208 W Pine · Ashley, MI 48806

$165,000

3 bd · 2.0 ba · 2,133 sqft · SingleFamily · 14 Days on market

Built 1925 8,712 sqft lot $77/sqft · 8% below area Est $180k · 8% under

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Why this score? — see what drove the C 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 +15.5/30.0
• ARV discount +11.3/15.0
• Appreciation +9.8/10.0
• DSCR +4.8/10.0
• 1% rule +3.1/10.0
• Livability +2.9/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

30 miles north of Lansing, the quaint village of Ashley--famous as a stop along the tracks for the Polar Express each Christmas season--offers small-town charm with year-round appeal. Situated on a desirable corner lot, this well-maintained home features a 2-car garage and inviting curb appeal. Inside, you'll find beautiful hardwood floors and an open-concept kitchen and living area that's perfect for both everyday living and entertaining. French doors open to a versatile office space with its own exterior entrance--ideal for a home business or private workspace. The main-level primary bedroom also includes outside access (previously home to a patio with hot tub), along with a spacious adjacent room currently used as a bedroom but equally suited as a second office, studio, or flex spacealso with exterior access. Two additional bedrooms are located on the upper level, providing separation and privacy. With two full bathrooms on the main floor and multiple flexible living areas, this home offers a unique blend of comfort, function, and opportunity in a charming village setting.

Key facts

• 8,712 sq ft lot
• 2 garage spots
• Built 1925

Property features AI

Finance

• Financial info: Current use: Investment

Exterior

• Parking: Detached garage and driveway
• Utilities: Public sewer
• Home design: Two-story home; Built in 1925
• Construction: Aluminum siding
• Exterior features: Fenced yard with gate; Patio; Asphalt road frontage

Interior

• Kitchen: Dishwasher; Microwave
• Bedrooms: 3 bedrooms (primary bedroom present)
• Flooring: Carpet; Hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Breakfast bar; Living room fireplace
• Laundry & utility: Washer and dryer on main level; Water softener

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $67 ($798/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (18.5% below list).
• Recommended offer: $134k (18.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 57/100 on livability (#645 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Ashley Community Schools (rural): math 25% / reading 30% proficiency, ranked #567 of 760 in MI (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 7 active listings in the ZIP; 47 units permitted in Gratiot County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (9.7% local appreciation)).
• Gratiot County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.7% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 4y 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.
• Current owner paid $135k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,396 (18.5% below list)

Questions for the listing agent

1. Built in 1925 — 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 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?
4. 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?
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: 0.81% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.73%
• DSCR: 1.08
• GRM: 10.2

CMA / ARV

• ARV (median comp): $180,066
• List price: $165,000
• Delta: -8.37%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
509 E Section Line Rd	0.50mi	4/2.0 (+1)	2,240 (+5%)	15mo	$270,000	$121	51
5612 E Garfield	0.62mi	3/1.0	2,140 (+0%)	19mo	$239,900	$112	51

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

9.65% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.8%
• Equity multiple: 2.95×
• Total profit: $90,038
• Equity at exit: $144,395

10-year hold

• IRR: 21.9%
• Equity multiple: 6.64×
• Total profit: $260,676
• Equity at exit: $306,980

Cash invested: $46,200 (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 48806

• Home prices YoY: 6.6%
• Active inventory: 7
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,344 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$61 /mo · $734/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $67

Break-even live

Break-even rent $1,260

Max offer price $165,000

Occupancy floor 90%

Sensitivity live

Price	-10% $160	-5% $113	+0% $67	+5% $20	+10% $-27
Rent	-10% $-40	-5% $13	+0% $67	+5% $120	+10% $173
Rate	-1.0pp $150	-0.5pp $109	base $67	+0.5pp $24	+1.0pp $-20

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-15
   historical Active Under Contract 1092-char remark

   Show marketing remark (1092 chars)

   30 miles north of Lansing, the quaint village of Ashley--famous as a stop along the tracks for the Polar Express each Christmas season--offers small-town charm with year-round appeal. Situated on a desirable corner lot, this well-maintained home features a 2-car garage and inviting curb appeal. Inside, you'll find beautiful hardwood floors and an open-concept kitchen and living area that's perfect for both everyday living and entertaining. French doors open to a versatile office space with its own exterior entrance--ideal for a home business or private workspace. The main-level primary bedroom also includes outside access (previously home to a patio with hot tub), along with a spacious adjacent room currently used as a bedroom but equally suited as a second office, studio, or flex spacealso with exterior access. Two additional bedrooms are located on the upper level, providing separation and privacy. With two full bathrooms on the main floor and multiple flexible living areas, this home offers a unique blend of comfort, function, and opportunity in a charming village setting.

