32458 County Road 665 · Waverly, MI 49079

$89,900

3 bd · 1.0 ba · 1,539 sqft · SingleFamily · 43 Days on market

Built 1939 1.00 ac lot $58/sqft · 73% below area

---

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 +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home offers a peaceful setting with a wooded backdrop while still being conveniently located near a main road for easy access. Situated on a generous lot, the property provides plenty of outdoor space and room for future possibilities. The home features a full basement, private well, septic system, vinyl siding exterior, and forced-air heat. With solid bones and a functional layout, this property offers a great opportunity to add your own personal touches and make it your own.

Key facts

• 1 acre lot
• Built 1939
• Listed 43 days

Property features AI

Exterior

• Utilities: Well water
• Home design: Traditional single-family residence; One-story (single family home — living area listed)
• Construction: Built in 1939; Vinyl siding; Asphalt roof; Foundation includes a full basement
• Exterior features: 1.0-acre lot; Well water

Interior

• Kitchen: Kitchen (approx. 16 x 14.1)
• Bedrooms: Primary bedroom (approx. 14.2 x 12); Bedroom 2 (approx. 17 x 11); Bedroom 3 (approx. 13.5 x 10.2)
• Bathrooms: One full bathroom (primary bathroom approx. 5.3 x 8.9)
• Heating & cooling: Forced air heating
• Interior features: Seven total rooms; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $478 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 4.6% in Waverly — 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 84/100 on livability (#39 in MI, #805 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• Bangor Public Schools (Van Buren) (rural): math 14% / reading 26% proficiency, ranked #472 of 540 in MI (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 118 active listings in the ZIP; 165 units permitted in Van Buren 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.
• Van Buren County population projected at -23% 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 ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 37y ago; this cycle's ask has dropped $20k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $90k implies a 414% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.62% ✓
• Cap rate: 12.67%
• Cash-on-cash: 22.78%
• DSCR: 2.01
• GRM: 5.1

CMA / ARV

• ARV (median comp): $338,092
• List price: $89,900
• Delta: -73.41%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
41615 M 43	0.20mi	2/2.0 (-1)	1,677 (+9%)	2mo	$400,000	$239	65

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: 15.7%
• Equity multiple: 1.63×
• Total profit: $15,926
• Equity at exit: $13,404

10-year hold

• IRR: 24.4%
• Equity multiple: 3.12×
• Total profit: $53,283
• 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 49079

• Active inventory: 118
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,457 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$164 /mo · $1,972/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $478

Break-even live

Break-even rent $852

Max offer price $89,900

Occupancy floor 62%

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: —

Listing history 31 events

1. 2026-06-18
   days on market $89,900 Active 43 DOM
2. 2026-06-17
   days on market $89,900 Active 42 DOM
3. 2026-06-16
   days on market $89,900 Active 41 DOM
4. 2026-06-15
   days on market $89,900 Active 40 DOM
5. 2026-06-13
   days on market $89,900 Active 38 DOM
6. 2026-06-12
   days on market $89,900 Active 37 DOM
7. 2026-06-09
   days on market $89,900 Active 34 DOM
8. 2026-06-08
   days on market $89,900 Active 33 DOM
9. 2026-06-07
   days on market $89,900 Active 32 DOM
10. 2026-06-05
    pricedays on market $89,900 Active 30 DOM

    Show marketing remark (486 chars)

    This home offers a peaceful setting with a wooded backdrop while still being conveniently located near a main road for easy access. Situated on a generous lot, the property provides plenty of outdoor space and room for future possibilities. The home features a full basement, private well, septic system, vinyl siding exterior, and forced-air heat. With solid bones and a functional layout, this property offers a great opportunity to add your own personal touches and make it your own.

11. 2026-06-04
    days on market $94,900 Active 28 DOM

    Show marketing remark (486 chars)

    This home offers a peaceful setting with a wooded backdrop while still being conveniently located near a main road for easy access. Situated on a generous lot, the property provides plenty of outdoor space and room for future possibilities. The home features a full basement, private well, septic system, vinyl siding exterior, and forced-air heat. With solid bones and a functional layout, this property offers a great opportunity to add your own personal touches and make it your own.

12. 2026-06-02
    days on market $94,900 Active 27 DOM
13. 2026-06-01
    days on market $94,900 Active 26 DOM
14. 2026-05-31
    days on market $94,900 Active 25 DOM
15. 2026-05-31
    days on market $94,900 Active 24 DOM
16. 2026-05-13
    price $104,900 486-char remark

    Show marketing remark (486 chars)

    This home offers a peaceful setting with a wooded backdrop while still being conveniently located near a main road for easy access. Situated on a generous lot, the property provides plenty of outdoor space and room for future possibilities. The home features a full basement, private well, septic system, vinyl siding exterior, and forced-air heat. With solid bones and a functional layout, this property offers a great opportunity to add your own personal touches and make it your own.

17. 2026-05-13
    price $104,900 486-char remark

    Show marketing remark (486 chars)

    This home offers a peaceful setting with a wooded backdrop while still being conveniently located near a main road for easy access. Situated on a generous lot, the property provides plenty of outdoor space and room for future possibilities. The home features a full basement, private well, septic system, vinyl siding exterior, and forced-air heat. With solid bones and a functional layout, this property offers a great opportunity to add your own personal touches and make it your own.

18. 2026-05-13
    price $104,900

    Show marketing remark (486 chars)

    This home offers a peaceful setting with a wooded backdrop while still being conveniently located near a main road for easy access. Situated on a generous lot, the property provides plenty of outdoor space and room for future possibilities. The home features a full basement, private well, septic system, vinyl siding exterior, and forced-air heat. With solid bones and a functional layout, this property offers a great opportunity to add your own personal touches and make it your own.

