514 Hacey St · Norway, MI 49870

$120,000

3 bd · 2.0 ba · 1,050 sqft · SingleFamily public records · 110 Days on market

Built 1910 0.33 ac lot Est $136k · 12% 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 +12.9/15.0
• Cash flow +12.0/30.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• DSCR +3.6/10.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable housing that is move-in ready? Yes! Check out this 3 bedroom, 1.5 bath home on an expansive double lot with plenty of room to add the garage of your dreams! Amenities include maintenance-free vinyl siding and all new kitchen appliances. First floor hosts a laundry hookup, one bedroom, and half bath while upstairs you'll find two more bedrooms and a full bath. Great location in a quiet neighborhood!

Key facts

• Move-in ready
• Double lot
• Laundry hookup

Tags

• MOVE-IN READY
• DOUBLE LOT
• MAINTENANCE-FREE VINYL SIDING
• NEW KITCHEN APPLIANCES
• LAUNDRY HOOKUP
• QUIET NEIGHBORHOOD

Property features AI

Exterior

• Utilities: Public water; Public sanitary sewer; Electricity connected; Natural gas connected; Cable available
• Home design: Residential 2-story; Built in 1910; Entry faces the street
• Construction: Vinyl siding exterior; Basement foundation; Below-grade area approximately 660 (unfinished)
• Exterior features: Deck; Large lot (65+ ft. frontage), 0.33 acre; City limits location; Frontage on road

Interior

• Kitchen: Eat-in kitchen (11 x 16); Dishwasher; Range/Oven; Refrigerator
• Bedrooms: First-floor bedroom (14 x 10); Second-floor bedroom (11 x 11); Second-floor bedroom (11 wide)
• Bathrooms: One full bathroom; Two total lavatories/half-bath or lavs
• Heating & cooling: Hot water heating; Ceiling fans for cooling; Natural gas heat; Gas water heater
• Interior features: Cable/Internet available; Basement (stone, unfinished)
• Laundry & utility: Basement present (unfinished) — accommodates utilities

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $-28 ($-333/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $97k (19.2% below list).
• Recommended offer: $97k (19.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#211 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment C-, amenities F, commute F.
• Norway-Vulcan Area Schools (rural): math 51% / reading 47% proficiency, ranked #113 of 540 in MI (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 15 active listings in the ZIP; 42 units permitted in Dickinson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Dickinson County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y 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 $35k; list at $120k implies a 243% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,909 (19.2% 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 110 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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: 0.81% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.99%
• DSCR: 0.96
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $136,500
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
606 Walnut St	0.24mi	3/1.0	1,100 (+5%)	15mo	$125,000	$114	64
611 Railroad Ave	0.60mi	2/1.0 (-1)	1,038 (-1%)	5mo	$165,000	$159	57
101 Third Ave	0.52mi	3/2.0	1,128 (+7%)	8mo	$260,000	$230	56
619 Lake Rd	0.35mi	3/1.0	978 (-7%)	17mo	$69,000	$71	54
506 Iron St	0.56mi	3/1.5	950 (-10%)	8mo	$112,000	$118	50
111 Mine St	0.65mi	2/1.0 (-1)	1,008 (-4%)	11mo	$139,000	$138	45
319 Section St	0.50mi	2/1.0 (-1)	1,087 (+4%)	20mo	$130,000	$120	45
916 Iron St	0.61mi	2/1.0 (-1)	1,026 (-2%)	21mo	$106,000	$103	41
324 Iron St	0.58mi	2/1.0 (-1)	1,116 (+6%)	16mo	$145,000	$130	40
224 Main St	0.67mi	3/2.0	1,170 (+11%)	19mo	$212,900	$182	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: -17.9%
• Equity multiple: 0.37×
• Total profit: $-21,217
• Equity at exit: $17,892

10-year hold

• IRR: -10.1%
• Equity multiple: 0.38×
• Total profit: $-20,779
• Equity at exit: $10,375

Cash invested: $33,600 (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 49870

• Home prices YoY: -25.5%
• Active inventory: 15
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $969 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$114 /mo · $1,368/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $-28

Break-even live

Break-even rent $1,004

Max offer price $115,105

Occupancy floor 98%

Sensitivity live

Price	-10% $40	-5% $6	+0% $-28	+5% $-62	+10% $-96
Rent	-10% $-104	-5% $-66	+0% $-28	+5% $11	+10% $49
Rate	-1.0pp $33	-0.5pp $3	base $-28	+0.5pp $-59	+1.0pp $-90

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-04-14
   status Pending 412-char remark

   Show marketing remark (412 chars)

   Affordable housing that is move-in ready? Yes! Check out this 3 bedroom, 1.5 bath home on an expansive double lot with plenty of room to add the garage of your dreams! Amenities include maintenance-free vinyl siding and all new kitchen appliances. First floor hosts a laundry hookup, one bedroom, and half bath while upstairs you'll find two more bedrooms and a full bath. Great location in a quiet neighborhood!

