509 N Walker St · Bronson, MI 49028

$139,900

3 bd · 1.0 ba · 1,573 sqft · SingleFamily · 78 Days on market

Built 1950 8,712 sqft lot $89/sqft · 17% below area Est $168k · 17% 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 +17.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +3.7/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a fixer upper to finish and add to your porfolio? freshly sided, new roof and windows added. This home with a new 2 car garage and covered entrance from the garage has the potential to be a great rental or living quarters. The main floor bedroom and laundry makes it a great find for anyone. This used to be the site of Bronson's Bait store for many years. Come see this property and imagine the possibilities. All interested parties should satisfy self to room and lot dimensions. Taxes may change with a closed tranasction.

Key facts

• New 2 car garage
• Main floor laundry
• Covered entrance

Tags

• NEW ROOF
• NEW WINDOWS
• NEW 2 CAR GARAGE
• COVERED ENTRANCE
• MAIN FLOOR BEDROOM
• MAIN FLOOR LAUNDRY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $108 ($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 $122k (13.1% below list).
• Recommended offer: $122k (13.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#336 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Bronson Community School District (rural): math 26% / reading 38% proficiency, ranked #340 of 540 in MI (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ryan Elementary School (math 26% / reading 32%, grade F, #910 of 1,397 statewide, top 65%, 229 students, 70% FRL); Bronson Jrsr High School (math 27% / reading 42%, grade F, #372 of 713 statewide, top 56%, 544 students, 50% FRL).
• Market conditions: 26 active listings in the ZIP; 43 units permitted in Branch County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Branch 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 78 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y 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.
• Current owner paid $44k; list at $140k implies a 218% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $121,564 (13.1% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.87% ✗
• Cap rate: 7.22%
• Cash-on-cash: 3.30%
• DSCR: 1.15
• GRM: 9.6

CMA / ARV

• ARV (median comp): $168,107
• List price: $139,900
• Delta: -16.78%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 N Douglas St	0.20mi	3/1.5	1,663 (+6%)	2mo	$227,000	$137	78
325 N Lincoln St	0.34mi	3/2.5	1,585 (+1%)	2mo	$257,500	$162	75
410 Franklin St	0.22mi	3/2.0	1,418 (-10%)	2mo	$224,000	$158	68
311 Sherman St	0.41mi	4/1.0 (+1)	1,632 (+4%)	6mo	$140,000	$86	65
131 S Douglas St	0.41mi	3/1.5	1,501 (-5%)	9mo	$192,000	$128	64
216 S Matteson Lake Rd	0.34mi	4/1.5 (+1)	1,538 (-2%)	12mo	$190,000	$124	64
544 E Chicago St	0.50mi	3/1.0	1,449 (-8%)	4mo	$168,000	$116	60
316 N Ruggles St	0.18mi	4/1.5 (+1)	1,397 (-11%)	14mo	$185,000	$132	54
534 E Chicago St	0.49mi	4/1.5 (+1)	1,642 (+4%)	14mo	$176,500	$107	51
140 W Corey St	0.37mi	4/1.0 (+1)	1,752 (+11%)	11mo	$187,000	$107	50
521 W Chicago St	0.48mi	3/1.0	1,750 (+11%)	12mo	$155,000	$89	48
156 E Corey St	0.45mi	4/2.0 (+1)	1,800 (+14%)	10mo	$70,000	$39	38

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: -11.2%
• Equity multiple: 0.60×
• Total profit: $-15,861
• Equity at exit: $20,860

10-year hold

• IRR: -2.0%
• Equity multiple: 0.87×
• Total profit: $-5,188
• Equity at exit: $12,096

Cash invested: $39,172 (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 49028

• Home prices YoY: -34.8%
• Active inventory: 26
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,216 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$61 /mo · $728/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $108

Break-even live

Break-even rent $1,079

Max offer price $139,900

Occupancy floor 86%

Sensitivity live

Price	-10% $187	-5% $147	+0% $108	+5% $68	+10% $29
Rent	-10% $12	-5% $60	+0% $108	+5% $156	+10% $204
Rate	-1.0pp $178	-0.5pp $143	base $108	+0.5pp $71	+1.0pp $35

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $139,900 Active 78 DOM
2. 2026-06-21
   days on market $139,900 Active 77 DOM
3. 2026-06-18
   days on market $139,900 Active 75 DOM
4. 2026-06-17
   days on market $139,900 Active 74 DOM
5. 2026-06-16
   days on market $139,900 Active 73 DOM
6. 2026-06-15
   days on market $139,900 Active 72 DOM
7. 2026-06-13
   days on market $139,900 Active 70 DOM
8. 2026-06-12
   days on market $139,900 Active 69 DOM
9. 2026-06-09
   days on market $139,900 Active 66 DOM
10. 2026-06-08
    days on market $139,900 Active 65 DOM
11. 2026-06-07
    days on market $139,900 Active 64 DOM
12. 2026-06-07
    days on market $139,900 Active 63 DOM
13. 2026-06-04
    days on market $139,900 Active 60 DOM
14. 2026-06-02
    days on market $139,900 Active 59 DOM
15. 2026-06-01
    days on market $139,900 Active 58 DOM
16. 2026-05-31
    days on market $139,900 Active 57 DOM
17. 2026-05-31
    days on market $139,900 Active 56 DOM
18. 2026-04-05
    listed $139,900 Active 538-char remark

