810 Poplar St · Michigan City, IN 46360

$122,000

2 bd · 1.0 ba · 1,052 sqft · SingleFamily public records · 37 Days on market

Built 1890 0.25 ac lot $116/sqft · 13% above area Est $167k · 27% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.4/30.0
• Rent growth +4.9/5.0
• 1% rule +4.5/10.0
• DSCR +4.4/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cute Bungalow with lots of potential, Great investment. Two bedroom with full attic just wanting to be finished into a master bedroom or rec room. Come take a look at all the possibilities. Sold As Is - As Seen.

Key facts

• Versatile loft area
• 0.25 acre lot
• 2 garage spots

Tags

• MICHIGAN CITY LOCATION
• VERSATILE LOFT AREA
• WELCOMING FRONT PORCH

Property features AI

Finance

• Other: Property currently has a tenant (occupant: Tenant)

Exterior

• Parking: Detached garage with alley access; Approximately 2.5 garage spaces
• Utilities: Public water; Public sewer
• Home design: Built in 1890; Single-level listing indicated (Levels: One)
• Construction: Year built: 1890
• Exterior features: No significant view (none indicated); Public lot size source (assessor)

Interior

• Kitchen: Dishwasher; Refrigerator; Microwave; Gas range
• Bedrooms: Primary bedroom; Additional bedroom (Bedroom 2); Total of 6 rooms including bedrooms and living spaces
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: No notable built-in interior features listed
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $122k.

Deal economics

• At list price, monthly cash flow is $24 ($283/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 $115k (5.4% below list).
• Recommended offer: $115k (5.4% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 $843 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 ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $49k; list at $122k implies a 149% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $115,404 (5.4% 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 5% 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. 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: 0.95% ✗
• Cap rate: 6.52%
• Cash-on-cash: 0.83%
• DSCR: 1.04
• GRM: 8.8

CMA / ARV

• ARV (median comp): $167,409
• List price: $122,000
• Delta: -27.12%
• 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
715 Pearl St	0.29mi	2/1.0	953 (-9%)	0mo	$168,750	$177	71
624 Cleveland Ave	0.14mi	3/1.0 (+1)	1,181 (+12%)	1mo	$99,000	$84	67
903 Greenwood Ave	0.29mi	3/1.0 (+1)	1,008 (-4%)	9mo	$167,000	$166	67
506 Jackson St	0.35mi	3/2.5 (+1)	1,056 (+0%)	8mo	$12,500	$12	65
817 E 11th St	0.47mi	3/1.0 (+1)	1,000 (-5%)	1mo	$165,000	$165	64
1410 Oak St	0.25mi	2/1.0	905 (-14%)	5mo	$119,000	$131	61
121 Faulknor St	0.65mi	3/1.5 (+1)	1,040 (-1%)	0mo	$155,000	$149	60
629 Superior St	0.51mi	3/1.5 (+1)	988 (-6%)	0mo	$162,750	$165	59
119 Dewey St	0.54mi	2/1.0	940 (-11%)	0mo	$137,000	$146	56
206 Avalon Ct	0.70mi	3/1.0 (+1)	996 (-5%)	3mo	$219,900	$221	51
222 May Ave	0.64mi	3/1.0 (+1)	1,138 (+8%)	5mo	$164,400	$144	47
2941 Jackson St	0.73mi	3/1.0 (+1)	988 (-6%)	7mo	$167,600	$170	45

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: -9.2%
• Equity multiple: 0.65×
• Total profit: $-12,124
• Equity at exit: $18,191

10-year hold

• IRR: 6.1%
• Equity multiple: 1.57×
• Total profit: $19,318
• Equity at exit: $10,548

Cash invested: $34,160 (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: 8.8×

Monthly cashflow live

• Estimated rent: $1,154 high
• Mortgage (P&I): −$640
• Tax from tax record: −$198 /mo · $2,370/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $24

Break-even live

Break-even rent $1,124

Max offer price $122,000

Occupancy floor 93%

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: $30,500
• Closing costs: $3,660
• Reserves months: —
• Total cash needed: —

