The Boone Plan · Michigan City, IN 46360

$111,095

4 bd · 2.0 ba · 1,457 sqft · Manufactured · 390 Days on market

Excellent condition $575/mo HOA · 35% of rent

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

• ARV discount +7.5/15.0
• Rent growth +4.9/5.0
• Condition / age +4.8/5.0
• Livability +4.0/5.0
• Schools +2.2/10.0
• 1% rule +1.5/10.0
• Cash flow +1.1/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to a residence where style, comfort, and thoughtful design come together to create the perfect sanctuary. This exquisite 4-bedroom, 2-bath manufactured home offers a refined living experience, highlighted by an expansive master suite complete with his and hers vanities & spa-inspired finishes - a true private retreat for the discerning homeowner. A dedicated flex room provides limitless opportunities - whether for a serene yoga studio, a sophisticated home office, a private library, or an inspiring creative space. The heart of the home is the grand chef's kitchen, showcasing an oversized island, stainless steel Samsung appliances, and premium finishes throughout. The adjoining open-concept living room, drenched in natural light, offers an ideal setting for both intimate family moments and elegant entertaining. - Luxurious master suite with double vanities and generous walk-in closet - Dedicated coffee bar for everyday indulgence - Private, spacious laundry room - Versatile flex room for lifestyle customization - Gourmet kitchen with oversized island and premium Samsung appliances - Bright, expansive living spaces with a seamless open flow - Financing solutions available for all credit profiles- - Six-month build timeline to completion - Temporary housing provided during construction

Key facts

• Master suite
• Laundry room
• Gourmet kitchen

Tags

• MASTER SUITE
• FLEX ROOM
• CHEF'S KITCHEN
• COFFEE BAR
• LAUNDRY ROOM
• GOURMET KITCHEN

🏗️ New construction. The $111,095 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $252,415.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $111k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $103k (7.3% below list).
• Meets the 1% rule at list price ($2k rent vs $111k).
• Recommended offer: $98k (12.0% below list) — sets the bar for market timing.
• Cap rate 1.4% vs local median 2.7% in Michigan City — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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).
• This rent runs 33% 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 $2k of loan paydown is wiped out by about $8k 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 ($98k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; HOA is 35% of rent.

Recommended offer $97,763 (12.0% 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 12% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.65% ✗
• Cap rate: 1.38%
• Cash-on-cash: -17.54%
• DSCR: 0.22
• GRM: 12.9

CMA / ARV

• ARV (median comp): $252,415
• List price: $111,095
• Delta: -55.99%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -42.8%
• Equity multiple: -0.38×
• Total profit: $-97,708
• Equity at exit: $37,636

10-year hold

• IRR: -32.7%
• Equity multiple: -0.83×
• Total profit: $-129,093
• Equity at exit: $21,824

Cash invested: $70,676 (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: 5.7×

Monthly cashflow live

• Estimated rent: $1,628 medium
• Mortgage (P&I): −$1,324
• Tax est. 1.5%: −$316 /mo · $3,786/yr
• Insurance: −$105
• HOA: −$575
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $-1,033

Break-even live

Break-even rent $2,936

Max offer price $102,945

Occupancy floor —

Sensitivity live

Price	-10% $-859	-5% $-946	+0% $-1,033	+5% $-1,120	+10% $-1,207
Rent	-10% $-1,162	-5% $-1,097	+0% $-1,033	+5% $-969	+10% $-904
Rate	-1.0pp $-906	-0.5pp $-969	base $-1,033	+0.5pp $-1,098	+1.0pp $-1,165

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: $63,104
• Closing costs: $7,572
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $575 · $6,900/yr

