115 E 4th St · Evart, MI 49631

$24,900

3 bd · 1.0 ba · 1,450 sqft · SingleFamily · 49 Days on market

Built 1905 4,356 sqft lot $17/sqft · 82% below area ↓ 38% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

YES IT IS TRUE. .. .YOU CAN BUY A HOUSE FOR LESS $$ THAN A NEW CAR! All the HEAVY LIFTING has already been done -- demo is complete and ready for your vision to take over. PRIME OPPORTTUNITY -DIAMOND IN THE ROUGH - in the City of Evart! Looking for your next investment property, flip opportunity, or affordable home to customize exactly the way you want it? This PREVIOUSLY 3-bedroom, 1-bathroom home in the heart of Evart on a corner lot is the opportunity you've been waiting for!Whether you're a seasoned investor or a buyer ready to build sweat equity, this property offers a clean slate and unlimited potential. SELLER HAS COMPLETED ADDITIONAL CLEAN UP INSIDE AND OUT!Property Highlights - Corner Lot, 3 Bedrooms, 1 Bathroom, Demo Complete - Ready for Renovation, Walking Distance to Downtown & Shopping, Close to Major Employer, Easy Access to US-10 & M-66.Ready for Your Vision

Key facts

• 4,356 sq ft lot
• Built 1905
• Listed 49 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $750 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.
• Cap rate 42.4% vs local median 3.4% in Evart — 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 72/100 on livability (#262 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Evart Public Schools (rural): math 27% / reading 34% proficiency, ranked #367 of 540 in MI (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 87 active listings in the ZIP; 5 units permitted in Osceola County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $172 of loan paydown is wiped out by about $747 of value loss. Plan a longer hold.
• Osceola County population projected at -24% 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask has dropped $5k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — 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 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?
5. 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?
6. 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.
7. 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.
8. 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: 4.69% ✓
• Cap rate: 42.43%
• Cash-on-cash: 129.04%
• DSCR: 6.74
• GRM: 1.8

CMA / ARV

• ARV (median comp): $141,134
• List price: $24,900
• Delta: -82.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 E 4th St	0.00mi	3/1.0	1,450 (0%)	0mo	$17,500	$12	100
418 N Hemlock St	0.17mi	3/2.0	1,500 (+3%)	12mo	$165,000	$110	73
733 N Main St	0.31mi	3/2.0	1,500 (+3%)	10mo	$182,000	$121	68
515 W 5th St. St	0.34mi	2/1.0 (-1)	1,500 (+3%)	9mo	$172,000	$115	66
6825 Riverside Rd	0.68mi	2/1.0 (-1)	1,400 (-3%)	5mo	$246,000	$176	53
807 N Pine St	0.37mi	3/1.0	1,271 (-12%)	12mo	$145,000	$114	53
327 S Hemlock St	0.53mi	2/1.5 (-1)	1,562 (+8%)	7mo	$183,000	$117	50
847 N Hemlock St	0.43mi	4/1.0 (+1)	1,600 (+10%)	17mo	$160,000	$100	44
933 N Pine St	0.49mi	2/1.0 (-1)	1,600 (+10%)	19mo	$135,000	$84	39
404 S Hemlock St	0.60mi	3/2.0	1,300 (-10%)	20mo	$140,000	$108	34

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: —
• Equity multiple: 7.27×
• Total profit: $43,735
• Equity at exit: $3,713

10-year hold

• IRR: —
• Equity multiple: 15.29×
• Total profit: $99,643
• Equity at exit: $2,153

Cash invested: $6,972 (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 49631

• Home prices YoY: -9.8%
• Active inventory: 87
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,167 medium
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $374/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $750

Break-even live

Break-even rent $218

Max offer price $24,900

Occupancy floor 31%

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-14
   listing id $24,900 Pending 49 DOM
2. 2026-05-01
   price $24,900 897-char remark

   Show marketing remark (897 chars)