2. 2026-04-14
   status Pending 412-char remark

   Show marketing remark (412 chars)

   Affordable housing that is move-in ready? Yes! Check out this 3 bedroom, 1.5 bath home on an expansive double lot with plenty of room to add the garage of your dreams! Amenities include maintenance-free vinyl siding and all new kitchen appliances. First floor hosts a laundry hookup, one bedroom, and half bath while upstairs you'll find two more bedrooms and a full bath. Great location in a quiet neighborhood!

3. 2026-04-09
   status Active 412-char remark

   Show marketing remark (412 chars)

   Affordable housing that is move-in ready? Yes! Check out this 3 bedroom, 1.5 bath home on an expansive double lot with plenty of room to add the garage of your dreams! Amenities include maintenance-free vinyl siding and all new kitchen appliances. First floor hosts a laundry hookup, one bedroom, and half bath while upstairs you'll find two more bedrooms and a full bath. Great location in a quiet neighborhood!

4. 2026-04-09
   status Active 412-char remark

   Show marketing remark (412 chars)

   Affordable housing that is move-in ready? Yes! Check out this 3 bedroom, 1.5 bath home on an expansive double lot with plenty of room to add the garage of your dreams! Amenities include maintenance-free vinyl siding and all new kitchen appliances. First floor hosts a laundry hookup, one bedroom, and half bath while upstairs you'll find two more bedrooms and a full bath. Great location in a quiet neighborhood!

5. 2026-01-23
   status Pending 412-char remark

   Show marketing remark (412 chars)

   Affordable housing that is move-in ready? Yes! Check out this 3 bedroom, 1.5 bath home on an expansive double lot with plenty of room to add the garage of your dreams! Amenities include maintenance-free vinyl siding and all new kitchen appliances. First floor hosts a laundry hookup, one bedroom, and half bath while upstairs you'll find two more bedrooms and a full bath. Great location in a quiet neighborhood!

6. 2026-01-23
   status Pending 412-char remark

   Show marketing remark (412 chars)

   Affordable housing that is move-in ready? Yes! Check out this 3 bedroom, 1.5 bath home on an expansive double lot with plenty of room to add the garage of your dreams! Amenities include maintenance-free vinyl siding and all new kitchen appliances. First floor hosts a laundry hookup, one bedroom, and half bath while upstairs you'll find two more bedrooms and a full bath. Great location in a quiet neighborhood!

7. 2025-10-10
   listed $120,000 Active 412-char remark

   Show marketing remark (412 chars)

   Affordable housing that is move-in ready? Yes! Check out this 3 bedroom, 1.5 bath home on an expansive double lot with plenty of room to add the garage of your dreams! Amenities include maintenance-free vinyl siding and all new kitchen appliances. First floor hosts a laundry hookup, one bedroom, and half bath while upstairs you'll find two more bedrooms and a full bath. Great location in a quiet neighborhood!

8. 2025-10-10
   listed $120,000 Active 412-char remark

   Show marketing remark (412 chars)

   Affordable housing that is move-in ready? Yes! Check out this 3 bedroom, 1.5 bath home on an expansive double lot with plenty of room to add the garage of your dreams! Amenities include maintenance-free vinyl siding and all new kitchen appliances. First floor hosts a laundry hookup, one bedroom, and half bath while upstairs you'll find two more bedrooms and a full bath. Great location in a quiet neighborhood!

9. 2021-11-04
   soldstatus $35,000 260-char remark

   Show marketing remark (260 chars)

   Affordable 3 bedroom, 1.5 bath starter home or investment property, situated on a huge double lot in a quiet neighborhood. Features include first-floor bedroom, first-floor laundry, and a large rear deck. A little elbow grease will go a long way with this gem!

