4156 Echo Rd · Millburg, MI 49022

$92,250

2 bd · 2.0 ba · 1,008 sqft · SingleFamily public records · 52 Days on market

Built 1991 0.46 ac lot Est $128k · 28% 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 +27.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.8/10.0
• 1% rule +8.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Special - Affordable Property with Renovation PotentialAttention investors and cash buyers--here's your next rehab project in the heart of Southwest Michigan. This 2-bedroom, 2-bath home offers over 1,000 sq ft of living space on a half-acre lot, providing room to improve, expand, or hold as a strong rental opportunity. Located just outside downtown Benton Harbor, this property sits near area employers, the local arts district, and Lake Michigan beaches--making it ideal for workforce tenants, short-term rentals, or affordable housing investors. The surrounding community is experiencing ongoing revitalization, offering long-term upside for those willing to bring their toolbelt and unlock its full potential. Motivated Seller - sold as-is

Key facts

• Half-acre lot
• 0.46 acre lot
• Built 1991

Tags

• HALF-ACRE LOT
• LAKE MICHIGAN BEACHES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $92k.

Deal economics

• At list price, monthly cash flow is $281 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• Recommended offer: $89k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Benton Harbor Area Schools (urban): math 4% / reading 7% proficiency, ranked #732 of 760 in MI (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 89% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 179 active listings in the ZIP; 397 units permitted in Berrien County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $638 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Berrien County population projected at -16% 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 $26k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 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.

Recommended offer $89,482 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 1.31% ✓
• Cap rate: 9.94%
• Cash-on-cash: 13.03%
• DSCR: 1.58
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $128,016
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4156 Echo Rd	0.00mi	2/2.0	1,008 (0%)	1mo	$70,000	$69	99
4641 Territorial Rd Rd	0.62mi	3/1.0 (+1)	1,118 (+11%)	9mo	$142,000	$127	36
495 4th St	0.73mi	2/1.0	864 (-14%)	20mo	$135,000	$156	22

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: 3.0%
• Equity multiple: 1.11×
• Total profit: $2,962
• Equity at exit: $13,755

10-year hold

• IRR: 12.6%
• Equity multiple: 2.00×
• Total profit: $25,757
• Equity at exit: $7,976

Cash invested: $25,830 (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 49022

• Active inventory: 179
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,209 medium
• Mortgage (P&I): −$484
• Tax from tax record: −$153 /mo · $1,833/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $281

Break-even live

Break-even rent $854

Max offer price $92,250

Occupancy floor 72%

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: $23,062
• Closing costs: $2,768
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-02-03
   status Pending 754-char remark

   Show marketing remark (754 chars)

   Investor Special - Affordable Property with Renovation PotentialAttention investors and cash buyers--here's your next rehab project in the heart of Southwest Michigan. This 2-bedroom, 2-bath home offers over 1,000 sq ft of living space on a half-acre lot, providing room to improve, expand, or hold as a strong rental opportunity. Located just outside downtown Benton Harbor, this property sits near area employers, the local arts district, and Lake Michigan beaches--making it ideal for workforce tenants, short-term rentals, or affordable housing investors. The surrounding community is experiencing ongoing revitalization, offering long-term upside for those willing to bring their toolbelt and unlock its full potential. Motivated Seller - sold as-is

2. 2026-02-03
   status Pending 754-char remark

   Show marketing remark (754 chars)

   Investor Special - Affordable Property with Renovation PotentialAttention investors and cash buyers--here's your next rehab project in the heart of Southwest Michigan. This 2-bedroom, 2-bath home offers over 1,000 sq ft of living space on a half-acre lot, providing room to improve, expand, or hold as a strong rental opportunity. Located just outside downtown Benton Harbor, this property sits near area employers, the local arts district, and Lake Michigan beaches--making it ideal for workforce tenants, short-term rentals, or affordable housing investors. The surrounding community is experiencing ongoing revitalization, offering long-term upside for those willing to bring their toolbelt and unlock its full potential. Motivated Seller - sold as-is

3. 2026-02-03
   status Pending

   Show marketing remark (754 chars)

   Investor Special - Affordable Property with Renovation PotentialAttention investors and cash buyers--here's your next rehab project in the heart of Southwest Michigan. This 2-bedroom, 2-bath home offers over 1,000 sq ft of living space on a half-acre lot, providing room to improve, expand, or hold as a strong rental opportunity. Located just outside downtown Benton Harbor, this property sits near area employers, the local arts district, and Lake Michigan beaches--making it ideal for workforce tenants, short-term rentals, or affordable housing investors. The surrounding community is experiencing ongoing revitalization, offering long-term upside for those willing to bring their toolbelt and unlock its full potential. Motivated Seller - sold as-is

