1029 Lorene Ave · Mount Morris, MI 48458

$39,900

3 bd · 1.0 ba · 1,100 sqft · SingleFamily · 19 Days on market

Built 1945 8,276 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity for investors or home buyers looking to put in a little work! This 3 bed, 1 bath home offers tons of potential and endless possibilities to make it your own. Whether you’re looking for your next investment property or a place to add your personal touch, this could be the one. Home is being sold as-is.

Key facts

• 8,276 sq ft lot
• Built 1945
• Listed 18 days

Property features AI

Finance

• Financial info: Annual tax information recorded
• HOA & community: Homeowners association present

Exterior

• Utilities: Private well water; Sewer available / public sewer
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Above-grade finished area about 1,100; Built as a one-level structure
• Exterior features: Lot roughly 55 x 150 (0.19 acre); Subdivision: STANLEY PARK; Cross streets near N Saginaw Rd and W Stanley Rd; No pool

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Natural gas heating; No central cooling
• Interior features: Basement present; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $605 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.5% vs local median 3.5% in Mount Morris — 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 68/100 on livability (#357 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Mt. Morris Consolidated Schools (suburban): math 7% / reading 19% proficiency, ranked #511 of 540 in MI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 144 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Genesee County population projected at -27% 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 33y 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 $6k; list at $40k implies a 565% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,301 (1.5% below list)

Questions for the listing agent

1. Built in 1945 — 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 F-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. Crime grade is F 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?
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: 2.80% ✓
• Cap rate: 24.50%
• Cash-on-cash: 65.03%
• DSCR: 3.89
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $133,100
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6519 Estrelle Ave	0.17mi	3/1.0	1,100 (0%)	11mo	$133,000	$121	82
1104 Lucharles Ave	0.15mi	3/1.0	1,040 (-6%)	6mo	$60,105	$58	79
1138 Nutana Blvd	0.36mi	3/1.0	1,005 (-9%)	2mo	$165,000	$164	67
1393 W Stanley Rd	0.71mi	3/1.0	1,080 (-2%)	5mo	$148,900	$138	60
11430 Industrial St	0.66mi	3/1.0	1,165 (+6%)	5mo	$155,000	$133	55
517 Oak St	0.67mi	3/1.0	1,020 (-7%)	5mo	$95,000	$93	52
11350 Union St	0.59mi	3/1.0	1,170 (+6%)	12mo	$120,000	$103	52
460 Oak St	0.66mi	3/1.0	1,168 (+6%)	10mo	$163,000	$140	51
415 Oak St	0.70mi	3/1.0	990 (-10%)	1mo	$102,000	$103	49
328 Oak St	0.72mi	3/1.5	1,200 (+9%)	0mo	$163,000	$136	49
1059 Morris Hills Pkwy	0.72mi	3/1.0	1,012 (-8%)	10mo	$110,000	$109	45
356 Spruce St	0.75mi	3/1.0	960 (-13%)	9mo	$97,000	$101	37

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: 64.2%
• Equity multiple: 3.87×
• Total profit: $32,113
• Equity at exit: $5,949

10-year hold

• IRR: 68.6%
• Equity multiple: 7.95×
• Total profit: $77,686
• Equity at exit: $3,450

Cash invested: $11,172 (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 48458

• Home prices YoY: -16.0%
• Active inventory: 144
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,115 high
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $605

Break-even live

Break-even rent $349

Max offer price $39,900

Occupancy floor 41%

Sensitivity live

Price	-10% $633	-5% $619	+0% $605	+5% $592	+10% $578
Rent	-10% $517	-5% $561	+0% $605	+5% $650	+10% $694
Rate	-1.0pp $626	-0.5pp $616	base $605	+0.5pp $595	+1.0pp $585

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7028 Rosewood Dr Mt Morris, MI	2.0	1.0	967	$1,020	$1.05	14d	1	0.62mi
1 Sunny Ln Mount Morris, MI	3.0	2.0	1100	$1,100	$1.00	45d	1	0.84mi
6230 Natchez Dr Mount Morris, MI	3.0	1.0	1060	$1,000	$0.94	14d	1	0.96mi
750 Jefferson St Mt Morris, MI	1.0–2.0	1.0–2.0	828	$1,020	$1.23	14d	4	1.13mi
6113 Natchez Dr Mount Morris, MI	3.0	1.0	1100	$990	$0.90	45d	1	1.14mi
6203 Hilton Ln Mount Morris, MI	3.0	1.0	860	$900	$1.05	45d	1	1.43mi

Listing history 28 events

1. 2026-06-09
   days on market $39,900 Active 19 DOM
2. 2026-06-08
   days on market $39,900 Active 18 DOM
3. 2026-06-07
   days on market $39,900 Active 17 DOM
4. 2026-06-03
   days on market $39,900 Active 13 DOM
5. 2026-06-02
   days on market $39,900 Active 12 DOM
6. 2026-06-01
   days on market $39,900 Active 11 DOM
7. 2026-05-31
   days on market $39,900 Active 10 DOM
8. 2026-05-30
   days on market $39,900 Active 9 DOM
9. 2026-05-21
   listed $39,900 Active

   Show marketing remark (326 chars)

   Great opportunity for investors or home buyers looking to put in a little work! This 3 bed, 1 bath home offers tons of potential and endless possibilities to make it your own. Whether you’re looking for your next investment property or a place to add your personal touch, this could be the one. Home is being sold as-is.

