106 N Talbot St · Addison, MI 49220

$165,000

4 bd · 2.0 ba · 2,400 sqft · MultiFamily · 49 Days on market

Built 1900 1,742 sqft lot

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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 +7.5/15.0
• Livability +3.0/5.0
• Schools +2.7/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Turnkey duplex investment opportunity with strong income potential. Each unit features 2 bedrooms and 1 full bath, making this property ideal for both investors and owner-occupants. Live in one unit and rent the other, or lease both for maximum cash flow. Extensive updates include fresh paint throughout, new flooring, and updated electrical, reducing immediate maintenance concerns. Each unit is equipped with its own furnace and water heater (approximately 5 years old), along with separately metered utilities—allowing tenants to pay their own expenses and simplifying management. A solid addition to any portfolio with flexibility, efficiency, and long-term upside. All info is believed to be correct. Buyers Agent to verify all info.

Key facts

• Updated electrical
• Fresh paint
• Turnkey duplex

Tags

• TURNKEY DUPLEX
• STRONG INCOME POTENTIAL
• EXTENSIVE UPDATES
• FRESH PAINT
• NEW FLOORING
• UPDATED ELECTRICAL

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property (multifamily); Two-story
• Construction: Above-grade finished area approximately 2,400 square feet
• Exterior features: Lot dimensions approximately 30 x 55; Located in the DOWNTOWN ADDISON subdivision

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Central air; Window unit(s); Forced air heating; Natural gas heating; Separate meters for utilities
• Interior features: Basement with concrete floor

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $861/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $165k).
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.8% vs local median 0.7% in Addison — 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 60/100 on livability (#580 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D-, amenities F, commute F.
• Addison Community Schools (rural): math 22% / reading 40% proficiency, ranked #339 of 540 in MI (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 14 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 137 units permitted in Lenawee 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 $5k of value loss. Plan a longer hold.
• Lenawee County population projected at -18% 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 $46k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 8y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $160,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.20% ✓
• Cap rate: 18.81%
• Cash-on-cash: 44.70%
• DSCR: 2.99
• GRM: 3.8

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: 41.8%
• Equity multiple: 2.80×
• Total profit: $82,935
• Equity at exit: $24,602

10-year hold

• IRR: 47.9%
• Equity multiple: 5.62×
• Total profit: $213,591
• Equity at exit: $14,266

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 49220

• Home prices YoY: -27.1%
• Active inventory: 14
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $3,622 medium
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$761
• Net cashflow: $1,721

Break-even live

Break-even rent $1,443

Max offer price $165,000

Occupancy floor 47%

Sensitivity live

Price	-10% $1,835	-5% $1,778	+0% $1,721	+5% $1,664	+10% $1,607
Rent	-10% $1,435	-5% $1,578	+0% $1,721	+5% $1,864	+10% $2,007
Rate	-1.0pp $1,804	-0.5pp $1,763	base $1,721	+0.5pp $1,678	+1.0pp $1,635

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,622
Total (2 units)			$3,622

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: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3709 Meridian Rd Addison, MI	3.0	2.0	1950	$1,995	$1.02	44d	1	0.31mi

Listing history 43 events

1. 2026-06-21
   days on market $165,000 Active 49 DOM
2. 2026-06-18
   days on market $165,000 Active 47 DOM
3. 2026-06-17
   days on market $165,000 Active 46 DOM
4. 2026-06-16
   days on market $165,000 Active 45 DOM
5. 2026-06-15
   days on market $165,000 Active 44 DOM
6. 2026-06-13
   days on market $165,000 Active 42 DOM
7. 2026-06-12
   days on market $165,000 Active 41 DOM
8. 2026-06-09
   days on market $165,000 Active 38 DOM
9. 2026-06-08
   days on market $165,000 Active 37 DOM
10. 2026-06-07
    days on market $165,000 Active 36 DOM
11. 2026-06-07
    pricedays on market $165,000 Active 35 DOM
12. 2026-06-04
    days on market $170,000 Active 32 DOM

    Show marketing remark (745 chars)

    Turnkey duplex investment opportunity with strong income potential. Each unit features 2 bedrooms and 1 full bath, making this property ideal for both investors and owner-occupants. Live in one unit and rent the other, or lease both for maximum cash flow. Extensive updates include fresh paint throughout, new flooring, and updated electrical, reducing immediate maintenance concerns. Each unit is equipped with its own furnace and water heater (approximately 5 years old), along with separately metered utilities—allowing tenants to pay their own expenses and simplifying management. A solid addition to any portfolio with flexibility, efficiency, and long-term upside. All info is believed to be correct. Buyers Agent to verify all info.

