615 Jennie St · Eaton Rapids, MI 48827

$117,000

3 bd · 1.5 ba · 1,536 sqft · SingleFamily public records · 106 Days on market

Built 1978 6,098 sqft lot $76/sqft · 11% below area Est $197k · 41% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +14.8/30.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Bi-Level home boasts 3 Bedrooms and 2 Full Baths and is located in Eaton Rapids - just south of Lansing. A kitchen is attached to the dining area which has a sliding glass door leading to a nice large deck over looking the back yard. The first floor has 2 bedrooms and a living room, while the lower level has 1 bedroom and an extra room for an office or whatever! This 1500' home is waiting for your decorating ideas and updates! Come and view it today and make it yours.

Key facts

• Large deck
• Sliding glass door
• 6,098 sq ft lot

Tags

• SLIDING GLASS DOOR
• LARGE DECK
• OVERLOOKING BACK YARD
• EXTRA ROOM FOR OFFICE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $117k.

Deal economics

• At list price, monthly cash flow is $-34 ($-413/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (9.0% below list).
• Recommended offer: $106k (9.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 2.2% in Eaton Rapids — 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 74/100 on livability (#182 in MI, #4,624 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools D+, amenities F, commute F.
• Eaton Rapids Public Schools (town): math 22% / reading 42% proficiency, ranked #315 of 540 in MI (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 111 active listings in the ZIP; 98 units permitted in Eaton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $809 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Eaton County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y ago; this cycle's ask has dropped $45k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $106,458 (9.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.91% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.17%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (median comp): $197,084
• List price: $117,000
• Delta: -40.63%
• 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
514 W Broad St	0.07mi	3/1.0	1,499 (-2%)	9mo	$145,000	$97	83
442 W Plain St	0.06mi	4/2.5 (+1)	1,451 (-6%)	10mo	$252,350	$174	71
548 Harwood Ct #141	0.30mi	3/2.0	1,568 (+2%)	14mo	$37,500	$24	68
329 W Knight St	0.43mi	3/1.0	1,450 (-6%)	5mo	$110,000	$76	65
1018 S Main St	0.50mi	3/1.0	1,456 (-5%)	7mo	$186,000	$128	60
800 Brook St	0.34mi	2/1.0 (-1)	1,400 (-9%)	4mo	$213,000	$152	59
720 Hall St	0.34mi	3/1.0	1,338 (-13%)	2mo	$173,000	$129	59
123 Frost St	0.42mi	3/1.5	1,760 (+15%)	1mo	$262,500	$149	55
224 S Holmes St	0.65mi	4/1.0 (+1)	1,512 (-2%)	7mo	$95,000	$63	54
1306 Montgomery St	0.62mi	3/1.5	1,610 (+5%)	15mo	$226,000	$140	50
229 State St	0.64mi	3/1.0	1,356 (-12%)	6mo	$185,000	$136	44
409 Minerva St	0.71mi	3/1.0	1,401 (-9%)	16mo	$80,000	$57	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: -18.3%
• Equity multiple: 0.36×
• Total profit: $-21,095
• Equity at exit: $17,445

10-year hold

• IRR: -10.5%
• Equity multiple: 0.36×
• Total profit: $-20,962
• Equity at exit: $10,116

Cash invested: $32,760 (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 48827

• Home prices YoY: -31.0%
• Active inventory: 111
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,065 medium
• Mortgage (P&I): −$614
• Tax from tax record: −$147 /mo · $1,760/yr
• Insurance: −$49
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $-34

Break-even live

Break-even rent $1,108

Max offer price $110,916

Occupancy floor 98%

Sensitivity live

Price	-10% $32	-5% $-1	+0% $-34	+5% $-68	+10% $-101
Rent	-10% $-119	-5% $-76	+0% $-34	+5% $8	+10% $50
Rate	-1.0pp $24	-0.5pp $-5	base $-34	+0.5pp $-65	+1.0pp $-96

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: $29,250
• Closing costs: $3,510
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-05-07
   status Pending 480-char remark

   Show marketing remark (481 chars)

   This Bi-Level home boasts 3 Bedrooms and 2 Full Baths and is located in Eaton Rapids - just south of Lansing. A kitchen is attached to the dining area which has a sliding glass door leading to a nice large deck over looking the back yard. The first floor has 2 bedrooms and a living room, while the lower level has 1 bedroom and an extra room for an office or whatever! This 1500' home is waiting for your decorating ideas and updates! Come and view it today and make it yours.

