3756 W 21st Ave · Gary, IN 46404

$89,900

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 40 Days on market

Built 1959 6,098 sqft lot $104/sqft · 19% below area Est $112k · 19% 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 +15.0/15.0
• 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 MLS

BRICK RANCH FEATURES THREE BEDROOMS, ONE BATH, TWO CAR DETACHED GARAGE. SELLER HAS NEVER LIVED IN PROPERTY. SOLD AS IS.

Key facts

• 6,098 sq ft lot
• Garage
• Built 1959

Property features AI

Finance

• Other: Lot size source: Owner
• Financial info: Occupant type: Tenant
• HOA & community: HOA/community details not provided

Exterior

• Parking: Attached or detached garage with 1 garage space
• Security: Security details not provided
• Utilities: Public water; Other sewer
• Home design: One-story home; Built in 1959
• Construction: Brick construction; Asphalt roof; Full basement foundation
• Exterior features: Neighborhood view; Other exterior features

Interior

• Kitchen: No appliances included
• Bedrooms: Primary bedroom; Two additional bedrooms
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Gas-log fireplace (1); Full basement; Other interior features
• Laundry & utility: Laundry/utility details not provided

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $458 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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); 68 active listings in the ZIP; 15 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).
• This rent runs 40% 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 $622 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 $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 15y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; list at $90k implies a 429% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.58% ✓
• Cap rate: 12.41%
• Cash-on-cash: 21.86%
• DSCR: 1.97
• GRM: 5.3

CMA / ARV

• ARV (median comp): $111,599
• List price: $89,900
• Delta: -19.44%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4233 W 22nd Ave	0.30mi	3/1.0	850 (-2%)	6mo	$82,000	$96	78
3902 W 21st Ave	0.06mi	3/1.0	925 (+7%)	9mo	$126,000	$136	78
4082 W 21st Pl	0.18mi	3/1.0	941 (+9%)	1mo	$129,900	$138	76
4144 W 23rd Ave	0.33mi	3/1.5	900 (+4%)	1mo	$80,000	$89	74
1945 Lane St	0.25mi	3/1.0	925 (+7%)	4mo	$50,000	$54	73
4241 W 22nd Plz	0.36mi	3/1.0	925 (+7%)	8mo	$63,000	$68	65
4251 W 20th Pl	0.31mi	3/1.0	950 (+10%)	9mo	$100,000	$105	62
4123 W 19th Pl	0.27mi	3/1.0	981 (+14%)	5mo	$75,000	$76	60
4309 W 19th Ave	0.39mi	4/1.0 (+1)	973 (+13%)	2mo	$105,000	$108	54
1570 Hendricks St	0.43mi	2/1.0 (-1)	962 (+11%)	5mo	$132,000	$137	52
1548 Taney St	0.70mi	2/1.0 (-1)	916 (+6%)	2mo	$40,000	$44	51
4216 W 19th Plz	0.30mi	4/1.0 (+1)	985 (+14%)	9mo	$130,000	$132	50

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: 20.3%
• Equity multiple: 1.88×
• Total profit: $22,160
• Equity at exit: $13,404

10-year hold

• IRR: 31.8%
• Equity multiple: 4.62×
• Total profit: $91,140
• Equity at exit: $7,773

Cash invested: $25,172 (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: 68
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,416 high
• Mortgage (P&I): −$471
• Tax from tax record: −$151 /mo · $1,816/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $458

Break-even live

Break-even rent $836

Max offer price $89,900

Occupancy floor 63%

Sensitivity live

Price	-10% $509	-5% $484	+0% $458	+5% $433	+10% $408
Rent	-10% $347	-5% $403	+0% $458	+5% $514	+10% $570
Rate	-1.0pp $504	-0.5pp $481	base $458	+0.5pp $435	+1.0pp $411

