305 E 41st Ave · Gary, IN 46409

$89,000

3 bd · 1.0 ba · 770 sqft · SingleFamily public records · 3 Days on market

Built 1918 6,229 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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Appreciation +3.0/10.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks

Unlock the potential of this Gary home situated on a spacious corner lot. Portions of the renovation work have been begun, providing a head start for investors, rehabbers, or owner-occupants ready to finish the project and add their personal touch. Whether your goal is a profitable flip, a long-term rental, or creating home equity through improvements, this property offers plenty of upside in a market that continues to gain momentum. The surrounding area is experiencing ongoing home renovations and property improvements, helping to strengthen neighborhood appeal and contribute to rising property values. The oversized corner lot offers additional possibilities beyond the existing home, inclu

Key facts

• Oversized corner lot
• Value-add potential
• Spacious corner lot

Tags

• SPACIOUS CORNER LOT
• OVERSIZED CORNER LOT
• EXPANDED LIVING AREA
• OUTDOOR ENTERTAINING SPACE
• VALUE-ADD POTENTIAL

Property features AI

Finance

• Other: Vacant

Exterior

• Parking: Off-street parking; Other parking
• Utilities: Public water; Public sewer
• Home design: One story; Built in 1918
• Construction: Has unfinished basement
• Exterior features: Asphalt roof

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: Fixer condition; Neighborhood view; Has unfinished basement
• Laundry & utility: No appliances listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $513 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Cap rate 13.2% 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 (+4.8%/yr); 77 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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 35% of the median local income ($45k/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 $615 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 + 4.8% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 20y 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 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,000

Questions for the listing agent

1. Built in 1918 — 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: 1.47% ✓
• Cap rate: 13.21%
• Cash-on-cash: 24.71%
• DSCR: 2.10
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $44,660
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4001 Virginia St	0.23mi	2/1.0 (-1)	760 (-1%)	8mo	$45,000	$59	76
4045 Massachusetts St	0.15mi	2/1.5 (-1)	736 (-4%)	8mo	$3,500	$5	72
4217 Massachusetts St	0.19mi	2/1.0 (-1)	840 (+9%)	1mo	$28,000	$33	70
4019 Pennsylvania St	0.11mi	2/— (-1)	856 (+11%)	4mo	$36,500	$43	68
4002 Pennsylvania St	0.13mi	2/1.0 (-1)	846 (+10%)	8mo	$50,000	$59	66
4217 Maryland St	0.19mi	2/1.0 (-1)	864 (+12%)	3mo	$49,900	$58	63
908 E 44th Ave	0.52mi	2/1.5 (-1)	790 (+3%)	2mo	$34,000	$43	62
3953 Monroe St	0.54mi	2/1.0 (-1)	740 (-4%)	2mo	$57,000	$77	61
3621 Virginia St	0.63mi	2/1.0 (-1)	748 (-3%)	7mo	$25,000	$33	55
4341 Maryland St	0.32mi	2/1.0 (-1)	864 (+12%)	7mo	$59,000	$68	54
840 E 44th Ave	0.51mi	2/1.0 (-1)	720 (-6%)	8mo	$78,000	$108	53
4646 Pennsylvania St	0.68mi	2/1.0 (-1)	734 (-5%)	4mo	$30,000	$41	52

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 · 4.85% rent growth · sell at horizon

5-year hold

• IRR: 20.0%
• Equity multiple: 1.83×
• Total profit: $20,704
• Equity at exit: $13,270

10-year hold

• IRR: 29.3%
• Equity multiple: 3.83×
• Total profit: $70,530
• Equity at exit: $7,695

Cash invested: $24,920 (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 46409

• Home prices YoY: -2.0%
• Rents YoY: 4.8%
• Active inventory: 77
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,309 high
• Mortgage (P&I): −$467
• Tax from tax record: −$17 /mo · $203/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $513

Break-even live

Break-even rent $659

Max offer price $89,000

Occupancy floor 56%

Sensitivity live

Price	-10% $564	-5% $538	+0% $513	+5% $488	+10% $463
Rent	-10% $410	-5% $461	+0% $513	+5% $565	+10% $617
Rate	-1.0pp $558	-0.5pp $536	base $513	+0.5pp $490	+1.0pp $467

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	4d	1	0.46mi
624 W 44th Pl Gary, IN	3.0	1.0	836	$1,250	$1.50	9d	1	0.77mi
816 E 35th Ct Gary, IN	2.0	1.0	810	$1,050	$1.30	0d	1	0.79mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	0d	1	0.81mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	4d	1	0.90mi
4816 Massachusetts St Gary, IN	3.0	1.0	1024	$1,350	$1.32	17d	1	0.92mi
4040 Fillmore St Gary, IN	2.0	1.0	1000	$1,000	$1.00	12d	1	0.93mi
4170 Fillmore St Gary, IN	2.0	1.0	720	$950	$1.32	21d	1	0.94mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	0d	1	0.98mi
4364 Buchanan St Gary, IN	3.0	1.0	900	$1,400	$1.56	0d	1	1.10mi
801 E 32nd Ave Unit 2 Gary, IN	2.0	1.0	850	$1,300	$1.53	0d	1	1.11mi
1005 W 35th Ave Apt 105 Gary, IN	2.0	1.0	601	$795	$1.32	20d	1	1.14mi
1005 W 35th Ave Apt 202 Gary, IN	2.0	1.0	617	$795	$1.29	3d	1	1.14mi
4905 Kentucky St Unit 4901 Gary, IN	3.0	1.0	950	$1,525	$1.61	26d	1	1.14mi
1015 W 35th Ave Apt 206 Gary, IN	2.0	1.0	601	$795	$1.32	45d	1	1.15mi
5001 Carolina St Gary, IN	3.0	1.0	875	$1,350	$1.54	4d	1	1.17mi
3777 Lincoln St Gary, IN	2.0	1.0	800	$1,150	$1.44	0d	1	1.17mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	21d	1	1.22mi

Listing history 3 events

1. 2026-06-21
   days on market $89,000 Active 3 DOM
2. 2026-06-18
   remarks 699-char remark
3. 2026-06-18
   listed $89,000 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: $203 · $17/mo
• Projected year-2 tax: $480 · $40/mo
• Expected delta: +$277/yr (+$23/mo · 136.2%)

ⓘ 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) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,705
• − Mortgage interest: −$4,985
• − Property taxes: −$203
• − Insurance: −$445
• − Repairs & maintenance: −$1,256
• − Management: −$1,256
• − Depreciation: −$2,589
• Taxable income: $4,969
• Est. tax owed @ 24.0%: −$1,193
• After-tax cash flow: $4,965/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): 7,184
• Household income: $44,667
• Rent vs Own: 55.5% rent · 44.5% own
• Severe rent burden: 516.0

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 (68%)
• Race & ethnicity: Black 68% Two or more races 17% Hispanic / Latino 14% White 11%
• Hispanic origin (detail): Mexican 8% Puerto Rican 5%
• Common ancestry: Iranian 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 6%

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: ▼ -3.91%
• Current HPI: 190.6724
• Rent YoY: ▲ 4.85%
• 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

+21.1% since first listed

2 events — show timeline

• 2026-06-18 Listed $89,000 NIRA MLS as Distributed by MLS Grid
• 2006-10-12 Listed $73,500 NIRA MLS as Distributed by MLS Grid

Property tax history

-19.5%/yr

Latest (2024): $203 · -37.5% YoY. Source: county tax records.