234 Douglas Ave · Michigan City, IN 46360

$50,000

3 bd · 2.0 ba · 1,400 sqft · SingleFamily public records · 5 Days on market

Built 1971 10,400 sqft lot $36/sqft · 51% below area ↓ 47% since listing

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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

Listing remarks MLS

This 3-bedroom, 2-bath home features 2,400 total square feet with an unfinished basement, offering plenty of potential for the right buyer. The property needs considerable work, making it an ideal project for a flipper or an investor looking to add a rental to their portfolio. Being sold as-is, no repairs or cleanout will be made by the seller. Bring your vision and make the most of this investment opportunity!

Key facts

• 0.24 acre lot
• Built 1971
• Listed 5 days

Property features AI

Finance

• Other: Vacant occupancy

Exterior

• Parking: Driveway; On-street parking
• Utilities: Public water; Public sewer
• Home design: Single-story home; Built in 1971; Fixer condition
• Construction: Brick construction; Asphalt shingle roof; Unfinished basement
• Exterior features: Neighborhood view; Trees/woods view

Interior

• Bedrooms: Primary bedroom (single bedroom total)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: No special interior features listed

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $811 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Cap rate 25.7% vs local median 3.0% 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, 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: Pine Elementary School (math 21% / reading 24%, grade F, #788 of 994 statewide, top 79%, 403 students, 82% FRL); Barker Middle School (math 19% / reading 28%, grade F, #257 of 330 statewide, top 79%, 430 students, 79% 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); 377 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d 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).
• This rent runs 31% 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 $346 of loan paydown is wiped out by about $2k 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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.
• Current owner paid $40k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price.

Recommended offer $50,000

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 3.08% ✓
• Cap rate: 25.75%
• Cash-on-cash: 69.48%
• DSCR: 4.09
• GRM: 2.7

CMA / ARV

• ARV (median comp): $102,520
• List price: $50,000
• Delta: -51.23%
• 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
234 Douglas Ave	0.00mi	3/2.0	1,400 (0%)	1mo	$40,000	$29	99
102 Grant Ave	0.25mi	3/2.0	1,344 (-4%)	10mo	$100,000	$74	74
121 Claire St	0.37mi	2/2.0 (-1)	1,332 (-5%)	14mo	$44,099	$33	58
435 Hayes Ave	0.26mi	3/1.0	1,260 (-10%)	14mo	$45,000	$36	55
1115 W 9th St	0.32mi	3/1.0	1,304 (-7%)	17mo	$118,000	$90	55
816 W 4th St	0.24mi	3/1.0	1,579 (+13%)	12mo	$240,000	$152	54
440 Sheridan Ave	0.28mi	3/1.0	1,568 (+12%)	21mo	$74,045	$47	45
1301 Elston St	0.70mi	4/1.0 (+1)	1,282 (-8%)	3mo	$207,000	$161	42
1301 Ohio St	0.66mi	3/1.0	1,463 (+4%)	21mo	$132,000	$90	40
1350 Russell St	0.60mi	2/1.0 (-1)	1,213 (-13%)	3mo	$144,000	$119	38
607 W Ripley St	0.75mi	2/1.0 (-1)	1,546 (+10%)	3mo	$97,000	$63	36
1109 Manhattan St	0.71mi	4/1.0 (+1)	1,584 (+13%)	7mo	$75,000	$47	30

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: 74.9%
• Equity multiple: 4.70×
• Total profit: $51,731
• Equity at exit: $7,455

10-year hold

• IRR: 80.1%
• Equity multiple: 11.63×
• Total profit: $148,838
• Equity at exit: $4,323

Cash invested: $14,000 (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: 2.7×

Monthly cashflow live

• Estimated rent: $1,541 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$124 /mo · $1,484/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $811

Break-even live

Break-even rent $515

Max offer price $50,000

Occupancy floor 42%

Sensitivity live

Price	-10% $839	-5% $825	+0% $811	+5% $796	+10% $782
Rent	-10% $689	-5% $750	+0% $811	+5% $871	+10% $932
Rate	-1.0pp $836	-0.5pp $823	base $811	+0.5pp $798	+1.0pp $784

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1303 Buffalo St Unit 1 Michigan City, IN	3.0	1.0	1700	$1,700	$1.00	45d	1	0.80mi
934 Henry St Michigan City, IN	3.0	1.0	1100	$1,250	$1.14	45d	1	1.04mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	45d	1	1.25mi
3581 Hampden Rd Michigan City, IN	4.0	1.0	1120	$2,000	$1.79	45d	1	1.44mi

Listing history 5 events

1. 2026-05-14
   listed $50,000 Active 610-char remark
2. 2025-02-07
   soldstatus $41,000 Closed 414-char remark

   Show marketing remark (414 chars)

   This 3-bedroom, 2-bath home features 2,400 total square feet with an unfinished basement, offering plenty of potential for the right buyer. The property needs considerable work, making it an ideal project for a flipper or an investor looking to add a rental to their portfolio. Being sold as-is, no repairs or cleanout will be made by the seller. Bring your vision and make the most of this investment opportunity!

3. 2025-01-24
   status Pending 414-char remark

   Show marketing remark (414 chars)

   This 3-bedroom, 2-bath home features 2,400 total square feet with an unfinished basement, offering plenty of potential for the right buyer. The property needs considerable work, making it an ideal project for a flipper or an investor looking to add a rental to their portfolio. Being sold as-is, no repairs or cleanout will be made by the seller. Bring your vision and make the most of this investment opportunity!

4. 2025-01-02
   price $65,000 414-char remark

   Show marketing remark (414 chars)

   This 3-bedroom, 2-bath home features 2,400 total square feet with an unfinished basement, offering plenty of potential for the right buyer. The property needs considerable work, making it an ideal project for a flipper or an investor looking to add a rental to their portfolio. Being sold as-is, no repairs or cleanout will be made by the seller. Bring your vision and make the most of this investment opportunity!

5. 2024-12-13
   listed $75,000 Active 414-char remark

   Show marketing remark (414 chars)

   This 3-bedroom, 2-bath home features 2,400 total square feet with an unfinished basement, offering plenty of potential for the right buyer. The property needs considerable work, making it an ideal project for a flipper or an investor looking to add a rental to their portfolio. Being sold as-is, no repairs or cleanout will be made by the seller. Bring your vision and make the most of this investment opportunity!

ⓘ 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: $1,484 · $124/mo
• Projected year-2 tax: $1,484 · $124/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 3/10 Moderate
• 🌡 Heat 2/10 Low 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: $18,491
• − Mortgage interest: −$2,801
• − Property taxes: −$1,484
• − Insurance: −$250
• − Repairs & maintenance: −$1,479
• − Management: −$1,479
• − Depreciation: −$1,455
• Taxable income: $9,543
• Est. tax owed @ 24.0%: −$2,290
• After-tax cash flow: $7,437/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

-46.7% since first listed

7 events — show timeline

• 2026-06-01 Sold (MLS) $40,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-19 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-14 Listed $50,000 NIRA MLS as Distributed by MLS Grid
• 2025-02-07 Sold (MLS) $41,000 NIRA MLS as Distributed by MLS Grid
• 2025-01-24 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-01-02 Price Changed $65,000 NIRA MLS as Distributed by MLS Grid
• 2024-12-13 Listed $75,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+53.6%/yr

Latest (2024): $1,484 · -2.4% YoY. Source: county tax records.