The Homestead Plan · Michigan City, IN 46360

$96,450

4 bd · 2.0 ba · 1,493 sqft · Manufactured · 873 Days on market

Manufactured home Excellent condition $575/mo HOA · 46% of rent

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

• ARV discount +7.5/15.0
• Rent growth +4.9/5.0
• Condition / age +4.8/5.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Appreciation +2.5/10.0
• 1% rule +1.2/10.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• Manufactured-home adj. -2.2

Listing remarks MLS

Welcome Home to this absolutely beautiful brand new home. .. +4 large bedrooms. . +2 full bathrooms +2 living rooms +1593 Sq Ft Walk right in to the living room with open floorplan . .. . the large living room has many windows and opens to the kitchen and dining room. .. the kitchen has an island and floor to ceiling kitchen cabinets. .. . just off the kitchen is an amazing laundry and mud room. .. The master suite is located on one side of the home with an amazing master bath with two seated shower and vanity. .. and extra large master bedroom closet. The absolute perfect bathroom. The other 3 bedrooms are just off of the 2nd living room and second full bathroom. Choose your lot in one of our amazing communities located in: -South Chicago -Hobart, IN -Michigan City, IN Lot rent applies monthly.

Key facts

• Open floorplan
• Brand new home
• Listed 873 days

Tags

• BRAND NEW HOME
• OPEN FLOORPLAN
• ISLAND AND KITCHEN CABINETS
• MASTER BATH WITH SEATED SHOWER

🏗️ New construction. The $96,450 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $202,871.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $96k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-981 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $61k (36.8% below list).
• Meets the 1% rule at list price ($1k rent vs $96k).
• Recommended offer: $61k (36.8% below list) — sets the bar for cash-flow.
• Cap rate 0.5% vs local median 4.2% in Michigan City — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: Knapp Elementary School (math 37% / reading 43%, grade F, #494 of 994 statewide, top 50%, 376 students, 78% 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); 648 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 47d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $1k of loan paydown is wiped out by about $6k 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 873 days — a 12% lower offer ($85k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; HOA is 46% of rent.

Recommended offer $60,941 (36.8% 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 873 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.62% ✗
• Cap rate: 0.49%
• Cash-on-cash: -20.72%
• DSCR: 0.08
• GRM: 13.4

CMA / ARV

• ARV (median comp): $202,871
• List price: $96,450
• Delta: -52.46%
• 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
402 Pearl St	1.34mi	3/2.0 (-1)	1,434 (-4%)	1mo	$219,000	$153	52
408 York St	1.39mi	3/1.0 (-1)	1,464 (-2%)	2mo	$154,000	$105	51
2120 Ohio St	0.37mi	3/1.0 (-1)	1,128 (-24%)	2mo	$20,000	$18	47
3425 Wabash St	0.78mi	3/1.0 (-1)	1,601 (+7%)	1mo	$238,900	$149	43
226 W William St	0.90mi	4/2.5	1,704 (+14%)	0mo	$210,000	$123	39
415 Woodlawn Ave	0.79mi	3/2.5 (-1)	1,664 (+12%)	0mo	$235,000	$141	38
215 Derby St	0.58mi	3/1.0 (-1)	1,760 (+18%)	0mo	$170,000	$97	38
705 Plymouth Ct	1.28mi	4/1.0	1,248 (-16%)	2mo	$160,000	$128	35
440 Cole Ct	1.09mi	3/1.0 (-1)	1,308 (-12%)	2mo	$77,000	$59	34
216 Lawndale Pl	1.20mi	3/2.0 (-1)	1,808 (+21%)	2mo	$220,000	$122	34
3311 Tilden Ave	1.12mi	3/1.0 (-1)	1,206 (-19%)	0mo	$221,000	$183	31
105 Hancock Ave	0.99mi	5/1.0 (+1)	1,727 (+16%)	1mo	$156,500	$91	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: -50.1%
• Equity multiple: -0.55×
• Total profit: $-88,308
• Equity at exit: $30,249

10-year hold

• IRR: -47.2%
• Equity multiple: -1.21×
• Total profit: $-125,496
• Equity at exit: $17,541

Cash invested: $56,804 (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: 648
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,261 high
• Mortgage (P&I): −$1,064
• Tax est. 1.5%: −$254 /mo · $3,043/yr
• Insurance: −$85
• HOA: −$575
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-981

Break-even live

Break-even rent $2,503

Max offer price $60,941

Occupancy floor —

Sensitivity live

Price	-10% $-841	-5% $-911	+0% $-981	+5% $-1,051	+10% $-1,121
Rent	-10% $-1,080	-5% $-1,031	+0% $-981	+5% $-931	+10% $-881
Rate	-1.0pp $-879	-0.5pp $-929	base $-981	+0.5pp $-1,033	+1.0pp $-1,087

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: $50,718
• Closing costs: $6,086
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
934 Henry St Michigan City, IN	3.0	1.0	1100	$1,250	$1.14	184d	1	0.08mi
3581 Hampden Rd Michigan City, IN	4.0	1.0	1120	$2,000	$1.79	184d	1	0.42mi
306 Chestnut St Michigan City, IN	3.0	1.0	1105	$1,565	$1.42	10d	1	0.56mi
2803 Wabash St Michigan City, IN	3.0	1.0	1000	$1,600	$1.60	51d	1	0.63mi
1201 Elston St Michigan City, IN	3.0	1.0	1200	$2,500	$2.08	6d	1	0.83mi
1303 Buffalo St Unit 1 Michigan City, IN	3.0	1.0	1700	$1,700	$1.00	184d	1	0.86mi
1111 Spring St Unit A Michigan City, IN	3.0	1.0	1255	$1,750	$1.39	9d	1	1.19mi
731 W 4th St Michigan City, IN	3.0	1.0	1342	$1,350	$1.01	47d	1	1.23mi
731 W 4th St Michigan City, IN	3.0	1.0	1342	$1,275	$0.95	2d	1	1.23mi
307 Pearl St Michigan City, IN	3.0	2.0	1538	$3,500	$2.28	21d	1	1.25mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	184d	1	1.39mi
510 Tremont St Michigan City, IN	3.0	1.0	1296	$1,395	$1.08	10d	1	1.41mi

