🔥 Only $45K to Take Over This 3/2 Brick Ranch in Miller Beach (SUBTO Deal!)

SUBTO – 3/2 Brick Ranch in Miller Beach (Gary, IN) | Only $45K to Take Over Existing Loan

📍 Property Information

• Address: E 3rd Pl, Gary, IN 46403
• Area: Miller / 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 Zillow+1
• Beds / Baths: 3 beds / 2 baths Zillow+1
• Lot: ~6,621 sq ft lot, fenced yard Redfin

Highlights (per prior listing/owner description): Redfin

• 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 (VERY IMPORTANT)

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

📱 850-842-5441

📧 dispo@raymorganinvestments.com

Call / text “SUBTO 3RD PLACE” for full loan information, pics, and access instructions.