117 Fir · Michigan City, IN 46360

$115,000

2 bd · 1.0 ba · 1,440 sqft · SingleFamily public records · 37 Days on market

Built 1928 5,662 sqft lot $80/sqft · 11% below area Est $129k · 11% under

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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 +25.9/30.0
• ARV discount +12.5/15.0
• DSCR +8.7/10.0
• 1% rule +5.6/10.0
• 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

Welcome home to this 2 (possible 3) bed/1 bath home with 2.5 car garage in quiet neighborhood. Newer roof, Furnace and sewer line, updated electric and plumbing . Freshly painted throughout this 1.5 story home has an extra room that can be used as a 3RD BEDROOM. Dry basement has also been newly painted. Storage galore in this property. All you have to do is put your finishing touches to make it your own. Washington Park Beach, Blue Chip Casino, Lighthouse Outlet Mall and restaurants are just minutes away.

Key facts

• Covered front porch
• Generous yard
• Unfinished basement

Tags

• UNFINISHED BASEMENT
• COVERED FRONT PORCH
• GENEROUS YARD
• MINUTES FROM LAKE MICHIGAN
• LOCAL BEACHES
• RESTAURANTS

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 story home; Built in 1928
• Construction: Has basement (unfinished)
• Exterior features: Covered front porch; Neighborhood view

Interior

• Kitchen: Range
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; No cooling system
• Interior features: No notable built-in interior features listed; Unfinished basement
• Laundry & utility: Basement utility space (unfinished)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 3.0% 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, 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.
• Zoned schools: Lake Hills Elementary School (math 16% / reading 19%, grade F, #835 of 994 statewide, top 84%, 383 students, 87% FRL); Martin T Krueger Middle School (math 14% / reading 17%, grade F, #293 of 330 statewide, top 90%, 333 students, 84% FRL); Michigan City High School (math 17% / reading 37%, grade F, #315 of 369 statewide, top 86%, 1,555 students, 71% FRL).
• Market conditions: Rents rising fast (+9.7%/yr); 377 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $795 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 $32k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,550 (3.0% 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 1928 — 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: 1.06% ✓
• Cap rate: 9.25%
• Cash-on-cash: 10.56%
• DSCR: 1.47
• GRM: 7.9

CMA / ARV

• ARV (median comp): $129,491
• List price: $115,000
• Delta: -11.19%
• 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
307 Walker St	0.14mi	3/1.0 (+1)	1,468 (+2%)	9mo	$140,000	$95	78
523 Grace St	0.33mi	3/1.0 (+1)	1,392 (-3%)	2mo	$176,000	$126	72
813 Main St	0.38mi	3/1.0 (+1)	1,404 (-2%)	8mo	$134,000	$95	66
405 Madison St	0.65mi	3/1.0 (+1)	1,410 (-2%)	2mo	$156,000	$111	60
722 Madison St	0.55mi	3/1.5 (+1)	1,400 (-3%)	5mo	$225,000	$161	59
407 Holliday St	0.20mi	3/1.5 (+1)	1,272 (-12%)	10mo	$89,900	$71	56
601 E 10th St	0.47mi	3/1.5 (+1)	1,262 (-12%)	0mo	$134,000	$106	50
707 E 11th St	0.41mi	3/1.0 (+1)	1,260 (-12%)	8mo	$125,000	$99	48
616 Cleveland Ave	0.57mi	2/1.0	1,626 (+13%)	7mo	$52,000	$32	46
518 Dupage St	0.49mi	3/1.5 (+1)	1,647 (+14%)	1mo	$129,000	$78	45
426 Hendricks St	0.69mi	3/1.0 (+1)	1,336 (-7%)	8mo	$150,000	$112	44
506 Tremont St	0.42mi	3/1.5 (+1)	1,248 (-13%)	9mo	$183,000	$147	44

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: 4.4%
• Equity multiple: 1.18×
• Total profit: $5,779
• Equity at exit: $17,147

10-year hold

• IRR: 17.7%
• Equity multiple: 2.78×
• Total profit: $57,271
• Equity at exit: $9,943

Cash invested: $32,200 (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: 7.9×

Monthly cashflow live

• Estimated rent: $1,215 high
• Mortgage (P&I): −$603
• Tax from tax record: −$25 /mo · $303/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $283

Break-even live

Break-even rent $856

Max offer price $115,000

Occupancy floor 72%

Sensitivity live

Price	-10% $348	-5% $316	+0% $283	+5% $251	+10% $218
Rent	-10% $187	-5% $235	+0% $283	+5% $331	+10% $379
Rate	-1.0pp $341	-0.5pp $313	base $283	+0.5pp $254	+1.0pp $223

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
121 S Porter St Unit A Michigan City, IN	2.0	2.0	1050	$925	$0.88	45d	1	0.40mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	45d	1	0.56mi
215 N Woodland Ave Michigan City, IN	3.0	1.0	1112	$1,395	$1.25	45d	1	0.59mi
909 Spring St Michigan City, IN	1.0	1.0	975	$955	$0.98	45d	1	0.69mi
1810 E Barker Ave Michigan City, IN	1.0–2.0	1.0	900	$1,250	$1.39	45d	1	0.88mi
1303 Buffalo St Unit 1 Michigan City, IN	3.0	1.0	1700	$1,700	$1.00	45d	1	1.09mi
910 S Carroll Ave Michigan City, IN	2.0–3.0	2.0	1187	$1,300	$1.09	45d	3	1.40mi

