1217 W 10th St · Michigan City, IN 46360

$49,000

3 bd · 2.0 ba · 1,398 sqft · SingleFamily public records · 63 Days on market

Built 1890 4,356 sqft lot $35/sqft · 39% below area ↓ 15% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.9/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention investors or the handy home owner! Needs a little TLC but this home would be great for your next flip, rental or place to call home!

Key facts

• 4,356 sq ft lot
• Built 1890
• Listed 62 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $881 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $49k).
• Recommended offer: $46k (6.0% below list) — sets the bar for market timing.
• Cap rate 27.9% vs local median 2.7% 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, schools 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.
• Market conditions: Rents rising fast (+9.7%/yr); 371 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).
• This rent runs 31% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($46k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $46,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 3.15% ✓
• Cap rate: 27.87%
• Cash-on-cash: 77.07%
• DSCR: 4.43
• GRM: 2.6

CMA / ARV

• ARV (median comp): $110,104
• List price: $49,000
• Delta: -55.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
234 Douglas Ave	0.24mi	3/2.0	1,400 (+0%)	1mo	$40,000	$29	88
102 Grant Ave	0.31mi	3/2.0	1,344 (-4%)	10mo	$100,000	$74	71
1301 Elston St	0.50mi	4/1.0 (+1)	1,282 (-8%)	3mo	$207,000	$161	52
435 Hayes Ave	0.37mi	3/1.0	1,260 (-10%)	14mo	$45,000	$36	50
816 W 4th St	0.34mi	3/1.0	1,579 (+13%)	12mo	$240,000	$152	49
1350 Russell St	0.40mi	2/1.0 (-1)	1,213 (-13%)	3mo	$144,000	$119	48
607 W Ripley St	0.53mi	2/1.0 (-1)	1,546 (+11%)	3mo	$97,000	$63	46
1701 Manhattan St	0.64mi	3/2.0	1,539 (+10%)	11mo	$169,000	$110	44
1919 Elston St	0.68mi	2/2.0 (-1)	1,532 (+10%)	4mo	$159,900	$104	44
1109 Manhattan St	0.53mi	4/1.0 (+1)	1,584 (+13%)	7mo	$75,000	$47	38
1818 Elston St	0.66mi	3/1.0	1,592 (+14%)	5mo	$115,000	$72	38
1930 Tennessee St	0.66mi	4/1.5 (+1)	1,596 (+14%)	5mo	$170,000	$107	34

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: 82.7%
• Equity multiple: 5.11×
• Total profit: $56,365
• Equity at exit: $7,306

10-year hold

• IRR: 87.2%
• Equity multiple: 12.56×
• Total profit: $158,581
• Equity at exit: $4,237

Cash invested: $13,720 (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: 371
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,544 medium
• Mortgage (P&I): −$257
• Tax est. 1.5%: −$61 /mo · $735/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $881

Break-even live

Break-even rent $429

Max offer price $49,000

Occupancy floor 38%

Sensitivity live

Price	-10% $915	-5% $898	+0% $881	+5% $864	+10% $847
Rent	-10% $759	-5% $820	+0% $881	+5% $942	+10% $1,003
Rate	-1.0pp $906	-0.5pp $894	base $881	+0.5pp $868	+1.0pp $856

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1303 Buffalo St Unit 1 Michigan City, IN	3.0	1.0	1700	$1,700	$1.00	44d	1	0.59mi
934 Henry St Michigan City, IN	3.0	1.0	1100	$1,250	$1.14	44d	1	0.84mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	44d	1	1.10mi
3581 Hampden Rd Michigan City, IN	4.0	1.0	1120	$2,000	$1.79	44d	1	1.24mi

Listing history 20 events

1. 2026-06-19
   days on market $49,000 Active 63 DOM
2. 2026-06-18
   days on market $49,000 Active 62 DOM
3. 2026-06-17
   days on market $49,000 Active 61 DOM
4. 2026-06-16
   days on market $49,000 Active 60 DOM
5. 2026-06-15
   days on market $49,000 Active 59 DOM
6. 2026-06-14
   days on market $49,000 Active 57 DOM
7. 2026-06-13
   days on market $49,000 Active 56 DOM
8. 2026-06-10
   days on market $49,000 Active 54 DOM
9. 2026-06-09
   days on market $49,000 Active 53 DOM
10. 2026-06-08
    days on market $49,000 Active 52 DOM
11. 2026-06-07
    days on market $49,000 Active 51 DOM
12. 2026-06-03
    days on market $49,000 Active 47 DOM
13. 2026-06-03
    price $49,000 Active 46 DOM
14. 2026-06-02
    days on market $55,000 Active 46 DOM
15. 2026-06-01
    days on market $55,000 Active 45 DOM
16. 2026-05-31
    days on market $55,000 Active 44 DOM
17. 2026-05-30
    days on market $55,000 Active 43 DOM
18. 2026-05-15
    price $55,000 142-char remark

    Show marketing remark (142 chars)

    Attention investors or the handy home owner! Needs a little TLC but this home would be great for your next flip, rental or place to call home!

19. 2026-05-08
    price $59,000 142-char remark

    Show marketing remark (142 chars)

    Attention investors or the handy home owner! Needs a little TLC but this home would be great for your next flip, rental or place to call home!

20. 2026-04-17
    listed $65,000 Active 142-char remark

    Show marketing remark (142 chars)

    Attention investors or the handy home owner! Needs a little TLC but this home would be great for your next flip, rental or place to call home!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥99°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: $18,528
• − Mortgage interest: −$2,745
• − Property taxes: −$735
• − Insurance: −$245
• − Repairs & maintenance: −$1,482
• − Management: −$1,482
• − Depreciation: −$1,425
• Taxable income: $10,414
• Est. tax owed @ 24.0%: −$2,499
• After-tax cash flow: $8,075/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

-15.4% since first listed

3 events — show timeline

• 2026-05-15 Price Changed $55,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-08 Price Changed $59,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-17 Listed $65,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+100.0%/yr

Latest (2019): $48 · +0.0% YoY. Source: county tax records.