8532 S 1st St · Pleasant Plains, MI 49304

$89,900

2 bd · 1.0 ba · 488 sqft · SingleFamily · 312 Days on market

Built 2021 Excellent condition 0.29 ac lot $184/sqft · 45% below area Est $165k · 45% under ↓ 10% since listing

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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 +18.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.8/10.0
• Condition / age +4.8/5.0
• 1% rule +4.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Escape to your own turn-key retreat in scenic Lake County! This 0.28 acre property is just a short walk to Watermill Lake and offers endless outdoor adventures, from hunting and trail riding to peaceful evenings under the stars. Two fully finished newer cabins - one 12x24 and one 10x20 ? feature porches, cozy living quarters, bedrooms, lofts, and electric hookups, comfortably sleeping up to four people each. Enjoy the convenience of a 200-amp power service, a 1.25-inch well, a 6x6 shower cabin with hot water, sizeable storage shed, and gazebo. Everything on the property can stay, making it truly move-in ready for recreational or camping needs. For even more space, the Seller is willing to bundle the parcel of land just behind the property located on Ellis Street at an additional cost.

Key facts

• 6x6 shower cabin
• Electric hookups
• 1.25-inch well

Tags

• TWO FULLY FINISHED CABINS
• ELECTRIC HOOKUPS
• 200-AMP POWER SERVICE
• 1.25-INCH WELL
• 6X6 SHOWER CABIN
• SIZEABLE STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $85 ($1k/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 $81k (9.4% below list).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Baldwin Community Schools (rural): math 21% / reading 28% proficiency, ranked #618 of 760 in MI (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 167 active listings in the ZIP; 30 units permitted in Lake 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.
• Lake County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 312 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $79,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 312 days. Have you received any prior offers? Is the seller open to a 12% 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: 0.91% ✗
• Cap rate: 7.42%
• Cash-on-cash: 4.04%
• DSCR: 1.18
• GRM: 9.2

CMA / ARV

• ARV (median comp): $164,775
• List price: $89,900
• Delta: -45.44%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8622 S Division Rd	0.11mi	1/1.0 (-1)	480 (-2%)	12mo	$169,000	$352	77

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: -10.0%
• Equity multiple: 0.63×
• Total profit: $-9,195
• Equity at exit: $13,404

10-year hold

• IRR: -0.7%
• Equity multiple: 0.95×
• Total profit: $-1,162
• 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 49304

• Home prices YoY: -30.4%
• Active inventory: 167
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $815 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$50 /mo · $598/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$171
• Net cashflow: $85

Break-even live

Break-even rent $707

Max offer price $89,900

Occupancy floor 85%

Sensitivity live

Price	-10% $136	-5% $110	+0% $85	+5% $59	+10% $34
Rent	-10% $20	-5% $53	+0% $85	+5% $117	+10% $149
Rate	-1.0pp $130	-0.5pp $108	base $85	+0.5pp $61	+1.0pp $38

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 28 events

1. 2026-06-21
   days on market $89,900 Active 312 DOM
2. 2026-06-18
   days on market $89,900 Active 310 DOM
3. 2026-06-17
   days on market $89,900 Active 309 DOM
4. 2026-06-16
   days on market $89,900 Active 308 DOM
5. 2026-06-15
   days on market $89,900 Active 307 DOM
6. 2026-06-13
   days on market $89,900 Active 305 DOM
7. 2026-06-12
   days on market $89,900 Active 304 DOM
8. 2026-06-09
   days on market $89,900 Active 301 DOM
9. 2026-06-08
   days on market $89,900 Active 300 DOM
10. 2026-06-07
    days on market $89,900 Active 299 DOM
11. 2026-06-07
    days on market $89,900 Active 298 DOM
12. 2026-06-04
    days on market $89,900 Active 295 DOM
13. 2026-06-02
    days on market $89,900 Active 294 DOM
14. 2026-06-01
    days on market $89,900 Active 293 DOM
15. 2026-05-31
    days on market $89,900 Active 292 DOM
16. 2026-05-31
    days on market $89,900 Active 291 DOM
17. 2025-11-20
    price $89,900 795-char remark

    Show marketing remark (795 chars)

    Escape to your own turn-key retreat in scenic Lake County! This 0.28 acre property is just a short walk to Watermill Lake and offers endless outdoor adventures, from hunting and trail riding to peaceful evenings under the stars. Two fully finished newer cabins - one 12x24 and one 10x20 ? feature porches, cozy living quarters, bedrooms, lofts, and electric hookups, comfortably sleeping up to four people each. Enjoy the convenience of a 200-amp power service, a 1.25-inch well, a 6x6 shower cabin with hot water, sizeable storage shed, and gazebo. Everything on the property can stay, making it truly move-in ready for recreational or camping needs. For even more space, the Seller is willing to bundle the parcel of land just behind the property located on Ellis Street at an additional cost.

