3320 Treat St · Adrian, MI 49221

$189,900

4 bd · 1.0 ba · 1,260 sqft · SingleFamily public records · 5 Days on market

Built 1950 10,019 sqft lot Est $208k · 9% under

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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 +15.9/30.0
• ARV discount +11.4/15.0
• DSCR +4.9/10.0
• 1% rule +3.6/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nicely updated Cape Cod offers large updated kitchen with island, dining room, living room, 4 bedrooms, 1 full updated bathroom, main level laundry and partial basement. House updated throughout with new flooring and paint. Deck overlooks fenced rear yard. Detached 1.5 car garage. Located in desirable Madison School District. Wheelchair accessible.

Key facts

• Updated kitchen
• Fenced rear yard
• 0.23 acre lot

Tags

• UPDATED KITCHEN
• FENCED REAR YARD
• WHEELCHAIR ACCESSIBLE
• MADISON SCHOOL DISTRICT

Property features AI

Exterior

• Parking: Detached garage; 1.5 garage spaces
• Utilities: Public water
• Home design: Cape Cod-style single family residence; Residential property
• Construction: Built in 1950; Asphalt shingle roof
• Exterior features: 0.23-acre lot; Vinyl siding

Interior

• Kitchen: Dishwasher; Oven; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Ramped entrance; Partial basement; 7 total rooms
• Laundry & utility: Natural gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $91 ($1k/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 $163k (14.1% below list).
• Recommended offer: $163k (14.1% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 5.6% in Adrian — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 69/100 on livability (#342 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime F, commute F.
• Madison School District (Lenawee) (town): math 34% / reading 51% proficiency, ranked #195 of 540 in MI (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Madison Elementary School (math 34% / reading 47%, grade F, #592 of 1,397 statewide, top 43%, 808 students, 73% FRL); Madison Middle School (math 36% / reading 53%, grade D, #169 of 493 statewide, top 35%, 380 students, 62% FRL); Madison High School (math 27% / reading 57%, grade F, #264 of 713 statewide, top 41%, 445 students, 52% FRL).
• Market conditions: 212 active listings in the ZIP; 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 $6k 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $163,122 (14.1% below list)

Questions for the listing agent

1. Built in 1950 — 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. 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?
4. 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?
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: 0.86% ✗
• Cap rate: 6.87%
• Cash-on-cash: 2.06%
• DSCR: 1.09
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $207,900
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2156 Adams St	0.13mi	3/2.0 (-1)	1,228 (-2%)	7mo	$170,000	$138	75
2094 Allan St	0.15mi	4/1.0	1,434 (+14%)	0mo	$180,000	$126	70
1999 Harold St	0.23mi	4/1.5	1,330 (+6%)	10mo	$220,000	$165	70
2019 Harold St	0.22mi	4/1.5	1,095 (-13%)	13mo	$179,000	$163	55
1894 Harold St	0.37mi	3/2.0 (-1)	1,376 (+9%)	8mo	$280,000	$203	52
1897 Allan St	0.36mi	3/2.0 (-1)	1,440 (+14%)	1mo	$250,000	$174	49
3641 Countryside Dr	0.43mi	3/2.5 (-1)	1,080 (-14%)	11mo	$225,000	$208	36
2100 Homestead Ln	0.35mi	3/3.5 (-1)	1,444 (+15%)	14mo	$190,000	$132	33
1822 Harold St	0.47mi	3/3.0 (-1)	1,416 (+12%)	23mo	$299,000	$211	25

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: -13.1%
• Equity multiple: 0.53×
• Total profit: $-25,005
• Equity at exit: $28,315

10-year hold

• IRR: -4.1%
• Equity multiple: 0.73×
• Total profit: $-14,477
• Equity at exit: $16,419

Cash invested: $53,172 (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 49221

• Active inventory: 212
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,631 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$122 /mo · $1,469/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $91

Break-even live

Break-even rent $1,516

Max offer price $189,900

Occupancy floor 89%

Sensitivity live

Price	-10% $199	-5% $145	+0% $91	+5% $38	+10% $-16
Rent	-10% $-38	-5% $27	+0% $91	+5% $156	+10% $220
Rate	-1.0pp $187	-0.5pp $140	base $91	+0.5pp $42	+1.0pp $-8

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-07
   statusdays on market $189,900 Pending 5 DOM
2. 2026-06-05
   days on market $189,900 Active 3 DOM
3. 2026-06-03
   remarks 350-char remark
4. 2026-06-03
   listed $189,900 Active 1 DOM

ⓘ 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: $1,469 · $122/mo
• Projected year-2 tax: $2,197 · $183/mo
• Expected delta: +$728/yr (+$61/mo · 49.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,575
• − Mortgage interest: −$10,637
• − Property taxes: −$1,469
• − Insurance: −$950
• − Repairs & maintenance: −$1,566
• − Management: −$1,566
• − Depreciation: −$5,524
• Taxable loss: −$2,138
• Est. tax savings @ 24.0%: +$513
• After-tax cash flow: $1,608/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: Madison School District (Lenawee)
• NCES district ID: 2622320
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 51% ▼ -5.00%
• Median HH income: $37,961
• Composite: 35.35/100
• National rank: #4959
• State rank: #195 of 540 in MI

Livability — Adrian

• Score: 69/100
• State rank: #342
• US rank: #8722

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 41,041
• Population (ZIP): 41,041

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 14% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 6% Arabic 1%

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: ▼ -143.64%
• Current HPI: 237.3796
• 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

+72.8% since first listed

16 events — show timeline

• 2026-06-02 Listed $189,900 SW Michigan MLS
• 2026-06-02 Listed $189,900 REALCOMP
• 2026-06-02 Listed $189,900 MiRealSource-MiMLS
• 2019-07-16 Listing Removed — REALCOMP
• 2019-07-16 Listing Removed — MiRealSource-MiMLS
• 2019-02-09 Price Changed $119,900 MiRealSource-MiMLS
• 2019-01-15 Listed $99,900 MiRealSource-MiMLS
• 2019-01-15 Listed $119,900 REALCOMP
• 2018-09-15 Listing Removed — MiRealSource-MiMLS
• 2018-09-15 Listing Removed — REALCOMP
• 2018-08-31 Price Changed $109,900 MiRealSource-MiMLS
• 2018-08-30 Relisted — MiRealSource-MiMLS
• 2018-06-23 Contingent — MiRealSource-MiMLS
• 2018-05-25 Price Changed $94,900 MiRealSource-MiMLS
• 2018-05-08 Listed $99,900 MiRealSource-MiMLS
• 2018-05-08 Listed $109,900 REALCOMP

Property tax history

-0.8%/yr

Latest (2025): $1,469 · -43.3% YoY. Source: county tax records.