902 Kentucky St · Michigan City, IN 46360

$220,000

4 bd · 2.0 ba · 2,558 sqft · MultiFamily public records · 49 Days on market

Built 1900 3,366 sqft lot

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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 +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• 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

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

This property is zoned multi family residential but is currently used as a single family residence. Both floors have kitchens and baths. The main floor converted a bedroom into a laundry room. There is only 1 electrical service and 1 water heater but two furnaces. Home has two separate entrances. Sits on a nice size corner lot near outlet mall and short drive to the beach.

Key facts

• Centrally located
• Near restaurants
• Near outlet mall

Tags

• CORNER LOT
• INCOME PRODUCING PROPERTY
• CENTRALLY LOCATED
• NEAR OUTLET MALL
• NEAR RESTAURANTS
• NEAR LAKE MICHIGAN

Property features AI

Finance

• Other: Multi-unit building with 2 total units; currently vacant; 12 total rooms; Above-grade finished area reported by assessor

Exterior

• Parking: On-street parking
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public water; Public sewer; Sewer connected; Water connected
• Home design: Two-story building; Built in 1900
• Construction: Asphalt shingle roof; Unfinished walk-out basement
• Exterior features: Private yard; Shed(s); City and neighborhood views

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Two-bedroom unit (one of the building's units); Three-bedroom unit (one of the building's units)
• Flooring: Carpet; Tile; Laminate
• Bathrooms: 2 full bathrooms (total in the building)
• Heating & cooling: Forced air heating; Ceiling fan(s) for cooling
• Interior features: Ceiling fans; Carbon monoxide detector(s); Smoke detector(s)
• Laundry & utility: Main level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $756 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).
• At $2,824/mo this rent would consume 57% 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 $7k 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 $62k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $110k; list at $220k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $213,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% 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. 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. 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.
6. 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.
7. 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: 1.28% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.73%
• DSCR: 1.66
• GRM: 6.5

CMA / ARV

• ARV (median comp): $120,011
• List price: $220,000
• Delta: 83.32%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 10.7%
• Equity multiple: 1.45×
• Total profit: $27,445
• Equity at exit: $32,803

10-year hold

• IRR: 23.4%
• Equity multiple: 3.50×
• Total profit: $153,893
• Equity at exit: $19,022

Cash invested: $61,600 (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: 12.1×

Monthly cashflow live

• Estimated rent: $2,824 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$230 /mo · $2,754/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$593
• Net cashflow: $756

Break-even live

Break-even rent $1,867

Max offer price $220,000

Occupancy floor 68%

Sensitivity live

Price	-10% $881	-5% $818	+0% $756	+5% $694	+10% $632
Rent	-10% $533	-5% $645	+0% $756	+5% $868	+10% $979
Rate	-1.0pp $867	-0.5pp $812	base $756	+0.5pp $699	+1.0pp $641

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,516
1× unit	2	1	$1,308
Total (2 units)			$2,824

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $220,000 Active 49 DOM
2. 2026-06-18
   days on market $220,000 Active 48 DOM
3. 2026-06-17
   days on market $220,000 Active 47 DOM
4. 2026-06-16
   days on market $220,000 Active 46 DOM
5. 2026-06-15
   days on market $220,000 Active 45 DOM
6. 2026-06-14
   days on market $220,000 Active 43 DOM
7. 2026-06-13
   days on market $220,000 Active 42 DOM
8. 2026-06-10
   days on market $220,000 Active 40 DOM
9. 2026-06-09
   days on market $220,000 Active 39 DOM
10. 2026-06-08
    days on market $220,000 Active 38 DOM
11. 2026-06-07
    days on market $220,000 Active 37 DOM
12. 2026-06-03
    days on market $220,000 Active 33 DOM
13. 2026-06-02
    days on market $220,000 Active 32 DOM
14. 2026-06-01
    days on market $220,000 Active 31 DOM
15. 2026-05-31
    days on market $220,000 Active 30 DOM
16. 2026-05-30
    days on market $220,000 Active 29 DOM
17. 2026-05-01
    listed $220,000 Active 530-char remark
18. 2025-12-29
    status Pending 376-char remark

    Show marketing remark (376 chars)

    This property is zoned multi family residential but is currently used as a single family residence. Both floors have kitchens and baths. The main floor converted a bedroom into a laundry room. There is only 1 electrical service and 1 water heater but two furnaces. Home has two separate entrances. Sits on a nice size corner lot near outlet mall and short drive to the beach.

