105 S Court St · Lapeer, MI 48446

$172,000

4 bd · 2.0 ba · 2,400 sqft · SingleFamily · 65 Days on market

Built 1910 3,049 sqft lot $72/sqft · 41% below area Est $294k · 41% 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 +23.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +5.4/10.0
• Livability +3.6/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Updated Duplex in Lapeer, close to everything. Both units have been updated (Flooring, kitchens, paint and bathroom's). Live in one/ rent the other (Howard st has good Tenant who would like to stay) or rent both. Rental Certified with City and one tenant already in place. 2 units with separate meters, each with laundry area. Court st unit: 2 bedroom (one on main floor), 1 bath, living rm, Kitchen with appliances has access to bsmt. Rents for $950mth Howard st unit (only available to see with accepted offer please do not disturb tenant) Ranch unit, 2 bedroom, 1 bath, living area, kitchen (with appliances), Laundry area (rents for $850) EZ walk to town or dinner. This is a great place to start your rental journey Roof was done in 2022.

Key facts

• Updated duplex
• Laundry area
• Roof was done

Tags

• UPDATED DUPLEX
• SEPARATE METERS
• LAUNDRY AREA
• RENTAL CERTIFIED
• ACCESS TO BSMT
• ROOF WAS DONE

🏷️ Possibly a rental listed for sale. The $172,000 price doesn't fit this home's estimated sale value (~$293,792) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $172k.

Deal economics

• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $172k).
• Recommended offer: $162k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.6% in Lapeer — 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 72/100 on livability (#231 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: schools D+, employment D, commute F.
• Lapeer Community Schools (town): math 31% / reading 49% proficiency, ranked #202 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 186 active listings in the ZIP; 152 units permitted in Lapeer County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Lapeer County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 25 sale attempts since 13y ago; this cycle's ask has dropped $18k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $161,680 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.04% ✓
• Cap rate: 8.54%
• Cash-on-cash: 8.01%
• DSCR: 1.36
• GRM: 8.0

CMA / ARV

• ARV (median comp): $293,792
• List price: $172,000
• Delta: -41.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
166 N Court St	0.18mi	4/2.0	2,277 (-5%)	5mo	$173,100	$76	79
617 Turnbull St	0.42mi	3/2.5 (-1)	2,385 (-1%)	3mo	$375,000	$157	70
287 S Elm St	0.28mi	4/2.0	2,300 (-4%)	16mo	$150,000	$65	67
538 S Elm St	0.36mi	3/2.5 (-1)	2,196 (-8%)	2mo	$299,000	$136	60
648 N Calhoun St	0.55mi	4/2.0	2,382 (-1%)	24mo	$218,000	$92	53
61 Old Carriage Ln	0.37mi	4/2.5	2,043 (-15%)	10mo	$340,000	$166	47
445 N Monroe St	0.53mi	4/1.5	2,655 (+11%)	18mo	$195,000	$73	40
1086 N Saginaw St	0.69mi	3/2.0 (-1)	2,111 (-12%)	5mo	$220,000	$104	39
37 S Jackson St	0.71mi	3/2.0 (-1)	2,668 (+11%)	7mo	$55,000	$21	38

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: -4.1%
• Equity multiple: 0.85×
• Total profit: $-7,417
• Equity at exit: $25,646

10-year hold

• IRR: 5.6%
• Equity multiple: 1.41×
• Total profit: $19,789
• Equity at exit: $14,871

Cash invested: $48,160 (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 48446

• Active inventory: 186
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,790 medium
• Mortgage (P&I): −$902
• Tax from tax record: −$118 /mo · $1,421/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $322

Break-even live

Break-even rent $1,382

Max offer price $172,000

Occupancy floor 77%

Sensitivity live

Price	-10% $419	-5% $370	+0% $322	+5% $273	+10% $224
Rent	-10% $180	-5% $251	+0% $322	+5% $392	+10% $463
Rate	-1.0pp $408	-0.5pp $365	base $322	+0.5pp $277	+1.0pp $232

