509 S Gorham St · Jackson, MI 49203

$64,900

3 bd · 1.0 ba · 1,320 sqft · SingleFamily · 122 Days on market

Built 1930 4,356 sqft lot Est $104k · 38% under ↓ 17% since listing

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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
• Rent growth +4.4/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

Key facts

• Enclosed porch
• Hardwood floors
• 4,356 sq ft lot

Tags

• ENCLOSED PORCH
• HARDWOOD FLOORS
• WALKING DISTANCE TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $616 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.7% vs local median 5.4% in Jackson — 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 74/100 on livability (#197 in MI, #4,970 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime F, employment F.
• Jackson Public Schools (urban): math 15% / reading 28% proficiency, ranked #458 of 540 in MI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.5%/yr); 164 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 317 units permitted in Jackson County in 2024 (103 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Jackson County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.5% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% 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. 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. 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?
7. 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.
8. 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.
9. 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: 2.14% ✓
• Cap rate: 17.68%
• Cash-on-cash: 40.66%
• DSCR: 2.81
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $104,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1704 Plymouth St	0.19mi	3/1.0	1,344 (+2%)	5mo	$106,000	$79	84
610 Chester St	0.25mi	3/1.0	1,169 (-11%)	1mo	$133,900	$115	68
2105 E Ganson St	0.47mi	3/1.0	1,218 (-8%)	4mo	$4,750	$4	62
143 Bates St	0.43mi	4/2.0 (+1)	1,259 (-5%)	2mo	$44,500	$35	61
613 Chester St	0.23mi	3/2.5	1,460 (+11%)	5mo	$167,000	$114	61
134 N Gorham St	0.42mi	2/2.0 (-1)	1,224 (-7%)	1mo	$64,500	$53	58
239 N Dwight St	0.58mi	3/1.0	1,200 (-9%)	5mo	$85,900	$72	54
503 Gilbert St	0.68mi	3/1.5	1,200 (-9%)	3mo	$135,000	$113	49
409 Gilbert St	0.64mi	3/1.0	1,476 (+12%)	4mo	$60,000	$41	47
208 Bates St	0.51mi	4/2.0 (+1)	1,454 (+10%)	4mo	$145,500	$100	47
427 Seymour Ave	0.65mi	3/1.0	1,135 (-14%)	3mo	$15,500	$14	44
604 Edgewood St	0.72mi	4/1.5 (+1)	1,435 (+9%)	6mo	$135,000	$94	40

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 · 7.54% rent growth · sell at horizon

5-year hold

• IRR: 42.4%
• Equity multiple: 2.95×
• Total profit: $35,383
• Equity at exit: $9,677

10-year hold

• IRR: 50.6%
• Equity multiple: 7.13×
• Total profit: $111,412
• Equity at exit: $5,611

Cash invested: $18,172 (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 49203

• Home prices YoY: -31.7%
• Rents YoY: 7.5%
• Active inventory: 164
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,390 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$115 /mo · $1,382/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $616

Break-even live

Break-even rent $611

Max offer price $64,900

Occupancy floor 51%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2921 Woods Circle Dr Jackson, MI	1.0–3.0	1.0–2.0	872	$1,335	$1.53	43d	11	0.63mi
408 N Perrine St Jackson, MI	3.0	1.0	990	$1,350	$1.36	43d	1	1.05mi
159 W Pearl St Unit 202 Jackson, MI	2.0	1.0	1000	$1,350	$1.35	43d	1	1.49mi

Listing history 26 events

1. 2025-08-12
   status Pending 340-char remark

   Show marketing remark (340 chars)

   Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

2. 2025-08-12
   status Pending 340-char remark

   Show marketing remark (340 chars)

   Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

3. 2025-08-12
   status Pending

   Show marketing remark (340 chars)

   Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

4. 2025-07-11
   price $64,900 340-char remark

   Show marketing remark (340 chars)

   Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

5. 2025-07-11
   price $64,900 340-char remark

   Show marketing remark (340 chars)

   Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

6. 2025-07-11
   price $64,900

   Show marketing remark (340 chars)

   Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

7. 2025-06-12
   price $69,900 340-char remark

   Show marketing remark (340 chars)

   Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

8. 2025-06-12
   price $69,900 340-char remark

   Show marketing remark (340 chars)

   Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

9. 2025-06-12
   price $69,900

   Show marketing remark (340 chars)

   Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

10. 2025-05-13
    price $73,000 340-char remark

    Show marketing remark (340 chars)

    Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

11. 2025-05-13
    price $73,000 340-char remark

    Show marketing remark (340 chars)

    Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

12. 2025-05-13
    price $73,000

    Show marketing remark (340 chars)

    Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

13. 2025-04-11
    listed $74,900 Active 340-char remark

    Show marketing remark (340 chars)

    Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

14. 2025-04-11
    listed $74,900 Active 340-char remark

    Show marketing remark (340 chars)

    Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

15. 2025-04-11
    listed $74,900 Active

    Show marketing remark (340 chars)

    Home features an enclosed porch. Spacious livingroom with hardwood floors, dining and kitchen combo. Three (3) bedrooms upstairs with full bath. Basement for extra storage. Property has a ''shared driveway'' with neighbor. Home is within walking and driving distance to downtown Jackson for shopping and dining. Sold in ''as is'' condition.

