12/06/2025
SUB- TO DEAL ONLY
📍 Property Information
Address: E 3rd Pl, Gary, IN 46403
Area: Miller Beach neighborhood – closest Gary area to Lake Michigan & Indiana Dunes, popular for commuters and beachgoers. Wikipedia+2Visit Miller Beach | Gary Indiana+2
Type: Single-family brick ranch Redfin
Year Built: 1960 Realtor+1
Living Area: ~975–1,000 sq ft main level + finished basement
Beds / Baths: 3 beds / 2 baths
Lot: ~6,621 sq ft lot, fenced yard
Link for more pics - https://www.raymorganinvestments.com/property/%f0%9f%94%a5-only-45k-to-take-over-this-3-2-brick-ranch-in-miller-beach-subto-deal/
Nicely maintained brick exterior
Hardwood floors in living room
Kitchen with oak cabinets
Full finished basement w/ dry bar, family room, rec room & potential related living
Fenced yard + storage shed
🧾 Deal Structure – SUBJECT-TO
This is NOT a traditional cash sale.
Acquisition Strategy: Subject-To Existing Financing
Cash to Take Ownership (Entry Fee): $45,000
Covers assignment / takeover + closing costs (exact breakdown can be tailored with buyer)
Buyer steps into and takes over the existing underlying loan(s)
Full loan details (balance, rate, PITI, remaining term, arrears if any) released to qualified, serious buyers only
You are acquiring this deal by taking over the existing financing with $45K out of pocket – not by paying off the full ARV in cash.
Make this crystal clear in your notes section too:
“STRUCTURE: SUBTO – $45,000 total to take ownership / step into existing loan.”
📊 Comps & ARV
Subject Property AVM / Value Range
Homes.com estimated value: about $157,570 with range approx. $136,000–$175,000. Homes.com
Zillow “estimated” value (auction status) around $135.9K. Zillow
Selected Nearby Solds (3/1–3/2 800–1,000 sf range – 46403):
5425 E 13th Pl – 3 bd / 1 ba / 936 sf – $122,500 sold Zillow
3937 E 14th Ave – 3 bd / 1 ba / 884 sf – $119,900 sold Zillow
605 S Howard St – 2 bd / 1 ba / 862 sf – $119,900 sold Zillow
1134 Dekalb St – 3 bd / 1 ba / 800 sf – $148,000 sold Redfin
625 N Wells St – 3 bd / 1 ba / 1,025 sf – $80,000 sold (smaller / lower-condition price point) Zillow
Market Context:
Realtor.com shows a median sold price of ~$155,900 for the 46403 zip overall. Realtor+1
👉 Conservative ARV:
Based on AVMs + local 3/1–3/2 comps, a conservative ARV around $155,000 (with a reasonable range of $140K–$175K depending on finish level) is supportable. Buyer should perform their own due diligence and verify all numbers.
You can paste something like this into the InvestorLift notes:
ARV Estimate: ~$155K
AVM on subject: $157K (range ~$136K–$175K)
3/1–3/2 comps closing in the $120K–$150K+ range in Miller / 46403
Buyer to verify all comps / values independently.
🧮 Exit Strategies
Refinish and hold as a long-term rental in Miller Beach
Short / mid-term furnished rental targeting Indiana Dunes / Miller Beach visitors
BRRRR play: light renovation → refinance out of subto after seasoning (subject to lender guidelines)
Potential house-hack (live upstairs, use basement rec/related living space)
📞 Contact
Dispo Contact:
Shaun Holyfield – Ray Morgan Real Estate
📱 850-353-3661
📧 [email protected]
