1273 New Jersey St · Gary, IN 46403

$69,000

3 bd · 2.0 ba · 947 sqft · SingleFamily public records · 1 Days on market

Built 1954 7,840 sqft lot Est $124k · 44% 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
• 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

Opportunity awaits with this 3-bedroom, 1-bath ranch featuring a full basement and solid bones with a 2 car garage, making it the perfect project for investors, flippers, or buyers looking to build sweat equity. This home is ready for a complete renovation and offers a functional layout with plenty of potential to transform it into a desirable residence. Situated in a convenient location close to major expressways, commuting is a breeze while still being just a short distance from the beautiful shores of Lake Michigan. Whether you're looking for your next fix-and-flip, rental property, or renovation project, this property offers the foundation needed to bring your vision to life. Don't miss

Key facts

• Full basement
• 2 car garage
• 7,840 sq ft lot

Tags

• FULL BASEMENT
• 2 CAR GARAGE

Property features AI

Finance

• Other: Occupant: Owner; Listing marked not auction
• Financial info: Tax information available (not included per instructions)
• HOA & community: No HOA information provided

Exterior

• Parking: 2-car garage
• Security: No security features specified
• Utilities: Public water; Public sewer
• Home design: Single-story home (one level); Built in 1954; Property described as fixer
• Construction: Year built 1954; No construction material, roof, or foundation information provided
• Exterior features: Neighborhood view; Full unfinished basement with storage space

Interior

• Kitchen: No appliances specified
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: No flooring information provided
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; No cooling
• Interior features: No specified interior features
• Laundry & utility: No laundry or utility appliances specified

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $666 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Cap rate 17.9% 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: 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 38% 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 $477 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 26y 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 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $69,000

Questions for the listing agent

1. Built in 1954 — 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: 2.14% ✓
• Cap rate: 17.88%
• Cash-on-cash: 41.36%
• DSCR: 2.84
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $124,057
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1151 Benton St	0.24mi	3/2.0	936 (-1%)	3mo	$150,000	$160	84
4409 E 11th Ave	0.16mi	3/1.0	944 (-0%)	6mo	$125,000	$132	83
3932 E 14th Ave	0.22mi	3/2.0	960 (+1%)	10mo	$100,000	$104	80
3937 E 13th Ave	0.20mi	3/1.0	884 (-7%)	8mo	$119,900	$136	69
1017 Utah St	0.34mi	3/1.0	912 (-4%)	7mo	$60,000	$66	68
1118 Dearborn Cir	0.39mi	3/1.0	1,008 (+6%)	9mo	$122,000	$121	59
1119 Cass St	0.31mi	3/1.0	1,066 (+13%)	4mo	$80,000	$75	57
1047 Decatur St	0.44mi	3/1.0	850 (-10%)	2mo	$65,500	$77	56
5425 E 13th Pl	0.69mi	3/1.0	936 (-1%)	8mo	$122,500	$131	56
1134 Dekalb St	0.51mi	3/1.0	884 (-7%)	8mo	$148,000	$167	55
1121 Dekalb St	0.54mi	3/1.0	1,060 (+12%)	3mo	$127,500	$120	49
5232 E 13th Ave	0.55mi	3/1.0	850 (-10%)	10mo	$123,500	$145	44

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: 38.0%
• Equity multiple: 2.62×
• Total profit: $31,271
• Equity at exit: $10,288

10-year hold

• IRR: 44.5%
• Equity multiple: 5.24×
• Total profit: $81,994
• Equity at exit: $5,966

Cash invested: $19,320 (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: 3.9×

Monthly cashflow live

• Estimated rent: $1,475 high
• Mortgage (P&I): −$362
• Tax from tax record: −$109 /mo · $1,304/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $666

Break-even live

Break-even rent $632

Max offer price $69,000

Occupancy floor 50%

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1118 Benton St Gary, IN	3.0	1.0	936	$1,245	$1.33	1d	1	0.23mi
1252-54 Idaho St Gary, IN	3.0	1.0	900	$2,200	$2.44	1d	1	0.48mi
1041 DeKalb St Gary, IN	3.0	1.0	1006	$1,250	$1.24	43d	1	0.54mi
2908 Central Dr Gary, IN	3.0	1.0	884	$1,525	$1.73	1d	1	1.19mi
430 S Grand Blvd Gary, IN	2.0	1.0	830	$865	$1.04	1d	1	1.43mi

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $69,000 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: $1,304 · $109/mo
• Projected year-2 tax: $1,304 · $109/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 8/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,700
• − Mortgage interest: −$3,865
• − Property taxes: −$1,304
• − Insurance: −$345
• − Repairs & maintenance: −$1,416
• − Management: −$1,416
• − Depreciation: −$2,007
• Taxable income: $7,346
• Est. tax owed @ 24.0%: −$1,763
• After-tax cash flow: $6,229/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

+392.9% since first listed

13 events — show timeline

• 2026-06-17 Listed $69,000 NIRA MLS as Distributed by MLS Grid
• 2013-04-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-09-19 Listed $29,900 NIRA MLS as Distributed by MLS Grid
• 2011-02-24 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-08-23 Listed $40,000 NIRA MLS as Distributed by MLS Grid
• 2008-12-19 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2008-02-19 Listed $32,000 NIRA MLS as Distributed by MLS Grid
• 2007-06-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-11-17 Listed $65,000 NIRA MLS as Distributed by MLS Grid
• 2005-01-27 Listed $27,400 NIRA MLS as Distributed by MLS Grid
• 2000-12-21 Listed $14,000 NIRA MLS as Distributed by MLS Grid
• 2000-09-22 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2000-09-22 Listed $14,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-7.3%/yr

Latest (2024): $1,304 · +4.1% YoY. Source: county tax records.