307 Michigan St · Three Rivers, MI 49093

$89,900

3 bd · 2.0 ba · 1,360 sqft · SingleFamily public records · 4 Days on market

Built 1900 5,663 sqft lot Est $174k · 48% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICE REDUCED! Two Story Traditional Home, 3-Bedrooms 2 Full bath home in the Three Rivers Schools. Central air Fenced front yard, enclosed porch, mudroom off the kitchen. Full Basement and Storage Shed, Small fenced in Area for pet's.

Key facts

• Full basement
• City water
• Spacious lot

Tags

• FULL BASEMENT
• DOUBLE-PANE WINDOWS
• CITY WATER
• SPACIOUS LOT
• SHED FOR EXTRA STORAGE
• ROOF REPLACED

Property features AI

Exterior

• Utilities: Public water; Public sewer available at street; Natural gas
• Home design: Residential property; One-story structure; Built in 1900
• Construction: Aluminum and wood exterior; Basement foundation
• Exterior features: Road frontage

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range/Oven; Refrigerator
• Bedrooms: Primary bedroom on the first floor (14 x 12); Second bedroom on the second floor (18 x 16); Third bedroom on the second floor (approx. 16 wide)
• Bathrooms: Two full bathrooms (one on the first floor, one on the second floor)
• Heating & cooling: Natural gas heat; Heating system: Other (see remarks)
• Interior features: Basement present
• Laundry & utility: Washer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $370 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 11.2% vs local median 5.2% in Three Rivers — 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 70/100 on livability (#306 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Three Rivers Community Schools (town): math 37% / reading 45% proficiency, ranked #200 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Norton Elementary School (math 62% / reading 52%, grade C+, #236 of 1,397 statewide, top 19%, 262 students, 61% FRL); Three Rivers Middle School (math 30% / reading 40%, grade F, #283 of 493 statewide, top 58%, 537 students, 47% FRL); Three Rivers High School (math 27% / reading 57%, grade F, #264 of 713 statewide, top 41%, 653 students, 44% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: 181 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 125 units permitted in St. Joseph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• St. Joseph County population projected at -16% 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 $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $46k; list at $90k implies a 93% 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 $89,900

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D 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?
5. 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.
6. 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.
7. 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: 1.38% ✓
• Cap rate: 11.23%
• Cash-on-cash: 17.65%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $174,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1016 4th St	0.11mi	3/1.5	1,357 (-0%)	7mo	$180,000	$133	86
919 4th St	0.16mi	3/1.0	1,304 (-4%)	2mo	$55,000	$42	79
1401 Fifth St	0.16mi	3/2.0	1,312 (-4%)	15mo	$213,000	$162	74
1319 S Main St	0.21mi	3/1.0	1,404 (+3%)	10mo	$150,000	$107	72
902 4th St	0.22mi	2/1.0 (-1)	1,410 (+4%)	9mo	$30,000	$21	67
906 Seventh St	0.32mi	3/2.0	1,240 (-9%)	6mo	$195,000	$157	65
1209 7th St	0.23mi	3/3.0	1,501 (+10%)	6mo	$195,000	$130	63
1006 Madison St	0.58mi	4/1.5 (+1)	1,400 (+3%)	9mo	$162,000	$116	54
809 State St	0.40mi	3/1.0	1,500 (+10%)	9mo	$165,000	$110	52
630 S Lincoln Ave	0.59mi	3/1.0	1,264 (-7%)	8mo	$205,000	$162	50
612 S Hooker Ave	0.56mi	4/2.0 (+1)	1,524 (+12%)	10mo	$195,000	$128	41
606 8th St	0.51mi	4/2.0 (+1)	1,531 (+13%)	13mo	$25,000	$16	39

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: 9.1%
• Equity multiple: 1.36×
• Total profit: $9,027
• Equity at exit: $13,404

10-year hold

• IRR: 18.3%
• Equity multiple: 2.52×
• Total profit: $38,281
• Equity at exit: $7,773

Cash invested: $25,172 (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 49093

• Active inventory: 181
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,245 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$104 /mo · $1,253/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $370

Break-even live

Break-even rent $776

Max offer price $89,900

Occupancy floor 65%

Sensitivity live

Price	-10% $421	-5% $396	+0% $370	+5% $345	+10% $319
Rent	-10% $272	-5% $321	+0% $370	+5% $419	+10% $469
Rate	-1.0pp $416	-0.5pp $393	base $370	+0.5pp $347	+1.0pp $323

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
320 Thomas St Three Rivers, MI	1.0–2.0	1.0–1.5	925	$1,245	$1.35	15d	4	0.53mi

Listing history 4 events

1. 2026-06-21
   days on market $89,900 Active 4 DOM
2. 2026-06-17
   listing id $89,900 Active 1 DOM
3. 2026-06-17
   remarks 699-char remark
4. 2026-06-17
   listed $89,900 Active 1 DOM

ⓘ 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: $1,253 · $104/mo
• Projected year-2 tax: $1,319 · $110/mo
• Expected delta: +$66/yr (+$5/mo · 5.3%)

ⓘ 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 ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,940
• − Mortgage interest: −$5,036
• − Property taxes: −$1,253
• − Insurance: −$450
• − Repairs & maintenance: −$1,195
• − Management: −$1,195
• − Depreciation: −$2,615
• Taxable income: $3,196
• Est. tax owed @ 24.0%: −$767
• After-tax cash flow: $3,676/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: Three Rivers Community Schools
• NCES district ID: 2633840
• Math proficiency: 37% ▲ 1.00%
• Reading proficiency: 45% ▼ -3.00%
• Median HH income: $46,576
• Composite: 34.97/100
• National rank: #5058
• State rank: #200 of 540 in MI

Livability — Three Rivers

• Score: 70/100
• State rank: #306
• US rank: #7604

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Three Rivers, MI
• Population (ZIP): 18,439

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 58,726 people
• By 2030: 57,030 · -2.9%
• By 2040: 53,266 · -9.3%
• By 2050: 49,343 · -16.0%
• By 2075: 40,441 · -31.1%
• By 2100: 31,981 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 5% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 11% Iranian 5% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Solid R (+34.0) · D 32.2% · R 66.2% · Other 1.5%
• 2008→2024 swing: -31.8pp toward R · 2008: -2.2pp · 2024: -34.0pp
• All cycles: 2024: R+34.0 2020: R+31.7 2016: R+31.0 2012: R+12.3 2008: R+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.07%
• Current HPI: 226.5079
• 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

+124.8% since first listed

14 events — show timeline

• 2026-06-17 Listed $89,900 MiRealSource-MiMLS
• 2018-08-28 Sold (Public Records) $46,500 Public Records
• 2018-08-27 Sold (MLS) $46,500 SW Michigan MLS
• 2018-08-27 Sold (MLS) $46,500 REALCOMP
• 2018-08-13 Pending — SW Michigan MLS
• 2018-07-03 Price Changed $47,900 SW Michigan MLS
• 2018-05-28 Listed $47,900 MiRealSource-MiMLS
• 2018-05-28 Listed $49,900 SW Michigan MLS
• 2018-05-28 Listed $47,900 REALCOMP
• 2011-07-15 Sold (Public Records) $42,000 Public Records
• 2011-07-11 Sold (MLS) $42,000 REALCOMP
• 2011-07-11 Sold (MLS) $42,000 SW Michigan MLS
• 2010-11-03 Listed $40,000 REALCOMP
• 2010-11-03 Listed $40,000 SW Michigan MLS

Property tax history

+7.8%/yr

Latest (2025): $1,253 · -36.9% YoY. Source: county tax records.