126 W Mason · Perry, MI 48857

$139,900

4 bd · 2.0 ba · 1,784 sqft · SingleFamily · 134 Days on market

Built 1900 10,019 sqft lot $78/sqft · 17% below area Est $169k · 17% 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 +21.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +6.0/10.0
• Livability +3.8/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 4-bedroom, 2-bath home with a 1.5-car attached garage, ideally located near schools and a park. This home offers a functional layout and a nice backyard perfect for outdoor enjoyment or future entertaining. With a little TLC, this property presents a great opportunity to add value and make it your own, or to continue to use as a rental for income. Convenient location and solid potential make this one worth a look!

Key facts

• Attached garage
• Nice backyard
• Functional layout

Tags

• ATTACHED GARAGE
• NICE BACKYARD
• FUNCTIONAL LAYOUT
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $220 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 2.2% in Perry — 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 76/100 on livability (#142 in MI, #3,653 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Morrice Area Schools (rural): math 20% / reading 43% proficiency, ranked #323 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 14 active listings in the ZIP; 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 $967 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 134 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 14y 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 $92k; list at $140k implies a 51% 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 $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 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 1900 — 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. 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: 1.10% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.73%
• DSCR: 1.30
• GRM: 7.6

CMA / ARV

• ARV (median comp): $169,364
• List price: $139,900
• Delta: -17.40%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
120 W Mason St	0.01mi	3/1.0 (-1)	1,956 (+10%)	1mo	$200,000	$102	73
335 Main St	0.22mi	4/1.0	1,885 (+6%)	11mo	$154,000	$82	68
102 E Second St	0.31mi	3/2.0 (-1)	1,608 (-10%)	12mo	$190,000	$118	54
231 E South St	0.57mi	3/2.5 (-1)	1,944 (+9%)	3mo	$260,000	$134	49
520 Pond Vw	0.41mi	3/2.0 (-1)	1,568 (-12%)	12mo	$40,000	$26	46
730 W Lansing Rd	0.66mi	3/2.0 (-1)	1,779 (-0%)	22mo	$150,000	$84	46
301 Saphire St	0.69mi	4/2.5	1,764 (-1%)	22mo	$305,000	$173	45
337 E Second St	0.42mi	3/1.0 (-1)	1,536 (-14%)	4mo	$190,000	$124	45
148 Hidden Rdg	0.52mi	3/2.0 (-1)	1,620 (-9%)	17mo	$45,000	$28	41
228 Hidden Rdg	0.52mi	4/3.0	1,976 (+11%)	19mo	$87,500	$44	38
11175 S Morrice Rd	0.68mi	3/2.0 (-1)	1,568 (-12%)	6mo	$154,500	$99	38
126 Walker Dr	0.52mi	3/2.0 (-1)	1,544 (-14%)	20mo	$242,000	$157	32

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: -5.9%
• Equity multiple: 0.78×
• Total profit: $-8,637
• Equity at exit: $20,860

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $10,667
• Equity at exit: $12,096

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 48857

• Home prices YoY: -7.5%
• Active inventory: 14
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,542 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$206 /mo · $2,476/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $220

Break-even live

Break-even rent $1,264

Max offer price $139,900

Occupancy floor 81%

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 36 events

1. 2026-06-18
   days on market $139,900 Active 134 DOM
2. 2026-06-17
   days on market $139,900 Active 133 DOM
3. 2026-06-16
   days on market $139,900 Active 132 DOM
4. 2026-06-15
   days on market $139,900 Active 131 DOM
5. 2026-06-13
   days on market $139,900 Active 129 DOM
6. 2026-06-12
   days on market $139,900 Active 128 DOM
7. 2026-06-09
   days on market $139,900 Active 125 DOM
8. 2026-06-08
   days on market $139,900 Active 124 DOM
9. 2026-06-07
   days on market $139,900 Active 123 DOM
10. 2026-06-05
    days on market $139,900 Active 121 DOM
11. 2026-06-04
    days on market $139,900 Active 119 DOM
12. 2026-06-02
    days on market $139,900 Active 118 DOM
13. 2026-06-01
    days on market $139,900 Active 117 DOM
14. 2026-05-31
    days on market $139,900 Active 116 DOM
15. 2026-05-31
    days on market $139,900 Active 115 DOM
16. 2026-04-09
    price $139,900 426-char remark

    Show marketing remark (426 chars)

    Spacious 4-bedroom, 2-bath home with a 1.5-car attached garage, ideally located near schools and a park. This home offers a functional layout and a nice backyard perfect for outdoor enjoyment or future entertaining. With a little TLC, this property presents a great opportunity to add value and make it your own, or to continue to use as a rental for income. Convenient location and solid potential make this one worth a look!