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 15 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	0d	1	0.15mi
4134 W 22nd Pl Gary, IN	3.0	1.0	825	$1,395	$1.69	0d	1	0.27mi
4232 W 20th Ave Gary, IN	4.0	1.0	925	$1,395	$1.51	22d	1	0.32mi
4263 W 22nd Pl Gary, IN	4.0	1.0	950	$1,295	$1.36	0d	1	0.37mi
4300 W 22nd Pl Gary, IN	3.0	1.0	977	$1,395	$1.43	3d	1	0.40mi
4328 W 22nd Plz Gary, IN	3.0	1.0	950	$1,300	$1.37	4d	1	0.43mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	2d	1	0.67mi
1595 Ellsworth St Unit 1 Gary, IN	2.0	1.0	868	$1,100	$1.27	0d	1	0.90mi
1595 Ellsworth St Gary, IN	2.0	1.0	868	$1,100	$1.27	3d	1	0.90mi
2264 Taft St Gary, IN	2.0	1.0	800	$1,275	$1.59	0d	1	0.96mi
2939 W 10th Ave Gary, IN	2.0	1.0	744	$1,190	$1.60	0d	1	0.97mi
2280 Roosevelt Pl Gary, IN	3.0	1.0	864	$1,560	$1.81	0d	1	1.02mi
1043 Mount St Gary, IN	3.0	1.0	750	$1,200	$1.60	0d	1	1.09mi
2602 W 6th Ave Gary, IN	2.0	1.0	750	$990	$1.32	0d	1	1.42mi
743 Hanley St Gary, IN	3.0	1.0	800	$1,350	$1.69	0d	1	1.45mi

Listing history 11 events

1. 2026-06-01
   days on market $89,900 Active 40 DOM
2. 2026-05-31
   days on market $89,900 Active 39 DOM
3. 2026-04-22
   listed $95,000 Active 401-char remark
4. 2026-01-10
   historical
5. 2025-12-17
   listed $90,000 Active
6. 2017-01-03
   soldstatus $17,000

   Show marketing remark (119 chars)

   BRICK RANCH FEATURES THREE BEDROOMS, ONE BATH, TWO CAR DETACHED GARAGE. SELLER HAS NEVER LIVED IN PROPERTY. SOLD AS IS.

7. 2016-12-11
   listed $19,900

   Show marketing remark (119 chars)

   BRICK RANCH FEATURES THREE BEDROOMS, ONE BATH, TWO CAR DETACHED GARAGE. SELLER HAS NEVER LIVED IN PROPERTY. SOLD AS IS.

8. 2012-11-29
   soldstatus $16,000
9. 2012-03-23
   listed $19,000
10. 2012-03-16
    historical
11. 2011-03-15
    listed $24,500

ⓘ 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: $1,816 · $151/mo
• Projected year-2 tax: $1,816 · $151/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 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: $16,993
• − Mortgage interest: −$5,036
• − Property taxes: −$1,816
• − Insurance: −$450
• − Repairs & maintenance: −$1,359
• − Management: −$1,359
• − Depreciation: −$2,615
• Taxable income: $4,357
• Est. tax owed @ 24.0%: −$1,046
• After-tax cash flow: $4,456/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

+266.9% since first listed

11 events — show timeline

• 2026-06-02 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-05-28 Price Changed $89,900 NIRA MLS as Distributed by MLS Grid
• 2026-04-22 Listed $95,000 NIRA MLS as Distributed by MLS Grid
• 2026-01-10 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-12-17 Listed $90,000 NIRA MLS as Distributed by MLS Grid
• 2017-01-03 Sold (MLS) $17,000 NIRA MLS as Distributed by MLS Grid
• 2016-12-11 Listed $19,900 NIRA MLS as Distributed by MLS Grid
• 2012-11-29 Sold (MLS) $16,000 NIRA MLS as Distributed by MLS Grid
• 2012-03-23 Listed $19,000 NIRA MLS as Distributed by MLS Grid
• 2012-03-16 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-03-15 Listed $24,500 NIRA MLS as Distributed by MLS Grid

Property tax history

+5.1%/yr

Latest (2024): $1,816 · +5.4% YoY. Source: county tax records.