1621 W 10th St · Michigan City, IN 46360

$70,000

4 bd · 1.5 ba · 2,086 sqft · SingleFamily public records · 98 Days on market

Built 1900 7,112 sqft lot $34/sqft · 33% below area Est $105k · 33% under ↓ 45% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Here's a fabulous opportunity for the savvy investor or handyperson! Spacious rooms and 9 foot ceilings create the warm and homey feel of yesteryear. The large covered front porch to the foyer lead to the living room with shadowbox display shelving and original wood floors. The formal dining room has a lovely bump-out window nook, ceiling fan with light and a closet with unfinished basement access. The bright eat-in kitchen has wood cabinetry, nice backsplash and side door to handicap ramp. A nice sized bedroom, full bath and laundry room with cupboards and door to side yard complete the main. Upstairs you'll find two more bedrooms and a central room that would be perfect as a playroom, office space or fourth bedroom. A three quarter bath means convenience too. This classic, 2 story home is loaded with charm and potential. Bring your TLC and fresh ideas to restore it to its former glory. Come see it today!

Key facts

• Covered front porch
• Bump-out window nook
• Laundry room

Tags

• COVERED FRONT PORCH
• SHADOWBOX DISPLAY SHELVING
• ORIGINAL WOOD FLOORS
• BUMP-OUT WINDOW NOOK
• LAUNDRY ROOM
• CENTRAL ROOM

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $824 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $64k (9.0% below list) — sets the bar for market timing.
• Cap rate 20.4% 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 34% 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 $484 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $25k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,700 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.41% ✓
• Cap rate: 20.42%
• Cash-on-cash: 50.44%
• DSCR: 3.24
• GRM: 3.5

CMA / ARV

• ARV (median comp): $105,049
• List price: $70,000
• Delta: -33.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1607 W 10th St	0.03mi	4/2.0	1,980 (-5%)	9mo	$52,000	$26	81
1219 W 8th St	0.27mi	3/2.0 (-1)	1,844 (-12%)	12mo	$140,000	$76	51
108 Hamilton Pl	0.44mi	3/2.0 (-1)	1,776 (-15%)	8mo	$102,500	$58	41
122 Silver Lake Ave	0.73mi	3/2.0 (-1)	1,976 (-5%)	13mo	$85,000	$43	40
134 Claire St	0.43mi	3/1.0 (-1)	1,800 (-14%)	14mo	$96,000	$53	38
1601 Tennessee St	0.73mi	3/1.0 (-1)	1,840 (-12%)	6mo	$80,000	$43	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: 53.9%
• Equity multiple: 3.56×
• Total profit: $50,097
• Equity at exit: $10,437

10-year hold

• IRR: 61.0%
• Equity multiple: 8.75×
• Total profit: $151,991
• Equity at exit: $6,052

Cash invested: $19,600 (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: 3.5×

Monthly cashflow live

• Estimated rent: $1,689 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$114 /mo · $1,374/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $824

Break-even live

Break-even rent $647

Max offer price $70,000

Occupancy floor 46%

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: $17,500
• Closing costs: $2,100
• 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	0.85mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	43d	1	1.36mi

Listing history 25 events

1. 2026-06-19
   days on market $70,000 Active 98 DOM
2. 2026-06-18
   days on market $70,000 Active 97 DOM
3. 2026-06-17
   days on market $70,000 Active 96 DOM
4. 2026-06-16
   days on market $70,000 Active 95 DOM
5. 2026-06-15
   days on market $70,000 Active 94 DOM
6. 2026-06-14
   days on market $70,000 Active 92 DOM
7. 2026-06-13
   days on market $70,000 Active 91 DOM
8. 2026-06-10
   days on market $70,000 Active 89 DOM
9. 2026-06-09
   days on market $70,000 Active 88 DOM
10. 2026-06-08
    days on market $70,000 Active 87 DOM
11. 2026-06-07
    days on market $70,000 Active 86 DOM
12. 2026-06-03
    days on market $70,000 Active 82 DOM
13. 2026-06-02
    days on market $70,000 Active 81 DOM
14. 2026-06-01
    days on market $70,000 Active 80 DOM
15. 2026-05-31
    days on market $70,000 Active 79 DOM
16. 2026-05-30
    days on market $70,000 Active 78 DOM
17. 2026-04-25
    price $80,000 919-char remark

    Show marketing remark (919 chars)

    Here's a fabulous opportunity for the savvy investor or handyperson! Spacious rooms and 9 foot ceilings create the warm and homey feel of yesteryear. The large covered front porch to the foyer lead to the living room with shadowbox display shelving and original wood floors. The formal dining room has a lovely bump-out window nook, ceiling fan with light and a closet with unfinished basement access. The bright eat-in kitchen has wood cabinetry, nice backsplash and side door to handicap ramp. A nice sized bedroom, full bath and laundry room with cupboards and door to side yard complete the main. Upstairs you'll find two more bedrooms and a central room that would be perfect as a playroom, office space or fourth bedroom. A three quarter bath means convenience too. This classic, 2 story home is loaded with charm and potential. Bring your TLC and fresh ideas to restore it to its former glory. Come see it today!

18. 2026-03-13
    listed $95,000 Active 919-char remark

    Show marketing remark (919 chars)

    Here's a fabulous opportunity for the savvy investor or handyperson! Spacious rooms and 9 foot ceilings create the warm and homey feel of yesteryear. The large covered front porch to the foyer lead to the living room with shadowbox display shelving and original wood floors. The formal dining room has a lovely bump-out window nook, ceiling fan with light and a closet with unfinished basement access. The bright eat-in kitchen has wood cabinetry, nice backsplash and side door to handicap ramp. A nice sized bedroom, full bath and laundry room with cupboards and door to side yard complete the main. Upstairs you'll find two more bedrooms and a central room that would be perfect as a playroom, office space or fourth bedroom. A three quarter bath means convenience too. This classic, 2 story home is loaded with charm and potential. Bring your TLC and fresh ideas to restore it to its former glory. Come see it today!

19. 2026-02-02
    historical
20. 2026-01-01
    price $90,000
21. 2025-11-06
    price $110,000
22. 2025-10-09
    listed $120,000 Active
23. 2025-02-13
    historical
24. 2025-01-10
    price $115,000
25. 2024-11-30
    listed $145,000 Active

ⓘ 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: $1,374 · $114/mo
• Projected year-2 tax: $1,374 · $114/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 2/10 Low 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: $20,272
• − Mortgage interest: −$3,921
• − Property taxes: −$1,374
• − Insurance: −$350
• − Repairs & maintenance: −$1,622
• − Management: −$1,622
• − Depreciation: −$2,036
• Taxable income: $9,347
• Est. tax owed @ 24.0%: −$2,243
• After-tax cash flow: $7,643/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

-44.8% since first listed

9 events — show timeline

• 2026-04-25 Price Changed $80,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-13 Listed $95,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-02 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-01-01 Price Changed $90,000 NIRA MLS as Distributed by MLS Grid
• 2025-11-06 Price Changed $110,000 NIRA MLS as Distributed by MLS Grid
• 2025-10-09 Listed $120,000 NIRA MLS as Distributed by MLS Grid
• 2025-02-13 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2025-01-10 Price Changed $115,000 NIRA MLS as Distributed by MLS Grid
• 2024-11-30 Listed $145,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2024): $1,374 · -6.0% YoY. Source: county tax records.