10. 2021-11-04
    soldstatus $35,000 260-char remark

    Show marketing remark (260 chars)

    Affordable 3 bedroom, 1.5 bath starter home or investment property, situated on a huge double lot in a quiet neighborhood. Features include first-floor bedroom, first-floor laundry, and a large rear deck. A little elbow grease will go a long way with this gem!

11. 2021-11-04
    soldstatus $35,000

    Show marketing remark (260 chars)

    Affordable 3 bedroom, 1.5 bath starter home or investment property, situated on a huge double lot in a quiet neighborhood. Features include first-floor bedroom, first-floor laundry, and a large rear deck. A little elbow grease will go a long way with this gem!

12. 2021-06-07
    listed $44,900 260-char remark

    Show marketing remark (260 chars)

    Affordable 3 bedroom, 1.5 bath starter home or investment property, situated on a huge double lot in a quiet neighborhood. Features include first-floor bedroom, first-floor laundry, and a large rear deck. A little elbow grease will go a long way with this gem!

13. 2021-06-07
    listed $44,900 260-char remark

    Show marketing remark (260 chars)

    Affordable 3 bedroom, 1.5 bath starter home or investment property, situated on a huge double lot in a quiet neighborhood. Features include first-floor bedroom, first-floor laundry, and a large rear deck. A little elbow grease will go a long way with this gem!

14. 2012-08-29
    historical
15. 2012-07-16
    listed $31,500

ⓘ 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: $1,368 · $114/mo
• Projected year-2 tax: $1,608 · $134/mo
• Expected delta: +$240/yr (+$20/mo · 17.5%)

ⓘ 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 1/10 Low 7 d/yr ≥95°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,629
• − Mortgage interest: −$6,722
• − Property taxes: −$1,368
• − Insurance: −$600
• − Repairs & maintenance: −$930
• − Management: −$930
• − Depreciation: −$3,491
• Taxable loss: −$2,412
• Est. tax savings @ 24.0%: +$579
• After-tax cash flow: $246/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: Norway-Vulcan Area Schools
• NCES district ID: 2626040
• Math proficiency: 51% ▬ 0.00%
• Reading proficiency: 47% ▼ -3.00%
• Median HH income: $45,431
• Composite: 41.54/100
• National rank: #3445
• State rank: #113 of 540 in MI

Livability — Norway

• Score: 73/100
• State rank: #211
• US rank: #5237

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norway, MI
• Population (ZIP): 3,479

Population outlook (Dickinson County) Hauer SSP2

• Today (2025): 25,175 people
• By 2030: 24,647 · -2.1%
• By 2040: 23,176 · -7.9%
• By 2050: 21,605 · -14.2%
• By 2075: 18,429 · -26.8%
• By 2100: 14,394 · -42.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4% Black 1%
• Common ancestry: Lithuanian 10% Romanian 7% English 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Russian/Polish/Slavic 1% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Dickinson

• 2024 margin: Solid R (+36.3) · D 31.1% · R 67.4% · Other 1.5%
• 2008→2024 swing: -28.4pp toward R · 2008: -7.9pp · 2024: -36.3pp
• All cycles: 2024: R+36.3 2020: R+33.4 2016: R+35.4 2012: R+21.4 2008: R+7.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.09%
• Current HPI: 172.3702
• 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

+281.0% since first listed

15 events — show timeline

• 2026-04-14 Pending — UPAR
• 2026-04-14 Pending — MiRealSource-MiMLS
• 2026-04-09 Relisted — UPAR
• 2026-04-09 Relisted — MiRealSource-MiMLS
• 2026-01-23 Pending — UPAR
• 2026-01-23 Pending — MiRealSource-MiMLS
• 2025-10-10 Listed $120,000 UPAR
• 2025-10-10 Listed $120,000 MiRealSource-MiMLS
• 2021-11-04 Sold (Public Records) $35,000 Public Records
• 2021-11-04 Sold (MLS) $35,000 UPAR
• 2021-11-04 Sold (MLS) $35,000 MiRealSource-MiMLS
• 2021-06-07 Listed $44,900 UPAR
• 2021-06-07 Listed $44,900 MiRealSource-MiMLS
• 2012-08-29 Listing Removed — MiRealSource-MiMLS
• 2012-07-16 Listed $31,500 MiRealSource-MiMLS

Property tax history

+4.3%/yr

Latest (2025): $1,368 · -5.5% YoY. Source: county tax records.