12767 W M21 · Fowler, MI 48835

$119,000

3 bd · 2.0 ba · 1,628 sqft · SingleFamily public records · 16 Days on market

Built 1910 2.66 ac lot Est $99k · 20% over ↓ 40% since listing

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Why this score? — see what drove the D+ 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 +22.9/30.0
• DSCR +7.4/10.0
• Schools +5.5/10.0
• 1% rule +5.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss out on this 3-bedroom 2 bathroom two 2 story home on 2.66 acres with country views, a 2 car attached garage, large agriculture barn, an additional storage barn, and lots of room for your hobby. The foyer will lead you to an open living area that opens to the kitchen and dining area. The kitchen has oak cabinetry, good countertop space, and vinyl flooring. There is first floor laundry. The primary bedroom is on the main floor. There are 2 full bathrooms on the main floor. The 2nd and 3rd bedroom on the second floor. All offers must be submitted at www. vrmproperties.com. Agents must register as a User, enter the property address, and click on "Start Offer". This property may qualify for Seller Financing (Vendee). If property was built prior to 1978, Lead Based Paintpotentially exists. Cash only.

Key facts

• Oak cabinetry
• Vinyl flooring
• First floor laundry

Tags

• OPEN LIVING AREA
• OAK CABINETRY
• GOOD COUNTERTOP SPACE
• VINYL FLOORING
• FIRST FLOOR LAUNDRY
• PRIMARY BEDROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $210 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Recommended offer: $117k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#261 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Fowler Public Schools (rural): math 58% / reading 69% proficiency, ranked #29 of 540 in MI (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 8 active listings in the ZIP; 154 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago 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 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,215 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.02% ✓
• Cap rate: 8.41%
• Cash-on-cash: 7.57%
• DSCR: 1.34
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $99,308
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12767 W M21	0.00mi	3/2.0	1,628 (0%)	1mo	$100,000	$61	99

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: -4.8%
• Equity multiple: 0.82×
• Total profit: $-5,925
• Equity at exit: $17,743

10-year hold

• IRR: 4.9%
• Equity multiple: 1.36×
• Total profit: $11,974
• Equity at exit: $10,289

Cash invested: $33,320 (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 48835

• Home prices YoY: -18.6%
• Active inventory: 8
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,219 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$79 /mo · $951/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $210

Break-even live

Break-even rent $953

Max offer price $119,000

Occupancy floor 78%

Sensitivity live

Price	-10% $277	-5% $244	+0% $210	+5% $176	+10% $143
Rent	-10% $114	-5% $162	+0% $210	+5% $258	+10% $306
Rate	-1.0pp $270	-0.5pp $240	base $210	+0.5pp $179	+1.0pp $148

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-22
   status Pending 828-char remark

   Show marketing remark (828 chars)

   Don't miss out on this 3-bedroom 2 bathroom two 2 story home on 2.66 acres with country views, a 2 car attached garage, large agriculture barn, an additional storage barn, and lots of room for your hobby. The foyer will lead you to an open living area that opens to the kitchen and dining area. The kitchen has oak cabinetry, good countertop space, and vinyl flooring. There is first floor laundry. The primary bedroom is on the main floor. There are 2 full bathrooms on the main floor. The 2nd and 3rd bedroom on the second floor. All offers must be submitted at www. vrmproperties.com. Agents must register as a User, enter the property address, and click on "Start Offer". This property may qualify for Seller Financing (Vendee). If property was built prior to 1978, Lead Based Paintpotentially exists. Cash only.

2. 2026-04-22
   status Pending

   Show marketing remark (828 chars)

   Don't miss out on this 3-bedroom 2 bathroom two 2 story home on 2.66 acres with country views, a 2 car attached garage, large agriculture barn, an additional storage barn, and lots of room for your hobby. The foyer will lead you to an open living area that opens to the kitchen and dining area. The kitchen has oak cabinetry, good countertop space, and vinyl flooring. There is first floor laundry. The primary bedroom is on the main floor. There are 2 full bathrooms on the main floor. The 2nd and 3rd bedroom on the second floor. All offers must be submitted at www. vrmproperties.com. Agents must register as a User, enter the property address, and click on "Start Offer". This property may qualify for Seller Financing (Vendee). If property was built prior to 1978, Lead Based Paintpotentially exists. Cash only.

