346 E 900 N · New Buffalo, MI 46350

$150,000

3 bd · 2.0 ba · 1,414 sqft · SingleFamily public records · 37 Days on market

Built 1943

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Why this score? — see what drove the C- 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 +22.0/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +4.7/10.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3 bed 1 bath. Michigan basement. House has mold, we are unaware what works and what doesnt and is being sold as is. 2 acres mostly wooded. Garage has collapsed. Highly sought after area. New prairie school district.

Key facts

• Sought after area
• Mostly wooded
• 2 acres

Tags

• MICHIGAN BASEMENT
• 2 ACRES
• MOSTLY WOODED
• SOUGHT AFTER AREA
• NEW PRAIRIE SCHOOL DISTRICT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $240 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (3.3% below list).
• Recommended offer: $145k (3.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 85/100 on livability (#24 in MI, #475 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities D-.
• New Prairie United School Corporation (rural): math 46% / reading 54% proficiency, ranked #47 of 301 in IN (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Prairie View Elementary School (math 67% / reading 52%, grade B-, #128 of 994 statewide, top 15%, 315 students, 45% FRL); New Prairie Middle School (math 32% / reading 49%, grade F, #117 of 330 statewide, top 36%, 705 students, 40% FRL); New Prairie High School (math 33% / reading 69%, grade D+, #115 of 369 statewide, top 31%, 979 students, 33% FRL).
• Market conditions: 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 $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,999 (3.3% below list)

Questions for the listing agent

1. It's been on market 37 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 1943 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.97% ✗
• Cap rate: 8.21%
• Cash-on-cash: 6.84%
• DSCR: 1.30
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $329,462
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
135 W 900 N	0.61mi	2/2.0 (-1)	1,242 (-12%)	7mo	$290,000	$233	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.8%
• Equity multiple: 0.78×
• Total profit: $-9,110
• Equity at exit: $22,365

10-year hold

• IRR: 3.8%
• Equity multiple: 1.27×
• Total profit: $11,472
• Equity at exit: $12,969

Cash invested: $42,000 (down + closing). Projections, not guarantees.

Monthly cashflow live

• Estimated rent: $1,450 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$57 /mo · $682/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $240

Break-even live

Break-even rent $1,147

Max offer price $150,000

Occupancy floor 78%

Sensitivity live

Price	-10% $324	-5% $282	+0% $240	+5% $197	+10% $155
Rent	-10% $125	-5% $182	+0% $240	+5% $297	+10% $354
Rate	-1.0pp $315	-0.5pp $278	base $240	+0.5pp $201	+1.0pp $161

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $150,000 Active 37 DOM
2. 2026-06-19
   days on market $150,000 Active 35 DOM
3. 2026-06-18
   days on market $150,000 Active 34 DOM
4. 2026-06-17
   days on market $150,000 Active 33 DOM
5. 2026-06-16
   days on market $150,000 Active 32 DOM
6. 2026-06-15
   days on market $150,000 Active 31 DOM
7. 2026-06-14
   days on market $150,000 Active 29 DOM
8. 2026-06-13
   days on market $150,000 Active 28 DOM
9. 2026-06-10
   days on market $150,000 Active 26 DOM
10. 2026-06-09
    days on market $150,000 Active 25 DOM
11. 2026-06-08
    days on market $150,000 Active 24 DOM
12. 2026-06-07
    days on market $150,000 Active 23 DOM
13. 2026-06-05
    days on market $150,000 Active 20 DOM
14. 2026-06-03
    days on market $150,000 Active 19 DOM
15. 2026-06-02
    days on market $150,000 Active 18 DOM
16. 2026-06-01
    days on market $150,000 Active 17 DOM
17. 2026-05-31
    days on market $150,000 Active 16 DOM
18. 2026-05-30
    days on market $150,000 Active 15 DOM
19. 2026-05-15
    listed $150,000 Active 215-char remark

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

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $682 · $57/mo
• Projected year-2 tax: $1,496 · $125/mo
• Expected delta: +$814/yr (+$68/mo · 119.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 15 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: $17,400
• − Mortgage interest: −$8,402
• − Property taxes: −$682
• − Insurance: −$750
• − Repairs & maintenance: −$1,392
• − Management: −$1,392
• − Depreciation: −$4,364
• Taxable income: $418
• Est. tax owed @ 24.0%: −$100
• After-tax cash flow: $2,774/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: New Prairie United School Corporation
• NCES district ID: 1807560
• Math proficiency: 46% ▼ -11.00%
• Reading proficiency: 54% ▼ -7.00%
• Median HH income: $57,887
• Composite: 43.51/100
• National rank: #2989
• State rank: #47 of 301 in IN

Livability — New Buffalo

• Score: 85/100
• State rank: #24
• US rank: #475

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: La Porte County
• Metro: Michigan City-La Porte, IN
• Population (ZIP): 44,763
• Household income: $74,307
• Rent vs Own: 23.9% rent · 76.1% own
• Severe rent burden: 835.0

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 (82%)
• Race & ethnicity: White 82% Two or more races 8% Hispanic / Latino 8% Black 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 11% Iranian 3% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 4% Russian/Polish/Slavic 1% German/W. Germanic 1%

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: ▼ -142.94%
• Current HPI: 209.2564
• Rent YoY: —
• Metro: Michigan City-La Porte, IN
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

1 event — show timeline

• 2026-05-15 Listed $150,000 FSBO.com

Property tax history

+3.2%/yr

Latest (2024): $682 · +2.0% YoY. Source: county tax records.