7505 N 1200 Rd · White Pigeon, MI 46540

$161,500

3 bd · 2.0 ba · 1,248 sqft · SingleFamily public records · 38 Days on market

Built 2006 0.41 ac lot $129/sqft · 9% below area Est $178k · 9% under ↓ 27% since listing

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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 +23.8/30.0
• ARV discount +11.6/15.0
• DSCR +7.7/10.0
• 1% rule +6.4/10.0
• Schools +4.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well who is looking for a perfect view of Stone Lake in Middlebury? Look no further, this home sits up and overlooks the water. This home offers 3 bedrooms and 2 full baths. Screened porch over looks the lake. This home also offers a full walkout basement for flex space.

Key facts

• 0.41 acre lot
• Built 2006
• Listed 38 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $162k.

Deal economics

• At list price, monthly cash flow is $311 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $162k).
• Recommended offer: $157k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#370 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, employment D, schools F.
• Westview School Corporation (rural): math 58% / reading 53% proficiency, ranked #29 of 301 in IN (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 134 units permitted in LaGrange County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $28k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $156,655 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-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: 1.14% ✓
• Cap rate: 8.61%
• Cash-on-cash: 8.26%
• DSCR: 1.37
• GRM: 7.3

CMA / ARV

• ARV (median comp): $177,785
• List price: $161,500
• Delta: -9.16%
• Verdict: FAIR
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7205 N 1150 W	0.60mi	2/1.5 (-1)	1,422 (+14%)	10mo	$300,000	$211	34

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: -3.7%
• Equity multiple: 0.86×
• Total profit: $-6,300
• Equity at exit: $24,080

10-year hold

• IRR: 6.0%
• Equity multiple: 1.45×
• Total profit: $20,231
• Equity at exit: $13,964

Cash invested: $45,220 (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 46540

• Home prices YoY: -25.2%
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,847 medium
• Mortgage (P&I): −$847
• Tax from tax record: −$234 /mo · $2,803/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $311

Break-even live

Break-even rent $1,453

Max offer price $161,500

Occupancy floor 78%

Sensitivity live

Price	-10% $403	-5% $357	+0% $311	+5% $266	+10% $220
Rent	-10% $165	-5% $238	+0% $311	+5% $384	+10% $457
Rate	-1.0pp $393	-0.5pp $352	base $311	+0.5pp $269	+1.0pp $227

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: $40,375
• Closing costs: $4,845
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-18
   status Pending 271-char remark

   Show marketing remark (271 chars)

   Well who is looking for a perfect view of Stone Lake in Middlebury? Look no further, this home sits up and overlooks the water. This home offers 3 bedrooms and 2 full baths. Screened porch over looks the lake. This home also offers a full walkout basement for flex space.

2. 2026-05-15
   price $161,500 271-char remark

   Show marketing remark (271 chars)

   Well who is looking for a perfect view of Stone Lake in Middlebury? Look no further, this home sits up and overlooks the water. This home offers 3 bedrooms and 2 full baths. Screened porch over looks the lake. This home also offers a full walkout basement for flex space.

3. 2026-04-23
   status Active 271-char remark

   Show marketing remark (271 chars)

   Well who is looking for a perfect view of Stone Lake in Middlebury? Look no further, this home sits up and overlooks the water. This home offers 3 bedrooms and 2 full baths. Screened porch over looks the lake. This home also offers a full walkout basement for flex space.

4. 2026-02-10
   status Pending 271-char remark

   Show marketing remark (271 chars)

   Well who is looking for a perfect view of Stone Lake in Middlebury? Look no further, this home sits up and overlooks the water. This home offers 3 bedrooms and 2 full baths. Screened porch over looks the lake. This home also offers a full walkout basement for flex space.