18. 2025-11-20
    price $89,900 795-char remark

    Show marketing remark (795 chars)

    Escape to your own turn-key retreat in scenic Lake County! This 0.28 acre property is just a short walk to Watermill Lake and offers endless outdoor adventures, from hunting and trail riding to peaceful evenings under the stars. Two fully finished newer cabins - one 12x24 and one 10x20 ? feature porches, cozy living quarters, bedrooms, lofts, and electric hookups, comfortably sleeping up to four people each. Enjoy the convenience of a 200-amp power service, a 1.25-inch well, a 6x6 shower cabin with hot water, sizeable storage shed, and gazebo. Everything on the property can stay, making it truly move-in ready for recreational or camping needs. For even more space, the Seller is willing to bundle the parcel of land just behind the property located on Ellis Street at an additional cost.

19. 2025-11-19
    price $89,900
20. 2025-11-19
    price $89,900
21. 2025-11-19
    price $89,900
22. 2025-11-19
    price $89,900
23. 2025-08-12
    listed $99,900 Active 795-char remark

    Show marketing remark (795 chars)

    Escape to your own turn-key retreat in scenic Lake County! This 0.28 acre property is just a short walk to Watermill Lake and offers endless outdoor adventures, from hunting and trail riding to peaceful evenings under the stars. Two fully finished newer cabins - one 12x24 and one 10x20 ? feature porches, cozy living quarters, bedrooms, lofts, and electric hookups, comfortably sleeping up to four people each. Enjoy the convenience of a 200-amp power service, a 1.25-inch well, a 6x6 shower cabin with hot water, sizeable storage shed, and gazebo. Everything on the property can stay, making it truly move-in ready for recreational or camping needs. For even more space, the Seller is willing to bundle the parcel of land just behind the property located on Ellis Street at an additional cost.

24. 2025-08-12
    listed $99,900 Active 795-char remark

    Show marketing remark (795 chars)

    Escape to your own turn-key retreat in scenic Lake County! This 0.28 acre property is just a short walk to Watermill Lake and offers endless outdoor adventures, from hunting and trail riding to peaceful evenings under the stars. Two fully finished newer cabins - one 12x24 and one 10x20 ? feature porches, cozy living quarters, bedrooms, lofts, and electric hookups, comfortably sleeping up to four people each. Enjoy the convenience of a 200-amp power service, a 1.25-inch well, a 6x6 shower cabin with hot water, sizeable storage shed, and gazebo. Everything on the property can stay, making it truly move-in ready for recreational or camping needs. For even more space, the Seller is willing to bundle the parcel of land just behind the property located on Ellis Street at an additional cost.

25. 2025-08-12
    listed $99,900 Active

    Show marketing remark (795 chars)

    Escape to your own turn-key retreat in scenic Lake County! This 0.28 acre property is just a short walk to Watermill Lake and offers endless outdoor adventures, from hunting and trail riding to peaceful evenings under the stars. Two fully finished newer cabins - one 12x24 and one 10x20 ? feature porches, cozy living quarters, bedrooms, lofts, and electric hookups, comfortably sleeping up to four people each. Enjoy the convenience of a 200-amp power service, a 1.25-inch well, a 6x6 shower cabin with hot water, sizeable storage shed, and gazebo. Everything on the property can stay, making it truly move-in ready for recreational or camping needs. For even more space, the Seller is willing to bundle the parcel of land just behind the property located on Ellis Street at an additional cost.

26. 2025-08-12
    listed $99,900 Active

    Show marketing remark (795 chars)

    Escape to your own turn-key retreat in scenic Lake County! This 0.28 acre property is just a short walk to Watermill Lake and offers endless outdoor adventures, from hunting and trail riding to peaceful evenings under the stars. Two fully finished newer cabins - one 12x24 and one 10x20 ? feature porches, cozy living quarters, bedrooms, lofts, and electric hookups, comfortably sleeping up to four people each. Enjoy the convenience of a 200-amp power service, a 1.25-inch well, a 6x6 shower cabin with hot water, sizeable storage shed, and gazebo. Everything on the property can stay, making it truly move-in ready for recreational or camping needs. For even more space, the Seller is willing to bundle the parcel of land just behind the property located on Ellis Street at an additional cost.

