1545 Maple St · Town of Pines, IN 46360

$59,900

2 bd · 1.0 ba · 748 sqft · SingleFamily public records · 10 Days on market

Built 1935 5,000 sqft lot $80/sqft · 33% below area Est $90k · 33% 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 +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 +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

LOW PRICE on this fixer upper in Pines! This cozy house is ready for updates, so bring those design ideas. Needs rehab, but good bones. Open kitchen/living/dining room area. Newer long blacktop driveway leading to 2 car cement block garage. Full unfinished basement waiting with lots of possibilities. Electric is on so you can get right to work! The town of Pines is nestled near the Indiana Dunes between Beverly Shores and Michigan City, this can give you that small town feel yet a short drive to shopping, nearby parks, and Lake Michigan beaches. LOW taxes. Sold as is, cash only. It's not often you see this price now days, so don't let it pass you by!

Key facts

• Nearby parks
• 5,000 sq ft lot
• 2 garage spots

Tags

• NEWER LONG BLACKTOP DRIVEWAY
• FULL UNFINISHED BASEMENT
• SHORT DRIVE TO SHOPPING
• NEARBY PARKS
• LAKE MICHIGAN BEACHES

Property features AI

Finance

• Other: Living area recorded as 748 (assessor)
• Financial info: Property is listed as a fixer; Vacant occupant status

Exterior

• Parking: Driveway; Attached garage with 2 garage spaces
• Utilities: Natural gas connected; Water available (well/other listed); Sewer: unknown
• Home design: One-story home; Built in 1935; Fixer condition
• Construction: Asphalt roof; Has basement
• Exterior features: Neighborhood view; Utilities include natural gas connection and water availability

Interior

• Kitchen: Kitchen (no appliances specified)
• Bedrooms: Primary bedroom; Second bedroom
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No central cooling
• Interior features: No notable built-in interior features listed; Unfinished basement
• Laundry & utility: No laundry appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $470 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).

Location & tenants

• Location reads 66/100 on livability (#302 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools F, amenities F, commute F.
• 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; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Porter County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 24y 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 $48k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,900

Questions for the listing agent

1. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.85% ✓
• Cap rate: 15.71%
• Cash-on-cash: 33.61%
• DSCR: 2.50
• GRM: 4.5

CMA / ARV

• ARV (median comp): $90,000
• List price: $59,900
• Delta: -33.44%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1545 Maple St	0.00mi	2/1.0	748 (0%)	1mo	$48,000	$64	99
1520 Birch St	0.10mi	2/1.0	840 (+12%)	2mo	$90,000	$107	73

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: 34.4%
• Equity multiple: 2.56×
• Total profit: $26,090
• Equity at exit: $8,931

10-year hold

• IRR: 43.8%
• Equity multiple: 6.25×
• Total profit: $87,976
• Equity at exit: $5,179

Cash invested: $16,772 (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: 4.5×

Monthly cashflow live

• Estimated rent: $1,109 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$67 /mo · $807/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $470

Break-even live

Break-even rent $514

Max offer price $59,900

Occupancy floor 53%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-11
   status Pending 658-char remark
2. 2026-05-01
   listed $59,900 Active 658-char remark
3. 2022-03-28
   historical
4. 2022-01-14
   status Deal Fell Through
5. 2021-12-21
   historical Active Under Contract
6. 2021-12-15
   listed $60,000 Active
7. 2020-06-03
   historical
8. 2019-12-09
   listed $39,900
9. 2002-01-16
   listed $47,000

ⓘ 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: $807 · $67/mo
• Projected year-2 tax: $807 · $67/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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,309
• − Mortgage interest: −$3,355
• − Property taxes: −$807
• − Insurance: −$300
• − Repairs & maintenance: −$1,065
• − Management: −$1,065
• − Depreciation: −$1,743
• Taxable income: $4,975
• Est. tax owed @ 24.0%: −$1,194
• After-tax cash flow: $4,444/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 — Town of Pines

• Score: 66/100
• State rank: #302
• US rank: #12040

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Town of Pines, 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 (Porter County) Hauer SSP2

• Today (2025): 177,804 people
• By 2030: 181,552 · +2.1%
• By 2040: 185,830 · +4.5%
• By 2050: 187,498 · +5.5%
• By 2075: 189,585 · +6.6%
• By 2100: 183,722 · +3.3%

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 · Porter

• 2024 margin: R (+10.5) · D 43.8% · R 54.3% · Other 1.8%
• 2008→2024 swing: -17.7pp toward R · 2008: 7.2pp · 2024: -10.5pp
• All cycles: 2024: R+10.5 2020: R+6.1 2016: R+6.8 2012: D+3.8 2008: D+7.2

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

+2.1% since first listed

10 events — show timeline

• 2026-05-27 Sold (MLS) $48,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-11 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-01 Listed $59,900 NIRA MLS as Distributed by MLS Grid
• 2022-03-28 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2022-01-14 Relisted — NIRA MLS as Distributed by MLS Grid
• 2021-12-21 Contingent — NIRA MLS as Distributed by MLS Grid
• 2021-12-15 Listed $60,000 NIRA MLS as Distributed by MLS Grid
• 2020-06-03 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2019-12-09 Listed $39,900 NIRA MLS as Distributed by MLS Grid
• 2002-01-16 Listed $47,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+5.9%/yr

Latest (2024): $807 · +6.2% YoY. Source: county tax records.