Listing history 17 events

1. 2026-06-18
   days on market $111,095 Active 390 DOM
2. 2026-06-17
   days on market $111,095 Active 389 DOM
3. 2026-06-16
   days on market $111,095 Active 388 DOM
4. 2026-06-15
   days on market $111,095 Active 387 DOM
5. 2026-06-14
   days on market $111,095 Active 385 DOM
6. 2026-06-13
   days on market $111,095 Active 384 DOM
7. 2026-06-10
   days on market $111,095 Active 382 DOM
8. 2026-06-09
   days on market $111,095 Active 381 DOM
9. 2026-06-08
   days on market $111,095 Active 380 DOM
10. 2026-06-07
    days on market $111,095 Active 379 DOM
11. 2026-06-03
    days on market $111,095 Active 375 DOM
12. 2026-06-02
    days on market $111,095 Active 374 DOM
13. 2026-06-01
    days on market $111,095 Active 373 DOM
14. 2026-05-31
    days on market $111,095 Active 372 DOM
15. 2026-05-30
    days on market $111,095 Active 371 DOM
16. 2025-11-20
    price $111,095 1325-char remark

    Show marketing remark (1325 chars)

    Welcome to a residence where style, comfort, and thoughtful design come together to create the perfect sanctuary. This exquisite 4-bedroom, 2-bath manufactured home offers a refined living experience, highlighted by an expansive master suite complete with his and hers vanities & spa-inspired finishes - a true private retreat for the discerning homeowner. A dedicated flex room provides limitless opportunities - whether for a serene yoga studio, a sophisticated home office, a private library, or an inspiring creative space. The heart of the home is the grand chef's kitchen, showcasing an oversized island, stainless steel Samsung appliances, and premium finishes throughout. The adjoining open-concept living room, drenched in natural light, offers an ideal setting for both intimate family moments and elegant entertaining. - Luxurious master suite with double vanities and generous walk-in closet - Dedicated coffee bar for everyday indulgence - Private, spacious laundry room - Versatile flex room for lifestyle customization - Gourmet kitchen with oversized island and premium Samsung appliances - Bright, expansive living spaces with a seamless open flow - Financing solutions available for all credit profiles- - Six-month build timeline to completion - Temporary housing provided during construction

17. 2025-05-24
    listed $96,500 Active 1325-char remark

    Show marketing remark (1325 chars)

    Welcome to a residence where style, comfort, and thoughtful design come together to create the perfect sanctuary. This exquisite 4-bedroom, 2-bath manufactured home offers a refined living experience, highlighted by an expansive master suite complete with his and hers vanities & spa-inspired finishes - a true private retreat for the discerning homeowner. A dedicated flex room provides limitless opportunities - whether for a serene yoga studio, a sophisticated home office, a private library, or an inspiring creative space. The heart of the home is the grand chef's kitchen, showcasing an oversized island, stainless steel Samsung appliances, and premium finishes throughout. The adjoining open-concept living room, drenched in natural light, offers an ideal setting for both intimate family moments and elegant entertaining. - Luxurious master suite with double vanities and generous walk-in closet - Dedicated coffee bar for everyday indulgence - Private, spacious laundry room - Versatile flex room for lifestyle customization - Gourmet kitchen with oversized island and premium Samsung appliances - Bright, expansive living spaces with a seamless open flow - Financing solutions available for all credit profiles- - Six-month build timeline to completion - Temporary housing provided during construction

ⓘ 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: $19,541
• − Mortgage interest: −$14,139
• − Property taxes: −$3,786
• − Insurance: −$1,262
• − Repairs & maintenance: −$1,563
• − Management: −$1,563
• − HOA: −$6,900
• − Depreciation: −$7,343
• Taxable loss: −$17,016
• Est. tax savings @ 24.0%: +$4,084
• After-tax cash flow: $-8,312/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 exquisite 4-bedroom, 2-bath manufactured home is move-in ready with a modern design and excellent condition. It offers a spacious kitchen, two bathrooms, hardwood flooring, and a well-maintained exterior. Consider landscaping and a smart home system to further enhance its value.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value.
• Both Add a smart home system — Improves convenience and adds modern appeal.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value. ↑
• Both Add a smart home system — Improves convenience and adds modern appeal. ↑

ⓘ 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

+15.1% since first listed

2 events — show timeline

• 2025-11-20 Price Changed $111,095 Zillow
• 2025-05-24 Listed $96,500 Zillow