111 N Calumet Ave · Michigan City, IN 46360

$115,000

3 bd · 1.5 ba · 1,452 sqft · SingleFamily public records · 80 Days on market

Built 1925 4,791 sqft lot $79/sqft · 19% below area Est $143k · 19% under

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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 +28.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.0/10.0
• 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 MLS

Seller willing to consider seller financing. This 2-story home offers plenty of potential with 3 bedrooms and 2 full baths, along with a detached 2-car garage. Property does need work and is being sold as-is-perfect for investors or buyers looking for a project to make their own. Bring your vision and transform this property into something special!

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1925

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $385 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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; 5 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.20% ✓
• Cap rate: 10.31%
• Cash-on-cash: 14.35%
• DSCR: 1.64
• GRM: 7.0

CMA / ARV

• ARV (median comp): $142,785
• List price: $115,000
• Delta: -19.46%
• 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
113 Esther St	0.09mi	4/1.5 (+1)	1,536 (+6%)	11mo	$158,000	$103	72
523 Grace St	0.53mi	3/1.0	1,392 (-4%)	2mo	$176,000	$126	64
117 Crescent Dr	0.59mi	3/2.0	1,462 (+1%)	7mo	$160,000	$109	64
512 Cleveland Ave	0.67mi	3/1.0	1,440 (-1%)	11mo	$152,000	$106	56
701 S Dickson St	0.58mi	2/1.0 (-1)	1,394 (-4%)	6mo	$155,000	$111	54
502 Pleasant Ave	0.37mi	3/1.0	1,610 (+11%)	13mo	$169,000	$105	52
426 Hendricks St	0.58mi	3/1.0	1,336 (-8%)	8mo	$150,000	$112	51
331 Helen St	0.37mi	4/2.0 (+1)	1,632 (+12%)	6mo	$190,000	$116	50
230 Dewey St	0.24mi	2/1.0 (-1)	1,656 (+14%)	13mo	$179,900	$109	47
726 Jackson St	0.63mi	3/1.5	1,254 (-14%)	9mo	$175,000	$140	40
616 Cleveland Ave	0.67mi	2/1.0 (-1)	1,626 (+12%)	7mo	$52,000	$32	36
315 Cleveland Ave	0.69mi	4/2.0 (+1)	1,644 (+13%)	8mo	$155,000	$94	32

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: 9.8%
• Equity multiple: 1.41×
• Total profit: $13,122
• Equity at exit: $17,147

10-year hold

• IRR: 22.5%
• Equity multiple: 3.36×
• Total profit: $75,938
• Equity at exit: $9,943

Cash invested: $32,200 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,375 high
• Mortgage (P&I): −$603
• Tax from tax record: −$50 /mo · $604/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $385

Break-even live

Break-even rent $888

Max offer price $115,000

Occupancy floor 67%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
215 N Woodland Ave Michigan City, IN	3.0	1.0	1112	$1,395	$1.25	44d	1	0.15mi
1810 E Barker Ave Michigan City, IN	1.0–2.0	1.0	900	$1,250	$1.39	44d	1	0.28mi
121 S Porter St Unit A Michigan City, IN	2.0	2.0	1050	$925	$0.88	44d	1	0.48mi
910 S Carroll Ave Michigan City, IN	2.0–3.0	2.0	1187	$1,600	$1.35	44d	3	0.76mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	44d	1	1.21mi

Listing history 23 events

1. 2026-06-19
   days on market $115,000 Active 80 DOM
2. 2026-06-18
   days on market $115,000 Active 79 DOM
3. 2026-06-17
   days on market $115,000 Active 78 DOM
4. 2026-06-16
   days on market $115,000 Active 77 DOM
5. 2026-06-15
   days on market $115,000 Active 76 DOM
6. 2026-06-14
   days on market $115,000 Active 74 DOM
7. 2026-06-13
   days on market $115,000 Active 73 DOM
8. 2026-06-10
   days on market $115,000 Active 71 DOM
9. 2026-06-09
   days on market $115,000 Active 70 DOM
10. 2026-06-08
    days on market $115,000 Active 69 DOM
11. 2026-06-07
    days on market $115,000 Active 68 DOM
12. 2026-06-03
    days on market $115,000 Active 64 DOM
13. 2026-06-02
    days on market $115,000 Active 63 DOM
14. 2026-06-01
    days on market $115,000 Active 62 DOM
15. 2026-05-31
    days on market $115,000 Active 61 DOM
16. 2026-05-30
    days on market $115,000 Active 60 DOM
17. 2026-03-30
    listed $115,000 Active 350-char remark

    Show marketing remark (350 chars)

    Seller willing to consider seller financing. This 2-story home offers plenty of potential with 3 bedrooms and 2 full baths, along with a detached 2-car garage. Property does need work and is being sold as-is-perfect for investors or buyers looking for a project to make their own. Bring your vision and transform this property into something special!

18. 2024-09-18
    listed $117,000 Active
19. 2009-07-06
    historical
20. 2009-01-05
    listed $73,900
21. 2006-09-22
    historical
22. 2006-06-21
    listed $79,900
23. 2004-02-13
    listed $21,350

ⓘ 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: $604 · $50/mo
• Projected year-2 tax: $791 · $66/mo
• Expected delta: +$187/yr (+$16/mo · 30.9%)

ⓘ 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: $16,503
• − Mortgage interest: −$6,442
• − Property taxes: −$604
• − Insurance: −$575
• − Repairs & maintenance: −$1,320
• − Management: −$1,320
• − Depreciation: −$3,345
• Taxable income: $2,896
• Est. tax owed @ 24.0%: −$695
• After-tax cash flow: $3,926/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

+438.6% since first listed

7 events — show timeline

• 2026-03-30 Listed $115,000 NIRA MLS as Distributed by MLS Grid
• 2024-09-18 Listed $117,000 IRMLS
• 2009-07-06 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2009-01-05 Listed $73,900 NIRA MLS as Distributed by MLS Grid
• 2006-09-22 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-06-21 Listed $79,900 NIRA MLS as Distributed by MLS Grid
• 2004-02-13 Listed $21,350 NIRA MLS as Distributed by MLS Grid

Property tax history

-5.6%/yr

Latest (2024): $604 · -21.1% YoY. Source: county tax records.