Rent comps 11 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	43d	1	0.41mi
1122 Spring St Unit B Michigan City, IN	1.0	1.0	750	$950	$1.27	43d	1	0.61mi
1810 E Barker Ave Michigan City, IN	1.0–2.0	1.0	900	$1,250	$1.39	43d	1	0.65mi
215 N Woodland Ave Michigan City, IN	3.0	1.0	1112	$1,395	$1.25	43d	1	0.69mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	43d	1	0.74mi
909 Spring St Michigan City, IN	1.0	1.0	975	$955	$0.98	43d	1	0.74mi
106 Ruby Ct Michigan City, IN	2.0	1.0	744	$1,195	$1.61	43d	1	1.01mi
614 N Calumet Ave Michigan City, IN	3.0	1.0	825	$1,450	$1.76	43d	1	1.02mi
910 S Carroll Ave Michigan City, IN	2.0–3.0	2.0	1187	$1,300	$1.09	43d	3	1.02mi
221 Barker Rd Michigan City, IN	1.0	1.0	737	$887	$1.20	43d	2	1.34mi
934 Henry St Michigan City, IN	3.0	1.0	1100	$1,250	$1.14	43d	1	1.37mi

Listing history 23 events

1. 2026-06-19
   days on market $122,000 Active 37 DOM
2. 2026-06-18
   days on market $122,000 Active 36 DOM
3. 2026-06-17
   days on market $122,000 Active 35 DOM
4. 2026-06-16
   days on market $122,000 Active 34 DOM
5. 2026-06-15
   days on market $122,000 Active 33 DOM
6. 2026-06-14
   days on market $122,000 Active 31 DOM
7. 2026-06-13
   days on market $122,000 Active 30 DOM
8. 2026-06-10
   days on market $122,000 Active 28 DOM
9. 2026-06-09
   days on market $122,000 Active 27 DOM
10. 2026-06-08
    days on market $122,000 Active 26 DOM
11. 2026-06-07
    days on market $122,000 Active 25 DOM
12. 2026-06-03
    days on market $122,000 Active 21 DOM
13. 2026-06-02
    days on market $122,000 Active 20 DOM
14. 2026-06-01
    days on market $122,000 Active 19 DOM
15. 2026-05-31
    days on market $122,000 Active 18 DOM
16. 2026-05-30
    days on market $122,000 Active 17 DOM
17. 2026-05-13
    listed $122,000 Active 661-char remark
18. 2025-07-17
    historical $1,200
19. 2025-07-05
    price $1,200
20. 2025-06-21
    price $1,250
21. 2025-06-01
    listed $1,300
22. 2018-10-01
    soldstatus $49,000 211-char remark

    Show marketing remark (211 chars)

    Cute Bungalow with lots of potential, Great investment. Two bedroom with full attic just wanting to be finished into a master bedroom or rec room. Come take a look at all the possibilities. Sold As Is - As Seen.

23. 2018-07-29
    listed $54,900 211-char remark

    Show marketing remark (211 chars)

    Cute Bungalow with lots of potential, Great investment. Two bedroom with full attic just wanting to be finished into a master bedroom or rec room. Come take a look at all the possibilities. Sold As Is - As Seen.

ⓘ 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: $2,370 · $198/mo
• Projected year-2 tax: $2,370 · $198/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 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $13,848
• − Mortgage interest: −$6,834
• − Property taxes: −$2,370
• − Insurance: −$610
• − Repairs & maintenance: −$1,108
• − Management: −$1,108
• − Depreciation: −$3,549
• Taxable loss: −$1,730
• Est. tax savings @ 24.0%: +$415
• After-tax cash flow: $698/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
• 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

+122.2% since first listed

7 events — show timeline

• 2026-05-13 Listed $122,000 NIRA MLS as Distributed by MLS Grid
• 2025-07-17 Rental Removed $1,200 TENANTTURNER2
• 2025-07-05 Price Changed $1,200 TENANTTURNER2
• 2025-06-21 Price Changed $1,250 TENANTTURNER2
• 2025-06-01 Listed for Rent $1,300 TENANTTURNER2
• 2018-10-01 Sold (MLS) $49,000 NIRA MLS as Distributed by MLS Grid
• 2018-07-29 Listed $54,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+28.5%/yr

Latest (2024): $2,370 · +3.4% YoY. Source: county tax records.