1220 S 3rd St · Niles, MI 49120

$105,000

2 bd · 1.0 ba · 895 sqft · SingleFamily public records · 24 Days on market

Built 1950 0.29 ac lot Est $130k · 19% under

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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 +26.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +7.3/10.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Yes, it needs some exterior TLC, but where else can you find a charming cottage on a shaded in-town lot, with deer visiting the yard, a garage, and a convenient location? This 2-bed, 1-bath bungalow rewards vision, and an updated interior. The setting is genuinely special, and the price leaves plenty of room to make it your own. First-time buyers, investors, and flippers, this one's worth a walk-through.

Key facts

• Shaded in-town lot
• Updated interior
• 0.29 acre lot

Tags

• SHADED IN-TOWN LOT
• UPDATED INTERIOR

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $292 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $103k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 4.3% in Niles — 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 72/100 on livability (#260 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute D+, schools D, crime D-.
• Niles Community Schools (urban): math 33% / reading 43% proficiency, ranked #248 of 540 in MI (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 208 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 397 units permitted in Berrien County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Berrien County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 16y 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 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,425 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.23% ✓
• Cap rate: 9.63%
• Cash-on-cash: 11.91%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $129,775
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1220 S 3rd St	0.00mi	2/1.0	895 (0%)	0mo	$100,000	$112	100
511 Michigan St	0.65mi	2/1.0	910 (+2%)	12mo	$106,000	$116	57
606 S 5th St	0.56mi	2/1.0	924 (+3%)	15mo	$134,000	$145	56
116 Huron St	0.54mi	1/1.0 (-1)	825 (-8%)	11mo	$120,000	$145	48
1413 Marion St	0.65mi	3/2.0 (+1)	968 (+8%)	18mo	$170,000	$176	32
607 Woodruff St	0.73mi	3/2.0 (+1)	1,028 (+15%)	12mo	$179,900	$175	22

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.4%
• Equity multiple: 1.05×
• Total profit: $1,590
• Equity at exit: $15,656

10-year hold

• IRR: 11.0%
• Equity multiple: 1.86×
• Total profit: $25,402
• Equity at exit: $9,078

Cash invested: $29,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 49120

• Active inventory: 208
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,293 high
• Mortgage (P&I): −$551
• Tax from tax record: −$136 /mo · $1,626/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $292

Break-even live

Break-even rent $924

Max offer price $105,000

Occupancy floor 72%

Sensitivity live

Price	-10% $351	-5% $321	+0% $292	+5% $262	+10% $232
Rent	-10% $190	-5% $241	+0% $292	+5% $343	+10% $394
Rate	-1.0pp $345	-0.5pp $318	base $292	+0.5pp $265	+1.0pp $237

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
411 Fort St Niles, MI	2.0	2.0	794	$1,708	$2.15	14d	1	0.16mi
121 S 3rd St Unit 3 Niles, MI	1.0	1.0	750	$700	$0.93	21d	1	0.78mi
736 Colony Ct Niles, MI	1.0–2.0	1.0	800	$1,200	$1.50	44d	1	1.03mi
1900 E Main St Niles, MI	1.0–3.0	1.0–2.0	857	$910	$1.06	14d	1	1.12mi
1729 Oak St Niles, MI	1.0–2.0	1.0	825	$1,050	$1.27	14d	2	1.44mi

Listing history 17 events

1. 2026-04-12
   status Pending 407-char remark

   Show marketing remark (407 chars)

   Yes, it needs some exterior TLC, but where else can you find a charming cottage on a shaded in-town lot, with deer visiting the yard, a garage, and a convenient location? This 2-bed, 1-bath bungalow rewards vision, and an updated interior. The setting is genuinely special, and the price leaves plenty of room to make it your own. First-time buyers, investors, and flippers, this one's worth a walk-through.

2. 2026-04-12
   status Pending 407-char remark

   Show marketing remark (407 chars)

   Yes, it needs some exterior TLC, but where else can you find a charming cottage on a shaded in-town lot, with deer visiting the yard, a garage, and a convenient location? This 2-bed, 1-bath bungalow rewards vision, and an updated interior. The setting is genuinely special, and the price leaves plenty of room to make it your own. First-time buyers, investors, and flippers, this one's worth a walk-through.

3. 2026-04-12
   status Pending

   Show marketing remark (407 chars)

   Yes, it needs some exterior TLC, but where else can you find a charming cottage on a shaded in-town lot, with deer visiting the yard, a garage, and a convenient location? This 2-bed, 1-bath bungalow rewards vision, and an updated interior. The setting is genuinely special, and the price leaves plenty of room to make it your own. First-time buyers, investors, and flippers, this one's worth a walk-through.

