118 N Lake AveMichigan CityIN46360
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Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Investment Highlights
Rental property for sale in Michigan City at 118 N Lake Ave, Michigan City, IN, 46360 priced at $1,195,000 converts $2,160/mo rent into after a $5,849/mo obligation. Total monthly income equals $2,160/mo. Return on cash invested prints 4.83% in year one, and rental yield reads 2.17% against a $1,195,000 entry. Equity gained on principal adds $7,711/yr, while 5% annual appreciation compiles into $330,156 by year five. Five-year ROI reaches 21.65% and total cumulative return in cash sums $83,810. For leverage, Ziffy Mortgage’s DSCR loan bases approval on $2,160/mo property income covering a $5,849/mo payment, not borrower’s personal income.
Multi Family
Built in 1960
3,375 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 46360, Michigan City, IN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 21,591 (100%) |
| Owner Occupied HU | 11,713 (54.2%) |
| Renter Occupied HU | 6,451 (29.9%) |
| Vacant Housing Units | 3,427 (15.9%) |
| Median Home Value | $182,550 |
| Average Home Value | $260,534 |
Housing Distribution
Address Breakdown
Residential
19,767
Single Family
17,144
Multi-Family
2,623
Businesses
1,421
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Listed by: Jordan Gallas • @properties/Christie's Intl RE
Mls Name: NIRA
Mls ID: #825677