2228 Washington St · Gary, IN 46407

$199,900

4 bd · 2.0 ba · 1,672 sqft · MultiFamily public records · 11 Days on market

Built 1908 6,055 sqft lot Est $144k · 39% over

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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 +26.6/30.0
• DSCR +9.1/10.0
• 1% rule +6.2/10.0
• 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
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks MLS

INVESTOR SPECIAL!! GREAT DEAL ON A GROUPING OF FIVE (5) SEPARATE MULTI-UNIT BUILDINGS CONSISTING OF 14 UNITS IN TOTAL. ALL OCCUPIED AND COLLECT RENTS WHICH TOTAL $6500 per month!!!PROPERTIES WILL BE SOLD AS A GROUPING FOR A TOTAL PURCHASE PRICE OF $285,000, WILL NOT SEPARATE PROPERTIES. ALL PROPERTIES ARE TENANT OCCUPIED. DO NOT DISTURB THE TENANTS. PHOTO #2 WILL INCLUDE ADDRESSES OF OTHER PROPERTIES TOGETHER IN THE BUNDLE FOR SALE.

Key facts

• 6,055 sq ft lot
• Built 1908
• Listed 10 days

Property features AI

Finance

• Other: Occupied by tenant(s); Total of 2 units (both are two-bedroom units)

Exterior

• Parking: On-street parking
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Two-story property; Built in 1908
• Construction: Has a basement (walk-out access)
• Exterior features: Neighborhood view; Deck; Porch

Interior

• Kitchen: Range hood
• Bedrooms: Two 2-bedroom units (multi-unit property)
• Flooring: Vinyl flooring
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Central heating; No cooling system
• Interior features: Granite counters; High ceilings; Breed restrictions for pets
• Laundry & utility: Has walk-out basement access

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $535 ($6k/yr) — positive. Per door: $268/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).

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; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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 $2,229/mo this rent would consume 94% 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 $56k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y 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.
• Current owner paid $41k; list at $200k implies a 388% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,900

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 1908 — 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: 1.12% ✓
• Cap rate: 9.51%
• Cash-on-cash: 11.48%
• DSCR: 1.51
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $143,792
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
724 W 19th Ave	0.60mi	4/2.0	1,580 (-6%)	5mo	$26,500	$17	58
2053 Maryland St	0.44mi	3/2.0 (-1)	1,512 (-10%)	19mo	$130,000	$86	42

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: 13.2%
• Equity multiple: 1.67×
• Total profit: $37,581
• Equity at exit: $68,031

10-year hold

• IRR: 16.8%
• Equity multiple: 3.03×
• Total profit: $113,680
• Equity at exit: $90,243

Cash invested: $55,972 (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 46407

• Home prices YoY: 0.4%
• Active inventory: 122
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $2,229 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$94 /mo · $1,126/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $535

Break-even live

Break-even rent $1,551

Max offer price $199,900

Occupancy floor 71%

Sensitivity live

Price	-10% $649	-5% $592	+0% $535	+5% $479	+10% $422
Rent	-10% $359	-5% $447	+0% $535	+5% $624	+10% $712
Rate	-1.0pp $636	-0.5pp $586	base $535	+0.5pp $484	+1.0pp $431

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,228
Total (2 units)			$2,229

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	0d	1	0.56mi
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	0d	1	0.68mi
1744 Tyler St Unit 2 Gary, IN	4.0	2.0	1600	$1,700	$1.06	45d	1	0.72mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	0d	1	0.83mi
2600 Pierce St Gary, IN	4.0	2.0	1800	$1,950	$1.08	45d	1	0.83mi
1109 Maryland St Unit 1 Gary, IN	3.0	1.5	1982	$1,000	$0.50	0d	1	0.97mi
1109 Maryland St Gary, IN	3.0	1.0	1982	$1,000	$0.50	0d	1	0.98mi
2034 Central Dr Gary, IN	4.0	2.0	1615	$1,700	$1.05	4d	1	1.42mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	16d	1	1.43mi
803 Pierce St Gary, IN	4.0	2.0	1600	$1,400	$0.88	2d	1	1.45mi
2257 Central Dr Gary, IN	4.0	2.0	1220	$1,650	$1.35	45d	1	1.48mi
3395 Pennsylvania St Gary, IN	3.0	1.0	1300	$1,495	$1.15	0d	1	1.49mi

Listing history 8 events

1. 2026-06-21
   days on market $199,900 Active 11 DOM
2. 2026-06-18
   days on market $199,900 Active 8 DOM
3. 2026-06-17
   days on market $199,900 Active 7 DOM
4. 2026-06-16
   days on market $199,900 Active 6 DOM
5. 2026-06-15
   days on market $199,900 Active 5 DOM
6. 2026-06-13
   days on market $199,900 Active 3 DOM
7. 2026-06-13
   remarks 320-char remark
8. 2026-06-13
   listed $199,900 Active 2 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: $1,126 · $94/mo
• Projected year-2 tax: $1,413 · $118/mo
• Expected delta: +$286/yr (+$24/mo · 25.4%)

ⓘ 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 100% 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: $26,748
• − Mortgage interest: −$11,198
• − Property taxes: −$1,126
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,140
• − Management: −$2,140
• − Depreciation: −$5,815
• Taxable income: $3,330
• Est. tax owed @ 24.0%: −$799
• After-tax cash flow: $5,626/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

+412.6% since first listed

5 events — show timeline

• 2026-06-08 Listed $199,900 NIRA MLS as Distributed by MLS Grid
• 2021-01-15 Sold (MLS) $41,000 NIRA MLS as Distributed by MLS Grid
• 2020-11-14 Listed $41,000 NIRA MLS as Distributed by MLS Grid
• 2015-07-16 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2015-01-15 Listed $39,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.3%/yr

Latest (2024): $1,126 · +0.1% YoY. Source: county tax records.