800 State Highway 212 Unit A5 · Michigan City, IN 46360

$55,000

3 bd · 2.0 ba · 1,680 sqft · Manufactured · 135 Days on market

Built 2026 Good condition 7,000 sqft lot $33/sqft · 78% below area $575/mo HOA · 39% of rent

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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 +3.8/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to the prettiest home in Green Acres, with a new roof, new deck, new handicap ramp. .. Fully remodeled and beautiful. .. the large kitchen island, boasts an abundance of cabinetry. .. All appliances, refrigerator, dishwasher, gas stove and microwave. The attached dining room is the perfect space for family memories with large sunny windows and a newly installed red barn door, leading to the laundry room and rear entrance. The master suite is amazing with an oversized closet, large bedroom with large windows and huge master bathroom with his and hers vanity and bathtub shower combo. The living room is oversized with plenty of room for a large sectional and accent chairs. The second and third bedroom are located on one end of the home for complete privacy. .. with walk in closets. This home is now empty of furniture and ready for new owners.

Key facts

• Large kitchen island
• Attached dining room
• New handicap ramp

Tags

• NEW ROOF
• NEW DECK
• NEW HANDICAP RAMP
• LARGE KITCHEN ISLAND
• ABUNDANCE OF CABINETRY
• ATTACHED DINING ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $55k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $208 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.8% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.

Recommended offer $48,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 2.68% ✓
• Cap rate: 10.82%
• Cash-on-cash: 16.18%
• DSCR: 1.72
• GRM: 3.1

CMA / ARV

• ARV (median comp): $252,147
• List price: $55,000
• Delta: -78.19%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 17.9%
• Equity multiple: 1.81×
• Total profit: $12,463
• Equity at exit: $8,201

10-year hold

• IRR: 31.9%
• Equity multiple: 5.21×
• Total profit: $64,804
• Equity at exit: $4,755

Cash invested: $15,400 (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: 3.1×

Monthly cashflow live

• Estimated rent: $1,472 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$575
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $208

Break-even live

Break-even rent $1,209

Max offer price $55,000

Occupancy floor 81%

Sensitivity live

Price	-10% $246	-5% $227	+0% $208	+5% $189	+10% $170
Rent	-10% $91	-5% $149	+0% $208	+5% $266	+10% $324
Rate	-1.0pp $235	-0.5pp $222	base $208	+0.5pp $193	+1.0pp $179

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $575 · $6,900/yr
• Likely covers: gas

Listing history 16 events

1. 2026-06-18
   days on market $55,000 Active 135 DOM
2. 2026-06-17
   days on market $55,000 Active 134 DOM
3. 2026-06-16
   pricedays on market $55,000 Active 133 DOM
4. 2026-06-15
   days on market $75,500 Active 132 DOM
5. 2026-06-14
   days on market $75,500 Active 130 DOM
6. 2026-06-13
   days on market $75,500 Active 129 DOM
7. 2026-06-10
   days on market $75,500 Active 127 DOM
8. 2026-06-09
   days on market $75,500 Active 126 DOM
9. 2026-06-08
   days on market $75,500 Active 125 DOM
10. 2026-06-07
    days on market $75,500 Active 124 DOM
11. 2026-06-03
    days on market $75,500 Active 120 DOM
12. 2026-06-02
    days on market $75,500 Active 119 DOM
13. 2026-06-01
    days on market $75,500 Active 118 DOM
14. 2026-05-31
    days on market $75,500 Active 117 DOM
15. 2026-05-30
    days on market $75,500 Active 116 DOM
16. 2026-02-03
    listed $75,000 Active 864-char remark

    Show marketing remark (864 chars)

    Welcome home to the prettiest home in Green Acres, with a new roof, new deck, new handicap ramp. .. Fully remodeled and beautiful. .. the large kitchen island, boasts an abundance of cabinetry. .. All appliances, refrigerator, dishwasher, gas stove and microwave. The attached dining room is the perfect space for family memories with large sunny windows and a newly installed red barn door, leading to the laundry room and rear entrance. The master suite is amazing with an oversized closet, large bedroom with large windows and huge master bathroom with his and hers vanity and bathtub shower combo. The living room is oversized with plenty of room for a large sectional and accent chairs. The second and third bedroom are located on one end of the home for complete privacy. .. with walk in closets. This home is now empty of furniture and ready for new owners.

ⓘ 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: $17,661
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$1,413
• − Management: −$1,413
• − HOA: −$6,900
• − Depreciation: −$1,600
• Taxable income: $2,154
• Est. tax owed @ 24.0%: −$517
• After-tax cash flow: $1,974/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 75/100 Cosmetic rehab

This home is in good condition with recent renovations and improvements. It is move-in ready and has the potential for further updates to increase its value.

Value-add opportunities

• Both paint interior walls — neutral paint can make a home feel smaller
• Both install new light fixtures — newer fixtures can improve curb appeal
• Both install new flooring in living room — new flooring can make a space feel larger and more modern

Renovation cost estimate screening

Value-add ROI direction

• Both paint interior walls — neutral paint can make a home feel smaller ↑
• Both install new light fixtures — newer fixtures can improve curb appeal ↑
• Both install new flooring in living room — new flooring can make a space feel larger and more modern ↑

ⓘ 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

1 event — show timeline

• 2026-02-03 Listed $75,000 Zillow