805 N Walnut St · Greenville, MI 48838

$135,000

2 bd · 1.0 ba · 1,204 sqft · SingleFamily · 8 Days on market

Built 2004 6,970 sqft lot $112/sqft · 29% below area Est $191k · 29% under

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Why this score? — see what drove the C 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 +19.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• Schools +3.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Offer Deadline: Seller requests all offers by 12pm on Thursday, May 7th. Nice ranch with a great location just steps from Walnut Hills Elementary School in Greenville. The unfinished daylight basement offers the opportunity to add 1-2 additional bedrooms and a full bathroom! The main floor features a spacious kitchen that opens to the dining room and living room. 1.5 stall attached garage. Great opportunity for someone to add equity in this 2004 built home!

Key facts

• Attached garage
• Spacious kitchen
• 6,970 sq ft lot

Tags

• UNFINISHED DAYLIGHT BASEMENT
• SPACIOUS KITCHEN
• ATTACHED GARAGE

Property features AI

Exterior

• Parking: Attached garage (1.5 car)
• Utilities: Public water
• Home design: Ranch-style single-family home; Built in 2004; Living area approximately 1,204
• Construction: Vinyl siding; Built 2004; Residential construction
• Exterior features: Public water; Lot about 0.16 acres

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Six total rooms; Daylight basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $84 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Cap rate 7.5% vs local median 4.2% in Greenville — 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 66/100 on livability (#426 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D, crime F, amenities F.
• Greenville Public Schools (town): math 35% / reading 52% proficiency, ranked #167 of 540 in MI (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 192 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 273 units permitted in Montcalm County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Montcalm County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 28y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 F 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: 1.01% ✓
• Cap rate: 7.54%
• Cash-on-cash: 4.45%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (median comp): $191,300
• List price: $135,000
• Delta: -29.43%
• 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
805 N Walnut St	0.00mi	2/1.0	1,204 (0%)	1mo	$162,000	$135	99
301 E North St	0.45mi	2/1.0	1,200 (-0%)	6mo	$80,000	$67	74
315 E Coffren Ave	0.40mi	3/1.0 (+1)	1,220 (+1%)	1mo	$260,000	$213	74
725 N Edgewood St	0.16mi	3/1.5 (+1)	1,104 (-8%)	3mo	$145,000	$131	70
1100 N Edgewood St	0.25mi	3/1.5 (+1)	1,120 (-7%)	2mo	$248,000	$221	68
814 E Summit St	0.14mi	3/1.0 (+1)	1,036 (-14%)	1mo	$168,000	$162	64
709 E Van Deinse St	0.26mi	2/1.0	1,368 (+14%)	8mo	$126,875	$93	59
202 E Summit St	0.50mi	2/1.0	1,094 (-9%)	8mo	$190,000	$174	55
726 N Lafayette St	0.55mi	2/1.0	1,084 (-10%)	4mo	$159,950	$148	54
201 E Coffren Ave	0.48mi	3/1.5 (+1)	1,304 (+8%)	5mo	$217,000	$166	52
503 E Water St	0.36mi	3/1.0 (+1)	1,030 (-14%)	3mo	$45,000	$44	51
7864 County Farm Rd	0.65mi	3/1.0 (+1)	1,306 (+8%)	0mo	$309,000	$237	51

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: -12.0%
• Equity multiple: 0.57×
• Total profit: $-16,439
• Equity at exit: $20,129

10-year hold

• IRR: -2.8%
• Equity multiple: 0.81×
• Total profit: $-7,163
• Equity at exit: $11,672

Cash invested: $37,800 (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 48838

• Home prices YoY: -30.2%
• Active inventory: 192
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,358 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $84

Break-even live

Break-even rent $1,251

Max offer price $135,000

Occupancy floor 89%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
720 N Lafayette St Unit 2 Greenville, MI	2.0	1.0	900	$1,400	$1.56	2d	1	0.55mi
305 E Grove St Unit 1 Greenville, MI	2.0	1.0	800	$1,095	$1.37	10d	1	0.70mi
305 E Grove St Unit 1 Greenville, MI	2.0	1.0	800	$1,095	$1.37	2d	1	0.70mi
632 E Washington St Unit 1 Greenville, MI	2.0	2.0	1024	$1,425	$1.39	2d	1	0.79mi
102 1/2 S Lafayette St Unit 4 Greenville, MI	1.0	1.0	700	$975	$1.39	2d	1	0.81mi
914 E Oak St Apt 7 Greenville, MI	2.0	1.0	797	$1,000	$1.25	43d	1	0.95mi
212 E Grant St Unit 2 Greenville, MI	1.0	1.0	750	$925	$1.23	10d	1	1.13mi
212 E Grant St Unit 2 Greenville, MI	1.0	1.0	750	$925	$1.23	2d	1	1.13mi
804 S Clay St Greenville, MI	2.0	1.0	900	$1,300	$1.44	10d	1	1.17mi

Listing history 8 events

1. 2026-05-08
   status Pending 461-char remark

   Show marketing remark (461 chars)

   Offer Deadline: Seller requests all offers by 12pm on Thursday, May 7th. Nice ranch with a great location just steps from Walnut Hills Elementary School in Greenville. The unfinished daylight basement offers the opportunity to add 1-2 additional bedrooms and a full bathroom! The main floor features a spacious kitchen that opens to the dining room and living room. 1.5 stall attached garage. Great opportunity for someone to add equity in this 2004 built home!

