4442 Adams St · Gary, IN 46408

$65,000

3 bd · 1.0 ba · 1,292 sqft · SingleFamily public records · 3 Days on market

Built 1923 5,702 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Heavy fixer-upper with huge upside! 4442 Adams St is an all-brick home featuring 4 bedrooms, 1 bath, and traditional formal living and dining rooms. The upstairs level offers flexible layout options, perfect for a family room and 4th bedroom combo. Includes a full unfinished basement, covered front porch, and a rear deck. This property needs a total gut rehab but offers the strong bones and structural features investors look for. Perfect addition to a rental portfolio or your next flip. Sold strictly AS-IS.

Key facts

• Covered front porch
• Strong bones
• All-brick home

Tags

• ALL-BRICK HOME
• FLEXIBLE LAYOUT OPTIONS
• FULL UNFINISHED BASEMENT
• COVERED FRONT PORCH
• REAR DECK
• STRONG BONES

Property features AI

Finance

• Other: Living area reported as approximately 1,668 (source: estimated); Main level approx. 1,292; upper level approx. 376; Occupant type: Owner

Exterior

• Parking: Parking details not provided
• Security: No security features listed
• Utilities: Public water; Public sewer; Electric service: 100 Amp with circuit breakers
• Home design: One and one-half story home; Built in 1923; Property condition listed as fixer
• Construction: Brick construction; Shingle roof; Has a foundation with a full basement
• Exterior features: Deck

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom plus three additional bedrooms (4 bedrooms total)
• Flooring: Hardwood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling system listed
• Interior features: Has one fireplace located in the living room; Basement is full, unfinished, with walk-out access; No additional interior features listed
• Laundry & utility: Laundry located on the lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $590 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 17.2% 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: 102 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 36% of the median local income ($47k/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 $449 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 $18k cash investment doubles in ~4 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 22y 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 $15k; list at $65k implies a 333% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.20% ✓
• Cap rate: 17.19%
• Cash-on-cash: 38.91%
• DSCR: 2.73
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $140,828
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4200 Monroe St	0.37mi	3/1.0	1,263 (-2%)	1mo	$169,900	$135	78
4516 Connecticut St	0.27mi	4/1.0 (+1)	1,328 (+3%)	11mo	$10,000	$8	69
4210 Connecticut St	0.39mi	3/1.0	1,224 (-5%)	7mo	$149,200	$122	67
226 W 45th Ave	0.04mi	2/1.0 (-1)	1,456 (+13%)	6mo	$119,000	$82	67
4385 Massachusetts St	0.23mi	3/2.0	1,392 (+8%)	11mo	$22,000	$16	63
708 W 43rd Ave	0.39mi	3/2.0	1,379 (+7%)	6mo	$150,000	$109	62
345 W 47th Ave	0.34mi	3/2.0	1,459 (+13%)	2mo	$166,000	$114	57
519 W 39th Ave	0.72mi	3/1.0	1,369 (+6%)	1mo	$150,000	$110	56
4224 Connecticut St	0.37mi	3/2.0	1,410 (+9%)	11mo	$40,000	$28	54
1212 W 47th Ave	0.70mi	4/1.0 (+1)	1,256 (-3%)	10mo	$90,000	$72	50
631 E 46th Ave	0.60mi	3/1.0	1,120 (-13%)	7mo	$79,000	$71	44
1226 W 45th Ave	0.65mi	4/2.0 (+1)	1,418 (+10%)	5mo	$160,000	$113	40

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: 35.2%
• Equity multiple: 2.49×
• Total profit: $27,127
• Equity at exit: $9,692

10-year hold

• IRR: 42.0%
• Equity multiple: 4.97×
• Total profit: $72,327
• Equity at exit: $5,620

Cash invested: $18,200 (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 46408

• Home prices YoY: -31.6%
• Active inventory: 102
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,428 high
• Mortgage (P&I): −$341
• Tax from tax record: −$170 /mo · $2,042/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $590

Break-even live

Break-even rent $681

Max offer price $65,000

Occupancy floor 54%

Sensitivity live

Price	-10% $627	-5% $608	+0% $590	+5% $572	+10% $553
Rent	-10% $477	-5% $534	+0% $590	+5% $647	+10% $703
Rate	-1.0pp $623	-0.5pp $607	base $590	+0.5pp $573	+1.0pp $556

