615 Clark Ave · Owosso, MI 48867

$189,000

4 bd · 1.5 ba · 2,068 sqft · SingleFamily public records · 113 Days on market

Built 1908 8,712 sqft lot $91/sqft · 18% below area Est $229k · 18% under ↓ 5% 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 +11.5/30.0
• Livability +3.8/5.0
• DSCR +3.4/10.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The canvas is there with a solid frame, attractive 2 story, 4 bedroom home you need to see immediately, over 2,000 sq ft with 2 bonus rooms, hardwood floors, large living and dining rooms, full basement, attached 2 car garage, really something special, get the brush out and enjoy, Immediate possession

Key facts

• 8,712 sq ft lot
• 2 garage spots
• Built 1908

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $-62 ($-748/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (5.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (19.8% below list).
• Recommended offer: $152k (19.8% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 4.2% in Owosso — 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 76/100 on livability (#147 in MI, #3,704 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, commute F, employment D-.
• Owosso Public Schools (town): math 21% / reading 33% proficiency, ranked #401 of 540 in MI (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Central School (math 32% / reading 42%, grade F, #685 of 1,397 statewide, top 51%, 423 students, 48% FRL); Owosso Middle School (math 15% / reading 36%, grade F, #385 of 493 statewide, top 78%, 643 students, 63% FRL); Owosso High School (math 32% / reading 52%, grade F, #264 of 713 statewide, top 41%, 843 students, 61% FRL).
• Market conditions: 166 active listings in the ZIP; 74 units permitted in Shiawassee County in 2024 (0 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 $6k of value loss. Plan a longer hold.
• Shiawassee County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $151,558 (19.8% 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 113 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1908 — 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. 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. Crime grade is D 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.80% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.41%
• DSCR: 0.94
• GRM: 10.4

CMA / ARV

• ARV (median comp): $229,314
• List price: $189,000
• Delta: -17.58%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
615 Clark Ave	0.00mi	4/1.5	2,068 (0%)	0mo	$189,000	$91	100
723 Adams St	0.30mi	4/1.0	1,938 (-6%)	3mo	$190,000	$98	71
647 N Washington St	0.48mi	3/2.0 (-1)	2,057 (-0%)	0mo	$182,000	$88	70
1320 W King St	0.36mi	3/2.5 (-1)	2,100 (+2%)	5mo	$152,000	$72	67
1205 Willow St	0.51mi	3/1.5 (-1)	2,128 (+3%)	0mo	$220,000	$103	66
214 N Elm St	0.38mi	5/3.0 (+1)	2,101 (+2%)	5mo	$67,000	$32	65
309 Goodhue St	0.66mi	4/2.0	2,102 (+2%)	2mo	$154,000	$73	63
1104 Riverside Dr	0.32mi	3/3.5 (-1)	1,980 (-4%)	5mo	$350,000	$177	61
323 Goodhue St	0.68mi	4/1.5	1,927 (-7%)	1mo	$196,700	$102	56
303 W Williams St	0.43mi	3/2.5 (-1)	1,790 (-13%)	1mo	$225,000	$126	48
636 N Washington St	0.51mi	4/2.5	2,348 (+14%)	3mo	$220,000	$94	47
734/736 N Hickory St	0.69mi	5/3.5 (+1)	2,322 (+12%)	5mo	$155,000	$67	30

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: -18.6%
• Equity multiple: 0.35×
• Total profit: $-34,601
• Equity at exit: $28,181

10-year hold

• IRR: -11.1%
• Equity multiple: 0.33×
• Total profit: $-35,264
• Equity at exit: $16,341

Cash invested: $52,920 (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 48867

• Active inventory: 166
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,516 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$190 /mo · $2,277/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $-62

Break-even live

Break-even rent $1,594

Max offer price $177,991

Occupancy floor 99%

Sensitivity live

Price	-10% $45	-5% $-9	+0% $-62	+5% $-116	+10% $-169
Rent	-10% $-182	-5% $-122	+0% $-62	+5% $-2	+10% $57
Rate	-1.0pp $33	-0.5pp $-14	base $-62	+0.5pp $-111	+1.0pp $-161

