415 Cleveland Ave · Michigan City, IN 46360

$80,000

4 bd · 1.0 ba · 2,010 sqft · SingleFamily public records · 36 Days on market

Built 1900 6,032 sqft lot $40/sqft · 51% below area ↓ 20% 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

4 bedroom, 1 bath two-story home located in Michigan City offering strong potential for investors, flippers, or buyers looking for a value-add opportunity. Property needs rehab and updates throughout but provides a great opportunity to customize and create your vision. Spacious layout with plenty of room to reconfigure or improve to maximize value. With strong rental demand in the area, this could make an excellent long-term rental, flip, or renovation project. Bring your ideas and imagination -- the possibilities are endless with this open canvas opportunity.

Key facts

• 6,032 sq ft lot
• Built 1900
• Listed 35 days

Property features AI

Finance

• Other: Vacant occupancy
• Financial info: No investor or income/expense details provided
• HOA & community: No HOA information provided

Exterior

• Parking: Driveway parking; On-street parking
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: Two-story residence; Built in 1900; Listed in fixer condition
• Construction: Asphalt roof (repeated from exterior features)
• Exterior features: Neighborhood view; Views of trees/woods; Asphalt roof

Interior

• Kitchen: No appliances listed
• Bedrooms: No bedroom details provided
• Flooring: No flooring information provided
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: No interior-specific features listed; Unfinished basement
• Laundry & utility: No laundry or utility appliances listed

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $625 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.5% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 32% 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 $553 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $77,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.00% ✓
• Cap rate: 16.49%
• Cash-on-cash: 36.43%
• DSCR: 2.62
• GRM: 4.2

CMA / ARV

• ARV (median comp): $162,032
• List price: $80,000
• Delta: -50.63%
• 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
714 Pearl St	0.11mi	3/1.0 (-1)	1,995 (-1%)	2mo	$151,000	$76	87
105 Belden St	0.51mi	4/2.0	1,968 (-2%)	2mo	$210,000	$107	67
211 E Fulton St	0.50mi	4/2.5	2,051 (+2%)	3mo	$310,000	$151	65
227 Short St	0.45mi	4/2.0	1,950 (-3%)	9mo	$169,900	$87	62
534 Holliday St	0.31mi	3/2.0 (-1)	1,808 (-10%)	6mo	$165,000	$91	55
616 Hobart St	0.51mi	4/3.0	2,112 (+5%)	7mo	$240,000	$114	54
1621 E Michigan Blvd	0.38mi	3/1.5 (-1)	2,220 (+10%)	6mo	$110,000	$50	53
1402 Greenwood Ave	0.58mi	3/2.0 (-1)	2,128 (+6%)	3mo	$150,000	$70	52
1604-1608 Franklin St	0.63mi	3/2.5 (-1)	2,000 (-0%)	10mo	$180,000	$90	51
516 Ridgeland Ave	0.73mi	5/2.0 (+1)	1,946 (-3%)	4mo	$77,000	$40	48
225 Detroit St	0.57mi	4/2.0	1,795 (-11%)	9mo	$219,000	$122	44
623 Esther St	0.72mi	3/2.5 (-1)	2,280 (+13%)	8mo	$225,000	$99	27

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: 34.7%
• Equity multiple: 2.58×
• Total profit: $35,371
• Equity at exit: $11,928

10-year hold

• IRR: 44.3%
• Equity multiple: 6.40×
• Total profit: $120,920
• Equity at exit: $6,917

Cash invested: $22,400 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,604 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$134 /mo · $1,608/yr
• Insurance: −$33
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $625

Break-even live

Break-even rent $813

Max offer price $80,000

Occupancy floor 56%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	44d	1	0.62mi
1303 Buffalo St Unit 1 Michigan City, IN	3.0	1.0	1700	$1,700	$1.00	44d	1	0.92mi
910 S Carroll Ave Michigan City, IN	2.0–3.0	2.0	1187	$1,600	$1.35	44d	3	1.09mi

Listing history 18 events

1. 2026-06-19
   days on market $80,000 Active 36 DOM
2. 2026-06-18
   days on market $80,000 Active 35 DOM
3. 2026-06-17
   days on market $80,000 Active 34 DOM
4. 2026-06-16
   days on market $80,000 Active 33 DOM
5. 2026-06-15
   days on market $80,000 Active 32 DOM
6. 2026-06-14
   days on market $80,000 Active 30 DOM
7. 2026-06-13
   pricedays on market $80,000 Active 29 DOM
8. 2026-06-10
   days on market $85,000 Active 27 DOM
9. 2026-06-09
   days on market $85,000 Active 26 DOM
10. 2026-06-08
    days on market $85,000 Active 25 DOM
11. 2026-06-07
    pricedays on market $85,000 Active 24 DOM
12. 2026-06-03
    days on market $90,000 Active 20 DOM
13. 2026-06-03
    price $90,000 Active 19 DOM
14. 2026-06-02
    days on market $100,000 Active 19 DOM
15. 2026-06-01
    days on market $100,000 Active 18 DOM
16. 2026-05-31
    days on market $100,000 Active 17 DOM
17. 2026-05-30
    days on market $100,000 Active 16 DOM
18. 2026-05-14
    listed $100,000 Active 566-char remark

ⓘ 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: $1,608 · $134/mo
• Projected year-2 tax: $1,608 · $134/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 8/10 Severe FEMA zone X (unshaded) · 97% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 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: $19,245
• − Mortgage interest: −$4,481
• − Property taxes: −$1,608
• − Insurance: −$1,066
• − Repairs & maintenance: −$1,540
• − Management: −$1,540
• − Depreciation: −$2,327
• Taxable income: $6,683
• Est. tax owed @ 24.0%: −$1,604
• After-tax cash flow: $5,891/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

-20.0% since first listed

4 events — show timeline

• 2026-06-12 Price Changed $80,000 NIRA MLS as Distributed by MLS Grid
• 2026-06-03 Price Changed $85,000 NIRA MLS as Distributed by MLS Grid
• 2026-06-02 Price Changed $90,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-14 Listed $100,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.7%/yr

Latest (2024): $1,608 · +14.7% YoY. Source: county tax records.