2. 2026-05-15
   historical Active Under Contract 1109-char remark

   Show marketing remark (1092 chars)

   30 miles north of Lansing, the quaint village of Ashley--famous as a stop along the tracks for the Polar Express each Christmas season--offers small-town charm with year-round appeal. Situated on a desirable corner lot, this well-maintained home features a 2-car garage and inviting curb appeal. Inside, you'll find beautiful hardwood floors and an open-concept kitchen and living area that's perfect for both everyday living and entertaining. French doors open to a versatile office space with its own exterior entrance--ideal for a home business or private workspace. The main-level primary bedroom also includes outside access (previously home to a patio with hot tub), along with a spacious adjacent room currently used as a bedroom but equally suited as a second office, studio, or flex spacealso with exterior access. Two additional bedrooms are located on the upper level, providing separation and privacy. With two full bathrooms on the main floor and multiple flexible living areas, this home offers a unique blend of comfort, function, and opportunity in a charming village setting.

3. 2026-05-13
   listed $165,000 Active 1092-char remark

   Show marketing remark (1092 chars)

   30 miles north of Lansing, the quaint village of Ashley--famous as a stop along the tracks for the Polar Express each Christmas season--offers small-town charm with year-round appeal. Situated on a desirable corner lot, this well-maintained home features a 2-car garage and inviting curb appeal. Inside, you'll find beautiful hardwood floors and an open-concept kitchen and living area that's perfect for both everyday living and entertaining. French doors open to a versatile office space with its own exterior entrance--ideal for a home business or private workspace. The main-level primary bedroom also includes outside access (previously home to a patio with hot tub), along with a spacious adjacent room currently used as a bedroom but equally suited as a second office, studio, or flex spacealso with exterior access. Two additional bedrooms are located on the upper level, providing separation and privacy. With two full bathrooms on the main floor and multiple flexible living areas, this home offers a unique blend of comfort, function, and opportunity in a charming village setting.

4. 2026-05-13
   listed $165,000 Active 1109-char remark

   Show marketing remark (1092 chars)

   30 miles north of Lansing, the quaint village of Ashley--famous as a stop along the tracks for the Polar Express each Christmas season--offers small-town charm with year-round appeal. Situated on a desirable corner lot, this well-maintained home features a 2-car garage and inviting curb appeal. Inside, you'll find beautiful hardwood floors and an open-concept kitchen and living area that's perfect for both everyday living and entertaining. French doors open to a versatile office space with its own exterior entrance--ideal for a home business or private workspace. The main-level primary bedroom also includes outside access (previously home to a patio with hot tub), along with a spacious adjacent room currently used as a bedroom but equally suited as a second office, studio, or flex spacealso with exterior access. Two additional bedrooms are located on the upper level, providing separation and privacy. With two full bathrooms on the main floor and multiple flexible living areas, this home offers a unique blend of comfort, function, and opportunity in a charming village setting.

5. 2026-04-30
   historical $165,000 1109-char remark
6. 2022-12-16
   soldstatus $135,000

   Show marketing remark (376 chars)

   30 miles north of Lansing is the quaint village of Ashley, a stop along the tracks for the Polar Express each Christmas season. Home is located on a corner lot with 2-car garage. Beautiful hardwood floors, open concept kitchen and living room. French doors lead to an office with an outside entrance. Master bedroom also has outside access (one time had a patio with hot-tub).

7. 2022-12-16
   soldstatus $135,000 Closed

   Show marketing remark (376 chars)

   30 miles north of Lansing is the quaint village of Ashley, a stop along the tracks for the Polar Express each Christmas season. Home is located on a corner lot with 2-car garage. Beautiful hardwood floors, open concept kitchen and living room. French doors lead to an office with an outside entrance. Master bedroom also has outside access (one time had a patio with hot-tub).

