320 E 8th · Michigan City, IN 46360

$495,000

6 bd · 5.0 ba · 3,128 sqft · MultiFamily public records · 13 Days on market

Built 1875 6,875 sqft 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
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• 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 (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Great opportunity to own a 5-unit property in the heart of Michigan City, close to the new South Shore station and minutes from Washington Park and the beach! Building includes one efficiency unit, three 1-bedroom units and one 2-bedroom unit. You'll find vintage charm in the foyer with original staircase and tall ceiling. Large windows bring nice natural light into each unit. Now is your chance to scoop up a great rental investment in a dynamic location and start building your portfolio!

Key facts

• New amtrak station
• Washington park
• Tall ceiling

Tags

• 5 UNIT PROPERTY
• NEW AMTRAK STATION
• WASHINGTON PARK
• VINTAGE CHARM
• ORIGINAL STAIRCASE
• TALL CEILING

Property features AI

Finance

• Other: Property is a multi-unit building with 4 total units
• Financial info: Tax assessed value reported; Tax year reported
• HOA & community: HOA information not provided

Exterior

• Parking: Parking details not provided
• Security: Security details not provided
• Utilities: Public water; Public sewer
• Home design: Two-story building; Built in 1875
• Construction: Year built: 1875; Construction materials and roof details not provided
• Exterior features: Neighborhood view

Interior

• Kitchen: Refrigerator included
• Bedrooms: Information about bedroom counts or levels not provided
• Flooring: Flooring details not provided
• Bathrooms: Two full bathrooms; Three three-quarter bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; Cooling: Other
• Interior features: No notable built-in interior features listed
• Laundry & utility: Laundry details not provided

What this means for you Summary

Snapshot

• This is a 5 × 4-bed/5.0-bath units multifamily listed at $495k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $511/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $495k).
• Cap rate 12.5% 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; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).
• At $7,109/mo this rent would consume 144% 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 $3k of loan paydown is wiped out by about $15k 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 $139k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 18y 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 1875 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $495,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.44% ✓
• Cap rate: 12.49%
• Cash-on-cash: 22.13%
• DSCR: 1.98
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $168,912
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
217 W Ripley St	0.53mi	6/3.0	3,036 (-3%)	20mo	$163,000	$54	46

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: 20.1%
• Equity multiple: 1.87×
• Total profit: $120,017
• Equity at exit: $73,806

10-year hold

• IRR: 31.4%
• Equity multiple: 4.50×
• Total profit: $484,636
• Equity at exit: $42,799

Cash invested: $138,600 (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: 29.0×

Monthly cashflow live

• Estimated rent: $7,109 medium
• Mortgage (P&I): −$2,596
• Tax from tax record: −$258 /mo · $3,100/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,493
• Net cashflow: $2,556

Break-even live

Break-even rent $3,874

Max offer price $495,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 5× units	4	5	$7,110
Total (5 units)			$7,109

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-19
   days on market $495,000 Active 13 DOM
2. 2026-06-18
   days on market $495,000 Active 12 DOM
3. 2026-06-17
   days on market $495,000 Active 11 DOM
4. 2026-06-16
   days on market $495,000 Active 10 DOM
5. 2026-06-15
   days on market $495,000 Active 9 DOM
6. 2026-06-14
   days on market $495,000 Active 7 DOM
7. 2026-06-13
   days on market $495,000 Active 6 DOM
8. 2026-06-10
   days on market $495,000 Active 4 DOM
9. 2026-06-09
   days on market $495,000 Active 3 DOM
10. 2026-06-08
    days on market $495,000 Active 2 DOM
11. 2026-06-07
    remarks 493-char remark
12. 2026-06-07
    listed $495,000 Active 1 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: $3,100 · $258/mo
• Projected year-2 tax: $3,654 · $304/mo
• Expected delta: +$554/yr (+$46/mo · 17.9%)

ⓘ 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 3/10 Moderate
• 🌡 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: $85,308
• − Mortgage interest: −$27,728
• − Property taxes: −$3,100
• − Insurance: −$2,475
• − Repairs & maintenance: −$6,825
• − Management: −$6,825
• − Depreciation: −$14,400
• Taxable income: $23,956
• Est. tax owed @ 24.0%: −$5,749
• After-tax cash flow: $24,919/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

+253.8% since first listed

3 events — show timeline

• 2026-06-06 Listed $495,000 NIRA MLS as Distributed by MLS Grid
• 2008-11-03 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2008-05-02 Listed $139,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+8.7%/yr

Latest (2024): $3,100 · +6.5% YoY. Source: county tax records.