26 Fayette St W · Hillsdale, MI 49242

$120,000

3 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 2 Days on market

Built 1900 0.62 ac lot Est $154k · 22% 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 +25.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.6/10.0
• 1% rule +6.1/10.0
• Livability +3.8/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom, 1-bath traditional home sits just a short walk from Hillsdale College and offers plenty of potential. Whether you're looking for a fixer-upper or your next investment property, this one is worth a look. The oversized yard provides room to expand, garden, or enjoy the extra space. Features include an enclosed side porch, covered front porch, and a small attached one-car garage. Wood burner in the kitchen. Don't miss out on this opportunity! Being sold in as-is condition.

Key facts

• Enclosed side porch
• Covered front porch
• Oversized yard

Tags

• OVERSIZED YARD
• ENCLOSED SIDE PORCH
• COVERED FRONT PORCH
• WOOD BURNER IN KITCHEN

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water
• Home design: Traditional single family residence; One story
• Construction: Built in 1900; Shingle siding and vinyl siding; Shingle roof; Full foundation
• Exterior features: Paved road access; Lot approximately 0.62 acres; Public water

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Has cooling
• Interior features: 6 total rooms; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $289 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 9.2% vs local median 2.6% in Hillsdale — 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 75/100 on livability (#158 in MI, #4,063 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, commute F.
• Hillsdale Community Schools (town): math 26% / reading 38% proficiency, ranked #348 of 540 in MI (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 81 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 72 units permitted in Hillsdale County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Hillsdale County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,000

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. 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.
4. 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.
5. 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: 1.11% ✓
• Cap rate: 9.18%
• Cash-on-cash: 10.32%
• DSCR: 1.46
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $154,056
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26 Fayette St W	0.00mi	3/1.0	1,176 (0%)	1mo	$115,000	$98	99
18 Garden St	0.39mi	2/1.0 (-1)	1,164 (-1%)	7mo	$117,000	$101	69
82 N Norwood St	0.36mi	3/1.5	1,265 (+8%)	1mo	$140,000	$111	68
46 Salem St	0.62mi	3/1.0	1,131 (-4%)	8mo	$162,000	$143	58
19 S Norwood Ave	0.70mi	3/1.0	1,216 (+3%)	7mo	$160,001	$132	56
143 N Manning St	0.23mi	2/1.0 (-1)	1,050 (-11%)	13mo	$149,800	$143	56
142 River St	0.54mi	2/1.0 (-1)	1,230 (+5%)	9mo	$114,900	$93	55
24 N Norwood St	0.54mi	3/1.0	1,225 (+4%)	20mo	$149,000	$122	51
387 N West St	0.60mi	3/1.5	1,100 (-6%)	13mo	$165,000	$150	48
19 Division St	0.62mi	3/1.0	1,036 (-12%)	12mo	$235,000	$227	42
32 S West St	0.73mi	3/1.0	1,324 (+13%)	12mo	$174,000	$131	35
9 Waldron St	0.69mi	3/1.0	1,349 (+15%)	20mo	$42,000	$31	26

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: -0.8%
• Equity multiple: 0.97×
• Total profit: $-1,061
• Equity at exit: $17,892

10-year hold

• IRR: 8.8%
• Equity multiple: 1.68×
• Total profit: $22,684
• Equity at exit: $10,375

Cash invested: $33,600 (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 49242

• Home prices YoY: -31.2%
• Active inventory: 81
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,327 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$80 /mo · $961/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $289

Break-even live

Break-even rent $961

Max offer price $120,000

Occupancy floor 73%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8 S Manning St Hillsdale, MI	1.0–2.0	1.0	850	$1,031	$1.21	43d	1	0.66mi
34 Marion St Hillsdale, MI	3.0	1.0–1.5	950	$1,200	$1.26	43d	4	0.70mi

Listing history 6 events

1. 2026-05-05
   status Pending 490-char remark

   Show marketing remark (490 chars)

   This 3-bedroom, 1-bath traditional home sits just a short walk from Hillsdale College and offers plenty of potential. Whether you're looking for a fixer-upper or your next investment property, this one is worth a look. The oversized yard provides room to expand, garden, or enjoy the extra space. Features include an enclosed side porch, covered front porch, and a small attached one-car garage. Wood burner in the kitchen. Don't miss out on this opportunity! Being sold in as-is condition.

2. 2026-05-05
   status Pending 490-char remark

   Show marketing remark (490 chars)

   This 3-bedroom, 1-bath traditional home sits just a short walk from Hillsdale College and offers plenty of potential. Whether you're looking for a fixer-upper or your next investment property, this one is worth a look. The oversized yard provides room to expand, garden, or enjoy the extra space. Features include an enclosed side porch, covered front porch, and a small attached one-car garage. Wood burner in the kitchen. Don't miss out on this opportunity! Being sold in as-is condition.

