608 Oakwood St · Owosso, MI 48867

$129,900

4 bd · 2.0 ba · 1,712 sqft · MultiFamily public records · 35 Days on market

Built 1940 9,148 sqft lot Est $146k · 11% under

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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
• ARV discount +12.3/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Duplex , 1 unit front . 1 unit behind. Front unit totally remodeled . Back unit updated a few years ago. Both units in great condition. Live in front unit and rent back. Back unit is rented at present and front unit is vacant.

Key facts

• Back unit updated
• 9,148 sq ft lot
• Built 1940

Tags

• FRONT UNIT TOTALLY REMODELED
• BACK UNIT UPDATED
• BOTH UNITS IN GREAT CONDITION

Property features AI

Finance

• Other: Pets allowed (dogs OK)

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income, multi-family property; One and one-half stories
• Construction: Vinyl siding; Block foundation; Built with block basement/crawl space
• Exterior features: Front porch

Interior

• Kitchen: Oven; Range; Refrigerator; Electric water heater
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Separate meters; Ceiling fan(s) for cooling
• Interior features: Electric water heater; Oven; Refrigerator; Range; Has basement with crawl space and block construction

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $541 ($6k/yr) — positive. Per door: $270/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 4.3% in Owosso — 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 76/100 on livability (#147 in MI, #3,704 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, commute F, employment D-.
• Owosso Public Schools (town): math 21% / reading 33% proficiency, ranked #401 of 540 in MI (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Emerson School (math 26% / reading 26%, grade F, #967 of 1,397 statewide, top 70%, 452 students, 71% FRL); Owosso Middle School (math 15% / reading 36%, grade F, #385 of 493 statewide, top 78%, 643 students, 63% FRL); Owosso High School (math 32% / reading 52%, grade F, #264 of 713 statewide, top 41%, 843 students, 61% FRL).
• Market conditions: 168 active listings in the ZIP; 74 units permitted in Shiawassee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Shiawassee County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.41% ✓
• Cap rate: 11.29%
• Cash-on-cash: 17.84%
• DSCR: 1.79
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $145,520
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
218 S Oak St	0.40mi	4/2.0	1,768 (+3%)	1mo	$150,000	$85	75
609 Broadway Ave	0.19mi	3/2.0 (-1)	1,770 (+3%)	8mo	$81,000	$46	74
426 E Mason St	0.61mi	4/2.0	1,604 (-6%)	11mo	$135,000	$84	52
632 Grand Ave	0.32mi	3/3.0 (-1)	1,458 (-15%)	9mo	$153,000	$105	44
720 E Oliver St	0.71mi	5/2.5 (+1)	1,460 (-15%)	22mo	$139,000	$95	17

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: 9.4%
• Equity multiple: 1.37×
• Total profit: $13,432
• Equity at exit: $19,369

10-year hold

• IRR: 18.6%
• Equity multiple: 2.54×
• Total profit: $56,193
• Equity at exit: $11,231

Cash invested: $36,372 (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 48867

• Active inventory: 168
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,835 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$173 /mo · $2,082/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $541

Break-even live

Break-even rent $1,150

Max offer price $129,900

Occupancy floor 66%

Sensitivity live

Price	-10% $614	-5% $578	+0% $541	+5% $504	+10% $467
Rent	-10% $396	-5% $468	+0% $541	+5% $613	+10% $686
Rate	-1.0pp $606	-0.5pp $574	base $541	+0.5pp $507	+1.0pp $473

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,836
Total (2 units)			$1,835