5. 2026-01-28
   listed $190,000 Active 271-char remark

   Show marketing remark (271 chars)

   Well who is looking for a perfect view of Stone Lake in Middlebury? Look no further, this home sits up and overlooks the water. This home offers 3 bedrooms and 2 full baths. Screened porch over looks the lake. This home also offers a full walkout basement for flex space.

6. 2022-02-09
   soldstatus $220,000 641-char remark

   Show marketing remark (641 chars)

   LAKE LIFE!! Wake up and relax on your HUGE 376 square foot, screened-in back porch overlooking Stone Lake!! Eat-in kitchen, open concept, and main level laundry. 2 sheds in the back yard stay as well as two small adorable sheds in the front for decoration or kid's play house. One owner home, they know the home and all its components VERY well. All appliances stay. Downstairs in the walkout basement, you'll find a convenient kitchen area in the fantastic family room, a half bath, and two bonus rooms that could be used for additional bedrooms (no egress). New metal roof installed in November. New well tank 8 yrs ago, bladder 5 yrs ago.

7. 2021-10-29
   listed $220,000 641-char remark

   Show marketing remark (641 chars)

   LAKE LIFE!! Wake up and relax on your HUGE 376 square foot, screened-in back porch overlooking Stone Lake!! Eat-in kitchen, open concept, and main level laundry. 2 sheds in the back yard stay as well as two small adorable sheds in the front for decoration or kid's play house. One owner home, they know the home and all its components VERY well. All appliances stay. Downstairs in the walkout basement, you'll find a convenient kitchen area in the fantastic family room, a half bath, and two bonus rooms that could be used for additional bedrooms (no egress). New metal roof installed in November. New well tank 8 yrs ago, bladder 5 yrs ago.

ⓘ 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: $2,803 · $234/mo
• Projected year-2 tax: $2,803 · $234/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 3/10 Moderate
• 🌡 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: $22,162
• − Mortgage interest: −$9,047
• − Property taxes: −$2,803
• − Insurance: −$808
• − Repairs & maintenance: −$1,773
• − Management: −$1,773
• − Depreciation: −$4,698
• Taxable income: $1,261
• Est. tax owed @ 24.0%: −$303
• After-tax cash flow: $3,432/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: Westview School Corporation
• NCES district ID: 1813110
• Math proficiency: 58% ▼ -6.00%
• Reading proficiency: 53% ▼ -5.00%
• Median HH income: $53,000
• Composite: 47.66/100
• National rank: #2245
• State rank: #29 of 301 in IN

Livability — White Pigeon

• Score: 68/100
• State rank: #370
• US rank: #9639

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 13,239

Population outlook (LaGrange County) Hauer SSP2

• Today (2025): 39,718 people
• By 2030: 40,060 · +0.9%
• By 2040: 40,333 · +1.5%
• By 2050: 39,284 · -1.1%
• By 2075: 32,100 · -19.2%
• By 2100: 21,407 · -46.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 10% Polish 5% Iranian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 61% English-only · German/W. Germanic 35% Spanish 2%

Political lean MEDSL · LaGrange

• 2024 margin: Solid R (+56.8) · D 20.8% · R 77.6% · Other 1.7%
• 2008→2024 swing: -35.3pp toward R · 2008: -21.5pp · 2024: -56.8pp
• All cycles: 2024: R+56.8 2020: R+54.1 2016: R+51.8 2012: R+35.8 2008: R+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.09%
• Current HPI: 240.6162
• 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

-26.6% since first listed

7 events — show timeline

• 2026-05-18 Pending — IRMLS
• 2026-05-15 Price Changed $161,500 IRMLS
• 2026-04-23 Relisted — IRMLS
• 2026-02-10 Pending — IRMLS
• 2026-01-28 Listed $190,000 IRMLS
• 2022-02-09 Sold (MLS) $220,000 IRMLS
• 2021-10-29 Listed $220,000 IRMLS

Property tax history

+13.8%/yr

Latest (2024): $2,803 · +7.8% YoY. Source: county tax records.