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: $43,000
• Closing costs: $5,160
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $172,000 Active 65 DOM
2. 2026-06-17
   days on market $172,000 Active 64 DOM
3. 2026-06-16
   pricedays on market $172,000 Active 63 DOM
4. 2026-06-15
   days on market $180,000 Active 62 DOM
5. 2026-06-13
   days on market $180,000 Active 60 DOM
6. 2026-06-09
   days on market $180,000 Active 56 DOM
7. 2026-06-08
   days on market $180,000 Active 55 DOM
8. 2026-06-07
   days on market $180,000 Active 54 DOM
9. 2026-06-04
   days on market $180,000 Active 51 DOM
10. 2026-06-03
    days on market $180,000 Active 50 DOM
11. 2026-06-02
    days on market $180,000 Active 49 DOM
12. 2026-06-01
    days on market $180,000 Active 48 DOM
13. 2026-05-31
    days on market $180,000 Active 47 DOM
14. 2026-05-13
    price $180,000 743-char remark

    Show marketing remark (750 chars)

    Updated Duplex in Lapeer, close to everything. Both units have been updated (Flooring, kitchens, paint and bathroom's). Live in one/ rent the other (Howard st has good Tenant who would like to stay) or rent both. Rental Certified with City and one tenant already in place. 2 units with separate meters, each with laundry area. Court st unit: 2 bedroom (one on main floor), 1 bath, living rm, Kitchen with appliances has access to bsmt. Rents for $950mth Howard st unit (only available to see with accepted offer please do not disturb tenant) Ranch unit, 2 bedroom, 1 bath, living area, kitchen (with appliances), Laundry area (rents for $850) EZ walk to town or dinner. This is a great place to start your rental journey Roof was done in 2022.

15. 2026-05-13
    price $180,000 750-char remark

    Show marketing remark (750 chars)

    Updated Duplex in Lapeer, close to everything. Both units have been updated (Flooring, kitchens, paint and bathroom's). Live in one/ rent the other (Howard st has good Tenant who would like to stay) or rent both. Rental Certified with City and one tenant already in place. 2 units with separate meters, each with laundry area. Court st unit: 2 bedroom (one on main floor), 1 bath, living rm, Kitchen with appliances has access to bsmt. Rents for $950mth Howard st unit (only available to see with accepted offer please do not disturb tenant) Ranch unit, 2 bedroom, 1 bath, living area, kitchen (with appliances), Laundry area (rents for $850) EZ walk to town or dinner. This is a great place to start your rental journey Roof was done in 2022.

16. 2026-04-13
    listed $189,900 Active 743-char remark

    Show marketing remark (750 chars)

    Updated Duplex in Lapeer, close to everything. Both units have been updated (Flooring, kitchens, paint and bathroom's). Live in one/ rent the other (Howard st has good Tenant who would like to stay) or rent both. Rental Certified with City and one tenant already in place. 2 units with separate meters, each with laundry area. Court st unit: 2 bedroom (one on main floor), 1 bath, living rm, Kitchen with appliances has access to bsmt. Rents for $950mth Howard st unit (only available to see with accepted offer please do not disturb tenant) Ranch unit, 2 bedroom, 1 bath, living area, kitchen (with appliances), Laundry area (rents for $850) EZ walk to town or dinner. This is a great place to start your rental journey Roof was done in 2022.

17. 2026-04-13
    listed $189,900 Active 750-char remark

    Show marketing remark (750 chars)

    Updated Duplex in Lapeer, close to everything. Both units have been updated (Flooring, kitchens, paint and bathroom's). Live in one/ rent the other (Howard st has good Tenant who would like to stay) or rent both. Rental Certified with City and one tenant already in place. 2 units with separate meters, each with laundry area. Court st unit: 2 bedroom (one on main floor), 1 bath, living rm, Kitchen with appliances has access to bsmt. Rents for $950mth Howard st unit (only available to see with accepted offer please do not disturb tenant) Ranch unit, 2 bedroom, 1 bath, living area, kitchen (with appliances), Laundry area (rents for $850) EZ walk to town or dinner. This is a great place to start your rental journey Roof was done in 2022.

