311 N Main St · Leroy, MI 48892

$168,000

3 bd · 1.5 ba · 1,416 sqft · SingleFamily · 173 Days on market

Built 1933 7,405 sqft lot $119/sqft · 17% below area Est $203k · 17% under ↓ 7% 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).

• ARV discount +15.0/15.0
• Cash flow +10.1/30.0
• 1% rule +3.7/10.0
• DSCR +2.9/10.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Built in 1933, this charming Webberville home offers classic character and opportunity in a highly desirable downtown location. Original wood floors add warmth and charm, while newer appliances and Pergo flooring in the living room provide modern touches. The home features a functional layout with generous room sizes and flexible living space for a variety of needs. Located within close proximity to schools, shops, and community amenities, and just minutes from I-96 and the greater Lansing area, this property offers convenience with long-term potential. An excellent option for both owner-occupants and investors looking to personalize, improve, or add value over time in a growing community.

Key facts

• Newer appliances
• Original wood floors
• Pergo flooring

Tags

• ORIGINAL WOOD FLOORS
• NEWER APPLIANCES
• PERGO FLOORING
• FUNCTIONAL LAYOUT
• WALKING DISTANCE TO SCHOOLS
• WALKING DISTANCE TO SHOPS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $168k.

Deal economics

• At list price, monthly cash flow is $-99 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (13.4% below list).
• Recommended offer: $146k (13.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Webberville Community Schools (town): math 24% / reading 42% proficiency, ranked #300 of 540 in MI (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 23 active listings in the ZIP; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Ingham County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 173 days — a 12% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $12k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1933 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,533 (13.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 173 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1933 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.87% ✗
• Cap rate: 5.59%
• Cash-on-cash: -2.52%
• DSCR: 0.89
• GRM: 9.6

CMA / ARV

• ARV (median comp): $202,532
• List price: $168,000
• Delta: -17.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
217 N Main St	0.04mi	3/2.0	1,350 (-5%)	24mo	$185,000	$137	68
223 N Main St	0.03mi	4/1.0 (+1)	1,464 (+3%)	22mo	$185,000	$126	68
302 S Summit St	0.30mi	3/1.0	1,558 (+10%)	2mo	$206,000	$132	66
503 N Main St	0.13mi	3/1.0	1,260 (-11%)	15mo	$205,000	$163	61
305 Oak St	0.39mi	3/1.0	1,320 (-7%)	17mo	$169,999	$129	54
316 E Walnut St	0.36mi	3/1.0	1,266 (-11%)	20mo	$205,000	$162	47
4596 E Grand River Ave	0.61mi	3/2.0	1,506 (+6%)	17mo	$265,000	$176	45
4580 Pardee Rd	0.62mi	2/1.0 (-1)	1,269 (-10%)	10mo	$245,000	$193	39

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: -20.4%
• Equity multiple: 0.29×
• Total profit: $-33,445
• Equity at exit: $25,049

10-year hold

• IRR: -13.5%
• Equity multiple: 0.22×
• Total profit: $-36,924
• Equity at exit: $14,526

Cash invested: $47,040 (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 48892

• Home prices YoY: -10.9%
• Active inventory: 23
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,455 medium
• Mortgage (P&I): −$881
• Tax from tax record: −$298 /mo · $3,571/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $-99

Break-even live

Break-even rent $1,580

Max offer price $150,534

Occupancy floor —

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: $42,000
• Closing costs: $5,040
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-09
   days on market $168,000 Active 173 DOM
2. 2026-06-08
   days on market $168,000 Active 172 DOM
3. 2026-06-07
   days on market $168,000 Active 171 DOM
4. 2026-06-05
   days on market $168,000 Active 169 DOM
5. 2026-06-04
   days on market $168,000 Active 167 DOM
6. 2026-06-02
   days on market $168,000 Active 166 DOM
7. 2026-06-01
   days on market $168,000 Active 165 DOM
8. 2026-05-31
   days on market $168,000 Active 164 DOM
9. 2026-05-31
   days on market $168,000 Active 163 DOM
10. 2026-03-09
    price $168,000 698-char remark

    Show marketing remark (698 chars)

    Built in 1933, this charming Webberville home offers classic character and opportunity in a highly desirable downtown location. Original wood floors add warmth and charm, while newer appliances and Pergo flooring in the living room provide modern touches. The home features a functional layout with generous room sizes and flexible living space for a variety of needs. Located within close proximity to schools, shops, and community amenities, and just minutes from I-96 and the greater Lansing area, this property offers convenience with long-term potential. An excellent option for both owner-occupants and investors looking to personalize, improve, or add value over time in a growing community.

11. 2026-03-09
    price $168,000 698-char remark

    Show marketing remark (698 chars)

    Built in 1933, this charming Webberville home offers classic character and opportunity in a highly desirable downtown location. Original wood floors add warmth and charm, while newer appliances and Pergo flooring in the living room provide modern touches. The home features a functional layout with generous room sizes and flexible living space for a variety of needs. Located within close proximity to schools, shops, and community amenities, and just minutes from I-96 and the greater Lansing area, this property offers convenience with long-term potential. An excellent option for both owner-occupants and investors looking to personalize, improve, or add value over time in a growing community.