3. 2026-05-05
   status Pending

   Show marketing remark (490 chars)

   This 3-bedroom, 1-bath traditional home sits just a short walk from Hillsdale College and offers plenty of potential. Whether you're looking for a fixer-upper or your next investment property, this one is worth a look. The oversized yard provides room to expand, garden, or enjoy the extra space. Features include an enclosed side porch, covered front porch, and a small attached one-car garage. Wood burner in the kitchen. Don't miss out on this opportunity! Being sold in as-is condition.

4. 2026-05-04
   listed $120,000 Active 490-char remark

   Show marketing remark (490 chars)

   This 3-bedroom, 1-bath traditional home sits just a short walk from Hillsdale College and offers plenty of potential. Whether you're looking for a fixer-upper or your next investment property, this one is worth a look. The oversized yard provides room to expand, garden, or enjoy the extra space. Features include an enclosed side porch, covered front porch, and a small attached one-car garage. Wood burner in the kitchen. Don't miss out on this opportunity! Being sold in as-is condition.

5. 2026-05-03
   listed $120,000 Active 490-char remark

   Show marketing remark (490 chars)

   This 3-bedroom, 1-bath traditional home sits just a short walk from Hillsdale College and offers plenty of potential. Whether you're looking for a fixer-upper or your next investment property, this one is worth a look. The oversized yard provides room to expand, garden, or enjoy the extra space. Features include an enclosed side porch, covered front porch, and a small attached one-car garage. Wood burner in the kitchen. Don't miss out on this opportunity! Being sold in as-is condition.

6. 2026-05-03
   listed $120,000 Active

   Show marketing remark (490 chars)

   This 3-bedroom, 1-bath traditional home sits just a short walk from Hillsdale College and offers plenty of potential. Whether you're looking for a fixer-upper or your next investment property, this one is worth a look. The oversized yard provides room to expand, garden, or enjoy the extra space. Features include an enclosed side porch, covered front porch, and a small attached one-car garage. Wood burner in the kitchen. Don't miss out on this opportunity! Being sold in as-is condition.

ⓘ 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: $961 · $80/mo
• Projected year-2 tax: $1,404 · $117/mo
• Expected delta: +$444/yr (+$37/mo · 46.2%)

ⓘ 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 ≥97°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: $15,924
• − Mortgage interest: −$6,722
• − Property taxes: −$961
• − Insurance: −$600
• − Repairs & maintenance: −$1,274
• − Management: −$1,274
• − Depreciation: −$3,491
• Taxable income: $1,603
• Est. tax owed @ 24.0%: −$385
• After-tax cash flow: $3,083/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: Hillsdale Community Schools
• NCES district ID: 2618390
• Math proficiency: 26% ▼ -7.00%
• Reading proficiency: 38% ▼ -5.00%
• Median HH income: $38,652
• Composite: 26.73/100
• National rank: #7143
• State rank: #348 of 540 in MI

Livability — Hillsdale

• Score: 75/100
• State rank: #158
• US rank: #4063

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hillsdale, MI
• County: Hillsdale County · 14,750 people
• City population: 14,750
• Metro: Hillsdale, MI
• Population (ZIP): 14,750
• Household income: $61,029
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 349.0

Population outlook (Hillsdale County) Hauer SSP2

• Today (2025): 43,704 people
• By 2030: 41,996 · -3.9%
• By 2040: 38,019 · -13.0%
• By 2050: 34,095 · -22.0%
• By 2075: 25,897 · -40.7%
• By 2100: 18,746 · -57.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 4% Black 1%
• Common ancestry: Romanian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · Canada, Jamaica
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Hillsdale

• 2024 margin: Solid R (+51.4) · D 23.7% · R 75.1% · Other 1.2%
• 2008→2024 swing: -39.4pp toward R · 2008: -12.0pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+47.9 2016: R+46.8 2012: R+24.2 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -105.04%
• Current HPI: 231.5167
• Rent YoY: —
• Metro: Hillsdale, MI
• 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

+0.0% since first listed

6 events — show timeline

• 2026-05-05 Pending — MiRealSource-MiMLS
• 2026-05-05 Pending — REALCOMP
• 2026-05-05 Pending — SW Michigan MLS
• 2026-05-04 Listed $120,000 REALCOMP
• 2026-05-03 Listed $120,000 SW Michigan MLS
• 2026-05-03 Listed $120,000 MiRealSource-MiMLS

Property tax history

+1.9%/yr

Latest (2025): $961 · -15.0% YoY. Source: county tax records.