132 Washington St · Essex, MI 48853

$139,900

5 bd · 1.0 ba · 2,016 sqft · SingleFamily public records · 127 Days on market

8,276 sqft lot $69/sqft · 36% below area Est $218k · 36% under

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Why this score? — see what drove the C 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 +16.3/30.0
• ARV discount +15.0/15.0
• Appreciation +7.2/10.0
• DSCR +5.1/10.0
• 1% rule +3.3/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to this charming two-story home in Maple Rapids, offering space, character, and thoughtful updates throughout. A covered front porch creates an inviting entry and a comfortable place to relax and enjoy the outdoors. Inside, tall cathedral ceilings enhance the main living area, adding a bright, open feel. Original woodwork brings warmth and timeless detail, blending classic craftsmanship with everyday functionality. With over 2,000 square feet of living space, the layout provides flexibility for a variety of uses, whether you need work-from-home space, hobby areas, or additional living and gathering rooms. The kitchen is practical and ready to go, and all kitchen appliances will remain with the home, making the transition simple and convenient. An attached single-car garage offers sheltered parking and additional storage. A metal roof adds durability and long-term value. Situated on a village lot with public water and sewer service, this property combines historic charm with useful modern updates. This home offers space, character, and opportunity. Schedule your showing and explore all it has to offer.

Key facts

• Covered front porch
• Metal roof
• Original woodwork

Tags

• COVERED FRONT PORCH
• TALL CATHEDRAL CEILINGS
• ORIGINAL WOODWORK
• ATTACHED SINGLE-CAR GARAGE
• METAL ROOF
• PUBLIC WATER AND SEWER SERVICE

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $77 ($925/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (17.2% below list).
• Recommended offer: $116k (17.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Fulton Schools (rural): math 23% / reading 39% proficiency, ranked #507 of 760 in MI (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 2 active listings in the ZIP; 154 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($967 loan paydown + $6k appreciation (4.4% local appreciation)).
• At projected returns (4.4% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $43k; list at $140k implies a 228% gain — meaningful room to come down on a strong offer.

Recommended offer $115,813 (17.2% below list)

Questions for the listing agent

1. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.83% ✗
• Cap rate: 6.95%
• Cash-on-cash: 2.36%
• DSCR: 1.11
• GRM: 10.1

CMA / ARV

• ARV (median comp): $217,935
• List price: $139,900
• Delta: -35.81%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 Adelaide St	0.07mi	5/1.5	1,800 (-11%)	16mo	$265,000	$147	64
127 W Main St	0.15mi	4/2.5 (-1)	1,812 (-10%)	10mo	$245,000	$135	57

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.38% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.3%
• Equity multiple: 1.82×
• Total profit: $32,182
• Equity at exit: $74,057

10-year hold

• IRR: 14.4%
• Equity multiple: 3.44×
• Total profit: $95,446
• Equity at exit: $123,688

Cash invested: $39,172 (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 48853

• Home prices YoY: 2.0%
• Active inventory: 2
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,158 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$46 /mo · $551/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $77

Break-even live

Break-even rent $1,061

Max offer price $139,900

Occupancy floor 88%

Sensitivity live

Price	-10% $156	-5% $117	+0% $77	+5% $37	+10% $-2
Rent	-10% $-14	-5% $31	+0% $77	+5% $123	+10% $169
Rate	-1.0pp $148	-0.5pp $113	base $77	+0.5pp $41	+1.0pp $4

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $139,900 Active 127 DOM
2. 2026-06-18
   days on market $139,900 Active 125 DOM
3. 2026-06-17
   days on market $139,900 Active 124 DOM
4. 2026-06-16
   days on market $139,900 Active 123 DOM
5. 2026-06-15
   days on market $139,900 Active 122 DOM
6. 2026-06-13
   days on market $139,900 Active 120 DOM
7. 2026-06-12
   days on market $139,900 Active 119 DOM
8. 2026-06-09
   days on market $139,900 Active 116 DOM
9. 2026-06-08
   days on market $139,900 Active 115 DOM
10. 2026-06-07
    days on market $139,900 Active 114 DOM
11. 2026-06-05
    days on market $139,900 Active 112 DOM
12. 2026-06-04
    days on market $139,900 Active 110 DOM
13. 2026-06-02
    days on market $139,900 Active 109 DOM
14. 2026-06-01
    days on market $139,900 Active 108 DOM
15. 2026-05-31
    days on market $139,900 Active 107 DOM
16. 2026-05-31
    days on market $139,900 Active 106 DOM
17. 2026-05-12
    price $139,900 1126-char remark

