504 North St · Morenci, MI 49256

$62,900

3 bd · 1.0 ba · 1,713 sqft · SingleFamily public records · 200 Days on market

Built 1955 6,970 sqft lot $37/sqft · 51% below area ↓ 31% since listing

---

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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch—perfect for relaxing—and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

Key facts

• Large garage
• Front porch
• Heart of morenci

Tags

• FRONT PORCH
• LARGE GARAGE
• HEART OF MORENCI

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $63k.

Deal economics

• At list price, monthly cash flow is $592 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $63k).
• Recommended offer: $55k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#167 in MI, #4,401 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: schools D-, amenities F, commute F.
• Morenci Area Schools (rural): math 28% / reading 43% proficiency, ranked #283 of 540 in MI (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 19 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 $7k of equity ($435 loan paydown + $6k 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 $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 200 days — a 12% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $27k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $55,352 (12.0% below list)

Questions for the listing agent

1. It's been on market 200 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.07% ✓
• Cap rate: 17.58%
• Cash-on-cash: 40.31%
• DSCR: 2.79
• GRM: 4.0

CMA / ARV

• ARV (median comp): $128,007
• List price: $62,900
• Delta: -50.86%
• 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 E Chestnut St	0.17mi	3/1.0	1,661 (-3%)	8mo	$106,000	$64	80
217 N East St	0.29mi	3/2.0	1,732 (+1%)	2mo	$219,000	$126	79
218 E Chestnut St	0.19mi	3/1.5	1,730 (+1%)	16mo	$140,000	$81	74
120 Cawley Rd	0.13mi	3/1.5	1,854 (+8%)	6mo	$175,400	$95	73
615 N Summit St	0.08mi	3/1.5	1,606 (-6%)	16mo	$177,000	$110	71
511 E Main St	0.48mi	4/1.0 (+1)	1,747 (+2%)	1mo	$175,000	$100	68
413 Lincoln St	0.53mi	3/1.5	1,690 (-1%)	10mo	$175,000	$104	63
221 N Summit St	0.17mi	3/1.0	1,467 (-14%)	7mo	$134,000	$91	63
425 N East St	0.23mi	3/1.0	1,865 (+9%)	16mo	$130,625	$70	61
616 E Main St	0.57mi	3/1.0	1,558 (-9%)	2mo	$141,000	$91	57
230 S Summit St	0.42mi	3/1.0	1,526 (-11%)	14mo	$159,900	$105	50
426 S East St	0.59mi	3/1.5	1,456 (-15%)	0mo	$180,000	$124	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 55.5%
• Equity multiple: 5.09×
• Total profit: $71,953
• Equity at exit: $56,665

10-year hold

• IRR: 49.0%
• Equity multiple: 11.35×
• Total profit: $182,300
• Equity at exit: $122,201

Cash invested: $17,612 (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 49256

• Home prices YoY: 8.7%
• Active inventory: 19
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,299 medium
• Mortgage (P&I): −$330
• Tax est. 1.5%: −$79 /mo · $944/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $592

Break-even live

Break-even rent $550

Max offer price $62,900

Occupancy floor 49%

Sensitivity live

Price	-10% $635	-5% $613	+0% $592	+5% $570	+10% $548
Rent	-10% $489	-5% $540	+0% $592	+5% $643	+10% $694
Rate	-1.0pp $623	-0.5pp $608	base $592	+0.5pp $575	+1.0pp $559

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: $15,725
• Closing costs: $1,887
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-01
   status $62,900 Pending 200 DOM
2. 2026-06-01
   days on market $62,900 Active 200 DOM
3. 2026-05-31
   days on market $62,900 Active 199 DOM
4. 2026-05-31
   days on market $62,900 Active 198 DOM
5. 2026-05-12
   price $62,900 374-char remark

   Show marketing remark (374 chars)

   This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch—perfect for relaxing—and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

6. 2026-05-11
   price $62,900 362-char remark

   Show marketing remark (362 chars)

   This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch-perfect for relaxing-and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

7. 2026-04-10
   price $72,000 374-char remark

   Show marketing remark (362 chars)

   This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch-perfect for relaxing-and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

8. 2026-04-10
   price $72,000 362-char remark

   Show marketing remark (362 chars)

   This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch-perfect for relaxing-and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

9. 2026-03-13
   price $75,500 374-char remark

   Show marketing remark (362 chars)

   This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch-perfect for relaxing-and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

10. 2026-03-13
    price $75,500 362-char remark

    Show marketing remark (362 chars)

    This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch-perfect for relaxing-and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

11. 2026-02-11
    price $79,000 374-char remark

    Show marketing remark (374 chars)

    This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch—perfect for relaxing—and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

