Coastal Cottage Plan · Michigan City, IN 46360

$94,500

3 bd · 2.0 ba · 1,125 sqft · Manufactured · 533 Days on market

Manufactured home Excellent condition $575/mo HOA · 46% of rent

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Rent growth +4.9/5.0
• Condition / age +4.8/5.0
• Livability +4.0/5.0
• 1% rule +2.7/10.0
• Appreciation +2.5/10.0
• Schools +2.1/10.0
• Cash flow +0.5/30.0
• DSCR +0.0/10.0
• Manufactured-home adj. -2.3

Listing remarks MLS

Welcome to your dream home! This charming coastal cottage-style manufactured home offers the perfect blend of elegance and modern convenience. With a spacious layout and exquisite features, this home is designed to cater to all your needs while providing the ultimate haven of relaxation. This home can be further customized and built in just a few months, in one of our communities, located in: -Hobart, Indiana -South Chicago, Illinois -Michigan City, Indiana Located at one end of the home for complete privacy, the master suite is a true oasis. It features a large freestanding soaking bathtub, a sleek glass door shower, a his and hers vanity, and a built-in linen closet. The heart of the home boasts a large kitchen island, perfect for meal preparation and casual dining. Equipped with large stainless steel appliances and 42-inch floor-to-ceiling Duracraft cabinetry, this kitchen is both functional and stylish. This stunning home, as pictured with all included options, is available for the competitive price of $86,500. It's an exceptional value for a home that offers such incredible features and quality craftsmanship. Experience the perfect blend of coastal charm and modern luxury in this exquisite manufactured home. Don't miss the opportunity to make this coastal cottage your own personal paradise!

Key facts

• Master suite
• Large kitchen island
• Glass door shower

Tags

• MASTER SUITE
• FREESTANDING SOAKING BATHTUB
• GLASS DOOR SHOWER
• HIS AND HERS VANITY
• BUILT-IN LINEN CLOSET
• LARGE KITCHEN ISLAND

🏗️ New construction. The $94,500 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $163,785.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $94k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-710 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $61k (35.4% below list).
• Meets the 1% rule at list price ($1k rent vs $94k).
• Recommended offer: $61k (35.4% below list) — sets the bar for cash-flow.
• Cap rate 1.1% vs local median 4.2% in Michigan City — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: Joy Elementary School (math 22% / reading 22%, grade F, #790 of 994 statewide, top 81%, 460 students, 78% 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); 648 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.

Negotiation context

• It's been on market 533 days — a 12% lower offer ($83k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; HOA is 46% of rent.

Recommended offer $61,093 (35.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 533 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.77% ✗
• Cap rate: 1.09%
• Cash-on-cash: -18.57%
• DSCR: 0.17
• GRM: 10.8

CMA / ARV

• ARV (median comp): $163,785
• List price: $94,500
• Delta: -42.30%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
113 Willow Spring Ct	0.32mi	3/1.0	925 (-18%)	1mo	$163,000	$176	56
3209 Springland Ave	0.36mi	3/1.0	1,260 (+12%)	9mo	$203,000	$161	52
11 Tryon Farm Ln	1.12mi	2/2.0 (-1)	1,183 (+5%)	2mo	$279,000	$236	50
2901 Springland Ave	0.70mi	3/1.0	1,050 (-7%)	15mo	$155,000	$148	40
201 Motts Pkwy	1.22mi	3/1.5	1,255 (+12%)	13mo	$185,000	$147	33
121 Rogers Ave	1.32mi	3/1.0	1,375 (+22%)	6mo	$184,900	$134	31
6316 E Tryon Rd	0.55mi	2/1.0 (-1)	880 (-22%)	14mo	$150,000	$170	28
1104 Tryon Rd	1.46mi	2/1.5 (-1)	990 (-12%)	12mo	$250,000	$253	28
129 Tulip Tree Dr	1.14mi	3/1.0	1,250 (+11%)	18mo	$188,000	$150	28
5410 Rogowski Ave	1.17mi	2/1.0 (-1)	1,048 (-7%)	20mo	$154,500	$147	28
110 Motts Pkwy	1.26mi	3/2.0	1,400 (+24%)	18mo	$235,000	$168	25
13 Tryon Farm Ln	1.12mi	2/2.0 (-1)	1,394 (+24%)	12mo	$420,000	$301	25

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: -43.4%
• Equity multiple: -0.41×
• Total profit: $-64,697
• Equity at exit: $24,421

10-year hold

• IRR: -29.8%
• Equity multiple: -0.80×
• Total profit: $-82,665
• Equity at exit: $14,161

Cash invested: $45,860 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $102,000 ($85/sqft)
• Median days on market: 502 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +71.3% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46360

• Rents YoY: 9.7%
• Active inventory: 648
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,262 medium
• Mortgage (P&I): −$859
• Tax est. 1.5%: −$205 /mo · $2,457/yr
• Insurance: −$68
• HOA: −$575
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-710

Break-even live

Break-even rent $2,161

Max offer price $61,093

Occupancy floor —

Sensitivity live

Price	-10% $-596	-5% $-653	+0% $-710	+5% $-766	+10% $-823
Rent	-10% $-809	-5% $-760	+0% $-710	+5% $-660	+10% $-610
Rate	-1.0pp $-627	-0.5pp $-668	base $-710	+0.5pp $-752	+1.0pp $-795

