502 E Logan St · Tecumseh, MI 49286

$197,900

3 bd · 2.0 ba · 1,802 sqft · SingleFamily · 20 Days on market

Built 1900 9,583 sqft lot $110/sqft · 5% below area Est $209k · 5% under

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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 +20.7/30.0
• ARV discount +9.9/15.0
• DSCR +6.6/10.0
• 1% rule +5.5/10.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Classic farmhouse charm with the updates that matter. This 1,802 sq ft home offers 3 bedrooms and 2 full baths, blending timeless character with everyday functionality. You'll love the original woodwork throughout - details you simply can't replicate - paired with an updated kitchen with cherry cabinets, island with butcher block counter top (needs staining) that makes the home move-in ready. The main floor features a convenient first-floor bedroom, ideal for guests or flexible living. Major mechanicals are already handled with a newer furnace, central air, and a durable steel roof installed in 2015 - so you can focus on making it your own, not fixing it up. Situated on a generous 49 x 190 lot, there's plenty of space to enjoy the outdoors, plus a 1.5-car detached garage for storage and convenience. - Electrical updated

Key facts

• First-floor bedroom
• Newer furnace
• Updated kitchen

Tags

• ORIGINAL WOODWORK
• UPDATED KITCHEN
• FIRST-FLOOR BEDROOM
• NEWER FURNACE
• CENTRAL AIR
• DURABLE STEEL ROOF

Property features AI

Finance

• Other: Property listed as residential single-family; Lot dimensions approximately 49 x 189 (0.22 acres)

Exterior

• Parking: Detached garage; Approximately 1.5 garage spaces
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Single-family residence; Two levels; Ground-level entry with steps
• Construction: Asphalt and metal roof; Other construction materials
• Exterior features: Covered porch; Corner lot; Paved road access

Interior

• Kitchen: Built-in gas range; Dishwasher; Microwave; Disposal; Free-standing refrigerator
• Bedrooms: Details not specified
• Bathrooms: 2 full bathrooms
• Interior features: Gas water heater; Built-in gas range; Dishwasher; Disposal; Microwave; Partial, unfinished basement; 8 total rooms; Smoke detector(s)
• Laundry & utility: Laundry room with washer hookup and electric dryer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $198k.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $198k).
• Recommended offer: $195k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.6% in Tecumseh — 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 78/100 on livability (#103 in MI, #2,459 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Tecumseh Public Schools (town): math 34% / reading 48% proficiency, ranked #181 of 540 in MI (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tecumseh Acres North Early Learning Center (303 students, 43% FRL); Tecumseh Middle School (math 33% / reading 41%, grade F, #248 of 493 statewide, top 53%, 793 students, 34% FRL); Tecumseh High School (math 37% / reading 72%, grade C-, #109 of 713 statewide, top 17%, 800 students, 33% FRL).
• Market conditions: 96 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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

• It's been on market 20 days — a 2% lower offer ($195k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 12y ago; this cycle's ask has dropped $12k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $93k; list at $198k implies a 113% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $194,931 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 1.05% ✓
• Cap rate: 7.91%
• Cash-on-cash: 5.77%
• DSCR: 1.26
• GRM: 8.0

CMA / ARV

• ARV (median comp): $209,253
• List price: $197,900
• Delta: 0.31%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
510 E Logan St	0.04mi	3/2.0	1,736 (-4%)	5mo	$252,000	$145	88
410 E Pottawatamie St	0.19mi	3/2.0	1,728 (-4%)	1mo	$231,000	$134	84
424 N Evans St	0.42mi	3/1.5	1,713 (-5%)	13mo	$270,000	$158	60
600 Center Dr	0.42mi	3/1.5	1,600 (-11%)	8mo	$215,000	$134	53
219 Chippewa St	0.61mi	4/2.0 (+1)	1,740 (-3%)	10mo	$319,900	$184	52
301 W Shawnee St	0.56mi	3/2.0	1,998 (+11%)	6mo	$300,000	$150	51
110 W Shawnee St	0.42mi	3/1.0	1,588 (-12%)	10mo	$235,000	$148	49
314 W Logan St	0.58mi	4/1.5 (+1)	1,645 (-9%)	7mo	$234,000	$142	46
304 N Van Buren St	0.69mi	3/1.5	1,644 (-9%)	11mo	$234,000	$142	42
405 N Union St	0.70mi	3/2.0	2,056 (+14%)	3mo	$455,000	$221	42
507 W Logan St	0.73mi	3/2.0	1,566 (-13%)	8mo	$200,000	$128	38
107 N Van Buren Rd	0.71mi	4/2.5 (+1)	1,548 (-14%)	7mo	$219,000	$141	31

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: -7.4%
• Equity multiple: 0.73×
• Total profit: $-15,065
• Equity at exit: $29,508

