306 W Michigan St · Rolling Prairie, IN 46371

$197,500

3 bd · 1.5 ba · 1,896 sqft · SingleFamily public records · 62 Days on market

Built 1927 9,148 sqft lot $104/sqft · 15% below area Est $207k · at est.

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Why this score? — see what drove the D- 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 +10.9/30.0
• ARV discount +9.5/15.0
• Schools +4.4/10.0
• Livability +3.8/5.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in the desirable NEW PRAIRIE School District, this two story home features high ceilings, hardwood floors, and charming built in cabinetry. The spacious living area includes a wood burning fireplace and LOTS of natural light. Furnace + central air approximately 2-3 years old, and the water heater is new. Enjoy the small town feel of Rolling Prairie with convenient access to I 94 for commuting to Michigan City, La Porte, and South Bend.

Key facts

• Natural light
• 9,148 sq ft lot
• 2 garage spots

Tags

• NEW PRAIRIE SCHOOL DISTRICT
• WOOD BURNING FIREPLACE
• NATURAL LIGHT
• CONVENIENT ACCESS TO I 94

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $198k.

Deal economics

• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $182k (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (28.1% below list).
• Recommended offer: $142k (28.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 75/100 on livability (#65 in IN, #4,305 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: commute D+, amenities F, health & safety D-.
• New Prairie United School Corporation (rural): math 46% / reading 54% proficiency, ranked #47 of 301 in IN (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Rolling Prairie Elementary School (math 60% / reading 48%, grade C, #221 of 994 statewide, top 22%, 434 students, 52% FRL); New Prairie Middle School (math 32% / reading 49%, grade F, #117 of 330 statewide, top 36%, 705 students, 40% FRL); New Prairie High School (math 33% / reading 69%, grade D+, #115 of 369 statewide, top 31%, 979 students, 33% FRL).
• Market conditions: 17 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 62 days — a 6% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 25y ago; this cycle's ask has dropped $28k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $141,988 (28.1% 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 62 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.72% ✗
• Cap rate: 5.77%
• Cash-on-cash: -1.88%
• DSCR: 0.92
• GRM: 11.6

CMA / ARV

• ARV (median comp): $206,760
• List price: $197,500
• Delta: -4.48%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 W Michigan St	0.00mi	4/1.5 (+1)	1,680 (-11%)	0mo	$207,500	$124	76
113 E Walker St	0.32mi	3/2.0	1,774 (-6%)	7mo	$73,500	$41	66
3877 N 400 E	0.63mi	2/1.0 (-1)	1,664 (-12%)	8mo	$195,000	$117	36
5204 N 425 E	0.71mi	3/2.5	2,076 (+10%)	22mo	$240,000	$116	28

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -19.5%
• Equity multiple: 0.32×
• Total profit: $-37,597
• Equity at exit: $29,448

10-year hold

• IRR: -12.3%
• Equity multiple: 0.27×
• Total profit: $-40,148
• Equity at exit: $17,076

Cash invested: $55,300 (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 46371

• Home prices YoY: -19.9%
• Active inventory: 17
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,420 medium
• Mortgage (P&I): −$1,036
• Tax from tax record: −$90 /mo · $1,084/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $-87

Break-even live

Break-even rent $1,530

Max offer price $182,194

Occupancy floor —

Sensitivity live

Price	-10% $25	-5% $-31	+0% $-87	+5% $-143	+10% $-198
Rent	-10% $-199	-5% $-143	+0% $-87	+5% $-31	+10% $26
Rate	-1.0pp $13	-0.5pp $-36	base $-87	+0.5pp $-138	+1.0pp $-190

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: $49,375
• Closing costs: $5,925
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-05-15
   status Pending 447-char remark

   Show marketing remark (473 chars)

   Located in the desirable New Prairie School District, this two story home features high ceilings, hardwood floors, and charming built in cabinetry. The spacious living area includes a wood burning fireplace and lots of natural light. Furnace is approximately 3 years old, central air approximately 2 years old, and the water heater is new. Enjoy the small town feel of Rolling Prairie with convenient access to I 94 for commuting to Michigan City, La Porte, and South Bend.

2. 2026-05-15
   status Pending 473-char remark

   Show marketing remark (473 chars)

   Located in the desirable New Prairie School District, this two story home features high ceilings, hardwood floors, and charming built in cabinetry. The spacious living area includes a wood burning fireplace and lots of natural light. Furnace is approximately 3 years old, central air approximately 2 years old, and the water heater is new. Enjoy the small town feel of Rolling Prairie with convenient access to I 94 for commuting to Michigan City, La Porte, and South Bend.

3. 2026-05-03
   price $197,500 473-char remark

   Show marketing remark (447 chars)

   Located in the desirable NEW PRAIRIE School District, this two story home features high ceilings, hardwood floors, and charming built in cabinetry. The spacious living area includes a wood burning fireplace and LOTS of natural light. Furnace + central air approximately 2-3 years old, and the water heater is new. Enjoy the small town feel of Rolling Prairie with convenient access to I 94 for commuting to Michigan City, La Porte, and South Bend.

4. 2026-05-03
   price $197,500 447-char remark

   Show marketing remark (447 chars)

   Located in the desirable NEW PRAIRIE School District, this two story home features high ceilings, hardwood floors, and charming built in cabinetry. The spacious living area includes a wood burning fireplace and LOTS of natural light. Furnace + central air approximately 2-3 years old, and the water heater is new. Enjoy the small town feel of Rolling Prairie with convenient access to I 94 for commuting to Michigan City, La Porte, and South Bend.

