I don't mean to hurt this deal for you, but I just want to let any out of state investors know that Gary is a very, very tough market. I have literally passed on several houses offered to me for average price of under $5,000 rented out for $500-$600/mo.
This house is not in the worst part of Gary so it may work for a local investor but for an out of state investor, it will be more likely than not a money losing deal.
Hope you find a great local investor. I have sent this deal to couple of local investors I know who invest in Gary.
I know Gary very well. Luckily this is in one of the few nice pocket of Gary. I already have an appt. set up with a local investor. You're correct on Gary and how distressed the city is as a whole. I appreciate your input and sharing it with some local investors you know.
The home needs a complete remodel. I personally dont like to put ARV values on properties. Each investor sees every deal differently. I can let you know the rehab budget would be anywhere from 40-60k.