6862 NE Suburban Dr · Michigan City, IN 46360

$104,000

3 bd · 2.0 ba · 1,368 sqft · Manufactured public records · 18 Days on market

Built 1983 0.42 ac lot $76/sqft · 199% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• 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

Cash buyers only! Spacious 3 bedroom, 1 bath manufactured home. Over sized garage with large fenced in yard in back of home. Nice size rooms, Home has a spacious bathroom. Additional bathroom was converted to a laundry room but could be changed back to a 2nd bathroom. Minor fixer upper.

Key facts

• 0.42 acre lot
• Garage
• Built 1983

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $104k.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $104k).
• Recommended offer: $102k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.1% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $719 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 $29k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask is 5% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $102,440 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.41% ✓
• Cap rate: 12.07%
• Cash-on-cash: 20.64%
• DSCR: 1.92
• GRM: 5.9

CMA / ARV

• ARV (median comp): $34,736
• List price: $104,000
• Delta: 216.67%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 18.2%
• Equity multiple: 1.78×
• Total profit: $22,770
• Equity at exit: $15,507

10-year hold

• IRR: 29.8%
• Equity multiple: 4.30×
• Total profit: $96,077
• Equity at exit: $8,992

Cash invested: $29,120 (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: 5.9×

Monthly cashflow live

• Estimated rent: $1,465 medium
• Mortgage (P&I): −$545
• Tax from tax record: −$68 /mo · $816/yr
• Insurance: −$43
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $501

Break-even live

Break-even rent $831

Max offer price $104,000

Occupancy floor 61%

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: $26,000
• Closing costs: $3,120
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $104,000 Active 18 DOM
2. 2026-06-18
   days on market $104,000 Active 17 DOM
3. 2026-06-17
   days on market $104,000 Active 16 DOM
4. 2026-06-16
   days on market $104,000 Active 15 DOM
5. 2026-06-15
   days on market $104,000 Active 14 DOM
6. 2026-06-14
   days on market $104,000 Active 12 DOM
7. 2026-06-13
   days on market $104,000 Active 11 DOM
8. 2026-06-10
   days on market $104,000 Active 9 DOM
9. 2026-06-09
   days on market $104,000 Active 8 DOM
10. 2026-06-08
    days on market $104,000 Active 7 DOM
11. 2026-06-07
    days on market $104,000 Active 6 DOM
12. 2026-06-03
    days on market $104,000 Active 2 DOM
13. 2026-06-03
    price $104,000 Active 1 DOM
14. 2026-06-02
    days on marketlisting id $110,000 Active 1 DOM
15. 2026-05-31
    days on market $110,000 Active 54 DOM
16. 2026-05-30
    days on market $110,000 Active 53 DOM
17. 2026-04-21
    price $110,000 288-char remark

    Show marketing remark (288 chars)

    Cash buyers only! Spacious 3 bedroom, 1 bath manufactured home. Over sized garage with large fenced in yard in back of home. Nice size rooms, Home has a spacious bathroom. Additional bathroom was converted to a laundry room but could be changed back to a 2nd bathroom. Minor fixer upper.

18. 2026-04-16
    status Active 288-char remark

    Show marketing remark (288 chars)

    Cash buyers only! Spacious 3 bedroom, 1 bath manufactured home. Over sized garage with large fenced in yard in back of home. Nice size rooms, Home has a spacious bathroom. Additional bathroom was converted to a laundry room but could be changed back to a 2nd bathroom. Minor fixer upper.

19. 2025-11-19
    status Pending 288-char remark

    Show marketing remark (288 chars)

    Cash buyers only! Spacious 3 bedroom, 1 bath manufactured home. Over sized garage with large fenced in yard in back of home. Nice size rooms, Home has a spacious bathroom. Additional bathroom was converted to a laundry room but could be changed back to a 2nd bathroom. Minor fixer upper.

20. 2025-11-10
    listed $99,000 Active 288-char remark

    Show marketing remark (288 chars)

    Cash buyers only! Spacious 3 bedroom, 1 bath manufactured home. Over sized garage with large fenced in yard in back of home. Nice size rooms, Home has a spacious bathroom. Additional bathroom was converted to a laundry room but could be changed back to a 2nd bathroom. Minor fixer upper.

21. 2006-07-22
    historical
22. 2006-01-21
    listed $49,900

ⓘ 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: $816 · $68/mo
• Projected year-2 tax: $850 · $71/mo
• Expected delta: +$34/yr (+$3/mo · 4.1%)

ⓘ 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 2/10 Low 7 d/yr ≥100°F today · 15 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: $17,583
• − Mortgage interest: −$5,826
• − Property taxes: −$816
• − Insurance: −$520
• − Repairs & maintenance: −$1,407
• − Management: −$1,407
• − Depreciation: −$3,025
• Taxable income: $4,582
• Est. tax owed @ 24.0%: −$1,100
• After-tax cash flow: $4,910/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

• 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

+120.4% since first listed

6 events — show timeline

• 2026-04-21 Price Changed $110,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-16 Relisted — NIRA MLS as Distributed by MLS Grid
• 2025-11-19 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-11-10 Listed $99,000 NIRA MLS as Distributed by MLS Grid
• 2006-07-22 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-01-21 Listed $49,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+12.8%/yr

Latest (2024): $816 · -2.9% YoY. Source: county tax records.