331 S Main St · Bellevue, MI 49021

$49,900

3 bd · 1.0 ba · 1,098 sqft · SingleFamily · 98 Days on market

Built 1900 Poor condition 9,583 sqft lot $45/sqft · 65% below area ↓ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +2.0/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity for the right buyer to restore and bring new life to this historic home, originally built in 1861. This property is being sold in its current condition and is best suited for cash buyers or renovation loan buyers. The home has been cleaned out and offers strong potential for an investor, flipper, or buyer looking for a full rehab project. Please note: the property does not currently have functioning electricity. Per the seller/family, this is not simply a utility shutoff -- the electrical service is believed to require substantial repair or replacement before power can be restored. Buyers should conduct their own inspections and due diligence regarding the electrical system, plumbing, and overall condition of the property. The plumbing is currently shut off, but the bigger concern is the electrical system. This property should be viewed as a major renovation project with significant work needed.

Key facts

• 9,583 sq ft lot
• 2 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $45k (9.0% below list) — sets the bar for market timing.
• Cap rate 19.8% vs local median 3.3% in Bellevue — 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 69/100 on livability (#355 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D+, amenities F, commute F.
• Bellevue Community Schools (rural): math 14% / reading 30% proficiency, ranked #445 of 540 in MI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 56 active listings in the ZIP; 98 units permitted in Eaton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Eaton County population projected to shrink 5% 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($45k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $45,409 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 2.30% ✓
• Cap rate: 19.82%
• Cash-on-cash: 48.30%
• DSCR: 3.15
• GRM: 3.6

CMA / ARV

• ARV (median comp): $142,130
• List price: $49,900
• Delta: -64.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 N Adams St	0.30mi	3/1.0	1,127 (+3%)	21mo	$124,000	$110	64
324 Madison St	0.46mi	3/2.0	1,092 (-0%)	12mo	$202,000	$185	64
423 Sherwood Rd	0.34mi	3/2.0	1,113 (+1%)	18mo	$223,000	$200	63
204 W Caroline St	0.15mi	3/2.0	1,223 (+11%)	9mo	$160,000	$131	63
118 E Mill St	0.36mi	2/1.0 (-1)	1,162 (+6%)	7mo	$147,000	$127	62
9321 S Ionia Rd	0.64mi	3/1.0	1,138 (+4%)	3mo	$218,000	$192	61
710 Madison St	0.72mi	3/1.5	1,144 (+4%)	2mo	$195,000	$170	55
310 W Capital Ave	0.25mi	3/1.5	1,220 (+11%)	16mo	$145,000	$119	54
124 S Elizabeth St	0.16mi	2/2.0 (-1)	988 (-10%)	21mo	$142,500	$144	49
630 N Main St	0.61mi	2/1.0 (-1)	1,140 (+4%)	16mo	$133,500	$117	47
629 Madison St	0.64mi	2/1.0 (-1)	960 (-13%)	11mo	$170,000	$177	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: 45.8%
• Equity multiple: 2.99×
• Total profit: $27,749
• Equity at exit: $7,440

10-year hold

• IRR: 51.6%
• Equity multiple: 6.04×
• Total profit: $70,355
• Equity at exit: $4,314

Cash invested: $13,972 (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 49021

• Home prices YoY: -10.1%
• Active inventory: 56
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,148 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $562

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 46%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $49,900 Active 98 DOM
2. 2026-06-18
   days on market $49,900 Active 97 DOM
3. 2026-06-17
   days on market $49,900 Active 96 DOM
4. 2026-06-16
   days on market $49,900 Active 95 DOM
5. 2026-06-15
   days on market $49,900 Active 94 DOM
6. 2026-06-14
   days on market $49,900 Active 92 DOM
7. 2026-06-13
   days on market $49,900 Active 91 DOM
8. 2026-06-10
   days on market $49,900 Active 89 DOM
9. 2026-06-09
   days on market $49,900 Active 88 DOM
10. 2026-06-08
    days on market $49,900 Active 87 DOM
11. 2026-06-07
    days on market $49,900 Active 86 DOM
12. 2026-06-05
    days on market $49,900 Active 83 DOM
13. 2026-06-03
    days on market $49,900 Active 82 DOM
14. 2026-06-02
    days on market $49,900 Active 81 DOM
15. 2026-06-01
    days on market $49,900 Active 80 DOM
16. 2026-05-31
    days on market $49,900 Active 79 DOM
17. 2026-05-30
    days on market $49,900 Active 78 DOM
18. 2026-05-18
    price $49,900 920-char remark

