321 S Main St · Bellevue, MI 49021

$100,000

3 bd · 1.5 ba · 1,581 sqft · SingleFamily public records · 8 Days on market

Built 1898 10,018 sqft lot Est $191k · 48% 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 +29.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Key facts

• 0.23 acre lot
• Garage
• Built 1898

Property features AI

Exterior

• Parking: Detached garage
• Utilities: Public water; Natural gas connected
• Home design: Traditional style single-family residence; Residential property
• Construction: Built in 1898; Wood siding; Composition roof; Crawl space / Michigan basement
• Exterior features: Sidewalk along the lot; Paved road access

Interior

• Kitchen: Kitchen (14 x 12)
• Bedrooms: Primary bedroom (17 x 10); Bedroom 2 (15 x 10); Bedroom 3 (14 x 12)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Has cooling
• Interior features: 8 total rooms; Fireplace; Storm windows and replacement insulated windows; Window treatments
• Laundry & utility: Dedicated laundry room (13 x 14); Dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $346 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 10.4% vs local median 3.3% in Bellevue — 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 69/100 on livability (#355 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D+, amenities F, commute F.
• Bellevue Community Schools (rural): math 14% / reading 30% proficiency, ranked #445 of 540 in MI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 56 active listings in the ZIP; 98 units permitted in Eaton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Eaton County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 28y 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 $65k; list at $100k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,000

Questions for the listing agent

1. Built in 1898 — 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 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?
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: 1.32% ✓
• Cap rate: 10.44%
• Cash-on-cash: 14.82%
• DSCR: 1.66
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $191,301
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
314 W Jackson St	0.31mi	3/2.5	1,568 (-1%)	7mo	$208,500	$133	74
426 S Webster St	0.17mi	4/2.0 (+1)	1,680 (+6%)	2mo	$250,000	$149	73
325 S Elizabeth St	0.06mi	4/1.0 (+1)	1,406 (-11%)	14mo	$100,000	$71	60
210 E Capital Ave	0.22mi	4/1.0 (+1)	1,759 (+11%)	10mo	$156,000	$89	56
411 W Capital Ave	0.26mi	3/1.5	1,730 (+9%)	21mo	$210,000	$121	55
423 Sherwood Rd	0.34mi	4/1.0 (+1)	1,416 (-10%)	8mo	$100,000	$71	54
460 E Ellsworth St	0.60mi	3/2.0	1,404 (-11%)	1mo	$192,500	$137	50
623 N Main St	0.59mi	4/1.0 (+1)	1,740 (+10%)	8mo	$206,500	$119	42
623 N Elizabeth St	0.59mi	3/1.0	1,440 (-9%)	16mo	$130,000	$90	42
121 West St	0.34mi	3/1.5	1,344 (-15%)	20mo	$162,000	$121	42
8551 Greenfield Hwy	0.73mi	3/1.5	1,464 (-7%)	17mo	$230,000	$157	39
314 Madison St	0.42mi	4/2.0 (+1)	1,796 (+14%)	14mo	$223,000	$124	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: 5.4%
• Equity multiple: 1.21×
• Total profit: $5,840
• Equity at exit: $14,910

10-year hold

• IRR: 14.8%
• Equity multiple: 2.20×
• Total profit: $33,532
• Equity at exit: $8,646

Cash invested: $28,000 (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 49021

• Home prices YoY: -10.1%
• Active inventory: 56
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,317 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$128 /mo · $1,541/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $346

Break-even live

Break-even rent $879

Max offer price $100,000

Occupancy floor 69%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-19
   days on market $100,000 Active 8 DOM
2. 2026-06-18
   days on market $100,000 Active 7 DOM
3. 2026-06-17
   days on market $100,000 Active 6 DOM
4. 2026-06-16
   days on market $100,000 Active 5 DOM
5. 2026-06-15
   days on market $100,000 Active 4 DOM
6. 2026-06-14
   days on market $100,000 Active 2 DOM
7. 2026-06-13
   listed $100,000 Active 1 DOM

ⓘ 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: $1,541 · $128/mo
• Projected year-2 tax: $1,541 · $128/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 3/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,801
• − Mortgage interest: −$5,602
• − Property taxes: −$1,541
• − Insurance: −$500
• − Repairs & maintenance: −$1,264
• − Management: −$1,264
• − Depreciation: −$2,909
• Taxable income: $2,722
• Est. tax owed @ 24.0%: −$653
• After-tax cash flow: $3,496/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: Bellevue Community Schools
• NCES district ID: 2604650
• Math proficiency: 14% ▼ -5.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $50,826
• Composite: 19.59/100
• National rank: #8757
• State rank: #445 of 540 in MI

Livability — Bellevue

• Score: 69/100
• State rank: #355
• US rank: #9043

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellevue, MI
• Population (ZIP): 6,467

Population outlook (Eaton County) Hauer SSP2

• Today (2025): 110,811 people
• By 2030: 110,598 · -0.2%
• By 2040: 108,304 · -2.3%
• By 2050: 104,961 · -5.3%
• By 2075: 97,197 · -12.3%
• By 2100: 85,150 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 4% Black 2%
• Common ancestry: Iranian 4% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Eaton

• 2024 margin: Toss-up / Even · D 47.6% · R 50.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: 8.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: R+0.8 2016: R+5.5 2012: D+3.1 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.20%
• Current HPI: 267.6519
• 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

+163.9% since first listed

8 events — show timeline

• 2026-06-11 Listed $100,000 MiRealSource-MiMLS
• 2026-06-11 Listed $100,000 SW Michigan MLS
• 2026-06-11 Listed $100,000 REALCOMP
• 1999-02-22 Sold (MLS) $65,000 REALCOMP
• 1999-02-22 Sold (MLS) $65,000 SW Michigan MLS
• 1998-12-29 Listed $69,900 REALCOMP
• 1998-12-29 Listed $69,900 SW Michigan MLS
• 1997-04-04 Sold (Public Records) $37,900 Public Records

Property tax history

+9.2%/yr

Latest (2025): $1,541 · +3.1% YoY. Source: county tax records.