1814 Elston St · Michigan City, IN 46360

$109,000

3 bd · 1.5 ba · 1,896 sqft · SingleFamily public records · 46 Days on market

Built 1905 5,670 sqft lot $57/sqft · 35% below area Est $167k · 35% under ↓ 43% since listing

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• 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

Nice 4 bedroom bath and a half on Elston Street in Michigan City. Two bedrooms plus a den on the main floor along with a living and dining room and an all new kitchen with new stainless appliances. Upstairs has 2 bedrooms and a rec room between and the main bedroom has a half bath. New hvac and all new plumbing. Partially fenced yard and 1.5 car garage with a new garage door and opener. Come take a look.

Key facts

• Lake michigan access
• Full basement
• Sandy beaches

Tags

• LAKE MICHIGAN ACCESS
• SANDY BEACHES
• FULL BASEMENT
• OVERSIZED GARAGE

Property features AI

Finance

• Other: Property is vacant

Exterior

• Parking: Detached garage; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: One and one-half stories; Built in 1905
• Exterior features: Neighborhood view; Back yard fencing; Other exterior features

Interior

• Kitchen: Dishwasher; Refrigerator; Microwave; Gas range
• Bedrooms: Primary bedroom; Three additional bedrooms (Bedroom 2, Bedroom 3, Bedroom 4); Bonus room
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Other interior features; Full unfinished basement; 9 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $514 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Recommended offer: $106k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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; 2 comparable units currently listed for rent nearby; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).
• This rent runs 32% 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 $754 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $20k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,730 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.44% ✓
• Cap rate: 11.95%
• Cash-on-cash: 20.20%
• DSCR: 1.90
• GRM: 5.8

CMA / ARV

• ARV (median comp): $167,201
• List price: $109,000
• Delta: -34.81%
• 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
1601 Tennessee St	0.17mi	3/1.0	1,840 (-3%)	6mo	$80,000	$43	80
216 May Ave	0.30mi	3/1.0	1,769 (-7%)	1mo	$77,000	$44	72
1210 Wabash St	0.38mi	3/2.5	1,816 (-4%)	4mo	$150,000	$83	68
1310 Buffalo St	0.31mi	3/2.0	2,020 (+6%)	9mo	$152,500	$75	65
105 Belden St	0.48mi	4/2.0 (+1)	1,968 (+4%)	2mo	$210,000	$107	63
1604-1608 Franklin St	0.39mi	3/2.5	2,000 (+6%)	10mo	$180,000	$90	61
108 Hamilton Pl	0.54mi	3/2.0	1,776 (-6%)	8mo	$102,500	$58	56
820 Elston St	0.54mi	4/2.0 (+1)	2,086 (+10%)	0mo	$203,900	$98	51
211 E Fulton St	0.51mi	4/2.5 (+1)	2,051 (+8%)	3mo	$310,000	$151	51
225 Detroit St	0.58mi	4/2.0 (+1)	1,795 (-5%)	9mo	$219,000	$122	50
422 Douglas Ave	0.75mi	4/2.0 (+1)	1,768 (-7%)	8mo	$199,900	$113	41
1210 Maple St	0.69mi	3/2.0	1,622 (-14%)	10mo	$199,500	$123	34

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: 17.8%
• Equity multiple: 1.76×
• Total profit: $23,339
• Equity at exit: $16,252

10-year hold

• IRR: 29.5%
• Equity multiple: 4.28×
• Total profit: $100,120
• Equity at exit: $9,424

Cash invested: $30,520 (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: 5.8×

Monthly cashflow live

• Estimated rent: $1,565 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$105 /mo · $1,263/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $514

Break-even live

Break-even rent $914

Max offer price $109,000

Occupancy floor 62%

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: $27,250
• Closing costs: $3,270
• 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	43d	1	0.33mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	43d	1	0.84mi

