3987 W M 50 Hwy · Franklin, MI 49287

$249,900

16 bd · 8.0 ba · 7,200 sqft · MultiFamily · 288 Days on market

Built 1900 7,840 sqft lot

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Why this score? — see what drove the C- 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

8 Unit investment property in Tipton. Easy commute to Brooklyn, Tecumseh, Manchester, Jackson and Dundee.

Key facts

• 7,840 sq ft lot
• Built 1900
• Listed 288 days

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $9k ($108k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $250k).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 49.7% vs local median 2.0% in Franklin — 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 73/100 on livability (#212 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety D, amenities F, cost of living F.
• Tecumseh Public Schools (town): math 34% / reading 48% proficiency, ranked #181 of 540 in MI (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 11 active listings in the ZIP; 137 units permitted in Lenawee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Lenawee County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 288 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $219,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 288 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 5.45% ✓
• Cap rate: 49.69%
• Cash-on-cash: 154.98%
• DSCR: 7.90
• GRM: 1.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.17×
• Total profit: $711,863
• Equity at exit: $225,130

10-year hold

• IRR: —
• Equity multiple: 24.50×
• Total profit: $1,644,115
• Equity at exit: $485,501

Cash invested: $69,972 (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 49287

• Home prices YoY: 8.8%
• Active inventory: 11
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $13,625 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,861
• Net cashflow: $9,037

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 29%

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$13,624
Total (8 units)			$13,625

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $249,900 Active 288 DOM
2. 2026-06-17
   days on market $249,900 Active 287 DOM
3. 2026-06-16
   days on market $249,900 Active 286 DOM
4. 2026-06-15
   days on market $249,900 Active 285 DOM
5. 2026-06-14
   days on market $249,900 Active 283 DOM
6. 2026-06-13
   days on market $249,900 Active 282 DOM
7. 2026-06-10
   days on market $249,900 Active 280 DOM
8. 2026-06-09
   days on market $249,900 Active 279 DOM
9. 2026-06-08
   days on market $249,900 Active 278 DOM
10. 2026-06-07
    days on market $249,900 Active 277 DOM
11. 2026-06-05
    days on market $249,900 Active 274 DOM
12. 2026-06-03
    days on market $249,900 Active 273 DOM
13. 2026-06-02
    days on market $249,900 Active 272 DOM
14. 2026-06-01
    days on market $249,900 Active 271 DOM
15. 2026-05-31
    days on market $249,900 Active 270 DOM
16. 2026-05-30
    days on market $249,900 Active 269 DOM
17. 2026-01-30
    price $249,900 105-char remark

    Show marketing remark (105 chars)

    8 Unit investment property in Tipton. Easy commute to Brooklyn, Tecumseh, Manchester, Jackson and Dundee.

18. 2025-12-08
    price $219,900 105-char remark

    Show marketing remark (105 chars)

    8 Unit investment property in Tipton. Easy commute to Brooklyn, Tecumseh, Manchester, Jackson and Dundee.

19. 2025-09-02
    listed $249,900 Active 105-char remark

    Show marketing remark (105 chars)

    8 Unit investment property in Tipton. Easy commute to Brooklyn, Tecumseh, Manchester, Jackson and Dundee.

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

Taxation est. · year 1

• Rental income: $163,500
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$13,080
• − Management: −$13,080
• − Depreciation: −$7,270
• Taxable income: $111,074
• Est. tax owed @ 24.0%: −$26,658
• After-tax cash flow: $81,783/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: Tecumseh Public Schools
• NCES district ID: 2633720
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $58,026
• Composite: 36.04/100
• National rank: #4775
• State rank: #181 of 540 in MI

Livability — Franklin

• Score: 73/100
• State rank: #212
• US rank: #5253

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,122

Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 6% Two or more races 2% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Serbian 7% Iranian 6% Romanian 3%
• Foreign-born: 1% · Canada

Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 25.08%
• Current HPI: 310.45
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

3 events — show timeline

• 2026-01-30 Price Changed $249,900 MiRealSource-MiMLS
• 2025-12-08 Price Changed $219,900 MiRealSource-MiMLS
• 2025-09-02 Listed $249,900 MiRealSource-MiMLS