205 E Garfield St · Michigan City, IN 46360

$299,900

4 bd · 5.0 ba · — sqft · MultiFamily · 100 Days on market

Built 1968 Poor condition 5,073 sqft lot ↓ 14% 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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Rent growth +4.9/5.0
• Livability +4.0/5.0
• Schools +2.2/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Up for sale is this income property which features 4 apartments and a store front. Presently all apartments are rented and gross rents are 2575 per month. The store front is vacant. This is a great central location in Michigan City near Ames Field, Dairy Queen and more. This is a great opportunity to add this property to your portfolio or begin your real estate investment catalog.

Key facts

• Central location
• 4 apartments
• Store front

Tags

• INCOME PROPERTY
• 4 APARTMENTS
• STORE FRONT
• CENTRAL LOCATION

What this means for you Summary

Snapshot

• This is a 4-bed/5.0-bath multifamily listed at $300k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $273k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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; 10 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).
• At $4,465/mo this rent would consume 90% of the median local household income ($59k/yr) (locally 1152% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 $84k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $272,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.49% ✓
• Cap rate: 12.11%
• Cash-on-cash: 20.79%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

• ARV (median comp): $157,551
• List price: $299,900
• Delta: 90.35%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
217 Charles St	0.48mi	4/4.0	—	10mo	$305,000	—	52
1516 Lafayette St	0.20mi	5/3.0 (+1)	—	18mo	$250,000	—	50
2205 Wabash St	0.34mi	4/2.0	—	16mo	$155,000	—	46
402 Decatur St	0.19mi	3/2.0 (-1)	2,448	21mo	$66,500	$27	44
241 S Porter St	0.74mi	4/2.0	—	3mo	$85,000	—	39
2017 Buffalo St	0.50mi	4/2.0	—	20mo	$175,000	—	36
1213 Franklin St	0.70mi	5/2.0 (+1)	—	4mo	$265,000	—	34
2005 Ohio St	0.65mi	3/2.0 (-1)	—	11mo	$175,000	—	31
312 S Porter St	0.72mi	4/2.0	—	16mo	$186,000	—	28
1207 Pine St	0.69mi	4/2.0	—	19mo	$151,000	—	28
502 Pearl St	0.66mi	4/2.0	—	22mo	$125,000	—	27
1122 Cedar St	0.71mi	3/2.0 (-1)	—	18mo	$35,000	—	22

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: 18.7%
• Equity multiple: 1.81×
• Total profit: $67,725
• Equity at exit: $44,716

10-year hold

• IRR: 30.4%
• Equity multiple: 4.41×
• Total profit: $285,956
• Equity at exit: $25,930

Cash invested: $83,972 (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: 22.4×

Monthly cashflow live

• Estimated rent: $4,465 high
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,498/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$938
• Net cashflow: $1,455

Break-even live

Break-even rent $2,623

Max offer price $299,900

Occupancy floor 62%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,464
Total (4 units)			$4,465

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1114 Pine St Michigan City, IN	3.0	1.0	—	$1,200	—	43d	1	0.76mi
1303 Buffalo St Unit 1 Michigan City, IN	3.0	1.0	1700	$1,700	$1.00	43d	1	0.77mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	43d	1	0.94mi
934 Henry St Michigan City, IN	3.0	1.0	1100	$1,250	$1.14	43d	1	0.95mi
3581 Hampden Rd Michigan City, IN	4.0	1.0	1120	$2,000	$1.79	43d	1	1.00mi
109 Columbia St Michigan City, IN	4.0	1.0	—	$1,260	—	43d	1	1.01mi
215 N Woodland Ave Michigan City, IN	3.0	1.0	1112	$1,395	$1.25	43d	1	1.14mi
910 S Carroll Ave Michigan City, IN	2.0–3.0	2.0	1187	$1,600	$1.35	43d	3	1.22mi
533 Highland Ave Michigan City, IN	3.0	1.0	—	$1,450	—	43d	1	1.30mi
614 N Calumet Ave Michigan City, IN	3.0	1.0	825	$1,450	$1.76	43d	1	1.48mi

