205 N Catherine St · Ithaca, MI 48847

$64,900

3 bd · 2.0 ba · 1,400 sqft · SingleFamily · 24 Days on market

Built 1990 0.25 ac lot $46/sqft · 62% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Needs a remodel. Sub floor was replaced but now looking for an investor to come in and take it to completion. No land contract.

Key facts

• 0.25 acre lot
• Built 1990
• Listed 24 days

Property features AI

Finance

• Other: Residential property type; Above-grade finished area reported (approximate)
• HOA & community: Homeowners association present

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Vinyl siding
• Exterior features: Lot approximately 0.25 acres; Lot dimensions indicated

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Crawl space basement; Total of 5 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $415 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#265 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D+, amenities F, commute F.
• Ithaca Public Schools (rural): math 31% / reading 48% proficiency, ranked #221 of 540 in MI (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 20 active listings in the ZIP; 47 units permitted in Gratiot County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Gratiot County population projected at -14% 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 $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $63,926 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.58% ✓
• Cap rate: 13.97%
• Cash-on-cash: 27.43%
• DSCR: 2.22
• GRM: 5.3

CMA / ARV

• ARV (median comp): $170,530
• List price: $64,900
• Delta: -61.94%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 N Catherine St	0.00mi	3/2.0	1,400 (0%)	1mo	$60,000	$43	99
232 S Gwinner St Lot : 7	0.38mi	3/1.5	1,419 (+1%)	0mo	$175,000	$123	78
232 S Gwinner St	0.38mi	3/1.5	1,419 (+1%)	0mo	$175,000	$123	78
515 E Arcada St	0.35mi	3/2.0	1,344 (-4%)	11mo	$230,000	$171	68
314 E Newark St	0.50mi	3/1.0	1,378 (-2%)	9mo	$160,000	$116	63
610 E South St	0.38mi	3/1.0	1,506 (+8%)	7mo	$179,000	$119	60
105 S Gwinner St	0.27mi	3/2.0	1,575 (+12%)	11mo	$180,000	$114	57
315 S Main St	0.67mi	3/1.5	1,433 (+2%)	8mo	$175,000	$122	56
126 S Gwinner St	0.31mi	4/1.0 (+1)	1,500 (+7%)	10mo	$150,000	$100	56
23 Meadow Ln	0.50mi	2/2.0 (-1)	1,288 (-8%)	6mo	$70,000	$54	53
415 E South St	0.48mi	3/2.0	1,201 (-14%)	4mo	$135,000	$112	50
205 E Barber St	0.71mi	3/1.0	1,524 (+9%)	4mo	$47,500	$31	45

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: 21.4%
• Equity multiple: 1.88×
• Total profit: $15,923
• Equity at exit: $9,677

10-year hold

• IRR: 29.5%
• Equity multiple: 3.63×
• Total profit: $47,858
• Equity at exit: $5,611

Cash invested: $18,172 (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 48847

• Home prices YoY: -33.8%
• Active inventory: 20
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,022 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$25 /mo · $299/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$215
• Net cashflow: $415

Break-even live

Break-even rent $497

Max offer price $64,900

Occupancy floor 54%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-18
   status Pending 127-char remark

   Show marketing remark (127 chars)

   Needs a remodel. Sub floor was replaced but now looking for an investor to come in and take it to completion. No land contract.

2. 2026-05-18
   status Pending 127-char remark

   Show marketing remark (127 chars)

   Needs a remodel. Sub floor was replaced but now looking for an investor to come in and take it to completion. No land contract.

3. 2026-05-05
   price $64,900 127-char remark

   Show marketing remark (127 chars)

   Needs a remodel. Sub floor was replaced but now looking for an investor to come in and take it to completion. No land contract.

4. 2026-05-05
   price $64,900 127-char remark

   Show marketing remark (127 chars)

   Needs a remodel. Sub floor was replaced but now looking for an investor to come in and take it to completion. No land contract.

5. 2026-04-24
   listed $79,900 Active 127-char remark

   Show marketing remark (127 chars)

   Needs a remodel. Sub floor was replaced but now looking for an investor to come in and take it to completion. No land contract.

6. 2026-04-24
   listed $79,900 Active 127-char remark

   Show marketing remark (127 chars)

   Needs a remodel. Sub floor was replaced but now looking for an investor to come in and take it to completion. No land contract.

7. 2016-07-22
   soldstatus $60,000

ⓘ 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: $299 · $25/mo
• Projected year-2 tax: $649 · $54/mo
• Expected delta: +$350/yr (+$29/mo · 117.0%)

ⓘ 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 ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,270
• − Mortgage interest: −$3,635
• − Property taxes: −$299
• − Insurance: −$324
• − Repairs & maintenance: −$982
• − Management: −$982
• − Depreciation: −$1,888
• Taxable income: $4,159
• Est. tax owed @ 24.0%: −$998
• After-tax cash flow: $3,987/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: Ithaca Public Schools
• NCES district ID: 2619580
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 48% ▼ -7.00%
• Median HH income: $45,626
• Composite: 33.6/100
• National rank: #5412
• State rank: #221 of 540 in MI

Livability — Ithaca

• Score: 71/100
• State rank: #265
• US rank: #6549

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ithaca, MI
• Population (ZIP): 5,773

Population outlook (Gratiot County) Hauer SSP2

• Today (2025): 39,991 people
• By 2030: 38,944 · -2.6%
• By 2040: 36,694 · -8.2%
• By 2050: 34,314 · -14.2%
• By 2075: 27,693 · -30.8%
• By 2100: 20,809 · -48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 4% Iranian 3% Romanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Gratiot

• 2024 margin: Solid R (+31.3) · D 33.7% · R 65.0% · Other 1.4%
• 2008→2024 swing: -35.7pp toward R · 2008: 4.4pp · 2024: -31.3pp
• All cycles: 2024: R+31.3 2020: R+28.3 2016: R+25.6 2012: R+3.9 2008: D+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -106.61%
• Current HPI: 208.838
• 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

9 events — show timeline

• 2026-05-29 Sold (MLS) $60,000 MiRealSource-MiMLS
• 2026-05-29 Sold (MLS) $60,000 REALCOMP
• 2026-05-18 Pending — REALCOMP
• 2026-05-18 Pending — MiRealSource-MiMLS
• 2026-05-05 Price Changed $64,900 MiRealSource-MiMLS
• 2026-05-05 Price Changed $64,900 REALCOMP
• 2026-04-24 Listed $79,900 MiRealSource-MiMLS
• 2026-04-24 Listed $79,900 REALCOMP
• 2016-07-22 Sold (Public Records) $60,000 Public Records