1154 Hendricks St · Gary, IN 46404

$99,900

4 bd · 1.0 ba · 1,119 sqft · SingleFamily public records · 10 Days on market

Built 1926 3,920 sqft lot Est $119k · 16% under

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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
• ARV discount +14.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks

3 bedroom, 1 bath all-brick home with an unfinished basement and detached 2-car garage. This is a solid value-add opportunity for investors or handyman homeowners looking to build equity. With the right updates, this home has strong potential to increase in value. Property is being sold as-is.

Key facts

• 3,920 sq ft lot
• 2 garage spots
• Built 1926

Property features AI

Finance

• Other: Property listed as vacant
• Financial info: No financial details provided
• HOA & community: No HOA information listed

Exterior

• Parking: Detached garage; 2 garage spaces
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: One-story home; Built in 1926; Fixer condition
• Construction: Has basement (unfinished)
• Exterior features: Neighborhood view; Unfinished basement

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: No flooring information provided
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; Other cooling
• Interior features: No specific interior features listed
• Laundry & utility: No laundry or utility appliances listed

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $613 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 13.7% 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: Rents rising fast (+11.6%/yr); 67 active listings in the ZIP; 12 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).
• This rent runs 43% of the median local income ($42k/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 $691 of loan paydown is wiped out by about $3k 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 + 8.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $99,900

Questions for the listing agent

1. Built in 1926 — 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: 1.53% ✓
• Cap rate: 13.65%
• Cash-on-cash: 26.28%
• DSCR: 2.17
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $118,614
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1120 Wallace St	0.13mi	3/1.5 (-1)	1,188 (+6%)	6mo	$78,000	$66	71
1056 Morton St	0.52mi	3/1.0 (-1)	1,066 (-5%)	10mo	$107,000	$100	54
4309 W 19th Ave	0.67mi	4/1.0	973 (-13%)	1mo	$105,000	$108	46
1748 Ellsworth Pl	0.67mi	3/1.0 (-1)	1,128 (+1%)	23mo	$45,000	$40	43
1564 Baker St	0.62mi	3/1.5 (-1)	1,250 (+12%)	1mo	$170,000	$136	43
1024 N Clark Rd	0.71mi	3/1.0 (-1)	1,122 (+0%)	22mo	$116,000	$103	42
4216 W 19th Plz	0.67mi	4/1.0	985 (-12%)	9mo	$130,000	$132	41
4123 W 19th Pl	0.62mi	3/1.0 (-1)	981 (-12%)	5mo	$75,000	$76	41
2009 Chase St	0.63mi	3/2.0 (-1)	1,260 (+13%)	9mo	$134,000	$106	33
1815 Chase St	0.48mi	3/1.0 (-1)	972 (-13%)	23mo	$77,250	$79	32
4420 W 19th Plz	0.73mi	3/1.0 (-1)	981 (-12%)	11mo	$130,000	$133	31
724 Taney St	0.61mi	3/1.0 (-1)	975 (-13%)	23mo	$109,900	$113	26

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 25.2%
• Equity multiple: 2.10×
• Total profit: $30,850
• Equity at exit: $14,895

10-year hold

• IRR: 35.7%
• Equity multiple: 5.06×
• Total profit: $113,638
• Equity at exit: $8,638

Cash invested: $27,972 (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 46404

• Home prices YoY: -4.8%
• Rents YoY: 11.6%
• Active inventory: 67
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,525 high
• Mortgage (P&I): −$524
• Tax from tax record: −$27 /mo · $323/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $613

Break-even live

Break-even rent $750

Max offer price $99,900

Occupancy floor 55%

Sensitivity live

Price	-10% $669	-5% $641	+0% $613	+5% $584	+10% $556
Rent	-10% $492	-5% $552	+0% $613	+5% $673	+10% $733
Rate	-1.0pp $663	-0.5pp $638	base $613	+0.5pp $587	+1.0pp $560

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4061 W 20th Pl Gary, IN	3.0	1.0	925	$1,450	$1.57	1d	1	0.68mi
4232 W 20th Ave Gary, IN	4.0	1.0	925	$1,395	$1.51	21d	1	0.70mi
4134 W 22nd Pl Gary, IN	3.0	1.0	825	$1,395	$1.69	1d	1	0.87mi
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	1d	1	0.92mi
4263 W 22nd Pl Gary, IN	4.0	1.0	950	$1,295	$1.36	1d	1	0.94mi
4300 W 22nd Pl Gary, IN	3.0	1.0	977	$1,395	$1.43	2d	1	0.94mi
4328 W 22nd Plz Gary, IN	3.0	1.0	950	$1,300	$1.37	3d	1	0.98mi
2306 W 5th Ave Apt 3 Gary, IN	3.0	1.0	1025	$1,299	$1.27	1d	1	1.15mi
2306 W 5th Ave Gary, IN	2.0–3.0	1.0	937	$1,299	$1.39	1d	2	1.15mi
743 Hanley St Gary, IN	3.0	1.0	800	$1,350	$1.69	1d	1	1.16mi
395 Porter St Gary, IN	4.0	2.0	1472	$1,700	$1.15	6d	1	1.19mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	1d	1	1.21mi

Listing history 8 events

1. 2026-06-18
   days on market $99,900 Active 10 DOM
2. 2026-06-17
   days on market $99,900 Active 9 DOM
3. 2026-06-16
   days on market $99,900 Active 8 DOM
4. 2026-06-15
   days on market $99,900 Active 7 DOM
5. 2026-06-13
   days on market $99,900 Active 5 DOM
6. 2026-06-13
   days on market $99,900 Active 4 DOM
7. 2026-06-09
   remarks 294-char remark
8. 2026-06-09
   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: $323 · $27/mo
• Projected year-2 tax: $586 · $49/mo
• Expected delta: +$263/yr (+$22/mo · 81.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 75% 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 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: $18,303
• − Mortgage interest: −$5,596
• − Property taxes: −$323
• − Insurance: −$500
• − Repairs & maintenance: −$1,464
• − Management: −$1,464
• − Depreciation: −$2,906
• Taxable income: $6,050
• Est. tax owed @ 24.0%: −$1,452
• After-tax cash flow: $5,899/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): 15,428
• Household income: $42,256
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 800.0

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 (90%)
• Race & ethnicity: Black 90% Two or more races 5% Hispanic / Latino 5% White 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -12.76%
• Current HPI: 252.6463
• Rent YoY: ▲ 11.62%
• 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

1 event — show timeline

• 2026-06-08 Listed $99,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-17.6%/yr

Latest (2019): $323 · -13.1% YoY. Source: county tax records.