3. 2026-04-06
   listed $119,000 Active 828-char remark

   Show marketing remark (828 chars)

   Don't miss out on this 3-bedroom 2 bathroom two 2 story home on 2.66 acres with country views, a 2 car attached garage, large agriculture barn, an additional storage barn, and lots of room for your hobby. The foyer will lead you to an open living area that opens to the kitchen and dining area. The kitchen has oak cabinetry, good countertop space, and vinyl flooring. There is first floor laundry. The primary bedroom is on the main floor. There are 2 full bathrooms on the main floor. The 2nd and 3rd bedroom on the second floor. All offers must be submitted at www. vrmproperties.com. Agents must register as a User, enter the property address, and click on "Start Offer". This property may qualify for Seller Financing (Vendee). If property was built prior to 1978, Lead Based Paintpotentially exists. Cash only.

4. 2026-04-06
   listed $119,000 Active

   Show marketing remark (828 chars)

   Don't miss out on this 3-bedroom 2 bathroom two 2 story home on 2.66 acres with country views, a 2 car attached garage, large agriculture barn, an additional storage barn, and lots of room for your hobby. The foyer will lead you to an open living area that opens to the kitchen and dining area. The kitchen has oak cabinetry, good countertop space, and vinyl flooring. There is first floor laundry. The primary bedroom is on the main floor. There are 2 full bathrooms on the main floor. The 2nd and 3rd bedroom on the second floor. All offers must be submitted at www. vrmproperties.com. Agents must register as a User, enter the property address, and click on "Start Offer". This property may qualify for Seller Financing (Vendee). If property was built prior to 1978, Lead Based Paintpotentially exists. Cash only.

5. 2012-11-09
   soldstatus $152,000
6. 2012-11-02
   soldstatus $152,000 186-char remark

   Show marketing remark (186 chars)

   2.6 Acres just west of Fowler. Home features updated kitchen, 3 seasons rm, 1st flr laundry. Pole barn with rm for all your toys. Wood Working shop has lots of space with storage galore!

7. 2012-06-12
   listed $164,900 186-char remark

   Show marketing remark (186 chars)

   2.6 Acres just west of Fowler. Home features updated kitchen, 3 seasons rm, 1st flr laundry. Pole barn with rm for all your toys. Wood Working shop has lots of space with storage galore!

8. 2009-03-14
   historical
9. 2008-10-17
   listed $199,900

ⓘ 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: $951 · $79/mo
• Projected year-2 tax: $1,392 · $116/mo
• Expected delta: +$441/yr (+$37/mo · 46.4%)

ⓘ 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 ≥97°F today · 15 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: $14,628
• − Mortgage interest: −$6,666
• − Property taxes: −$951
• − Insurance: −$595
• − Repairs & maintenance: −$1,170
• − Management: −$1,170
• − Depreciation: −$3,462
• Taxable income: $614
• Est. tax owed @ 24.0%: −$147
• After-tax cash flow: $2,374/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: Fowler Public Schools
• NCES district ID: 2614700
• Math proficiency: 58% ▲ 5.00%
• Reading proficiency: 69% ▲ 1.00%
• Median HH income: $61,631
• Composite: 55.05/100
• National rank: #1288
• State rank: #29 of 540 in MI

Livability — Fowler

• Score: 72/100
• State rank: #261
• US rank: #6428

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,646

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 81,490 people
• By 2030: 82,558 · +1.3%
• By 2040: 82,325 · +1.0%
• By 2050: 79,133 · -2.9%
• By 2075: 65,737 · -19.3%
• By 2100: 51,314 · -37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 2%
• Common ancestry: Romanian 3% Iranian 2% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Clinton

• 2024 margin: Lean R (+8.6) · D 44.9% · R 53.5% · Other 1.5%
• 2008→2024 swing: -9.3pp toward R · 2008: 0.7pp · 2024: -8.6pp
• All cycles: 2024: R+8.6 2020: R+6.5 2016: R+12.7 2012: R+6.2 2008: D+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.87%
• Current HPI: 248.2274
• 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

-40.5% since first listed

9 events — show timeline

• 2026-04-22 Pending — REALCOMP
• 2026-04-22 Pending — Greater Lansing AoR
• 2026-04-06 Listed $119,000 REALCOMP
• 2026-04-06 Listed $119,000 Greater Lansing AoR
• 2012-11-09 Sold (Public Records) $152,000 Public Records
• 2012-11-02 Sold (MLS) $152,000 Greater Lansing AoR
• 2012-06-12 Listed $164,900 Greater Lansing AoR
• 2009-03-14 Listing Removed — Greater Lansing AoR
• 2008-10-17 Listed $199,900 Greater Lansing AoR

Property tax history

-5.6%/yr

Latest (2025): $951 · -54.9% YoY. Source: county tax records.