400 E South St Lot 0 · Marcellus, MI 49067

$64,900

2 bd · 2.0 ba · 1,200 sqft · SingleFamily · 170 Days on market

Built 1988 $54/sqft · at area comps Est $66k · at est.

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.5/15.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bluegill Estates - Two Bedroom, Two Bath manufactured home with One Car Detached Garage. New roof Dec. 2025. Lot Rent is $600, Sewer/water/trash is +/-$100. Potential owners must apply to the park and are subject to Bluegill Estates rules & regulations.

Key facts

• Garage
• Built 1988
• Listed 169 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $474 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#202 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Marcellus Community Schools (rural): math 25% / reading 38% proficiency, ranked #332 of 540 in MI (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 39 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 $449 of loan paydown is wiped out by about $2k 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 $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 170 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 26y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 170 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: 1.66% ✓
• Cap rate: 15.05%
• Cash-on-cash: 31.28%
• DSCR: 2.39
• GRM: 5.0

CMA / ARV

• ARV (median comp): $66,360
• List price: $64,900
• Delta: -2.20%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
172 Elm St	0.28mi	2/2.0	1,176 (-2%)	10mo	$175,000	$149	75
180 S Snyder St	0.30mi	3/2.0 (+1)	1,176 (-2%)	4mo	$218,500	$186	75
278 W Arbor St W	0.63mi	2/2.0	1,226 (+2%)	7mo	$195,000	$159	61
393 E Arbor St	0.24mi	2/1.0	1,048 (-13%)	5mo	$90,000	$86	59
279 E Arbor St	0.29mi	3/1.0 (+1)	1,300 (+8%)	13mo	$185,000	$142	53
290 S Maple St	0.27mi	2/1.0	1,095 (-9%)	22mo	$183,000	$167	50
589 S Centre St	0.36mi	3/1.0 (+1)	1,332 (+11%)	12mo	$100,000	$75	46
138 E Read St	0.52mi	3/1.0 (+1)	1,320 (+10%)	6mo	$122,500	$93	45
317 E Woodland St	0.20mi	3/1.0 (+1)	1,372 (+14%)	17mo	$191,000	$139	44
305 E Dibble St	0.32mi	3/1.5 (+1)	1,346 (+12%)	18mo	$131,500	$98	43
290 N Maple St	0.48mi	3/1.0 (+1)	1,322 (+10%)	11mo	$157,000	$119	42
257 E Read St	0.48mi	3/2.0 (+1)	1,354 (+13%)	11mo	$52,000	$38	42

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: 26.1%
• Equity multiple: 2.08×
• Total profit: $19,629
• Equity at exit: $9,677

10-year hold

• IRR: 33.7%
• Equity multiple: 4.07×
• Total profit: $55,835
• Equity at exit: $5,611

Cash invested: $18,172 (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 49067

• Home prices YoY: -34.1%
• Active inventory: 39
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,079 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$11 /mo · $131/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $474

Break-even live

Break-even rent $479

Max offer price $64,900

Occupancy floor 51%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $64,900 Active 170 DOM
2. 2026-06-17
   days on market $64,900 Active 169 DOM
3. 2026-06-16
   days on market $64,900 Active 168 DOM
4. 2026-06-15
   days on market $64,900 Active 167 DOM
5. 2026-06-13
   days on market $64,900 Active 165 DOM
6. 2026-06-12
   days on market $64,900 Active 164 DOM
7. 2026-06-09
   days on market $64,900 Active 161 DOM
8. 2026-06-08
   days on market $64,900 Active 160 DOM
9. 2026-06-07
   days on market $64,900 Active 159 DOM
10. 2026-06-04
    days on market $64,900 Active 155 DOM
11. 2026-06-02
    days on market $64,900 Active 154 DOM
12. 2026-06-01
    days on market $64,900 Active 153 DOM
13. 2026-05-31
    days on market $64,900 Active 152 DOM
14. 2026-05-31
    days on market $64,900 Active 151 DOM
15. 2026-05-12
    price $64,900 259-char remark

    Show marketing remark (261 chars)

    Bluegill Estates - Two Bedroom, Two Bath manufactured home with One Car Detached Garage. New roof Dec. 2025. Lot Rent is $600, Sewer/water/trash is +/-$100. Potential owners must apply to the park and are subject to Bluegill Estates rules & regulations.

16. 2026-05-12
    price $64,900 261-char remark

    Show marketing remark (261 chars)

    Bluegill Estates - Two Bedroom, Two Bath manufactured home with One Car Detached Garage. New roof Dec. 2025. Lot Rent is $600, Sewer/water/trash is +/-$100. Potential owners must apply to the park and are subject to Bluegill Estates rules & regulations.

17. 2026-05-12
    price $64,900

    Show marketing remark (261 chars)

    Bluegill Estates - Two Bedroom, Two Bath manufactured home with One Car Detached Garage. New roof Dec. 2025. Lot Rent is $600, Sewer/water/trash is +/-$100. Potential owners must apply to the park and are subject to Bluegill Estates rules & regulations.

18. 2025-12-30
    listed $69,900 Active 261-char remark

    Show marketing remark (261 chars)

    Bluegill Estates - Two Bedroom, Two Bath manufactured home with One Car Detached Garage. New roof Dec. 2025. Lot Rent is $600, Sewer/water/trash is +/-$100. Potential owners must apply to the park and are subject to Bluegill Estates rules & regulations.

19. 2025-12-29
    listed $69,900 Active 259-char remark

    Show marketing remark (259 chars)

    Bluegill Estates - Two Bedroom, Two Bath manufactured home with One Car Detached Garage. New roof Dec. 2025. Lot Rent is $600, Sewer/water/trash is +/-$100. Potential owners must apply to the park and are subject to Bluegill Estates rules & regulations.

