491 N Elkton Rd · Elkton, MI 48731

$180,000

3 bd · 2.0 ba · 960 sqft · SingleFamily public records · 111 Days on market

Built 1910 2.00 ac lot ↓ 22% 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.5/30.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.8/10.0
• 1% rule +0.6/10.0

Listing remarks MLS

Welcome to your dream farmhouse! This charming 3-bedroom, 2-bathroom home is nestled on a spacious 2-acre corner lot, offering both privacy and convenience. Modern updates and timeless features make this property truly special. The warmth of wood floors greets you, flowing throughout the bedrooms located on the second floor. The large kitchen provides endless possibilities for culinary enthusiasts and gatherings. With first-floor laundry for added convenience, daily chores are a breeze. The attached heated garage offers shelter for vehicles and ample storage space, while the 30x30 heated pole barn provides versatility for hobbies, a workshop, or additional storage. Geothermal heating, installed in 2020, ensures energy efficiency and year-round comfort. Don't miss the chance to make this delightful farmhouse your forever home! Schedule a viewing today to witness the beauty and potential this property holds.

Key facts

• Heated garage
• Wood floors
• Large kitchen

Tags

• CORNER LOT
• WOOD FLOORS
• LARGE KITCHEN
• FIRST-FLOOR LAUNDRY
• HEATED GARAGE
• HEATED POLE BARN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-305 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $126k (30.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $101k (43.8% below list).
• Recommended offer: $101k (43.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#507 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime B; Watch: health & safety C-, schools F, amenities F.
• Elkton-Pigeon-Bay Port Laker Schools (rural): math 31% / reading 47% proficiency, ranked #233 of 540 in MI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; 67 units permitted in Huron County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Huron County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,104 (43.8% 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 111 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — 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 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?
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 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: 0.56% ✗
• Cap rate: 4.26%
• Cash-on-cash: -7.27%
• DSCR: 0.68
• GRM: 14.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.1%
• Equity multiple: 2.56×
• Total profit: $78,522
• Equity at exit: $162,158

10-year hold

• IRR: 17.7%
• Equity multiple: 5.89×
• Total profit: $246,381
• Equity at exit: $349,700

Cash invested: $50,400 (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 48731

• Home prices YoY: 5.0%
• Active inventory: 4
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $1,011 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$85 /mo · $1,020/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $-305

Break-even live

Break-even rent $1,397

Max offer price $126,080

Occupancy floor —

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-04-22
   status Pending

   Show marketing remark (919 chars)

   Welcome to your dream farmhouse! This charming 3-bedroom, 2-bathroom home is nestled on a spacious 2-acre corner lot, offering both privacy and convenience. Modern updates and timeless features make this property truly special. The warmth of wood floors greets you, flowing throughout the bedrooms located on the second floor. The large kitchen provides endless possibilities for culinary enthusiasts and gatherings. With first-floor laundry for added convenience, daily chores are a breeze. The attached heated garage offers shelter for vehicles and ample storage space, while the 30x30 heated pole barn provides versatility for hobbies, a workshop, or additional storage. Geothermal heating, installed in 2020, ensures energy efficiency and year-round comfort. Don't miss the chance to make this delightful farmhouse your forever home! Schedule a viewing today to witness the beauty and potential this property holds.

2. 2026-04-22
   status Pending 919-char remark

   Show marketing remark (919 chars)

   Welcome to your dream farmhouse! This charming 3-bedroom, 2-bathroom home is nestled on a spacious 2-acre corner lot, offering both privacy and convenience. Modern updates and timeless features make this property truly special. The warmth of wood floors greets you, flowing throughout the bedrooms located on the second floor. The large kitchen provides endless possibilities for culinary enthusiasts and gatherings. With first-floor laundry for added convenience, daily chores are a breeze. The attached heated garage offers shelter for vehicles and ample storage space, while the 30x30 heated pole barn provides versatility for hobbies, a workshop, or additional storage. Geothermal heating, installed in 2020, ensures energy efficiency and year-round comfort. Don't miss the chance to make this delightful farmhouse your forever home! Schedule a viewing today to witness the beauty and potential this property holds.

