518 Walnut St · Three Rivers, MI 49093

$219,900

3 bd · 2.0 ba · 1,910 sqft · SingleFamily public records · 22 Days on market

Built 1930 7,920 sqft lot Est $288k · 24% under

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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 +23.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +5.9/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Classic charm meets spacious living in this inviting two-story home! Featuring eye-catching brickwork and timeless character, this home offers plenty of space both inside and out. Full of character and functional living space, this home offers a thoughtfully designed floor plan. There are numerous updates throughout, you must see to appreciate! From the family room, to the dining area, to the kitchen. .. .the rooms flow effortlessly together. With newer flooring through most of the home, and the updated kitchen & baths, just pack your boxes and move right in! The updated kitchen features modern touches, stainless steel appliances, and plenty of cabinet space. .. . perfect for everyday living and entertaining alike. The spacious living room showcases a beautiful brick fireplace, creating a warm and cozy atmosphere, while the formal dining room provides the ideal setting for holiday gatherings and family dinners. An additional family room gives you even more space to relax, entertain, or spread out comfortably. The versatile layout and main level bedroom & full bathroom (not an ensuite) offers flexibility to accommodate a variety of family needs and lifestyles. Upstairs you will find 2 additional, good-sized bedrooms and an additional full bathroom. Step outside and you will find the one car garage and a fenced in backyard. The fully fenced backyard provides ample space for pets, kids play equipment, a fire pit & more! The functional, Michigan style basement offers bonus utility/storage space and a laundry area. Conveniently located near schools, parks, shopping, and dining, this home combines classic charm with practical updates in a desirable Three Rivers location. Schedule your showing today. .. .. home is available to all loan types!

Key facts

• One car garage
• Versatile layout
• Fenced in backyard

Tags

• UPDATED KITCHEN
• STAINLESS STEEL APPLIANCES
• FENCED IN BACKYARD
• MICHIGAN STYLE BASEMENT
• ONE CAR GARAGE
• VERSATILE LAYOUT

Property features AI

Exterior

• Parking: Detached garage (1-car)
• Utilities: Public water
• Home design: Traditional single-family residence; Approximately 2,080 total building area; Built in 1930; Composition roof
• Construction: Aluminum siding and brick exterior
• Exterior features: Paved road access; Lot of about 0.18 acres

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Breakfast nook
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Fireplace; Total of 9 rooms; Partial basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $404 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $217k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 5.2% in Three Rivers — 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 70/100 on livability (#306 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D, amenities F.
• Three Rivers Community Schools (town): math 37% / reading 45% proficiency, ranked #200 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 178 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 125 units permitted in St. Joseph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• St. Joseph County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 13y 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.
• Current owner paid $163k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $216,601 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — 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: 1.09% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.88%
• DSCR: 1.35
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $288,410
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
614 Walnut St	0.07mi	4/2.0 (+1)	2,002 (+5%)	5mo	$255,000	$127	79
606 Arizona Blvd	0.66mi	4/2.5 (+1)	1,882 (-2%)	2mo	$289,900	$154	58
608 Arizona Blvd	0.66mi	4/2.5 (+1)	1,909 (-0%)	7mo	$289,900	$152	56
602 Arizona Blvd	0.65mi	4/2.5 (+1)	1,882 (-2%)	7mo	$299,900	$159	54
1006 N Main St	0.38mi	3/1.5	1,692 (-11%)	10mo	$120,000	$71	53
604 Arizona Blvd	0.66mi	4/2.5 (+1)	1,830 (-4%)	4mo	$284,900	$156	52
416 Tenth Ave	0.54mi	4/2.0 (+1)	1,768 (-7%)	8mo	$175,000	$99	51
1212 Pine St	0.63mi	4/2.0 (+1)	2,072 (+8%)	2mo	$284,900	$138	50
1107 Elm St	0.49mi	2/2.0 (-1)	1,720 (-10%)	8mo	$260,000	$151	49
412 6th Ave	0.63mi	4/2.0 (+1)	2,088 (+9%)	4mo	$216,000	$103	47
1210 Pine St	0.61mi	3/3.0	2,129 (+12%)	4mo	$343,130	$161	45
610 Arizona Blvd	0.67mi	4/2.0 (+1)	2,072 (+8%)	9mo	$294,900	$142	42

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: -4.3%
• Equity multiple: 0.84×
• Total profit: $-9,879
• Equity at exit: $32,788

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $24,607
• Equity at exit: $19,013

Cash invested: $61,572 (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 49093

• Active inventory: 178
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,395 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$243 /mo · $2,918/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$503
• Net cashflow: $404

Break-even live

Break-even rent $1,883

Max offer price $219,900

Occupancy floor 78%

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1645 Garfield Three Rivers, MI	4.0	2.5	1810	$2,395	$1.32	20d	1	0.91mi

