6 Law St · Lapeer, MI 48446

$114,900

1 bd · 1.5 ba · 922 sqft · SingleFamily · 71 Days on market

Built 1940 3,485 sqft lot $125/sqft · 25% below area Est $153k · 25% 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 +27.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.8/10.0
• 1% rule +6.3/10.0
• 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

Charming one-bedroom home in Lapeer set on a corner lot with convenient off-street parking. This move-in ready property features fresh paint and new flooring throughout, along with 1.5 baths and first-floor laundry for added everyday convenience. The layout is efficient and easy to maintain, making it a great option for a starter home, downsizing, or investment. Enjoy the covered back porch patio—perfect for relaxing outdoors. The property also includes a large shed for extra storage and a usable yard space. Located within walking distance to downtown, you’ll have quick access to shopping, dining, and local amenities. A solid, low-maintenance home in a great location.

Key facts

• 3,485 sq ft lot
• Built 1940
• Listed 71 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 152 units permitted in Lapeer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 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 1940 — 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: 1.13% ✓
• Cap rate: 9.96%
• Cash-on-cash: 13.11%
• DSCR: 1.58
• GRM: 7.4

CMA / ARV

• ARV (median comp): $152,682
• List price: $114,900
• Delta: -24.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
735 N Court St	0.14mi	2/1.0 (+1)	976 (+6%)	10mo	$200,000	$205	68
362 Nightingale St	0.48mi	2/1.5 (+1)	900 (-2%)	1mo	$190,000	$211	68
1240 Pine St	0.25mi	2/1.0 (+1)	936 (+2%)	16mo	$175,000	$187	65
506 E Oregon St	0.50mi	2/1.0 (+1)	935 (+1%)	12mo	$64,250	$69	57
1230 Jefferson St	0.54mi	2/1.0 (+1)	900 (-2%)	10mo	$159,000	$177	55
106 Pope St	0.40mi	1/1.0	1,000 (+8%)	14mo	$70,000	$70	54
1145 N Monroe St	0.37mi	1/1.0	870 (-6%)	22mo	$154,000	$177	53
1130 Jefferson St	0.51mi	2/1.0 (+1)	970 (+5%)	23mo	$169,900	$175	41
413 Turrill Ave	0.73mi	2/1.0 (+1)	1,036 (+12%)	2mo	$165,000	$159	37
527 Turrill Ave	0.73mi	2/1.0 (+1)	800 (-13%)	2mo	$158,000	$198	35

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: 3.0%
• Equity multiple: 1.12×
• Total profit: $3,712
• Equity at exit: $17,132

10-year hold

• IRR: 12.5%
• Equity multiple: 1.99×
• Total profit: $31,836
• Equity at exit: $9,934

Cash invested: $32,172 (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: 7.4×

Monthly cashflow live

• Estimated rent: $1,298 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$23 /mo · $280/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $351

Break-even live

Break-even rent $853

Max offer price $114,900

Occupancy floor 68%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1677 Woodbridge Park Ave Lapeer, MI	1.0–2.0	1.0–1.5	830	$2,000	$2.41	10d	1	1.14mi
930 Village West Dr N Lapeer, MI	1.0–2.0	1.0	797	$925	$1.16	1d	2	1.26mi
1885 Raleigh Ave Unit 07 Lapeer, MI	2.0	1.0	1005	$1,205	$1.20	1d	1	1.47mi

Listing history 15 events

1. 2026-06-18
   days on market $114,900 Active 71 DOM
2. 2026-06-17
   days on market $114,900 Active 70 DOM
3. 2026-06-16
   days on market $114,900 Active 69 DOM
4. 2026-06-15
   days on market $114,900 Active 68 DOM
5. 2026-06-13
   days on market $114,900 Active 66 DOM
6. 2026-06-09
   days on market $114,900 Active 62 DOM
7. 2026-06-08
   days on market $114,900 Active 61 DOM
8. 2026-06-07
   days on market $114,900 Active 60 DOM
9. 2026-06-04
   days on market $114,900 Active 57 DOM
10. 2026-06-03
    days on market $114,900 Active 56 DOM
11. 2026-06-02
    days on market $114,900 Active 55 DOM
12. 2026-06-01
    days on market $114,900 Active 54 DOM
13. 2026-05-31
    days on market $114,900 Active 53 DOM
14. 2026-04-08
    listed $124,900 Active 688-char remark

    Show marketing remark (678 chars)

    Charming one-bedroom home in Lapeer set on a corner lot with convenient off-street parking. This move-in ready property features fresh paint and new flooring throughout, along with 1.5 baths and first-floor laundry for added everyday convenience. The layout is efficient and easy to maintain, making it a great option for a starter home, downsizing, or investment. Enjoy the covered back porch patio - perfect for relaxing outdoors. The property also includes a large shed for extra storage and a usable yard space. Located within walking distance to downtown, you'll have quick access to shopping, dining, and local amenities. A solid, low-maintenance home in a great location.

15. 2026-04-08
    listed $124,900 Active 678-char remark

    Show marketing remark (678 chars)

    Charming one-bedroom home in Lapeer set on a corner lot with convenient off-street parking. This move-in ready property features fresh paint and new flooring throughout, along with 1.5 baths and first-floor laundry for added everyday convenience. The layout is efficient and easy to maintain, making it a great option for a starter home, downsizing, or investment. Enjoy the covered back porch patio - perfect for relaxing outdoors. The property also includes a large shed for extra storage and a usable yard space. Located within walking distance to downtown, you'll have quick access to shopping, dining, and local amenities. A solid, low-maintenance home in a great location.

ⓘ 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: $280 · $23/mo
• Projected year-2 tax: $1,025 · $85/mo
• Expected delta: +$745/yr (+$62/mo · 266.1%)

ⓘ 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 ≥97°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: $15,573
• − Mortgage interest: −$6,436
• − Property taxes: −$280
• − Insurance: −$574
• − Repairs & maintenance: −$1,246
• − Management: −$1,246
• − Depreciation: −$3,343
• Taxable income: $2,448
• Est. tax owed @ 24.0%: −$588
• After-tax cash flow: $3,630/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

+0.0% since first listed

2 events — show timeline

• 2026-04-08 Listed $124,900 REALCOMP
• 2026-04-08 Listed $124,900 MiRealSource-MiMLS

Property tax history

-5.3%/yr

Latest (2025): $280 · -57.6% YoY. Source: county tax records.