6328 E 3rd Ave E · Gary, IN 46403

$119,000

3 bd · 1.0 ba · 900 sqft · SingleFamily public records · 106 Days on market

Built 1954 5,097 sqft lot $132/sqft · 57% above area

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Why this score? — see what drove the D+ 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 +20.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +4.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Miller Beach Home featuring 3 bedrooms, Pergo hardwood flooring. Private fenced yard with a paver brick patio, storage shed, central air. Only minutes from Lake Michigan, Lake Street restaurants, the National Lake shore Dunes, and the newly constructed South Shore commuter train. No seller or creative financing offers please.

Key facts

• Storage shed
• Private fenced yard
• Paver brick patio

Tags

• PERGO HARDWOOD FLOORING
• PRIVATE FENCED YARD
• PAVER BRICK PATIO
• STORAGE SHED
• CENTRAL AIR
• MINUTES FROM LAKE MICHIGAN

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $149 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (1.5% below list).
• Recommended offer: $108k (9.0% below list) — sets the bar for market timing.

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: 88 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 31% of the median local income ($46k/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 $823 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $119k implies a 565% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,290 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.99% ✗
• Cap rate: 7.79%
• Cash-on-cash: 5.36%
• DSCR: 1.24
• GRM: 8.5

CMA / ARV

• ARV (median comp): $75,571
• List price: $119,000
• Delta: 57.47%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6328 E 3rd Ave E	0.00mi	3/1.0	900 (0%)	0mo	$124,500	$138	100
6715 E 3rd Ave	0.29mi	3/1.0	975 (+8%)	4mo	$109,900	$113	69
605 S Howard St	0.31mi	2/1.0 (-1)	862 (-4%)	8mo	$119,900	$139	67
317 Marion St	0.44mi	2/1.5 (-1)	950 (+6%)	5mo	$25,000	$26	59
646 S Hamilton St	0.51mi	2/1.0 (-1)	904 (+0%)	17mo	$650,000	$719	56
6620 E 4th Ave	0.26mi	2/1.0 (-1)	778 (-14%)	8mo	$73,000	$94	54
356 S Henry St	0.20mi	2/1.0 (-1)	790 (-12%)	17mo	$74,500	$94	51
234 N Hamilton St	0.54mi	3/—	1,020 (+13%)	12mo	$178,000	$175	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.71×
• Total profit: $-9,810
• Equity at exit: $17,743

10-year hold

• IRR: 1.5%
• Equity multiple: 1.11×
• Total profit: $3,628
• Equity at exit: $10,289

Cash invested: $33,320 (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 46403

• Home prices YoY: -27.3%
• Active inventory: 88
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,173 high
• Mortgage (P&I): −$624
• Tax from tax record: −$104 /mo · $1,247/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $149

Break-even live

Break-even rent $984

Max offer price $119,000

Occupancy floor 82%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
430 S Grand Blvd Gary, IN	2.0	1.0	830	$865	$1.04	1d	1	0.15mi
283 N Hamilton St Gary, IN	2.0	1.0	1100	$1,100	$1.00	3d	1	0.59mi
440 N Lake St Gary, IN	3.0	1.0–2.0	677	$1,400	$2.07	1d	5	0.72mi
1041 DeKalb St Gary, IN	3.0	1.0	1006	$1,250	$1.24	43d	1	1.00mi
1118 Benton St Gary, IN	3.0	1.0	936	$1,245	$1.33	1d	1	1.27mi

Listing history 19 events

1. 2026-05-14
   status Pending 327-char remark

   Show marketing remark (327 chars)

   Miller Beach Home featuring 3 bedrooms, Pergo hardwood flooring. Private fenced yard with a paver brick patio, storage shed, central air. Only minutes from Lake Michigan, Lake Street restaurants, the National Lake shore Dunes, and the newly constructed South Shore commuter train. No seller or creative financing offers please.