27. 2025-08-12
    listed $99,900 Active

    Show marketing remark (795 chars)

    Escape to your own turn-key retreat in scenic Lake County! This 0.28 acre property is just a short walk to Watermill Lake and offers endless outdoor adventures, from hunting and trail riding to peaceful evenings under the stars. Two fully finished newer cabins - one 12x24 and one 10x20 ? feature porches, cozy living quarters, bedrooms, lofts, and electric hookups, comfortably sleeping up to four people each. Enjoy the convenience of a 200-amp power service, a 1.25-inch well, a 6x6 shower cabin with hot water, sizeable storage shed, and gazebo. Everything on the property can stay, making it truly move-in ready for recreational or camping needs. For even more space, the Seller is willing to bundle the parcel of land just behind the property located on Ellis Street at an additional cost.

28. 2025-08-12
    listed $99,900 Active

    Show marketing remark (795 chars)

    Escape to your own turn-key retreat in scenic Lake County! This 0.28 acre property is just a short walk to Watermill Lake and offers endless outdoor adventures, from hunting and trail riding to peaceful evenings under the stars. Two fully finished newer cabins - one 12x24 and one 10x20 ? feature porches, cozy living quarters, bedrooms, lofts, and electric hookups, comfortably sleeping up to four people each. Enjoy the convenience of a 200-amp power service, a 1.25-inch well, a 6x6 shower cabin with hot water, sizeable storage shed, and gazebo. Everything on the property can stay, making it truly move-in ready for recreational or camping needs. For even more space, the Seller is willing to bundle the parcel of land just behind the property located on Ellis Street at an additional cost.

ⓘ 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: $598 · $50/mo
• Projected year-2 tax: $991 · $83/mo
• Expected delta: +$393/yr (+$33/mo · 65.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $9,774
• − Mortgage interest: −$5,036
• − Property taxes: −$598
• − Insurance: −$450
• − Repairs & maintenance: −$782
• − Management: −$782
• − Depreciation: −$2,615
• Taxable loss: −$488
• Est. tax savings @ 24.0%: +$117
• After-tax cash flow: $1,134/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.

Condition & rehab AI · 1 photo

Excellent 95/100 None rehab

This turn-key retreat is move-in ready with two fully finished cabins, a 200-amp power service, and a 1.25-inch well. The property offers endless outdoor adventures and is located just a short walk to Watermill Lake.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and outdoor living space
• Both Add a small deck or patio — Improves outdoor living space and adds value
• Both Install a privacy fence — Enhances privacy and outdoor living space

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and outdoor living space ↑
• Both Add a small deck or patio — Improves outdoor living space and adds value ↑
• Both Install a privacy fence — Enhances privacy and outdoor living space ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Baldwin Community Schools
• NCES district ID: 2603810
• Math proficiency: 21% ▲ 3.00%
• Reading proficiency: 28% ▼ -2.00%
• Median HH income: $27,638
• Composite: 22.56/100
• National rank: #13447
• State rank: #618 of 760 in MI

Livability — Pleasant Plains

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

Census & demographics

• Population (ZIP): 4,680

Population outlook (Lake County) Hauer SSP2

• Today (2025): 10,933 people
• By 2030: 10,503 · -3.9%
• By 2040: 9,470 · -13.4%
• By 2050: 8,526 · -22.0%
• By 2075: 7,160 · -34.5%
• By 2100: 5,634 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 12% Hispanic / Latino 11% Two or more races 9% Native American 2%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2%
• Common ancestry: Romanian 5% Iranian 5% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4% Vietnamese 1%

Political lean MEDSL · Lake

• 2024 margin: Solid R (+32.2) · D 33.2% · R 65.4% · Other 1.4%
• 2008→2024 swing: -44.5pp toward R · 2008: 12.3pp · 2024: -32.2pp
• All cycles: 2024: R+32.2 2020: R+26.2 2016: R+22.9 2012: D+5.0 2008: D+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.01%
• Current HPI: 116.6025
• 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

-10.0% since first listed

12 events — show timeline

• 2025-11-20 Price Changed $89,900 MiRealSource-MiMLS
• 2025-11-20 Price Changed $89,900 MiRealSource-MiMLS
• 2025-11-19 Price Changed $89,900 REALCOMP
• 2025-11-19 Price Changed $89,900 REALCOMP
• 2025-11-19 Price Changed $89,900 SW Michigan MLS
• 2025-11-19 Price Changed $89,900 SW Michigan MLS
• 2025-08-12 Listed $99,900 SW Michigan MLS
• 2025-08-12 Listed $99,900 SW Michigan MLS
• 2025-08-12 Listed $99,900 REALCOMP
• 2025-08-12 Listed $99,900 REALCOMP
• 2025-08-12 Listed $99,900 MiRealSource-MiMLS
• 2025-08-12 Listed $99,900 MiRealSource-MiMLS