The Belvidere Plan · Michigan City, IN 46360

$132,500

3 bd · 2.0 ba · 1,493 sqft · Manufactured · 969 Days on market

Manufactured home Good condition $575/mo HOA · 45% of rent

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Rent growth +4.9/5.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Appreciation +2.5/10.0
• Schools +2.1/10.0
• 1% rule +1.7/10.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• Manufactured-home adj. -2.1

Listing remarks MLS

Welcome home to this * Just Released * Champion Homes; Belvidere Model! This home is Perfect in EVERY WAY! Our lenders are great and work with everyone! This HOME has TWO living rooms!!!!! This home can be built in either our Michigan City or Hobart locations. .. The kitchen is amazing and has a HUGE kitchen island with a MODERN FARMHOUSE vibe-Stainless Wall Mounted Range Hood with Large Beautiful Barn Doors. A VERY UNIQUE feature of this kitchen is the NEW TREND: behind the Barn Doors is the second set of kitchen cabinets for the pantry and refrigerator! A door leads to the laundry room. .. such a cool layout. The Master Suite is Amazing and on it's own end of the home. The bedroom boasts a large closet and large bathroom. The vanity is oversized and has a built in pantry closet and marble like stand up shower. Appliances included: -Gas Stove -Wall Mounted Range Hood -Dishwasher -Microwave -Washing Machine -Clothes Dryer The other TWO bedrooms are located off of the other end of the home for complete privacy with large closets. The SECOND full bathroom is just off of this area with a full bathtub/shower combo. This home has a gas forced air furnace and central air unit. .. Choose your lot in our amazing communities. .. .

Key facts

• Listed 968 days

🏗️ New construction. The $132,500 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $190,025.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $132k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-877 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $63k (52.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (3.4% below list).
• Recommended offer: $63k (52.4% below list) — sets the bar for cash-flow.
• Cap rate 0.8% vs local median 4.2% in Michigan City — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: Joy Elementary School (math 22% / reading 22%, grade F, #790 of 994 statewide, top 81%, 460 students, 78% 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); 648 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 $6k 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.

Negotiation context

• It's been on market 969 days — a 12% lower offer ($117k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 45% of rent.

Recommended offer $63,086 (52.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 969 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
8. 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.
9. 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.
10. 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: 0.67% ✗
• Cap rate: 0.75%
• Cash-on-cash: -19.78%
• DSCR: 0.12
• GRM: 12.4

CMA / ARV

• ARV (median comp): $190,025
• List price: $132,500
• Delta: -30.27%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
990 Highway 212	0.40mi	3/2.0	1,508 (+1%)	11mo	$250,000	$166	71
109 Tryon Farm Ln	1.21mi	3/2.5	1,480 (-1%)	6mo	$590,000	$399	56
206 Tryon Farm Ln	1.30mi	3/2.0	1,412 (-5%)	0mo	$470,000	$333	56
726 Freyer Rd	1.49mi	3/2.0	1,572 (+5%)	4mo	$239,000	$152	53
102 Mayfield Dr	1.18mi	3/2.0	1,575 (+6%)	7mo	$305,000	$194	50
4110 E Michigan Blvd	1.42mi	4/1.0 (+1)	1,557 (+4%)	1mo	$152,500	$98	48
3209 Springland Ave	0.36mi	3/1.0	1,260 (-16%)	9mo	$203,000	$161	47
121 Rogers Ave	1.32mi	3/1.0	1,375 (-8%)	6mo	$184,900	$134	43
153 Mayfield Dr	0.99mi	3/2.5	1,798 (+20%)	0mo	$299,900	$167	38
314 Tryon Farm Ln	1.35mi	3/3.0	1,791 (+20%)	1mo	$705,314	$394	35
33 Tryon Farm Ln	1.04mi	2/2.0 (-1)	1,829 (+22%)	1mo	$575,000	$314	34
11 Tryon Farm Ln	1.12mi	2/2.0 (-1)	1,183 (-21%)	2mo	$279,000	$236	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: -47.2%
• Equity multiple: -0.49×
• Total profit: $-79,529
• Equity at exit: $28,333

10-year hold

• IRR: -39.2%
• Equity multiple: -1.05×
• Total profit: $-108,902
• Equity at exit: $16,430

Cash invested: $53,207 (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 →

Active competition Active MLS

• For sale now: 3 active
• Median asking: $102,000 ($76/sqft)
• Median days on market: 476 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +66.9% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46360

• Rents YoY: 9.7%
• Active inventory: 648
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,280 medium
• Mortgage (P&I): −$997
• Tax est. 1.5%: −$238 /mo · $2,850/yr
• Insurance: −$79
• HOA: −$575
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $-877

Break-even live

Break-even rent $2,390

Max offer price $63,086

Occupancy floor —

Sensitivity live

Price	-10% $-746	-5% $-812	+0% $-877	+5% $-943	+10% $-1,009
Rent	-10% $-978	-5% $-928	+0% $-877	+5% $-827	+10% $-776
Rate	-1.0pp $-782	-0.5pp $-829	base $-877	+0.5pp $-926	+1.0pp $-977

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: $47,506
• Closing costs: $5,701
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