10. 2026-05-21
    listed $39,900 Active 326-char remark

    Show marketing remark (326 chars)

    Great opportunity for investors or home buyers looking to put in a little work! This 3 bed, 1 bath home offers tons of potential and endless possibilities to make it your own. Whether you’re looking for your next investment property or a place to add your personal touch, this could be the one. Home is being sold as-is.

11. 2025-02-03
    historical
12. 2025-02-03
    historical
13. 2024-10-17
    listed $105,000 Active
14. 2024-10-17
    listed $105,000 Active
15. 2012-01-31
    soldstatus $6,000
16. 2012-01-31
    soldstatus $6,000
17. 2011-12-21
    historical
18. 2011-12-12
    listed $2,900
19. 2011-12-12
    listed $2,900
20. 2010-08-30
    historical
21. 2010-08-30
    historical
22. 2010-04-14
    listed $34,700
23. 2010-04-14
    listed $34,700
24. 1994-03-04
    soldstatus $38,000
25. 1994-03-04
    soldstatus $38,000
26. 1994-02-11
    historical
27. 1993-12-28
    listed $39,900
28. 1993-12-28
    listed $39,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,385
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,071
• − Management: −$1,071
• − Depreciation: −$1,161
• Taxable income: $7,050
• Est. tax owed @ 24.0%: −$1,692
• After-tax cash flow: $5,573/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: Mt. Morris Consolidated Schools
• NCES district ID: 2624720
• Math proficiency: 7% ▼ -9.00%
• Reading proficiency: 19% ▼ -7.00%
• Median HH income: $35,006
• Composite: 10.63/100
• National rank: #9774
• State rank: #511 of 540 in MI

Livability — Mount Morris

• Score: 68/100
• State rank: #357
• US rank: #9095

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Genesee County · 221,329 people
• City population: 19,519
• Metro: Flint, MI
• Population (ZIP): 19,519
• Household income: $46,797
• Rent vs Own: 33.1% rent · 66.9% own
• Severe rent burden: 724.0

Population outlook (Genesee County) Hauer SSP2

• Today (2025): 381,312 people
• By 2030: 362,731 · -4.9%
• By 2040: 321,550 · -15.7%
• By 2050: 279,212 · -26.8%
• By 2075: 193,336 · -49.3%
• By 2100: 128,118 · -66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Black 22% Two or more races 7% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 5% Romanian 3% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Genesee

• 2024 margin: Toss-up / Even · D 51.4% · R 47.2% · Other 1.4%
• 2008→2024 swing: -28.3pp toward R · 2008: 32.5pp · 2024: 4.2pp
• All cycles: 2024: D+4.2 2020: D+9.3 2016: D+9.5 2012: D+28.2 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.45%
• Current HPI: 244.2061
• Rent YoY: —
• Metro: Flint, MI
• 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

20 events — show timeline

• 2026-05-21 Listed $39,900 MiRealSource-MiMLS
• 2026-05-21 Listed $39,900 REALCOMP
• 2025-02-03 Listing Removed — REALCOMP
• 2025-02-03 Listing Removed — MiRealSource-MiMLS
• 2024-10-17 Listed $105,000 REALCOMP
• 2024-10-17 Listed $105,000 MiRealSource-MiMLS
• 2012-01-31 Sold (MLS) $6,000 REALCOMP
• 2012-01-31 Sold (MLS) $6,000 MiRealSource-MiMLS
• 2011-12-21 Listing Removed — MiRealSource-MiMLS
• 2011-12-12 Listed $2,900 REALCOMP
• 2011-12-12 Listed $2,900 MiRealSource-MiMLS
• 2010-08-30 Listing Removed — MiRealSource-MiMLS
• 2010-08-30 Listing Removed — REALCOMP
• 2010-04-14 Listed $34,700 MiRealSource-MiMLS
• 2010-04-14 Listed $34,700 REALCOMP
• 1994-03-04 Sold (MLS) $38,000 REALCOMP
• 1994-03-04 Sold (MLS) $38,000 MiRealSource-MiMLS
• 1994-02-11 Listing Removed — MiRealSource-MiMLS
• 1993-12-28 Listed $39,900 REALCOMP
• 1993-12-28 Listed $39,900 MiRealSource-MiMLS

Property tax history

+3.0%/yr

Latest (2025): $2,431 · +1.8% YoY. Source: county tax records.