Listing history 22 events

1. 2026-06-19
   days on market $299,900 Active 100 DOM
2. 2026-06-18
   days on market $299,900 Active 99 DOM
3. 2026-06-17
   days on market $299,900 Active 98 DOM
4. 2026-06-16
   days on market $299,900 Active 97 DOM
5. 2026-06-15
   days on market $299,900 Active 96 DOM
6. 2026-06-14
   days on market $299,900 Active 94 DOM
7. 2026-06-13
   days on market $299,900 Active 93 DOM
8. 2026-06-10
   days on market $299,900 Active 91 DOM
9. 2026-06-09
   days on market $299,900 Active 90 DOM
10. 2026-06-08
    days on market $299,900 Active 89 DOM
11. 2026-06-07
    days on market $299,900 Active 88 DOM
12. 2026-06-03
    days on market $299,900 Active 84 DOM
13. 2026-06-02
    days on market $299,900 Active 83 DOM
14. 2026-06-01
    days on market $299,900 Active 82 DOM
15. 2026-05-31
    days on market $299,900 Active 81 DOM
16. 2026-05-30
    days on market $299,900 Active 80 DOM
17. 2026-05-19
    price $299,900 383-char remark

    Show marketing remark (383 chars)

    Up for sale is this income property which features 4 apartments and a store front. Presently all apartments are rented and gross rents are 2575 per month. The store front is vacant. This is a great central location in Michigan City near Ames Field, Dairy Queen and more. This is a great opportunity to add this property to your portfolio or begin your real estate investment catalog.

18. 2026-05-02
    price $315,000 383-char remark

    Show marketing remark (383 chars)

    Up for sale is this income property which features 4 apartments and a store front. Presently all apartments are rented and gross rents are 2575 per month. The store front is vacant. This is a great central location in Michigan City near Ames Field, Dairy Queen and more. This is a great opportunity to add this property to your portfolio or begin your real estate investment catalog.

19. 2026-04-13
    status Active 383-char remark

    Show marketing remark (383 chars)

    Up for sale is this income property which features 4 apartments and a store front. Presently all apartments are rented and gross rents are 2575 per month. The store front is vacant. This is a great central location in Michigan City near Ames Field, Dairy Queen and more. This is a great opportunity to add this property to your portfolio or begin your real estate investment catalog.

20. 2026-03-05
    status Pending 383-char remark

    Show marketing remark (383 chars)

    Up for sale is this income property which features 4 apartments and a store front. Presently all apartments are rented and gross rents are 2575 per month. The store front is vacant. This is a great central location in Michigan City near Ames Field, Dairy Queen and more. This is a great opportunity to add this property to your portfolio or begin your real estate investment catalog.

21. 2026-02-21
    price $324,900 383-char remark

    Show marketing remark (383 chars)

    Up for sale is this income property which features 4 apartments and a store front. Presently all apartments are rented and gross rents are 2575 per month. The store front is vacant. This is a great central location in Michigan City near Ames Field, Dairy Queen and more. This is a great opportunity to add this property to your portfolio or begin your real estate investment catalog.

22. 2026-01-28
    listed $350,000 Active 383-char remark

    Show marketing remark (383 chars)

    Up for sale is this income property which features 4 apartments and a store front. Presently all apartments are rented and gross rents are 2575 per month. The store front is vacant. This is a great central location in Michigan City near Ames Field, Dairy Queen and more. This is a great opportunity to add this property to your portfolio or begin your real estate investment catalog.

ⓘ 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 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: $53,580
• − Mortgage interest: −$16,799
• − Property taxes: −$4,498
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,286
• − Management: −$4,286
• − Depreciation: −$8,724
• Taxable income: $13,486
• Est. tax owed @ 24.0%: −$3,237
• After-tax cash flow: $14,221/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance, including roof replacement and exterior updates, to improve its condition and value.

Repairs flagged

• Major roof — Snow-covered roof with potential ice damming
• Major exterior siding — Aged and weathered, likely needs replacement
• Major paint — Peeling paint on exterior

Value-add opportunities

• Both roof replacement — Critical to prevent water damage and improve curb appeal
• Both exterior siding replacement — Improves curb appeal and structural integrity
• Both painting — Enhances curb appeal and reflects better condition

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Snow-covered roof with potential ice damming	Major	$15,000–50,000
exterior siding · Aged and weathered, likely needs replacement	Major	$15,000–50,000
paint · Peeling paint on exterior	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both roof replacement — Critical to prevent water damage and improve curb appeal ↑
• Both exterior siding replacement — Improves curb appeal and structural integrity ↑
• Both painting — Enhances curb appeal and reflects better condition ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-14.3% since first listed

6 events — show timeline

• 2026-05-19 Price Changed $299,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-02 Price Changed $315,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-13 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-03-05 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-02-21 Price Changed $324,900 NIRA MLS as Distributed by MLS Grid
• 2026-01-28 Listed $350,000 NIRA MLS as Distributed by MLS Grid