817 E 11th St · Michigan City, IN 46360

$159,000

3 bd · 1.0 ba · 2,880 sqft · SingleFamily public records · 14 Days on market

Built 1924 5,850 sqft lot Est $202k · 21% under

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Why this score? — see what drove the C 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 +19.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• Rent growth +4.9/5.0
• 1% rule +4.3/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

LARGE 2 BEDROOM 1 BATH HOME NEAR LAKE MICHIGAN. GREAT INVESTMENT OPPORTUNITY AT THIS PRICE. CALL TODAY TO SCHEDULE A SHOWING.

Key facts

• Recently updated
• Move in ready
• Turn key property

Tags

• RECENTLY UPDATED
• MOVE IN READY
• TURN KEY PROPERTY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $159k.

Deal economics

• At list price, monthly cash flow is $182 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (7.4% below list).
• Recommended offer: $147k (7.4% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 3.0% in Michigan City — 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 81/100 on livability (#15 in IN, #1,317 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, amenities D-.
• Michigan City Area Schools (urban): math 23% / reading 28% proficiency, ranked #262 of 301 in IN (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lake Hills Elementary School (math 16% / reading 19%, grade F, #835 of 994 statewide, top 84%, 383 students, 87% FRL); Martin T Krueger Middle School (math 14% / reading 17%, grade F, #293 of 330 statewide, top 90%, 333 students, 84% FRL); Michigan City High School (math 17% / reading 37%, grade F, #315 of 369 statewide, top 86%, 1,555 students, 71% FRL).
• Market conditions: Rents rising fast (+9.7%/yr); 377 active listings in the ZIP; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• LaPorte County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $45k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 25y 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.
• Current owner paid $14k; list at $159k implies a 1044% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,157 (7.4% below list)

Questions for the listing agent

1. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 0.93% ✗
• Cap rate: 7.67%
• Cash-on-cash: 4.91%
• DSCR: 1.22
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $201,600
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
802 Oak St	0.24mi	3/1.5	2,622 (-9%)	11mo	$252,000	$96	62
402 Cloud St	0.49mi	4/2.0 (+1)	2,871 (-0%)	10mo	$196,000	$68	59
502 E 8th St	0.33mi	4/3.5 (+1)	2,682 (-7%)	1mo	$397,000	$148	57
214 Fir St	0.42mi	4/2.0 (+1)	2,657 (-8%)	4mo	$185,000	$70	55
124 E 10th St	0.50mi	4/2.0 (+1)	3,196 (+11%)	2mo	$225,000	$70	48
1810 Pine St	0.53mi	3/3.0	2,464 (-14%)	18mo	$120,000	$49	28

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-6,427
• Equity at exit: $23,707

10-year hold

• IRR: 10.6%
• Equity multiple: 2.00×
• Total profit: $44,545
• Equity at exit: $13,747

Cash invested: $44,520 (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 46360

• Rents YoY: 9.7%
• Active inventory: 377
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,472 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$80 /mo · $962/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $182

Break-even live

Break-even rent $1,241

Max offer price $159,000

Occupancy floor 83%

Sensitivity live

Price	-10% $272	-5% $227	+0% $182	+5% $137	+10% $92
Rent	-10% $66	-5% $124	+0% $182	+5% $240	+10% $299
Rate	-1.0pp $262	-0.5pp $223	base $182	+0.5pp $141	+1.0pp $99

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-04-15
   status Pending
2. 2026-03-25
   listed $159,000 Active
3. 2011-07-08
   soldstatus $13,900 125-char remark

   Show marketing remark (125 chars)

   LARGE 2 BEDROOM 1 BATH HOME NEAR LAKE MICHIGAN. GREAT INVESTMENT OPPORTUNITY AT THIS PRICE. CALL TODAY TO SCHEDULE A SHOWING.

4. 2011-01-06
   listed $8,000 125-char remark

   Show marketing remark (125 chars)

   LARGE 2 BEDROOM 1 BATH HOME NEAR LAKE MICHIGAN. GREAT INVESTMENT OPPORTUNITY AT THIS PRICE. CALL TODAY TO SCHEDULE A SHOWING.

5. 2002-04-03
   soldstatus $34,000
6. 2001-12-11
   listed $37,000

ⓘ 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: $962 · $80/mo
• Projected year-2 tax: $1,157 · $96/mo
• Expected delta: +$195/yr (+$16/mo · 20.2%)

ⓘ 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 ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,659
• − Mortgage interest: −$8,906
• − Property taxes: −$962
• − Insurance: −$795
• − Repairs & maintenance: −$1,413
• − Management: −$1,413
• − Depreciation: −$4,625
• Taxable loss: −$456
• Est. tax savings @ 24.0%: +$109
• After-tax cash flow: $2,297/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: Michigan City Area Schools
• NCES district ID: 1806570
• Math proficiency: 23% ▼ -16.00%
• Reading proficiency: 28% ▼ -10.00%
• Median HH income: $42,629
• Composite: 21.76/100
• National rank: #8257
• State rank: #262 of 301 in IN

Livability — Michigan City

• Score: 81/100
• State rank: #15
• US rank: #1317

Category grades

Amenities D- Commute A+ Cost of living A+ Crime C Employment D Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Michigan City, IN
• County: La Porte County · 88,580 people
• City population: 43,817
• Metro: Michigan City-La Porte, IN
• Population (ZIP): 43,817
• Household income: $59,266
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 1152.0

Population outlook (LaPorte County) Hauer SSP2

• Today (2025): 109,757 people
• By 2030: 108,288 · -1.3%
• By 2040: 105,070 · -4.3%
• By 2050: 102,330 · -6.8%
• By 2075: 97,009 · -11.6%
• By 2100: 86,459 · -21.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 20% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 11% Lithuanian 2% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · LaPorte

• 2024 margin: R (+14.1) · D 42.1% · R 56.2% · Other 1.7%
• 2008→2024 swing: -19.1pp toward R · 2008: 5.0pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+7.2 2016: R+6.4 2012: D+12.6 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -210.27%
• Current HPI: 206.0882
• Rent YoY: ▲ 9.72%
• Metro: Michigan City-La Porte, IN
• 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

+329.7% since first listed

6 events — show timeline

• 2026-04-15 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-03-25 Listed $159,000 NIRA MLS as Distributed by MLS Grid
• 2011-07-08 Sold (MLS) $13,900 NIRA MLS as Distributed by MLS Grid
• 2011-01-06 Listed $8,000 NIRA MLS as Distributed by MLS Grid
• 2002-04-03 Sold (Public Records) $34,000 Public Records
• 2001-12-11 Listed $37,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+14.7%/yr

Latest (2024): $962 · +2.6% YoY. Source: county tax records.