402 W Perry St · Durand, MI 48429

$114,900

3 bd · 1.0 ba · 976 sqft · SingleFamily public records · 48 Days on market

Built 1920 0.46 ac lot Est $151k · 24% 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 +16.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.2/10.0
• 1% rule +4.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming two-bedroom home with the potential to easily be converted back to a three-bedroom. The main floor features wood flooring throughout and the convenience of first floor laundry. Major updated include a new roof in 2025 and some new windows. Situated on nearly a half acre, this property offers plenty of outdoor space along with a large deck that's perfect for entertaining or relaxing. The home does need some finishing touches and is being sold as-is. Cash or conventional financing only.

Key facts

• Wood flooring
• Large deck
• First floor laundry

Tags

• WOOD FLOORING
• FIRST FLOOR LAUNDRY
• NEW ROOF
• OUTDOOR SPACE
• LARGE DECK

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories
• Construction: Vinyl siding exterior
• Exterior features: Lot approximately 85 x 236 (0.46 acre); Subdivision: 411 SOUTH SIDE; Cross streets: Perry and S Oak

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No cooling
• Interior features: Has basement; Total of 7 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $70 ($845/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 $103k (10.3% below list).
• Recommended offer: $103k (10.3% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 5.5% in Durand — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 74/100 on livability (#174 in MI, #4,561 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: employment C-, amenities F, commute F.
• Durand Area Schools (rural): math 17% / reading 38% proficiency, ranked #395 of 540 in MI (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Robert Kerr School (math 17% / reading 37%, grade F, #923 of 1,397 statewide, top 69%, 348 students, 63% FRL); Durand Middle School (math 16% / reading 38%, grade F, #372 of 493 statewide, top 77%, 276 students, 55% FRL); Durand Area High School (math 24% / reading 44%, grade F, #372 of 713 statewide, top 56%, 425 students, 41% FRL).
• Market conditions: 47 active listings in the ZIP; 2 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 $794 of loan paydown is wiped out by about $3k 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 48 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• 2 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 $75k; list at $115k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $103,028 (10.3% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 10% 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. 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.
6. 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.
7. 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: 0.90% ✗
• Cap rate: 7.03%
• Cash-on-cash: 2.62%
• DSCR: 1.12
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $151,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 E Naldrette St	0.31mi	3/1.0	960 (-2%)	4mo	$177,500	$185	80
107 E John St	0.26mi	3/2.0	1,006 (+3%)	1mo	$173,000	$172	78
209 S Cook St	0.21mi	2/1.0 (-1)	976 (0%)	10mo	$100,000	$102	77
104 E Perry St	0.28mi	2/1.0 (-1)	1,000 (+2%)	5mo	$120,000	$120	74
204 E Fauble St	0.41mi	3/1.0	960 (-2%)	8mo	$152,000	$158	71
501 S Saginaw St	0.25mi	3/2.0	1,100 (+13%)	10mo	$107,000	$97	55
609 Kingswood St	0.53mi	3/1.0	1,092 (+12%)	1mo	$174,000	$159	55
200 E Vinewood St	0.36mi	3/1.0	1,100 (+13%)	9mo	$150,000	$136	54
103 Lenawee St	0.69mi	2/1.0 (-1)	970 (-1%)	10mo	$181,000	$187	54
314 N Oak St	0.53mi	3/2.0	1,104 (+13%)	4mo	$135,000	$122	46
404 N Mercer St	0.65mi	3/2.0	1,080 (+11%)	10mo	$167,000	$155	40
204 E Clinton St	0.50mi	2/1.0 (-1)	1,120 (+15%)	10mo	$88,000	$79	39

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: -12.2%
• Equity multiple: 0.56×
• Total profit: $-14,152
• Equity at exit: $17,132

10-year hold

• IRR: -3.1%
• Equity multiple: 0.79×
• Total profit: $-6,615
• Equity at exit: $9,934

Cash invested: $32,172 (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 48429

• Home prices YoY: -34.6%
• Active inventory: 47
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,030 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$93 /mo · $1,117/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $70

Break-even live

Break-even rent $941

Max offer price $114,900

Occupancy floor 88%

Sensitivity live

Price	-10% $135	-5% $103	+0% $70	+5% $38	+10% $5
Rent	-10% $-11	-5% $30	+0% $70	+5% $111	+10% $152
Rate	-1.0pp $128	-0.5pp $100	base $70	+0.5pp $41	+1.0pp $10

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 S Oak St Unit B Durand, MI	2.0	1.0	850	$1,000	$1.18	15d	1	0.26mi
8940 Monroe Rd Durand, MI	2.0	1.0	816	$1,150	$1.41	15d	1	0.97mi

Listing history 9 events

1. 2026-05-02
   status Pending
2. 2026-05-01
   status Pending 498-char remark

   Show marketing remark (498 chars)

   Charming two-bedroom home with the potential to easily be converted back to a three-bedroom. The main floor features wood flooring throughout and the convenience of first floor laundry. Major updated include a new roof in 2025 and some new windows. Situated on nearly a half acre, this property offers plenty of outdoor space along with a large deck that's perfect for entertaining or relaxing. The home does need some finishing touches and is being sold as-is. Cash or conventional financing only.

