1121 E 19th Ave · Gary, IN 46407

$55,000

2 bd · 1.0 ba · 1,107 sqft · SingleFamily public records · 47 Days on market

Built 1954 4,791 sqft lot $50/sqft · 22% below area Est $71k · 22% 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
• Appreciation +5.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks MLS

Great opportunity to step into a project already in motion. This 2 bed, 1 bath home is mid-rehab and ready for an investor to take it across the finish line. Interior work has been started, saving you time and allowing you to focus on finishing and maximizing value. Property features a functional layout with an unfinished basement offering strong potential to add an additional bedroom and bathroom, creating even more equity and rental upside. Perfect for a flip, rental, or BRRRR strategy in a market where affordable housing demand continues to grow. Bring your contractor and your vision--this one has real upside.

Key facts

• Additional bedroom
• Unfinished basement
• Functional layout

Tags

• UNFINISHED BASEMENT
• FUNCTIONAL LAYOUT
• ADDITIONAL BEDROOM
• ADDITIONAL BATHROOM
• RENTAL UPSIDE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $522 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.7% 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: 121 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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).
• At $1,172/mo this rent would consume 49% of the median local household income ($29k/yr) (locally 392% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $919 of equity ($380 loan paydown + $539 appreciation (1.0% local appreciation)).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $53,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 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 1954 — 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: 2.13% ✓
• Cap rate: 17.67%
• Cash-on-cash: 40.65%
• DSCR: 2.81
• GRM: 3.9

CMA / ARV

• ARV (median comp): $70,749
• List price: $55,000
• Delta: -22.26%
• 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
2047 Ohio St	0.21mi	3/2.0 (+1)	1,092 (-1%)	6mo	$92,000	$84	74
905 E 19th Ave	0.15mi	3/1.0 (+1)	1,145 (+3%)	16mo	$66,500	$58	69
1027 Central Ave	0.35mi	3/1.0 (+1)	1,008 (-9%)	1mo	$69,000	$68	63
2435 Diamond Ave	0.68mi	3/1.0 (+1)	1,100 (-1%)	3mo	$35,000	$32	60
2301 Delaware St	0.67mi	2/1.5	1,064 (-4%)	8mo	$29,400	$28	54
2425 Prospect St	0.69mi	3/1.0 (+1)	1,056 (-5%)	2mo	$44,550	$42	53
1976 Missouri Ter	0.61mi	3/1.0 (+1)	1,037 (-6%)	5mo	$8,500	$8	52
1151 Delaware St	0.66mi	3/1.0 (+1)	1,057 (-4%)	9mo	$34,500	$33	50
2428 Industrial Blvd	0.65mi	3/1.0 (+1)	1,193 (+8%)	12mo	$105,000	$88	41
2349 Virginia St	0.65mi	3/2.0 (+1)	1,238 (+12%)	2mo	$140,000	$113	40
2252 Maryland St	0.60mi	3/1.0 (+1)	1,266 (+14%)	8mo	$165,000	$130	36
1140 Delaware St	0.69mi	3/1.0 (+1)	1,235 (+12%)	13mo	$101,800	$82	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.98% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 43.2%
• Equity multiple: 3.22×
• Total profit: $34,232
• Equity at exit: $18,718

10-year hold

• IRR: 45.1%
• Equity multiple: 6.39×
• Total profit: $82,985
• Equity at exit: $24,829

Cash invested: $15,400 (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 46407

• Home prices YoY: 0.4%
• Active inventory: 121
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,172 high
• Mortgage (P&I): −$288
• Tax from tax record: −$93 /mo · $1,116/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $522

Break-even live

Break-even rent $512

Max offer price $55,000

Occupancy floor 50%

Sensitivity live

Price	-10% $553	-5% $537	+0% $522	+5% $506	+10% $491
Rent	-10% $429	-5% $475	+0% $522	+5% $568	+10% $614
Rate	-1.0pp $549	-0.5pp $536	base $522	+0.5pp $507	+1.0pp $493

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	17d	1	0.34mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	44d	1	0.45mi
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	2d	1	0.53mi
2025 Central Dr Gary, IN	3.0	1.0	875	$1,550	$1.77	44d	1	0.58mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	44d	1	0.59mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	44d	1	0.60mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	2d	1	0.61mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	2d	1	0.61mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	4d	1	0.61mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	21d	1	0.62mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	20d	1	0.66mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$1,000	$1.04	2d	1	0.68mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	2d	1	0.71mi
2336 Delaware St Gary, IN	3.0	1.0	816	$1,100	$1.35	2d	1	0.73mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	2d	1	0.74mi
844 Tennessee St Gary, IN	3.0	1.5	1000	$1,500	$1.50	44d	1	0.81mi
1030 E 6th Ave Gary, IN	3.0	1.5	1400	$1,600	$1.14	2d	1	1.14mi
672 Connecticut St Apt 1S Gary, IN	3.0	1.0	1247	$875	$0.70	16d	1	1.18mi
2908 Central Dr Gary, IN	3.0	1.0	884	$1,525	$1.73	2d	1	1.24mi
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	20d	1	1.28mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	2d	1	1.37mi
2572-76 Van Buren Pl Gary, IN	2.0	1.0	700	$1,025	$1.46	2d	1	1.41mi
1521 Pierce St Unit 1 Gary, IN	2.0	1.0	800	$850	$1.06	2d	1	1.49mi

Listing history 6 events

1. 2026-06-04
   days on market $55,000 Active 47 DOM
2. 2026-06-03
   days on market $55,000 Active 46 DOM
3. 2026-06-02
   days on market $55,000 Active 45 DOM
4. 2026-06-01
   days on market $55,000 Active 44 DOM
5. 2026-05-31
   days on market $55,000 Active 43 DOM
6. 2026-04-16
   listed $55,000 Active 620-char remark

   Show marketing remark (620 chars)

   Great opportunity to step into a project already in motion. This 2 bed, 1 bath home is mid-rehab and ready for an investor to take it across the finish line. Interior work has been started, saving you time and allowing you to focus on finishing and maximizing value. Property features a functional layout with an unfinished basement offering strong potential to add an additional bedroom and bathroom, creating even more equity and rental upside. Perfect for a flip, rental, or BRRRR strategy in a market where affordable housing demand continues to grow. Bring your contractor and your vision--this one has real upside.

ⓘ 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: $1,116 · $93/mo
• Projected year-2 tax: $1,116 · $93/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 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: $14,066
• − Mortgage interest: −$3,081
• − Property taxes: −$1,116
• − Insurance: −$275
• − Repairs & maintenance: −$1,125
• − Management: −$1,125
• − Depreciation: −$1,600
• Taxable income: $5,744
• Est. tax owed @ 24.0%: −$1,378
• After-tax cash flow: $4,882/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): 8,577
• Household income: $28,526
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 392.0

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 (91%)
• Race & ethnicity: Black 91% Hispanic / Latino 3% White 2% Two or more races 1%
• Common ancestry: Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% Russian/Polish/Slavic 1% French/Haitian/Cajun 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: ▲ 0.98%
• Current HPI: 253.2856
• 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

1 event — show timeline

• 2026-04-16 Listed $55,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+4.2%/yr

Latest (2024): $1,116 · +6.7% YoY. Source: county tax records.