    Show marketing remark (1129 chars)

    Welcome to this charming two-story home in Maple Rapids, offering space, character, and thoughtful updates throughout. A covered front porch creates an inviting entry and a comfortable place to relax and enjoy the outdoors. Inside, tall cathedral ceilings enhance the main living area, adding a bright, open feel. Original woodwork brings warmth and timeless detail, blending classic craftsmanship with everyday functionality. With over 2,000 square feet of living space, the layout provides flexibility for a variety of uses, whether you need work-from-home space, hobby areas, or additional living and gathering rooms. The kitchen is practical and ready to go, and all kitchen appliances will remain with the home, making the transition simple and convenient. An attached single-car garage offers sheltered parking and additional storage. A metal roof adds durability and long-term value. Situated on a village lot with public water and sewer service, this property combines historic charm with useful modern updates. This home offers space, character, and opportunity. Schedule your showing and explore all it has to offer.

18. 2026-05-12
    price $139,900 1129-char remark

    Show marketing remark (1129 chars)

    Welcome to this charming two-story home in Maple Rapids, offering space, character, and thoughtful updates throughout. A covered front porch creates an inviting entry and a comfortable place to relax and enjoy the outdoors. Inside, tall cathedral ceilings enhance the main living area, adding a bright, open feel. Original woodwork brings warmth and timeless detail, blending classic craftsmanship with everyday functionality. With over 2,000 square feet of living space, the layout provides flexibility for a variety of uses, whether you need work-from-home space, hobby areas, or additional living and gathering rooms. The kitchen is practical and ready to go, and all kitchen appliances will remain with the home, making the transition simple and convenient. An attached single-car garage offers sheltered parking and additional storage. A metal roof adds durability and long-term value. Situated on a village lot with public water and sewer service, this property combines historic charm with useful modern updates. This home offers space, character, and opportunity. Schedule your showing and explore all it has to offer.

19. 2026-03-24
    price $154,900 1126-char remark

    Show marketing remark (1129 chars)

    Welcome to this charming two-story home in Maple Rapids, offering space, character, and thoughtful updates throughout. A covered front porch creates an inviting entry and a comfortable place to relax and enjoy the outdoors. Inside, tall cathedral ceilings enhance the main living area, adding a bright, open feel. Original woodwork brings warmth and timeless detail, blending classic craftsmanship with everyday functionality. With over 2,000 square feet of living space, the layout provides flexibility for a variety of uses, whether you need work-from-home space, hobby areas, or additional living and gathering rooms. The kitchen is practical and ready to go, and all kitchen appliances will remain with the home, making the transition simple and convenient. An attached single-car garage offers sheltered parking and additional storage. A metal roof adds durability and long-term value. Situated on a village lot with public water and sewer service, this property combines historic charm with useful modern updates. This home offers space, character, and opportunity. Schedule your showing and explore all it has to offer.

20. 2026-03-24
    price $154,900 1129-char remark

    Show marketing remark (1129 chars)

    Welcome to this charming two-story home in Maple Rapids, offering space, character, and thoughtful updates throughout. A covered front porch creates an inviting entry and a comfortable place to relax and enjoy the outdoors. Inside, tall cathedral ceilings enhance the main living area, adding a bright, open feel. Original woodwork brings warmth and timeless detail, blending classic craftsmanship with everyday functionality. With over 2,000 square feet of living space, the layout provides flexibility for a variety of uses, whether you need work-from-home space, hobby areas, or additional living and gathering rooms. The kitchen is practical and ready to go, and all kitchen appliances will remain with the home, making the transition simple and convenient. An attached single-car garage offers sheltered parking and additional storage. A metal roof adds durability and long-term value. Situated on a village lot with public water and sewer service, this property combines historic charm with useful modern updates. This home offers space, character, and opportunity. Schedule your showing and explore all it has to offer.

