216 May Ave · Michigan City, IN 46360

$99,500

3 bd · 1.0 ba · 1,769 sqft · SingleFamily public records · 8 Days on market

Built 1890 9,360 sqft lot $56/sqft · 45% below area Est $183k · 45% under ↓ 33% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Discover a true "diamond in the rough" at 216 May Ave. A property with historic charm and endless potential that investors truly appreciate. This spacious two-story home is an ideal canvas for your next spring renovation project. With two kitchens, three bedrooms, and a full bathroom, there's ample space to bring your creative vision to life. The flexible layout, including a separate entry for upstairs as well as access through the main level, makes it perfect for multi-generational living or rental possibilities. Located near Michigan City's shopping, dining, and the NICTD double track, and only minutes from the breathtaking shores of Lake Michigan, this home offers both convenie

Key facts

• Two kitchens
• Near dining
• Near shopping

Tags

• HISTORIC CHARM
• TWO KITCHENS
• FLEXIBLE LAYOUT
• SEPARATE ENTRY
• NEAR SHOPPING
• NEAR DINING

Property features AI

Exterior

• Parking: Detached garage (1-car); Driveway; On-street parking; Off-street parking; Concrete driveway; Garage faces front
• Utilities: Electricity connected; Public water; Public sewer; Natural gas connected
• Home design: Two-story home; Built in 1890; Property listed as fixer
• Construction: Original construction circa 1890
• Exterior features: Front porch; Rear porch; Partial fencing; Neighborhood view

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Office (can be used as bedroom/den)
• Flooring: Hardwood floors; Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Full unfinished basement with walk-out access and interior entry
• Laundry & utility: No appliances included

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $545 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 12.9% 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; 3 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).
• This rent runs 32% 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 $688 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 $28k 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 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 $77k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $99,500

Questions for the listing agent

1. Built in 1890 — 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 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: 1.57% ✓
• Cap rate: 12.86%
• Cash-on-cash: 23.47%
• DSCR: 2.04
• GRM: 5.3

CMA / ARV

• ARV (median comp): $182,512
• List price: $99,500
• Delta: -45.48%
• 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
216 May Ave	0.00mi	3/1.0	1,769 (0%)	1mo	$77,000	$44	99
1601 Tennessee St	0.46mi	3/1.0	1,840 (+4%)	6mo	$80,000	$43	66
1818 Elston St	0.29mi	3/1.0	1,592 (-10%)	5mo	$115,000	$72	65
1210 Wabash St	0.50mi	3/2.5	1,816 (+3%)	4mo	$150,000	$83	63
105 Belden St	0.31mi	4/2.0 (+1)	1,968 (+11%)	2mo	$210,000	$107	56
518 Dupage St	0.67mi	3/1.5	1,647 (-7%)	1mo	$129,000	$78	54
1930 Tennessee St	0.40mi	4/1.5 (+1)	1,596 (-10%)	5mo	$170,000	$107	54
1919 Elston St	0.31mi	2/2.0 (-1)	1,532 (-13%)	4mo	$159,900	$104	51
607 W Ripley St	0.45mi	2/1.0 (-1)	1,546 (-13%)	3mo	$97,000	$63	50
621 Gardena St	0.69mi	3/1.0	1,596 (-10%)	8mo	$199,000	$125	45
1109 Manhattan St	0.58mi	4/1.0 (+1)	1,584 (-10%)	7mo	$75,000	$47	45
621 Superior St	0.67mi	3/2.0	1,512 (-14%)	0mo	$165,000	$109	40

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: 22.1%
• Equity multiple: 1.96×
• Total profit: $26,846
• Equity at exit: $14,836

10-year hold

• IRR: 33.3%
• Equity multiple: 4.79×
• Total profit: $105,680
• Equity at exit: $8,603

Cash invested: $27,860 (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: 5.3×

Monthly cashflow live

• Estimated rent: $1,560 medium
• Mortgage (P&I): −$522
• Tax est. 1.5%: −$124 /mo · $1,492/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $545

Break-even live

Break-even rent $870

Max offer price $99,500

Occupancy floor 60%

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: $24,875
• Closing costs: $2,985
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	43d	1	0.50mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	43d	1	0.80mi
910 S Carroll Ave Michigan City, IN	2.0–3.0	2.0	1187	$1,600	$1.35	43d	3	1.50mi

Listing history 5 events

1. 2026-05-15
   status Pending 807-char remark
2. 2026-05-07
   listed $99,500 Active 807-char remark
3. 2026-02-13
   historical
4. 2025-12-18
   price $109,900
5. 2025-11-19
   listed $114,900 Active

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 73% 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: $18,721
• − Mortgage interest: −$5,574
• − Property taxes: −$1,492
• − Insurance: −$498
• − Repairs & maintenance: −$1,498
• − Management: −$1,498
• − Depreciation: −$2,895
• Taxable income: $5,267
• Est. tax owed @ 24.0%: −$1,264
• After-tax cash flow: $5,274/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

-33.0% since first listed

6 events — show timeline

• 2026-05-29 Sold (MLS) $77,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-15 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-07 Listed $99,500 NIRA MLS as Distributed by MLS Grid
• 2026-02-13 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-12-18 Price Changed $109,900 NIRA MLS as Distributed by MLS Grid
• 2025-11-19 Listed $114,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-31.1%/yr

Latest (2023): $7 · -97.2% YoY. Source: county tax records.