2300 Fillmore St · Gary, IN 46407

$57,500

2 bd · 1.5 ba · 1,462 sqft · SingleFamily public records · 28 Days on market

Built 1953 4,356 sqft lot Est $113k · 49% under ↓ 59% since listing

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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

Come see this inner-city miracle that has been completely remodeled inside and out. This home has 3 bedrooms on the main level, a remodeled bathroom and a remodeled kitchen with stainless steel appliances. It also includes a nice size living room featuring recess lighting. This remodeled home also include new windows, new sliding, and the basement also includes a wall fireplace and a custom designed wet appearance floor. The lower level also includes a 2nd bathroom with another carpeted room for maybe another bedroom. SELLER WILL PAY $1500 TOWARDS BUYER'S CLOSING EXPENSES. Call for your appointment today.

Key facts

• Eat in kitchen
• Bonus room
• Large living room

Tags

• LARGE LIVING ROOM
• EAT IN KITCHEN
• FULL BASEMENT
• FIREPLACE
• BONUS ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $405 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $58k).
• Recommended offer: $57k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.7% 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: 122 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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 $1,168/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 $961 of equity ($398 loan paydown + $563 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 $16k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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: property tax is 4.0% of price; built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $56,637 (1.5% below list)

Questions for the listing agent

1. Built in 1953 — 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: 2.03% ✓
• Cap rate: 14.75%
• Cash-on-cash: 30.20%
• DSCR: 2.34
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $112,574
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2370 Buchanan St	0.15mi	3/1.0 (+1)	1,464 (+0%)	13mo	$120,000	$82	75
1209 W 21st Ave	0.25mi	3/1.0 (+1)	1,326 (-9%)	4mo	$55,000	$41	63
2049 Monroe Ln	0.46mi	3/2.0 (+1)	1,411 (-4%)	4mo	$168,000	$119	62
926 Charles Hawkins Dr	0.43mi	1/1.0 (-1)	1,450 (-1%)	13mo	$105,000	$72	61
553 W 19th Ave	0.60mi	2/1.0	1,344 (-8%)	8mo	$114,900	$85	50
2374 Madison St	0.47mi	3/1.5 (+1)	1,317 (-10%)	8mo	$115,000	$87	50
2701 Madison St	0.71mi	2/1.0	1,556 (+6%)	7mo	$90,000	$58	49
2691 Jackson St	0.61mi	3/2.0 (+1)	1,342 (-8%)	6mo	$103,000	$77	46
2148 Cleveland St	0.60mi	2/1.5	1,248 (-15%)	4mo	$77,600	$62	44
2644 Adams St	0.72mi	3/2.0 (+1)	1,412 (-3%)	12mo	$164,000	$116	44
2341 Jefferson St	0.55mi	2/1.0	1,680 (+15%)	8mo	$17,500	$10	40
1620 Tyler St	0.67mi	3/1.0 (+1)	1,280 (-12%)	9mo	$17,500	$14	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: 32.6%
• Equity multiple: 2.67×
• Total profit: $26,915
• Equity at exit: $19,569

10-year hold

• IRR: 35.0%
• Equity multiple: 5.21×
• Total profit: $67,765
• Equity at exit: $25,958

Cash invested: $16,100 (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: 122
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,168 high
• Mortgage (P&I): −$302
• Tax from tax record: −$192 /mo · $2,300/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $405

Break-even live

Break-even rent $655

Max offer price $57,500

Occupancy floor 60%

Sensitivity live

Price	-10% $438	-5% $421	+0% $405	+5% $389	+10% $373
Rent	-10% $313	-5% $359	+0% $405	+5% $451	+10% $497
Rate	-1.0pp $434	-0.5pp $420	base $405	+0.5pp $390	+1.0pp $375

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: $14,375
• Closing costs: $1,725
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
840 W 19th Ave Gary, IN	2.0	1.0	1035	$1,150	$1.11	22d	1	0.52mi
1572 Polk St Gary, IN	3.0	1.0	1500	$1,250	$0.83	0d	1	0.65mi
2022 Massachusetts St Gary, IN	2.0	1.0	965	$975	$1.01	0d	1	0.80mi
2300 Maryland St Gary, IN	2.0	1.0	900	$1,000	$1.11	22d	1	0.97mi
2061 Maryland St Gary, IN	2.0	1.0	975	$950	$0.97	46d	1	1.04mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	6d	1	1.08mi
2315 Industrial Blvd Gary, IN	2.0	1.0	989	$950	$0.96	0d	1	1.08mi
2315 Industrial Blvd Unit B Gary, IN	3.0	1.0	989	$1,150	$1.16	0d	1	1.08mi
2157 Marshall Pl Gary, IN	3.0	1.5	1650	$1,295	$0.78	46d	1	1.13mi
2425 Prospect St Gary, IN	3.0	1.0	1051	$1,400	$1.33	0d	1	1.14mi
1329 Delaware St Gary, IN	2.0	1.0	1100	$1,100	$1.00	46d	1	1.26mi
2306 Vermont St Gary, IN	3.0	1.5	1200	$1,300	$1.08	0d	1	1.29mi
762 Harrison St Unit SRO Gary, IN	1.0	1.0	1075	$700	$0.65	0d	1	1.38mi
1531 Taney Pl Gary, IN	2.0	1.0	900	$1,045	$1.16	3d	1	1.44mi
765 Garfield St Gary, IN	3.0	1.0	1688	$1,500	$0.89	16d	1	1.45mi
3449 Buchanan St Gary, IN	3.0	1.0	1301	$1,395	$1.07	46d	1	1.45mi

