282 Chestnut St · Benton Heights, MI 49022

$29,500

1 bd · 1.0 ba · 740 sqft · SingleFamily public records · 35 Days on market

Built 1930 5,379 sqft lot $40/sqft · 32% below area Est $43k · 32% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity to update, this value-add property offers strong potential for renovation. Just minutes from downtown, the airport, and under 10 minutes to the beach, the location adds long-term appeal. Conveyed via quit claim deed.

Key facts

• 5,379 sq ft lot
• Built 1930
• Listed 34 days

Property features AI

Exterior

• Utilities: Public water; Natural gas for water heater
• Home design: Ranch-style single-family home; One story
• Construction: Built in 1930; Vinyl siding
• Exterior features: Lot size about 0.12 acres; Public water

Interior

• Kitchen: Kitchen approximately 10 x 10
• Bedrooms: Primary bedroom approximately 11 x 10
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Total of 3 rooms; Basement: Other
• Laundry & utility: Natural gas water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $628 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $29k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#506 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, schools F, amenities F.
• Benton Harbor Area Schools (urban): math 4% / reading 7% proficiency, ranked #732 of 760 in MI (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 89% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 179 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 397 units permitted in Berrien County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $204 of loan paydown is wiped out by about $885 of value loss. Plan a longer hold.
• Berrien 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $28,615 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-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: 3.73% ✓
• Cap rate: 31.86%
• Cash-on-cash: 91.30%
• DSCR: 5.06
• GRM: 2.2

CMA / ARV

• ARV (median comp): $43,460
• List price: $29,500
• Delta: -32.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
234 Walnut St	0.14mi	2/1.0 (+1)	748 (+1%)	5mo	$18,000	$24	83
254 Chestnut St	0.03mi	2/1.0 (+1)	704 (-5%)	20mo	$33,900	$48	69
775 Pasadena Avenue Ave	0.33mi	1/1.5	672 (-9%)	12mo	$55,000	$82	57
831 La Salle St	0.29mi	2/1.0 (+1)	640 (-14%)	3mo	$37,000	$58	56
785 Buss Ave	0.44mi	2/1.0 (+1)	794 (+7%)	22mo	$45,000	$57	44
1460 Territorial Rd	0.62mi	2/1.0 (+1)	712 (-4%)	23mo	$140,000	$197	41

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: 92.1%
• Equity multiple: 5.27×
• Total profit: $35,283
• Equity at exit: $4,399

10-year hold

• IRR: 94.9%
• Equity multiple: 10.98×
• Total profit: $82,421
• Equity at exit: $2,551

Cash invested: $8,260 (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 49022

• Active inventory: 179
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,100 medium
• Mortgage (P&I): −$155
• Tax from tax record: −$74 /mo · $883/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $628

Break-even live

Break-even rent $305

Max offer price $29,500

Occupancy floor 38%

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: $7,375
• Closing costs: $885
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1218 Vincent Ct Benton Harbor, MI	2.0	1.0	705	$1,100	$1.56	43d	1	0.25mi

Listing history 19 events

1. 2026-06-19
   days on market $29,500 Active 35 DOM
2. 2026-06-18
   days on market $29,500 Active 34 DOM
3. 2026-06-17
   days on market $29,500 Active 33 DOM
4. 2026-06-16
   days on market $29,500 Active 32 DOM
5. 2026-06-15
   days on market $29,500 Active 31 DOM
6. 2026-06-14
   days on market $29,500 Active 29 DOM
7. 2026-06-13
   days on market $29,500 Active 28 DOM
8. 2026-06-10
   days on market $29,500 Active 26 DOM
9. 2026-06-09
   days on market $29,500 Active 25 DOM
10. 2026-06-08
    days on market $29,500 Active 24 DOM
11. 2026-06-07
    days on market $29,500 Active 23 DOM
12. 2026-06-03
    days on market $29,500 Active 19 DOM
13. 2026-06-02
    days on market $29,500 Active 18 DOM
14. 2026-06-01
    days on market $29,500 Active 17 DOM
15. 2026-05-31
    days on market $29,500 Active 16 DOM
16. 2026-05-30
    days on market $29,500 Active 15 DOM
17. 2026-05-15
    listed $29,500 Active 228-char remark

    Show marketing remark (228 chars)

    Opportunity to update, this value-add property offers strong potential for renovation. Just minutes from downtown, the airport, and under 10 minutes to the beach, the location adds long-term appeal. Conveyed via quit claim deed.

18. 2026-05-15
    listed $29,500 Active 228-char remark

    Show marketing remark (228 chars)

    Opportunity to update, this value-add property offers strong potential for renovation. Just minutes from downtown, the airport, and under 10 minutes to the beach, the location adds long-term appeal. Conveyed via quit claim deed.

19. 2026-05-15
    listed $29,500 Active

    Show marketing remark (228 chars)

    Opportunity to update, this value-add property offers strong potential for renovation. Just minutes from downtown, the airport, and under 10 minutes to the beach, the location adds long-term appeal. Conveyed via quit claim deed.

ⓘ 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: $883 · $74/mo
• Projected year-2 tax: $883 · $74/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,200
• − Mortgage interest: −$1,652
• − Property taxes: −$883
• − Insurance: −$148
• − Repairs & maintenance: −$1,056
• − Management: −$1,056
• − Depreciation: −$858
• Taxable income: $7,547
• Est. tax owed @ 24.0%: −$1,811
• After-tax cash flow: $5,730/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: Benton Harbor Area Schools
• NCES district ID: 2604830
• Math proficiency: 4% ▬ 0.00%
• Reading proficiency: 7% ▬ 0.00%
• Median HH income: $27,038
• Composite: 7.53/100
• National rank: #14787
• State rank: #732 of 760 in MI

Livability — Benton Heights

• Score: 63/100
• State rank: #506
• US rank: #15039

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Benton Heights, MI
• Population (ZIP): 29,796

Population outlook (Berrien County) Hauer SSP2

• Today (2025): 149,273 people
• By 2030: 145,211 · -2.7%
• By 2040: 135,435 · -9.3%
• By 2050: 125,543 · -15.9%
• By 2075: 103,986 · -30.3%
• By 2100: 82,256 · -44.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Black 50% White 37% Hispanic / Latino 7% Two or more races 6% Native American 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Berrien

• 2024 margin: Lean R (+7.9) · D 45.4% · R 53.2% · Other 1.4%
• 2008→2024 swing: -13.3pp toward R · 2008: 5.5pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: R+7.4 2016: R+12.7 2012: R+6.6 2008: D+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -309.81%
• Current HPI: 209.9723
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-15 Listed $29,500 REALCOMP
• 2026-05-15 Listed $29,500 MiRealSource-MiMLS
• 2026-05-15 Listed $29,500 SW Michigan MLS

Property tax history

+5.3%/yr

Latest (2024): $883 · -74.7% YoY. Source: county tax records.