19. 2026-05-04
    listed $109,900 Active 486-char remark

    Show marketing remark (486 chars)

    This home offers a peaceful setting with a wooded backdrop while still being conveniently located near a main road for easy access. Situated on a generous lot, the property provides plenty of outdoor space and room for future possibilities. The home features a full basement, private well, septic system, vinyl siding exterior, and forced-air heat. With solid bones and a functional layout, this property offers a great opportunity to add your own personal touches and make it your own.

20. 2026-05-04
    listed $109,900 Active 486-char remark

    Show marketing remark (486 chars)

    This home offers a peaceful setting with a wooded backdrop while still being conveniently located near a main road for easy access. Situated on a generous lot, the property provides plenty of outdoor space and room for future possibilities. The home features a full basement, private well, septic system, vinyl siding exterior, and forced-air heat. With solid bones and a functional layout, this property offers a great opportunity to add your own personal touches and make it your own.

21. 2026-05-04
    listed $109,900 Active

    Show marketing remark (486 chars)

    This home offers a peaceful setting with a wooded backdrop while still being conveniently located near a main road for easy access. Situated on a generous lot, the property provides plenty of outdoor space and room for future possibilities. The home features a full basement, private well, septic system, vinyl siding exterior, and forced-air heat. With solid bones and a functional layout, this property offers a great opportunity to add your own personal touches and make it your own.

22. 2009-02-26
    soldstatus $17,500
23. 2009-02-26
    soldstatus $17,500
24. 2008-11-13
    listed $19,900
25. 2008-11-13
    listed $19,900
26. 1999-12-23
    soldstatus $69,000
27. 1999-12-23
    soldstatus $69,000
28. 1999-10-26
    listed $69,000
29. 1999-10-26
    listed $69,000
30. 1989-09-11
    listed $32,900
31. 1989-09-11
    listed $32,900

ⓘ 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: $1,972 · $164/mo
• Projected year-2 tax: $1,972 · $164/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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,486
• − Mortgage interest: −$5,036
• − Property taxes: −$1,972
• − Insurance: −$450
• − Repairs & maintenance: −$1,399
• − Management: −$1,399
• − Depreciation: −$2,615
• Taxable income: $4,616
• Est. tax owed @ 24.0%: −$1,108
• After-tax cash flow: $4,627/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: Bangor Public Schools (Van Buren)
• NCES district ID: 2603870
• Math proficiency: 14% ▼ -2.00%
• Reading proficiency: 26% ▼ -1.00%
• Median HH income: $37,050
• Composite: 16.63/100
• National rank: #9174
• State rank: #472 of 540 in MI

Livability — Waverly

• Score: 84/100
• State rank: #39
• US rank: #805

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 32,029
• Population (ZIP): 13,364

Population outlook (Van Buren County) Hauer SSP2

• Today (2025): 71,479 people
• By 2030: 68,693 · -3.9%
• By 2040: 62,093 · -13.1%
• By 2050: 55,232 · -22.7%
• By 2075: 40,786 · -42.9%
• By 2100: 27,785 · -61.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 8% Hispanic / Latino 8% Black 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Iranian 7% Romanian 6% Lithuanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Van Buren

• 2024 margin: R (+15.1) · D 41.7% · R 56.9% · Other 1.4%
• 2008→2024 swing: -23.9pp toward R · 2008: 8.8pp · 2024: -15.1pp
• All cycles: 2024: R+15.1 2020: R+12.3 2016: R+13.9 2012: D+0.5 2008: D+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.46%
• Current HPI: 164.7191
• 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

+173.3% since first listed

25 events — show timeline

• 2026-06-05 Price Changed $89,900 MiRealSource-MiMLS
• 2026-06-04 Price Changed $89,900 REALCOMP
• 2026-06-04 Price Changed $89,900 SW Michigan MLS
• 2026-05-23 Price Changed $94,900 MiRealSource-MiMLS
• 2026-05-22 Price Changed $94,900 REALCOMP
• 2026-05-22 Price Changed $94,900 SW Michigan MLS
• 2026-05-20 Price Changed $99,900 MiRealSource-MiMLS
• 2026-05-19 Price Changed $99,900 REALCOMP
• 2026-05-19 Price Changed $99,900 SW Michigan MLS
• 2026-05-13 Price Changed $104,900 MiRealSource-MiMLS
• 2026-05-13 Price Changed $104,900 REALCOMP
• 2026-05-13 Price Changed $104,900 SW Michigan MLS
• 2026-05-04 Listed $109,900 SW Michigan MLS
• 2026-05-04 Listed $109,900 REALCOMP
• 2026-05-04 Listed $109,900 MiRealSource-MiMLS
• 2009-02-26 Sold (MLS) $17,500 REALCOMP
• 2009-02-26 Sold (MLS) $17,500 SW Michigan MLS
• 2008-11-13 Listed $19,900 REALCOMP
• 2008-11-13 Listed $19,900 SW Michigan MLS
• 1999-12-23 Sold (MLS) $69,000 REALCOMP
• 1999-12-23 Sold (MLS) $69,000 SW Michigan MLS
• 1999-10-26 Listed $69,000 REALCOMP
• 1999-10-26 Listed $69,000 SW Michigan MLS
• 1989-09-11 Listed $32,900 REALCOMP
• 1989-09-11 Listed $32,900 SW Michigan MLS

Property tax history

+7.1%/yr

Latest (2025): $1,972 · +1.9% YoY. Source: county tax records.