1241 W 17th Ave · Gary, IN 46407

$75,000

4 bd · 2.0 ba · 3,528 sqft · MultiFamily public records · 9 Days on market

Built 1925 3,136 sqft lot

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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
• Appreciation +5.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Investor opportunity! Large duplex in Gary with over 3,500 square feet and a NEW ROOF already in place. The property has been completely gutted to the studs, providing a blank slate for renovation and redevelopment. Excellent opportunity to restore and create an income-producing property with significant upside potential. Property is being sold AS-IS. Due to the condition of the property, room counts, dimensions, square footage, and layout should be verified by buyer.

Key facts

• Completely gutted
• New roof
• 3,136 sq ft lot

Tags

• NEW ROOF
• COMPLETELY GUTTED
• INCOME-PRODUCING PROPERTY

Property features AI

Finance

• Financial info: Property listed as fixer

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; No listed utilities
• Home design: Two-story property; Built in 1925
• Construction: Brick and wood siding construction; Shingle roof
• Exterior features: Neighborhood view

Interior

• Heating & cooling: No central heating; No central cooling
• Interior features: Basement present (unfinished); Vacant

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $850 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 19.9% 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: 122 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $1,635/mo this rent would consume 69% 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 $1k of equity ($519 loan paydown + $735 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1925 — 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 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: 2.18% ✓
• Cap rate: 19.89%
• Cash-on-cash: 48.57%
• DSCR: 3.16
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 51.2%
• Equity multiple: 3.64×
• Total profit: $55,443
• Equity at exit: $25,524

10-year hold

• IRR: 52.8%
• Equity multiple: 7.28×
• Total profit: $131,891
• Equity at exit: $33,858

Cash invested: $21,000 (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: 3.8×

Monthly cashflow live

• Estimated rent: $1,635 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$17 /mo · $208/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $850

Break-even live

Break-even rent $559

Max offer price $75,000

Occupancy floor 43%

Sensitivity live

Price	-10% $892	-5% $871	+0% $850	+5% $829	+10% $808
Rent	-10% $721	-5% $785	+0% $850	+5% $915	+10% $979
Rate	-1.0pp $888	-0.5pp $869	base $850	+0.5pp $831	+1.0pp $811

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
346 Richard Gordon Hatcher Blvd Gary, IN	5.0	3.0	2744	$2,000	$0.73	0d	1	1.29mi

Listing history 7 events

1. 2026-06-21
   days on market $75,000 Active 9 DOM
2. 2026-06-18
   days on market $75,000 Active 6 DOM
3. 2026-06-17
   days on market $75,000 Active 5 DOM
4. 2026-06-16
   days on market $75,000 Active 4 DOM
5. 2026-06-15
   days on market $75,000 Active 3 DOM
6. 2026-06-13
   remarks 472-char remark
7. 2026-06-13
   listed $75,000 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: $208 · $17/mo
• Projected year-2 tax: $423 · $35/mo
• Expected delta: +$215/yr (+$18/mo · 103.1%)

ⓘ 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 7 d/yr ≥102°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $19,624
• − Mortgage interest: −$4,201
• − Property taxes: −$208
• − Insurance: −$375
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − Depreciation: −$2,182
• Taxable income: $9,518
• Est. tax owed @ 24.0%: −$2,284
• After-tax cash flow: $7,916/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

+0.0% since first listed

6 events — show timeline

• 2026-06-12 Listed $75,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-01 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-10-08 Listed $75,000 NIRA MLS as Distributed by MLS Grid
• 2025-10-08 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-10-03 Listed $75,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-20.5%/yr

Latest (2024): $208 · -73.4% YoY. Source: county tax records.