None · Big Rapids, MI 49307

$469,900

12 bd · 6.0 ba · — sqft · MultiFamily · 44 Days on market

Built 1900 9,148 sqft 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 +29.7/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Fully occupied 6-unit multifamily investment opportunity in Big Rapids near Ferris State University. Unit mix includes five 2 bed/1 bath apartments and one 4 bed/1 bath unit totaling approximately 5,500 sq ft. Tenants pay gas and electric. Each unit has a separate water meter, creating immediate opportunity to bill back water and increase NOI. Coin-op laundry generates approximately $300/month in additional income. Three of six furnaces are newer (under 2 years old), reducing near-term capital expenses. Area 2-bedroom rents are trending closer to $1,050/month, leaving upside through unit turns and light cosmetic updates, particularly Unit 5. Onsite parking for approximately 8 vehicles. Strong rental demand driven by Ferris State and the surrounding employment base makes this a stable cash flow and value-add opportunity.

Key facts

• Strong rental demand
• Onsite parking
• Newer furnaces

Tags

• NEAR FERRIS STATE UNIVERSITY
• SEPARATE WATER METER
• COIN-OP LAUNDRY
• NEWER FURNACES
• ONSITE PARKING
• STRONG RENTAL DEMAND

What this means for you Summary

Snapshot

• This is a 5×2bd/1.0ba + 1×4bd/1.0ba units multifamily listed at $470k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $285/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $470k).
• Recommended offer: $456k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 2.5% in Big Rapids — 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 73/100 on livability (#209 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities F, commute F, employment F.
• Big Rapids Public Schools (town): math 36% / reading 52% proficiency, ranked #176 of 540 in MI (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 191 active listings in the ZIP; 116 units permitted in Mecosta County in 2024 (0 in 5+ unit buildings).
• At $6,275/mo this rent would consume 125% of the median local household income ($60k/yr) (locally 667% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Mecosta County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $132k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($456k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago; this cycle's ask has dropped $30k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $470k implies a 370% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $455,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.34% ✓
• Cap rate: 10.66%
• Cash-on-cash: 15.59%
• DSCR: 1.69
• GRM: 6.2

CMA / ARV

• ARV (median comp): $194,697
• List price: $469,900
• Delta: 141.35%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
707 Maple St	0.26mi	12/10.0	5,620	4mo	$590,000	$105	56

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: 6.4%
• Equity multiple: 1.25×
• Total profit: $32,854
• Equity at exit: $70,064

10-year hold

• IRR: 15.8%
• Equity multiple: 2.29×
• Total profit: $169,223
• Equity at exit: $40,628

Cash invested: $131,572 (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 49307

• Active inventory: 191
• Price-to-rent: 38.3×

Monthly cashflow live

• Estimated rent: $6,275 high
• Mortgage (P&I): −$2,464
• Tax est. 1.5%: −$587 /mo · $7,048/yr
• Insurance: −$196
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,318
• Net cashflow: $1,710

Break-even live

Break-even rent $4,111

Max offer price $469,900

Occupancy floor 68%

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$5,110
1× unit	4	1	$1,166
Total (6 units)			$6,275

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: $117,475
• Closing costs: $14,097
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $469,900 Active 44 DOM
2. 2026-06-18
   days on market $469,900 Active 43 DOM
3. 2026-06-17
   days on market $469,900 Active 42 DOM
4. 2026-06-16
   days on market $469,900 Active 41 DOM
5. 2026-06-15
   days on market $469,900 Active 40 DOM
6. 2026-06-12
   pricedays on market $469,900 Active 37 DOM
7. 2026-06-09
   days on market $490,000 Active 34 DOM
8. 2026-06-08
   days on market $490,000 Active 33 DOM
9. 2026-06-07
   days on market $490,000 Active 32 DOM
10. 2026-06-07
    days on market $490,000 Active 31 DOM
11. 2026-06-04
    days on market $490,000 Active 28 DOM
12. 2026-06-02
    days on market $490,000 Active 27 DOM
13. 2026-06-01
    days on market $490,000 Active 26 DOM
14. 2026-05-31
    days on market $490,000 Active 25 DOM
15. 2026-05-31
    days on market $490,000 Active 24 DOM
16. 2026-05-06
    listed $500,000 Active 831-char remark