18. 2021-01-11
    soldstatus $120,000
19. 2021-01-05
    soldstatus $120,000 Sold
20. 2021-01-05
    soldstatus $120,000 Closed
21. 2020-11-26
    status Pending
22. 2020-11-26
    status Pending
23. 2020-10-16
    status Active
24. 2020-10-16
    status Active
25. 2020-10-08
    status Pending
26. 2020-10-08
    status Pending
27. 2020-09-14
    listed $129,900 Active
28. 2020-09-14
    listed $129,900 Active
29. 2019-12-17
    historical
30. 2019-12-17
    historical
31. 2019-12-17
    historical
32. 2019-12-17
    historical
33. 2019-08-31
    price $119,000
34. 2019-08-31
    price $119,000
35. 2019-08-31
    price $119,000
36. 2019-08-31
    price $119,000
37. 2019-08-19
    status Active
38. 2019-08-19
    status Active
39. 2019-08-19
    status Active
40. 2019-08-19
    status Active
41. 2019-07-19
    status Pending
42. 2019-07-19
    status Pending
43. 2019-07-19
    status Pending
44. 2019-07-19
    status Pending
45. 2019-07-19
    price $125,000
46. 2019-07-19
    price $125,000
47. 2019-07-18
    price $125,000
48. 2019-07-18
    price $125,000
49. 2019-06-25
    listed $129,000 Active
50. 2019-06-25
    listed $129,000 Active

ⓘ 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: $1,421 · $118/mo
• Projected year-2 tax: $2,035 · $170/mo
• Expected delta: +$614/yr (+$51/mo · 43.2%)

ⓘ 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 ≥98°F today · 14 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: $21,475
• − Mortgage interest: −$9,635
• − Property taxes: −$1,421
• − Insurance: −$860
• − Repairs & maintenance: −$1,718
• − Management: −$1,718
• − Depreciation: −$5,004
• Taxable income: $1,119
• Est. tax owed @ 24.0%: −$269
• After-tax cash flow: $3,591/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: Lapeer Community Schools
• NCES district ID: 2621180
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 49% ▼ -4.00%
• Median HH income: $53,749
• Composite: 34.79/100
• National rank: #5113
• State rank: #202 of 540 in MI

Livability — Lapeer

• Score: 72/100
• State rank: #231
• US rank: #5855

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lapeer, MI
• County: Lapeer County · 30,581 people
• City population: 30,581
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 30,581
• Household income: $66,062
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 908.0

Population outlook (Lapeer County) Hauer SSP2

• Today (2025): 89,826 people
• By 2030: 89,535 · -0.3%
• By 2040: 86,695 · -3.5%
• By 2050: 80,566 · -10.3%
• By 2075: 65,783 · -26.8%
• By 2100: 46,584 · -48.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 3% Black 3%
• Common ancestry: Romanian 6% Lithuanian 4% Slovak 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Lapeer

• 2024 margin: Solid R (+39.8) · D 29.5% · R 69.3% · Other 1.3%
• 2008→2024 swing: -36.8pp toward R · 2008: -3.0pp · 2024: -39.8pp
• All cycles: 2024: R+39.8 2020: R+36.3 2016: R+38.3 2012: R+11.5 2008: R+3.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -243.58%
• Current HPI: 212.3665
• Rent YoY: —
• Metro: Detroit-Warren-Dearborn, 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