17. 2026-04-08
    price $139,900 426-char remark

    Show marketing remark (426 chars)

    Spacious 4-bedroom, 2-bath home with a 1.5-car attached garage, ideally located near schools and a park. This home offers a functional layout and a nice backyard perfect for outdoor enjoyment or future entertaining. With a little TLC, this property presents a great opportunity to add value and make it your own, or to continue to use as a rental for income. Convenient location and solid potential make this one worth a look!

18. 2026-02-04
    listed $145,000 Active 426-char remark

    Show marketing remark (426 chars)

    Spacious 4-bedroom, 2-bath home with a 1.5-car attached garage, ideally located near schools and a park. This home offers a functional layout and a nice backyard perfect for outdoor enjoyment or future entertaining. With a little TLC, this property presents a great opportunity to add value and make it your own, or to continue to use as a rental for income. Convenient location and solid potential make this one worth a look!

19. 2026-02-04
    listed $145,000 Active 426-char remark

    Show marketing remark (426 chars)

    Spacious 4-bedroom, 2-bath home with a 1.5-car attached garage, ideally located near schools and a park. This home offers a functional layout and a nice backyard perfect for outdoor enjoyment or future entertaining. With a little TLC, this property presents a great opportunity to add value and make it your own, or to continue to use as a rental for income. Convenient location and solid potential make this one worth a look!

20. 2022-05-31
    soldstatus $92,500
21. 2022-05-27
    soldstatus $92,500 Sold
22. 2022-05-27
    soldstatus $92,500 Closed
23. 2022-05-18
    status Pending
24. 2022-05-18
    status Pending
25. 2022-05-13
    listed $99,900 Active
26. 2022-05-13
    listed $99,900 Active
27. 2022-05-09
    historical $99,900
28. 2022-05-09
    historical $99,900
29. 2017-06-23
    soldstatus $46,550
30. 2012-06-08
    soldstatus $11,394
31. 2012-06-08
    soldstatus $11,394
32. 2012-06-08
    soldstatus $11,394
33. 2012-03-20
    listed $32,000
34. 2012-03-20
    listed $32,000
35. 2012-03-19
    listed $32,000
36. 2012-03-19
    listed $32,000

ⓘ 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: $2,476 · $206/mo
• Projected year-2 tax: $2,476 · $206/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 2/10 Low 7 d/yr ≥96°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: $18,500
• − Mortgage interest: −$7,837
• − Property taxes: −$2,476
• − Insurance: −$700
• − Repairs & maintenance: −$1,480
• − Management: −$1,480
• − Depreciation: −$4,070
• Taxable income: $458
• Est. tax owed @ 24.0%: −$110
• After-tax cash flow: $2,526/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: Morrice Area Schools
• NCES district ID: 2624630
• Math proficiency: 20% ▼ -5.00%
• Reading proficiency: 43% ▼ -1.00%
• Median HH income: $57,064
• Composite: 28.03/100
• National rank: #6845
• State rank: #323 of 540 in MI

Livability — Perry

• Score: 76/100
• State rank: #142
• US rank: #3653

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morrice, MI
• Population (ZIP): 3,488

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 (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Italian 7% Lithuanian 6% Slovak 3%
• Foreign-born: 0%
• Languages at home: 98% English-only · German/W. Germanic 1% 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: ▼ -22.21%
• Current HPI: 273.1644
• 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

+337.2% since first listed

21 events — show timeline

• 2026-04-09 Price Changed $139,900 MiRealSource-MiMLS
• 2026-04-08 Price Changed $139,900 REALCOMP
• 2026-02-04 Listed $145,000 REALCOMP
• 2026-02-04 Listed $145,000 MiRealSource-MiMLS
• 2022-05-31 Sold (Public Records) $92,500 Public Records
• 2022-05-27 Sold (MLS) $92,500 MiRealSource-MiMLS
• 2022-05-27 Sold (MLS) $92,500 REALCOMP
• 2022-05-18 Pending — REALCOMP
• 2022-05-18 Pending — MiRealSource-MiMLS
• 2022-05-13 Listed $99,900 REALCOMP
• 2022-05-13 Listed $99,900 MiRealSource-MiMLS
• 2022-05-09 Coming Soon $99,900 REALCOMP
• 2022-05-09 Coming Soon $99,900 MiRealSource-MiMLS
• 2017-06-23 Sold (Public Records) $46,550 Public Records
• 2012-06-08 Sold (MLS) $11,394 REALCOMP
• 2012-06-08 Sold (MLS) $11,394 MiRealSource-MiMLS
• 2012-06-08 Sold (MLS) $11,394 REALCOMP
• 2012-03-20 Listed $32,000 MiRealSource-MiMLS
• 2012-03-20 Listed $32,000 REALCOMP
• 2012-03-19 Listed $32,000 REALCOMP
• 2012-03-19 Listed $32,000 MiRealSource-MiMLS

Property tax history

+1.6%/yr

Latest (2025): $2,476 · -46.1% YoY. Source: county tax records.