23950 15 Mile Rd · Bellevue, MI 49021

$85,000

3 bd · 1.0 ba · 1,301 sqft · SingleFamily public records · 30 Days on market

4.30 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This ranch-style home sits on 4.3 acres, offering substantial land potential in a rural setting. With 3 bedrooms and 1 bathroom, the residence provides a straightforward foundation for buyers seeking acreage and opportunity. Whether you envision a personal retreat, agricultural use, or a blank canvas for renovation, the expansive lot is the defining feature here. The property itself presents genuine potential for those ready to invest vision and effort. Located on 4.3 acers, this residence delivers the land value and privacy that rural buyers seek. The layout centers on flexible living spaces with room to grow and adapt to your needs. The home was probably bult in the late 1800's but the assessor nor RPR had any information regarding the year built. This is a Fannie Mae Home Path Property

Key facts

• Expansive lot
• Privacy
• 4.3 acres

Tags

• 4.3 ACRES
• SUBSTANTIAL LAND POTENTIAL
• RURAL SETTING
• EXPANSIVE LOT
• LAND VALUE
• PRIVACY

Property features AI

Finance

• Other: Lot area approximately 4.3 acres (330 x 560)

Exterior

• Parking: Driveway and on-site parking (no garage)
• Utilities: Septic tank; Sewer not available; Electricity connected; Paved road access
• Home design: One-level home
• Construction: Rough sawn exterior; Stone foundation; Metal roof; Year built not provided
• Exterior features: Front and back yard; Rectangular lot; Patio and porch

Interior

• Kitchen: Kitchen (15.8 x 12.0)
• Bedrooms: 3 bedrooms total; Primary bedroom (10.0 x 12.9); Bedroom 2 (11.5 x 9.0); Bedroom 3 (10.0 x 12.3)
• Flooring: Varies throughout the home
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Crawl space and partial basement with interior entry; No fireplace; Varied flooring
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $399 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 3.3% in Bellevue — 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 69/100 on livability (#355 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.
• Bellevue Community Schools (rural): math 14% / reading 30% proficiency, ranked #445 of 540 in MI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 56 active listings in the ZIP; 132 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Calhoun 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 $24k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 34y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $83,725 (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: 1.49% ✓
• Cap rate: 11.92%
• Cash-on-cash: 20.10%
• DSCR: 1.89
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $549,022
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9820 S Ionia Rd	0.30mi	2/3.0 (-1)	1,444 (+11%)	18mo	$610,000	$422	40

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: 12.3%
• Equity multiple: 1.49×
• Total profit: $11,644
• Equity at exit: $12,674

10-year hold

• IRR: 21.2%
• Equity multiple: 2.80×
• Total profit: $42,941
• Equity at exit: $7,349

Cash invested: $23,800 (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 49021

• Home prices YoY: -10.1%
• Active inventory: 56
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,262 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$118 /mo · $1,410/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $399

Break-even live

Break-even rent $758

Max offer price $85,000

Occupancy floor 63%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-19
   days on market $85,000 Active 30 DOM
2. 2026-06-18
   price $85,000 Active 29 DOM
3. 2026-06-18
   days on market $89,900 Active 29 DOM
4. 2026-06-17
   days on market $89,900 Active 28 DOM
5. 2026-06-16
   days on market $89,900 Active 27 DOM
6. 2026-06-15
   days on market $89,900 Active 26 DOM
7. 2026-06-14
   days on market $89,900 Active 24 DOM
8. 2026-06-13
   days on market $89,900 Active 23 DOM
9. 2026-06-10
   days on market $89,900 Active 21 DOM
10. 2026-06-09
    days on market $89,900 Active 20 DOM
11. 2026-06-08
    days on market $89,900 Active 19 DOM
12. 2026-06-07
    days on market $89,900 Active 18 DOM
13. 2026-06-05
    days on market $89,900 Active 15 DOM
14. 2026-06-03
    days on market $89,900 Active 14 DOM
15. 2026-06-02
    days on market $89,900 Active 13 DOM
16. 2026-06-01
    days on market $89,900 Active 12 DOM
17. 2026-05-31
    days on market $89,900 Active 11 DOM
18. 2026-05-30
    days on market $89,900 Active 10 DOM
19. 2026-05-18
    listed $89,900 Active 799-char remark

