124 S Chipman St · Owosso, MI 48867

$119,900

3 bd · 1.0 ba · 1,444 sqft · SingleFamily public records · 56 Days on market

Built 1920 0.59 ac lot $83/sqft · 8% below area Est $130k · 8% under

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Why this score? — see what drove the D 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 +13.4/30.0
• ARV discount +11.1/15.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great potential with this 1920's home, that still offers many of the original character features. The main floor offers a large bedroom, laundry/bathroom combo, and a spacious kitchen. The upstairs offers two additional bedrooms. The home has an attached two car garage and a detached 24x40 garage with two overhead doors. The lot is over half an acre with mature trees offering lots of shade. With some TLC this could be a great home once again.

Key facts

• Spacious kitchen
• Half an acre
• 0.59 acre lot

Tags

• SPACIOUS KITCHEN
• HALF AN ACRE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $2 ($25/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 $100k (16.6% below list).
• Recommended offer: $100k (16.6% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.2% 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: schools D+, crime D-, commute F.
• 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.
• Market conditions: 166 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $829 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.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,000 (16.6% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.83% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.07%
• DSCR: 1.00
• GRM: 10.0

CMA / ARV

• ARV (median comp): $130,196
• List price: $119,900
• Delta: -7.91%
• 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
1408 W Main St	0.20mi	3/1.5	1,496 (+4%)	2mo	$40,000	$27	81
821 Fletcher St	0.38mi	4/2.0 (+1)	1,456 (+1%)	7mo	$70,000	$48	66
1603 Lynn St	0.37mi	3/1.0	1,300 (-10%)	5mo	$47,000	$36	62
314 Michigan Ave	0.60mi	3/1.5	1,425 (-1%)	7mo	$195,000	$137	62
1207 W Oliver St	0.42mi	3/1.0	1,326 (-8%)	9mo	$140,000	$106	59
1460 W King St	0.63mi	3/1.0	1,408 (-2%)	9mo	$178,500	$127	59
731 W Stewart St	0.54mi	2/1.0 (-1)	1,402 (-3%)	10mo	$105,000	$75	57
700 Nafus St	0.50mi	2/2.0 (-1)	1,532 (+6%)	4mo	$190,000	$124	54
516 Cedar St	0.38mi	3/1.0	1,268 (-12%)	10mo	$170,000	$134	54
318 N Water St	0.74mi	3/1.5	1,364 (-6%)	1mo	$159,000	$117	53
1330 W King St	0.58mi	3/1.5	1,274 (-12%)	4mo	$148,000	$116	47
533 Grace St	0.72mi	3/1.0	1,272 (-12%)	1mo	$82,400	$65	45

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: -16.2%
• Equity multiple: 0.42×
• Total profit: $-19,306
• Equity at exit: $17,877

10-year hold

• IRR: -7.9%
• Equity multiple: 0.50×
• Total profit: $-16,681
• Equity at exit: $10,367

Cash invested: $33,572 (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: 166
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,000 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$109 /mo · $1,310/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $2

Break-even live

Break-even rent $997

Max offer price $119,900

Occupancy floor 95%

Sensitivity live

Price	-10% $70	-5% $36	+0% $2	+5% $-32	+10% $-66
Rent	-10% $-77	-5% $-37	+0% $2	+5% $42	+10% $81
Rate	-1.0pp $62	-0.5pp $33	base $2	+0.5pp $-29	+1.0pp $-61

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1800 Candlewick Dr Owosso, MI	3.0	2.0	1056	$1,000	$0.95	14d	1	1.16mi

Listing history 23 events

1. 2026-06-21
   days on market $119,900 Active 56 DOM
2. 2026-06-18
   days on market $119,900 Active 54 DOM
3. 2026-06-17
   days on market $119,900 Active 53 DOM
4. 2026-06-16
   days on market $119,900 Active 52 DOM
5. 2026-06-15
   days on market $119,900 Active 51 DOM
6. 2026-06-13
   days on market $119,900 Active 49 DOM
7. 2026-06-12
   days on market $119,900 Active 48 DOM
8. 2026-06-09
   days on market $119,900 Active 45 DOM
9. 2026-06-09
   status $119,900 Active 44 DOM
10. 2026-06-04
    statusdays on market $119,900 Pending 44 DOM
11. 2026-06-02
    days on market $119,900 Active 43 DOM
12. 2026-06-01
    days on market $119,900 Active 42 DOM
13. 2026-05-31
    days on market $119,900 Active 41 DOM
14. 2026-05-31
    days on market $119,900 Active 40 DOM
15. 2026-05-18
    status Active 446-char remark

    Show marketing remark (446 chars)

    Great potential with this 1920's home, that still offers many of the original character features. The main floor offers a large bedroom, laundry/bathroom combo, and a spacious kitchen. The upstairs offers two additional bedrooms. The home has an attached two car garage and a detached 24x40 garage with two overhead doors. The lot is over half an acre with mature trees offering lots of shade. With some TLC this could be a great home once again.

