The Boone Plan · Michigan City, IN 46360

$111,095

4 bd · 2.0 ba · 1,457 sqft · Manufactured · 476 Days on market

Manufactured home Excellent condition $575/mo HOA · 41% 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
• Appreciation +2.5/10.0
• Schools +2.1/10.0
• 1% rule +0.9/10.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• Manufactured-home adj. -2.1

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.

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 — $238,628.

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 $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $77k (30.7% below list).
• Meets the 1% rule at list price ($1k rent vs $111k).
• Recommended offer: $77k (30.7% below list) — sets the bar for cash-flow.
• Cap rate 0.7% vs local median 4.2% 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, 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.
• Zoned schools: Joy Elementary School (math 22% / reading 22%, grade F, #790 of 994 statewide, top 81%, 460 students, 78% FRL); Martin T Krueger Middle School (math 14% / reading 17%, grade F, #293 of 330 statewide, top 90%, 333 students, 84% FRL); Michigan City High School (math 17% / reading 37%, grade F, #315 of 369 statewide, top 86%, 1,555 students, 71% FRL).
• Market conditions: Rents rising fast (+9.7%/yr); 648 active listings in the ZIP; 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 $2k of loan paydown is wiped out by about $7k 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 476 days — a 12% lower offer ($98k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; HOA is 41% of rent.

Recommended offer $77,003 (30.7% 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 476 days. Have you received any prior offers? Is the seller open to a 31% 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: 0.59% ✗
• Cap rate: 0.68%
• Cash-on-cash: -20.06%
• DSCR: 0.11
• GRM: 14.2

CMA / ARV

• ARV (median comp): $238,628
• List price: $111,095
• Delta: -53.44%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
990 Highway 212	0.40mi	3/2.0 (-1)	1,508 (+4%)	11mo	$250,000	$166	62
206 Tryon Farm Ln	1.30mi	3/2.0 (-1)	1,412 (-3%)	0mo	$470,000	$333	54
109 Tryon Farm Ln	1.21mi	3/2.5 (-1)	1,480 (+2%)	6mo	$590,000	$399	50
4110 E Michigan Blvd	1.42mi	4/1.0	1,557 (+7%)	1mo	$152,500	$98	49
3209 Springland Ave	0.36mi	3/1.0 (-1)	1,260 (-14%)	9mo	$203,000	$161	44
726 Freyer Rd	1.49mi	3/2.0 (-1)	1,572 (+8%)	4mo	$239,000	$152	43
121 Rogers Ave	1.32mi	3/1.0 (-1)	1,375 (-6%)	6mo	$184,900	$134	42
102 Mayfield Dr	1.18mi	3/2.0 (-1)	1,575 (+8%)	7mo	$305,000	$194	41
110 Motts Pkwy	1.26mi	3/2.0 (-1)	1,400 (-4%)	18mo	$235,000	$168	39
153 Mayfield Dr	0.99mi	3/2.5 (-1)	1,798 (+23%)	0mo	$299,900	$167	33
314 Tryon Farm Ln	1.35mi	3/3.0 (-1)	1,791 (+23%)	1mo	$705,314	$394	30
201 Motts Pkwy	1.22mi	3/1.5 (-1)	1,255 (-14%)	13mo	$185,000	$147	24

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: -49.0%
• Equity multiple: -0.53×
• Total profit: $-102,026
• Equity at exit: $35,580

10-year hold

• IRR: -46.9%
• Equity multiple: -1.17×
• Total profit: $-145,215
• Equity at exit: $20,632

Cash invested: $66,816 (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 →

Active competition Active MLS

• For sale now: 2 active
• Median asking: $78,500 ($59/sqft)
• Median days on market: 331 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +178.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46360

• Rents YoY: 9.7%
• Active inventory: 648
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,401 medium
• Mortgage (P&I): −$1,251
• Tax est. 1.5%: −$298 /mo · $3,579/yr
• Insurance: −$99
• HOA: −$575
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $-1,117

Break-even live

Break-even rent $2,815

Max offer price $77,003

Occupancy floor —

Sensitivity live

Price	-10% $-952	-5% $-1,034	+0% $-1,117	+5% $-1,199	+10% $-1,282
Rent	-10% $-1,228	-5% $-1,172	+0% $-1,117	+5% $-1,062	+10% $-1,006
Rate	-1.0pp $-997	-0.5pp $-1,056	base $-1,117	+0.5pp $-1,179	+1.0pp $-1,242

