2109 Ohio St · Michigan City, IN 46360

$99,000

3 bd · 2.0 ba · 2,829 sqft · MultiFamily public records · 118 Days on market

Built 1920 4,095 sqft lot Est $157k · 37% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

There are a house and a guest house and they are ready to be made Homes!!! The main house has a new metal roof and most of the windows are new. The guest house has its own electric meter. The rest is just waiting for you. This property has so many possibilities! What are you going to do with it?

Key facts

• New metal roof
• Own electric meter
• Guest house

Tags

• NEW METAL ROOF
• NEW WINDOWS
• GUEST HOUSE
• OWN ELECTRIC METER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $99k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $99k).
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• Cap rate 29.2% 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 $3,155/mo this rent would consume 64% 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 $684 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $11k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $99k implies a 296% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $90,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 3.19% ✓
• Cap rate: 29.25%
• Cash-on-cash: 81.98%
• DSCR: 4.65
• GRM: 2.6

CMA / ARV

• ARV (median comp): $157,316
• List price: $99,000
• Delta: -37.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2706 Franklin St	0.53mi	2/2.0 (-1)	2,596 (-8%)	22mo	$145,000	$56	38
402 Decatur St	0.73mi	3/2.0	2,448 (-14%)	21mo	$66,500	$27	26

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: 87.7%
• Equity multiple: 5.37×
• Total profit: $121,237
• Equity at exit: $14,761

10-year hold

• IRR: 91.9%
• Equity multiple: 13.15×
• Total profit: $336,745
• Equity at exit: $8,560

Cash invested: $27,720 (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: 7.4×

Monthly cashflow live

• Estimated rent: $3,155 high
• Mortgage (P&I): −$519
• Tax from tax record: −$38 /mo · $460/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$663
• Net cashflow: $1,894

Break-even live

Break-even rent $758

Max offer price $99,000

Occupancy floor 35%

Sensitivity live

Price	-10% $1,950	-5% $1,922	+0% $1,894	+5% $1,866	+10% $1,838
Rent	-10% $1,644	-5% $1,769	+0% $1,894	+5% $2,018	+10% $2,143
Rate	-1.0pp $1,944	-0.5pp $1,919	base $1,894	+0.5pp $1,868	+1.0pp $1,842

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,120
▸ 2× units	1	1	$2,034
Total (3 units)			$3,155

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $99,000 Active 118 DOM
2. 2026-06-18
   days on market $99,000 Active 117 DOM
3. 2026-06-17
   days on market $99,000 Active 116 DOM
4. 2026-06-16
   days on market $99,000 Active 115 DOM
5. 2026-06-15
   days on market $99,000 Active 114 DOM
6. 2026-06-14
   days on market $99,000 Active 112 DOM
7. 2026-06-13
   days on market $99,000 Active 111 DOM
8. 2026-06-10
   days on market $99,000 Active 109 DOM
9. 2026-06-09
   days on market $99,000 Active 108 DOM
10. 2026-06-08
    days on market $99,000 Active 107 DOM
11. 2026-06-07
    days on market $99,000 Active 106 DOM
12. 2026-06-03
    days on market $99,000 Active 102 DOM
13. 2026-06-02
    days on market $99,000 Active 101 DOM
14. 2026-06-01
    days on market $99,000 Active 100 DOM
15. 2026-05-31
    days on market $99,000 Active 99 DOM
16. 2026-05-30
    days on market $99,000 Active 98 DOM
17. 2026-03-10
    price $99,000 297-char remark

    Show marketing remark (297 chars)

    There are a house and a guest house and they are ready to be made Homes!!! The main house has a new metal roof and most of the windows are new. The guest house has its own electric meter. The rest is just waiting for you. This property has so many possibilities! What are you going to do with it?

18. 2026-02-21
    listed $110,000 Active 297-char remark

    Show marketing remark (297 chars)

    There are a house and a guest house and they are ready to be made Homes!!! The main house has a new metal roof and most of the windows are new. The guest house has its own electric meter. The rest is just waiting for you. This property has so many possibilities! What are you going to do with it?

19. 2021-08-20
    soldstatus $25,000 243-char remark

    Show marketing remark (243 chars)

    Great project for your next rental property or flip. Building is currently 3 units (2 in front building) one coach house. Unit 1 is a 2 bed / 1 bath, Unit 2 (upstairs) is 1 bed / 1 bath, free standing rear house is 1 bed / one bath. Sold As-Is

20. 2021-06-27
    listed $29,900 243-char remark

    Show marketing remark (243 chars)

    Great project for your next rental property or flip. Building is currently 3 units (2 in front building) one coach house. Unit 1 is a 2 bed / 1 bath, Unit 2 (upstairs) is 1 bed / 1 bath, free standing rear house is 1 bed / one bath. Sold As-Is

ⓘ 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: $460 · $38/mo
• Projected year-2 tax: $651 · $54/mo
• Expected delta: +$191/yr (+$16/mo · 41.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 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: $37,860
• − Mortgage interest: −$5,546
• − Property taxes: −$460
• − Insurance: −$495
• − Repairs & maintenance: −$3,029
• − Management: −$3,029
• − Depreciation: −$2,880
• Taxable income: $22,422
• Est. tax owed @ 24.0%: −$5,381
• After-tax cash flow: $17,343/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

+231.1% since first listed

4 events — show timeline

• 2026-03-10 Price Changed $99,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-21 Listed $110,000 NIRA MLS as Distributed by MLS Grid
• 2021-08-20 Sold (MLS) $25,000 NIRA MLS as Distributed by MLS Grid
• 2021-06-27 Listed $29,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-7.1%/yr

Latest (2024): $460 · +0.0% YoY. Source: county tax records.