    Show marketing remark (920 chars)

    Opportunity for the right buyer to restore and bring new life to this historic home, originally built in 1861. This property is being sold in its current condition and is best suited for cash buyers or renovation loan buyers. The home has been cleaned out and offers strong potential for an investor, flipper, or buyer looking for a full rehab project. Please note: the property does not currently have functioning electricity. Per the seller/family, this is not simply a utility shutoff -- the electrical service is believed to require substantial repair or replacement before power can be restored. Buyers should conduct their own inspections and due diligence regarding the electrical system, plumbing, and overall condition of the property. The plumbing is currently shut off, but the bigger concern is the electrical system. This property should be viewed as a major renovation project with significant work needed.

19. 2026-05-18
    price $49,900 920-char remark

    Show marketing remark (920 chars)

    Opportunity for the right buyer to restore and bring new life to this historic home, originally built in 1861. This property is being sold in its current condition and is best suited for cash buyers or renovation loan buyers. The home has been cleaned out and offers strong potential for an investor, flipper, or buyer looking for a full rehab project. Please note: the property does not currently have functioning electricity. Per the seller/family, this is not simply a utility shutoff -- the electrical service is believed to require substantial repair or replacement before power can be restored. Buyers should conduct their own inspections and due diligence regarding the electrical system, plumbing, and overall condition of the property. The plumbing is currently shut off, but the bigger concern is the electrical system. This property should be viewed as a major renovation project with significant work needed.

20. 2026-05-18
    price $49,900

    Show marketing remark (920 chars)

    Opportunity for the right buyer to restore and bring new life to this historic home, originally built in 1861. This property is being sold in its current condition and is best suited for cash buyers or renovation loan buyers. The home has been cleaned out and offers strong potential for an investor, flipper, or buyer looking for a full rehab project. Please note: the property does not currently have functioning electricity. Per the seller/family, this is not simply a utility shutoff -- the electrical service is believed to require substantial repair or replacement before power can be restored. Buyers should conduct their own inspections and due diligence regarding the electrical system, plumbing, and overall condition of the property. The plumbing is currently shut off, but the bigger concern is the electrical system. This property should be viewed as a major renovation project with significant work needed.

21. 2026-03-29
    price $54,900 920-char remark

    Show marketing remark (920 chars)

    Opportunity for the right buyer to restore and bring new life to this historic home, originally built in 1861. This property is being sold in its current condition and is best suited for cash buyers or renovation loan buyers. The home has been cleaned out and offers strong potential for an investor, flipper, or buyer looking for a full rehab project. Please note: the property does not currently have functioning electricity. Per the seller/family, this is not simply a utility shutoff -- the electrical service is believed to require substantial repair or replacement before power can be restored. Buyers should conduct their own inspections and due diligence regarding the electrical system, plumbing, and overall condition of the property. The plumbing is currently shut off, but the bigger concern is the electrical system. This property should be viewed as a major renovation project with significant work needed.

22. 2026-03-28
    price $54,900 920-char remark

    Show marketing remark (920 chars)

    Opportunity for the right buyer to restore and bring new life to this historic home, originally built in 1861. This property is being sold in its current condition and is best suited for cash buyers or renovation loan buyers. The home has been cleaned out and offers strong potential for an investor, flipper, or buyer looking for a full rehab project. Please note: the property does not currently have functioning electricity. Per the seller/family, this is not simply a utility shutoff -- the electrical service is believed to require substantial repair or replacement before power can be restored. Buyers should conduct their own inspections and due diligence regarding the electrical system, plumbing, and overall condition of the property. The plumbing is currently shut off, but the bigger concern is the electrical system. This property should be viewed as a major renovation project with significant work needed.

