The Ozark Plan · Michigan City, IN 46360

$93,500

3 bd · 2.0 ba · 1,153 sqft · Manufactured · 390 Days on market

Good condition $575/mo HOA · 40% of rent

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Why this score? — see what drove the D 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).

• 1% rule +10.0/10.0
• Cash flow +8.6/30.0
• ARV discount +7.5/15.0
• Rent growth +4.9/5.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• DSCR +2.4/10.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this 3 bedroom, 2 bath home. .. BRAND NEW! The master suite is at the rear end of the home for complete privacy with a walk in closet and bathroom with full bathtub/shower combo. The kitchen has floor to ceiling cabinets with the following appliances: -Refrigerator -Dishwasher -Microwave -Gas Stove The other two bedrooms and full bathroom are adjacent to each other with full closets. The 2nd bathroom is also a full bath with a bathtub/shower combo. The home is equipped with the following: -Central Air Unit -Two Wooden Entrance Decks -Gas Forced Air Furnace -2 Car Driveway

Key facts

• Master suite
• Walk in closet
• Central air unit

Tags

• MASTER SUITE
• WALK IN CLOSET
• FLOOR TO CEILING CABINETS
• CENTRAL AIR UNIT
• TWO WOODEN ENTRANCE DECKS
• GAS FORCED AIR FURNACE

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $94k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-80 ($-964/yr) — negative.
• To cash-flow at today's rent, offer at most $82k (12.4% below list).
• Meets the 1% rule at list price ($1k rent vs $94k).
• Recommended offer: $82k (12.4% below list) — sets the bar for cash-flow.
• Cap rate 5.3% 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; 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 $646 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.

Negotiation context

• It's been on market 390 days — a 12% lower offer ($82k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.

Recommended offer $81,874 (12.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 390 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 1.54% ✓
• Cap rate: 5.26%
• Cash-on-cash: -3.68%
• DSCR: 0.84
• GRM: 5.4

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: -11.9%
• Equity multiple: 0.53×
• Total profit: $-12,261
• Equity at exit: $13,941

10-year hold

• IRR: 6.9%
• Equity multiple: 1.73×
• Total profit: $18,993
• Equity at exit: $8,084

Cash invested: $26,180 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,444 medium
• Mortgage (P&I): −$490
• Tax est. 1.5%: −$117 /mo · $1,402/yr
• Insurance: −$39
• HOA: −$575
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $-80

Break-even live

Break-even rent $1,546

Max offer price $81,874

Occupancy floor —

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: $23,375
• Closing costs: $2,805
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $575 · $6,900/yr
• Likely covers: gas

Listing history 20 events

1. 2026-06-18
   days on market $93,500 Active 390 DOM
2. 2026-06-17
   days on market $93,500 Active 389 DOM
3. 2026-06-16
   days on market $93,500 Active 388 DOM
4. 2026-06-15
   days on market $93,500 Active 387 DOM
5. 2026-06-14
   days on market $93,500 Active 385 DOM
6. 2026-06-13
   days on market $93,500 Active 384 DOM
7. 2026-06-10
   days on market $93,500 Active 382 DOM
8. 2026-06-09
   days on market $93,500 Active 381 DOM
9. 2026-06-08
   days on market $93,500 Active 380 DOM
10. 2026-06-07
    days on market $93,500 Active 379 DOM
11. 2026-06-03
    days on market $93,500 Active 375 DOM
12. 2026-06-02
    days on market $93,500 Active 374 DOM
13. 2026-06-01
    days on market $93,500 Active 373 DOM
14. 2026-05-31
    days on market $93,500 Active 372 DOM
15. 2026-05-30
    days on market $93,500 Active 371 DOM
16. 2025-12-02
    price $93,500 596-char remark

    Show marketing remark (596 chars)

    Welcome home to this 3 bedroom, 2 bath home. .. BRAND NEW! The master suite is at the rear end of the home for complete privacy with a walk in closet and bathroom with full bathtub/shower combo. The kitchen has floor to ceiling cabinets with the following appliances: -Refrigerator -Dishwasher -Microwave -Gas Stove The other two bedrooms and full bathroom are adjacent to each other with full closets. The 2nd bathroom is also a full bath with a bathtub/shower combo. The home is equipped with the following: -Central Air Unit -Two Wooden Entrance Decks -Gas Forced Air Furnace -2 Car Driveway