4. 2025-12-13
   listed $92,250 Active 754-char remark

   Show marketing remark (754 chars)

   Investor Special - Affordable Property with Renovation PotentialAttention investors and cash buyers--here's your next rehab project in the heart of Southwest Michigan. This 2-bedroom, 2-bath home offers over 1,000 sq ft of living space on a half-acre lot, providing room to improve, expand, or hold as a strong rental opportunity. Located just outside downtown Benton Harbor, this property sits near area employers, the local arts district, and Lake Michigan beaches--making it ideal for workforce tenants, short-term rentals, or affordable housing investors. The surrounding community is experiencing ongoing revitalization, offering long-term upside for those willing to bring their toolbelt and unlock its full potential. Motivated Seller - sold as-is

5. 2025-12-13
   listed $92,250 Active 754-char remark

   Show marketing remark (754 chars)

   Investor Special - Affordable Property with Renovation PotentialAttention investors and cash buyers--here's your next rehab project in the heart of Southwest Michigan. This 2-bedroom, 2-bath home offers over 1,000 sq ft of living space on a half-acre lot, providing room to improve, expand, or hold as a strong rental opportunity. Located just outside downtown Benton Harbor, this property sits near area employers, the local arts district, and Lake Michigan beaches--making it ideal for workforce tenants, short-term rentals, or affordable housing investors. The surrounding community is experiencing ongoing revitalization, offering long-term upside for those willing to bring their toolbelt and unlock its full potential. Motivated Seller - sold as-is

6. 2025-12-13
   listed $92,250 Active

   Show marketing remark (754 chars)

   Investor Special - Affordable Property with Renovation PotentialAttention investors and cash buyers--here's your next rehab project in the heart of Southwest Michigan. This 2-bedroom, 2-bath home offers over 1,000 sq ft of living space on a half-acre lot, providing room to improve, expand, or hold as a strong rental opportunity. Located just outside downtown Benton Harbor, this property sits near area employers, the local arts district, and Lake Michigan beaches--making it ideal for workforce tenants, short-term rentals, or affordable housing investors. The surrounding community is experiencing ongoing revitalization, offering long-term upside for those willing to bring their toolbelt and unlock its full potential. Motivated Seller - sold as-is

ⓘ 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: $1,833 · $153/mo
• Projected year-2 tax: $1,833 · $153/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 ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,514
• − Mortgage interest: −$5,167
• − Property taxes: −$1,833
• − Insurance: −$461
• − Repairs & maintenance: −$1,161
• − Management: −$1,161
• − Depreciation: −$2,684
• Taxable income: $2,047
• Est. tax owed @ 24.0%: −$491
• After-tax cash flow: $2,876/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: Benton Harbor Area Schools
• NCES district ID: 2604830
• Math proficiency: 4% ▬ 0.00%
• Reading proficiency: 7% ▬ 0.00%
• Median HH income: $27,038
• Composite: 7.53/100
• National rank: #14787
• State rank: #732 of 760 in MI

Livability — Millburg

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

Census & demographics

• Census place: Millburg, MI
• Population (ZIP): 29,796

Population outlook (Berrien County) Hauer SSP2

• Today (2025): 149,273 people
• By 2030: 145,211 · -2.7%
• By 2040: 135,435 · -9.3%
• By 2050: 125,543 · -15.9%
• By 2075: 103,986 · -30.3%
• By 2100: 82,256 · -44.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Black 50% White 37% Hispanic / Latino 7% Two or more races 6% Native American 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Berrien

• 2024 margin: Lean R (+7.9) · D 45.4% · R 53.2% · Other 1.4%
• 2008→2024 swing: -13.3pp toward R · 2008: 5.5pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: R+7.4 2016: R+12.7 2012: R+6.6 2008: D+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -309.81%
• Current HPI: 209.9723
• 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

+0.0% since first listed

6 events — show timeline

• 2026-02-03 Pending — REALCOMP
• 2026-02-03 Pending — MiRealSource-MiMLS
• 2026-02-03 Pending — SW Michigan MLS
• 2025-12-13 Listed $92,250 SW Michigan MLS
• 2025-12-13 Listed $92,250 MiRealSource-MiMLS
• 2025-12-13 Listed $92,250 REALCOMP

Property tax history

+5.2%/yr

Latest (2024): $1,833 · -4.5% YoY. Source: county tax records.