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-09
   status $189,000 Pending 113 DOM
2. 2026-06-08
   days on market $189,000 Active Under Contract 113 DOM
3. 2026-06-07
   days on market $189,000 Active Under Contract 112 DOM
4. 2026-06-07
   days on market $189,000 Active Under Contract 111 DOM
5. 2026-06-04
   days on market $189,000 Active Under Contract 108 DOM
6. 2026-06-02
   days on market $189,000 Active Under Contract 107 DOM
7. 2026-06-01
   days on market $189,000 Active Under Contract 106 DOM
8. 2026-05-31
   days on market $189,000 Active Under Contract 105 DOM
9. 2026-05-31
   days on market $189,000 Active Under Contract 104 DOM
10. 2026-05-11
    price $189,000 303-char remark

    Show marketing remark (303 chars)

    The canvas is there with a solid frame, attractive 2 story, 4 bedroom home you need to see immediately, over 2,000 sq ft with 2 bonus rooms, hardwood floors, large living and dining rooms, full basement, attached 2 car garage, really something special, get the brush out and enjoy, Immediate possession

11. 2026-05-11
    price $189,000 303-char remark

    Show marketing remark (303 chars)

    The canvas is there with a solid frame, attractive 2 story, 4 bedroom home you need to see immediately, over 2,000 sq ft with 2 bonus rooms, hardwood floors, large living and dining rooms, full basement, attached 2 car garage, really something special, get the brush out and enjoy, Immediate possession

12. 2026-02-16
    listed $199,000 Active 303-char remark

    Show marketing remark (303 chars)

    The canvas is there with a solid frame, attractive 2 story, 4 bedroom home you need to see immediately, over 2,000 sq ft with 2 bonus rooms, hardwood floors, large living and dining rooms, full basement, attached 2 car garage, really something special, get the brush out and enjoy, Immediate possession

13. 2026-02-15
    listed $199,000 Active 303-char remark

    Show marketing remark (303 chars)

    The canvas is there with a solid frame, attractive 2 story, 4 bedroom home you need to see immediately, over 2,000 sq ft with 2 bonus rooms, hardwood floors, large living and dining rooms, full basement, attached 2 car garage, really something special, get the brush out and enjoy, Immediate possession

ⓘ 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: $2,277 · $190/mo
• Projected year-2 tax: $2,594 · $216/mo
• Expected delta: +$317/yr (+$26/mo · 13.9%)

ⓘ 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 · 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: $18,187
• − Mortgage interest: −$10,587
• − Property taxes: −$2,277
• − Insurance: −$945
• − Repairs & maintenance: −$1,455
• − Management: −$1,455
• − Depreciation: −$5,498
• Taxable loss: −$4,030
• Est. tax savings @ 24.0%: +$967
• After-tax cash flow: $219/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: Owosso Public Schools
• NCES district ID: 2627210
• Math proficiency: 21% ▼ -6.00%
• Reading proficiency: 33% ▲ 1.00%
• Median HH income: $40,656
• Composite: 22.78/100
• National rank: #8025
• State rank: #401 of 540 in MI

Livability — Owosso

• Score: 76/100
• State rank: #147
• US rank: #3704

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Owosso, MI
• City population: 27,399
• Population (ZIP): 27,399

Population outlook (Shiawassee County) Hauer SSP2

• Today (2025): 64,238 people
• By 2030: 61,434 · -4.4%
• By 2040: 55,054 · -14.3%
• By 2050: 48,426 · -24.6%
• By 2075: 35,995 · -44.0%
• By 2100: 26,678 · -58.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Romanian 6% Lithuanian 3% Iranian 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1% Arabic 1%

Political lean MEDSL · Shiawassee

• 2024 margin: Strong R (+23.1) · D 37.7% · R 60.8% · Other 1.6%
• 2008→2024 swing: -31.7pp toward R · 2008: 8.6pp · 2024: -23.1pp
• All cycles: 2024: R+23.1 2020: R+19.9 2016: R+19.6 2012: D+3.7 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -234.79%
• Current HPI: 190.5775
• 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

-5.0% since first listed

4 events — show timeline

• 2026-05-11 Price Changed $189,000 MiRealSource-MiMLS
• 2026-05-11 Price Changed $189,000 REALCOMP
• 2026-02-16 Listed $199,000 REALCOMP
• 2026-02-15 Listed $199,000 MiRealSource-MiMLS

Property tax history

-4.8%/yr

Latest (2025): $2,277 · -35.9% YoY. Source: county tax records.