1201 Wabash St · Michigan City, IN 46360

$174,900

5 bd · 2.0 ba · 2,458 sqft · MultiFamily public records · 8 Days on market

Built 1904 0.25 ac lot

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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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This is a large, well maintained two-unit income property that is fully rented and bringing in $1145.00 per month. Both units on yearly leases. There are two three-bedroom units with separate gas and electric utilities. Owner pays sanitation and water. It has separate furnaces, hot water heaters, and electric services. There is a large back yard, a full basement, and it is in great condition. Conveniently located close to the south shore railroad, sandy beaches, hospitals, and shopping. It has decks, separate entrances, and off street parking. Tenants are under lease. One of the sellers is a licensed real estate broker in the state of Indiana. Owners will assist qualified buyer(s).

Key facts

• New flooring
• New paint
• Full basement

Tags

• TWO-UNIT INCOME PROPERTY
• NEW FLOORING
• NEW PAINT
• NEW ROOF
• LARGE BACK YARD
• FULL BASEMENT

Property features AI

Finance

• Other: Two total residential units; tenants currently occupy the units

Exterior

• Parking: Additional off-street parking
• Utilities: Public water; Public sewer
• Home design: Two-story building; Built in 1904
• Construction: 1904 construction
• Exterior features: Shingle roof

Interior

• Kitchen: Gas range; Refrigerator; Dishwasher
• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Natural gas heating; No central air
• Interior features: High ceilings; Breed restrictions for pets
• Laundry & utility: Washer; Dryer; Unfinished basement

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Cap rate 13.2% vs local median 2.8% 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; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).
• At $2,779/mo this rent would consume 56% of the median local household income ($59k/yr) (locally 1152% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $49k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 21y 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 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $174,900

Questions for the listing agent

1. Built in 1904 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.59% ✓
• Cap rate: 13.21%
• Cash-on-cash: 24.70%
• DSCR: 2.10
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 23.6%
• Equity multiple: 2.03×
• Total profit: $50,585
• Equity at exit: $26,078

10-year hold

• IRR: 34.5%
• Equity multiple: 4.96×
• Total profit: $193,691
• Equity at exit: $15,122

Cash invested: $48,972 (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: 10.5×

Monthly cashflow live

• Estimated rent: $2,779 high
• Mortgage (P&I): −$917
• Tax from tax record: −$197 /mo · $2,366/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$584
• Net cashflow: $1,008

Break-even live

Break-even rent $1,503

Max offer price $174,900

Occupancy floor 59%

Sensitivity live

Price	-10% $1,107	-5% $1,058	+0% $1,008	+5% $959	+10% $909
Rent	-10% $789	-5% $898	+0% $1,008	+5% $1,118	+10% $1,228
Rate	-1.0pp $1,096	-0.5pp $1,053	base $1,008	+0.5pp $963	+1.0pp $917

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,778
Total (2 units)			$2,779

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-13
   statusdays on market $174,900 Pending 8 DOM
2. 2026-06-10
   days on market $174,900 Active 6 DOM
3. 2026-06-09
   days on market $174,900 Active 5 DOM
4. 2026-06-08
   days on market $174,900 Active 4 DOM
5. 2026-06-07
   remarks 226-char remark
6. 2026-06-07
   listed $174,900 Active 3 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: $2,366 · $197/mo
• Projected year-2 tax: $2,366 · $197/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 2/10 Low
• 🌡 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: $33,348
• − Mortgage interest: −$9,797
• − Property taxes: −$2,366
• − Insurance: −$874
• − Repairs & maintenance: −$2,668
• − Management: −$2,668
• − Depreciation: −$5,088
• Taxable income: $9,887
• Est. tax owed @ 24.0%: −$2,373
• After-tax cash flow: $9,725/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

+40.5% since first listed

2 events — show timeline

• 2026-06-04 Listed $174,900 NIRA MLS as Distributed by MLS Grid
• 2005-04-26 Listed $124,500 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.2%/yr

Latest (2024): $2,366 · +15.8% YoY. Source: county tax records.