17. 2025-12-02
    price $89,999 596-char remark

    Show marketing remark (596 chars)

    Welcome home to this 3 bedroom, 2 bath home. .. BRAND NEW! The master suite is at the rear end of the home for complete privacy with a walk in closet and bathroom with full bathtub/shower combo. The kitchen has floor to ceiling cabinets with the following appliances: -Refrigerator -Dishwasher -Microwave -Gas Stove The other two bedrooms and full bathroom are adjacent to each other with full closets. The 2nd bathroom is also a full bath with a bathtub/shower combo. The home is equipped with the following: -Central Air Unit -Two Wooden Entrance Decks -Gas Forced Air Furnace -2 Car Driveway

18. 2025-12-02
    price $93,500 596-char remark

    Show marketing remark (596 chars)

    Welcome home to this 3 bedroom, 2 bath home. .. BRAND NEW! The master suite is at the rear end of the home for complete privacy with a walk in closet and bathroom with full bathtub/shower combo. The kitchen has floor to ceiling cabinets with the following appliances: -Refrigerator -Dishwasher -Microwave -Gas Stove The other two bedrooms and full bathroom are adjacent to each other with full closets. The 2nd bathroom is also a full bath with a bathtub/shower combo. The home is equipped with the following: -Central Air Unit -Two Wooden Entrance Decks -Gas Forced Air Furnace -2 Car Driveway

19. 2025-11-20
    price $89,999 596-char remark

    Show marketing remark (596 chars)

    Welcome home to this 3 bedroom, 2 bath home. .. BRAND NEW! The master suite is at the rear end of the home for complete privacy with a walk in closet and bathroom with full bathtub/shower combo. The kitchen has floor to ceiling cabinets with the following appliances: -Refrigerator -Dishwasher -Microwave -Gas Stove The other two bedrooms and full bathroom are adjacent to each other with full closets. The 2nd bathroom is also a full bath with a bathtub/shower combo. The home is equipped with the following: -Central Air Unit -Two Wooden Entrance Decks -Gas Forced Air Furnace -2 Car Driveway

20. 2025-05-24
    listed $85,000 Active 596-char remark

    Show marketing remark (596 chars)

    Welcome home to this 3 bedroom, 2 bath home. .. BRAND NEW! The master suite is at the rear end of the home for complete privacy with a walk in closet and bathroom with full bathtub/shower combo. The kitchen has floor to ceiling cabinets with the following appliances: -Refrigerator -Dishwasher -Microwave -Gas Stove The other two bedrooms and full bathroom are adjacent to each other with full closets. The 2nd bathroom is also a full bath with a bathtub/shower combo. The home is equipped with the following: -Central Air Unit -Two Wooden Entrance Decks -Gas Forced Air Furnace -2 Car Driveway

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 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: $17,329
• − Mortgage interest: −$5,237
• − Property taxes: −$1,402
• − Insurance: −$468
• − Repairs & maintenance: −$1,386
• − Management: −$1,386
• − HOA: −$6,900
• − Depreciation: −$2,720
• Taxable loss: −$2,171
• Est. tax savings @ 24.0%: +$521
• After-tax cash flow: $-443/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This modern manufactured home is in good condition with a good layout and finishes. It has a good resale and rental value with minor updates that can further enhance its appeal.

Value-add opportunities

• Both Paint the interior walls — Fresh paint can make the home feel new and improve curb appeal
• Both Replace the kitchen faucet — A new faucet can enhance the kitchen's functionality and aesthetics
• Both Install a smart thermostat — A smart thermostat can improve energy efficiency and comfort

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the interior walls — Fresh paint can make the home feel new and improve curb appeal ↑
• Both Replace the kitchen faucet — A new faucet can enhance the kitchen's functionality and aesthetics ↑
• Both Install a smart thermostat — A smart thermostat can improve energy efficiency and comfort ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+10.0% since first listed

5 events — show timeline

• 2025-12-02 Price Changed $93,500 Zillow
• 2025-12-02 Price Changed $89,999 Zillow
• 2025-12-02 Price Changed $93,500 Zillow
• 2025-11-20 Price Changed $89,999 Zillow
• 2025-05-24 Listed $85,000 Zillow