629 Superior St · Michigan City, IN 46360

$157,000

3 bd · 1.5 ba · 988 sqft · SingleFamily public records · 4 Days on market

Built 1964 5,723 sqft lot Est $164k · at est.

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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).

• Cash flow +19.2/30.0
• ARV discount +9.4/15.0
• DSCR +6.0/10.0
• Rent growth +4.9/5.0
• Livability +4.0/5.0
• 1% rule +3.9/10.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming 3 bedroom, 1.5 bathroom home in the heart of Michigan City--where character, comfort, and convenience come together. Located only 10 minutes from Lake Michigan's shoreline, Washington Park Beach, and the vibrant Uptown Arts District, this property offers the perfect blend of lifestyle and location. Walk just down the street to enjoy the serene beauty and sense of community that Gardena Park has to offer. Step inside to find an inviting interior with a functional layout designed for everyday living. Natural light fills the space, highlighting the home's warmth and livability. Whether you're relaxing in the living area or gathering with family and friends, this home p

Key facts

• Shed
• Off street parking
• Fenced-in backyard

Tags

• FULL UNFINISHED BASEMENT
• FENCED-IN BACKYARD
• SHED
• OFF STREET PARKING
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $157k.

Deal economics

• At list price, monthly cash flow is $169 ($2k/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 $140k (10.7% below list).
• Recommended offer: $140k (10.7% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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; 8 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 $1k of loan paydown is wiped out by about $5k 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 $44k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,168 (10.7% below list)

Questions for the listing agent

1. Built in 1964 — 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 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?
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: 0.89% ✗
• Cap rate: 7.58%
• Cash-on-cash: 4.60%
• DSCR: 1.20
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $164,008
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
629 Superior St	0.00mi	3/1.5	988 (0%)	0mo	$162,750	$165	100
2941 Jackson St	0.31mi	3/1.0	988 (0%)	7mo	$167,600	$170	78
903 Greenwood Ave	0.21mi	3/1.0	1,008 (+2%)	9mo	$167,000	$166	77
206 Avalon Ct	0.36mi	3/1.0	996 (+1%)	3mo	$219,900	$221	77
506 Jackson St	0.54mi	3/2.5	1,056 (+7%)	8mo	$12,500	$12	52
720 Hoyt St	0.74mi	2/1.5 (-1)	1,008 (+2%)	6mo	$168,750	$167	52
1410 Oak St	0.51mi	2/1.0 (-1)	905 (-8%)	5mo	$119,000	$131	52
611 Benton St	0.73mi	3/2.0	1,035 (+5%)	9mo	$170,000	$164	48
417 Jackson St	0.58mi	2/1.0 (-1)	900 (-9%)	10mo	$132,000	$147	42
314 Cloud St	0.63mi	2/1.0 (-1)	864 (-13%)	5mo	$165,000	$191	39
1108 York St	0.70mi	2/1.0 (-1)	900 (-9%)	10mo	$167,000	$186	37
1902 Greenwood Ave	0.69mi	2/1.5 (-1)	1,122 (+14%)	9mo	$180,000	$160	33

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: -4.3%
• Equity multiple: 0.83×
• Total profit: $-7,369
• Equity at exit: $23,409

10-year hold

• IRR: 10.0%
• Equity multiple: 1.93×
• Total profit: $40,840
• Equity at exit: $13,574

Cash invested: $43,960 (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: 9.3×

Monthly cashflow live

• Estimated rent: $1,402 high
• Mortgage (P&I): −$823
• Tax from tax record: −$50 /mo · $601/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $169

Break-even live

Break-even rent $1,188

Max offer price $157,000

Occupancy floor 83%

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: $39,250
• Closing costs: $4,710
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1810 E Barker Ave Michigan City, IN	1.0–2.0	1.0	900	$1,250	$1.39	43d	1	0.77mi
121 S Porter St Unit A Michigan City, IN	2.0	2.0	1050	$925	$0.88	43d	1	0.83mi
106 Ruby Ct Michigan City, IN	2.0	1.0	744	$1,195	$1.61	43d	1	0.84mi
910 S Carroll Ave Michigan City, IN	2.0–3.0	2.0	1187	$1,600	$1.35	43d	3	0.86mi
215 N Woodland Ave Michigan City, IN	3.0	1.0	1112	$1,395	$1.25	43d	1	1.00mi
3581 Hampden Rd Michigan City, IN	4.0	1.0	1120	$2,000	$1.79	43d	1	1.22mi
934 Henry St Michigan City, IN	3.0	1.0	1100	$1,250	$1.14	43d	1	1.27mi
614 N Calumet Ave Michigan City, IN	3.0	1.0	825	$1,450	$1.76	43d	1	1.37mi

Listing history 2 events

1. 2026-04-17
   status Pending
2. 2026-04-12
   listed $157,000 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: $601 · $50/mo
• Projected year-2 tax: $968 · $81/mo
• Expected delta: +$367/yr (+$31/mo · 61.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $16,820
• − Mortgage interest: −$8,794
• − Property taxes: −$601
• − Insurance: −$785
• − Repairs & maintenance: −$1,346
• − Management: −$1,346
• − Depreciation: −$4,567
• Taxable loss: −$619
• Est. tax savings @ 24.0%: +$148
• After-tax cash flow: $2,171/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

2 events — show timeline

• 2026-04-17 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-12 Listed $157,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.7%/yr

Latest (2024): $601 · -25.7% YoY. Source: county tax records.