8. 2022-12-16
   soldstatus $135,000

   Show marketing remark (376 chars)

   30 miles north of Lansing is the quaint village of Ashley, a stop along the tracks for the Polar Express each Christmas season. Home is located on a corner lot with 2-car garage. Beautiful hardwood floors, open concept kitchen and living room. French doors lead to an office with an outside entrance. Master bedroom also has outside access (one time had a patio with hot-tub).

9. 2022-12-09
   listed Accepting Backup Offers
10. 2022-11-08
    listed $150,000

    Show marketing remark (376 chars)

    30 miles north of Lansing is the quaint village of Ashley, a stop along the tracks for the Polar Express each Christmas season. Home is located on a corner lot with 2-car garage. Beautiful hardwood floors, open concept kitchen and living room. French doors lead to an office with an outside entrance. Master bedroom also has outside access (one time had a patio with hot-tub).

11. 2022-11-08
    listed $150,000

    Show marketing remark (376 chars)

    30 miles north of Lansing is the quaint village of Ashley, a stop along the tracks for the Polar Express each Christmas season. Home is located on a corner lot with 2-car garage. Beautiful hardwood floors, open concept kitchen and living room. French doors lead to an office with an outside entrance. Master bedroom also has outside access (one time had a patio with hot-tub).

12. 2017-07-12
    soldstatus $102,400

ⓘ 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: $734 · $61/mo
• Projected year-2 tax: $1,637 · $136/mo
• Expected delta: +$904/yr (+$75/mo · 123.1%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,128
• − Mortgage interest: −$9,243
• − Property taxes: −$734
• − Insurance: −$825
• − Repairs & maintenance: −$1,290
• − Management: −$1,290
• − Depreciation: −$4,800
• Taxable loss: −$2,054
• Est. tax savings @ 24.0%: +$493
• After-tax cash flow: $1,292/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: Ashley Community Schools
• NCES district ID: 2603480
• Math proficiency: 25% ▲ 15.00%
• Reading proficiency: 30% ▲ 10.00%
• Median HH income: $43,927
• Composite: 26.48/100
• National rank: #12635
• State rank: #567 of 760 in MI

Livability — Ashley

• Score: 57/100
• State rank: #645
• US rank: #21904

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ashley, MI
• Population (ZIP): 1,821

Population outlook (Gratiot County) Hauer SSP2

• Today (2025): 39,991 people
• By 2030: 38,944 · -2.6%
• By 2040: 36,694 · -8.2%
• By 2050: 34,314 · -14.2%
• By 2075: 27,693 · -30.8%
• By 2100: 20,809 · -48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 4% Iranian 2% Hungarian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Gratiot

• 2024 margin: Solid R (+31.3) · D 33.7% · R 65.0% · Other 1.4%
• 2008→2024 swing: -35.7pp toward R · 2008: 4.4pp · 2024: -31.3pp
• All cycles: 2024: R+31.3 2020: R+28.3 2016: R+25.6 2012: R+3.9 2008: D+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.65%
• Current HPI: 156.4149
• 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

+61.1% since first listed

14 events — show timeline

• 2026-05-27 Pending — REALCOMP
• 2026-05-27 Pending — Greater Lansing AoR
• 2026-05-15 Contingent — REALCOMP
• 2026-05-15 Contingent — Greater Lansing AoR
• 2026-05-13 Listed $165,000 REALCOMP
• 2026-05-13 Listed $165,000 Greater Lansing AoR
• 2026-04-30 Coming Soon $165,000 Greater Lansing AoR
• 2022-12-16 Sold (Public Records) $135,000 Public Records
• 2022-12-16 Sold (MLS) $135,000 MiRealSource-MiMLS
• 2022-12-16 Sold (MLS) $135,000 REALCOMP
• 2022-12-09 Listed — MiRealSource-MiMLS
• 2022-11-08 Listed $150,000 MiRealSource-MiMLS
• 2022-11-08 Listed $150,000 REALCOMP
• 2017-07-12 Sold (Public Records) $102,400 Public Records