Listing history 15 events

1. 2026-06-10
   status $57,500 Pending 28 DOM
2. 2026-06-09
   days on market $57,500 Active 28 DOM
3. 2026-06-08
   days on market $57,500 Active 27 DOM
4. 2026-06-07
   days on market $57,500 Active 26 DOM
5. 2026-06-04
   days on market $57,500 Active 23 DOM
6. 2026-06-03
   days on market $57,500 Active 22 DOM
7. 2026-06-02
   days on market $57,500 Active 21 DOM
8. 2026-06-01
   days on market $57,500 Active 20 DOM
9. 2026-05-31
   days on market $57,500 Active 19 DOM
10. 2026-03-31
    status Pending
11. 2026-03-16
    listed $57,500 Active
12. 2024-04-19
    soldstatus $130,000 Closed 612-char remark

    Show marketing remark (612 chars)

    Come see this inner-city miracle that has been completely remodeled inside and out. This home has 3 bedrooms on the main level, a remodeled bathroom and a remodeled kitchen with stainless steel appliances. It also includes a nice size living room featuring recess lighting. This remodeled home also include new windows, new sliding, and the basement also includes a wall fireplace and a custom designed wet appearance floor. The lower level also includes a 2nd bathroom with another carpeted room for maybe another bedroom. SELLER WILL PAY $1500 TOWARDS BUYER'S CLOSING EXPENSES. Call for your appointment today.

13. 2024-04-06
    status Pending 612-char remark

    Show marketing remark (612 chars)

    Come see this inner-city miracle that has been completely remodeled inside and out. This home has 3 bedrooms on the main level, a remodeled bathroom and a remodeled kitchen with stainless steel appliances. It also includes a nice size living room featuring recess lighting. This remodeled home also include new windows, new sliding, and the basement also includes a wall fireplace and a custom designed wet appearance floor. The lower level also includes a 2nd bathroom with another carpeted room for maybe another bedroom. SELLER WILL PAY $1500 TOWARDS BUYER'S CLOSING EXPENSES. Call for your appointment today.

14. 2023-09-29
    price $129,000 612-char remark

    Show marketing remark (612 chars)

    Come see this inner-city miracle that has been completely remodeled inside and out. This home has 3 bedrooms on the main level, a remodeled bathroom and a remodeled kitchen with stainless steel appliances. It also includes a nice size living room featuring recess lighting. This remodeled home also include new windows, new sliding, and the basement also includes a wall fireplace and a custom designed wet appearance floor. The lower level also includes a 2nd bathroom with another carpeted room for maybe another bedroom. SELLER WILL PAY $1500 TOWARDS BUYER'S CLOSING EXPENSES. Call for your appointment today.

15. 2023-07-17
    listed $139,500 Active 612-char remark

    Show marketing remark (612 chars)

    Come see this inner-city miracle that has been completely remodeled inside and out. This home has 3 bedrooms on the main level, a remodeled bathroom and a remodeled kitchen with stainless steel appliances. It also includes a nice size living room featuring recess lighting. This remodeled home also include new windows, new sliding, and the basement also includes a wall fireplace and a custom designed wet appearance floor. The lower level also includes a 2nd bathroom with another carpeted room for maybe another bedroom. SELLER WILL PAY $1500 TOWARDS BUYER'S CLOSING EXPENSES. Call for your appointment today.

ⓘ 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: $2,300 · $192/mo
• Projected year-2 tax: $2,300 · $192/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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,010
• − Mortgage interest: −$3,221
• − Property taxes: −$2,300
• − Insurance: −$288
• − Repairs & maintenance: −$1,121
• − Management: −$1,121
• − Depreciation: −$1,673
• Taxable income: $4,287
• Est. tax owed @ 24.0%: −$1,029
• After-tax cash flow: $3,833/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

-58.8% since first listed

6 events — show timeline

• 2026-03-31 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-03-16 Listed $57,500 NIRA MLS as Distributed by MLS Grid
• 2024-04-19 Sold (MLS) $130,000 NIRA MLS as Distributed by MLS Grid
• 2024-04-06 Pending — NIRA MLS as Distributed by MLS Grid
• 2023-09-29 Price Changed $129,000 NIRA MLS as Distributed by MLS Grid
• 2023-07-17 Listed $139,500 NIRA MLS as Distributed by MLS Grid

Property tax history

+0.4%/yr

Latest (2024): $2,300 · +973.1% YoY. Source: county tax records.