5. 2026-03-24
   price $214,900 447-char remark

   Show marketing remark (473 chars)

   Located in the desirable New Prairie School District, this two story home features high ceilings, hardwood floors, and charming built in cabinetry. The spacious living area includes a wood burning fireplace and lots of natural light. Furnace is approximately 3 years old, central air approximately 2 years old, and the water heater is new. Enjoy the small town feel of Rolling Prairie with convenient access to I 94 for commuting to Michigan City, La Porte, and South Bend.

6. 2026-03-24
   price $214,900 473-char remark

   Show marketing remark (473 chars)

   Located in the desirable New Prairie School District, this two story home features high ceilings, hardwood floors, and charming built in cabinetry. The spacious living area includes a wood burning fireplace and lots of natural light. Furnace is approximately 3 years old, central air approximately 2 years old, and the water heater is new. Enjoy the small town feel of Rolling Prairie with convenient access to I 94 for commuting to Michigan City, La Porte, and South Bend.

7. 2026-03-13
   listed $225,000 Active 447-char remark

   Show marketing remark (447 chars)

   Located in the desirable NEW PRAIRIE School District, this two story home features high ceilings, hardwood floors, and charming built in cabinetry. The spacious living area includes a wood burning fireplace and LOTS of natural light. Furnace + central air approximately 2-3 years old, and the water heater is new. Enjoy the small town feel of Rolling Prairie with convenient access to I 94 for commuting to Michigan City, La Porte, and South Bend.

8. 2026-03-09
   listed $225,000 Active 473-char remark

   Show marketing remark (473 chars)

   Located in the desirable New Prairie School District, this two story home features high ceilings, hardwood floors, and charming built in cabinetry. The spacious living area includes a wood burning fireplace and lots of natural light. Furnace is approximately 3 years old, central air approximately 2 years old, and the water heater is new. Enjoy the small town feel of Rolling Prairie with convenient access to I 94 for commuting to Michigan City, La Porte, and South Bend.

9. 2022-01-19
   soldstatus $195,000 Closed
10. 2021-11-29
    status Pending
11. 2021-11-23
    historical Active Under Contract
12. 2021-11-23
    listed $210,000 Active
13. 2014-11-06
    listed $123,500
14. 2009-06-17
    listed $122,900
15. 2009-06-16
    historical
16. 2009-01-12
    listed $149,900
17. 2009-01-11
    historical
18. 2008-09-08
    listed $149,900
19. 2001-11-26
    soldstatus $80,000
20. 2001-02-17
    listed $89,900

ⓘ 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: $1,084 · $90/mo
• Projected year-2 tax: $1,381 · $115/mo
• Expected delta: +$297/yr (+$25/mo · 27.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,039
• − Mortgage interest: −$11,063
• − Property taxes: −$1,084
• − Insurance: −$988
• − Repairs & maintenance: −$1,363
• − Management: −$1,363
• − Depreciation: −$5,745
• Taxable loss: −$4,568
• Est. tax savings @ 24.0%: +$1,096
• After-tax cash flow: $57/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: New Prairie United School Corporation
• NCES district ID: 1807560
• Math proficiency: 46% ▼ -11.00%
• Reading proficiency: 54% ▼ -7.00%
• Median HH income: $57,887
• Composite: 43.51/100
• National rank: #2989
• State rank: #47 of 301 in IN

Livability — Rolling Prairie

• Score: 75/100
• State rank: #65
• US rank: #4305

Category grades

Amenities F Commute D+ Cost of living A+ Crime C+ Employment A+ Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rolling Prairie, IN
• Population (ZIP): 3,490

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 (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Romanian 22% Portuguese 9% Italian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Russian/Polish/Slavic 1%

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: ▼ -55.37%
• Current HPI: 222.5786
• Rent YoY: —
• Metro: —
• 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

+119.7% since first listed

20 events — show timeline

• 2026-05-15 Pending — IRMLS
• 2026-05-15 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-03 Price Changed $197,500 NIRA MLS as Distributed by MLS Grid
• 2026-05-03 Price Changed $197,500 IRMLS
• 2026-03-24 Price Changed $214,900 IRMLS
• 2026-03-24 Price Changed $214,900 NIRA MLS as Distributed by MLS Grid
• 2026-03-13 Listed $225,000 IRMLS
• 2026-03-09 Listed $225,000 NIRA MLS as Distributed by MLS Grid
• 2022-01-19 Sold (MLS) $195,000 NIRA MLS as Distributed by MLS Grid
• 2021-11-29 Pending — NIRA MLS as Distributed by MLS Grid
• 2021-11-23 Contingent — NIRA MLS as Distributed by MLS Grid
• 2021-11-23 Listed $210,000 NIRA MLS as Distributed by MLS Grid
• 2014-11-06 Listed $123,500 IRMLS
• 2009-06-17 Listed $122,900 NIRA MLS as Distributed by MLS Grid
• 2009-06-16 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2009-01-12 Listed $149,900 NIRA MLS as Distributed by MLS Grid
• 2009-01-11 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2008-09-08 Listed $149,900 NIRA MLS as Distributed by MLS Grid
• 2001-11-26 Sold (Public Records) $80,000 Public Records
• 2001-02-17 Listed $89,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+22.5%/yr

Latest (2024): $1,084 · +8.6% YoY. Source: county tax records.