2043/2047 N Neiner Rd · Sanford, MI 48657

$265,000

12 bd · 9.0 ba · 2,000 sqft · MultiFamily · 36 Days on market

Built 1993 Fair condition 1.10 ac lot

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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 +18.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

INVESTORS AND HOUSE HACKERS - HERE'S YOUR PLACE! This roomy side-by-side duplex offers rental income and a sweet location within the heart of the sought after Jerome Township. Each unit features an open living floor plan and in-unit laundry, making it a popular choice for tenants. Currently bringing in $1,250/month ($775 + $445), both leases are terminating soon allowing for overdue rental adjustments. Current owner has rented to family and friends and has intentionally kept rents very affordable. Current tenant on the garage side also has done lawn and snow at not charge. Separate electric and natural gas meters; water is on a shared yoke and could be included in rent or divided as per landlord wishes. One unit is a 2 bed/2 full bath with an attached garage (appx 1280 sf). The current owner built this duplex and lived in this space years ago and it is evident in touches like a dedicated foyer, oversized master bath with soaker tub and separate shower and a generous walk in closet. This unit offers fridge, range, dishwasher, microwave, washer and dryer. The smaller unit is two bed, 1 bath and has a fridge, range, washer and dryer included. Neither of the secondary bedrooms have closets although they do have egress.

Key facts

• Dedicated foyer
• Side by side duplex
• In unit laundry

Tags

• SIDE BY SIDE DUPLEX
• OPEN LIVING FLOOR PLAN
• IN UNIT LAUNDRY
• DEDICATED FOYER
• OVERSIZED MASTER BATH
• SOAKER TUB

Property features AI

Finance

• Financial info: Unit rents reported: $445 and $775

Exterior

• Parking: Attached covered garage; Assigned parking; 2-car garage
• Utilities: Public water; Septic sewer
• Home design: Residential income property; Multi-family; One level
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Deck; Paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central air; Ceiling fan(s); Forced air heating; Natural gas heating; Separate meters for utilities
• Interior features: High speed internet; Therapeutic whirlpool
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.5-bath units multifamily listed at $265k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $257 ($3k/yr) — positive. Per door: $86/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $264k (0.2% below list).
• Recommended offer: $257k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 2.6% in Sanford — 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 70/100 on livability (#330 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: health & safety C-, schools D, amenities F.
• Meridian Public Schools (rural): math 30% / reading 47% proficiency, ranked #225 of 540 in MI (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 33 active listings in the ZIP; 320 units permitted in Midland County in 2024 (204 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Midland County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 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.

Recommended offer $257,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.00% ✗
• Cap rate: 7.46%
• Cash-on-cash: 4.16%
• DSCR: 1.19
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.8%
• Equity multiple: 0.64×
• Total profit: $-26,507
• Equity at exit: $39,512

10-year hold

• IRR: -0.4%
• Equity multiple: 0.98×
• Total profit: $-1,810
• Equity at exit: $22,912

Cash invested: $74,200 (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 48657

• Active inventory: 33
• Price-to-rent: 25.1×

Monthly cashflow live

• Estimated rent: $2,644 medium
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$555
• Net cashflow: $257

Break-even live

Break-even rent $2,318

Max offer price $265,000

Occupancy floor 85%

Sensitivity live

Price	-10% $441	-5% $349	+0% $257	+5% $166	+10% $74
Rent	-10% $49	-5% $153	+0% $257	+5% $362	+10% $466
Rate	-1.0pp $391	-0.5pp $325	base $257	+0.5pp $189	+1.0pp $119

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$2,643
Total (3 units)			$2,644

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $265,000 Active 36 DOM
2. 2026-06-18
   days on market $265,000 Active 35 DOM
3. 2026-06-17
   days on market $265,000 Active 34 DOM
4. 2026-06-16
   days on market $265,000 Active 33 DOM
5. 2026-06-15
   days on market $265,000 Active 32 DOM
6. 2026-06-14
   days on market $265,000 Active 30 DOM
7. 2026-06-13
   days on market $265,000 Active 29 DOM
8. 2026-06-10
   days on market $265,000 Active 27 DOM
9. 2026-06-09
   days on market $265,000 Active 26 DOM
10. 2026-06-08
    days on market $265,000 Active 25 DOM
11. 2026-06-07
    days on market $265,000 Active 24 DOM
12. 2026-06-02
    days on market $265,000 Active 19 DOM
13. 2026-06-01
    days on market $265,000 Active 18 DOM
14. 2026-05-31
    days on market $265,000 Active 17 DOM
15. 2026-05-30
    days on market $265,000 Active 16 DOM
16. 2026-05-14
    listed $265,000 Active 1234-char remark

    Show marketing remark (1234 chars)

