2928 Woodrow Ave · Michigan City, IN 46360

$59,900

2 bd · 1.0 ba · 772 sqft · SingleFamily public records · 41 Days on market

Built 1938 0.33 ac lot $78/sqft · 61% below area ↓ 23% 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

Attention investors or the handy home owner! This home is cleaned out and ready for rehab! Make this home your next flip, rental or place to call home!

Key facts

• 0.33 acre lot
• Built 1938
• Listed 41 days

Property features AI

Finance

• Other: Vacant occupant status

Exterior

• Utilities: Public water; Public sewer
• Home design: One-story property; Built in 1938; Condition: fixer
• Construction: Year built: 1938
• Exterior features: No notable view

Interior

• Kitchen: Kitchen (no appliances listed)
• Bedrooms: Primary bedroom; Second bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Other cooling
• Interior features: No notable interior features listed; Basement present (other type)
• Laundry & utility: No laundry appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $412 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.5% 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; 14 comparable units currently listed for rent nearby; rentals lingering (median 45d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 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 $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $50k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.85% ✓
• Cap rate: 14.54%
• Cash-on-cash: 29.47%
• DSCR: 2.31
• GRM: 4.5

CMA / ARV

• ARV (median comp): $153,680
• List price: $59,900
• Delta: -61.02%
• 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
2928 Woodrow Ave	0.00mi	2/1.0	772 (0%)	0mo	$50,000	$65	100
2909 Oakwood Ave	0.13mi	2/1.0	778 (+1%)	10mo	$116,000	$149	85
1009 Gardena St	0.06mi	3/1.0 (+1)	825 (+7%)	3mo	$160,000	$194	78
2941 Cleveland Ave	0.23mi	2/1.0	720 (-7%)	12mo	$147,000	$204	68
1030 Elm St	0.53mi	1/1.0 (-1)	713 (-8%)	14mo	$120,000	$168	46
1125 Maple St	0.73mi	2/1.0	720 (-7%)	12mo	$167,000	$232	45
610 Davidson Ave	0.72mi	3/1.0 (+1)	840 (+9%)	3mo	$135,000	$161	44
609 Walton Ave	0.74mi	2/1.0	816 (+6%)	14mo	$115,000	$141	44
2311 Del Plain Ave	0.74mi	2/1.0	816 (+6%)	14mo	$115,000	$141	44
605 Walton Ave	0.75mi	2/1.0	816 (+6%)	14mo	$115,000	$141	44
517 Davidson Ave	0.75mi	2/1.0	720 (-7%)	12mo	$95,000	$132	44
314 Cloud St	0.74mi	2/1.0	864 (+12%)	5mo	$165,000	$191	42

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: 29.8%
• Equity multiple: 2.34×
• Total profit: $22,419
• Equity at exit: $8,931

10-year hold

• IRR: 40.0%
• Equity multiple: 5.78×
• Total profit: $80,097
• Equity at exit: $5,179

Cash invested: $16,772 (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: 4.5×

Monthly cashflow live

• Estimated rent: $1,106 high
• Mortgage (P&I): −$314
• Tax from tax record: −$123 /mo · $1,476/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $412

Break-even live

Break-even rent $585

Max offer price $59,900

Occupancy floor 58%

Sensitivity live

Price	-10% $446	-5% $429	+0% $412	+5% $395	+10% $378
Rent	-10% $324	-5% $368	+0% $412	+5% $456	+10% $499
Rate	-1.0pp $442	-0.5pp $427	base $412	+0.5pp $396	+1.0pp $381

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3201 Mall Ct Michigan City, IN	1.0	1.0	625	$995	$1.59	45d	1	0.27mi
771 Cedar Gate Ct Michigan City, IN	1.0	1.0	576	$1,095	$1.90	45d	1	0.51mi
223 Cedar Gate Ct Michigan City, IN	1.0	1.0	576	$995	$1.73	45d	1	0.54mi
110 Cedar Gate Ct Unit 7-771 Michigan City, IN	1.0	1.0	576	$1,095	$1.90	45d	1	0.54mi
110 Cedar Gate Ct Unit 2-223 Michigan City, IN	1.0	1.0	576	$995	$1.73	45d	1	0.54mi
910 S Carroll Ave Michigan City, IN	2.0–3.0	2.0	1187	$1,300	$1.09	45d	3	0.61mi
1810 E Barker Ave Michigan City, IN	1.0–2.0	1.0	900	$1,250	$1.39	45d	1	0.65mi
121 S Porter St Unit A Michigan City, IN	2.0	2.0	1050	$925	$0.88	45d	1	0.88mi
221 Barker Rd Michigan City, IN	1.0	1.0	737	$887	$1.20	45d	2	0.91mi
215 N Woodland Ave Michigan City, IN	3.0	1.0	1112	$1,395	$1.25	45d	1	0.95mi
106 Ruby Ct Michigan City, IN	2.0	1.0	744	$1,195	$1.61	45d	1	1.08mi
1122 Spring St Unit B Michigan City, IN	1.0	1.0	750	$950	$1.27	45d	1	1.22mi
614 N Calumet Ave Michigan City, IN	3.0	1.0	825	$1,450	$1.76	45d	1	1.34mi
909 Spring St Michigan City, IN	1.0	1.0	975	$955	$0.98	45d	1	1.36mi

Listing history 10 events

1. 2026-06-09
   status $59,900 Pending 41 DOM
2. 2026-06-08
   days on market $59,900 Active 41 DOM
3. 2026-06-07
   days on market $59,900 Active 40 DOM
4. 2026-06-03
   days on market $59,900 Active 36 DOM
5. 2026-06-03
   price $59,900 Active 35 DOM
6. 2026-06-02
   days on market $65,000 Active 35 DOM
7. 2026-06-01
   days on market $65,000 Active 34 DOM
8. 2026-05-31
   days on market $65,000 Active 33 DOM
9. 2026-05-30
   days on market $65,000 Active 32 DOM
10. 2026-04-28
    listed $65,000 Active 151-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: $1,476 · $123/mo
• Projected year-2 tax: $1,476 · $123/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 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $13,275
• − Mortgage interest: −$3,355
• − Property taxes: −$1,476
• − Insurance: −$300
• − Repairs & maintenance: −$1,062
• − Management: −$1,062
• − Depreciation: −$1,743
• Taxable income: $4,278
• Est. tax owed @ 24.0%: −$1,027
• After-tax cash flow: $3,916/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

-23.1% since first listed

4 events — show timeline

• 2026-06-18 Sold (MLS) $50,000 NIRA MLS as Distributed by MLS Grid
• 2026-06-08 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-06-02 Price Changed $59,900 NIRA MLS as Distributed by MLS Grid
• 2026-04-28 Listed $65,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+39.1%/yr

Latest (2024): $1,476 · +1.9% YoY. Source: county tax records.