15301 28 Mile Rd · Albion, MI 49224

$125,000

3 bd · 1.0 ba · 1,725 sqft · SingleFamily · 10 Days on market

Built 1920 Poor condition 7.98 ac lot Est $210k · 41% under

---

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 +23.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +6.1/10.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fixer upper opportunity on 8 acres just north of Albion and just minutes away from I-94. An approx. 40' x 25' pole barn adds convenience and value to the property. Property is being sold AS IS WHERE IS, buyer agent to verify all information.

Key facts

• 7.98 acre lot
• Built 1920
• Listed 10 days

Property features AI

Exterior

• Home design: Single-family residence; Residential property; Built in 1920
• Construction: Vinyl siding; 1,725 total building area
• Exterior features: Nearly 8-acre lot

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: 9 total rooms; Crawl space and Michigan-style basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $233 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).

Location & tenants

• Location reads 70/100 on livability (#328 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute C-, amenities D+, schools F.
• Marshall Public Schools (town): math 28% / reading 44% proficiency, ranked #268 of 540 in MI (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 134 active listings in the ZIP; 132 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Calhoun County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 12y 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 $28k; list at $125k implies a 346% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.11% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.98%
• DSCR: 1.36
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $210,450
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16017 28 Mile Rd	0.71mi	3/1.0	1,840 (+7%)	1mo	$120,000	$65	55
15900 28 Mile Rd	0.60mi	3/1.0	1,552 (-10%)	6mo	$189,000	$122	50

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: -4.1%
• Equity multiple: 0.85×
• Total profit: $-5,411
• Equity at exit: $18,638

10-year hold

• IRR: 5.6%
• Equity multiple: 1.41×
• Total profit: $14,461
• Equity at exit: $10,808

Cash invested: $35,000 (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 49224

• Home prices YoY: -24.9%
• Active inventory: 134
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,388 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $233

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 78%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-02
   status $125,000 Pending 10 DOM
2. 2026-06-01
   days on market $125,000 Active 10 DOM
3. 2026-05-31
   days on market $125,000 Active 9 DOM
4. 2026-05-30
   days on market $125,000 Active 8 DOM
5. 2026-05-22
   listed $125,000 Active 241-char remark

   Show marketing remark (241 chars)

   Fixer upper opportunity on 8 acres just north of Albion and just minutes away from I-94. An approx. 40' x 25' pole barn adds convenience and value to the property. Property is being sold AS IS WHERE IS, buyer agent to verify all information.

6. 2026-05-22
   listed $125,000 Active

   Show marketing remark (241 chars)

   Fixer upper opportunity on 8 acres just north of Albion and just minutes away from I-94. An approx. 40' x 25' pole barn adds convenience and value to the property. Property is being sold AS IS WHERE IS, buyer agent to verify all information.

7. 2026-05-22
   listed $125,000 Active 241-char remark

   Show marketing remark (241 chars)

   Fixer upper opportunity on 8 acres just north of Albion and just minutes away from I-94. An approx. 40' x 25' pole barn adds convenience and value to the property. Property is being sold AS IS WHERE IS, buyer agent to verify all information.

8. 2026-05-22
   historical $125,000 241-char remark

   Show marketing remark (241 chars)

   Fixer upper opportunity on 8 acres just north of Albion and just minutes away from I-94. An approx. 40' x 25' pole barn adds convenience and value to the property. Property is being sold AS IS WHERE IS, buyer agent to verify all information.

9. 2026-05-22
   historical $125,000

   Show marketing remark (241 chars)

   Fixer upper opportunity on 8 acres just north of Albion and just minutes away from I-94. An approx. 40' x 25' pole barn adds convenience and value to the property. Property is being sold AS IS WHERE IS, buyer agent to verify all information.

10. 2014-06-21
    soldstatus $28,050
11. 2014-05-27
    listed $66,000

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°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: $16,657
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,333
• − Management: −$1,333
• − Depreciation: −$3,636
• Taxable income: $854
• Est. tax owed @ 24.0%: −$205
• After-tax cash flow: $2,588/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 · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates to bring it up to a livable condition. Significant investment is needed to improve the exterior, interior, and pole barn, which would substantially increase its resale and rental value.

Repairs flagged

• Major Exterior siding — Severe weathering and damage
• Major Roof — Exposed framing and missing shingles
• Major Interior walls — Paint peeling and exposed drywall
• Major Flooring — Worn and damaged hardwood floors
• Major Bathrooms — Old fixtures and missing tiles
• Major Pole barn — Missing doors and overall poor condition

Value-add opportunities

• Both Paint and ceiling tiles — Fresh paint and new ceiling tiles would improve appearance and functionality
• Both Flooring — New flooring would enhance the living space and increase appeal
• Both Bathrooms — New fixtures and tiles would modernize the bathrooms and improve functionality
• Both Exterior siding and roof — New siding and roof would improve the home's curb appeal and increase its value
• Both Pole barn — Repairing or replacing the pole barn would add value and functionality to the property

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Severe weathering and damage	Major	$15,000–50,000
Roof · Exposed framing and missing shingles	Major	$15,000–50,000
Interior walls · Paint peeling and exposed drywall	Major	$15,000–50,000
Flooring · Worn and damaged hardwood floors	Major	$15,000–50,000
Bathrooms · Old fixtures and missing tiles	Major	$15,000–50,000
Pole barn · Missing doors and overall poor condition	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both Paint and ceiling tiles — Fresh paint and new ceiling tiles would improve appearance and functionality ↑
• Both Flooring — New flooring would enhance the living space and increase appeal ↑
• Both Bathrooms — New fixtures and tiles would modernize the bathrooms and improve functionality ↑
• Both Exterior siding and roof — New siding and roof would improve the home's curb appeal and increase its value ↑
• Both Pole barn — Repairing or replacing the pole barn would add value and functionality to the property ↑

ⓘ 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: Marshall Public Schools
• NCES district ID: 2622970
• Math proficiency: 28% ▼ -4.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $48,020
• Composite: 30.93/100
• National rank: #6112
• State rank: #268 of 540 in MI

Livability — Albion

• Score: 70/100
• State rank: #328
• US rank: #8096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 13,309

Population outlook (Calhoun County) Hauer SSP2

• Today (2025): 130,157 people
• By 2030: 126,691 · -2.7%
• By 2040: 118,517 · -8.9%
• By 2050: 109,855 · -15.6%
• By 2075: 90,486 · -30.5%
• By 2100: 70,766 · -45.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Black 20% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Romanian 3% Lithuanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% Arabic 1% German/W. Germanic 1%

Political lean MEDSL · Calhoun

• 2024 margin: R (+14.1) · D 42.3% · R 56.4% · Other 1.3%
• 2008→2024 swing: -23.4pp toward R · 2008: 9.4pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+11.1 2016: R+12.5 2012: D+1.6 2008: D+9.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.85%
• Current HPI: 205.078
• 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

+89.4% since first listed

7 events — show timeline

• 2026-05-22 Listed $125,000 REALCOMP
• 2026-05-22 Listed $125,000 SW Michigan MLS
• 2026-05-22 Listed $125,000 MiRealSource-MiMLS
• 2026-05-22 Coming Soon $125,000 MiRealSource-MiMLS
• 2026-05-22 Coming Soon $125,000 SW Michigan MLS
• 2014-06-21 Sold (MLS) $28,050 MiRealSource-MiMLS
• 2014-05-27 Listed $66,000 MiRealSource-MiMLS