21. 2026-02-13
    listed $164,900 Active 1126-char remark

    Show marketing remark (1129 chars)

    Welcome to this charming two-story home in Maple Rapids, offering space, character, and thoughtful updates throughout. A covered front porch creates an inviting entry and a comfortable place to relax and enjoy the outdoors. Inside, tall cathedral ceilings enhance the main living area, adding a bright, open feel. Original woodwork brings warmth and timeless detail, blending classic craftsmanship with everyday functionality. With over 2,000 square feet of living space, the layout provides flexibility for a variety of uses, whether you need work-from-home space, hobby areas, or additional living and gathering rooms. The kitchen is practical and ready to go, and all kitchen appliances will remain with the home, making the transition simple and convenient. An attached single-car garage offers sheltered parking and additional storage. A metal roof adds durability and long-term value. Situated on a village lot with public water and sewer service, this property combines historic charm with useful modern updates. This home offers space, character, and opportunity. Schedule your showing and explore all it has to offer.

22. 2026-02-13
    listed $164,900 Active 1129-char remark

    Show marketing remark (1129 chars)

    Welcome to this charming two-story home in Maple Rapids, offering space, character, and thoughtful updates throughout. A covered front porch creates an inviting entry and a comfortable place to relax and enjoy the outdoors. Inside, tall cathedral ceilings enhance the main living area, adding a bright, open feel. Original woodwork brings warmth and timeless detail, blending classic craftsmanship with everyday functionality. With over 2,000 square feet of living space, the layout provides flexibility for a variety of uses, whether you need work-from-home space, hobby areas, or additional living and gathering rooms. The kitchen is practical and ready to go, and all kitchen appliances will remain with the home, making the transition simple and convenient. An attached single-car garage offers sheltered parking and additional storage. A metal roof adds durability and long-term value. Situated on a village lot with public water and sewer service, this property combines historic charm with useful modern updates. This home offers space, character, and opportunity. Schedule your showing and explore all it has to offer.

23. 2011-07-05
    soldstatus $42,600

ⓘ 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: $551 · $46/mo
• Projected year-2 tax: $1,353 · $113/mo
• Expected delta: +$802/yr (+$67/mo · 145.5%)

ⓘ 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 ≥99°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: $13,898
• − Mortgage interest: −$7,837
• − Property taxes: −$551
• − Insurance: −$700
• − Repairs & maintenance: −$1,112
• − Management: −$1,112
• − Depreciation: −$4,070
• Taxable loss: −$1,483
• Est. tax savings @ 24.0%: +$356
• After-tax cash flow: $1,281/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: Fulton Schools
• NCES district ID: 2615420
• Math proficiency: 23% ▲ 2.00%
• Reading proficiency: 39% ▲ 4.00%
• Median HH income: $50,366
• Composite: 29.83/100
• National rank: #11706
• State rank: #507 of 760 in MI

Livability — Essex

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Maple Rapids, MI
• Population (ZIP): 701

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 81,490 people
• By 2030: 82,558 · +1.3%
• By 2040: 82,325 · +1.0%
• By 2050: 79,133 · -2.9%
• By 2075: 65,737 · -19.3%
• By 2100: 51,314 · -37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 7% Hispanic / Latino 4%
• Common ancestry: Iranian 7% Lithuanian 6% Romanian 4%

Political lean MEDSL · Clinton

• 2024 margin: Lean R (+8.6) · D 44.9% · R 53.5% · Other 1.5%
• 2008→2024 swing: -9.3pp toward R · 2008: 0.7pp · 2024: -8.6pp
• All cycles: 2024: R+8.6 2020: R+6.5 2016: R+12.7 2012: R+6.2 2008: D+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.38%
• Current HPI: 217.6037
• 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

+228.4% since first listed

7 events — show timeline

• 2026-05-12 Price Changed $139,900 REALCOMP
• 2026-05-12 Price Changed $139,900 Greater Lansing AoR
• 2026-03-24 Price Changed $154,900 REALCOMP
• 2026-03-24 Price Changed $154,900 Greater Lansing AoR
• 2026-02-13 Listed $164,900 Greater Lansing AoR
• 2026-02-13 Listed $164,900 REALCOMP
• 2011-07-05 Sold (Public Records) $42,600 Public Records

Property tax history

-3.6%/yr

Latest (2025): $551 · -71.5% YoY. Source: county tax records.