1724 Ohio St · Michigan City, IN 46360

$310,000

4 bd · 3.0 ba · 2,368 sqft · MultiFamily public records · 49 Days on market

Built 1890 5,670 sqft lot $131/sqft · 103% above area

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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

This beautifully maintained 3 unit is truly a diamond in the rough! There are two 1 bedroom units and one 2 bedroom unit, all of which are rented. Includes a detached two car garage and full unfinished basement. Mechanicals updated in 2015.

Key facts

• Great condition
• Strong rental demand
• Full basement

Tags

• TRIPLEX OPPORTUNITY
• INCOME PRODUCING PROPERTY
• STRONG RENTAL DEMAND
• SEPARATE METERS
• GREAT CONDITION
• FULL BASEMENT

Property features AI

Finance

• Financial info: Multifamily building with 3 rental units (tenant-occupied)

Exterior

• Parking: Driveway; Garage faces side; 2-car garage
• Utilities: Public water; Public sewer
• Home design: Built in 1890; One and one-half stories
• Construction: Shingle roof; Partially finished basement (foundation detail not specified)
• Exterior features: Balcony; Shingle roof; Lot information sourced from public records

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Multifamily property with 3 total units (3 efficiencies, 2 one-bedroom units, 1 two-bedroom unit)
• Flooring: Laminate flooring
• Bathrooms: 3 full bathrooms (total)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Pets allowed; Partially finished basement; Balcony

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $310k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $649/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $310k).
• Recommended offer: $301k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.8% 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; 1 comparable units currently listed for rent nearby; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).
• At $5,033/mo this rent would consume 102% of the median local household income ($59k/yr) (locally 1152% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 $87k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($301k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $248k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $300,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.62% ✓
• Cap rate: 13.83%
• Cash-on-cash: 26.92%
• DSCR: 2.20
• GRM: 5.1

CMA / ARV

• ARV (median comp): $152,847
• List price: $310,000
• Delta: 102.82%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
402 Decatur St	0.69mi	3/2.0 (-1)	2,448 (+3%)	21mo	$66,500	$27	36

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: 26.2%
• Equity multiple: 2.16×
• Total profit: $100,370
• Equity at exit: $46,222

10-year hold

• IRR: 36.7%
• Equity multiple: 5.24×
• Total profit: $368,154
• Equity at exit: $26,803

Cash invested: $86,800 (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: 15.4×

Monthly cashflow live

• Estimated rent: $5,033 medium
• Mortgage (P&I): −$1,626
• Tax from tax record: −$274 /mo · $3,292/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,057
• Net cashflow: $1,947

Break-even live

Break-even rent $2,569

Max offer price $310,000

Occupancy floor 56%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$5,034
Total (3 units)			$5,033

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: $77,500
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	0.27mi

Listing history 27 events

1. 2026-06-19
   days on market $310,000 Active 49 DOM
2. 2026-06-18
   days on market $310,000 Active 48 DOM
3. 2026-06-17
   days on market $310,000 Active 47 DOM
4. 2026-06-16
   days on market $310,000 Active 46 DOM
5. 2026-06-15
   days on market $310,000 Active 45 DOM
6. 2026-06-14
   days on market $310,000 Active 43 DOM
7. 2026-06-13
   pricedays on market $310,000 Active 42 DOM
8. 2026-06-10
   days on market $320,000 Active 40 DOM
9. 2026-06-09
   days on market $320,000 Active 39 DOM
10. 2026-06-08
    days on market $320,000 Active 38 DOM
11. 2026-06-07
    days on market $320,000 Active 37 DOM
12. 2026-06-03
    days on market $320,000 Active 33 DOM
13. 2026-06-02
    days on market $320,000 Active 32 DOM
14. 2026-06-01
    days on market $320,000 Active 31 DOM
15. 2026-05-31
    days on market $320,000 Active 30 DOM
16. 2026-05-30
    days on market $320,000 Active 29 DOM
17. 2026-05-01
    listed $320,000 Active 598-char remark
18. 2023-10-30
    soldstatus $248,000 Closed 240-char remark

    Show marketing remark (240 chars)

    This beautifully maintained 3 unit is truly a diamond in the rough! There are two 1 bedroom units and one 2 bedroom unit, all of which are rented. Includes a detached two car garage and full unfinished basement. Mechanicals updated in 2015.