2. 2026-05-01
   price $119,000 327-char remark

   Show marketing remark (327 chars)

   Miller Beach Home featuring 3 bedrooms, Pergo hardwood flooring. Private fenced yard with a paver brick patio, storage shed, central air. Only minutes from Lake Michigan, Lake Street restaurants, the National Lake shore Dunes, and the newly constructed South Shore commuter train. No seller or creative financing offers please.

3. 2026-04-20
   price $125,000 327-char remark

   Show marketing remark (327 chars)

   Miller Beach Home featuring 3 bedrooms, Pergo hardwood flooring. Private fenced yard with a paver brick patio, storage shed, central air. Only minutes from Lake Michigan, Lake Street restaurants, the National Lake shore Dunes, and the newly constructed South Shore commuter train. No seller or creative financing offers please.

4. 2026-01-28
   listed $129,000 Active 327-char remark

   Show marketing remark (327 chars)

   Miller Beach Home featuring 3 bedrooms, Pergo hardwood flooring. Private fenced yard with a paver brick patio, storage shed, central air. Only minutes from Lake Michigan, Lake Street restaurants, the National Lake shore Dunes, and the newly constructed South Shore commuter train. No seller or creative financing offers please.

5. 2026-01-26
   historical
6. 2025-08-01
   price $149,000
7. 2025-07-14
   listed $152,888 Active
8. 2025-07-10
   historical
9. 2025-06-16
   price $159,000
10. 2025-05-22
    price $164,000
11. 2025-05-22
    price $165,000
12. 2025-04-17
    listed $169,900 Active
13. 2025-04-06
    historical
14. 2024-10-29
    price $169,900
15. 2024-10-05
    listed $175,000 Active
16. 2019-06-11
    soldstatus $17,888
17. 2019-06-10
    historical
18. 2019-04-16
    listed $21,500
19. 2019-02-09
    listed $21,500

ⓘ 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: $1,247 · $104/mo
• Projected year-2 tax: $1,247 · $104/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 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 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: $14,072
• − Mortgage interest: −$6,666
• − Property taxes: −$1,247
• − Insurance: −$595
• − Repairs & maintenance: −$1,126
• − Management: −$1,126
• − Depreciation: −$3,462
• Taxable loss: −$149
• Est. tax savings @ 24.0%: +$36
• After-tax cash flow: $1,822/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): 10,929
• Household income: $45,991
• Rent vs Own: 51.2% rent · 48.8% own
• Severe rent burden: 656.0

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 (71%)
• Race & ethnicity: Black 71% White 18% Hispanic / Latino 9% Two or more races 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 4%
• Common ancestry: Romanian 2% Hispanic 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -110.41%
• Current HPI: 294.0935
• 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

+453.5% since first listed

19 events — show timeline

• 2026-05-14 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-01 Price Changed $119,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-20 Price Changed $125,000 NIRA MLS as Distributed by MLS Grid
• 2026-01-28 Listed $129,000 NIRA MLS as Distributed by MLS Grid
• 2026-01-26 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-08-01 Price Changed $149,000 NIRA MLS as Distributed by MLS Grid
• 2025-07-14 Listed $152,888 NIRA MLS as Distributed by MLS Grid
• 2025-07-10 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-06-16 Price Changed $159,000 NIRA MLS as Distributed by MLS Grid
• 2025-05-22 Price Changed $164,000 NIRA MLS as Distributed by MLS Grid
• 2025-05-22 Price Changed $165,000 NIRA MLS as Distributed by MLS Grid
• 2025-04-17 Listed $169,900 NIRA MLS as Distributed by MLS Grid
• 2025-04-06 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-10-29 Price Changed $169,900 NIRA MLS as Distributed by MLS Grid
• 2024-10-05 Listed $175,000 NIRA MLS as Distributed by MLS Grid
• 2019-06-11 Sold (MLS) $17,888 NIRA MLS as Distributed by MLS Grid
• 2019-06-10 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2019-04-16 Listed $21,500 NIRA MLS as Distributed by MLS Grid
• 2019-02-09 Listed $21,500 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.2%/yr

Latest (2024): $1,247 · +4.7% YoY. Source: county tax records.