238 4th Ave · Three Rivers, MI 49093

$139,900

3 bd · 1.5 ba · 1,578 sqft · SingleFamily public records · 6 Days on market

Built 1914 8,712 sqft lot Est $193k · 27% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Move in ready, 3+ bedrooms, great enclosed front porch for 3 season living. All appliances, extra large lotwith garage and 2 additional out bldg. Welcome to this charming and affordable refreshed 4-bedroom, 1.5 bath, two story home in Three Rivers Michigan. Freshly painted throughout and move-in ready, this home offers plenty of space with a functional floor plan, generous living areas with plenty of room for family and guests, and the look of a classic two-story design. A full basement for storage or future possibilities. Conveniently located near local schools, parks, and shopping, and everything Three Rivers has to offer. This home combines comfort, convenience, and value. Don't miss your opportunity to make this charming home your own. Schedule your showing today!

Key facts

• Extra large lot
• Full basement
• Enclosed front porch

Tags

• ENCLOSED FRONT PORCH
• EXTRA LARGE LOT
• FULL BASEMENT

Property features AI

Exterior

• Utilities: Public water; Natural gas connected; Cable connected
• Home design: Traditional-style single family residence; Living area approximately 1,578 total
• Construction: Built in 1914; Vinyl siding; Composition roof
• Exterior features: Shed(s) on property; Paved road access; Lot is approximately 0.2 acres

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4; Bedroom 5
• Bathrooms: 1 full bathroom; 1 half bathroom; Primary bathroom; Additional bathroom (Bathroom 2)
• Heating & cooling: Forced air heating
• Interior features: Storm windows and screens; Total of 8 rooms; Michigan-style basement
• Laundry & utility: Dedicated laundry room; Natural gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $972 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 14.6% 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: 181 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 $967 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 10y 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 $45k; list at $140k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,900

Questions for the listing agent

1. Built in 1914 — 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: 1.71% ✓
• Cap rate: 14.63%
• Cash-on-cash: 29.77%
• DSCR: 2.32
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $192,516
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
247 E Michigan Ave	0.09mi	3/1.0	1,450 (-8%)	11mo	$172,500	$119	71
300 E Bennett St	0.43mi	3/2.0	1,600 (+1%)	7mo	$200,000	$125	70
210 Middle St	0.23mi	3/1.5	1,399 (-11%)	6mo	$69,500	$50	65
111 W Kelsey St	0.53mi	3/2.0	1,539 (-2%)	8mo	$135,000	$88	63
424 Fourth Ave	0.26mi	3/1.0	1,407 (-11%)	10mo	$185,000	$131	59
310 West St	0.59mi	4/1.5 (+1)	1,608 (+2%)	9mo	$194,000	$121	57
437 E Michigan Ave	0.29mi	4/2.0 (+1)	1,437 (-9%)	13mo	$175,000	$122	54
416 Tenth Ave	0.43mi	4/2.0 (+1)	1,768 (+12%)	8mo	$175,000	$99	46
519 N Main St	0.62mi	3/1.0	1,376 (-13%)	4mo	$195,000	$142	45
508 Maple St	0.73mi	3/1.5	1,366 (-13%)	1mo	$183,000	$134	43
1300 River St	0.53mi	4/1.0 (+1)	1,732 (+10%)	12mo	$245,900	$142	42
1006 Madison St	0.68mi	4/1.5 (+1)	1,400 (-11%)	9mo	$162,000	$116	37

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: 24.3%
• Equity multiple: 2.00×
• Total profit: $39,233
• Equity at exit: $20,860

10-year hold

• IRR: 32.1%
• Equity multiple: 3.91×
• Total profit: $113,894
• Equity at exit: $12,096

Cash invested: $39,172 (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 49093

• Active inventory: 181
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,395 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$128 /mo · $1,540/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$503
• Net cashflow: $972

Break-even live

Break-even rent $1,165

Max offer price $139,900

Occupancy floor 54%

Sensitivity live

Price	-10% $1,051	-5% $1,011	+0% $972	+5% $932	+10% $893
Rent	-10% $783	-5% $877	+0% $972	+5% $1,066	+10% $1,161
Rate	-1.0pp $1,042	-0.5pp $1,007	base $972	+0.5pp $936	+1.0pp $899

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: $34,975
• Closing costs: $4,197
• 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	22d	1	1.37mi

Listing history 6 events

1. 2026-06-10
   status $139,900 Pending 6 DOM
2. 2026-06-09
   days on market $139,900 Active 6 DOM
3. 2026-06-08
   days on market $139,900 Active 5 DOM
4. 2026-06-07
   days on market $139,900 Active 4 DOM
5. 2026-06-03
   remarks 699-char remark

   Show marketing remark (145 chars)

   Move in ready, 3+ bedrooms, great enclosed front porch for 3 season living. All appliances, extra large lotwith garage and 2 additional out bldg.

6. 2026-06-03
   listed $139,900 Active 1 DOM

   Show marketing remark (145 chars)

   Move in ready, 3+ bedrooms, great enclosed front porch for 3 season living. All appliances, extra large lotwith garage and 2 additional out bldg.

ⓘ 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: $1,540 · $128/mo
• Projected year-2 tax: $1,847 · $154/mo
• Expected delta: +$307/yr (+$26/mo · 20.0%)

ⓘ 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: −$7,837
• − Property taxes: −$1,540
• − Insurance: −$700
• − Repairs & maintenance: −$2,299
• − Management: −$2,299
• − Depreciation: −$4,070
• Taxable income: $9,996
• Est. tax owed @ 24.0%: −$2,399
• After-tax cash flow: $9,263/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

+154.8% since first listed

11 events — show timeline

• 2026-06-03 Listed $139,900 REALCOMP
• 2026-06-03 Listed $139,900 MiRealSource-MiMLS
• 2026-06-03 Listed $139,900 SW Michigan MLS
• 2017-01-30 Sold (Public Records) $44,900 Public Records
• 2017-01-27 Sold (MLS) $44,900 SW Michigan MLS
• 2017-01-27 Sold (MLS) $44,900 REALCOMP
• 2016-12-20 Pending — SW Michigan MLS
• 2016-12-20 Relisted — SW Michigan MLS
• 2016-12-18 Listing Removed — SW Michigan MLS
• 2016-10-17 Listed $54,900 SW Michigan MLS
• 2016-06-11 Listed $54,900 REALCOMP

Property tax history

+4.8%/yr

Latest (2025): $1,540 · -36.9% YoY. Source: county tax records.