13. 2026-06-02
    days on market $170,000 Active 31 DOM
14. 2026-06-01
    days on market $170,000 Active 30 DOM
15. 2026-05-31
    days on market $170,000 Active 29 DOM
16. 2026-05-31
    days on market $170,000 Active 28 DOM
17. 2026-05-01
    listed $180,000 Active 745-char remark

    Show marketing remark (745 chars)

    Turnkey duplex investment opportunity with strong income potential. Each unit features 2 bedrooms and 1 full bath, making this property ideal for both investors and owner-occupants. Live in one unit and rent the other, or lease both for maximum cash flow. Extensive updates include fresh paint throughout, new flooring, and updated electrical, reducing immediate maintenance concerns. Each unit is equipped with its own furnace and water heater (approximately 5 years old), along with separately metered utilities—allowing tenants to pay their own expenses and simplifying management. A solid addition to any portfolio with flexibility, efficiency, and long-term upside. All info is believed to be correct. Buyers Agent to verify all info.

18. 2026-05-01
    listed $180,000 Active 739-char remark

    Show marketing remark (745 chars)

    Turnkey duplex investment opportunity with strong income potential. Each unit features 2 bedrooms and 1 full bath, making this property ideal for both investors and owner-occupants. Live in one unit and rent the other, or lease both for maximum cash flow. Extensive updates include fresh paint throughout, new flooring, and updated electrical, reducing immediate maintenance concerns. Each unit is equipped with its own furnace and water heater (approximately 5 years old), along with separately metered utilities—allowing tenants to pay their own expenses and simplifying management. A solid addition to any portfolio with flexibility, efficiency, and long-term upside. All info is believed to be correct. Buyers Agent to verify all info.

19. 2021-08-31
    soldstatus $150,000 Sold

    Show marketing remark (595 chars)

    Great Investment property. This duplex has recently been remodeled and updated. New paint, carpeting, stainless steel appliances, frontload washer and dryer, to name a few. Updated electrical, mechanical. Both units have 2 bedrooms, and plenty of closet space. It's not often that you can find an investment property that is completely redone and ready to start making you income. You can rent both units, or live in one and rent the other. The work has been completed for you. Now, all you need to do is reap the benefits. Each unit has its own furnace, hot water heater and separate utilities.

20. 2021-08-31
    soldstatus $150,000 Sold

    Show marketing remark (595 chars)

    Great Investment property. This duplex has recently been remodeled and updated. New paint, carpeting, stainless steel appliances, frontload washer and dryer, to name a few. Updated electrical, mechanical. Both units have 2 bedrooms, and plenty of closet space. It's not often that you can find an investment property that is completely redone and ready to start making you income. You can rent both units, or live in one and rent the other. The work has been completed for you. Now, all you need to do is reap the benefits. Each unit has its own furnace, hot water heater and separate utilities.

21. 2021-08-18
    historical Accepting Backup Offers

    Show marketing remark (595 chars)

    Great Investment property. This duplex has recently been remodeled and updated. New paint, carpeting, stainless steel appliances, frontload washer and dryer, to name a few. Updated electrical, mechanical. Both units have 2 bedrooms, and plenty of closet space. It's not often that you can find an investment property that is completely redone and ready to start making you income. You can rent both units, or live in one and rent the other. The work has been completed for you. Now, all you need to do is reap the benefits. Each unit has its own furnace, hot water heater and separate utilities.