16. 2026-05-18
    status Active 446-char remark

    Show marketing remark (446 chars)

    Great potential with this 1920's home, that still offers many of the original character features. The main floor offers a large bedroom, laundry/bathroom combo, and a spacious kitchen. The upstairs offers two additional bedrooms. The home has an attached two car garage and a detached 24x40 garage with two overhead doors. The lot is over half an acre with mature trees offering lots of shade. With some TLC this could be a great home once again.

17. 2026-05-18
    status Active

    Show marketing remark (446 chars)

    Great potential with this 1920's home, that still offers many of the original character features. The main floor offers a large bedroom, laundry/bathroom combo, and a spacious kitchen. The upstairs offers two additional bedrooms. The home has an attached two car garage and a detached 24x40 garage with two overhead doors. The lot is over half an acre with mature trees offering lots of shade. With some TLC this could be a great home once again.

18. 2026-05-14
    status Pending 446-char remark

    Show marketing remark (446 chars)

    Great potential with this 1920's home, that still offers many of the original character features. The main floor offers a large bedroom, laundry/bathroom combo, and a spacious kitchen. The upstairs offers two additional bedrooms. The home has an attached two car garage and a detached 24x40 garage with two overhead doors. The lot is over half an acre with mature trees offering lots of shade. With some TLC this could be a great home once again.

19. 2026-05-14
    status Pending 446-char remark

    Show marketing remark (446 chars)

    Great potential with this 1920's home, that still offers many of the original character features. The main floor offers a large bedroom, laundry/bathroom combo, and a spacious kitchen. The upstairs offers two additional bedrooms. The home has an attached two car garage and a detached 24x40 garage with two overhead doors. The lot is over half an acre with mature trees offering lots of shade. With some TLC this could be a great home once again.

20. 2026-05-14
    status Pending

    Show marketing remark (446 chars)

    Great potential with this 1920's home, that still offers many of the original character features. The main floor offers a large bedroom, laundry/bathroom combo, and a spacious kitchen. The upstairs offers two additional bedrooms. The home has an attached two car garage and a detached 24x40 garage with two overhead doors. The lot is over half an acre with mature trees offering lots of shade. With some TLC this could be a great home once again.

21. 2026-04-17
    listed $129,900 Active 446-char remark

    Show marketing remark (446 chars)

    Great potential with this 1920's home, that still offers many of the original character features. The main floor offers a large bedroom, laundry/bathroom combo, and a spacious kitchen. The upstairs offers two additional bedrooms. The home has an attached two car garage and a detached 24x40 garage with two overhead doors. The lot is over half an acre with mature trees offering lots of shade. With some TLC this could be a great home once again.

22. 2026-04-17
    listed $129,900 Active 446-char remark

    Show marketing remark (446 chars)

    Great potential with this 1920's home, that still offers many of the original character features. The main floor offers a large bedroom, laundry/bathroom combo, and a spacious kitchen. The upstairs offers two additional bedrooms. The home has an attached two car garage and a detached 24x40 garage with two overhead doors. The lot is over half an acre with mature trees offering lots of shade. With some TLC this could be a great home once again.

23. 2026-04-17
    listed $129,900 Active

    Show marketing remark (446 chars)

    Great potential with this 1920's home, that still offers many of the original character features. The main floor offers a large bedroom, laundry/bathroom combo, and a spacious kitchen. The upstairs offers two additional bedrooms. The home has an attached two car garage and a detached 24x40 garage with two overhead doors. The lot is over half an acre with mature trees offering lots of shade. With some TLC this could be a great home once again.

ⓘ 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: $1,310 · $109/mo
• Projected year-2 tax: $1,578 · $132/mo
• Expected delta: +$268/yr (+$22/mo · 20.5%)

ⓘ 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 ≥97°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: $12,000
• − Mortgage interest: −$6,716
• − Property taxes: −$1,310
• − Insurance: −$600
• − Repairs & maintenance: −$960
• − Management: −$960
• − Depreciation: −$3,488
• Taxable loss: −$2,034
• Est. tax savings @ 24.0%: +$488
• After-tax cash flow: $513/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

+0.0% since first listed

9 events — show timeline

• 2026-05-18 Relisted — REALCOMP
• 2026-05-18 Relisted — MiRealSource-MiMLS
• 2026-05-18 Relisted — SW Michigan MLS
• 2026-05-14 Pending — REALCOMP
• 2026-05-14 Pending — MiRealSource-MiMLS
• 2026-05-14 Pending — SW Michigan MLS
• 2026-04-17 Listed $129,900 SW Michigan MLS
• 2026-04-17 Listed $129,900 MiRealSource-MiMLS
• 2026-04-17 Listed $129,900 REALCOMP

Property tax history

-4.8%/yr

Latest (2025): $1,310 · -30.8% YoY. Source: county tax records.