10-year hold

• IRR: 2.2%
• Equity multiple: 1.16×
• Total profit: $8,866
• Equity at exit: $17,111

Cash invested: $55,412 (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 49286

• Home prices YoY: -32.9%
• Active inventory: 96
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,070 medium
• Mortgage (P&I): −$1,038
• Tax from tax record: −$249 /mo · $2,986/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $266

Break-even live

Break-even rent $1,733

Max offer price $197,900

Occupancy floor 82%

Sensitivity live

Price	-10% $378	-5% $322	+0% $266	+5% $210	+10% $154
Rent	-10% $103	-5% $185	+0% $266	+5% $348	+10% $430
Rate	-1.0pp $366	-0.5pp $317	base $266	+0.5pp $215	+1.0pp $163

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: $49,475
• Closing costs: $5,937
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
603 Nokomis St Tecumseh, MI	3.0	2.0	1620	$2,500	$1.54	45d	1	1.26mi
9103 N Union St #174 Tecumseh, MI	3.0	2.0	1344	$1,903	$1.42	15d	1	1.39mi
9103 N Union St #165 Tecumseh, MI	3.0	2.0	1248	$1,848	$1.48	15d	1	1.39mi
9115 N Union St Tecumseh, MI	3.0	2.0	1408	$1,876	$1.33	15d	4	1.44mi

Listing history 50 events

1. 2026-06-21
   days on market $197,900 Active 20 DOM
2. 2026-06-18
   days on market $197,900 Active 17 DOM
3. 2026-06-17
   days on market $197,900 Active 16 DOM
4. 2026-06-16
   days on market $197,900 Active 15 DOM
5. 2026-06-15
   pricedays on market $197,900 Active 14 DOM
6. 2026-06-14
   days on market $209,900 Active 12 DOM
7. 2026-06-13
   days on market $209,900 Active 11 DOM
8. 2026-06-10
   days on market $209,900 Active 9 DOM
9. 2026-06-09
   days on market $209,900 Active 8 DOM
10. 2026-06-08
    days on market $209,900 Active 7 DOM
11. 2026-06-07
    days on market $209,900 Active 6 DOM
12. 2026-06-05
    days on market $209,900 Active 3 DOM
13. 2026-06-03
    days on market $209,900 Active 2 DOM
14. 2026-06-02
    days on marketlisting id $209,900 Active 1 DOM
15. 2026-06-01
    days on market $209,900 Active 67 DOM

    Show marketing remark (831 chars)

    Classic farmhouse charm with the updates that matter. This 1,802 sq ft home offers 3 bedrooms and 2 full baths, blending timeless character with everyday functionality. You'll love the original woodwork throughout - details you simply can't replicate - paired with an updated kitchen with cherry cabinets, island with butcher block counter top (needs staining) that makes the home move-in ready. The main floor features a convenient first-floor bedroom, ideal for guests or flexible living. Major mechanicals are already handled with a newer furnace, central air, and a durable steel roof installed in 2015 - so you can focus on making it your own, not fixing it up. Situated on a generous 49 x 190 lot, there's plenty of space to enjoy the outdoors, plus a 1.5-car detached garage for storage and convenience. - Electrical updated

16. 2026-05-31
    days on market $209,900 Active 66 DOM
17. 2026-05-30
    days on market $209,900 Active 65 DOM
18. 2026-05-18
    price $209,900 810-char remark
19. 2026-05-18
    price $209,900 840-char remark
20. 2026-05-04
    price $219,900 810-char remark
21. 2026-05-03
    price $219,900 840-char remark
22. 2026-04-16
    price $227,900 810-char remark
23. 2026-04-16
    price $227,900 840-char remark
24. 2026-04-03
    price $239,900 810-char remark
25. 2026-04-03
    price $239,900 840-char remark
26. 2026-03-27
    listed $249,900 Active 810-char remark
27. 2026-03-27
    listed $249,900 Active 840-char remark
28. 2026-03-24
    historical $249,900 810-char remark
29. 2021-04-19
    soldstatus $93,000
30. 2021-04-16
    soldstatus $93,000 Sold
31. 2021-04-16
    soldstatus $93,000 Closed
32. 2021-03-26
    status Pending
33. 2021-03-26
    status Pending
34. 2021-01-13
    historical Contingent - Continue To Show
35. 2021-01-13
    historical Keep Showing-Contgcy Appl
36. 2020-06-19
    price $109,900
37. 2020-06-18
    price $109,900
38. 2020-02-19
    status Active
39. 2020-02-19
    status Active
40. 2020-01-24
    historical
41. 2020-01-24
    historical
42. 2020-01-22
    historical
43. 2020-01-17
    listed $117,900 Active
44. 2020-01-17
    listed $117,900 Active
45. 2018-12-16
    status Pending
46. 2018-12-15
    historical
47. 2018-12-15
    historical
48. 2018-12-10
    historical Keep Showing-Contgcy Appl
49. 2018-12-07
    price $99,900
50. 2018-09-11
    price $109,000