Listing history 28 events

1. 2026-06-19
   days on market $109,000 Active 46 DOM
2. 2026-06-18
   days on market $109,000 Active 45 DOM
3. 2026-06-17
   days on market $109,000 Active 44 DOM
4. 2026-06-16
   days on market $109,000 Active 43 DOM
5. 2026-06-15
   days on market $109,000 Active 42 DOM
6. 2026-06-14
   days on market $109,000 Active 40 DOM
7. 2026-06-13
   days on market $109,000 Active 39 DOM
8. 2026-06-10
   days on market $109,000 Active 37 DOM
9. 2026-06-09
   days on market $109,000 Active 36 DOM
10. 2026-06-08
    days on market $109,000 Active 35 DOM
11. 2026-06-07
    remarks 467-char remark
12. 2026-06-07
    pricedays on market $109,000 Active 34 DOM
13. 2026-06-03
    days on market $119,000 Active 30 DOM
14. 2026-06-02
    days on market $119,000 Active 29 DOM
15. 2026-06-01
    days on market $119,000 Active 28 DOM
16. 2026-05-31
    days on market $119,000 Active 27 DOM
17. 2026-05-30
    days on market $119,000 Active 26 DOM
18. 2026-05-03
    listed $129,000 Active 447-char remark
19. 2026-04-07
    status Pending
20. 2026-04-07
    historical
21. 2026-03-18
    status Active
22. 2026-03-06
    status Pending
23. 2026-02-18
    price $139,000
24. 2026-01-21
    price $150,000
25. 2025-12-17
    listed $160,000 Active
26. 2023-06-30
    soldstatus $185,000 Closed

    Show marketing remark (407 chars)

    Nice 4 bedroom bath and a half on Elston Street in Michigan City. Two bedrooms plus a den on the main floor along with a living and dining room and an all new kitchen with new stainless appliances. Upstairs has 2 bedrooms and a rec room between and the main bedroom has a half bath. New hvac and all new plumbing. Partially fenced yard and 1.5 car garage with a new garage door and opener. Come take a look.

27. 2023-05-02
    historical Active Under Contract

    Show marketing remark (407 chars)

    Nice 4 bedroom bath and a half on Elston Street in Michigan City. Two bedrooms plus a den on the main floor along with a living and dining room and an all new kitchen with new stainless appliances. Upstairs has 2 bedrooms and a rec room between and the main bedroom has a half bath. New hvac and all new plumbing. Partially fenced yard and 1.5 car garage with a new garage door and opener. Come take a look.

28. 2023-04-19
    listed $189,900 Active

    Show marketing remark (407 chars)

    Nice 4 bedroom bath and a half on Elston Street in Michigan City. Two bedrooms plus a den on the main floor along with a living and dining room and an all new kitchen with new stainless appliances. Upstairs has 2 bedrooms and a rec room between and the main bedroom has a half bath. New hvac and all new plumbing. Partially fenced yard and 1.5 car garage with a new garage door and opener. Come take a look.

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

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,263 · $105/mo
• Projected year-2 tax: $1,263 · $105/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 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: $18,777
• − Mortgage interest: −$6,106
• − Property taxes: −$1,263
• − Insurance: −$545
• − Repairs & maintenance: −$1,502
• − Management: −$1,502
• − Depreciation: −$3,171
• Taxable income: $4,688
• Est. tax owed @ 24.0%: −$1,125
• After-tax cash flow: $5,041/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

-42.6% since first listed

13 events — show timeline

• 2026-06-06 Price Changed $109,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-27 Price Changed $119,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-03 Listed $129,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-07 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-07 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-03-18 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-03-06 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-02-18 Price Changed $139,000 NIRA MLS as Distributed by MLS Grid
• 2026-01-21 Price Changed $150,000 NIRA MLS as Distributed by MLS Grid
• 2025-12-17 Listed $160,000 NIRA MLS as Distributed by MLS Grid
• 2023-06-30 Sold (MLS) $185,000 NIRA MLS as Distributed by MLS Grid
• 2023-05-02 Contingent — NIRA MLS as Distributed by MLS Grid
• 2023-04-19 Listed $189,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+9.0%/yr

Latest (2024): $1,263 · +16.0% YoY. Source: county tax records.