1305 Springland Ave · Michigan City, IN 46360

$138,900

2 bd · 1.0 ba · 825 sqft · SingleFamily public records · 3 Days on market

Built 1949 4,992 sqft lot Est $120k · 15% over

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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 +19.0/30.0
• DSCR +6.0/10.0
• Rent growth +4.9/5.0
• 1% rule +4.2/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.6/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome Home to this Charming & Affordable Starter Home offering convenient one-level living just minutes from the South Shore Train Station--perfect for commuters seeking easy access to downtown Chicago and surrounding communities. This well-maintained home features 3 Bedrooms, 1 Full Bath, and an oversized yard with plenty of space for outdoor enjoyment, gardening, or future expansion. Recent updates provide peace of mind, including a New Roof, Fresh Interior Paint w/ some Newer Flooring. The Windows, Furnace, and Hot Water Heater are all less than 10 years old, making this move-in-ready home an exceptional value for first-time buyers, downsizer's, or anyone seeking convenience &am

Key facts

• Oversized yard
• Newer flooring
• One level living

Tags

• ONE LEVEL LIVING
• OVERSIZED YARD
• NEW ROOF
• FRESH INTERIOR PAINT
• NEWER FLOORING
• LESS THAN 10 YEARS OLD WINDOWS

Property features AI

Exterior

• Parking: Alley access; Oversized parking area; Gravel surface
• Utilities: Electricity connected (100 amp service); Public water; Public sewer; Natural gas connected
• Home design: One-story home; Built in 1949
• Construction: Wood siding; Asphalt roof; One level
• Exterior features: Rain gutters; Neighborhood view; Insulated windows

Interior

• Kitchen: Gas range
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fan(s) for cooling
• Interior features: Ceiling fans; Laminate counters; Gas range
• Laundry & utility: Gas dryer hookup; Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (8.4% below list).
• Recommended offer: $127k (8.4% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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; 11 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 $960 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 $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,283 (8.4% below list)

Questions for the listing agent

1. Built in 1949 — 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. 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?
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: 0.92% ✗
• Cap rate: 7.54%
• Cash-on-cash: 4.46%
• DSCR: 1.20
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $120,450
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
722 N Carroll Ave	0.02mi	3/1.0 (+1)	825 (0%)	3mo	$125,000	$152	92
1115 Springland Ave	0.08mi	3/1.0 (+1)	800 (-3%)	1mo	$165,000	$206	85
613 N Ashland Ave	0.03mi	3/1.0 (+1)	929 (+13%)	2mo	$152,000	$164	71
618 N Ashland Ave	0.04mi	2/1.0	725 (-12%)	11mo	$75,000	$103	69
716 Gladys St	0.22mi	3/1.0 (+1)	864 (+5%)	13mo	$90,000	$104	66
131 N Calumet Ave	0.44mi	3/1.0 (+1)	864 (+5%)	1mo	$125,000	$145	66
205 N Ashland Ave	0.40mi	2/2.0	888 (+8%)	3mo	$118,500	$133	62
134 S Dickson St	0.63mi	2/1.0	832 (+1%)	12mo	$170,000	$204	59
213 Emma St	0.49mi	2/1.0	768 (-7%)	9mo	$109,000	$142	58
724 N Roeske Ave	0.28mi	3/1.0 (+1)	904 (+10%)	12mo	$114,900	$127	56
119 Dewey St	0.58mi	2/1.0	940 (+14%)	0mo	$137,000	$146	49
111 Grove St	0.66mi	3/1.0 (+1)	884 (+7%)	4mo	$160,000	$181	49

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: -4.3%
• Equity multiple: 0.83×
• Total profit: $-6,614
• Equity at exit: $20,710

10-year hold

• IRR: 10.0%
• Equity multiple: 1.94×
• Total profit: $36,545
• Equity at exit: $12,010

Cash invested: $38,892 (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: 9.1×

Monthly cashflow live

• Estimated rent: $1,273 high
• Mortgage (P&I): −$728
• Tax from tax record: −$75 /mo · $896/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $145

Break-even live

Break-even rent $1,090

Max offer price $138,900

Occupancy floor 84%

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: $34,725
• Closing costs: $4,167
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
614 N Calumet Ave Michigan City, IN	3.0	1.0	825	$1,450	$1.76	43d	1	0.12mi
215 N Woodland Ave Michigan City, IN	3.0	1.0	1112	$1,395	$1.25	43d	1	0.47mi
121 S Porter St Unit A Michigan City, IN	2.0	2.0	1050	$925	$0.88	43d	1	0.72mi
1810 E Barker Ave Michigan City, IN	1.0–2.0	1.0	900	$1,250	$1.39	43d	1	0.78mi
771 Cedar Gate Ct Michigan City, IN	1.0	1.0	576	$1,095	$1.90	43d	1	1.14mi
110 Cedar Gate Ct Unit 2-223 Michigan City, IN	1.0	1.0	576	$995	$1.73	43d	1	1.14mi
110 Cedar Gate Ct Unit 7-771 Michigan City, IN	1.0	1.0	576	$1,095	$1.90	43d	1	1.14mi
223 Cedar Gate Ct Michigan City, IN	1.0	1.0	576	$995	$1.73	43d	1	1.15mi
910 S Carroll Ave Michigan City, IN	2.0–3.0	2.0	1187	$1,300	$1.09	43d	3	1.22mi
1122 Spring St Unit B Michigan City, IN	1.0	1.0	750	$950	$1.27	43d	1	1.37mi
909 Spring St Michigan City, IN	1.0	1.0	975	$955	$0.98	43d	1	1.41mi

Listing history 4 events

1. 2026-06-19
   days on market $138,900 Active 3 DOM
2. 2026-06-18
   days on market $138,900 Active 2 DOM
3. 2026-06-17
   remarks 695-char remark
4. 2026-06-17
   listed $138,900 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: $896 · $75/mo
• Projected year-2 tax: $1,038 · $87/mo
• Expected delta: +$142/yr (+$12/mo · 15.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $15,274
• − Mortgage interest: −$7,781
• − Property taxes: −$896
• − Insurance: −$694
• − Repairs & maintenance: −$1,222
• − Management: −$1,222
• − Depreciation: −$4,041
• Taxable loss: −$582
• Est. tax savings @ 24.0%: +$140
• After-tax cash flow: $1,875/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

+506.6% since first listed

3 events — show timeline

• 2026-06-16 Listed $138,900 NIRA MLS as Distributed by MLS Grid
• 2015-10-07 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2014-07-09 Listed $22,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.7%/yr

Latest (2024): $896 · +3.5% YoY. Source: county tax records.