ⓘ 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: $2,986 · $249/mo
• Projected year-2 tax: $3,017 · $251/mo
• Expected delta: +$31/yr (+$3/mo · 1.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥99°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: $24,844
• − Mortgage interest: −$11,085
• − Property taxes: −$2,986
• − Insurance: −$990
• − Repairs & maintenance: −$1,988
• − Management: −$1,988
• − Depreciation: −$5,757
• Taxable income: $51
• Est. tax owed @ 24.0%: −$12
• After-tax cash flow: $3,185/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: Tecumseh Public Schools
• NCES district ID: 2633720
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $58,026
• Composite: 36.04/100
• National rank: #4775
• State rank: #181 of 540 in MI

Livability — Tecumseh

• Score: 78/100
• State rank: #103
• US rank: #2459

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tecumseh, MI
• City population: 14,331
• Population (ZIP): 14,331

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 (87%)
• Race & ethnicity: White 87% Two or more races 8% Hispanic / Latino 7% Black 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 4% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% 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: ▼ -114.90%
• Current HPI: 234.4935
• 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

+183.1% since first listed

47 events — show timeline

• 2026-06-14 Price Changed $197,900 REALCOMP
• 2026-06-12 Price Changed $197,900 MiRealSource-MiMLS
• 2026-06-01 Listed $209,900 REALCOMP
• 2026-06-01 Listing Removed — MiRealSource-MiMLS
• 2026-06-01 Listing Removed — REALCOMP
• 2026-06-01 Listed $209,900 MiRealSource-MiMLS
• 2026-05-18 Price Changed $209,900 MiRealSource-MiMLS
• 2026-05-18 Price Changed $209,900 REALCOMP
• 2026-05-04 Price Changed $219,900 MiRealSource-MiMLS
• 2026-05-03 Price Changed $219,900 REALCOMP
• 2026-04-16 Price Changed $227,900 MiRealSource-MiMLS
• 2026-04-16 Price Changed $227,900 REALCOMP
• 2026-04-03 Price Changed $239,900 MiRealSource-MiMLS
• 2026-04-03 Price Changed $239,900 REALCOMP
• 2026-03-27 Listed $249,900 MiRealSource-MiMLS
• 2026-03-27 Listed $249,900 REALCOMP
• 2026-03-24 Coming Soon — MiRealSource-MiMLS
• 2021-04-19 Sold (Public Records) $93,000 Public Records
• 2021-04-16 Sold (MLS) $93,000 MiRealSource-MiMLS
• 2021-04-16 Sold (MLS) $93,000 REALCOMP
• 2021-03-26 Pending — REALCOMP
• 2021-03-26 Pending — MiRealSource-MiMLS
• 2021-01-13 Contingent — REALCOMP
• 2021-01-13 Contingent — MiRealSource-MiMLS
• 2020-06-19 Price Changed $109,900 MiRealSource-MiMLS
• 2020-06-18 Price Changed $109,900 REALCOMP
• 2020-02-19 Relisted — REALCOMP
• 2020-02-19 Relisted — MiRealSource-MiMLS
• 2020-01-24 Listing Removed — REALCOMP
• 2020-01-24 Listing Removed — REALCOMP
• 2020-01-22 Listing Removed — MiRealSource-MiMLS
• 2020-01-17 Listed $117,900 MiRealSource-MiMLS
• 2020-01-17 Listed $117,900 REALCOMP
• 2018-12-16 Pending — MiRealSource-MiMLS
• 2018-12-15 Listing Removed — MiRealSource-MiMLS
• 2018-12-15 Listing Removed — REALCOMP
• 2018-12-10 Contingent — MiRealSource-MiMLS
• 2018-12-07 Price Changed $99,900 MiRealSource-MiMLS
• 2018-09-11 Price Changed $109,000 MiRealSource-MiMLS
• 2018-08-28 Relisted — MiRealSource-MiMLS
• 2018-08-08 Listing Removed — MiRealSource-MiMLS
• 2018-07-07 Listed $119,000 MiRealSource-MiMLS
• 2018-07-07 Listed $99,900 REALCOMP
• 2015-03-03 Listing Removed — MiRealSource-MiMLS
• 2015-03-03 Listing Removed — REALCOMP
• 2014-02-11 Listed $69,900 MiRealSource-MiMLS
• 2014-02-11 Listed $69,900 REALCOMP

Property tax history

+1.8%/yr

Latest (2025): $2,986 · +8.6% YoY. Source: county tax records.