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-22
   days on market $129,900 Active 35 DOM
2. 2026-06-21
   days on market $129,900 Active 34 DOM
3. 2026-06-21
   days on market $129,900 Active 33 DOM
4. 2026-06-18
   days on market $129,900 Active 31 DOM
5. 2026-06-17
   days on market $129,900 Active 30 DOM
6. 2026-06-16
   days on market $129,900 Active 29 DOM
7. 2026-06-15
   days on market $129,900 Active 28 DOM
8. 2026-06-13
   days on market $129,900 Active 26 DOM
9. 2026-06-12
   days on market $129,900 Active 25 DOM
10. 2026-06-09
    days on market $129,900 Active 22 DOM
11. 2026-06-08
    days on market $129,900 Active 21 DOM
12. 2026-06-07
    days on market $129,900 Active 20 DOM
13. 2026-06-07
    days on market $129,900 Active 19 DOM
14. 2026-06-04
    days on market $129,900 Active 16 DOM
15. 2026-06-02
    days on market $129,900 Active 15 DOM
16. 2026-06-01
    days on market $129,900 Active 14 DOM
17. 2026-05-31
    days on market $129,900 Active 13 DOM
18. 2026-05-31
    days on market $129,900 Active 12 DOM
19. 2026-05-18
    listed $129,900 Active
20. 2026-05-17
    listed $129,900 Active 228-char remark

    Show marketing remark (228 chars)

    Duplex , 1 unit front . 1 unit behind. Front unit totally remodeled . Back unit updated a few years ago. Both units in great condition. Live in front unit and rent back. Back unit is rented at present and front unit is vacant.

21. 2025-04-16
    historical
22. 2025-04-16
    historical
23. 2025-03-27
    price $99,900
24. 2025-03-27
    price $99,900
25. 2024-11-03
    listed $110,000 Active
26. 2024-11-03
    listed $110,000 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: $2,082 · $173/mo
• Projected year-2 tax: $2,082 · $173/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low 7 d/yr ≥98°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: $22,020
• − Mortgage interest: −$7,276
• − Property taxes: −$2,082
• − Insurance: −$650
• − Repairs & maintenance: −$1,762
• − Management: −$1,762
• − Depreciation: −$3,779
• Taxable income: $4,710
• Est. tax owed @ 24.0%: −$1,131
• After-tax cash flow: $5,360/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: Owosso Public Schools
• NCES district ID: 2627210
• Math proficiency: 21% ▼ -6.00%
• Reading proficiency: 33% ▲ 1.00%
• Median HH income: $40,656
• Composite: 22.78/100
• National rank: #8025
• State rank: #401 of 540 in MI

Livability — Owosso

• Score: 76/100
• State rank: #147
• US rank: #3704

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Owosso, MI
• City population: 27,399
• Population (ZIP): 27,399

Population outlook (Shiawassee County) Hauer SSP2

• Today (2025): 64,238 people
• By 2030: 61,434 · -4.4%
• By 2040: 55,054 · -14.3%
• By 2050: 48,426 · -24.6%
• By 2075: 35,995 · -44.0%
• By 2100: 26,678 · -58.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Romanian 6% Lithuanian 3% Iranian 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1% Arabic 1%

Political lean MEDSL · Shiawassee

• 2024 margin: Strong R (+23.1) · D 37.7% · R 60.8% · Other 1.6%
• 2008→2024 swing: -31.7pp toward R · 2008: 8.6pp · 2024: -23.1pp
• All cycles: 2024: R+23.1 2020: R+19.9 2016: R+19.6 2012: D+3.7 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -234.79%
• Current HPI: 190.5775
• 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

+18.1% since first listed

8 events — show timeline

• 2026-05-18 Listed $129,900 REALCOMP
• 2026-05-17 Listed $129,900 MiRealSource-MiMLS
• 2025-04-16 Listing Removed — MiRealSource-MiMLS
• 2025-04-16 Listing Removed — REALCOMP
• 2025-03-27 Price Changed $99,900 MiRealSource-MiMLS
• 2025-03-27 Price Changed $99,900 REALCOMP
• 2024-11-03 Listed $110,000 MiRealSource-MiMLS
• 2024-11-03 Listed $110,000 REALCOMP

Property tax history

+2.5%/yr

Latest (2025): $2,082 · +3.8% YoY. Source: county tax records.