1408 Waldo Ct · Midland, MI 48640

$120,000

3 bd · 1.0 ba · 1,936 sqft · SingleFamily public records · 10 Days on market

Built 1940 2.00 ac lot

---

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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits with this 1,750-square-foot ranch home situated on a beautiful 2-acre parcel featuring a private pond and plenty of room to enjoy country living. Built in 1940, this home offers three bedrooms, one full bathroom, and a small partial basement, providing a solid foundation for your vision and creativity. While the home requires significant updating and repairs, its generous layout, scenic setting, and desirable acreage create tremendous potential. Outside, you'll find a 30' x 24' detached two-car garage, offering ample space for vehicles, storage, or a workshop. Whether you're an investor searching for your next project, a flipper looking for value-add potential, or a buyer ready to roll up your sleeves and create your dream home, this property presents a rare chance to build equity in a peaceful setting. Bring your ideas and imagination?this diamond in the rough is ready for its next chapter.

Key facts

• Private pond
• 2 acre parcel
• 2 acre lot

Tags

• PRIVATE POND
• 2 ACRE PARCEL
• DETACHED TWO CAR GARAGE

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Septic tank
• Home design: Single-family residence; One story
• Construction: Aluminum siding; Block and slab foundation
• Exterior features: Deck; Pond on the property; City lot

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (propane); No central cooling
• Interior features: Gas water heater; Partial block basement with sump pump

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 $421 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 10.5% vs local median 4.4% in Midland — 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 85/100 on livability (#28 in MI, #578 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Midland Public Schools (urban): math 49% / reading 64% proficiency, ranked #62 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 110 active listings in the ZIP; solid renter incomes; 320 units permitted in Midland County in 2024 (204 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.
• Midland County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 24y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,000

Questions for the listing agent

1. Built in 1940 — 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. Schools are A-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?
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: 1.40% ✓
• Cap rate: 10.50%
• Cash-on-cash: 15.02%
• DSCR: 1.67
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.7%
• Equity multiple: 1.22×
• Total profit: $7,412
• Equity at exit: $17,892

10-year hold

• IRR: 15.1%
• Equity multiple: 2.23×
• Total profit: $41,238
• 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 48640

• Home prices YoY: -21.7%
• Active inventory: 110
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,678 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$226 /mo · $2,712/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $421

Break-even live

Break-even rent $1,146

Max offer price $120,000

Occupancy floor 70%

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: —

Listing history 10 events

1. 2026-06-19
   days on market $120,000 Active 10 DOM
2. 2026-06-18
   days on market $120,000 Active 9 DOM
3. 2026-06-17
   days on market $120,000 Active 8 DOM
4. 2026-06-17
   price $120,000 Active 7 DOM
5. 2026-06-16
   days on market $135,000 Active 7 DOM
6. 2026-06-15
   days on market $135,000 Active 6 DOM
7. 2026-06-14
   days on market $135,000 Active 4 DOM
8. 2026-06-13
   days on market $135,000 Active 3 DOM
9. 2026-06-09
   remarks 699-char remark

   Show marketing remark (923 chars)

   Opportunity awaits with this 1,750-square-foot ranch home situated on a beautiful 2-acre parcel featuring a private pond and plenty of room to enjoy country living. Built in 1940, this home offers three bedrooms, one full bathroom, and a small partial basement, providing a solid foundation for your vision and creativity. While the home requires significant updating and repairs, its generous layout, scenic setting, and desirable acreage create tremendous potential. Outside, you'll find a 30' x 24' detached two-car garage, offering ample space for vehicles, storage, or a workshop. Whether you're an investor searching for your next project, a flipper looking for value-add potential, or a buyer ready to roll up your sleeves and create your dream home, this property presents a rare chance to build equity in a peaceful setting. Bring your ideas and imagination?this diamond in the rough is ready for its next chapter.

10. 2026-06-09
    listed $135,000 Active 1 DOM

    Show marketing remark (923 chars)

    Opportunity awaits with this 1,750-square-foot ranch home situated on a beautiful 2-acre parcel featuring a private pond and plenty of room to enjoy country living. Built in 1940, this home offers three bedrooms, one full bathroom, and a small partial basement, providing a solid foundation for your vision and creativity. While the home requires significant updating and repairs, its generous layout, scenic setting, and desirable acreage create tremendous potential. Outside, you'll find a 30' x 24' detached two-car garage, offering ample space for vehicles, storage, or a workshop. Whether you're an investor searching for your next project, a flipper looking for value-add potential, or a buyer ready to roll up your sleeves and create your dream home, this property presents a rare chance to build equity in a peaceful setting. Bring your ideas and imagination?this diamond in the rough is ready for its next chapter.

ⓘ 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: $2,712 · $226/mo
• Projected year-2 tax: $2,712 · $226/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 ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,140
• − Mortgage interest: −$6,722
• − Property taxes: −$2,712
• − Insurance: −$600
• − Repairs & maintenance: −$1,611
• − Management: −$1,611
• − Depreciation: −$3,491
• Taxable income: $3,392
• Est. tax owed @ 24.0%: −$814
• After-tax cash flow: $4,233/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: Midland Public Schools
• NCES district ID: 2623820
• Math proficiency: 49% ▼ -6.00%
• Reading proficiency: 64% ▼ -3.00%
• Median HH income: $55,844
• Composite: 48.67/100
• National rank: #2105
• State rank: #62 of 540 in MI

Livability — Midland

• Score: 85/100
• State rank: #28
• US rank: #578

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, MI
• County: Midland County · 66,531 people
• City population: 66,531
• Metro: Midland, MI
• Population (ZIP): 32,492
• Household income: $80,574
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 939.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 83,968 people
• By 2030: 83,368 · -0.7%
• By 2040: 80,713 · -3.9%
• By 2050: 76,698 · -8.7%
• By 2075: 67,617 · -19.5%
• By 2100: 57,529 · -31.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 4% Asian 1% Black 1%
• Common ancestry: Romanian 7% Lithuanian 4% Italian 3%
• Foreign-born: 3% · Canada, South Korea, China
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Midland

• 2024 margin: R (+15.2) · D 41.6% · R 56.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: -3.6pp · 2024: -15.2pp
• All cycles: 2024: R+15.2 2020: R+14.6 2016: R+19.4 2012: R+15.5 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.88%
• Current HPI: 230.5702
• Rent YoY: —
• Metro: Midland, 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

+12.5% since first listed

6 events — show timeline

• 2026-06-09 Listed $135,000 REALCOMP
• 2026-06-09 Listed $135,000 MiRealSource-MiMLS
• 2002-11-07 Listing Removed — MiRealSource-MiMLS
• 2002-11-07 Listing Removed — REALCOMP
• 2002-05-07 Listed $120,000 MiRealSource-MiMLS
• 2002-05-07 Listed $120,000 REALCOMP

Property tax history

+3.4%/yr

Latest (2024): $2,712 · +4.9% YoY. Source: county tax records.