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4430 Broadway Gary, IN	3.0	1.0	1200	$1,250	$1.04	2d	1	0.12mi
4456 Connecticut St Gary, IN	3.0	1.0	1044	$1,300	$1.25	3d	1	0.26mi
4208 Jackson St Gary, IN	3.0	1.0	1411	$1,350	$0.96	45d	1	0.37mi
4748 Monroe St Gary, IN	3.0	1.0	1074	$1,695	$1.58	2d	1	0.44mi
4816 Massachusetts St Gary, IN	3.0	1.0	1024	$1,350	$1.32	16d	1	0.53mi
4767 Harrison St Gary, IN	3.0	1.0	1664	$1,500	$0.90	2d	1	0.55mi
4018 Tyler St Gary, IN	3.0	1.0	880	$1,350	$1.53	2d	1	0.68mi
4364 Buchanan St Gary, IN	3.0	1.0	900	$1,500	$1.67	2d	1	0.70mi
4040 Fillmore St Gary, IN	2.0	1.0	1000	$1,000	$1.00	11d	1	0.75mi
4416 Vermont Ct Gary, IN	3.0	1.0	1162	$1,350	$1.16	44d	1	0.79mi
5001 Carolina St Gary, IN	3.0	1.0	875	$1,350	$1.54	3d	1	0.94mi
3708 Harrison St Gary, IN	3.0	1.5	904	$1,400	$1.55	3d	1	0.98mi
4009 Kentucky St Gary, IN	4.0	1.0	1307	$1,595	$1.22	44d	1	0.98mi
4905 Kentucky St Unit 4901 Gary, IN	3.0	1.0	950	$1,525	$1.61	24d	1	1.05mi
3612 Van Buren St Gary, IN	3.0	1.0	1534	$1,600	$1.04	2d	1	1.07mi
505 W 53rd Ave Merrillville, IN	4.0	2.0	1650	$1,650	$1.00	2d	1	1.09mi
3788 Lincoln St Gary, IN	3.0	2.0	1398	$1,400	$1.00	11d	1	1.11mi
5026 Kentucky St Gary, IN	3.0	1.0	1200	$1,100	$0.92	6d	1	1.12mi
4974 Tennessee St Gary, IN	2.0	1.0	1100	$1,175	$1.07	20d	1	1.12mi
1240 W 52nd Dr Merrillville, IN	2.0	1.0–2.0	957	$1,349	$1.41	2d	9	1.16mi
3395 Pennsylvania St Gary, IN	3.0	1.0	1300	$1,495	$1.15	2d	1	1.34mi
3449 Buchanan St Gary, IN	3.0	1.0	1301	$1,395	$1.07	44d	1	1.41mi

Listing history 3 events

1. 2026-06-07
   statusdays on market $65,000 Pending 3 DOM
2. 2026-06-03
   remarks 512-char remark
3. 2026-06-03
   listed $65,000 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: $2,042 · $170/mo
• Projected year-2 tax: $2,042 · $170/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 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: $17,137
• − Mortgage interest: −$3,641
• − Property taxes: −$2,042
• − Insurance: −$325
• − Repairs & maintenance: −$1,371
• − Management: −$1,371
• − Depreciation: −$1,891
• Taxable income: $6,497
• Est. tax owed @ 24.0%: −$1,559
• After-tax cash flow: $5,522/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): 15,747
• Household income: $47,453
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 619.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 41% White 32% Hispanic / Latino 22% Two or more races 12%
• Hispanic origin (detail): Mexican 14% Puerto Rican 7%
• Common ancestry: Romanian 5% Iranian 1% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 87% English-only · Spanish 12% Chinese 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: ▼ -72.08%
• Current HPI: 155.6238
• 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

+243.9% since first listed

3 events — show timeline

• 2026-06-03 Listed $65,000 NIRA MLS as Distributed by MLS Grid
• 2017-01-05 Sold (Public Records) $15,000 Public Records
• 2004-05-27 Listed $18,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-6.7%/yr

Latest (2024): $2,042 · +0.3% YoY. Source: county tax records.