22. 2021-08-18
    historical Accepting Backup Offers

    Show marketing remark (595 chars)

    Great Investment property. This duplex has recently been remodeled and updated. New paint, carpeting, stainless steel appliances, frontload washer and dryer, to name a few. Updated electrical, mechanical. Both units have 2 bedrooms, and plenty of closet space. It's not often that you can find an investment property that is completely redone and ready to start making you income. You can rent both units, or live in one and rent the other. The work has been completed for you. Now, all you need to do is reap the benefits. Each unit has its own furnace, hot water heater and separate utilities.

23. 2021-08-18
    historical Active Backup

    Show marketing remark (595 chars)

    Great Investment property. This duplex has recently been remodeled and updated. New paint, carpeting, stainless steel appliances, frontload washer and dryer, to name a few. Updated electrical, mechanical. Both units have 2 bedrooms, and plenty of closet space. It's not often that you can find an investment property that is completely redone and ready to start making you income. You can rent both units, or live in one and rent the other. The work has been completed for you. Now, all you need to do is reap the benefits. Each unit has its own furnace, hot water heater and separate utilities.

24. 2021-08-07
    price $155,000

    Show marketing remark (595 chars)

    Great Investment property. This duplex has recently been remodeled and updated. New paint, carpeting, stainless steel appliances, frontload washer and dryer, to name a few. Updated electrical, mechanical. Both units have 2 bedrooms, and plenty of closet space. It's not often that you can find an investment property that is completely redone and ready to start making you income. You can rent both units, or live in one and rent the other. The work has been completed for you. Now, all you need to do is reap the benefits. Each unit has its own furnace, hot water heater and separate utilities.

25. 2021-08-07
    price $155,000

    Show marketing remark (595 chars)

    Great Investment property. This duplex has recently been remodeled and updated. New paint, carpeting, stainless steel appliances, frontload washer and dryer, to name a few. Updated electrical, mechanical. Both units have 2 bedrooms, and plenty of closet space. It's not often that you can find an investment property that is completely redone and ready to start making you income. You can rent both units, or live in one and rent the other. The work has been completed for you. Now, all you need to do is reap the benefits. Each unit has its own furnace, hot water heater and separate utilities.

26. 2021-08-07
    price $155,000

    Show marketing remark (595 chars)

    Great Investment property. This duplex has recently been remodeled and updated. New paint, carpeting, stainless steel appliances, frontload washer and dryer, to name a few. Updated electrical, mechanical. Both units have 2 bedrooms, and plenty of closet space. It's not often that you can find an investment property that is completely redone and ready to start making you income. You can rent both units, or live in one and rent the other. The work has been completed for you. Now, all you need to do is reap the benefits. Each unit has its own furnace, hot water heater and separate utilities.

27. 2021-07-29
    listed $158,000 Active

    Show marketing remark (595 chars)

    Great Investment property. This duplex has recently been remodeled and updated. New paint, carpeting, stainless steel appliances, frontload washer and dryer, to name a few. Updated electrical, mechanical. Both units have 2 bedrooms, and plenty of closet space. It's not often that you can find an investment property that is completely redone and ready to start making you income. You can rent both units, or live in one and rent the other. The work has been completed for you. Now, all you need to do is reap the benefits. Each unit has its own furnace, hot water heater and separate utilities.

28. 2021-07-29
    listed $158,000 Active

    Show marketing remark (595 chars)

    Great Investment property. This duplex has recently been remodeled and updated. New paint, carpeting, stainless steel appliances, frontload washer and dryer, to name a few. Updated electrical, mechanical. Both units have 2 bedrooms, and plenty of closet space. It's not often that you can find an investment property that is completely redone and ready to start making you income. You can rent both units, or live in one and rent the other. The work has been completed for you. Now, all you need to do is reap the benefits. Each unit has its own furnace, hot water heater and separate utilities.

