9801 US Highway 12 #38 · Michiana Shores, IN 46360

$64,000

3 bd · 2.0 ba · 1,056 sqft · Manufactured · 44 Days on market

Built 2026 Good condition

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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
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the Clayton Cornerstone - a brand new, thoughtfully designed home that combines modern comfort, smart efficiency, and stylish living all in one. Stepping inside, you're greeted by an open concept layout that seamlessly connects the living, dining, and kitchen areas - perfect for entertaining or simply enjoying everyday life with an airy, spacious feel. The expansive master suite is a true retreat, featuring a large bedroom with a generously sized walk-in closet and a private attached master bathroom. The master bath is highlighted by a massive walk-in shower, offering a spa-like experience right at home. Two additional bedrooms provide plenty of space for family, guests, or a hom

Key facts

• 5-star energy rated
• Walk-in closet
• Second full bathroom

Tags

• OPEN CONCEPT LAYOUT
• EXPANSIVE MASTER SUITE
• WALK-IN CLOSET
• MASSIVE WALK-IN SHOWER
• SECOND FULL BATHROOM
• 5-STAR ENERGY RATED

Property features AI

Finance

• Other: Address: 9801 US Highway 12 #38, Michigan City, IN 46360
• Financial info: List price $64,000

Exterior

• Utilities: Natural gas heating; Central air conditioning
• Home design: Manufactured home (16x66 Clayton Cornerstone); Spec inventory
• Construction: Living area approximately 1056; Year built not provided

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Dishwasher; Refrigerator

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $64k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $686 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $64k).
• Recommended offer: $62k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#364 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: schools D, amenities F, commute F.
• 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 $442 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 $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($62k) is reasonable based on typical stale-listing flexibility.

Recommended offer $62,080 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 2.23% ✓
• Cap rate: 19.16%
• Cash-on-cash: 45.96%
• DSCR: 3.05
• GRM: 3.7

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: 48.8%
• Equity multiple: 3.28×
• Total profit: $40,918
• Equity at exit: $9,543

10-year hold

• IRR: 56.4%
• Equity multiple: 8.05×
• Total profit: $126,377
• Equity at exit: $5,534

Cash invested: $17,920 (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: 3.7×

Monthly cashflow live

• Estimated rent: $1,429 medium
• Mortgage (P&I): −$336
• Tax est. 1.5%: −$80 /mo · $960/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $686

Break-even live

Break-even rent $560

Max offer price $64,000

Occupancy floor 47%

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: $16,000
• Closing costs: $1,920
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $64,000 Active 44 DOM
2. 2026-06-17
   days on market $64,000 Active 43 DOM
3. 2026-06-16
   days on market $64,000 Active 42 DOM
4. 2026-06-15
   days on market $64,000 Active 41 DOM
5. 2026-06-14
   days on market $64,000 Active 39 DOM
6. 2026-06-13
   days on market $64,000 Active 38 DOM
7. 2026-06-10
   days on market $64,000 Active 36 DOM
8. 2026-06-09
   days on market $64,000 Active 35 DOM
9. 2026-06-08
   days on market $64,000 Active 34 DOM
10. 2026-06-07
    days on market $64,000 Active 33 DOM
11. 2026-06-03
    days on market $64,000 Active 29 DOM
12. 2026-06-02
    days on market $64,000 Active 28 DOM
13. 2026-06-01
    days on market $64,000 Active 27 DOM
14. 2026-05-31
    days on market $64,000 Active 26 DOM
15. 2026-05-30
    days on market $64,000 Active 25 DOM
16. 2026-05-06
    price $64,000 1331-char remark
17. 2026-05-06
    price $69,000 1331-char remark
18. 2026-05-05
    price $64,000 1331-char remark
19. 2026-05-05
    listed $69,000 Active 1331-char remark

ⓘ 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: $17,145
• − Mortgage interest: −$3,585
• − Property taxes: −$960
• − Insurance: −$320
• − Repairs & maintenance: −$1,372
• − Management: −$1,372
• − Depreciation: −$1,862
• Taxable income: $7,675
• Est. tax owed @ 24.0%: −$1,842
• After-tax cash flow: $6,395/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 · 9 photos

Good 80/100 Cosmetic rehab

This Clayton Cornerstone manufactured home is in excellent condition with a good condition score of 80. It is move-in ready with a modern kitchen and two bathrooms. The home has a good curb appeal and is ready for minor updates to further increase its value.

Value-add opportunities

• Both Painting the interior walls — Fresh paint can make the home feel new and improve curb appeal.
• Both Updating the flooring — Replacing worn-out flooring can enhance the home's value and appeal.
• Both Adding smart home features — Smart home features can increase both resale and rental value by making the home more convenient and attractive to potential buyers/tenants.
• Both Upgrading the kitchen appliances — Upgrading to more modern or energy-efficient appliances can increase the home's value and appeal to potential buyers/tenants.
• Both Landscaping improvements — Enhancing the landscaping can improve curb appeal and make the home more inviting to potential buyers/tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the interior walls — Fresh paint can make the home feel new and improve curb appeal. ↑
• Both Updating the flooring — Replacing worn-out flooring can enhance the home's value and appeal. ↑
• Both Adding smart home features — Smart home features can increase both resale and rental value by making the home more convenient and attractive to potential buyers/tenants. ↑
• Both Upgrading the kitchen appliances — Upgrading to more modern or energy-efficient appliances can increase the home's value and appeal to potential buyers/tenants. ↑
• Both Landscaping improvements — Enhancing the landscaping can improve curb appeal and make the home more inviting to potential buyers/tenants. ↑

ⓘ 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 — Michiana Shores

• Score: 64/100
• State rank: #364
• US rank: #13686

Category grades

Amenities F Commute F Cost of living C Crime A+ Employment A+ Housing A Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: La Porte County · 88,580 people
• 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