1804 N Hope Rd · Midland, MI 48642

$115,000

4 bd · 2.0 ba · 1,809 sqft · SingleFamily public records · 68 Days on market

Built 1883 1.92 ac lot $64/sqft · 53% below area

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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 +4.2/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits at 1804 N Hope Rd in Midland, MI, offering incredible flexibility for homeowners and investors alike. This two-story home features limitless potential as a rental property, multi-generational home, or owner-occupied residence with an in-law suite. Situated on approximately 2 acres in the historic Averill community of Lincoln Township, this property provides a peaceful country setting while still being just minutes from Midland and Sanford. The main home offers 3 bedrooms and 1 ½ bathrooms, with a functional layout that includes a spacious living room, kitchen, and main-floor laundry. Upstairs you'll find all three bedrooms with large closets, plus a bonus room that could serve as an office, playroom, or additional storage space. Attached to the home is a separate 1-bedroom, 1-bath apartment, currently set up as a rental but easily converted into a private in-law suite or guest quarters, making this property ideal for multi-generational living or additional income potential. Outside, the 2-car attached garage and expansive 2-acre lot provide plenty of room for outdoor entertaining, gardening, or future improvements. The location offers convenient access to the Pere Marquette Rail-Trail, perfect for biking, walking, and enjoying the outdoors, while still being close to shopping, dining, and schools in both Midland and Sanford. If you're looking for space, versatility, and investment potential in a desirable rural setting, this property is a must-see.

Key facts

• 1.92 acre lot
• 2 garage spots
• Built 1883

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $794 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.6% vs local median 4.4% in Midland — 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 85/100 on livability (#28 in MI, #578 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Meridian Public Schools (rural): math 30% / reading 47% proficiency, ranked #225 of 540 in MI (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Meridian Elementary School (math 47% / reading 42%, grade F, #484 of 1,397 statewide, top 38%, 543 students, 55% FRL); Meridian Junior High School (math 21% / reading 45%, grade F, #306 of 493 statewide, top 63%, 396 students, 48% FRL); Meridian Early College High School (math 37% / reading 62%, grade D, #154 of 713 statewide, top 25%, 408 students, 42% FRL).
• Market conditions: Rents flat; 99 active listings in the ZIP; solid renter incomes; 320 units permitted in Midland County in 2024 (204 in 5+ unit buildings).
• This rent runs 31% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Midland County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 0.6% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $45k; list at $115k implies a 156% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1883 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1883 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
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: 1.72% ✓
• Cap rate: 14.58%
• Cash-on-cash: 29.58%
• DSCR: 2.32
• GRM: 4.8

CMA / ARV

• ARV (median comp): $286,078
• List price: $115,000
• Delta: -59.80%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.6% rent growth · sell at horizon

5-year hold

• IRR: 21.4%
• Equity multiple: 1.85×
• Total profit: $27,259
• Equity at exit: $17,147

10-year hold

• IRR: 27.9%
• Equity multiple: 3.19×
• Total profit: $70,608
• Equity at exit: $9,943

Cash invested: $32,200 (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 48642

• Home prices YoY: -31.4%
• Rents YoY: 0.6%
• Active inventory: 99
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,983 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$122 /mo · $1,466/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $794

Break-even live

Break-even rent $979

Max offer price $115,000

Occupancy floor 55%

Sensitivity live

Price	-10% $859	-5% $826	+0% $794	+5% $761	+10% $729
Rent	-10% $637	-5% $715	+0% $794	+5% $872	+10% $950
Rate	-1.0pp $852	-0.5pp $823	base $794	+0.5pp $764	+1.0pp $734

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-15
   statusdays on market $115,000 Pending 68 DOM
2. 2026-06-14
   days on market $115,000 Active 67 DOM
3. 2026-06-13
   days on market $115,000 Active 66 DOM
4. 2026-06-10
   days on market $115,000 Active 64 DOM
5. 2026-06-09
   days on market $115,000 Active 63 DOM
6. 2026-06-08
   days on market $115,000 Active 62 DOM
7. 2026-06-07
   days on market $115,000 Active 61 DOM
8. 2026-06-02
   days on market $115,000 Active 56 DOM
9. 2026-06-01
   days on market $115,000 Active 55 DOM
10. 2026-05-31
    days on market $115,000 Active 54 DOM
11. 2026-05-30
    days on market $115,000 Active 53 DOM
12. 2026-04-07
    listed $115,000 Active 1498-char remark

    Show marketing remark (1509 chars)

    Opportunity awaits at 1804 N Hope Rd in Midland, MI, offering incredible flexibility for homeowners and investors alike. This two-story home features limitless potential as a rental property, multi-generational home, or owner-occupied residence with an in-law suite. Situated on approximately 2 acres in the historic Averill community of Lincoln Township, this property provides a peaceful country setting while still being just minutes from Midland and Sanford. The main home offers 3 bedrooms and 1½ bathrooms, with a functional layout that includes a spacious living room, kitchen, and main-floor laundry. Upstairs you’ll find all three bedrooms with large closets, plus a bonus room that could serve as an office, playroom, or additional storage space. Attached to the home is a separate 1-bedroom, 1-bath apartment, currently set up as a rental but easily converted into a private in-law suite or guest quarters, making this property ideal for multi-generational living or additional income potential. Outside, the 2-car attached garage and expansive 2-acre lot provide plenty of room for outdoor entertaining, gardening, or future improvements. The location offers convenient access to the Pere Marquette Rail-Trail, perfect for biking, walking, and enjoying the outdoors, while still being close to shopping, dining, and schools in both Midland and Sanford. If you’re looking for space, versatility, and investment potential in a desirable rural setting, this property is a must-see.

