111 S Atwater St · Durand, MI 48429

$74,999

2 bd · 1.0 ba · 770 sqft · SingleFamily public records · 5 Days on market

Built 1950 6,534 sqft lot Est $137k · 45% 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 +7.6/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautiful 2-bedroom, 1-bath ranch home situated on a quiet street within walking distance of downtown Durand. Freshly remodeled in 2026, this home features new wood flooring, new kitchen cabinets and counters, fresh paint throughout, and an updated bathroom with a new vanity. The spacious layout includes a large kitchen, a separate dining area, a huge laundry room, and an oversized living room accented by a beautiful gas-burning stove. Additional features include an instant hot water heater, a fenced-in yard, and two large sheds for excellent storage. Move-in ready and full of charm!

Key facts

• Large kitchen
• New wood flooring
• New kitchen cabinets

Tags

• FRESHLY REMODELED
• NEW WOOD FLOORING
• NEW KITCHEN CABINETS
• UPDATED BATHROOM
• LARGE KITCHEN
• SEPARATE DINING AREA

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Single-story with ground-level entry
• Construction: Aluminum siding; Slab foundation
• Exterior features: Paved road access; Lot approximately 0.15 acres (53 x 138)

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Gas water heater; Six total rooms
• Laundry & utility: Laundry room with washer hookup; Electric dryer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $293 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($946 rent vs $75k).
• Cap rate 11.0% vs local median 5.5% in Durand — 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 (#174 in MI, #4,561 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: employment C-, schools D+, amenities F.
• Durand Area Schools (rural): math 17% / reading 38% proficiency, ranked #395 of 540 in MI (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 46 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 74 units permitted in Shiawassee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Shiawassee County population projected at -25% 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 $21k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 19y 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 $24k; list at $75k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $74,999

Questions for the listing agent

1. Built in 1950 — 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. 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.
5. 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.
6. 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: 1.26% ✓
• Cap rate: 10.98%
• Cash-on-cash: 16.73%
• DSCR: 1.74
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $137,060
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 E John St	0.36mi	2/1.0	787 (+2%)	19mo	$140,000	$178	64
207 Atwater St	0.07mi	2/1.0	882 (+14%)	21mo	$161,000	$183	55
208 S Russell St	0.07mi	3/1.0 (+1)	864 (+12%)	21mo	$150,000	$174	54
300 N Lenawee St	0.66mi	2/1.0	845 (+10%)	2mo	$132,000	$156	52

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: 7.9%
• Equity multiple: 1.31×
• Total profit: $6,465
• Equity at exit: $11,183

10-year hold

• IRR: 17.1%
• Equity multiple: 2.41×
• Total profit: $29,533
• Equity at exit: $6,485

Cash invested: $21,000 (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 48429

• Home prices YoY: -34.6%
• Active inventory: 46
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $946 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$30 /mo · $359/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $293

Break-even live

Break-even rent $575

Max offer price $74,999

Occupancy floor 64%

Sensitivity live

Price	-10% $335	-5% $314	+0% $293	+5% $271	+10% $250
Rent	-10% $218	-5% $255	+0% $293	+5% $330	+10% $367
Rate	-1.0pp $330	-0.5pp $312	base $293	+0.5pp $273	+1.0pp $254

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
302 E Clinton St Unit 1 Durand, MI	1.0	1.0	675	$900	$1.33	14d	1	0.19mi
200 S Oak St Unit B Durand, MI	2.0	1.0	850	$1,000	$1.18	14d	1	0.46mi
312 N Oak St Durand, MI	1.0	1.0	600	$875	$1.46	14d	2	0.50mi
8940 Monroe Rd Durand, MI	2.0	1.0	816	$1,150	$1.41	14d	1	0.88mi

Listing history 5 events

1. 2026-06-13
   statusdays on market $74,999 Pending 5 DOM
2. 2026-06-10
   days on market $74,999 Active 3 DOM
3. 2026-06-09
   days on market $74,999 Active 2 DOM
4. 2026-06-08
   remarks 606-char remark
5. 2026-06-08
   listed $74,999 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: $359 · $30/mo
• Projected year-2 tax: $757 · $63/mo
• Expected delta: +$398/yr (+$33/mo · 110.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,350
• − Mortgage interest: −$4,201
• − Property taxes: −$359
• − Insurance: −$375
• − Repairs & maintenance: −$908
• − Management: −$908
• − Depreciation: −$2,182
• Taxable income: $2,417
• Est. tax owed @ 24.0%: −$580
• After-tax cash flow: $2,932/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: Durand Area Schools
• NCES district ID: 2612330
• Math proficiency: 17% ▼ -16.00%
• Reading proficiency: 38% ▼ -14.00%
• Median HH income: $45,999
• Composite: 23.67/100
• National rank: #7838
• State rank: #395 of 540 in MI

Livability — Durand

• Score: 74/100
• State rank: #174
• US rank: #4561

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Durand, MI
• City population: 8,109
• Population (ZIP): 8,109

Population outlook (Shiawassee County) Hauer SSP2

• Today (2025): 64,238 people
• By 2030: 61,434 · -4.4%
• By 2040: 55,054 · -14.3%
• By 2050: 48,426 · -24.6%
• By 2075: 35,995 · -44.0%
• By 2100: 26,678 · -58.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Lithuanian 5% Romanian 3% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Shiawassee

• 2024 margin: Strong R (+23.1) · D 37.7% · R 60.8% · Other 1.6%
• 2008→2024 swing: -31.7pp toward R · 2008: 8.6pp · 2024: -23.1pp
• All cycles: 2024: R+23.1 2020: R+19.9 2016: R+19.6 2012: D+3.7 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -125.89%
• Current HPI: 237.6811
• 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

+21.0% since first listed

13 events — show timeline

• 2026-06-08 Listed $74,999 REALCOMP
• 2026-06-07 Listed $74,999 MiRealSource-MiMLS
• 2010-07-01 Sold (Public Records) $24,000 Public Records
• 2010-06-17 Sold (MLS) $24,000 REALCOMP
• 2010-05-04 Listed $24,900 REALCOMP
• 2010-05-03 Listing Removed — REALCOMP
• 2009-10-17 Listing Removed — REALCOMP
• 2009-04-17 Listing Removed — REALCOMP
• 2007-10-17 Listed $35,000 REALCOMP
• 2007-10-17 Listed $35,000 REALCOMP
• 2007-10-17 Listed $30,000 REALCOMP
• 2007-08-23 Listing Removed — REALCOMP
• 2007-06-15 Listed $62,000 REALCOMP

Property tax history

-6.1%/yr

Latest (2024): $359 · +4.7% YoY. Source: county tax records.