23. 2026-03-28
    price $54,900

    Show marketing remark (920 chars)

    Opportunity for the right buyer to restore and bring new life to this historic home, originally built in 1861. This property is being sold in its current condition and is best suited for cash buyers or renovation loan buyers. The home has been cleaned out and offers strong potential for an investor, flipper, or buyer looking for a full rehab project. Please note: the property does not currently have functioning electricity. Per the seller/family, this is not simply a utility shutoff -- the electrical service is believed to require substantial repair or replacement before power can be restored. Buyers should conduct their own inspections and due diligence regarding the electrical system, plumbing, and overall condition of the property. The plumbing is currently shut off, but the bigger concern is the electrical system. This property should be viewed as a major renovation project with significant work needed.

24. 2026-03-13
    listed $59,900 Active 920-char remark

    Show marketing remark (920 chars)

    Opportunity for the right buyer to restore and bring new life to this historic home, originally built in 1861. This property is being sold in its current condition and is best suited for cash buyers or renovation loan buyers. The home has been cleaned out and offers strong potential for an investor, flipper, or buyer looking for a full rehab project. Please note: the property does not currently have functioning electricity. Per the seller/family, this is not simply a utility shutoff -- the electrical service is believed to require substantial repair or replacement before power can be restored. Buyers should conduct their own inspections and due diligence regarding the electrical system, plumbing, and overall condition of the property. The plumbing is currently shut off, but the bigger concern is the electrical system. This property should be viewed as a major renovation project with significant work needed.

25. 2026-03-13
    listed $59,900 Active 920-char remark

    Show marketing remark (920 chars)

    Opportunity for the right buyer to restore and bring new life to this historic home, originally built in 1861. This property is being sold in its current condition and is best suited for cash buyers or renovation loan buyers. The home has been cleaned out and offers strong potential for an investor, flipper, or buyer looking for a full rehab project. Please note: the property does not currently have functioning electricity. Per the seller/family, this is not simply a utility shutoff -- the electrical service is believed to require substantial repair or replacement before power can be restored. Buyers should conduct their own inspections and due diligence regarding the electrical system, plumbing, and overall condition of the property. The plumbing is currently shut off, but the bigger concern is the electrical system. This property should be viewed as a major renovation project with significant work needed.

26. 2026-03-13
    listed $59,900 Active

    Show marketing remark (920 chars)

    Opportunity for the right buyer to restore and bring new life to this historic home, originally built in 1861. This property is being sold in its current condition and is best suited for cash buyers or renovation loan buyers. The home has been cleaned out and offers strong potential for an investor, flipper, or buyer looking for a full rehab project. Please note: the property does not currently have functioning electricity. Per the seller/family, this is not simply a utility shutoff -- the electrical service is believed to require substantial repair or replacement before power can be restored. Buyers should conduct their own inspections and due diligence regarding the electrical system, plumbing, and overall condition of the property. The plumbing is currently shut off, but the bigger concern is the electrical system. This property should be viewed as a major renovation project with significant work needed.

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,781
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$1,102
• − Management: −$1,102
• − Depreciation: −$1,452
• Taxable income: $6,331
• Est. tax owed @ 24.0%: −$1,519
• After-tax cash flow: $5,229/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.

Condition & rehab AI · 13 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and renovations to bring it up to a livable condition. The roof, exterior siding, flooring, interior walls, bathrooms, kitchen, and HVAC system are all in poor condition and require major repairs. The property also needs maintenance on the paint, landscaping, and fencing. The highest-ROI updates would be a roof replacement, exterior siding repair and painting, flooring replacement, interior wall repair and painting, bathroom renovation, kitchen renovation, and HVAC system replacement.

Repairs flagged

• Major roof — The roof appears to be in poor condition, with visible moss and potential damage.
• Major exterior siding — The exterior siding is peeling and in poor condition, with visible damage and discoloration.
• Major flooring — The flooring in the interior appears to be in poor condition, with visible wear and tear.
• Major interior walls — The interior walls appear to be in poor condition, with visible damage and discoloration.
• Major bathrooms — The bathrooms appear to be in poor condition, with visible damage and discoloration.
• Major kitchen — The kitchen appears to be in poor condition, with visible damage and discoloration.
• Major HVAC/mechanicals — The HVAC system appears to be in poor condition, with visible damage and discoloration.

