2637 Central Dr · Gary, IN 46407

$154,999

3 bd · 1.0 ba · 925 sqft · SingleFamily public records · 19 Days on market

Built 1955 6,534 sqft lot

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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 +20.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Appreciation +5.5/10.0
• 1% rule +4.3/10.0
• 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

EASY ONE LEVEL LIVING! 3 BEDROOM RANCH THAT IS READY FOR YOUR IDEAS AND CREATIVITY. NICE BACK YARD, TOO! THIS IS A FANNIE MAE HOMEPATH PROPERTY! SELLER RESERVES THE RIGHT TO ACCEPT ONLY OWNER OCCUPIED/PUBLIC ENTITY OFFERS DURING FIRST 15 DAYS ON MARKET UNDER FANNIE MAE FIRST LOOK PROGRAM. VISIT HOMEPATH WEBSITE FOR DETAILS.

Key facts

• Remodeled
• Led lighting
• Wide open living

Tags

• REMODELED
• WIDE OPEN LIVING
• FULLY UP TO DATE KITCHEN
• LED LIGHTING

Property features AI

Exterior

• Security: Carbon monoxide detector; Smoke detector
• Utilities: Public water; Public sewer
• Home design: Single-story home; Built in 1955; Estimated lot size
• Construction: Vinyl siding; Shingle roof; Crawl space foundation
• Exterior features: Private yard; Exterior lighting; Neighborhood view

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (forced air); Central air conditioning
• Interior features: Eat-in kitchen; Recessed lighting; Pantry; Laminate counters
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $211 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (7.2% below list).
• Recommended offer: $144k (7.2% below list) — sets the bar for 1% rule.

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: 122 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 $1,439/mo this rent would consume 61% 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 $3k of equity ($1k loan paydown + $2k 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 $43k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $6k; list at $155k implies a 2718% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $143,852 (7.2% below list)

Questions for the listing agent

1. Built in 1955 — 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: 0.93% ✗
• Cap rate: 7.92%
• Cash-on-cash: 5.82%
• DSCR: 1.26
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $99,900
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2601 E 22nd Ave	0.10mi	2/1.0 (-1)	925 (0%)	1mo	$99,999	$108	90
2601 E 21st Ave	0.08mi	3/1.0	884 (-4%)	3mo	$119,000	$135	87
2801 Central Dr	0.10mi	3/1.0	933 (+1%)	11mo	$129,900	$139	84
2925 Central Ave	0.16mi	3/1.0	884 (-4%)	2mo	$30,000	$34	84
2650 E 21st Pl	0.02mi	3/1.0	925 (0%)	20mo	$93,500	$101	82
2417 Marshalltown Ln	0.24mi	3/1.0	925 (0%)	15mo	$45,000	$49	76
2437 Marshalltown Ln	0.24mi	3/1.0	925 (0%)	19mo	$120,000	$130	73
2801 Central Ave	0.08mi	3/1.0	1,046 (+13%)	9mo	$65,000	$62	67
2601 Marshalltown Dr	0.23mi	3/1.0	999 (+8%)	19mo	$90,000	$90	60
1996 Central Dr	0.56mi	3/1.0	935 (+1%)	16mo	$108,000	$116	59
1976 Missouri Ter	0.46mi	3/1.0	1,037 (+12%)	5mo	$8,500	$8	54
1954 Central Dr	0.62mi	3/1.0	825 (-11%)	2mo	$128,000	$155	51

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

Projected returns pro-forma

0.98% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.3%
• Equity multiple: 1.37×
• Total profit: $16,085
• Equity at exit: $52,750

10-year hold

• IRR: 11.4%
• Equity multiple: 2.38×
• Total profit: $59,914
• Equity at exit: $69,973

Cash invested: $43,400 (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: 122
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,439 high
• Mortgage (P&I): −$813
• Tax from tax record: −$48 /mo · $582/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $211

Break-even live

Break-even rent $1,172

Max offer price $154,999

Occupancy floor 80%

Sensitivity live

Price	-10% $298	-5% $254	+0% $211	+5% $167	+10% $123
Rent	-10% $97	-5% $154	+0% $211	+5% $267	+10% $324
Rate	-1.0pp $289	-0.5pp $250	base $211	+0.5pp $170	+1.0pp $129

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2908 Central Dr Gary, IN	3.0	1.0	884	$1,525	$1.73	0d	1	0.15mi
2025 Central Dr Gary, IN	3.0	1.0	875	$1,550	$1.77	44d	1	0.53mi
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	18d	1	0.78mi
1252-54 Idaho St Gary, IN	3.0	1.0	900	$2,200	$2.44	0d	1	0.90mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	44d	1	1.20mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	0d	1	1.33mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	0d	1	1.35mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	5d	1	1.37mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	0d	1	1.37mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	0d	1	1.37mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	44d	1	1.44mi
1118 Benton St Gary, IN	3.0	1.0	936	$1,245	$1.33	0d	1	1.47mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	20d	1	1.47mi

Listing history 14 events

1. 2026-06-21
   days on market $154,999 Active 19 DOM
2. 2026-06-18
   price $154,999 Active 16 DOM
3. 2026-06-18
   days on market $164,900 Active 16 DOM
4. 2026-06-17
   days on market $164,900 Active 15 DOM
5. 2026-06-16
   days on market $164,900 Active 14 DOM
6. 2026-06-15
   days on market $164,900 Active 13 DOM
7. 2026-06-13
   days on market $164,900 Active 11 DOM
8. 2026-06-13
   days on market $164,900 Active 10 DOM
9. 2026-06-09
   days on market $164,900 Active 7 DOM
10. 2026-06-08
    days on market $164,900 Active 6 DOM
11. 2026-06-07
    days on market $164,900 Active 5 DOM
12. 2026-06-04
    days on market $164,900 Active 2 DOM
13. 2026-06-03
    remarks 265-char remark
14. 2026-06-03
    listed $164,900 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: $582 · $48/mo
• Projected year-2 tax: $950 · $79/mo
• Expected delta: +$368/yr (+$31/mo · 63.2%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,262
• − Mortgage interest: −$8,682
• − Property taxes: −$582
• − Insurance: −$775
• − Repairs & maintenance: −$1,381
• − Management: −$1,381
• − Depreciation: −$4,509
• Taxable loss: −$48
• Est. tax savings @ 24.0%: +$12
• After-tax cash flow: $2,538/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

+2559.7% since first listed

3 events — show timeline

• 2026-06-02 Listed $164,900 NIRA MLS as Distributed by MLS Grid
• 2012-05-24 Sold (MLS) $5,500 NIRA MLS as Distributed by MLS Grid
• 2012-04-05 Listed $6,200 NIRA MLS as Distributed by MLS Grid

Property tax history

-11.2%/yr

Latest (2024): $582 · -37.5% YoY. Source: county tax records.