   YES IT IS TRUE. .. .YOU CAN BUY A HOUSE FOR LESS $$ THAN A NEW CAR! All the HEAVY LIFTING has already been done -- demo is complete and ready for your vision to take over. PRIME OPPORTTUNITY -DIAMOND IN THE ROUGH - in the City of Evart! Looking for your next investment property, flip opportunity, or affordable home to customize exactly the way you want it? This PREVIOUSLY 3-bedroom, 1-bathroom home in the heart of Evart on a corner lot is the opportunity you've been waiting for!Whether you're a seasoned investor or a buyer ready to build sweat equity, this property offers a clean slate and unlimited potential. SELLER HAS COMPLETED ADDITIONAL CLEAN UP INSIDE AND OUT!Property Highlights - Corner Lot, 3 Bedrooms, 1 Bathroom, Demo Complete - Ready for Renovation, Walking Distance to Downtown & Shopping, Close to Major Employer, Easy Access to US-10 & M-66.Ready for Your Vision

3. 2026-04-30
   price $24,900 901-char remark

   Show marketing remark (901 chars)

   YES IT IS TRUE. .. .YOU CAN BUY A HOUSE FOR LESS $$ THAN A NEW CAR! All the HEAVY LIFTING has already been done -- demo is complete and ready for your vision to take over. PRIME OPPORTTUNITY -DIAMOND IN THE ROUGH - in the City of Evart! Looking for your next investment property, flip opportunity, or affordable home to customize exactly the way you want it? This PREVIOUSLY 3-bedroom, 1-bathroom home in the heart of Evart on a corner lot is the opportunity you've been waiting for!Whether you're a seasoned investor or a buyer ready to build sweat equity, this property offers a clean slate and unlimited potential. SELLER HAS COMPLETED ADDITIONAL CLEAN UP INSIDE AND OUT!Property Highlights - Corner Lot, 3 Bedrooms, 1 Bathroom, Demo Complete - Ready for Renovation, Walking Distance to Downtown & Shopping, Close to Major Employer, Easy Access to US-10 & M-66.Ready for Your Vision

4. 2026-04-30
   price $24,900

   Show marketing remark (901 chars)

   YES IT IS TRUE. .. .YOU CAN BUY A HOUSE FOR LESS $$ THAN A NEW CAR! All the HEAVY LIFTING has already been done -- demo is complete and ready for your vision to take over. PRIME OPPORTTUNITY -DIAMOND IN THE ROUGH - in the City of Evart! Looking for your next investment property, flip opportunity, or affordable home to customize exactly the way you want it? This PREVIOUSLY 3-bedroom, 1-bathroom home in the heart of Evart on a corner lot is the opportunity you've been waiting for!Whether you're a seasoned investor or a buyer ready to build sweat equity, this property offers a clean slate and unlimited potential. SELLER HAS COMPLETED ADDITIONAL CLEAN UP INSIDE AND OUT!Property Highlights - Corner Lot, 3 Bedrooms, 1 Bathroom, Demo Complete - Ready for Renovation, Walking Distance to Downtown & Shopping, Close to Major Employer, Easy Access to US-10 & M-66.Ready for Your Vision

5. 2026-04-07
   listed $29,900 Active 901-char remark

   Show marketing remark (897 chars)

   YES IT IS TRUE. .. .YOU CAN BUY A HOUSE FOR LESS $$ THAN A NEW CAR! All the HEAVY LIFTING has already been done -- demo is complete and ready for your vision to take over. PRIME OPPORTTUNITY -DIAMOND IN THE ROUGH - in the City of Evart! Looking for your next investment property, flip opportunity, or affordable home to customize exactly the way you want it? This PREVIOUSLY 3-bedroom, 1-bathroom home in the heart of Evart on a corner lot is the opportunity you've been waiting for!Whether you're a seasoned investor or a buyer ready to build sweat equity, this property offers a clean slate and unlimited potential. SELLER HAS COMPLETED ADDITIONAL CLEAN UP INSIDE AND OUT!Property Highlights - Corner Lot, 3 Bedrooms, 1 Bathroom, Demo Complete - Ready for Renovation, Walking Distance to Downtown & Shopping, Close to Major Employer, Easy Access to US-10 & M-66.Ready for Your Vision

6. 2026-04-07
   listed $29,900 Active 897-char remark

   Show marketing remark (897 chars)