3. 2026-03-02
   price $180,000 919-char remark

   Show marketing remark (919 chars)

   Welcome to your dream farmhouse! This charming 3-bedroom, 2-bathroom home is nestled on a spacious 2-acre corner lot, offering both privacy and convenience. Modern updates and timeless features make this property truly special. The warmth of wood floors greets you, flowing throughout the bedrooms located on the second floor. The large kitchen provides endless possibilities for culinary enthusiasts and gatherings. With first-floor laundry for added convenience, daily chores are a breeze. The attached heated garage offers shelter for vehicles and ample storage space, while the 30x30 heated pole barn provides versatility for hobbies, a workshop, or additional storage. Geothermal heating, installed in 2020, ensures energy efficiency and year-round comfort. Don't miss the chance to make this delightful farmhouse your forever home! Schedule a viewing today to witness the beauty and potential this property holds.

4. 2026-03-01
   price $180,000
5. 2026-02-24
   price $195,000 919-char remark

   Show marketing remark (919 chars)

   Welcome to your dream farmhouse! This charming 3-bedroom, 2-bathroom home is nestled on a spacious 2-acre corner lot, offering both privacy and convenience. Modern updates and timeless features make this property truly special. The warmth of wood floors greets you, flowing throughout the bedrooms located on the second floor. The large kitchen provides endless possibilities for culinary enthusiasts and gatherings. With first-floor laundry for added convenience, daily chores are a breeze. The attached heated garage offers shelter for vehicles and ample storage space, while the 30x30 heated pole barn provides versatility for hobbies, a workshop, or additional storage. Geothermal heating, installed in 2020, ensures energy efficiency and year-round comfort. Don't miss the chance to make this delightful farmhouse your forever home! Schedule a viewing today to witness the beauty and potential this property holds.

6. 2026-02-23
   price $195,000
7. 2026-01-01
   listed $200,000 Active

   Show marketing remark (919 chars)

   Welcome to your dream farmhouse! This charming 3-bedroom, 2-bathroom home is nestled on a spacious 2-acre corner lot, offering both privacy and convenience. Modern updates and timeless features make this property truly special. The warmth of wood floors greets you, flowing throughout the bedrooms located on the second floor. The large kitchen provides endless possibilities for culinary enthusiasts and gatherings. With first-floor laundry for added convenience, daily chores are a breeze. The attached heated garage offers shelter for vehicles and ample storage space, while the 30x30 heated pole barn provides versatility for hobbies, a workshop, or additional storage. Geothermal heating, installed in 2020, ensures energy efficiency and year-round comfort. Don't miss the chance to make this delightful farmhouse your forever home! Schedule a viewing today to witness the beauty and potential this property holds.

8. 2026-01-01
   listed $200,000 Active 919-char remark

   Show marketing remark (919 chars)

   Welcome to your dream farmhouse! This charming 3-bedroom, 2-bathroom home is nestled on a spacious 2-acre corner lot, offering both privacy and convenience. Modern updates and timeless features make this property truly special. The warmth of wood floors greets you, flowing throughout the bedrooms located on the second floor. The large kitchen provides endless possibilities for culinary enthusiasts and gatherings. With first-floor laundry for added convenience, daily chores are a breeze. The attached heated garage offers shelter for vehicles and ample storage space, while the 30x30 heated pole barn provides versatility for hobbies, a workshop, or additional storage. Geothermal heating, installed in 2020, ensures energy efficiency and year-round comfort. Don't miss the chance to make this delightful farmhouse your forever home! Schedule a viewing today to witness the beauty and potential this property holds.