12. 2026-02-10
    price $79,000 362-char remark

    Show marketing remark (362 chars)

    This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch-perfect for relaxing-and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

13. 2026-01-13
    price $82,000 374-char remark

    Show marketing remark (374 chars)

    This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch—perfect for relaxing—and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

14. 2026-01-12
    price $82,000 362-char remark

    Show marketing remark (362 chars)

    This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch-perfect for relaxing-and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

15. 2025-12-13
    price $86,000 374-char remark

    Show marketing remark (374 chars)

    This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch—perfect for relaxing—and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

16. 2025-12-12
    price $86,000 362-char remark

    Show marketing remark (362 chars)

    This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch-perfect for relaxing-and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

17. 2025-11-13
    listed $89,900 Active 362-char remark

    Show marketing remark (362 chars)

    This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch-perfect for relaxing-and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

18. 2025-11-12
    listed $89,900 Active 374-char remark

    Show marketing remark (374 chars)

    This spacious home offers over 1,700 square feet of living space, featuring 3 bedrooms and 1 full bath. Enjoy the inviting front porch—perfect for relaxing—and take advantage of the large 2-car garage for parking or extra storage. Conveniently located in the heart of Morenci, this property provides great potential for the right buyer. Home is being sold AS IS.

19. 2020-10-12
    soldstatus $91,000
20. 2020-10-08
    historical
21. 2020-10-08
    soldstatus $91,000 Sold
22. 2020-10-08
    soldstatus $91,000 Closed
23. 2020-10-01
    status Pending
24. 2020-10-01
    status Pending
25. 2020-08-18
    historical Contingent - Continue To Show
26. 2020-08-18
    historical Keep Showing-Contgcy Appl
27. 2020-08-12
    listed $91,000 Active
28. 2020-08-12
    listed $91,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,588
• − Mortgage interest: −$3,523
• − Property taxes: −$944
• − Insurance: −$314
• − Repairs & maintenance: −$1,247
• − Management: −$1,247
• − Depreciation: −$1,830
• Taxable income: $6,483
• Est. tax owed @ 24.0%: −$1,556
• After-tax cash flow: $5,543/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: Morenci Area Schools
• NCES district ID: 2624570
• Math proficiency: 28% ▼ -5.00%
• Reading proficiency: 43% ▲ 1.00%
• Median HH income: $43,503
• Composite: 30.09/100
• National rank: #6340
• State rank: #283 of 540 in MI

Livability — Morenci

• Score: 74/100
• State rank: #167
• US rank: #4401

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morenci, MI
• County: Lenawee · 10,162 people
• Population (ZIP): 3,830
• Household income: $60,982
• Rent vs Own: 20.3% rent · 79.7% own

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 (90%)
• Race & ethnicity: White 90% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 2% Lithuanian 2% Italian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▲ 24.27%
• Current HPI: 304.604
• 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

-30.9% since first listed

24 events — show timeline

• 2026-05-12 Price Changed $62,900 MiRealSource-MiMLS
• 2026-05-11 Price Changed $62,900 REALCOMP
• 2026-04-10 Price Changed $72,000 MiRealSource-MiMLS
• 2026-04-10 Price Changed $72,000 REALCOMP
• 2026-03-13 Price Changed $75,500 MiRealSource-MiMLS
• 2026-03-13 Price Changed $75,500 REALCOMP
• 2026-02-11 Price Changed $79,000 MiRealSource-MiMLS
• 2026-02-10 Price Changed $79,000 REALCOMP
• 2026-01-13 Price Changed $82,000 MiRealSource-MiMLS
• 2026-01-12 Price Changed $82,000 REALCOMP
• 2025-12-13 Price Changed $86,000 MiRealSource-MiMLS
• 2025-12-12 Price Changed $86,000 REALCOMP
• 2025-11-13 Listed $89,900 REALCOMP
• 2025-11-12 Listed $89,900 MiRealSource-MiMLS
• 2020-10-12 Sold (Public Records) $91,000 Public Records
• 2020-10-08 Listing Removed — REALCOMP
• 2020-10-08 Sold (MLS) $91,000 MiRealSource-MiMLS
• 2020-10-08 Sold (MLS) $91,000 REALCOMP
• 2020-10-01 Pending — REALCOMP
• 2020-10-01 Pending — MiRealSource-MiMLS
• 2020-08-18 Contingent — REALCOMP
• 2020-08-18 Contingent — MiRealSource-MiMLS
• 2020-08-12 Listed $91,000 MiRealSource-MiMLS
• 2020-08-12 Listed $91,000 REALCOMP

Property tax history

+6.1%/yr

Latest (2025): $3,289 · +39.9% YoY. Source: county tax records.