 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: ▼ -7.21%
• Current HPI: 250.2464
• 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

+107.7% since first listed

11 events — show timeline

• 2026-06-17 Listed $159,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-14 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-05-13 Listed $180,000 NIRA MLS as Distributed by MLS Grid
• 2025-10-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-06-01 Listed $175,000 NIRA MLS as Distributed by MLS Grid
• 2022-06-30 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2022-06-29 Relisted — NIRA MLS as Distributed by MLS Grid
• 2022-05-21 Pending — NIRA MLS as Distributed by MLS Grid
• 2022-05-18 Contingent — NIRA MLS as Distributed by MLS Grid
• 2022-05-16 Price Changed $76,999 NIRA MLS as Distributed by MLS Grid
• 2022-04-21 Listed $77,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-6.7%/yr

Latest (2024): $1,407 · -14.0% YoY. Source: county tax records.