Listing history 49 events

1. 2026-06-18
   days on market $219,900 Active 22 DOM
2. 2026-06-17
   days on market $219,900 Active 21 DOM
3. 2026-06-16
   days on market $219,900 Active 20 DOM
4. 2026-06-15
   days on market $219,900 Active 19 DOM
5. 2026-06-14
   days on market $219,900 Active 17 DOM
6. 2026-06-13
   pricedays on market $219,900 Active 16 DOM
7. 2026-06-10
   days on market $220,000 Active 14 DOM
8. 2026-06-09
   days on market $220,000 Active 13 DOM
9. 2026-06-08
   days on market $220,000 Active 12 DOM
10. 2026-06-07
    days on market $220,000 Active 11 DOM
11. 2026-06-05
    days on market $220,000 Active 8 DOM
12. 2026-06-03
    days on market $220,000 Active 7 DOM
13. 2026-06-02
    days on market $220,000 Active 6 DOM
14. 2026-06-01
    days on market $220,000 Active 5 DOM
15. 2026-05-31
    days on market $220,000 Active 4 DOM
16. 2026-05-30
    days on market $220,000 Active 3 DOM
17. 2026-05-28
    listed $220,000 Active 1785-char remark

    Show marketing remark (1785 chars)

    Classic charm meets spacious living in this inviting two-story home! Featuring eye-catching brickwork and timeless character, this home offers plenty of space both inside and out. Full of character and functional living space, this home offers a thoughtfully designed floor plan. There are numerous updates throughout, you must see to appreciate! From the family room, to the dining area, to the kitchen. .. .the rooms flow effortlessly together. With newer flooring through most of the home, and the updated kitchen & baths, just pack your boxes and move right in! The updated kitchen features modern touches, stainless steel appliances, and plenty of cabinet space. .. . perfect for everyday living and entertaining alike. The spacious living room showcases a beautiful brick fireplace, creating a warm and cozy atmosphere, while the formal dining room provides the ideal setting for holiday gatherings and family dinners. An additional family room gives you even more space to relax, entertain, or spread out comfortably. The versatile layout and main level bedroom & full bathroom (not an ensuite) offers flexibility to accommodate a variety of family needs and lifestyles. Upstairs you will find 2 additional, good-sized bedrooms and an additional full bathroom. Step outside and you will find the one car garage and a fenced in backyard. The fully fenced backyard provides ample space for pets, kids play equipment, a fire pit & more! The functional, Michigan style basement offers bonus utility/storage space and a laundry area. Conveniently located near schools, parks, shopping, and dining, this home combines classic charm with practical updates in a desirable Three Rivers location. Schedule your showing today. .. .. home is available to all loan types!

18. 2026-05-27
    listed $220,000 Active 930-char remark

    Show marketing remark (930 chars)

    Classic charm meets spacious living in this inviting two-story home! Featuring eye-catching brickwork and timeless character, this home offers plenty of space both inside and out. Full of character and functional living space, this home offers a thoughtfully designed floor plan. There are numerous updates throughout, you must see to appreciate! From the family room, to the dining area, to the kitchen. .. .the rooms flow effortlessly together. With newer flooring through most of the home, and the updated kitchen & baths, just pack your boxes and move right in! The updated kitchen features modern touches, stainless steel appliances, and plenty of cabinet space. .. . perfect for everyday living and entertaining alike. The spacious living room showcases a beautiful brick fireplace, creating a warm and cozy atmosphere, while the formal dining room provides the ideal setting for holiday gatherings and family dinners.

19. 2026-05-27
    listed $220,000 Active

    Show marketing remark (930 chars)

    Classic charm meets spacious living in this inviting two-story home! Featuring eye-catching brickwork and timeless character, this home offers plenty of space both inside and out. Full of character and functional living space, this home offers a thoughtfully designed floor plan. There are numerous updates throughout, you must see to appreciate! From the family room, to the dining area, to the kitchen. .. .the rooms flow effortlessly together. With newer flooring through most of the home, and the updated kitchen & baths, just pack your boxes and move right in! The updated kitchen features modern touches, stainless steel appliances, and plenty of cabinet space. .. . perfect for everyday living and entertaining alike. The spacious living room showcases a beautiful brick fireplace, creating a warm and cozy atmosphere, while the formal dining room provides the ideal setting for holiday gatherings and family dinners.