+157.5% since first listed

72 events — show timeline

• 2026-05-13 Price Changed $180,000 MiRealSource-MiMLS
• 2026-05-13 Price Changed $180,000 REALCOMP
• 2026-04-13 Listed $189,900 REALCOMP
• 2026-04-13 Listed $189,900 MiRealSource-MiMLS
• 2021-01-11 Sold (Public Records) $120,000 Public Records
• 2021-01-05 Sold (MLS) $120,000 MiRealSource-MiMLS
• 2021-01-05 Sold (MLS) $120,000 REALCOMP
• 2020-11-26 Pending — MiRealSource-MiMLS
• 2020-11-26 Pending — REALCOMP
• 2020-10-16 Relisted — MiRealSource-MiMLS
• 2020-10-16 Relisted — REALCOMP
• 2020-10-08 Pending — MiRealSource-MiMLS
• 2020-10-08 Pending — REALCOMP
• 2020-09-14 Listed $129,900 MiRealSource-MiMLS
• 2020-09-14 Listed $129,900 REALCOMP
• 2019-12-17 Listing Removed — REALCOMP
• 2019-12-17 Listing Removed — REALCOMP
• 2019-12-17 Listing Removed — MiRealSource-MiMLS
• 2019-12-17 Listing Removed — MiRealSource-MiMLS
• 2019-08-31 Price Changed $119,000 MiRealSource-MiMLS
• 2019-08-31 Price Changed $119,000 MiRealSource-MiMLS
• 2019-08-31 Price Changed $119,000 REALCOMP
• 2019-08-31 Price Changed $119,000 REALCOMP
• 2019-08-19 Relisted — MiRealSource-MiMLS
• 2019-08-19 Relisted — MiRealSource-MiMLS
• 2019-08-19 Relisted — REALCOMP
• 2019-08-19 Relisted — REALCOMP
• 2019-07-19 Pending — MiRealSource-MiMLS
• 2019-07-19 Pending — MiRealSource-MiMLS
• 2019-07-19 Pending — REALCOMP
• 2019-07-19 Pending — REALCOMP
• 2019-07-19 Price Changed $125,000 MiRealSource-MiMLS
• 2019-07-19 Price Changed $125,000 MiRealSource-MiMLS
• 2019-07-18 Price Changed $125,000 REALCOMP
• 2019-07-18 Price Changed $125,000 REALCOMP
• 2019-06-25 Listed $129,000 MiRealSource-MiMLS
• 2019-06-25 Listed $129,000 REALCOMP
• 2019-06-22 Listed $129,000 MiRealSource-MiMLS
• 2019-06-22 Listed $129,000 REALCOMP
• 2016-12-02 Listing Removed — MiRealSource-MiMLS
• 2016-12-02 Listing Removed — MiRealSource-MiMLS
• 2016-12-02 Listing Removed — MiRealSource-MiMLS
• 2016-12-02 Listing Removed — REALCOMP
• 2016-12-01 Listing Removed — REALCOMP
• 2016-10-12 Listing Removed — REALCOMP
• 2016-10-12 Listing Removed — MiRealSource-MiMLS
• 2016-09-07 Listing Removed — REALCOMP
• 2016-08-02 Price Changed $129,900 MiRealSource-MiMLS
• 2016-08-02 Price Changed $129,900 MiRealSource-MiMLS
• 2016-08-02 Price Changed $129,900 MiRealSource-MiMLS
• 2016-08-02 Price Changed $129,900 MiRealSource-MiMLS
• 2016-08-02 Price Changed $129,900 REALCOMP
• 2016-08-02 Price Changed $129,900 REALCOMP
• 2016-08-02 Price Changed $129,900 REALCOMP
• 2016-08-02 Price Changed $129,900 REALCOMP
• 2016-06-29 Listed $135,000 MiRealSource-MiMLS
• 2016-06-29 Listed $135,000 MiRealSource-MiMLS
• 2016-06-29 Listed $135,000 REALCOMP
• 2016-06-29 Listed $135,000 REALCOMP
• 2016-04-22 Listed $135,000 MiRealSource-MiMLS
• 2016-04-21 Listed $135,000 REALCOMP
• 2016-04-19 Listed $135,000 MiRealSource-MiMLS
• 2016-04-19 Listed $129,900 REALCOMP
• 2015-01-28 Listing Removed — MiRealSource-MiMLS
• 2014-07-29 Listed $90,000 MiRealSource-MiMLS
• 2013-09-05 Sold (Public Records) $56,990 Public Records
• 2013-09-04 Sold (MLS) $56,990 MiRealSource-MiMLS
• 2013-09-04 Sold (MLS) $56,990 REALCOMP
• 2013-06-24 Listing Removed — MiRealSource-MiMLS
• 2013-06-24 Listing Removed — REALCOMP
• 2013-05-04 Listed $69,900 MiRealSource-MiMLS
• 2013-05-04 Listed $69,900 REALCOMP

Property tax history

-0.9%/yr

Latest (2025): $1,421 · -57.6% YoY. Source: county tax records.