3. 2026-04-16
   price $114,900 498-char remark

   Show marketing remark (498 chars)

   Charming two-bedroom home with the potential to easily be converted back to a three-bedroom. The main floor features wood flooring throughout and the convenience of first floor laundry. Major updated include a new roof in 2025 and some new windows. Situated on nearly a half acre, this property offers plenty of outdoor space along with a large deck that's perfect for entertaining or relaxing. The home does need some finishing touches and is being sold as-is. Cash or conventional financing only.

4. 2026-04-16
   price $114,900

   Show marketing remark (498 chars)

   Charming two-bedroom home with the potential to easily be converted back to a three-bedroom. The main floor features wood flooring throughout and the convenience of first floor laundry. Major updated include a new roof in 2025 and some new windows. Situated on nearly a half acre, this property offers plenty of outdoor space along with a large deck that's perfect for entertaining or relaxing. The home does need some finishing touches and is being sold as-is. Cash or conventional financing only.

5. 2026-04-01
   price $117,900 498-char remark

   Show marketing remark (498 chars)

   Charming two-bedroom home with the potential to easily be converted back to a three-bedroom. The main floor features wood flooring throughout and the convenience of first floor laundry. Major updated include a new roof in 2025 and some new windows. Situated on nearly a half acre, this property offers plenty of outdoor space along with a large deck that's perfect for entertaining or relaxing. The home does need some finishing touches and is being sold as-is. Cash or conventional financing only.

6. 2026-04-01
   price $117,900

   Show marketing remark (498 chars)

   Charming two-bedroom home with the potential to easily be converted back to a three-bedroom. The main floor features wood flooring throughout and the convenience of first floor laundry. Major updated include a new roof in 2025 and some new windows. Situated on nearly a half acre, this property offers plenty of outdoor space along with a large deck that's perfect for entertaining or relaxing. The home does need some finishing touches and is being sold as-is. Cash or conventional financing only.

7. 2026-03-14
   listed $119,900 Active

   Show marketing remark (498 chars)

   Charming two-bedroom home with the potential to easily be converted back to a three-bedroom. The main floor features wood flooring throughout and the convenience of first floor laundry. Major updated include a new roof in 2025 and some new windows. Situated on nearly a half acre, this property offers plenty of outdoor space along with a large deck that's perfect for entertaining or relaxing. The home does need some finishing touches and is being sold as-is. Cash or conventional financing only.

8. 2026-03-14
   listed $119,900 Active 498-char remark

   Show marketing remark (498 chars)

   Charming two-bedroom home with the potential to easily be converted back to a three-bedroom. The main floor features wood flooring throughout and the convenience of first floor laundry. Major updated include a new roof in 2025 and some new windows. Situated on nearly a half acre, this property offers plenty of outdoor space along with a large deck that's perfect for entertaining or relaxing. The home does need some finishing touches and is being sold as-is. Cash or conventional financing only.

9. 2025-02-04
   soldstatus $75,000

ⓘ 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: $1,117 · $93/mo
• Projected year-2 tax: $1,443 · $120/mo
• Expected delta: +$326/yr (+$27/mo · 29.2%)

ⓘ 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: $12,363
• − Mortgage interest: −$6,436
• − Property taxes: −$1,117
• − Insurance: −$574
• − Repairs & maintenance: −$989
• − Management: −$989
• − Depreciation: −$3,343
• Taxable loss: −$1,085
• Est. tax savings @ 24.0%: +$261
• After-tax cash flow: $1,105/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: Durand Area Schools
• NCES district ID: 2612330
• Math proficiency: 17% ▼ -16.00%
• Reading proficiency: 38% ▼ -14.00%
• Median HH income: $45,999
• Composite: 23.67/100
• National rank: #7838
• State rank: #395 of 540 in MI

Livability — Durand

• Score: 74/100
• State rank: #174
• US rank: #4561

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Durand, MI
• City population: 8,109
• Population (ZIP): 8,109

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 (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Lithuanian 5% Romanian 3% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -125.89%
• Current HPI: 237.6811
• 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

+53.2% since first listed

9 events — show timeline

• 2026-05-02 Pending — REALCOMP
• 2026-05-01 Pending — MiRealSource-MiMLS
• 2026-04-16 Price Changed $114,900 MiRealSource-MiMLS
• 2026-04-16 Price Changed $114,900 REALCOMP
• 2026-04-01 Price Changed $117,900 MiRealSource-MiMLS
• 2026-04-01 Price Changed $117,900 REALCOMP
• 2026-03-14 Listed $119,900 REALCOMP
• 2026-03-14 Listed $119,900 MiRealSource-MiMLS
• 2025-02-04 Sold (Public Records) $75,000 Public Records

Property tax history

-9.0%/yr

Latest (2025): $1,117 · -14.5% YoY. Source: county tax records.