4. 2026-03-18
   listed $105,000 Active 407-char remark

   Show marketing remark (407 chars)

   Yes, it needs some exterior TLC, but where else can you find a charming cottage on a shaded in-town lot, with deer visiting the yard, a garage, and a convenient location? This 2-bed, 1-bath bungalow rewards vision, and an updated interior. The setting is genuinely special, and the price leaves plenty of room to make it your own. First-time buyers, investors, and flippers, this one's worth a walk-through.

5. 2026-03-17
   listed $105,000 Active 407-char remark

   Show marketing remark (407 chars)

   Yes, it needs some exterior TLC, but where else can you find a charming cottage on a shaded in-town lot, with deer visiting the yard, a garage, and a convenient location? This 2-bed, 1-bath bungalow rewards vision, and an updated interior. The setting is genuinely special, and the price leaves plenty of room to make it your own. First-time buyers, investors, and flippers, this one's worth a walk-through.

6. 2026-03-17
   listed $105,000 Active

   Show marketing remark (407 chars)

   Yes, it needs some exterior TLC, but where else can you find a charming cottage on a shaded in-town lot, with deer visiting the yard, a garage, and a convenient location? This 2-bed, 1-bath bungalow rewards vision, and an updated interior. The setting is genuinely special, and the price leaves plenty of room to make it your own. First-time buyers, investors, and flippers, this one's worth a walk-through.

7. 2024-08-22
   historical
8. 2024-08-21
   historical
9. 2024-07-10
   price $110,000
10. 2024-07-10
    price $110,000
11. 2024-07-10
    price $110,000
12. 2024-06-21
    listed $115,000 Active
13. 2024-06-21
    listed $115,000 Active
14. 2014-09-18
    historical
15. 2010-09-01
    historical
16. 2010-03-19
    listed $54,900
17. 2010-03-19
    listed $54,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $1,626 · $136/mo
• Projected year-2 tax: $1,626 · $136/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,519
• − Mortgage interest: −$5,882
• − Property taxes: −$1,626
• − Insurance: −$525
• − Repairs & maintenance: −$1,241
• − Management: −$1,241
• − Depreciation: −$3,055
• Taxable income: $1,948
• Est. tax owed @ 24.0%: −$468
• After-tax cash flow: $3,033/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: Niles Community Schools
• NCES district ID: 2625560
• Math proficiency: 33% ▼ -9.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $39,281
• Composite: 31.77/100
• National rank: #5894
• State rank: #248 of 540 in MI

Livability — Niles

• Score: 72/100
• State rank: #260
• US rank: #6422

Category grades

Amenities F Commute D+ Cost of living A+ Crime D- Employment F Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Niles, MI
• County: Berrien County · 71,477 people
• City population: 36,495
• Metro: Niles, MI
• Population (ZIP): 36,495
• Household income: $65,148
• Rent vs Own: 20.9% rent · 79.1% own
• Severe rent burden: 782.0

Population outlook (Berrien County) Hauer SSP2

• Today (2025): 149,273 people
• By 2030: 145,211 · -2.7%
• By 2040: 135,435 · -9.3%
• By 2050: 125,543 · -15.9%
• By 2075: 103,986 · -30.3%
• By 2100: 82,256 · -44.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 7% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Berrien

• 2024 margin: Lean R (+7.9) · D 45.4% · R 53.2% · Other 1.4%
• 2008→2024 swing: -13.3pp toward R · 2008: 5.5pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: R+7.4 2016: R+12.7 2012: R+6.6 2008: D+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -345.26%
• Current HPI: 195.8214
• Rent YoY: —
• Metro: Niles, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

+91.3% since first listed

17 events — show timeline

• 2026-04-12 Pending — MiRealSource-MiMLS
• 2026-04-12 Pending — REALCOMP
• 2026-04-12 Pending — SW Michigan MLS
• 2026-03-18 Listed $105,000 REALCOMP
• 2026-03-17 Listed $105,000 SW Michigan MLS
• 2026-03-17 Listed $105,000 MiRealSource-MiMLS
• 2024-08-22 Listing Removed — MiRealSource-MiMLS
• 2024-08-21 Listing Removed — REALCOMP
• 2024-07-10 Price Changed $110,000 MiRealSource-MiMLS
• 2024-07-10 Price Changed $110,000 REALCOMP
• 2024-07-10 Price Changed $110,000 SW Michigan MLS
• 2024-06-21 Listed $115,000 MiRealSource-MiMLS
• 2024-06-21 Listed $115,000 REALCOMP
• 2014-09-18 Listing Removed — SW Michigan MLS
• 2010-09-01 Listing Removed — REALCOMP
• 2010-03-19 Listed $54,900 REALCOMP
• 2010-03-19 Listed $54,900 SW Michigan MLS

Property tax history

+5.7%/yr

Latest (2024): $1,626 · +4.8% YoY. Source: county tax records.