207 Chicago St · Michigan City, IN 46360

$125,000

4 bd · None ba · 3,168 sqft · MultiFamily public records · 16 Days on market

Built 1870 9,009 sqft lot Est $181k · 31% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

ATTENTION ALL DIYers! Two homes for the price of one. Excellent opportunity to create a residential compound close to downtown and across the street from Lighthouse Mall. Located within a changing neighborhood that includes some short term vacation rentals. Both properties are gutted inside but with new vinyl siding and roofs (one year old). Blank slate and ready for your vision to become reality! Larger two story home on Chicago St. and smaller cottage on Elston St have both had foundation work done within the last year. Property situated on a unique corner lot in a quiet neighborhood across from a church and next door to a daycare. Please contact Eric Torness for any inquiries.

Key facts

• New roofs
• Foundation work
• Unique corner lot

Tags

• NEW VINYL SIDING
• NEW ROOFS
• FOUNDATION WORK
• UNIQUE CORNER LOT
• QUIET NEIGHBORHOOD

Property features AI

Finance

• Other: Property assessed/lot info source: Assessor; Vacant multi-unit property with 3 total units

Exterior

• Parking: No parking information provided
• Security: No security features reported
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer
• Home design: Two-story property; Built in 1870; Property listed as a fixer
• Construction: Shingle roof; Unfinished basement (foundation details not provided)
• Exterior features: Front porch; Neighborhood view; No additional exterior features reported

Interior

• Kitchen: No appliances reported
• Bedrooms: 2 total rooms (bedroom count not separately specified)
• Flooring: No flooring information provided
• Bathrooms: No bathroom details provided
• Heating & cooling: No heating; No cooling
• Interior features: No notable interior features reported; Unfinished basement
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 4-bed/?-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 20.8% 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).
• At $3,050/mo this rent would consume 62% of the median local household income ($59k/yr) (locally 1152% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,125 (1.5% below list)

Questions for the listing agent

1. Built in 1870 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.44% ✓
• Cap rate: 20.85%
• Cash-on-cash: 51.97%
• DSCR: 3.31
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $180,576
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
412 E 8th St	0.62mi	3/2.0 (-1)	3,060 (-3%)	17mo	$175,000	$57	46

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: 55.6%
• Equity multiple: 3.64×
• Total profit: $92,476
• Equity at exit: $18,638

10-year hold

• IRR: 62.5%
• Equity multiple: 8.96×
• Total profit: $278,472
• Equity at exit: $10,808

Cash invested: $35,000 (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: 6.8×

Monthly cashflow live

• Estimated rent: $3,050 high
• Mortgage (P&I): −$656
• Tax from tax record: −$186 /mo · $2,232/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$640
• Net cashflow: $1,516

Break-even live

Break-even rent $1,131

Max offer price $125,000

Occupancy floor 45%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,050
Total (2 units)			$3,050

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-17
   status $125,000 Pending 16 DOM
2. 2026-06-17
   days on market $125,000 Active 16 DOM
3. 2026-06-16
   days on market $125,000 Active 15 DOM
4. 2026-06-15
   days on market $125,000 Active 14 DOM
5. 2026-06-14
   days on market $125,000 Active 12 DOM
6. 2026-06-13
   days on market $125,000 Active 11 DOM
7. 2026-06-10
   days on market $125,000 Active 9 DOM
8. 2026-06-09
   days on market $125,000 Active 8 DOM
9. 2026-06-08
   days on market $125,000 Active 7 DOM
10. 2026-06-07
    days on market $125,000 Active 6 DOM
11. 2026-06-03
    days on market $125,000 Active 2 DOM
12. 2026-06-01
    remarks 688-char remark
13. 2026-06-01
    listed $125,000 Active 1 DOM

ⓘ 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: $2,232 · $186/mo
• Projected year-2 tax: $2,232 · $186/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥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: $36,600
• − Mortgage interest: −$7,002
• − Property taxes: −$2,232
• − Insurance: −$625
• − Repairs & maintenance: −$2,928
• − Management: −$2,928
• − Depreciation: −$3,636
• Taxable income: $17,249
• Est. tax owed @ 24.0%: −$4,140
• After-tax cash flow: $14,051/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

+257.1% since first listed

13 events — show timeline

• 2026-05-30 Listed $125,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-01-05 Price Changed $125,000 NIRA MLS as Distributed by MLS Grid
• 2025-11-06 Listed $155,000 NIRA MLS as Distributed by MLS Grid
• 2025-06-29 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2024-12-06 Relisted — NIRA MLS as Distributed by MLS Grid
• 2024-12-02 Contingent — NIRA MLS as Distributed by MLS Grid
• 2024-08-27 Relisted — NIRA MLS as Distributed by MLS Grid
• 2024-07-29 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-06-28 Listed $155,000 NIRA MLS as Distributed by MLS Grid
• 2005-08-02 Listed $32,500 NIRA MLS as Distributed by MLS Grid
• 2005-07-31 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2005-03-30 Listed $35,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+9.7%/yr

Latest (2024): $2,232 · -32.3% YoY. Source: county tax records.