111 S Porter St · Michigan City, IN 46360

$169,000

3 bd · 3.0 ba · 3,670 sqft · MultiFamily public records · 29 Days on market

Built 1900 0.25 ac 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Attention investors! Three unit building in need of updating, reflected in price. 2 units currently rented, require 24 hours notice. 2 separate furnaces for occupied units. Vacant unit has separate furnace hookup. 3 separate meters. Tenants pay their own gas and electric. Property located central to shopping, casino, commuter train, Lake Michigan beaches, zoo and much more.

Key facts

• Occupied units
• New gutters
• Major improvements

Tags

• MULTI-FAMILY PROPERTY
• OCCUPIED UNITS
• VACANT UNIT
• VALUE-ADD OPPORTUNITY
• MAJOR IMPROVEMENTS
• NEW GUTTERS

Property features AI

Exterior

• Parking: Driveway with gravel surface
• Utilities: Public water; Public sewer
• Home design: Built in 1900; Single-story layout; Multifamily property with 3 total units
• Construction: Asphalt roof; Unfinished basement (foundation space)
• Exterior features: Asphalt roof

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Three two-bedroom units (multifamily)
• Flooring: Laminate flooring
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Central air
• Interior features: Pets allowed; No additional interior features listed; Unfinished basement
• Laundry & utility: Has basement (utility space)

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/0.7-bath units multifamily listed at $169k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $539/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $169k).
• Recommended offer: $166k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.8% vs local median 3.0% 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, 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.
• Zoned schools: Lake Hills Elementary School (math 16% / reading 19%, grade F, #835 of 994 statewide, top 84%, 383 students, 87% FRL); Martin T Krueger Middle School (math 14% / reading 17%, grade F, #293 of 330 statewide, top 90%, 333 students, 84% FRL); Michigan City High School (math 17% / reading 37%, grade F, #315 of 369 statewide, top 86%, 1,555 students, 71% FRL).
• Market conditions: Rents rising fast (+9.7%/yr); 377 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 $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 $47k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $56k; list at $169k implies a 202% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $166,465 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 2.01% ✓
• Cap rate: 17.77%
• Cash-on-cash: 40.98%
• DSCR: 2.82
• GRM: 4.1

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: 42.9%
• Equity multiple: 2.98×
• Total profit: $93,475
• Equity at exit: $25,198

10-year hold

• IRR: 51.1%
• Equity multiple: 7.25×
• Total profit: $295,568
• Equity at exit: $14,612

Cash invested: $47,320 (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: 377
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $3,396 high
• Mortgage (P&I): −$886
• Tax from tax record: −$110 /mo · $1,322/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$713
• Net cashflow: $1,616

Break-even live

Break-even rent $1,350

Max offer price $169,000

Occupancy floor 47%

Sensitivity live

Price	-10% $1,712	-5% $1,664	+0% $1,616	+5% $1,568	+10% $1,520
Rent	-10% $1,348	-5% $1,482	+0% $1,616	+5% $1,750	+10% $1,884
Rate	-1.0pp $1,701	-0.5pp $1,659	base $1,616	+0.5pp $1,572	+1.0pp $1,528

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	0.7	$3,396
Total (3 units)			$3,396

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   remarks 615-char remark
2. 2026-06-21
   days on market $169,000 Active 29 DOM
3. 2026-06-19
   days on market $169,000 Active 27 DOM
4. 2026-06-18
   days on market $169,000 Active 26 DOM
5. 2026-06-17
   days on market $169,000 Active 25 DOM
6. 2026-06-16
   days on market $169,000 Active 24 DOM
7. 2026-06-15
   days on market $169,000 Active 23 DOM
8. 2026-06-14
   days on market $169,000 Active 21 DOM
9. 2026-06-13
   days on market $169,000 Active 20 DOM
10. 2026-06-10
    days on market $169,000 Active 18 DOM
11. 2026-06-09
    days on market $169,000 Active 17 DOM
12. 2026-06-08
    days on market $169,000 Active 16 DOM
13. 2026-06-07
    days on market $169,000 Active 15 DOM
14. 2026-06-03
    days on market $169,000 Active 11 DOM
15. 2026-06-02
    days on market $169,000 Active 10 DOM
16. 2026-06-01
    days on market $169,000 Active 9 DOM
17. 2026-05-31
    days on market $169,000 Active 8 DOM
18. 2026-05-30
    days on market $169,000 Active 7 DOM
19. 2026-05-23
    listed $169,000 Active
20. 2026-03-09
    historical
21. 2026-03-09
    price $170,000
22. 2026-02-16
    listed $159,900 Active
23. 2024-01-05
    status Pending 376-char remark

    Show marketing remark (376 chars)

    Attention investors! Three unit building in need of updating, reflected in price. 2 units currently rented, require 24 hours notice. 2 separate furnaces for occupied units. Vacant unit has separate furnace hookup. 3 separate meters. Tenants pay their own gas and electric. Property located central to shopping, casino, commuter train, Lake Michigan beaches, zoo and much more.

24. 2024-01-05
    soldstatus $56,000 Closed 376-char remark

    Show marketing remark (376 chars)

    Attention investors! Three unit building in need of updating, reflected in price. 2 units currently rented, require 24 hours notice. 2 separate furnaces for occupied units. Vacant unit has separate furnace hookup. 3 separate meters. Tenants pay their own gas and electric. Property located central to shopping, casino, commuter train, Lake Michigan beaches, zoo and much more.

25. 2023-12-08
    historical Active Under Contract 376-char remark

    Show marketing remark (376 chars)

    Attention investors! Three unit building in need of updating, reflected in price. 2 units currently rented, require 24 hours notice. 2 separate furnaces for occupied units. Vacant unit has separate furnace hookup. 3 separate meters. Tenants pay their own gas and electric. Property located central to shopping, casino, commuter train, Lake Michigan beaches, zoo and much more.

26. 2023-10-10
    listed $65,000 Active 376-char remark

    Show marketing remark (376 chars)

    Attention investors! Three unit building in need of updating, reflected in price. 2 units currently rented, require 24 hours notice. 2 separate furnaces for occupied units. Vacant unit has separate furnace hookup. 3 separate meters. Tenants pay their own gas and electric. Property located central to shopping, casino, commuter train, Lake Michigan beaches, zoo and much more.

27. 1998-03-18
    soldstatus $65,000

ⓘ 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: $1,322 · $110/mo
• Projected year-2 tax: $1,379 · $115/mo
• Expected delta: +$57/yr (+$5/mo · 4.3%)

ⓘ 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) · 74% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $40,752
• − Mortgage interest: −$9,467
• − Property taxes: −$1,322
• − Insurance: −$845
• − Repairs & maintenance: −$3,260
• − Management: −$3,260
• − Depreciation: −$4,916
• Taxable income: $17,682
• Est. tax owed @ 24.0%: −$4,244
• After-tax cash flow: $15,148/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

+160.0% since first listed

9 events — show timeline

• 2026-05-23 Listed $169,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-09 Price Changed $170,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-02-16 Listed $159,900 NIRA MLS as Distributed by MLS Grid
• 2024-01-05 Pending — NIRA MLS as Distributed by MLS Grid
• 2024-01-05 Sold (MLS) $56,000 NIRA MLS as Distributed by MLS Grid
• 2023-12-08 Contingent — NIRA MLS as Distributed by MLS Grid
• 2023-10-10 Listed $65,000 NIRA MLS as Distributed by MLS Grid
• 1998-03-18 Sold (Public Records) $65,000 Public Records

Property tax history

+3.8%/yr

Latest (2024): $1,322 · -14.0% YoY. Source: county tax records.