    Show marketing remark (799 chars)

    This ranch-style home sits on 4.3 acres, offering substantial land potential in a rural setting. With 3 bedrooms and 1 bathroom, the residence provides a straightforward foundation for buyers seeking acreage and opportunity. Whether you envision a personal retreat, agricultural use, or a blank canvas for renovation, the expansive lot is the defining feature here. The property itself presents genuine potential for those ready to invest vision and effort. Located on 4.3 acers, this residence delivers the land value and privacy that rural buyers seek. The layout centers on flexible living spaces with room to grow and adapt to your needs. The home was probably bult in the late 1800's but the assessor nor RPR had any information regarding the year built. This is a Fannie Mae Home Path Property

20. 2026-05-18
    listed $89,900 Active

    Show marketing remark (799 chars)

    This ranch-style home sits on 4.3 acres, offering substantial land potential in a rural setting. With 3 bedrooms and 1 bathroom, the residence provides a straightforward foundation for buyers seeking acreage and opportunity. Whether you envision a personal retreat, agricultural use, or a blank canvas for renovation, the expansive lot is the defining feature here. The property itself presents genuine potential for those ready to invest vision and effort. Located on 4.3 acers, this residence delivers the land value and privacy that rural buyers seek. The layout centers on flexible living spaces with room to grow and adapt to your needs. The home was probably bult in the late 1800's but the assessor nor RPR had any information regarding the year built. This is a Fannie Mae Home Path Property

21. 2009-09-24
    soldstatus $65,100 336-char remark

    Show marketing remark (336 chars)

    RREALTOR CHAD CATTELL 269-274-6558 www.troxelrealty.com 3 bedroom, 1 bath home with an estimated 4 acres of land. Large barn and pole barn on property. Perfect for storing those toys and tools. *PREAPPROVAL/PROOF OF FUNDS AND PROOF OF EARNEST MUST ACCOMPANY ALL OFFERS, NO EXCEPTIONS. BUYER TO VERIFY ALL INFORMATION PERTAINING TO HOME*

22. 2009-09-24
    soldstatus $65,100

    Show marketing remark (336 chars)

    RREALTOR CHAD CATTELL 269-274-6558 www.troxelrealty.com 3 bedroom, 1 bath home with an estimated 4 acres of land. Large barn and pole barn on property. Perfect for storing those toys and tools. *PREAPPROVAL/PROOF OF FUNDS AND PROOF OF EARNEST MUST ACCOMPANY ALL OFFERS, NO EXCEPTIONS. BUYER TO VERIFY ALL INFORMATION PERTAINING TO HOME*

23. 2009-06-23
    listed $64,900 336-char remark

    Show marketing remark (336 chars)

    RREALTOR CHAD CATTELL 269-274-6558 www.troxelrealty.com 3 bedroom, 1 bath home with an estimated 4 acres of land. Large barn and pole barn on property. Perfect for storing those toys and tools. *PREAPPROVAL/PROOF OF FUNDS AND PROOF OF EARNEST MUST ACCOMPANY ALL OFFERS, NO EXCEPTIONS. BUYER TO VERIFY ALL INFORMATION PERTAINING TO HOME*

24. 2009-06-23
    listed $64,900

    Show marketing remark (336 chars)

    RREALTOR CHAD CATTELL 269-274-6558 www.troxelrealty.com 3 bedroom, 1 bath home with an estimated 4 acres of land. Large barn and pole barn on property. Perfect for storing those toys and tools. *PREAPPROVAL/PROOF OF FUNDS AND PROOF OF EARNEST MUST ACCOMPANY ALL OFFERS, NO EXCEPTIONS. BUYER TO VERIFY ALL INFORMATION PERTAINING TO HOME*

25. 2009-06-23
    historical

    Show marketing remark (336 chars)

    RREALTOR CHAD CATTELL 269-274-6558 www.troxelrealty.com 3 bedroom, 1 bath home with an estimated 4 acres of land. Large barn and pole barn on property. Perfect for storing those toys and tools. *PREAPPROVAL/PROOF OF FUNDS AND PROOF OF EARNEST MUST ACCOMPANY ALL OFFERS, NO EXCEPTIONS. BUYER TO VERIFY ALL INFORMATION PERTAINING TO HOME*