19. 2023-10-08
    historical Active Under Contract 240-char remark

    Show marketing remark (240 chars)

    This beautifully maintained 3 unit is truly a diamond in the rough! There are two 1 bedroom units and one 2 bedroom unit, all of which are rented. Includes a detached two car garage and full unfinished basement. Mechanicals updated in 2015.

20. 2023-09-29
    price $274,999 240-char remark

    Show marketing remark (240 chars)

    This beautifully maintained 3 unit is truly a diamond in the rough! There are two 1 bedroom units and one 2 bedroom unit, all of which are rented. Includes a detached two car garage and full unfinished basement. Mechanicals updated in 2015.

21. 2023-09-29
    status Active 240-char remark

    Show marketing remark (240 chars)

    This beautifully maintained 3 unit is truly a diamond in the rough! There are two 1 bedroom units and one 2 bedroom unit, all of which are rented. Includes a detached two car garage and full unfinished basement. Mechanicals updated in 2015.

22. 2023-09-18
    historical Active Under Contract 240-char remark

    Show marketing remark (240 chars)

    This beautifully maintained 3 unit is truly a diamond in the rough! There are two 1 bedroom units and one 2 bedroom unit, all of which are rented. Includes a detached two car garage and full unfinished basement. Mechanicals updated in 2015.

23. 2023-09-14
    listed $269,999 Active 240-char remark

    Show marketing remark (240 chars)

    This beautifully maintained 3 unit is truly a diamond in the rough! There are two 1 bedroom units and one 2 bedroom unit, all of which are rented. Includes a detached two car garage and full unfinished basement. Mechanicals updated in 2015.

24. 2021-03-30
    soldstatus $145,000

    Show marketing remark (403 chars)

    Three unit with separate furnaces, hot water heaters and furnaces. Good rental history. Two of the three units are currently rented. Detached two garage used by seller for storage. Full unfinished basementSeller has spent alot of money updating septic and plumbing for the units. Mechanicals updated since 2015.Seller pays water and sanitation averaging $90 per monthAll appliances belong to the seller.

25. 2021-02-15
    listed $145,000

    Show marketing remark (403 chars)

    Three unit with separate furnaces, hot water heaters and furnaces. Good rental history. Two of the three units are currently rented. Detached two garage used by seller for storage. Full unfinished basementSeller has spent alot of money updating septic and plumbing for the units. Mechanicals updated since 2015.Seller pays water and sanitation averaging $90 per monthAll appliances belong to the seller.

26. 2015-10-23
    soldstatus $52,000
27. 2015-09-07
    listed $75,000

ⓘ 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: $3,292 · $274/mo
• Projected year-2 tax: $3,292 · $274/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: $60,396
• − Mortgage interest: −$17,365
• − Property taxes: −$3,292
• − Insurance: −$1,550
• − Repairs & maintenance: −$4,832
• − Management: −$4,832
• − Depreciation: −$9,018
• Taxable income: $19,508
• Est. tax owed @ 24.0%: −$4,682
• After-tax cash flow: $18,681/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

+313.3% since first listed

12 events — show timeline

• 2026-06-11 Price Changed $310,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-01 Listed $320,000 NIRA MLS as Distributed by MLS Grid
• 2023-10-30 Sold (MLS) $248,000 NIRA MLS as Distributed by MLS Grid
• 2023-10-08 Contingent — NIRA MLS as Distributed by MLS Grid
• 2023-09-29 Price Changed $274,999 NIRA MLS as Distributed by MLS Grid
• 2023-09-29 Relisted — NIRA MLS as Distributed by MLS Grid
• 2023-09-18 Contingent — NIRA MLS as Distributed by MLS Grid
• 2023-09-14 Listed $269,999 NIRA MLS as Distributed by MLS Grid
• 2021-03-30 Sold (MLS) $145,000 NIRA MLS as Distributed by MLS Grid
• 2021-02-15 Listed $145,000 NIRA MLS as Distributed by MLS Grid
• 2015-10-23 Sold (MLS) $52,000 NIRA MLS as Distributed by MLS Grid
• 2015-09-07 Listed $75,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+7.8%/yr

Latest (2024): $3,292 · +64.0% YoY. Source: county tax records.