601 E 10th St · Michigan City, IN 46360

$129,900

3 bd · 1.5 ba · 1,218 sqft · SingleFamily public records · 5 Days on market

Built 1880 2,600 sqft lot Est $136k · at est.

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Why this score? — see what drove the C+ 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 +24.0/30.0
• ARV discount +9.6/15.0
• DSCR +7.7/10.0
• 1% rule +5.4/10.0
• 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

Listing remarks

Welcome to 601 E 10th Street, a beautifully positioned home in the Elston Grove Historic District of Michigan City offering exceptional value and lifestyle. This move-in ready property presents a rare opportunity for homeowners and investors alike. Step inside to find a home that's ready for immediate enjoyment, blending comfort and convenience. Perfectly located, you're just minutes from the scenic shores of Washington Park Beach, the excitement of Blue Chip Casino Hotel Spa, and the ease of commuting via the newly developed South Shore Line Double Track Project. Enjoy being within walking distance to Michigan City's growing downtown, including the highly anticipated 11th Street Station De

Key facts

• Move in ready
• 2,600 sq ft lot
• Built 1880

Tags

• MOVE IN READY
• WALKING DISTANCE TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $254 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Cap rate 8.6% 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; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $898 of loan paydown is wiped out by about $4k 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 $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,900

Questions for the listing agent

1. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.04% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.39%
• DSCR: 1.37
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $136,416
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
601 E 10th St	0.00mi	3/1.5	1,262 (+4%)	0mo	$134,000	$106	94
707 E 11th St	0.10mi	3/1.0	1,260 (+3%)	8mo	$125,000	$99	80
506 Tremont St	0.21mi	3/1.5	1,248 (+2%)	9mo	$183,000	$147	79
407 Holliday St	0.32mi	3/1.5	1,272 (+4%)	10mo	$89,900	$71	69
719 Cedar St	0.25mi	3/1.0	1,139 (-6%)	9mo	$112,500	$99	68
624 Cleveland Ave	0.57mi	3/1.0	1,181 (-3%)	1mo	$99,000	$84	65
609 Madison St	0.41mi	2/1.5 (-1)	1,170 (-4%)	11mo	$170,000	$145	60
215 Green St	0.51mi	2/1.0 (-1)	1,156 (-5%)	1mo	$65,000	$56	60
722 Madison St	0.46mi	3/1.5	1,400 (+15%)	5mo	$225,000	$161	50
1301 Elston St	0.74mi	4/1.0 (+1)	1,282 (+5%)	3mo	$207,000	$161	47
426 Hendricks St	0.74mi	3/1.0	1,336 (+10%)	8mo	$150,000	$112	40
1407 Manhattan St	0.71mi	3/1.0	1,040 (-15%)	11mo	$189,900	$183	31

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: 1.5%
• Equity multiple: 1.06×
• Total profit: $2,238
• Equity at exit: $19,369

10-year hold

• IRR: 15.3%
• Equity multiple: 2.51×
• Total profit: $55,097
• Equity at exit: $11,231

Cash invested: $36,372 (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: 8.0×

Monthly cashflow live

• Estimated rent: $1,348 high
• Mortgage (P&I): −$681
• Tax from tax record: −$76 /mo · $906/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $254

Break-even live

Break-even rent $1,026

Max offer price $129,900

Occupancy floor 76%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	43d	1	0.14mi
121 S Porter St Unit A Michigan City, IN	2.0	2.0	1050	$925	$0.88	43d	1	0.61mi
215 N Woodland Ave Michigan City, IN	3.0	1.0	1112	$1,395	$1.25	43d	1	0.92mi
614 N Calumet Ave Michigan City, IN	3.0	1.0	825	$1,450	$1.76	43d	1	1.04mi
1810 E Barker Ave Michigan City, IN	1.0–2.0	1.0	900	$1,250	$1.39	43d	1	1.11mi
106 Ruby Ct Michigan City, IN	2.0	1.0	744	$1,195	$1.61	43d	1	1.30mi

Listing history 3 events

1. 2026-04-28
   status Pending
2. 2026-04-26
   historical Active Under Contract
3. 2026-04-21
   listed $129,900 Active

ⓘ 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: $906 · $76/mo
• Projected year-2 tax: $1,005 · $84/mo
• Expected delta: +$99/yr (+$8/mo · 10.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 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: $16,179
• − Mortgage interest: −$7,276
• − Property taxes: −$906
• − Insurance: −$650
• − Repairs & maintenance: −$1,294
• − Management: −$1,294
• − Depreciation: −$3,779
• Taxable income: $979
• Est. tax owed @ 24.0%: −$235
• After-tax cash flow: $2,816/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

3 events — show timeline

• 2026-04-28 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-26 Contingent — NIRA MLS as Distributed by MLS Grid
• 2026-04-21 Listed $129,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+44.4%/yr

Latest (2024): $906 · +4.6% YoY. Source: county tax records.