    INVESTORS AND HOUSE HACKERS - HERE'S YOUR PLACE! This roomy side-by-side duplex offers rental income and a sweet location within the heart of the sought after Jerome Township. Each unit features an open living floor plan and in-unit laundry, making it a popular choice for tenants. Currently bringing in $1,250/month ($775 + $445), both leases are terminating soon allowing for overdue rental adjustments. Current owner has rented to family and friends and has intentionally kept rents very affordable. Current tenant on the garage side also has done lawn and snow at not charge. Separate electric and natural gas meters; water is on a shared yoke and could be included in rent or divided as per landlord wishes. One unit is a 2 bed/2 full bath with an attached garage (appx 1280 sf). The current owner built this duplex and lived in this space years ago and it is evident in touches like a dedicated foyer, oversized master bath with soaker tub and separate shower and a generous walk in closet. This unit offers fridge, range, dishwasher, microwave, washer and dryer. The smaller unit is two bed, 1 bath and has a fridge, range, washer and dryer included. Neither of the secondary bedrooms have closets although they do have egress.

17. 2026-05-14
    listed $265,000 Active 1234-char remark

    Show marketing remark (1234 chars)

    INVESTORS AND HOUSE HACKERS - HERE'S YOUR PLACE! This roomy side-by-side duplex offers rental income and a sweet location within the heart of the sought after Jerome Township. Each unit features an open living floor plan and in-unit laundry, making it a popular choice for tenants. Currently bringing in $1,250/month ($775 + $445), both leases are terminating soon allowing for overdue rental adjustments. Current owner has rented to family and friends and has intentionally kept rents very affordable. Current tenant on the garage side also has done lawn and snow at not charge. Separate electric and natural gas meters; water is on a shared yoke and could be included in rent or divided as per landlord wishes. One unit is a 2 bed/2 full bath with an attached garage (appx 1280 sf). The current owner built this duplex and lived in this space years ago and it is evident in touches like a dedicated foyer, oversized master bath with soaker tub and separate shower and a generous walk in closet. This unit offers fridge, range, dishwasher, microwave, washer and dryer. The smaller unit is two bed, 1 bath and has a fridge, range, washer and dryer included. Neither of the secondary bedrooms have closets although they do have egress.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,728
• − Mortgage interest: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,538
• − Management: −$2,538
• − Depreciation: −$7,709
• Taxable loss: −$1,202
• Est. tax savings @ 24.0%: +$288
• After-tax cash flow: $3,377/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.

Condition & rehab AI · 13 photos

Fair 50/100 Moderate rehab

This side-by-side duplex requires moderate repairs and maintenance, including painting and landscaping. With some updates, it has the potential to increase its resale and rental value.

Repairs flagged

• Minor Paint — Paint appears faded in some areas, indicating the need for touch-ups.
• Minor Landscaping — Some areas of the landscaping show overgrowth, which could be trimmed and maintained.

Value-add opportunities

• Both Painting the interior and exterior — Fresh paint can significantly improve the home's curb appeal and interior aesthetics, enhancing both resale and rental value.
• Both Landscaping and curb appeal improvements — A well-maintained and aesthetically pleasing exterior can attract more potential buyers and renters, increasing both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears faded in some areas, indicating the need for touch-ups.	Minor	$500–3,000
Landscaping · Some areas of the landscaping show overgrowth, which could be trimmed and maintained.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Painting the interior and exterior — Fresh paint can significantly improve the home's curb appeal and interior aesthetics, enhancing both resale and rental value. ↑
• Both Landscaping and curb appeal improvements — A well-maintained and aesthetically pleasing exterior can attract more potential buyers and renters, increasing both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Meridian Public Schools
• NCES district ID: 2623580
• Math proficiency: 30% ▼ -3.00%
• Reading proficiency: 47% ▲ 2.00%
• Median HH income: $51,641
• Composite: 33.34/100
• National rank: #5493
• State rank: #225 of 540 in MI

Livability — Sanford

• Score: 70/100
• State rank: #330
• US rank: #8145

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,700

Population outlook (Midland County) Hauer SSP2

• Today (2025): 83,968 people
• By 2030: 83,368 · -0.7%
• By 2040: 80,713 · -3.9%
• By 2050: 76,698 · -8.7%
• By 2075: 67,617 · -19.5%
• By 2100: 57,529 · -31.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 5% Hispanic / Latino 1%
• Common ancestry: Romanian 7% Lithuanian 5% Slovak 2%
• Foreign-born: 1%

Political lean MEDSL · Midland

• 2024 margin: R (+15.2) · D 41.6% · R 56.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: -3.6pp · 2024: -15.2pp
• All cycles: 2024: R+15.2 2020: R+14.6 2016: R+19.4 2012: R+15.5 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.99%
• Current HPI: 206.5704
• 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

4 events — show timeline

• 2026-06-10 Relisted — REALCOMP
• 2026-06-09 Listing Removed — REALCOMP
• 2026-05-14 Listed $265,000 MiRealSource-MiMLS
• 2026-05-14 Listed $265,000 REALCOMP