The Homestead Plan · Michigan City, IN 46360

$96,450

4 bd · 2.0 ba · 1,493 sqft · Manufactured · 730 Days on market

Excellent condition $575/mo HOA · 37% of rent

---

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 +24.0/30.0
• 1% rule +10.0/10.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• Rent growth +4.9/5.0
• Condition / age +4.8/5.0
• Livability +4.0/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

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 730 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 — $72,000.

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 $141 ($2k/yr) — positive.
• To cash-flow at today's rent, offer at most $92k (4.2% below list).
• Meets the 1% rule at list price ($2k rent vs $96k).
• Recommended offer: $85k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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; 4 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 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 $498 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 $20k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 730 days — a 12% lower offer ($85k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.

Recommended offer $84,876 (12.0% below list)

Questions for the listing agent

1. It's been on market 730 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 2.13% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.41%
• DSCR: 1.37
• GRM: 3.9

CMA / ARV

• ARV (median comp): $72,000
• List price: $96,450
• Delta: 33.96%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 6.7%
• Equity multiple: 1.29×
• Total profit: $5,826
• Equity at exit: $10,735

10-year hold

• IRR: 22.5%
• Equity multiple: 3.74×
• Total profit: $55,146
• Equity at exit: $6,225

Cash invested: $20,160 (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: 5.2×

Monthly cashflow live

• Estimated rent: $1,536 medium
• Mortgage (P&I): −$378
• Tax est. 1.5%: −$90 /mo · $1,080/yr
• Insurance: −$30
• HOA: −$575
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $141

Break-even live

Break-even rent $1,358

Max offer price $72,000

Occupancy floor 86%

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: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	44d	1	0.08mi
3581 Hampden Rd Michigan City, IN	4.0	1.0	1120	$2,000	$1.79	44d	1	0.42mi
1303 Buffalo St Unit 1 Michigan City, IN	3.0	1.0	1700	$1,700	$1.00	44d	1	0.86mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	44d	1	1.39mi

HOA detail

• Monthly dues: $575 · $6,900/yr

Listing history 19 events

1. 2026-06-18
   days on market $96,450 Active 730 DOM
2. 2026-06-17
   days on market $96,450 Active 729 DOM
3. 2026-06-16
   days on market $96,450 Active 728 DOM
4. 2026-06-15
   days on market $96,450 Active 727 DOM
5. 2026-06-14
   days on market $96,450 Active 725 DOM
6. 2026-06-13
   days on market $96,450 Active 724 DOM
7. 2026-06-10
   days on market $96,450 Active 722 DOM
8. 2026-06-09
   days on market $96,450 Active 721 DOM
9. 2026-06-08
   days on market $96,450 Active 720 DOM
10. 2026-06-07
    days on market $96,450 Active 719 DOM
11. 2026-06-03
    days on market $96,450 Active 715 DOM
12. 2026-06-02
    days on market $96,450 Active 714 DOM
13. 2026-06-01
    days on market $96,450 Active 713 DOM
14. 2026-05-31
    days on market $96,450 Active 712 DOM
15. 2026-05-30
    days on market $96,450 Active 711 DOM
16. 2025-11-20
    price $96,450 809-char remark

    Show marketing remark (809 chars)

    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.

17. 2025-04-04
    price $86,500 809-char remark

    Show marketing remark (809 chars)

    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.

18. 2025-03-22
    price $82,500 809-char remark

    Show marketing remark (809 chars)

    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.

19. 2024-06-18
    listed $79,999 Active 809-char remark

    Show marketing remark (809 chars)

    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.

ⓘ 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: $18,438
• − Mortgage interest: −$4,033
• − Property taxes: −$1,080
• − Insurance: −$360
• − Repairs & maintenance: −$1,475
• − Management: −$1,475
• − HOA: −$6,900
• − Depreciation: −$2,095
• Taxable income: $1,020
• Est. tax owed @ 24.0%: −$245
• After-tax cash flow: $1,450/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.

Renovation cost estimate screening

Value-add ROI direction

• 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. ↑

ⓘ 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

+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