219 Grant Ave · Michigan City, IN 46360

$50,000

4 bd · 2.0 ba · 2,144 sqft · SingleFamily public records · 66 Days on market

Built 1890 0.26 ac lot $23/sqft · 60% below area ↓ 14% since listing

---

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
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention investors or the handy home owner! Needs a little TLC but this home would be great for your next flip, rental or place to call home!

Key facts

• 0.26 acre lot
• Built 1890
• Listed 65 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $991 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 30.1% vs local median 2.9% 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); 377 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).
• This rent runs 34% 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 $346 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.

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 $47,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 3.38% ✓
• Cap rate: 30.08%
• Cash-on-cash: 84.97%
• DSCR: 4.78
• GRM: 2.5

CMA / ARV

• ARV (median comp): $105,182
• List price: $50,000
• Delta: -52.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
820 Elston St	0.47mi	4/2.0	2,086 (-3%)	0mo	$203,900	$98	73
1607 W 10th St	0.29mi	4/2.0	1,980 (-8%)	9mo	$52,000	$26	66
1219 W 8th St	0.05mi	3/2.0 (-1)	1,844 (-14%)	12mo	$140,000	$76	59
1405 Elston St	0.59mi	3/2.0 (-1)	2,275 (+6%)	2mo	$188,000	$83	56
1203 Manhattan St	0.57mi	4/1.0	2,058 (-4%)	16mo	$149,900	$73	50
1310 Buffalo St	0.67mi	3/2.0 (-1)	2,020 (-6%)	9mo	$152,500	$75	47
1302 Elston St	0.57mi	4/1.5	2,002 (-7%)	18mo	$189,900	$95	46
217 W 10th St	0.68mi	3/2.0 (-1)	2,278 (+6%)	17mo	$135,000	$59	39
1601 Tennessee St	0.58mi	3/1.0 (-1)	1,840 (-14%)	6mo	$80,000	$43	35
1302 Buffalo St	0.66mi	5/1.0 (+1)	1,840 (-14%)	18mo	$68,000	$37	22

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: 91.0%
• Equity multiple: 5.57×
• Total profit: $64,001
• Equity at exit: $7,455

10-year hold

• IRR: 95.0%
• Equity multiple: 13.70×
• Total profit: $177,833
• Equity at exit: $4,323

Cash invested: $14,000 (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: 377
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,692 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $991

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 36%

Sensitivity live

Price	-10% $1,026	-5% $1,009	+0% $991	+5% $974	+10% $957
Rent	-10% $858	-5% $924	+0% $991	+5% $1,058	+10% $1,125
Rate	-1.0pp $1,016	-0.5pp $1,004	base $991	+0.5pp $978	+1.0pp $965

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	45d	1	0.64mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	45d	1	1.10mi

Listing history 21 events

1. 2026-06-21
   days on market $50,000 Active 66 DOM
2. 2026-06-19
   days on market $50,000 Active 64 DOM
3. 2026-06-18
   days on market $50,000 Active 63 DOM
4. 2026-06-17
   days on market $50,000 Active 62 DOM
5. 2026-06-17
   price $50,000 Active 61 DOM
6. 2026-06-16
   days on market $59,900 Active 61 DOM
7. 2026-06-15
   days on market $59,900 Active 60 DOM
8. 2026-06-14
   days on market $59,900 Active 58 DOM
9. 2026-06-13
   days on market $59,900 Active 57 DOM
10. 2026-06-10
    days on market $59,900 Active 55 DOM
11. 2026-06-09
    days on market $59,900 Active 54 DOM
12. 2026-06-08
    days on market $59,900 Active 53 DOM
13. 2026-06-07
    days on market $59,900 Active 52 DOM
14. 2026-06-03
    days on market $59,900 Active 48 DOM
15. 2026-06-02
    days on market $59,900 Active 47 DOM
16. 2026-06-01
    days on market $59,900 Active 46 DOM
17. 2026-05-31
    days on market $59,900 Active 45 DOM
18. 2026-05-30
    days on market $59,900 Active 44 DOM
19. 2026-05-15
    price $59,900 143-char remark

    Show marketing remark (143 chars)

    Attention investors or the handy home owner! Needs a little TLC but this home would be great for your next flip, rental or place to call home!

20. 2026-05-08
    price $64,900 143-char remark

    Show marketing remark (143 chars)

    Attention investors or the handy home owner! Needs a little TLC but this home would be great for your next flip, rental or place to call home!

21. 2026-04-16
    listed $70,000 Active 143-char remark

    Show marketing remark (143 chars)

    Attention investors or the handy home owner! Needs a little TLC but this home would be great for your next flip, rental or place to call home!

ⓘ 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) · 74% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 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: $20,306
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$1,624
• − Management: −$1,624
• − Depreciation: −$1,455
• Taxable income: $11,802
• Est. tax owed @ 24.0%: −$2,832
• After-tax cash flow: $9,063/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

-14.4% since first listed

3 events — show timeline

• 2026-05-15 Price Changed $59,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-08 Price Changed $64,900 NIRA MLS as Distributed by MLS Grid
• 2026-04-16 Listed $70,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-31.4%/yr

Latest (2024): $2 · +1.7% YoY. Source: county tax records.