12. 2026-02-19
    price $175,000 698-char remark

    Show marketing remark (698 chars)

    Built in 1933, this charming Webberville home offers classic character and opportunity in a highly desirable downtown location. Original wood floors add warmth and charm, while newer appliances and Pergo flooring in the living room provide modern touches. The home features a functional layout with generous room sizes and flexible living space for a variety of needs. Located within close proximity to schools, shops, and community amenities, and just minutes from I-96 and the greater Lansing area, this property offers convenience with long-term potential. An excellent option for both owner-occupants and investors looking to personalize, improve, or add value over time in a growing community.

13. 2026-02-18
    price $175,000 698-char remark

    Show marketing remark (698 chars)

    Built in 1933, this charming Webberville home offers classic character and opportunity in a highly desirable downtown location. Original wood floors add warmth and charm, while newer appliances and Pergo flooring in the living room provide modern touches. The home features a functional layout with generous room sizes and flexible living space for a variety of needs. Located within close proximity to schools, shops, and community amenities, and just minutes from I-96 and the greater Lansing area, this property offers convenience with long-term potential. An excellent option for both owner-occupants and investors looking to personalize, improve, or add value over time in a growing community.

14. 2025-12-15
    listed $180,000 Active 698-char remark

    Show marketing remark (698 chars)

    Built in 1933, this charming Webberville home offers classic character and opportunity in a highly desirable downtown location. Original wood floors add warmth and charm, while newer appliances and Pergo flooring in the living room provide modern touches. The home features a functional layout with generous room sizes and flexible living space for a variety of needs. Located within close proximity to schools, shops, and community amenities, and just minutes from I-96 and the greater Lansing area, this property offers convenience with long-term potential. An excellent option for both owner-occupants and investors looking to personalize, improve, or add value over time in a growing community.

15. 2025-12-15
    listed $180,000 Active 698-char remark

    Show marketing remark (698 chars)

    Built in 1933, this charming Webberville home offers classic character and opportunity in a highly desirable downtown location. Original wood floors add warmth and charm, while newer appliances and Pergo flooring in the living room provide modern touches. The home features a functional layout with generous room sizes and flexible living space for a variety of needs. Located within close proximity to schools, shops, and community amenities, and just minutes from I-96 and the greater Lansing area, this property offers convenience with long-term potential. An excellent option for both owner-occupants and investors looking to personalize, improve, or add value over time in a growing community.

ⓘ 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: $3,571 · $298/mo
• Projected year-2 tax: $3,571 · $298/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 ≥96°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: $17,464
• − Mortgage interest: −$9,411
• − Property taxes: −$3,571
• − Insurance: −$840
• − Repairs & maintenance: −$1,397
• − Management: −$1,397
• − Depreciation: −$4,887
• Taxable loss: −$4,039
• Est. tax savings @ 24.0%: +$969
• After-tax cash flow: $-217/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: Webberville Community Schools
• NCES district ID: 2635730
• Math proficiency: 24% ▼ -8.00%
• Reading proficiency: 42% ▼ -3.00%
• Median HH income: $57,616
• Composite: 29.35/100
• National rank: #6539
• State rank: #300 of 540 in MI

Livability — Leroy

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

Census & demographics

• Census place: Webberville, MI
• Population (ZIP): 4,769

Population outlook (Ingham County) Hauer SSP2

• Today (2025): 300,362 people
• By 2030: 307,808 · +2.5%
• By 2040: 320,492 · +6.7%
• By 2050: 333,223 · +10.9%
• By 2075: 373,693 · +24.4%
• By 2100: 392,021 · +30.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 2% Native American 1%
• Common ancestry: Romanian 8% Italian 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Ingham

• 2024 margin: Strong D (+29.7) · D 63.9% · R 34.2% · Other 2.0%
• 2008→2024 swing: -3.6pp toward R · 2008: 33.3pp · 2024: 29.7pp
• All cycles: 2024: D+29.7 2020: D+32.2 2016: D+27.6 2012: D+27.9 2008: D+33.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.60%
• Current HPI: 249.8353
• 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

-6.7% since first listed

6 events — show timeline

• 2026-03-09 Price Changed $168,000 MiRealSource-MiMLS
• 2026-03-09 Price Changed $168,000 REALCOMP
• 2026-02-19 Price Changed $175,000 MiRealSource-MiMLS
• 2026-02-18 Price Changed $175,000 REALCOMP
• 2025-12-15 Listed $180,000 REALCOMP
• 2025-12-15 Listed $180,000 MiRealSource-MiMLS

Property tax history

+4.4%/yr

Latest (2025): $3,571 · +1.9% YoY. Source: county tax records.