19. 2025-12-29
    soldstatus $110,000 Closed 376-char remark

    Show marketing remark (376 chars)

    This property is zoned multi family residential but is currently used as a single family residence. Both floors have kitchens and baths. The main floor converted a bedroom into a laundry room. There is only 1 electrical service and 1 water heater but two furnaces. Home has two separate entrances. Sits on a nice size corner lot near outlet mall and short drive to the beach.

20. 2025-12-29
    soldstatus $110,000 Closed

    Show marketing remark (376 chars)

    This property is zoned multi family residential but is currently used as a single family residence. Both floors have kitchens and baths. The main floor converted a bedroom into a laundry room. There is only 1 electrical service and 1 water heater but two furnaces. Home has two separate entrances. Sits on a nice size corner lot near outlet mall and short drive to the beach.

21. 2025-11-15
    historical Active Under Contract 376-char remark

    Show marketing remark (376 chars)

    This property is zoned multi family residential but is currently used as a single family residence. Both floors have kitchens and baths. The main floor converted a bedroom into a laundry room. There is only 1 electrical service and 1 water heater but two furnaces. Home has two separate entrances. Sits on a nice size corner lot near outlet mall and short drive to the beach.

22. 2025-11-15
    historical Active Under Contract

    Show marketing remark (376 chars)

    This property is zoned multi family residential but is currently used as a single family residence. Both floors have kitchens and baths. The main floor converted a bedroom into a laundry room. There is only 1 electrical service and 1 water heater but two furnaces. Home has two separate entrances. Sits on a nice size corner lot near outlet mall and short drive to the beach.

23. 2025-10-28
    listed $110,000 Active 376-char remark

    Show marketing remark (376 chars)

    This property is zoned multi family residential but is currently used as a single family residence. Both floors have kitchens and baths. The main floor converted a bedroom into a laundry room. There is only 1 electrical service and 1 water heater but two furnaces. Home has two separate entrances. Sits on a nice size corner lot near outlet mall and short drive to the beach.

24. 2025-10-28
    listed $110,000 Active

    Show marketing remark (376 chars)

    This property is zoned multi family residential but is currently used as a single family residence. Both floors have kitchens and baths. The main floor converted a bedroom into a laundry room. There is only 1 electrical service and 1 water heater but two furnaces. Home has two separate entrances. Sits on a nice size corner lot near outlet mall and short drive to the beach.

ⓘ 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: $2,754 · $230/mo
• Projected year-2 tax: $2,754 · $230/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 3/10 Moderate 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: $33,888
• − Mortgage interest: −$12,323
• − Property taxes: −$2,754
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,711
• − Management: −$2,711
• − Depreciation: −$6,400
• Taxable income: $5,888
• Est. tax owed @ 24.0%: −$1,413
• After-tax cash flow: $7,660/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

+100.0% since first listed

8 events — show timeline

• 2026-05-01 Listed $220,000 NIRA MLS as Distributed by MLS Grid
• 2025-12-29 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-12-29 Sold (MLS) $110,000 NIRA MLS as Distributed by MLS Grid
• 2025-12-29 Sold (MLS) $110,000 NIRA MLS as Distributed by MLS Grid
• 2025-11-15 Contingent — NIRA MLS as Distributed by MLS Grid
• 2025-11-15 Contingent — NIRA MLS as Distributed by MLS Grid
• 2025-10-28 Listed $110,000 NIRA MLS as Distributed by MLS Grid
• 2025-10-28 Listed $110,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+14.4%/yr

Latest (2024): $2,754 · +6.7% YoY. Source: county tax records.