29. 2021-07-29
    listed $158,000 Active

    Show marketing remark (595 chars)

    Great Investment property. This duplex has recently been remodeled and updated. New paint, carpeting, stainless steel appliances, frontload washer and dryer, to name a few. Updated electrical, mechanical. Both units have 2 bedrooms, and plenty of closet space. It's not often that you can find an investment property that is completely redone and ready to start making you income. You can rent both units, or live in one and rent the other. The work has been completed for you. Now, all you need to do is reap the benefits. Each unit has its own furnace, hot water heater and separate utilities.

30. 2021-07-14
    historical
31. 2021-07-14
    historical
32. 2021-07-14
    historical
33. 2021-04-21
    listed $169,900 Active
34. 2021-04-21
    listed $169,900 Active
35. 2021-04-21
    listed $169,900 Active
36. 2018-10-23
    soldstatus $68,000
37. 2018-10-23
    soldstatus $68,000 Sold
38. 2018-10-23
    soldstatus $68,000
39. 2018-10-23
    soldstatus $68,000 Closed
40. 2018-09-05
    listed $69,900
41. 2018-09-05
    listed $69,900 Active
42. 2018-09-05
    listed $69,900
43. 2018-09-05
    listed $69,900 Active

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

Taxation est. · year 1

• Rental income: $43,464
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$3,477
• − Management: −$3,477
• − Depreciation: −$4,800
• Taxable income: $19,167
• Est. tax owed @ 24.0%: −$4,600
• After-tax cash flow: $16,053/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: Addison Community Schools
• NCES district ID: 2601920
• Math proficiency: 22% ▼ -14.00%
• Reading proficiency: 40% ▼ -3.00%
• Median HH income: $53,055
• Composite: 27.25/100
• National rank: #7009
• State rank: #339 of 540 in MI

Livability — Addison

• Score: 60/100
• State rank: #580
• US rank: #18632

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Addison, MI
• Population (ZIP): 2,468

Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 6% Iranian 5% Lithuanian 4%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.33%
• Current HPI: 188.796
• 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

+136.1% since first listed

31 events — show timeline

• 2026-06-04 Price Changed $165,000 MiRealSource-MiMLS
• 2026-06-04 Price Changed $165,000 REALCOMP
• 2026-05-23 Price Changed $170,000 MiRealSource-MiMLS
• 2026-05-22 Price Changed $170,000 REALCOMP
• 2026-05-01 Listed $180,000 REALCOMP
• 2026-05-01 Listed $180,000 MiRealSource-MiMLS
• 2021-08-31 Sold (MLS) $150,000 SW Michigan MLS
• 2021-08-31 Sold (MLS) $150,000 REALCOMP
• 2021-08-18 Contingent — MiRealSource-MiMLS
• 2021-08-18 Contingent — REALCOMP
• 2021-08-18 Contingent — SW Michigan MLS
• 2021-08-07 Price Changed $155,000 MiRealSource-MiMLS
• 2021-08-07 Price Changed $155,000 REALCOMP
• 2021-08-07 Price Changed $155,000 SW Michigan MLS
• 2021-07-29 Listed $158,000 MiRealSource-MiMLS
• 2021-07-29 Listed $158,000 SW Michigan MLS
• 2021-07-29 Listed $158,000 REALCOMP
• 2021-07-14 Listing Removed — REALCOMP
• 2021-07-14 Listing Removed — SW Michigan MLS
• 2021-07-14 Listing Removed — MiRealSource-MiMLS
• 2021-04-21 Listed $169,900 SW Michigan MLS
• 2021-04-21 Listed $169,900 MiRealSource-MiMLS
• 2021-04-21 Listed $169,900 REALCOMP
• 2018-10-23 Sold (MLS) $68,000 MiRealSource-MiMLS
• 2018-10-23 Sold (MLS) $68,000 MiRealSource-MiMLS
• 2018-10-23 Sold (MLS) $68,000 SW Michigan MLS
• 2018-10-23 Sold (MLS) $68,000 REALCOMP
• 2018-09-05 Listed $69,900 MiRealSource-MiMLS
• 2018-09-05 Listed $69,900 MiRealSource-MiMLS
• 2018-09-05 Listed $69,900 SW Michigan MLS
• 2018-09-05 Listed $69,900 REALCOMP