    Show marketing remark (538 chars)

    Looking for a fixer upper to finish and add to your porfolio? freshly sided, new roof and windows added. This home with a new 2 car garage and covered entrance from the garage has the potential to be a great rental or living quarters. The main floor bedroom and laundry makes it a great find for anyone. This used to be the site of Bronson's Bait store for many years. Come see this property and imagine the possibilities. All interested parties should satisfy self to room and lot dimensions. Taxes may change with a closed tranasction.

19. 2026-04-04
    listed $139,900 Active 538-char remark

    Show marketing remark (538 chars)

    Looking for a fixer upper to finish and add to your porfolio? freshly sided, new roof and windows added. This home with a new 2 car garage and covered entrance from the garage has the potential to be a great rental or living quarters. The main floor bedroom and laundry makes it a great find for anyone. This used to be the site of Bronson's Bait store for many years. Come see this property and imagine the possibilities. All interested parties should satisfy self to room and lot dimensions. Taxes may change with a closed tranasction.

20. 2026-04-04
    listed $139,900 Active

    Show marketing remark (538 chars)

    Looking for a fixer upper to finish and add to your porfolio? freshly sided, new roof and windows added. This home with a new 2 car garage and covered entrance from the garage has the potential to be a great rental or living quarters. The main floor bedroom and laundry makes it a great find for anyone. This used to be the site of Bronson's Bait store for many years. Come see this property and imagine the possibilities. All interested parties should satisfy self to room and lot dimensions. Taxes may change with a closed tranasction.

21. 2024-05-14
    soldstatus $44,000 Sold
22. 2024-05-14
    soldstatus $44,000 Closed
23. 2024-05-14
    soldstatus $44,000 Sold
24. 2023-08-22
    status Pending
25. 2023-08-22
    status Pending
26. 2023-08-22
    status Pending
27. 2023-08-08
    listed $49,900 Active
28. 2023-08-08
    listed $49,900 Active
29. 2023-08-08
    listed $49,900 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: $728 · $61/mo
• Projected year-2 tax: $1,441 · $120/mo
• Expected delta: +$713/yr (+$59/mo · 97.9%)

ⓘ 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 ≥100°F today · 16 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: $14,588
• − Mortgage interest: −$7,837
• − Property taxes: −$728
• − Insurance: −$700
• − Repairs & maintenance: −$1,167
• − Management: −$1,167
• − Depreciation: −$4,070
• Taxable loss: −$1,081
• Est. tax savings @ 24.0%: +$259
• After-tax cash flow: $1,552/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: Bronson Community School District
• NCES district ID: 2606960
• Math proficiency: 26% ▼ -13.00%
• Reading proficiency: 38% ▼ -8.00%
• Median HH income: $42,978
• Composite: 27.14/100
• National rank: #7032
• State rank: #340 of 540 in MI

Livability — Bronson

• Score: 69/100
• State rank: #336
• US rank: #8304

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bronson, MI
• Population (ZIP): 5,969

Population outlook (Branch County) Hauer SSP2

• Today (2025): 41,079 people
• By 2030: 39,622 · -3.5%
• By 2040: 36,584 · -10.9%
• By 2050: 33,462 · -18.5%
• By 2075: 26,612 · -35.2%
• By 2100: 18,580 · -54.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 12% Two or more races 9%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Romanian 9% Italian 2% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 89% English-only · Spanish 9% German/W. Germanic 2%

Political lean MEDSL · Branch

• 2024 margin: Solid R (+42.4) · D 28.0% · R 70.4% · Other 1.6%
• 2008→2024 swing: -36.2pp toward R · 2008: -6.1pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+38.5 2016: R+38.1 2012: R+18.7 2008: R+6.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.49%
• Current HPI: 173.6851
• 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

+180.4% since first listed

12 events — show timeline

• 2026-04-05 Listed $139,900 REALCOMP
• 2026-04-04 Listed $139,900 MiRealSource-MiMLS
• 2026-04-04 Listed $139,900 SW Michigan MLS
• 2024-05-14 Sold (MLS) $44,000 SW Michigan MLS
• 2024-05-14 Sold (MLS) $44,000 MiRealSource-MiMLS
• 2024-05-14 Sold (MLS) $44,000 REALCOMP
• 2023-08-22 Pending — MiRealSource-MiMLS
• 2023-08-22 Pending — REALCOMP
• 2023-08-22 Pending — SW Michigan MLS
• 2023-08-08 Listed $49,900 SW Michigan MLS
• 2023-08-08 Listed $49,900 MiRealSource-MiMLS
• 2023-08-08 Listed $49,900 REALCOMP

Property tax history

+4.0%/yr

Latest (2024): $728 · +8.3% YoY. Source: county tax records.