Listing history 18 events

1. 2026-06-13
   statusdays on market $115,000 Pending 37 DOM
2. 2026-06-10
   days on market $115,000 Active 36 DOM
3. 2026-06-09
   days on market $115,000 Active 35 DOM
4. 2026-06-09
   price $115,000 Active 34 DOM
5. 2026-06-08
   days on market $125,000 Active 34 DOM
6. 2026-06-07
   days on market $125,000 Active 33 DOM
7. 2026-06-03
   days on market $125,000 Active 29 DOM
8. 2026-06-02
   days on market $125,000 Active 28 DOM
9. 2026-06-01
   days on market $125,000 Active 27 DOM
10. 2026-05-31
    days on market $125,000 Active 26 DOM
11. 2026-05-30
    days on market $125,000 Active 25 DOM
12. 2026-05-05
    listed $125,000 Active 385-char remark
13. 2022-04-21
    soldstatus $125,000 Closed 510-char remark

    Show marketing remark (510 chars)

    Welcome home to this 2 (possible 3) bed/1 bath home with 2.5 car garage in quiet neighborhood. Newer roof, Furnace and sewer line, updated electric and plumbing . Freshly painted throughout this 1.5 story home has an extra room that can be used as a 3RD BEDROOM. Dry basement has also been newly painted. Storage galore in this property. All you have to do is put your finishing touches to make it your own. Washington Park Beach, Blue Chip Casino, Lighthouse Outlet Mall and restaurants are just minutes away.

14. 2022-04-20
    status Pending 510-char remark

    Show marketing remark (510 chars)

    Welcome home to this 2 (possible 3) bed/1 bath home with 2.5 car garage in quiet neighborhood. Newer roof, Furnace and sewer line, updated electric and plumbing . Freshly painted throughout this 1.5 story home has an extra room that can be used as a 3RD BEDROOM. Dry basement has also been newly painted. Storage galore in this property. All you have to do is put your finishing touches to make it your own. Washington Park Beach, Blue Chip Casino, Lighthouse Outlet Mall and restaurants are just minutes away.

15. 2022-03-07
    historical Active Under Contract 510-char remark

    Show marketing remark (510 chars)

    Welcome home to this 2 (possible 3) bed/1 bath home with 2.5 car garage in quiet neighborhood. Newer roof, Furnace and sewer line, updated electric and plumbing . Freshly painted throughout this 1.5 story home has an extra room that can be used as a 3RD BEDROOM. Dry basement has also been newly painted. Storage galore in this property. All you have to do is put your finishing touches to make it your own. Washington Park Beach, Blue Chip Casino, Lighthouse Outlet Mall and restaurants are just minutes away.

16. 2022-02-15
    listed $119,500 Active 510-char remark

    Show marketing remark (510 chars)

    Welcome home to this 2 (possible 3) bed/1 bath home with 2.5 car garage in quiet neighborhood. Newer roof, Furnace and sewer line, updated electric and plumbing . Freshly painted throughout this 1.5 story home has an extra room that can be used as a 3RD BEDROOM. Dry basement has also been newly painted. Storage galore in this property. All you have to do is put your finishing touches to make it your own. Washington Park Beach, Blue Chip Casino, Lighthouse Outlet Mall and restaurants are just minutes away.

17. 2015-02-03
    soldstatus $20,000

    Show marketing remark (76 chars)

    This two story home has a nice size detached garage and an open front porch.

18. 2014-11-28
    listed $24,750

    Show marketing remark (76 chars)

    This two story home has a nice size detached garage and an open front porch.

ⓘ 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: $303 · $25/mo
• Projected year-2 tax: $640 · $53/mo
• Expected delta: +$337/yr (+$28/mo · 111.1%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 13 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: $14,577
• − Mortgage interest: −$6,442
• − Property taxes: −$303
• − Insurance: −$575
• − Repairs & maintenance: −$1,166
• − Management: −$1,166
• − Depreciation: −$3,345
• Taxable income: $1,579
• Est. tax owed @ 24.0%: −$379
• After-tax cash flow: $3,022/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

+364.6% since first listed

9 events — show timeline

• 2026-06-11 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-06-08 Price Changed $115,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-05 Listed $125,000 NIRA MLS as Distributed by MLS Grid
• 2022-04-21 Sold (MLS) $125,000 NIRA MLS as Distributed by MLS Grid
• 2022-04-20 Pending — NIRA MLS as Distributed by MLS Grid
• 2022-03-07 Contingent — NIRA MLS as Distributed by MLS Grid
• 2022-02-15 Listed $119,500 NIRA MLS as Distributed by MLS Grid
• 2015-02-03 Sold (MLS) $20,000 NIRA MLS as Distributed by MLS Grid
• 2014-11-28 Listed $24,750 NIRA MLS as Distributed by MLS Grid

Property tax history

+0.7%/yr

Latest (2024): $303 · +32.1% YoY. Source: county tax records.