404 Mcomber St · Dowagiac, MI 49047

$20,000

3 bd · 1.0 ba · 1,250 sqft · SingleFamily public records · 5 Days on market

Built 1930 4,209 sqft lot

---

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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rehab project or raze and rebuild 1.5 story house in Dowagiac that endured fire damage. House is situated on a 69' X 61' lot and utilizes public water & sewer. May be a good fit for CASH buyers' next rehab project. Close to schools, restaurants, employment, and Southwestern Michigan College.

Key facts

• Close to schools
• Close to restaurants
• Public sewer

Tags

• REHAB PROJECT
• FIRE DAMAGE
• PUBLIC WATER
• PUBLIC SEWER
• CLOSE TO SCHOOLS
• CLOSE TO RESTAURANTS

Property features AI

Exterior

• Parking: Attached garage (1-car)
• Utilities: Public water
• Home design: Traditional single-family home; One or more stories (exact count not provided); Built in 1930
• Construction: Wood siding; Asphalt roof; Crawl space/partial basement
• Exterior features: Paved road access; Lot approximately 0.1 acre

Interior

• Kitchen: Kitchen
• Bedrooms: Primary bedroom; Secondary bedroom; Third bedroom
• Bathrooms: One full bathroom (primary bathroom listed)
• Interior features: Six total rooms; Crawl space/partial basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $961 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Cap rate 63.9% vs local median 4.8% in Dowagiac — 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 72/100 on livability (#243 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute D, schools F, crime F.
• Dowagiac Union School District (town): math 19% / reading 31% proficiency, ranked #430 of 540 in MI (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 85 active listings in the ZIP; 128 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $600 of value loss. Plan a longer hold.
• Cass County population projected at -20% 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 5 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: property tax is 2.8% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $20,000

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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?
7. 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.
8. 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.
9. 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: 7.09% ✓
• Cap rate: 63.94%
• Cash-on-cash: 205.87%
• DSCR: 10.16
• GRM: 1.2

CMA / ARV

• ARV (on-the-fly): $175,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 E Wayne St	0.05mi	3/1.0	1,320 (+6%)	2mo	$102,000	$77	87
406 Oak Street St	0.21mi	3/1.0	1,241 (-1%)	8mo	$180,000	$145	83
322 Oak St	0.17mi	3/1.0	1,286 (+3%)	7mo	$151,000	$117	81
706 N Front St	0.24mi	3/1.0	1,376 (+10%)	5mo	$193,000	$140	68
315 Mcomber St	0.08mi	2/1.0 (-1)	1,072 (-14%)	2mo	$42,000	$39	66
55146 M 51 N	0.44mi	2/1.0 (-1)	1,188 (-5%)	9mo	$185,500	$156	59
403 Orchard St	0.23mi	4/2.0 (+1)	1,391 (+11%)	7mo	$230,000	$165	55
414 E Division St	0.49mi	3/2.0	1,152 (-8%)	8mo	$185,000	$161	53
517 Colby St	0.65mi	3/1.0	1,152 (-8%)	4mo	$180,000	$156	53
703 Main St	0.75mi	3/1.5	1,400 (+12%)	4mo	$138,500	$99	40
104 S Lowe St	0.75mi	3/1.0	1,394 (+12%)	9mo	$157,999	$113	39
527 Main St	0.67mi	4/2.0 (+1)	1,409 (+13%)	2mo	$159,000	$113	37

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: —
• Equity multiple: 11.35×
• Total profit: $57,982
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: 24.11×
• Total profit: $129,420
• Equity at exit: $1,729

Cash invested: $5,600 (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 49047

• Active inventory: 85
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $1,418 medium
• Mortgage (P&I): −$105
• Tax from tax record: −$46 /mo · $556/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $961

Break-even live

Break-even rent $202

Max offer price $20,000

Occupancy floor 27%

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-13
   statusdays on market $20,000 Pending 5 DOM
2. 2026-06-12
   remarks 400-char remark
3. 2026-06-12
   days on market $20,000 Active 4 DOM
4. 2026-06-09
   remarks 294-char remark
5. 2026-06-09
   listed $20,000 Active 1 DOM

ⓘ 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: $556 · $46/mo
• Projected year-2 tax: $556 · $46/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 ≥99°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: $17,016
• − Mortgage interest: −$1,120
• − Property taxes: −$556
• − Insurance: −$100
• − Repairs & maintenance: −$1,361
• − Management: −$1,361
• − Depreciation: −$582
• Taxable income: $11,936
• Est. tax owed @ 24.0%: −$2,865
• After-tax cash flow: $8,664/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: Dowagiac Union School District
• NCES district ID: 2612150
• Math proficiency: 19% ▼ -2.00%
• Reading proficiency: 31% ▼ -1.00%
• Median HH income: $39,741
• Composite: 21.03/100
• National rank: #8452
• State rank: #430 of 540 in MI

Livability — Dowagiac

• Score: 72/100
• State rank: #243
• US rank: #6087

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dowagiac, MI
• Population (ZIP): 14,506

Population outlook (Cass County) Hauer SSP2

• Today (2025): 49,919 people
• By 2030: 48,320 · -3.2%
• By 2040: 44,230 · -11.4%
• By 2050: 39,852 · -20.2%
• By 2075: 31,440 · -37.0%
• By 2100: 23,914 · -52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Two or more races 6% Black 6% Native American 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 5% Iranian 2% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+33.9) · D 32.5% · R 66.4% · Other 1.1%
• 2008→2024 swing: -38.0pp toward R · 2008: 4.1pp · 2024: -33.9pp
• All cycles: 2024: R+33.9 2020: R+28.9 2016: R+29.9 2012: R+13.7 2008: D+4.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -188.04%
• Current HPI: 186.2757
• 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

3 events — show timeline

• 2026-06-08 Listed $20,000 MiRealSource-MiMLS
• 2026-06-08 Listed $20,000 REALCOMP
• 2026-06-08 Listed $20,000 SW Michigan MLS

Property tax history

+0.1%/yr

Latest (2025): $556 · -29.9% YoY. Source: county tax records.