Value-add opportunities

• Both roof replacement — A new roof will significantly improve the home's appearance and functionality, making it more attractive to buyers and renters.
• Both exterior siding repair and painting — Repairing and repainting the exterior siding will improve the home's curb appeal and increase its value.
• Both flooring replacement — Replacing the flooring will improve the home's appearance and functionality, making it more attractive to buyers and renters.
• Both interior wall repair and painting — Repairing and repainting the interior walls will improve the home's appearance and functionality, making it more attractive to buyers and renters.
• Both bathroom renovation — Renovating the bathrooms will improve the home's appearance and functionality, making it more attractive to buyers and renters.
• Both kitchen renovation — Renovating the kitchen will improve the home's appearance and functionality, making it more attractive to buyers and renters.
• Both HVAC system replacement — Replacing the HVAC system will improve the home's functionality and comfort, making it more attractive to buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be in poor condition, with visible moss and potential damage.	Major	$15,000–50,000
exterior siding · The exterior siding is peeling and in poor condition, with visible damage and discoloration.	Major	$15,000–50,000
flooring · The flooring in the interior appears to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
interior walls · The interior walls appear to be in poor condition, with visible damage and discoloration.	Major	$15,000–50,000
bathrooms · The bathrooms appear to be in poor condition, with visible damage and discoloration.	Major	$15,000–50,000
kitchen · The kitchen appears to be in poor condition, with visible damage and discoloration.	Major	$15,000–50,000
HVAC/mechanicals · The HVAC system appears to be in poor condition, with visible damage and discoloration.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both roof replacement — A new roof will significantly improve the home's appearance and functionality, making it more attractive to buyers and renters. ↑
• Both exterior siding repair and painting — Repairing and repainting the exterior siding will improve the home's curb appeal and increase its value. ↑
• Both flooring replacement — Replacing the flooring will improve the home's appearance and functionality, making it more attractive to buyers and renters. ↑
• Both interior wall repair and painting — Repairing and repainting the interior walls will improve the home's appearance and functionality, making it more attractive to buyers and renters. ↑
• Both bathroom renovation — Renovating the bathrooms will improve the home's appearance and functionality, making it more attractive to buyers and renters. ↑
• Both kitchen renovation — Renovating the kitchen will improve the home's appearance and functionality, making it more attractive to buyers and renters. ↑
• Both HVAC system replacement — Replacing the HVAC system will improve the home's functionality and comfort, making it more attractive to buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Bellevue Community Schools
• NCES district ID: 2604650
• Math proficiency: 14% ▼ -5.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $50,826
• Composite: 19.59/100
• National rank: #8757
• State rank: #445 of 540 in MI

Livability — Bellevue

• Score: 69/100
• State rank: #355
• US rank: #9043

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellevue, MI
• Population (ZIP): 6,467

Population outlook (Eaton County) Hauer SSP2

• Today (2025): 110,811 people
• By 2030: 110,598 · -0.2%
• By 2040: 108,304 · -2.3%
• By 2050: 104,961 · -5.3%
• By 2075: 97,197 · -12.3%
• By 2100: 85,150 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 4% Black 2%
• Common ancestry: Iranian 4% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Eaton

• 2024 margin: Toss-up / Even · D 47.6% · R 50.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: 8.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: R+0.8 2016: R+5.5 2012: D+3.1 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.20%
• Current HPI: 267.6519
• Rent YoY: —
• Metro: —
• 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

9 events — show timeline

• 2026-05-18 Price Changed $49,900 MiRealSource-MiMLS
• 2026-05-18 Price Changed $49,900 REALCOMP
• 2026-05-18 Price Changed $49,900 SW Michigan MLS
• 2026-03-29 Price Changed $54,900 MiRealSource-MiMLS
• 2026-03-28 Price Changed $54,900 REALCOMP
• 2026-03-28 Price Changed $54,900 SW Michigan MLS
• 2026-03-13 Listed $59,900 SW Michigan MLS
• 2026-03-13 Listed $59,900 REALCOMP
• 2026-03-13 Listed $59,900 MiRealSource-MiMLS