2. 2026-05-07
   status Pending 481-char remark

   Show marketing remark (481 chars)

   This Bi-Level home boasts 3 Bedrooms and 2 Full Baths and is located in Eaton Rapids - just south of Lansing. A kitchen is attached to the dining area which has a sliding glass door leading to a nice large deck over looking the back yard. The first floor has 2 bedrooms and a living room, while the lower level has 1 bedroom and an extra room for an office or whatever! This 1500' home is waiting for your decorating ideas and updates! Come and view it today and make it yours.

3. 2026-04-11
   price $117,000 480-char remark

   Show marketing remark (481 chars)

   This Bi-Level home boasts 3 Bedrooms and 2 Full Baths and is located in Eaton Rapids - just south of Lansing. A kitchen is attached to the dining area which has a sliding glass door leading to a nice large deck over looking the back yard. The first floor has 2 bedrooms and a living room, while the lower level has 1 bedroom and an extra room for an office or whatever! This 1500' home is waiting for your decorating ideas and updates! Come and view it today and make it yours.

4. 2026-04-11
   price $117,000 481-char remark

   Show marketing remark (481 chars)

   This Bi-Level home boasts 3 Bedrooms and 2 Full Baths and is located in Eaton Rapids - just south of Lansing. A kitchen is attached to the dining area which has a sliding glass door leading to a nice large deck over looking the back yard. The first floor has 2 bedrooms and a living room, while the lower level has 1 bedroom and an extra room for an office or whatever! This 1500' home is waiting for your decorating ideas and updates! Come and view it today and make it yours.

5. 2026-03-11
   price $129,000 480-char remark

   Show marketing remark (481 chars)

   This Bi-Level home boasts 3 Bedrooms and 2 Full Baths and is located in Eaton Rapids - just south of Lansing. A kitchen is attached to the dining area which has a sliding glass door leading to a nice large deck over looking the back yard. The first floor has 2 bedrooms and a living room, while the lower level has 1 bedroom and an extra room for an office or whatever! This 1500' home is waiting for your decorating ideas and updates! Come and view it today and make it yours.

6. 2026-03-11
   price $129,000 481-char remark

   Show marketing remark (481 chars)

   This Bi-Level home boasts 3 Bedrooms and 2 Full Baths and is located in Eaton Rapids - just south of Lansing. A kitchen is attached to the dining area which has a sliding glass door leading to a nice large deck over looking the back yard. The first floor has 2 bedrooms and a living room, while the lower level has 1 bedroom and an extra room for an office or whatever! This 1500' home is waiting for your decorating ideas and updates! Come and view it today and make it yours.

7. 2026-02-18
   price $146,000 480-char remark

   Show marketing remark (481 chars)

   This Bi-Level home boasts 3 Bedrooms and 2 Full Baths and is located in Eaton Rapids - just south of Lansing. A kitchen is attached to the dining area which has a sliding glass door leading to a nice large deck over looking the back yard. The first floor has 2 bedrooms and a living room, while the lower level has 1 bedroom and an extra room for an office or whatever! This 1500' home is waiting for your decorating ideas and updates! Come and view it today and make it yours.

8. 2026-02-18
   price $146,000 481-char remark

   Show marketing remark (481 chars)

   This Bi-Level home boasts 3 Bedrooms and 2 Full Baths and is located in Eaton Rapids - just south of Lansing. A kitchen is attached to the dining area which has a sliding glass door leading to a nice large deck over looking the back yard. The first floor has 2 bedrooms and a living room, while the lower level has 1 bedroom and an extra room for an office or whatever! This 1500' home is waiting for your decorating ideas and updates! Come and view it today and make it yours.

9. 2026-01-20
   listed $162,000 Active 480-char remark

   Show marketing remark (481 chars)

   This Bi-Level home boasts 3 Bedrooms and 2 Full Baths and is located in Eaton Rapids - just south of Lansing. A kitchen is attached to the dining area which has a sliding glass door leading to a nice large deck over looking the back yard. The first floor has 2 bedrooms and a living room, while the lower level has 1 bedroom and an extra room for an office or whatever! This 1500' home is waiting for your decorating ideas and updates! Come and view it today and make it yours.