HOA detail $575/mo · $6,900/yr

• Likely covers: gas

Listing history 50 events

1. 2026-11-08
   days on market $132,500 Active 969 DOM
2. 2026-11-07
   days on market $132,500 Active 968 DOM
3. 2026-11-06
   days on market $132,500 Active 967 DOM
4. 2026-11-05
   days on market $132,500 Active 966 DOM
5. 2026-11-04
   days on market $132,500 Active 965 DOM
6. 2026-11-02
   days on market $132,500 Active 963 DOM
7. 2026-11-01
   days on market $132,500 Active 962 DOM
8. 2026-10-31
   days on market $132,500 Active 961 DOM
9. 2026-10-30
   days on market $132,500 Active 960 DOM
10. 2026-10-29
    days on market $132,500 Active 959 DOM
11. 2026-10-28
    days on market $132,500 Active 958 DOM
12. 2026-10-27
    days on market $132,500 Active 957 DOM
13. 2026-10-26
    days on market $132,500 Active 956 DOM
14. 2026-10-25
    days on market $132,500 Active 955 DOM
15. 2026-10-24
    days on market $132,500 Active 954 DOM
16. 2026-10-23
    days on market $132,500 Active 953 DOM
17. 2026-10-22
    days on market $132,500 Active 952 DOM
18. 2026-10-21
    days on market $132,500 Active 951 DOM
19. 2026-10-20
    days on market $132,500 Active 950 DOM
20. 2026-10-19
    days on market $132,500 Active 949 DOM
21. 2026-10-18
    days on market $132,500 Active 948 DOM
22. 2026-10-17
    days on market $132,500 Active 947 DOM
23. 2026-10-16
    days on market $132,500 Active 946 DOM
24. 2026-10-15
    days on market $132,500 Active 945 DOM
25. 2026-10-14
    days on market $132,500 Active 944 DOM
26. 2026-10-13
    days on market $132,500 Active 943 DOM
27. 2026-10-12
    days on market $132,500 Active 942 DOM
28. 2026-10-11
    days on market $132,500 Active 941 DOM
29. 2026-10-10
    days on market $132,500 Active 940 DOM
30. 2026-10-09
    days on market $132,500 Active 939 DOM
31. 2026-10-08
    days on market $132,500 Active 938 DOM
32. 2026-10-07
    days on market $132,500 Active 937 DOM
33. 2026-10-06
    days on market $132,500 Active 936 DOM
34. 2026-10-05
    days on market $132,500 Active 935 DOM
35. 2026-10-04
    days on market $132,500 Active 934 DOM
36. 2026-10-03
    days on market $132,500 Active 933 DOM
37. 2026-10-02
    days on market $132,500 Active 932 DOM
38. 2026-10-01
    days on market $132,500 Active 931 DOM
39. 2026-09-30
    days on market $132,500 Active 930 DOM
40. 2026-09-29
    days on market $132,500 Active 929 DOM
41. 2026-09-28
    days on market $132,500 Active 928 DOM
42. 2026-09-27
    days on market $132,500 Active 927 DOM
43. 2026-09-26
    days on market $132,500 Active 926 DOM
44. 2026-09-25
    days on market $132,500 Active 925 DOM
45. 2026-09-24
    days on market $132,500 Active 924 DOM
46. 2026-09-24
    days on market $132,500 Active 923 DOM
47. 2026-09-22
    days on market $132,500 Active 922 DOM
48. 2026-09-20
    days on market $132,500 Active 920 DOM
49. 2026-09-18
    days on market $132,500 Active 918 DOM
50. 2026-09-17
    days on market $132,500 Active 917 DOM

ⓘ 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: $15,357
• − Mortgage interest: −$10,644
• − Property taxes: −$2,850
• − Insurance: −$950
• − Repairs & maintenance: −$1,229
• − Management: −$1,229
• − HOA: −$6,900
• − Depreciation: −$5,528
• Taxable loss: −$13,973
• Est. tax savings @ 24.0%: +$3,354
• After-tax cash flow: $-7,173/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 · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $7,465–$22,395 screening

This home is in excellent condition with a modern kitchen and bathrooms, hardwood floors, and a well-maintained exterior. It is move-in ready and would be a great investment for both resale and rental purposes.

Value-add opportunities

• Resale Paint the interior walls — Fresh paint can make a significant difference in the home's appearance and value. ↑
• Rental Replace the air filters — Clean air filters improve air quality and reduce HVAC maintenance costs, which can attract renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 22/100

Zoned Schools

Elementary Joy Elementary School F IN #790/994 Nat'l #32,000/41,679 Middle Martin T Krueger Middle School F IN #293/330 Nat'l #12,557/14,009 High Michigan City High School F IN #315/369 Nat'l #11,887/17,239

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

A Composite livability gradescore 81/100

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 · 109,757 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: 9% of renters

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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%

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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%
• Languages at home: 95% English-only · Spanish 3%

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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

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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

+24.4% since first listed

4 events — show timeline

• 2025-11-20 Price Changed $132,500 Zillow
• 2025-10-03 Price Changed $125,000 Zillow
• 2024-03-14 Price Changed $116,500 Zillow
• 2024-03-14 Listed $106,500 Zillow