127 E William St · Michigan City, IN 46360

$65,000

3 bd · 2.0 ba · 2,140 sqft · SingleFamily public records · 6 Days on market

Built 1899 4,950 sqft lot ↓ 23% since listing

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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 +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious two unit awaits your imagination and TLC to bring it back to its grandeur. Each unit has two bedrooms. Property includes a two car garage and basement.

Key facts

• 4,950 sq ft lot
• Garage
• Built 1899

Tags

• TWO-UNIT CONFIGURATION
• SINGLE-FAMILY HOME CONVERSION

Property features AI

Exterior

• Parking: Driveway parking; Attached garage (1 garage space); On-street parking
• Utilities: Public water; Public sewer; Electricity available; Natural gas available; Cable available
• Home design: Two-unit property; One and one-half stories; Built in 1899
• Construction: Has unfinished basement
• Exterior features: Public water and sewer available; Cable and electricity available; Natural gas available

Interior

• Kitchen: No appliances reported
• Bedrooms: Property contains 2 two-bedroom units (multi-unit property)
• Flooring: Hardwood flooring; Other flooring types
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Natural gas heating; No central air conditioning reported
• Interior features: No notable built-in interior features reported; Unfinished basement
• Laundry & utility: No laundry appliances reported

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $655 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Cap rate 18.4% vs local median 2.8% 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, 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: Marsh Elementary School (math 27% / reading 32%, grade F, #697 of 994 statewide, top 73%, 325 students, 84% 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); 377 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).
• This rent runs 31% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 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 $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $18k; list at $65k implies a 261% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.37% ✓
• Cap rate: 18.39%
• Cash-on-cash: 43.22%
• DSCR: 2.92
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $188,320
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1604-1608 Franklin St	0.13mi	3/2.5	2,000 (-6%)	10mo	$180,000	$90	73
105 Belden St	0.23mi	4/2.0 (+1)	1,968 (-8%)	2mo	$210,000	$107	69
1310 Buffalo St	0.29mi	3/2.0	2,020 (-6%)	9mo	$152,500	$75	69
1405 Elston St	0.42mi	3/2.0	2,275 (+6%)	2mo	$188,000	$83	69
515 Dupage St	0.40mi	2/2.0 (-1)	2,108 (-2%)	7mo	$185,000	$88	68
211 E Fulton St	0.35mi	4/2.5 (+1)	2,051 (-4%)	3mo	$310,000	$151	67
820 Elston St	0.50mi	4/2.0 (+1)	2,086 (-2%)	0mo	$203,900	$98	67
709 E 11th St	0.40mi	4/2.0 (+1)	2,192 (+2%)	11mo	$70,000	$32	63
714 Pearl St	0.58mi	3/1.0	1,995 (-7%)	2mo	$151,000	$76	56
621 Spring St	0.47mi	3/1.0	1,845 (-14%)	8mo	$40,000	$22	45
1601 Tennessee St	0.53mi	3/1.0	1,840 (-14%)	6mo	$80,000	$43	43
808 E Homer St	0.57mi	3/1.5	1,856 (-13%)	11mo	$167,000	$90	41

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: 46.2%
• Equity multiple: 3.17×
• Total profit: $39,441
• Equity at exit: $9,692

10-year hold

• IRR: 54.4%
• Equity multiple: 7.90×
• Total profit: $125,496
• Equity at exit: $5,620

Cash invested: $18,200 (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: 377
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,539 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$192 /mo · $2,310/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $655

Break-even live

Break-even rent $709

Max offer price $65,000

Occupancy floor 52%

Sensitivity live

Price	-10% $692	-5% $674	+0% $655	+5% $637	+10% $619
Rent	-10% $534	-5% $595	+0% $655	+5% $716	+10% $777
Rate	-1.0pp $688	-0.5pp $672	base $655	+0.5pp $639	+1.0pp $622

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1303 Buffalo St Unit 1 Michigan City, IN	3.0	1.0	1700	$1,700	$1.00	45d	1	0.30mi
416 E 9th St Unit 2 Michigan City, IN	3.0	2.0	1400	$1,325	$0.95	45d	1	0.40mi

Listing history 6 events

1. 2026-06-21
   days on market $65,000 Active 6 DOM
2. 2026-06-19
   days on market $65,000 Active 4 DOM
3. 2026-06-18
   days on market $65,000 Active 3 DOM
4. 2026-06-17
   days on market $65,000 Active 2 DOM
5. 2026-06-16
   remarks 481-char remark
6. 2026-06-16
   listed $65,000 Active 1 DOM

ⓘ 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: $2,310 · $192/mo
• Projected year-2 tax: $2,310 · $192/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $18,470
• − Mortgage interest: −$3,641
• − Property taxes: −$2,310
• − Insurance: −$325
• − Repairs & maintenance: −$1,478
• − Management: −$1,478
• − Depreciation: −$1,891
• Taxable income: $7,348
• Est. tax owed @ 24.0%: −$1,763
• After-tax cash flow: $6,102/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

-23.4% since first listed

9 events — show timeline

• 2026-06-15 Listed $65,000 NIRA MLS as Distributed by MLS Grid
• 2012-09-18 Sold (MLS) $18,000 NIRA MLS as Distributed by MLS Grid
• 2012-07-11 Listed $19,900 NIRA MLS as Distributed by MLS Grid
• 2010-07-24 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-03-04 Listed $74,900 NIRA MLS as Distributed by MLS Grid
• 2008-08-20 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-02-19 Listed $89,900 NIRA MLS as Distributed by MLS Grid
• 2003-05-22 Sold (Public Records) $80,000 Public Records
• 2002-09-29 Listed $84,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+7.5%/yr

Latest (2024): $2,310 · +0.0% YoY. Source: county tax records.