   YES IT IS TRUE. .. .YOU CAN BUY A HOUSE FOR LESS $$ THAN A NEW CAR! All the HEAVY LIFTING has already been done -- demo is complete and ready for your vision to take over. PRIME OPPORTTUNITY -DIAMOND IN THE ROUGH - in the City of Evart! Looking for your next investment property, flip opportunity, or affordable home to customize exactly the way you want it? This PREVIOUSLY 3-bedroom, 1-bathroom home in the heart of Evart on a corner lot is the opportunity you've been waiting for!Whether you're a seasoned investor or a buyer ready to build sweat equity, this property offers a clean slate and unlimited potential. SELLER HAS COMPLETED ADDITIONAL CLEAN UP INSIDE AND OUT!Property Highlights - Corner Lot, 3 Bedrooms, 1 Bathroom, Demo Complete - Ready for Renovation, Walking Distance to Downtown & Shopping, Close to Major Employer, Easy Access to US-10 & M-66.Ready for Your Vision

7. 2026-04-07
   listed $29,900 Active

   Show marketing remark (897 chars)

   YES IT IS TRUE. .. .YOU CAN BUY A HOUSE FOR LESS $$ THAN A NEW CAR! All the HEAVY LIFTING has already been done -- demo is complete and ready for your vision to take over. PRIME OPPORTTUNITY -DIAMOND IN THE ROUGH - in the City of Evart! Looking for your next investment property, flip opportunity, or affordable home to customize exactly the way you want it? This PREVIOUSLY 3-bedroom, 1-bathroom home in the heart of Evart on a corner lot is the opportunity you've been waiting for!Whether you're a seasoned investor or a buyer ready to build sweat equity, this property offers a clean slate and unlimited potential. SELLER HAS COMPLETED ADDITIONAL CLEAN UP INSIDE AND OUT!Property Highlights - Corner Lot, 3 Bedrooms, 1 Bathroom, Demo Complete - Ready for Renovation, Walking Distance to Downtown & Shopping, Close to Major Employer, Easy Access to US-10 & M-66.Ready for Your Vision

8. 2026-03-18
   historical
9. 2026-03-04
   listed $39,900 Active
10. 2026-03-04
    listed $39,900 Active

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

Taxation est. · year 1

• Rental income: $14,002
• − Mortgage interest: −$1,395
• − Property taxes: −$374
• − Insurance: −$124
• − Repairs & maintenance: −$1,120
• − Management: −$1,120
• − Depreciation: −$724
• Taxable income: $9,145
• Est. tax owed @ 24.0%: −$2,195
• After-tax cash flow: $6,802/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: Evart Public Schools
• NCES district ID: 2613560
• Math proficiency: 27% ▲ 2.00%
• Reading proficiency: 34% ▬ 0.00%
• Median HH income: $37,734
• Composite: 25.42/100
• National rank: #7455
• State rank: #367 of 540 in MI

Livability — Evart

• Score: 72/100
• State rank: #262
• US rank: #6440

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Evart, MI
• Population (ZIP): 5,646

Population outlook (Osceola County) Hauer SSP2

• Today (2025): 21,724 people
• By 2030: 20,769 · -4.4%
• By 2040: 18,720 · -13.8%
• By 2050: 16,611 · -23.5%
• By 2075: 11,942 · -45.0%
• By 2100: 7,546 · -65.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Iranian 5% Romanian 4% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1% Tagalog/Filipino 0%

Political lean MEDSL · Osceola

• 2024 margin: Solid R (+47.9) · D 25.2% · R 73.1% · Other 1.7%
• 2008→2024 swing: -37.7pp toward R · 2008: -10.1pp · 2024: -47.9pp
• All cycles: 2024: R+47.9 2020: R+46.3 2016: R+43.7 2012: R+21.0 2008: R+10.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.25%
• Current HPI: 277.6004
• 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

-37.6% since first listed

9 events — show timeline

• 2026-05-01 Price Changed $24,900 MiRealSource-MiMLS
• 2026-04-30 Price Changed $24,900 REALCOMP
• 2026-04-30 Price Changed $24,900 SW Michigan MLS
• 2026-04-07 Listed $29,900 REALCOMP
• 2026-04-07 Listed $29,900 SW Michigan MLS
• 2026-04-07 Listed $29,900 MiRealSource-MiMLS
• 2026-03-18 Listing Removed — MiRealSource-MiMLS
• 2026-03-04 Listed $39,900 MiRealSource-MiMLS
• 2026-03-04 Listed $39,900 REALCOMP