13. 2026-04-07
    listed $115,000 Active 1509-char remark

    Show marketing remark (1509 chars)

    Opportunity awaits at 1804 N Hope Rd in Midland, MI, offering incredible flexibility for homeowners and investors alike. This two-story home features limitless potential as a rental property, multi-generational home, or owner-occupied residence with an in-law suite. Situated on approximately 2 acres in the historic Averill community of Lincoln Township, this property provides a peaceful country setting while still being just minutes from Midland and Sanford. The main home offers 3 bedrooms and 1½ bathrooms, with a functional layout that includes a spacious living room, kitchen, and main-floor laundry. Upstairs you’ll find all three bedrooms with large closets, plus a bonus room that could serve as an office, playroom, or additional storage space. Attached to the home is a separate 1-bedroom, 1-bath apartment, currently set up as a rental but easily converted into a private in-law suite or guest quarters, making this property ideal for multi-generational living or additional income potential. Outside, the 2-car attached garage and expansive 2-acre lot provide plenty of room for outdoor entertaining, gardening, or future improvements. The location offers convenient access to the Pere Marquette Rail-Trail, perfect for biking, walking, and enjoying the outdoors, while still being close to shopping, dining, and schools in both Midland and Sanford. If you’re looking for space, versatility, and investment potential in a desirable rural setting, this property is a must-see.

14. 2026-01-23
    historical
15. 2025-12-08
    price $109,900
16. 2025-09-21
    price $114,900
17. 2025-07-22
    listed $124,900 Active
18. 2016-08-19
    soldstatus $45,000
19. 2004-01-14
    soldstatus $54,400

ⓘ 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: $1,466 · $122/mo
• Projected year-2 tax: $1,619 · $135/mo
• Expected delta: +$152/yr (+$13/mo · 10.4%)

ⓘ 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 ≥99°F today · 14 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: $23,802
• − Mortgage interest: −$6,442
• − Property taxes: −$1,466
• − Insurance: −$575
• − Repairs & maintenance: −$1,904
• − Management: −$1,904
• − Depreciation: −$3,345
• Taxable income: $8,165
• Est. tax owed @ 24.0%: −$1,960
• After-tax cash flow: $7,566/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: Meridian Public Schools
• NCES district ID: 2623580
• Math proficiency: 30% ▼ -3.00%
• Reading proficiency: 47% ▲ 2.00%
• Median HH income: $51,641
• Composite: 33.34/100
• National rank: #5493
• State rank: #225 of 540 in MI

Livability — Midland

• Score: 85/100
• State rank: #28
• US rank: #578

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Midland County · 66,531 people
• City population: 66,531
• Metro: Midland, MI
• Population (ZIP): 34,039
• Household income: $77,847
• Rent vs Own: 25.3% rent · 74.7% own
• Severe rent burden: 935.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 83,968 people
• By 2030: 83,368 · -0.7%
• By 2040: 80,713 · -3.9%
• By 2050: 76,698 · -8.7%
• By 2075: 67,617 · -19.5%
• By 2100: 57,529 · -31.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 4% Asian 4% Two or more races 3% Black 2%
• Common ancestry: Romanian 8% Lithuanian 5% Italian 3%
• Foreign-born: 5% · Canada, China, Vietnam
• Languages at home: 95% English-only · Other Indo-European 1% Spanish 1% Chinese 1%

Political lean MEDSL · Midland

• 2024 margin: R (+15.2) · D 41.6% · R 56.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: -3.6pp · 2024: -15.2pp
• All cycles: 2024: R+15.2 2020: R+14.6 2016: R+19.4 2012: R+15.5 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.89%
• Current HPI: 192.0812
• Rent YoY: ▲ 0.60%
• Metro: Midland, MI
• 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

+111.4% since first listed

8 events — show timeline

• 2026-04-07 Listed $115,000 REALCOMP
• 2026-04-07 Listed $115,000 MiRealSource-MiMLS
• 2026-01-23 Listing Removed — MiRealSource-MiMLS
• 2025-12-08 Price Changed $109,900 MiRealSource-MiMLS
• 2025-09-21 Price Changed $114,900 MiRealSource-MiMLS
• 2025-07-22 Listed $124,900 MiRealSource-MiMLS
• 2016-08-19 Sold (Public Records) $45,000 Public Records
• 2004-01-14 Sold (Public Records) $54,400 Public Records

Property tax history

-0.8%/yr

Latest (2024): $1,466 · +5.7% YoY. Source: county tax records.