800 State Highway 212 Unit C-3 · Michigan City, IN 46360

$24,500

3 bd · 1.0 ba · 1,150 sqft · Manufactured · 37 Days on market

Built 2026 7,000 sqft lot $575/mo HOA · 40% of rent

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Welcome home to this spacious 3-bedroom, 2-bath residence offering a comfortable layout, thoughtful updates, and plenty of everyday convenience. Inside, you'll find vaulted ceilings, a bright kitchen with raised-panel hardwood cabinetry, recessed lighting, a stainless steel sink, and included appliances. The living spaces feel warm and inviting with updated flooring in several areas, plush beige carpeting, mini blinds, and glass light fixtures. The primary suite offers its own private bath, walk-in closet, oak vanity, tub with matching surround, and added storage. This home also features central air, a gas furnace, gas water heater, washer and dryer, built-in bookcase dividers, overhead sto

Key facts

• Bright kitchen
• Stainless steel sink
• Primary suite

Tags

• VAULTED CEILINGS
• BRIGHT KITCHEN
• RAISED-PANEL HARDWOOD CABINETS
• STAINLESS STEEL SINK
• RECESSED KITCHEN LIGHTING
• PRIMARY SUITE

Property features AI

Finance

• Other: Living area approximately 1,150; Address: 800 State Highway 212 Unit C-3, Michigan City, IN 46360; List price available
• HOA & community: Association fee: $575

Exterior

• Utilities: Has heating; Has cooling
• Home design: Single-level living (plan: Green Acres); Spec inventory type
• Exterior features: Asphalt roof

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air; Ceiling fans
• Interior features: Refrigerator; Dishwasher

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $24k.

Deal economics

• At list price, monthly cash flow is $397 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $24k).
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.7% 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; 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 $169 of loan paydown is wiped out by about $735 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 $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.

Recommended offer $23,765 (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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 5.89% ✓
• Cap rate: 25.71%
• Cash-on-cash: 69.36%
• DSCR: 4.09
• GRM: 1.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 80.1%
• Equity multiple: 5.27×
• Total profit: $29,290
• Equity at exit: $3,653

10-year hold

• IRR: 86.0%
• Equity multiple: 14.74×
• Total profit: $94,282
• Equity at exit: $2,118

Cash invested: $6,860 (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: 1.4×

Monthly cashflow live

• Estimated rent: $1,444 medium
• Mortgage (P&I): −$128
• Tax est. 1.5%: −$31 /mo · $368/yr
• Insurance: −$10
• HOA: −$575
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $397

Break-even live

Break-even rent $942

Max offer price $24,500

Occupancy floor 68%

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: $6,125
• Closing costs: $735
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $575 · $6,900/yr
• Likely covers: watergas

Listing history 17 events

1. 2026-06-18
   days on market $24,500 Active 37 DOM
2. 2026-06-17
   days on market $24,500 Active 36 DOM
3. 2026-06-16
   days on market $24,500 Active 35 DOM
4. 2026-06-15
   days on market $24,500 Active 34 DOM
5. 2026-06-14
   days on market $24,500 Active 32 DOM
6. 2026-06-13
   days on market $24,500 Active 31 DOM
7. 2026-06-10
   days on market $24,500 Active 29 DOM
8. 2026-06-09
   days on market $24,500 Active 28 DOM
9. 2026-06-08
   days on market $24,500 Active 27 DOM
10. 2026-06-07
    days on market $24,500 Active 26 DOM
11. 2026-06-03
    days on market $24,500 Active 22 DOM
12. 2026-06-02
    days on market $24,500 Active 21 DOM
13. 2026-06-01
    days on market $24,500 Active 20 DOM
14. 2026-05-31
    days on market $24,500 Active 19 DOM
15. 2026-05-30
    days on market $24,500 Active 18 DOM
16. 2026-05-12
    price $25,000 1496-char remark
17. 2026-05-12
    listed $30,000 Active 1496-char remark

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

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 ≥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: $17,329
• − Mortgage interest: −$1,372
• − Property taxes: −$368
• − Insurance: −$122
• − Repairs & maintenance: −$1,386
• − Management: −$1,386
• − HOA: −$6,900
• − Depreciation: −$713
• Taxable income: $5,081
• Est. tax owed @ 24.0%: −$1,219
• After-tax cash flow: $3,539/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