Coastal Cottage Plan · Michigan City, IN 46360

$94,500

3 bd · 2.0 ba · 1,125 sqft · Manufactured · 390 Days on market

Excellent condition $575/mo HOA · 40% of rent

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

• 1% rule +10.0/10.0
• Cash flow +8.4/30.0
• ARV discount +7.5/15.0
• Rent growth +4.9/5.0
• Condition / age +4.8/5.0
• Livability +4.0/5.0
• DSCR +2.3/10.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

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. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

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 $-86 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $82k (13.1% below list).
• Meets the 1% rule at list price ($1k rent vs $94k).
• Recommended offer: $82k (13.1% below list) — sets the bar for cash-flow.
• Cap rate 5.2% 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; 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 $653 of loan paydown is wiped out by about $3k 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 390 days — a 12% lower offer ($83k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.

Recommended offer $82,121 (13.1% 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 390 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.53% ✓
• Cap rate: 5.21%
• Cash-on-cash: -3.88%
• DSCR: 0.83
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -12.2%
• Equity multiple: 0.52×
• Total profit: $-12,743
• Equity at exit: $14,090

10-year hold

• IRR: 6.6%
• Equity multiple: 1.69×
• Total profit: $18,198
• Equity at exit: $8,171

Cash invested: $26,460 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,446 medium
• Mortgage (P&I): −$496
• Tax est. 1.5%: −$118 /mo · $1,418/yr
• Insurance: −$39
• HOA: −$575
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $-86

Break-even live

Break-even rent $1,555

Max offer price $82,121

Occupancy floor —

Sensitivity live

Price	-10% $-20	-5% $-53	+0% $-86	+5% $-118	+10% $-151
Rent	-10% $-200	-5% $-143	+0% $-86	+5% $-28	+10% $29
Rate	-1.0pp $-38	-0.5pp $-62	base $-86	+0.5pp $-110	+1.0pp $-135

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: $23,625
• Closing costs: $2,835
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $575 · $6,900/yr

Listing history 19 events

1. 2026-06-18
   days on market $94,500 Active 390 DOM
2. 2026-06-17
   days on market $94,500 Active 389 DOM
3. 2026-06-16
   days on market $94,500 Active 388 DOM
4. 2026-06-15
   days on market $94,500 Active 387 DOM
5. 2026-06-14
   days on market $94,500 Active 385 DOM
6. 2026-06-13
   days on market $94,500 Active 384 DOM
7. 2026-06-10
   days on market $94,500 Active 382 DOM
8. 2026-06-09
   days on market $94,500 Active 381 DOM
9. 2026-06-08
   days on market $94,500 Active 380 DOM
10. 2026-06-07
    days on market $94,500 Active 379 DOM
11. 2026-06-03
    days on market $94,500 Active 375 DOM
12. 2026-06-02
    days on market $94,500 Active 374 DOM
13. 2026-06-01
    days on market $94,500 Active 373 DOM
14. 2026-05-31
    days on market $94,500 Active 372 DOM
15. 2026-05-30
    days on market $94,500 Active 371 DOM
16. 2025-12-03
    price $94,500 1317-char remark

    Show marketing remark (1317 chars)

    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!

17. 2025-12-02
    price $86,500 1317-char remark

    Show marketing remark (1317 chars)

    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!

18. 2025-12-02
    price $94,500 1317-char remark

    Show marketing remark (1317 chars)

    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!

19. 2025-05-24
    listed $86,500 Active 1317-char remark

    Show marketing remark (1317 chars)

    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!

ⓘ 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: $17,355
• − Mortgage interest: −$5,293
• − Property taxes: −$1,418
• − Insurance: −$472
• − Repairs & maintenance: −$1,388
• − Management: −$1,388
• − HOA: −$6,900
• − Depreciation: −$2,749
• Taxable loss: −$2,255
• Est. tax savings @ 24.0%: +$541
• After-tax cash flow: $-485/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.

Renovation cost estimate screening

Value-add ROI direction

• 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. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+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