10. 2026-01-20
    listed $162,000 Active 481-char remark

    Show marketing remark (481 chars)

    This Bi-Level home boasts 3 Bedrooms and 2 Full Baths and is located in Eaton Rapids - just south of Lansing. A kitchen is attached to the dining area which has a sliding glass door leading to a nice large deck over looking the back yard. The first floor has 2 bedrooms and a living room, while the lower level has 1 bedroom and an extra room for an office or whatever! This 1500' home is waiting for your decorating ideas and updates! Come and view it today and make it yours.

11. 2019-09-03
    soldstatus $110,900
12. 2019-08-30
    soldstatus $110,900
13. 2019-08-30
    soldstatus $110,900
14. 2019-05-21
    listed $106,900
15. 2019-05-21
    listed $106,900
16. 2013-04-19
    soldstatus $43,000
17. 2013-04-19
    soldstatus $43,000
18. 2013-02-26
    listed $44,900
19. 2013-01-23
    listed $44,900
20. 2012-03-28
    historical
21. 2012-03-16
    listed $41,000
22. 2005-10-31
    soldstatus $99,807

ⓘ 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: $1,760 · $147/mo
• Projected year-2 tax: $1,781 · $148/mo
• Expected delta: +$21/yr (+$2/mo · 1.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°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: $12,775
• − Mortgage interest: −$6,554
• − Property taxes: −$1,760
• − Insurance: −$1,382
• − Repairs & maintenance: −$1,022
• − Management: −$1,022
• − Depreciation: −$3,404
• Taxable loss: −$2,369
• Est. tax savings @ 24.0%: +$569
• After-tax cash flow: $155/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: Eaton Rapids Public Schools
• NCES district ID: 2612690
• Math proficiency: 22% ▼ -7.00%
• Reading proficiency: 42% ▼ -5.00%
• Median HH income: $58,195
• Composite: 28.57/100
• National rank: #6723
• State rank: #315 of 540 in MI

Livability — Eaton Rapids

• Score: 74/100
• State rank: #182
• US rank: #4624

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eaton Rapids, MI
• City population: 16,070
• Population (ZIP): 16,070

Population outlook (Eaton County) Hauer SSP2

• Today (2025): 110,811 people
• By 2030: 110,598 · -0.2%
• By 2040: 108,304 · -2.3%
• By 2050: 104,961 · -5.3%
• By 2075: 97,197 · -12.3%
• By 2100: 85,150 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 5% Two or more races 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Iranian 3% Lithuanian 3% Romanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Eaton

• 2024 margin: Toss-up / Even · D 47.6% · R 50.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: 8.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: R+0.8 2016: R+5.5 2012: D+3.1 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.65%
• Current HPI: 199.257
• 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

+17.2% since first listed

22 events — show timeline

• 2026-05-07 Pending — REALCOMP
• 2026-05-07 Pending — Greater Lansing AoR
• 2026-04-11 Price Changed $117,000 REALCOMP
• 2026-04-11 Price Changed $117,000 Greater Lansing AoR
• 2026-03-11 Price Changed $129,000 REALCOMP
• 2026-03-11 Price Changed $129,000 Greater Lansing AoR
• 2026-02-18 Price Changed $146,000 REALCOMP
• 2026-02-18 Price Changed $146,000 Greater Lansing AoR
• 2026-01-20 Listed $162,000 Greater Lansing AoR
• 2026-01-20 Listed $162,000 REALCOMP
• 2019-09-03 Sold (Public Records) $110,900 Public Records
• 2019-08-30 Sold (MLS) $110,900 Greater Lansing AoR
• 2019-08-30 Sold (MLS) $110,900 REALCOMP
• 2019-05-21 Listed $106,900 Greater Lansing AoR
• 2019-05-21 Listed $106,900 REALCOMP
• 2013-04-19 Sold (MLS) $43,000 Greater Lansing AoR
• 2013-04-19 Sold (MLS) $43,000 REALCOMP
• 2013-02-26 Listed $44,900 Greater Lansing AoR
• 2013-01-23 Listed $44,900 REALCOMP
• 2012-03-28 Listing Removed — Greater Lansing AoR
• 2012-03-16 Listed $41,000 Greater Lansing AoR
• 2005-10-31 Sold (Public Records) $99,807 Public Records

Property tax history

+2.2%/yr

Latest (2025): $1,760 · -7.1% YoY. Source: county tax records.