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: $40,946
• Closing costs: $4,914
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-11-08
   days on market $94,500 Active 533 DOM
2. 2026-11-07
   days on market $94,500 Active 532 DOM
3. 2026-11-06
   days on market $94,500 Active 531 DOM
4. 2026-11-05
   days on market $94,500 Active 530 DOM
5. 2026-11-04
   days on market $94,500 Active 529 DOM
6. 2026-11-02
   days on market $94,500 Active 527 DOM
7. 2026-11-01
   days on market $94,500 Active 526 DOM
8. 2026-10-31
   days on market $94,500 Active 525 DOM
9. 2026-10-30
   days on market $94,500 Active 524 DOM
10. 2026-10-29
    days on market $94,500 Active 523 DOM
11. 2026-10-28
    days on market $94,500 Active 522 DOM
12. 2026-10-27
    days on market $94,500 Active 521 DOM
13. 2026-10-26
    days on market $94,500 Active 520 DOM
14. 2026-10-25
    days on market $94,500 Active 519 DOM
15. 2026-10-24
    days on market $94,500 Active 518 DOM
16. 2026-10-23
    days on market $94,500 Active 517 DOM
17. 2026-10-22
    days on market $94,500 Active 516 DOM
18. 2026-10-21
    days on market $94,500 Active 515 DOM
19. 2026-10-20
    days on market $94,500 Active 514 DOM
20. 2026-10-19
    days on market $94,500 Active 513 DOM
21. 2026-10-18
    days on market $94,500 Active 512 DOM
22. 2026-10-17
    days on market $94,500 Active 511 DOM
23. 2026-10-16
    days on market $94,500 Active 510 DOM
24. 2026-10-15
    days on market $94,500 Active 509 DOM
25. 2026-10-14
    days on market $94,500 Active 508 DOM
26. 2026-10-13
    days on market $94,500 Active 507 DOM
27. 2026-10-12
    days on market $94,500 Active 506 DOM
28. 2026-10-11
    days on market $94,500 Active 505 DOM
29. 2026-10-10
    days on market $94,500 Active 504 DOM
30. 2026-10-09
    days on market $94,500 Active 503 DOM
31. 2026-10-08
    days on market $94,500 Active 502 DOM
32. 2026-10-07
    days on market $94,500 Active 501 DOM
33. 2026-10-06
    days on market $94,500 Active 500 DOM
34. 2026-10-05
    days on market $94,500 Active 499 DOM
35. 2026-10-04
    days on market $94,500 Active 498 DOM
36. 2026-10-03
    days on market $94,500 Active 497 DOM
37. 2026-10-02
    days on market $94,500 Active 496 DOM
38. 2026-10-01
    days on market $94,500 Active 495 DOM
39. 2026-09-30
    days on market $94,500 Active 494 DOM
40. 2026-09-29
    days on market $94,500 Active 493 DOM
41. 2026-09-28
    days on market $94,500 Active 492 DOM
42. 2026-09-27
    days on market $94,500 Active 491 DOM
43. 2026-09-26
    days on market $94,500 Active 490 DOM
44. 2026-09-25
    days on market $94,500 Active 489 DOM
45. 2026-09-24
    days on market $94,500 Active 488 DOM
46. 2026-09-24
    days on market $94,500 Active 487 DOM
47. 2026-09-22
    days on market $94,500 Active 486 DOM
48. 2026-09-20
    days on market $94,500 Active 484 DOM
49. 2026-09-18
    days on market $94,500 Active 482 DOM
50. 2026-09-17
    days on market $94,500 Active 481 DOM

ⓘ 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 2/10 Low 7 d/yr ≥100°F today · 15 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: $15,147
• − Mortgage interest: −$9,175
• − Property taxes: −$2,457
• − Insurance: −$819
• − Repairs & maintenance: −$1,212
• − Management: −$1,212
• − HOA: −$6,900
• − Depreciation: −$4,765
• Taxable loss: −$11,391
• Est. tax savings @ 24.0%: +$2,734
• After-tax cash flow: $-5,782/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.

Condition & rehab AI · 12 photos

Excellent 95/100 None rehab

This beautifully maintained Coastal Cottage-style manufactured home is move-in ready with excellent condition and a great location.

Value-add opportunities

• Both Painting the interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can increase the home's curb appeal and attract more potential buyers/renters. ↑
• Both Add a smart home system — A smart home system can increase the home's value by making it more energy-efficient and convenient for potential buyers/renters. ↑

F Composite school gradezoned avg 22/100

Zoned Schools

Elementary Joy Elementary School F IN #790/994 Nat'l #32,000/41,679 Middle Martin T Krueger Middle School F IN #293/330 Nat'l #12,557/14,009 High Michigan City High School F IN #315/369 Nat'l #11,887/17,239

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

A Composite livability gradescore 81/100

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 · 109,757 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: 9% of renters

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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%

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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%
• Languages at home: 95% English-only · Spanish 3%

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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

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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

+9.2% since first listed

4 events — show timeline

• 2025-12-03 Price Changed $94,500 Zillow
• 2025-12-02 Price Changed $86,500 Zillow
• 2025-12-02 Price Changed $94,500 Zillow
• 2025-05-24 Listed $86,500 Zillow