20. 2023-12-26
    soldstatus $163,000
21. 2023-12-15
    soldstatus $163,000 Sold
22. 2023-12-15
    soldstatus $163,000 Sold
23. 2023-12-15
    soldstatus $163,000 Closed
24. 2023-10-23
    status Pending
25. 2023-10-23
    status Pending
26. 2023-10-23
    status Pending
27. 2023-10-16
    status Active
28. 2023-10-16
    status Active
29. 2023-10-16
    status Active
30. 2023-10-06
    status Pending
31. 2023-10-06
    status Pending
32. 2023-10-06
    status Pending
33. 2023-09-28
    listed $159,000 Active
34. 2023-09-28
    listed $159,000 Active
35. 2023-09-28
    listed $159,000 Active
36. 2015-11-20
    soldstatus $35,000
37. 2015-11-20
    soldstatus $35,000 Sold
38. 2015-11-03
    status Pending
39. 2015-09-29
    price $39,900
40. 2015-09-04
    listed $44,900 Active
41. 2015-06-23
    listed $39,900
42. 2015-06-19
    historical
43. 2015-06-19
    historical
44. 2015-02-12
    listed $52,000
45. 2015-02-12
    listed $52,000
46. 2014-06-18
    historical
47. 2014-06-18
    historical
48. 2013-10-01
    listed $76,000
49. 2013-10-01
    listed $76,000

ⓘ 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: $2,918 · $243/mo
• Projected year-2 tax: $3,152 · $263/mo
• Expected delta: +$234/yr (+$20/mo · 8.0%)

ⓘ 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 ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,740
• − Mortgage interest: −$12,318
• − Property taxes: −$2,918
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,299
• − Management: −$2,299
• − Depreciation: −$6,397
• Taxable income: $1,410
• Est. tax owed @ 24.0%: −$338
• After-tax cash flow: $4,511/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: Three Rivers Community Schools
• NCES district ID: 2633840
• Math proficiency: 37% ▲ 1.00%
• Reading proficiency: 45% ▼ -3.00%
• Median HH income: $46,576
• Composite: 34.97/100
• National rank: #5058
• State rank: #200 of 540 in MI

Livability — Three Rivers

• Score: 70/100
• State rank: #306
• US rank: #7604

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Three Rivers, MI
• Population (ZIP): 18,439

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 58,726 people
• By 2030: 57,030 · -2.9%
• By 2040: 53,266 · -9.3%
• By 2050: 49,343 · -16.0%
• By 2075: 40,441 · -31.1%
• By 2100: 31,981 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 5% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 11% Iranian 5% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Solid R (+34.0) · D 32.2% · R 66.2% · Other 1.5%
• 2008→2024 swing: -31.8pp toward R · 2008: -2.2pp · 2024: -34.0pp
• All cycles: 2024: R+34.0 2020: R+31.7 2016: R+31.0 2012: R+12.3 2008: R+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.07%
• Current HPI: 226.5079
• 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

+189.5% since first listed

33 events — show timeline

• 2026-05-28 Listed $220,000 REALCOMP
• 2026-05-27 Listed $220,000 SW Michigan MLS
• 2026-05-27 Listed $220,000 MiRealSource-MiMLS
• 2023-12-26 Sold (Public Records) $163,000 Public Records
• 2023-12-15 Sold (MLS) $163,000 MiRealSource-MiMLS
• 2023-12-15 Sold (MLS) $163,000 SW Michigan MLS
• 2023-12-15 Sold (MLS) $163,000 REALCOMP
• 2023-10-23 Pending — REALCOMP
• 2023-10-23 Pending — MiRealSource-MiMLS
• 2023-10-23 Pending — SW Michigan MLS
• 2023-10-16 Relisted — MiRealSource-MiMLS
• 2023-10-16 Relisted — REALCOMP
• 2023-10-16 Relisted — SW Michigan MLS
• 2023-10-06 Pending — MiRealSource-MiMLS
• 2023-10-06 Pending — REALCOMP
• 2023-10-06 Pending — SW Michigan MLS
• 2023-09-28 Listed $159,000 MiRealSource-MiMLS
• 2023-09-28 Listed $159,000 SW Michigan MLS
• 2023-09-28 Listed $159,000 REALCOMP
• 2015-11-20 Sold (MLS) $35,000 SW Michigan MLS
• 2015-11-20 Sold (MLS) $35,000 REALCOMP
• 2015-11-03 Pending — SW Michigan MLS
• 2015-09-29 Price Changed $39,900 SW Michigan MLS
• 2015-09-04 Listed $44,900 SW Michigan MLS
• 2015-06-23 Listed $39,900 REALCOMP
• 2015-06-19 Listing Removed — SW Michigan MLS
• 2015-06-19 Listing Removed — REALCOMP
• 2015-02-12 Listed $52,000 SW Michigan MLS
• 2015-02-12 Listed $52,000 REALCOMP
• 2014-06-18 Listing Removed — REALCOMP
• 2014-06-18 Listing Removed — SW Michigan MLS
• 2013-10-01 Listed $76,000 REALCOMP
• 2013-10-01 Listed $76,000 SW Michigan MLS

Property tax history

+8.1%/yr

Latest (2025): $2,918 · -33.0% YoY. Source: county tax records.