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: $59,657
• Closing costs: $7,159
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-09-12
   days on market $111,095 Active 476 DOM
2. 2026-09-11
   days on market $111,095 Active 475 DOM
3. 2026-09-05
   days on market $111,095 Active 469 DOM
4. 2026-09-04
   days on market $111,095 Active 468 DOM
5. 2026-09-03
   days on market $111,095 Active 467 DOM
6. 2026-09-02
   days on market $111,095 Active 466 DOM
7. 2026-08-30
   days on market $111,095 Active 463 DOM
8. 2026-08-29
   days on market $111,095 Active 462 DOM
9. 2026-08-28
   days on market $111,095 Active 461 DOM
10. 2026-08-27
    days on market $111,095 Active 460 DOM
11. 2026-08-25
    days on market $111,095 Active 458 DOM
12. 2026-08-24
    days on market $111,095 Active 457 DOM
13. 2026-08-23
    days on market $111,095 Active 456 DOM
14. 2026-08-22
    days on market $111,095 Active 455 DOM
15. 2026-08-21
    days on market $111,095 Active 454 DOM
16. 2026-08-20
    days on market $111,095 Active 453 DOM
17. 2026-08-19
    days on market $111,095 Active 452 DOM
18. 2026-08-18
    days on market $111,095 Active 451 DOM
19. 2026-08-17
    days on market $111,095 Active 450 DOM
20. 2026-08-16
    days on market $111,095 Active 449 DOM
21. 2026-08-15
    days on market $111,095 Active 448 DOM
22. 2026-08-14
    days on market $111,095 Active 447 DOM
23. 2026-08-13
    days on market $111,095 Active 446 DOM
24. 2026-08-12
    days on market $111,095 Active 445 DOM
25. 2026-08-11
    days on market $111,095 Active 444 DOM
26. 2026-08-10
    days on market $111,095 Active 443 DOM
27. 2026-08-09
    days on market $111,095 Active 442 DOM
28. 2026-08-08
    days on market $111,095 Active 441 DOM
29. 2026-08-07
    days on market $111,095 Active 440 DOM
30. 2026-08-06
    days on market $111,095 Active 439 DOM
31. 2026-08-05
    days on market $111,095 Active 438 DOM
32. 2026-08-04
    days on market $111,095 Active 437 DOM
33. 2026-08-03
    days on market $111,095 Active 436 DOM
34. 2026-07-31
    days on market $111,095 Active 433 DOM
35. 2026-07-30
    days on market $111,095 Active 432 DOM
36. 2026-07-29
    days on market $111,095 Active 431 DOM
37. 2026-07-27
    days on market $111,095 Active 429 DOM
38. 2026-07-25
    days on market $111,095 Active 427 DOM
39. 2026-07-23
    days on market $111,095 Active 425 DOM
40. 2026-07-22
    days on market $111,095 Active 424 DOM
41. 2026-07-21
    days on market $111,095 Active 423 DOM
42. 2026-07-18
    days on market $111,095 Active 420 DOM
43. 2026-07-16
    days on market $111,095 Active 418 DOM
44. 2026-07-16
    days on market $111,095 Active 417 DOM
45. 2026-07-14
    days on market $111,095 Active 416 DOM
46. 2026-07-13
    days on market $111,095 Active 415 DOM
47. 2026-07-12
    days on market $111,095 Active 414 DOM
48. 2026-07-11
    days on market $111,095 Active 413 DOM
49. 2026-07-10
    days on market $111,095 Active 412 DOM
50. 2026-07-09
    days on market $111,095 Active 411 DOM

ⓘ 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: $16,818
• − Mortgage interest: −$13,367
• − Property taxes: −$3,579
• − Insurance: −$1,193
• − Repairs & maintenance: −$1,345
• − Management: −$1,345
• − HOA: −$6,900
• − Depreciation: −$6,942
• Taxable loss: −$17,855
• Est. tax savings @ 24.0%: +$4,285
• After-tax cash flow: $-9,118/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. ↑

F Composite school gradezoned avg 22/100

Zoned Schools

Elementary Joy Elementary School F IN #790/994 Nat'l #32,000/41,679 Middle Martin T Krueger Middle School F IN #293/330 Nat'l #12,557/14,009 High Michigan City High School F IN #315/369 Nat'l #11,887/17,239

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

A Composite livability gradescore 81/100

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 · 109,757 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: 9% of renters

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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%

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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%
• Languages at home: 95% English-only · Spanish 3%

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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

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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