9. 2025-12-05
   historical
10. 2025-10-30
    status Active
11. 2025-10-30
    status Active
12. 2025-09-23
    price $205,000
13. 2025-09-23
    historical
14. 2025-09-23
    price $205,000
15. 2025-09-23
    historical
16. 2025-08-28
    price $190,000
17. 2025-08-28
    price $190,000
18. 2025-07-14
    price $199,000
19. 2025-07-14
    price $199,000
20. 2025-06-04
    listed $230,000 Active
21. 2025-06-04
    listed $230,000 Active

ⓘ 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: $1,020 · $85/mo
• Projected year-2 tax: $1,896 · $158/mo
• Expected delta: +$876/yr (+$73/mo · 85.9%)

ⓘ 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 ≥96°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,132
• − Mortgage interest: −$10,083
• − Property taxes: −$1,020
• − Insurance: −$900
• − Repairs & maintenance: −$971
• − Management: −$971
• − Depreciation: −$5,236
• Taxable loss: −$7,048
• Est. tax savings @ 24.0%: +$1,692
• After-tax cash flow: $-1,971/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: Elkton-Pigeon-Bay Port Laker Schools
• NCES district ID: 2613090
• Math proficiency: 31% ▼ -8.00%
• Reading proficiency: 47% ▼ -5.00%
• Median HH income: $42,799
• Composite: 32.92/100
• National rank: #5600
• State rank: #233 of 540 in MI

Livability — Elkton

• Score: 63/100
• State rank: #507
• US rank: #15050

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,522

Population outlook (Huron County) Hauer SSP2

• Today (2025): 29,325 people
• By 2030: 27,810 · -5.2%
• By 2040: 24,571 · -16.2%
• By 2050: 21,573 · -26.4%
• By 2075: 16,120 · -45.0%
• By 2100: 11,097 · -62.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Asian 2% Hispanic / Latino 1%
• Common ancestry: Romanian 17% Slovak 4% Lithuanian 3%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 98% English-only · Spanish 1% Korean 1%

Political lean MEDSL · Huron

• 2024 margin: Solid R (+40.6) · D 29.1% · R 69.7% · Other 1.2%
• 2008→2024 swing: -40.2pp toward R · 2008: -0.4pp · 2024: -40.6pp
• All cycles: 2024: R+40.6 2020: R+39.3 2016: R+38.2 2012: R+14.8 2008: R+0.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.19%
• Current HPI: 233.4583
• 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

-21.7% since first listed

21 events — show timeline

• 2026-04-22 Pending — REALCOMP
• 2026-04-22 Pending — MiRealSource-MiMLS
• 2026-03-02 Price Changed $180,000 MiRealSource-MiMLS
• 2026-03-01 Price Changed $180,000 REALCOMP
• 2026-02-24 Price Changed $195,000 MiRealSource-MiMLS
• 2026-02-23 Price Changed $195,000 REALCOMP
• 2026-01-01 Listed $200,000 MiRealSource-MiMLS
• 2026-01-01 Listed $200,000 REALCOMP
• 2025-12-05 Listing Removed — MiRealSource-MiMLS
• 2025-10-30 Relisted — MiRealSource-MiMLS
• 2025-10-30 Relisted — REALCOMP
• 2025-09-23 Listing Removed — REALCOMP
• 2025-09-23 Price Changed $205,000 REALCOMP
• 2025-09-23 Listing Removed — MiRealSource-MiMLS
• 2025-09-23 Price Changed $205,000 MiRealSource-MiMLS
• 2025-08-28 Price Changed $190,000 MiRealSource-MiMLS
• 2025-08-28 Price Changed $190,000 REALCOMP
• 2025-07-14 Price Changed $199,000 MiRealSource-MiMLS
• 2025-07-14 Price Changed $199,000 REALCOMP
• 2025-06-04 Listed $230,000 REALCOMP
• 2025-06-04 Listed $230,000 MiRealSource-MiMLS

Property tax history

-0.1%/yr

Latest (2025): $1,020 · -30.9% YoY. Source: county tax records.