Real Estate Investing in Michigan City, Mississippi (38647)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 38647 (Michigan City, MS)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 17.0% of homes vacant — above national norms.
- Lower household income: $25,125 median — tenant affordability is tighter.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Michigan City, MS (38647)?
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Market Analysis: 38647 Michigan City
Investors eyeing 38647 need to respect the fundamentals at play. Home values of $162K come alongside slower price movement and elevated management overhead.
On balance, the numbers look inviting — $162K purchase price, 0.0% nominal cap — the work to hit that pro forma in 38647 is substantial and deserves full respect.
Looking more closely, 38647 offers a low basis, the region around Michigan City has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
The demographic picture in 38647 includes headwinds that any investor should price in. Income distribution skews lower than Michigan City averages, and tenant stability requires active management.
leans the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Michigan City:
Market Trends
Home Value History (with trend line)
📊 How Does 38647 Compare?
| Metric | 38647 | Michigan City | Mississippi |
|---|---|---|---|
| Home Value | $161,644 | $161,644 | $186,446 |
| 5-Year CAGR | 2.1% | 2.1% | 4.0% |
| Avg Rent | $801 | $801 | - |
| Cap Rate | 3.9% | 3.9% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 38647 (Michigan City, MS). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $161,644 |
| Monthly Rent | $801 |
| Price-to-Rent | 16.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.0% |
| Cap Rate | 3.9% |
| 5-Year IRR | 6.0% |
📈 Home Appreciation
| 1-Year | +17.6% ▲ |
| 3-Year CAGR | +9.0% ▲ |
| 5-Year CAGR | +2.1% ▲ |
| 10-Year CAGR | N/A |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.9%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 38647
Population: 814
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
Frequently Asked Questions
What is the average monthly rent in Michigan City, MS?
Investors in Michigan City, MS typically see rents near $801/mo per month against $162K home values - a solid setup for rental cash flow.
What is the average home sale price in Michigan City, MS?
Michigan City, MS home values average about $162K. That price point suits investors targeting rentals with $801/mo in monthly income.
What is the typical vacancy rate in Michigan City, MS?
Rental vacancy in Michigan City, MS is elevated. Investors should budget normal turnover but not chronic empty units.
How do landlord-tenant laws work in Michigan City, MS?
Landlord-friendliness in Michigan City, MS is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
How does Michigan City, MS stack up for property investment?
The 3.0/5 investability rating in Michigan City, MS reflects its $162K prices and $801/mo rents. Investors generally consider it a solid option within MS.
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