16. 2022-04-26
    historical
17. 2022-04-26
    historical
18. 2022-04-26
    historical
19. 2022-04-22
    soldstatus $72,500 Sold
20. 2022-04-22
    soldstatus $72,500 Sold
21. 2022-03-22
    historical Contingent - Continue To Show
22. 2022-03-22
    historical Keep Showing-Contgcy Appl
23. 2022-03-22
    historical Active Contingent
24. 2022-01-25
    listed $77,900 Active
25. 2022-01-25
    listed $77,900 Active
26. 2022-01-25
    listed $77,900 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: $1,382 · $115/mo
• Projected year-2 tax: $1,382 · $115/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 3/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,683
• − Mortgage interest: −$3,635
• − Property taxes: −$1,382
• − Insurance: −$324
• − Repairs & maintenance: −$1,335
• − Management: −$1,335
• − Depreciation: −$1,888
• Taxable income: $6,784
• Est. tax owed @ 24.0%: −$1,628
• After-tax cash flow: $5,761/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: Jackson Public Schools
• NCES district ID: 2619620
• Math proficiency: 15% ▼ -6.00%
• Reading proficiency: 28% ▼ -3.00%
• Median HH income: $38,344
• Composite: 17.99/100
• National rank: #8986
• State rank: #458 of 540 in MI

Livability — Jackson

• Score: 74/100
• State rank: #197
• US rank: #4970

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jackson, MI
• County: Jackson County · 85,581 people
• City population: 85,581
• Metro: Jackson, MI
• Population (ZIP): 36,474
• Household income: $56,201
• Rent vs Own: 33.1% rent · 66.9% own
• Severe rent burden: 1383.0

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 156,365 people
• By 2030: 153,123 · -2.1%
• By 2040: 144,981 · -7.3%
• By 2050: 135,671 · -13.2%
• By 2075: 113,833 · -27.2%
• By 2100: 86,592 · -44.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 15% Two or more races 9% Hispanic / Latino 5%
• Common ancestry: Romanian 6% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Jackson

• 2024 margin: Strong R (+21.3) · D 38.6% · R 59.9% · Other 1.5%
• 2008→2024 swing: -23.7pp toward R · 2008: 2.4pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+19.0 2016: R+20.1 2012: R+5.8 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -98.09%
• Current HPI: 211.5474
• Rent YoY: ▲ 7.54%
• Metro: Jackson, 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

-16.7% since first listed

26 events — show timeline

• 2025-08-12 Pending — MiRealSource-MiMLS
• 2025-08-12 Pending — REALCOMP
• 2025-08-12 Pending — SW Michigan MLS
• 2025-07-11 Price Changed $64,900 MiRealSource-MiMLS
• 2025-07-11 Price Changed $64,900 REALCOMP
• 2025-07-11 Price Changed $64,900 SW Michigan MLS
• 2025-06-12 Price Changed $69,900 MiRealSource-MiMLS
• 2025-06-12 Price Changed $69,900 REALCOMP
• 2025-06-12 Price Changed $69,900 SW Michigan MLS
• 2025-05-13 Price Changed $73,000 MiRealSource-MiMLS
• 2025-05-13 Price Changed $73,000 REALCOMP
• 2025-05-13 Price Changed $73,000 SW Michigan MLS
• 2025-04-11 Listed $74,900 SW Michigan MLS
• 2025-04-11 Listed $74,900 REALCOMP
• 2025-04-11 Listed $74,900 MiRealSource-MiMLS
• 2022-04-26 Listing Removed — REALCOMP
• 2022-04-26 Listing Removed — SW Michigan MLS
• 2022-04-26 Listing Removed — MiRealSource-MiMLS
• 2022-04-22 Sold (MLS) $72,500 SW Michigan MLS
• 2022-04-22 Sold (MLS) $72,500 REALCOMP
• 2022-03-22 Contingent — REALCOMP
• 2022-03-22 Contingent — MiRealSource-MiMLS
• 2022-03-22 Contingent — SW Michigan MLS
• 2022-01-25 Listed $77,900 MiRealSource-MiMLS
• 2022-01-25 Listed $77,900 SW Michigan MLS
• 2022-01-25 Listed $77,900 REALCOMP

Property tax history

+3.8%/yr

Latest (2025): $1,382 · +2.0% YoY. Source: county tax records.