2. 2026-05-08
   status Pending 461-char remark

   Show marketing remark (461 chars)

   Offer Deadline: Seller requests all offers by 12pm on Thursday, May 7th. Nice ranch with a great location just steps from Walnut Hills Elementary School in Greenville. The unfinished daylight basement offers the opportunity to add 1-2 additional bedrooms and a full bathroom! The main floor features a spacious kitchen that opens to the dining room and living room. 1.5 stall attached garage. Great opportunity for someone to add equity in this 2004 built home!

3. 2026-05-08
   status Pending

   Show marketing remark (461 chars)

   Offer Deadline: Seller requests all offers by 12pm on Thursday, May 7th. Nice ranch with a great location just steps from Walnut Hills Elementary School in Greenville. The unfinished daylight basement offers the opportunity to add 1-2 additional bedrooms and a full bathroom! The main floor features a spacious kitchen that opens to the dining room and living room. 1.5 stall attached garage. Great opportunity for someone to add equity in this 2004 built home!

4. 2026-04-29
   listed $135,000 Active 461-char remark

   Show marketing remark (461 chars)

   Offer Deadline: Seller requests all offers by 12pm on Thursday, May 7th. Nice ranch with a great location just steps from Walnut Hills Elementary School in Greenville. The unfinished daylight basement offers the opportunity to add 1-2 additional bedrooms and a full bathroom! The main floor features a spacious kitchen that opens to the dining room and living room. 1.5 stall attached garage. Great opportunity for someone to add equity in this 2004 built home!

5. 2026-04-29
   listed $135,000 Active 461-char remark

   Show marketing remark (461 chars)

   Offer Deadline: Seller requests all offers by 12pm on Thursday, May 7th. Nice ranch with a great location just steps from Walnut Hills Elementary School in Greenville. The unfinished daylight basement offers the opportunity to add 1-2 additional bedrooms and a full bathroom! The main floor features a spacious kitchen that opens to the dining room and living room. 1.5 stall attached garage. Great opportunity for someone to add equity in this 2004 built home!

6. 2026-04-29
   listed $135,000 Active

   Show marketing remark (461 chars)

   Offer Deadline: Seller requests all offers by 12pm on Thursday, May 7th. Nice ranch with a great location just steps from Walnut Hills Elementary School in Greenville. The unfinished daylight basement offers the opportunity to add 1-2 additional bedrooms and a full bathroom! The main floor features a spacious kitchen that opens to the dining room and living room. 1.5 stall attached garage. Great opportunity for someone to add equity in this 2004 built home!

7. 2014-09-15
   historical
8. 1998-03-10
   listed $87,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,299
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$1,342
• − Repairs & maintenance: −$1,304
• − Management: −$1,304
• − Depreciation: −$3,927
• Taxable loss: −$1,165
• Est. tax savings @ 24.0%: +$280
• After-tax cash flow: $1,294/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: Greenville Public Schools
• NCES district ID: 2617160
• Math proficiency: 35% ▼ -7.00%
• Reading proficiency: 52% ▬ 0.00%
• Median HH income: $44,624
• Composite: 36.81/100
• National rank: #4566
• State rank: #167 of 540 in MI

Livability — Greenville

• Score: 66/100
• State rank: #426
• US rank: #11581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenville, MI
• County: Montcalm County · 18,212 people
• City population: 18,212
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 18,212
• Household income: $70,176
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 365.0

Population outlook (Montcalm County) Hauer SSP2

• Today (2025): 61,011 people
• By 2030: 59,467 · -2.5%
• By 2040: 55,427 · -9.2%
• By 2050: 50,517 · -17.2%
• By 2075: 38,731 · -36.5%
• By 2100: 26,770 · -56.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Iranian 5% Romanian 4% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 5% Chinese 1%

Political lean MEDSL · Montcalm

• 2024 margin: Solid R (+39.0) · D 29.8% · R 68.7% · Other 1.5%
• 2008→2024 swing: -38.7pp toward R · 2008: -0.3pp · 2024: -39.0pp
• All cycles: 2024: R+39.0 2020: R+37.7 2016: R+34.0 2012: R+8.6 2008: R+0.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.31%
• Current HPI: 249.996
• Rent YoY: —
• Metro: Grand Rapids-Kentwood, MI
• 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

+85.1% since first listed

12 events — show timeline

• 2026-05-27 Sold (Public Records) $162,000 Public Records
• 2026-05-26 Sold (MLS) $162,000 REALCOMP
• 2026-05-26 Sold (MLS) $162,000 SW Michigan MLS
• 2026-05-26 Sold (MLS) $162,000 MiRealSource-MiMLS
• 2026-05-08 Pending — MiRealSource-MiMLS
• 2026-05-08 Pending — REALCOMP
• 2026-05-08 Pending — SW Michigan MLS
• 2026-04-29 Listed $135,000 REALCOMP
• 2026-04-29 Listed $135,000 SW Michigan MLS
• 2026-04-29 Listed $135,000 MiRealSource-MiMLS
• 2014-09-15 Listing Removed — SW Michigan MLS
• 1998-03-10 Listed $87,500 SW Michigan MLS