    Show marketing remark (831 chars)

    Fully occupied 6-unit multifamily investment opportunity in Big Rapids near Ferris State University. Unit mix includes five 2 bed/1 bath apartments and one 4 bed/1 bath unit totaling approximately 5,500 sq ft. Tenants pay gas and electric. Each unit has a separate water meter, creating immediate opportunity to bill back water and increase NOI. Coin-op laundry generates approximately $300/month in additional income. Three of six furnaces are newer (under 2 years old), reducing near-term capital expenses. Area 2-bedroom rents are trending closer to $1,050/month, leaving upside through unit turns and light cosmetic updates, particularly Unit 5. Onsite parking for approximately 8 vehicles. Strong rental demand driven by Ferris State and the surrounding employment base makes this a stable cash flow and value-add opportunity.

17. 2026-05-06
    listed $500,000 Active 831-char remark

    Show marketing remark (831 chars)

    Fully occupied 6-unit multifamily investment opportunity in Big Rapids near Ferris State University. Unit mix includes five 2 bed/1 bath apartments and one 4 bed/1 bath unit totaling approximately 5,500 sq ft. Tenants pay gas and electric. Each unit has a separate water meter, creating immediate opportunity to bill back water and increase NOI. Coin-op laundry generates approximately $300/month in additional income. Three of six furnaces are newer (under 2 years old), reducing near-term capital expenses. Area 2-bedroom rents are trending closer to $1,050/month, leaving upside through unit turns and light cosmetic updates, particularly Unit 5. Onsite parking for approximately 8 vehicles. Strong rental demand driven by Ferris State and the surrounding employment base makes this a stable cash flow and value-add opportunity.

18. 2019-06-21
    soldstatus $100,000
19. 2019-06-21
    soldstatus $100,000
20. 2019-05-17
    listed $100,000
21. 2019-05-17
    listed $100,000
22. 2019-05-17
    listed $100,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $75,300
• − Mortgage interest: −$26,322
• − Property taxes: −$7,048
• − Insurance: −$2,350
• − Repairs & maintenance: −$6,024
• − Management: −$6,024
• − Depreciation: −$13,670
• Taxable income: $13,862
• Est. tax owed @ 24.0%: −$3,327
• After-tax cash flow: $17,192/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: Big Rapids Public Schools
• NCES district ID: 2605780
• Math proficiency: 36% ▼ -4.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $35,568
• Composite: 36.37/100
• National rank: #4685
• State rank: #176 of 540 in MI

Livability — Big Rapids

• Score: 73/100
• State rank: #209
• US rank: #5231

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: Big Rapids, MI
• County: Mecosta County · 18,407 people
• City population: 18,407
• Metro: Big Rapids, MI
• Population (ZIP): 18,407
• Household income: $60,358
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 667.0

Population outlook (Mecosta County) Hauer SSP2

• Today (2025): 42,954 people
• By 2030: 42,954 · +0.0%
• By 2040: 41,574 · -3.2%
• By 2050: 39,250 · -8.6%
• By 2075: 32,628 · -24.0%
• By 2100: 27,476 · -36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Black 4% Hispanic / Latino 3% Asian 1%
• Common ancestry: Romanian 6% Iranian 5% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Mecosta

• 2024 margin: Solid R (+30.0) · D 34.2% · R 64.2% · Other 1.6%
• 2008→2024 swing: -29.3pp toward R · 2008: -0.7pp · 2024: -30.0pp
• All cycles: 2024: R+30.0 2020: R+28.0 2016: R+26.1 2012: R+9.8 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.88%
• Current HPI: 199.8828
• Rent YoY: —
• Metro: Big Rapids, 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

+400.0% since first listed

7 events — show timeline

• 2026-05-06 Listed $500,000 MiRealSource-MiMLS
• 2026-05-06 Listed $500,000 REALCOMP
• 2019-06-21 Sold (MLS) $100,000 SW Michigan MLS
• 2019-06-21 Sold (MLS) $100,000 REALCOMP
• 2019-05-17 Listed $100,000 MiRealSource-MiMLS
• 2019-05-17 Listed $100,000 SW Michigan MLS
• 2019-05-17 Listed $100,000 REALCOMP