26. 2009-06-23
    historical

    Show marketing remark (336 chars)

    RREALTOR CHAD CATTELL 269-274-6558 www.troxelrealty.com 3 bedroom, 1 bath home with an estimated 4 acres of land. Large barn and pole barn on property. Perfect for storing those toys and tools. *PREAPPROVAL/PROOF OF FUNDS AND PROOF OF EARNEST MUST ACCOMPANY ALL OFFERS, NO EXCEPTIONS. BUYER TO VERIFY ALL INFORMATION PERTAINING TO HOME*

27. 2008-10-21
    listed $75,000
28. 2008-10-21
    listed $75,000
29. 2008-10-21
    historical
30. 2008-10-21
    historical
31. 2008-09-29
    listed $85,000
32. 2008-09-29
    listed $85,000
33. 2001-10-18
    soldstatus $75,000
34. 1994-06-13
    soldstatus $52,000
35. 1994-06-13
    soldstatus $52,000
36. 1992-06-01
    listed $54,500
37. 1992-06-01
    listed $54,500

ⓘ 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: $1,410 · $118/mo
• Projected year-2 tax: $1,410 · $118/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,150
• − Mortgage interest: −$4,761
• − Property taxes: −$1,410
• − Insurance: −$425
• − Repairs & maintenance: −$1,212
• − Management: −$1,212
• − Depreciation: −$2,473
• Taxable income: $3,657
• Est. tax owed @ 24.0%: −$878
• After-tax cash flow: $3,907/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: Bellevue Community Schools
• NCES district ID: 2604650
• Math proficiency: 14% ▼ -5.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $50,826
• Composite: 19.59/100
• National rank: #8757
• State rank: #445 of 540 in MI

Livability — Bellevue

• Score: 69/100
• State rank: #355
• US rank: #9043

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

• Population (ZIP): 6,467

Population outlook (Calhoun County) Hauer SSP2

• Today (2025): 130,157 people
• By 2030: 126,691 · -2.7%
• By 2040: 118,517 · -8.9%
• By 2050: 109,855 · -15.6%
• By 2075: 90,486 · -30.5%
• By 2100: 70,766 · -45.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 4% Black 2%
• Common ancestry: Iranian 4% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Calhoun

• 2024 margin: R (+14.1) · D 42.3% · R 56.4% · Other 1.3%
• 2008→2024 swing: -23.4pp toward R · 2008: 9.4pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+11.1 2016: R+12.5 2012: D+1.6 2008: D+9.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.20%
• Current HPI: 267.6519
• 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

+65.0% since first listed

19 events — show timeline

• 2026-05-18 Listed $89,900 Greater Lansing AoR
• 2026-05-18 Listed $89,900 REALCOMP
• 2009-09-24 Sold (MLS) $65,100 REALCOMP
• 2009-09-24 Sold (MLS) $65,100 SW Michigan MLS
• 2009-06-23 Listing Removed — SW Michigan MLS
• 2009-06-23 Listing Removed — REALCOMP
• 2009-06-23 Listed $64,900 REALCOMP
• 2009-06-23 Listed $64,900 SW Michigan MLS
• 2008-10-21 Listing Removed — REALCOMP
• 2008-10-21 Listing Removed — SW Michigan MLS
• 2008-10-21 Listed $75,000 SW Michigan MLS
• 2008-10-21 Listed $75,000 REALCOMP
• 2008-09-29 Listed $85,000 REALCOMP
• 2008-09-29 Listed $85,000 SW Michigan MLS
• 2001-10-18 Sold (Public Records) $75,000 Public Records
• 1994-06-13 Sold (MLS) $52,000 REALCOMP
• 1994-06-13 Sold (MLS) $52,000 SW Michigan MLS
• 1992-06-01 Listed $54,500 REALCOMP
• 1992-06-01 Listed $54,500 SW Michigan MLS

Property tax history

+69.6%/yr

Latest (2024): $1,410 · +5.0% YoY. Source: county tax records.