20. 2025-12-29
    listed $69,900 Active

    Show marketing remark (259 chars)

    Bluegill Estates - Two Bedroom, Two Bath manufactured home with One Car Detached Garage. New roof Dec. 2025. Lot Rent is $600, Sewer/water/trash is +/-$100. Potential owners must apply to the park and are subject to Bluegill Estates rules & regulations.

21. 2025-03-14
    soldstatus $70,000 Closed
22. 2025-03-14
    soldstatus $70,000 Sold
23. 2025-01-30
    historical Active - Backup Offers Accepted
24. 2025-01-29
    historical Accepting Backup Offers
25. 2024-11-23
    listed $79,900 Active
26. 2024-11-23
    listed $79,900 Active
27. 2008-11-24
    soldstatus $35,900
28. 2008-11-06
    listed $39,900
29. 2008-09-12
    soldstatus $35,000
30. 2007-12-04
    listed $39,900
31. 2002-08-28
    historical
32. 2002-08-28
    historical
33. 2002-08-19
    soldstatus $35,000
34. 2002-08-19
    soldstatus $35,000
35. 2002-08-13
    listed $47,700
36. 2002-08-13
    listed $47,700
37. 2002-07-05
    listed $39,000
38. 2002-07-05
    listed $39,000
39. 2000-11-07
    historical
40. 2000-11-07
    historical
41. 2000-11-07
    historical
42. 2000-11-07
    historical
43. 2000-11-07
    historical
44. 2000-11-07
    historical
45. 2000-10-04
    listed $49,000
46. 2000-07-25
    listed $48,900
47. 2000-07-25
    listed $48,900
48. 2000-05-25
    listed $33,700
49. 2000-05-25
    listed $33,700
50. 2000-05-08
    listed $39,900

ⓘ 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: $131 · $11/mo
• Projected year-2 tax: $565 · $47/mo
• Expected delta: +$434/yr (+$36/mo · 331.6%)

ⓘ 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 2/10 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: $12,942
• − Mortgage interest: −$3,635
• − Property taxes: −$131
• − Insurance: −$324
• − Repairs & maintenance: −$1,035
• − Management: −$1,035
• − Depreciation: −$1,888
• Taxable income: $4,893
• Est. tax owed @ 24.0%: −$1,174
• After-tax cash flow: $4,511/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: Marcellus Community Schools
• NCES district ID: 2622740
• Math proficiency: 25% ▼ -8.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $49,318
• Composite: 27.33/100
• National rank: #6988
• State rank: #332 of 540 in MI

Livability — Marcellus

• Score: 73/100
• State rank: #202
• US rank: #5150

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marcellus, MI
• Population (ZIP): 4,031

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 (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Romanian 4% Italian 4% Iranian 3%
• Foreign-born: 1% · China

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: ▼ -97.32%
• Current HPI: 188.0562
• 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

+62.7% since first listed

36 events — show timeline

• 2026-05-12 Price Changed $64,900 MiRealSource-MiMLS
• 2026-05-12 Price Changed $64,900 REALCOMP
• 2026-05-12 Price Changed $64,900 SW Michigan MLS
• 2025-12-30 Listed $69,900 REALCOMP
• 2025-12-29 Listed $69,900 SW Michigan MLS
• 2025-12-29 Listed $69,900 MiRealSource-MiMLS
• 2025-03-14 Sold (MLS) $70,000 SW Michigan MLS
• 2025-03-14 Sold (MLS) $70,000 MiRealSource-MiMLS
• 2025-01-30 Contingent — SW Michigan MLS
• 2025-01-29 Contingent — MiRealSource-MiMLS
• 2024-11-23 Listed $79,900 SW Michigan MLS
• 2024-11-23 Listed $79,900 MiRealSource-MiMLS
• 2008-11-24 Sold (MLS) $35,900 SW Michigan MLS
• 2008-11-06 Listed $39,900 SW Michigan MLS
• 2008-09-12 Sold (MLS) $35,000 SW Michigan MLS
• 2007-12-04 Listed $39,900 SW Michigan MLS
• 2002-08-28 Listing Removed — SW Michigan MLS
• 2002-08-28 Listing Removed — REALCOMP
• 2002-08-19 Sold (MLS) $35,000 REALCOMP
• 2002-08-19 Sold (MLS) $35,000 SW Michigan MLS
• 2002-08-13 Listed $47,700 SW Michigan MLS
• 2002-08-13 Listed $47,700 REALCOMP
• 2002-07-05 Listed $39,000 REALCOMP
• 2002-07-05 Listed $39,000 SW Michigan MLS
• 2000-11-07 Listing Removed — SW Michigan MLS
• 2000-11-07 Listing Removed — REALCOMP
• 2000-11-07 Listing Removed — REALCOMP
• 2000-11-07 Listing Removed — SW Michigan MLS
• 2000-11-07 Listing Removed — REALCOMP
• 2000-11-07 Listing Removed — REALCOMP
• 2000-10-04 Listed $49,000 REALCOMP
• 2000-07-25 Listed $48,900 SW Michigan MLS
• 2000-07-25 Listed $48,900 REALCOMP
• 2000-05-25 Listed $33,700 SW Michigan MLS
• 2000-05-25 Listed $33,700 REALCOMP
• 2000-05-08 Listed $39,900 REALCOMP

Property tax history

-6.3%/yr

Latest (2025): $131 · -47.4% YoY. Source: county tax records.