Listing history 50 events

1. 2026-11-08
   days on market $96,450 Active 873 DOM
2. 2026-11-07
   days on market $96,450 Active 872 DOM
3. 2026-11-06
   days on market $96,450 Active 871 DOM
4. 2026-11-05
   days on market $96,450 Active 870 DOM
5. 2026-11-04
   days on market $96,450 Active 869 DOM
6. 2026-11-02
   days on market $96,450 Active 867 DOM
7. 2026-11-01
   days on market $96,450 Active 866 DOM
8. 2026-10-31
   days on market $96,450 Active 865 DOM
9. 2026-10-30
   days on market $96,450 Active 864 DOM
10. 2026-10-29
    days on market $96,450 Active 863 DOM
11. 2026-10-28
    days on market $96,450 Active 862 DOM
12. 2026-10-27
    days on market $96,450 Active 861 DOM
13. 2026-10-26
    days on market $96,450 Active 860 DOM
14. 2026-10-25
    days on market $96,450 Active 859 DOM
15. 2026-10-24
    days on market $96,450 Active 858 DOM
16. 2026-10-23
    days on market $96,450 Active 857 DOM
17. 2026-10-22
    days on market $96,450 Active 856 DOM
18. 2026-10-21
    days on market $96,450 Active 855 DOM
19. 2026-10-20
    days on market $96,450 Active 854 DOM
20. 2026-10-19
    days on market $96,450 Active 853 DOM
21. 2026-10-18
    days on market $96,450 Active 852 DOM
22. 2026-10-17
    days on market $96,450 Active 851 DOM
23. 2026-10-16
    days on market $96,450 Active 850 DOM
24. 2026-10-15
    days on market $96,450 Active 849 DOM
25. 2026-10-14
    days on market $96,450 Active 848 DOM
26. 2026-10-13
    days on market $96,450 Active 847 DOM
27. 2026-10-12
    days on market $96,450 Active 846 DOM
28. 2026-10-11
    days on market $96,450 Active 845 DOM
29. 2026-10-10
    days on market $96,450 Active 844 DOM
30. 2026-10-09
    days on market $96,450 Active 843 DOM
31. 2026-10-08
    days on market $96,450 Active 842 DOM
32. 2026-10-07
    days on market $96,450 Active 841 DOM
33. 2026-10-06
    days on market $96,450 Active 840 DOM
34. 2026-10-05
    days on market $96,450 Active 839 DOM
35. 2026-10-04
    days on market $96,450 Active 838 DOM
36. 2026-10-03
    days on market $96,450 Active 837 DOM
37. 2026-10-02
    days on market $96,450 Active 836 DOM
38. 2026-10-01
    days on market $96,450 Active 835 DOM
39. 2026-09-30
    days on market $96,450 Active 834 DOM
40. 2026-09-29
    days on market $96,450 Active 833 DOM
41. 2026-09-28
    days on market $96,450 Active 832 DOM
42. 2026-09-27
    days on market $96,450 Active 831 DOM
43. 2026-09-26
    days on market $96,450 Active 830 DOM
44. 2026-09-25
    days on market $96,450 Active 829 DOM
45. 2026-09-24
    days on market $96,450 Active 828 DOM
46. 2026-09-24
    days on market $96,450 Active 827 DOM
47. 2026-09-22
    days on market $96,450 Active 826 DOM
48. 2026-09-20
    days on market $96,450 Active 824 DOM
49. 2026-09-18
    days on market $96,450 Active 822 DOM
50. 2026-09-17
    days on market $96,450 Active 821 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $15,131
• − Mortgage interest: −$11,364
• − Property taxes: −$3,043
• − Insurance: −$1,014
• − Repairs & maintenance: −$1,211
• − Management: −$1,211
• − HOA: −$6,900
• − Depreciation: −$5,902
• Taxable loss: −$15,513
• Est. tax savings @ 24.0%: +$3,723
• After-tax cash flow: $-8,047/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 · 13 photos

Excellent 95/100 None rehab

This manufactured home is in excellent condition with a modern interior and a well-maintained exterior. It is move-in ready and would benefit from some cosmetic updates to further enhance its value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can improve the curb appeal and interior aesthetics, making the home more attractive to potential buyers and renters. ↑
• Both Landscaping improvements — Enhancing the landscaping can increase the home's curb appeal and make it more inviting for potential buyers and renters. ↑

F Composite school gradezoned avg 30/100

Zoned Schools

Elementary Knapp Elementary School F IN #494/994 Nat'l #19,354/41,679 Middle Barker Middle School F IN #257/330 Nat'l #10,902/14,009 High Michigan City High School F IN #315/369 Nat'l #11,887/17,239

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

A Composite livability gradescore 81/100

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 · 109,757 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: 9% of renters

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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%

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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%
• Languages at home: 95% English-only · Spanish 3%

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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

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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

+20.6% since first listed

4 events — show timeline

• 2025-11-20 Price Changed $96,450 Zillow
• 2025-04-04 Price Changed $86,500 Zillow
• 2025-03-22 Price Changed $82,500 Zillow
• 2024-06-18 Listed $79,999 Zillow