116 W Barker Ave · Michigan City, IN 46360

$139,900

3 bd · 2.0 ba · 1,760 sqft · SingleFamily public records · 5 Days on market

Built 1900 5,250 sqft lot Est $157k · 11% under

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Why this score? — see what drove the C+ 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 +22.9/30.0
• ARV discount +12.3/15.0
• DSCR +7.4/10.0
• 1% rule +6.1/10.0
• 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

Listing remarks

Great potential with this 4 Bed, 2 bath home within walking distance of the Uptown Arts District and South Shore Double Track commuter railway. House has cedar siding and great bones. Recent updates include new lower level furnace, AC, and water heater in the past 3 years, 100 amp electric panel 2018, and full tear off and re-shingle of the roof in 2011. An additional foot of insulation has been added to the attic to improve efficiency and affordability. Lots of space for parking in the back off the alley. Home has potential to be a multi-unit and B1 zoning allows for permitted businesses to occupy the first floor.

Key facts

• New water heater
• Cedar siding
• New ac

Tags

• CEDAR SIDING
• NEW LOWER LEVEL FURNACE
• NEW AC
• NEW WATER HEATER
• 100 AMP ELECTRIC PANEL
• LOTS OF SPACE FOR PARKING

Property features AI

Finance

• Other: Occupant status: Vacant

Exterior

• Parking: Off-street parking (gravel) with alley access
• Utilities: Public water; Public sewer; 100 amp electric service
• Home design: One and one-half stories; Built in 1900
• Construction: Has unfinished basement
• Exterior features: City and neighborhood views; Alley access; Gravel off-street parking

Interior

• Kitchen: Gas range; Microwave; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4; Total of 9 rooms
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fan cooling
• Interior features: Ceiling fans; Unfinished basement
• Laundry & utility: Washer included; Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $246 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 8.4% vs local median 2.9% 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); 377 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $967 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 $39k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,900

Questions for the listing agent

1. Built in 1900 — 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 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: 1.11% ✓
• Cap rate: 8.41%
• Cash-on-cash: 7.54%
• DSCR: 1.34
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $156,640
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 May Ave	0.16mi	3/1.0	1,769 (+0%)	1mo	$77,000	$44	87
1210 Wabash St	0.37mi	3/2.5	1,816 (+3%)	4mo	$150,000	$83	72
606 Hoyt St	0.38mi	4/2.0 (+1)	1,704 (-3%)	0mo	$152,500	$89	72
105 Belden St	0.17mi	4/2.0 (+1)	1,968 (+12%)	2mo	$210,000	$107	66
518 Dupage St	0.54mi	3/1.5	1,647 (-6%)	1mo	$129,000	$78	61
1818 Elston St	0.32mi	3/1.0	1,592 (-10%)	5mo	$115,000	$72	61
1919 Elston St	0.37mi	2/2.0 (-1)	1,532 (-13%)	4mo	$159,900	$104	52
1930 Tennessee St	0.48mi	4/1.5 (+1)	1,596 (-9%)	5mo	$170,000	$107	51
607 W Ripley St	0.40mi	2/1.0 (-1)	1,546 (-12%)	3mo	$97,000	$63	49
621 Superior St	0.73mi	3/2.0	1,512 (-14%)	0mo	$165,000	$109	42
714 Pearl St	0.69mi	3/1.0	1,995 (+13%)	2mo	$151,000	$76	40
318 Gardena St	0.58mi	3/1.0	1,496 (-15%)	5mo	$140,000	$94	40

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: 0.8%
• Equity multiple: 1.03×
• Total profit: $1,231
• Equity at exit: $20,860

10-year hold

• IRR: 15.0%
• Equity multiple: 2.50×
• Total profit: $58,647
• Equity at exit: $12,096

Cash invested: $39,172 (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: 377
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,549 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$186 /mo · $2,226/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $246

Break-even live

Break-even rent $1,237

Max offer price $139,900

Occupancy floor 79%

Sensitivity live

Price	-10% $325	-5% $286	+0% $246	+5% $207	+10% $167
Rent	-10% $124	-5% $185	+0% $246	+5% $307	+10% $369
Rate	-1.0pp $317	-0.5pp $282	base $246	+0.5pp $210	+1.0pp $173

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	45d	1	0.39mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	45d	1	0.66mi

Listing history 5 events

1. 2026-06-21
   days on market $139,900 Active 5 DOM
2. 2026-06-19
   days on market $139,900 Active 3 DOM
3. 2026-06-18
   days on market $139,900 Active 2 DOM
4. 2026-06-17
   remarks 622-char remark
5. 2026-06-17
   listed $139,900 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: $2,226 · $186/mo
• Projected year-2 tax: $2,226 · $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: $18,588
• − Mortgage interest: −$7,837
• − Property taxes: −$2,226
• − Insurance: −$700
• − Repairs & maintenance: −$1,487
• − Management: −$1,487
• − Depreciation: −$4,070
• Taxable income: $782
• Est. tax owed @ 24.0%: −$188
• After-tax cash flow: $2,767/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

1 event — show timeline

• 2026-06-16 Listed $139,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+14.7%/yr

Latest (2024): $2,226 · +109.2% YoY. Source: county tax records.