9163-9165 Cady Rd · Napoleon, MI 49201

$239,900

4 bd · 2.0 ba · 2,880 sqft · MultiFamily · 28 Days on market

Built 1970 Good condition 0.36 ac lot

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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 +19.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +5.1/10.0
• Rent growth +5.0/5.0
• Condition / age +4.0/5.0
• Schools +3.3/10.0
• Livability +3.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Fantastic investment opportunity in highly desirable Napoleon Township! This beautifully updated duplex is far from your typical income property. Both units feature updated electrical and plumbing, fresh paint, and newer mechanicals, offering peace of mind for both owner and tenants. With strong rental demand in the area, each unit has the potential to generate approximately $1,200 per month in rental income. Situated on a spacious lot with beautiful green space and two storage sheds, tenants will appreciate the added outdoor functionality and privacy. Whether you are looking to expand your investment portfolio or live in one unit while renting the other, this is a smart opportunity with solid income potential and attractive updates already completed!

Key facts

• Green space
• Updated electrical
• Fresh paint

Tags

• UPDATED ELECTRICAL
• UPDATED PLUMBING
• FRESH PAINT
• NEWER MECHANICALS
• SPACIOUS LOT
• GREEN SPACE

Property features AI

Finance

• Other: Building size reported as 2,880 total square feet

Exterior

• Parking: 4 total parking spaces
• Utilities: Public water; Septic sewer; Natural gas connected
• Home design: Residential income property (multifamily)
• Construction: Vinyl siding; Slab foundation
• Exterior features: Level lot; Paved, public-maintained road access

Interior

• Bedrooms: Two 2-bedroom units (Unit 9163 and Unit 9165)
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Central air; Wall unit cooling; Forced-air heating; Natural gas heating
• Interior features: Built-in storage
• Laundry & utility: In-unit laundry on the main level

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $240k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $264 ($3k/yr) — positive. Per door: $132/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $240k).
• Recommended offer: $236k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 1.6% in Napoleon — 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 59/100 on livability (#600 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Napoleon Community Schools (rural): math 28% / reading 48% proficiency, ranked #231 of 540 in MI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+10.3%/yr); 362 active listings in the ZIP; 317 units permitted in Jackson County in 2024 (103 in 5+ unit buildings).
• This rent runs 39% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Jackson County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $67k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($236k) 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.

Recommended offer $236,301 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 7.61%
• Cash-on-cash: 4.72%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -3.5%
• Equity multiple: 0.86×
• Total profit: $-9,154
• Equity at exit: $35,770

10-year hold

• IRR: 11.2%
• Equity multiple: 2.08×
• Total profit: $72,365
• Equity at exit: $20,742

Cash invested: $67,172 (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 49201

• Rents YoY: 10.3%
• Active inventory: 362
• Price-to-rent: 16.4×

Monthly cashflow live

• Estimated rent: $2,433 medium
• Mortgage (P&I): −$1,258
• Tax est. 1.5%: −$300 /mo · $3,598/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$511
• Net cashflow: $264

Break-even live

Break-even rent $2,099

Max offer price $239,900

Occupancy floor 84%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,434
Total (2 units)			$2,433

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $239,900 Active 28 DOM
2. 2026-06-18
   days on market $239,900 Active 27 DOM
3. 2026-06-17
   days on market $239,900 Active 26 DOM
4. 2026-06-16
   days on market $239,900 Active 25 DOM
5. 2026-06-15
   days on market $239,900 Active 24 DOM
6. 2026-06-14
   days on market $239,900 Active 22 DOM
7. 2026-06-13
   days on market $239,900 Active 21 DOM
8. 2026-06-10
   days on market $239,900 Active 19 DOM
9. 2026-06-09
   days on market $239,900 Active 18 DOM
10. 2026-06-08
    days on market $239,900 Active 17 DOM
11. 2026-06-07
    statusdays on market $239,900 Active 16 DOM
12. 2026-06-05
    days on market $239,900 Active Under Contract 13 DOM
13. 2026-06-02
    days on market $239,900 Active Under Contract 11 DOM
14. 2026-06-01
    days on market $239,900 Active Under Contract 10 DOM
15. 2026-05-31
    days on market $239,900 Active Under Contract 9 DOM
16. 2026-05-30
    days on market $239,900 Active Under Contract 8 DOM
17. 2026-05-22
    listed $239,900 Active

    Show marketing remark (761 chars)

    Fantastic investment opportunity in highly desirable Napoleon Township! This beautifully updated duplex is far from your typical income property. Both units feature updated electrical and plumbing, fresh paint, and newer mechanicals, offering peace of mind for both owner and tenants. With strong rental demand in the area, each unit has the potential to generate approximately $1,200 per month in rental income. Situated on a spacious lot with beautiful green space and two storage sheds, tenants will appreciate the added outdoor functionality and privacy. Whether you are looking to expand your investment portfolio or live in one unit while renting the other, this is a smart opportunity with solid income potential and attractive updates already completed!

18. 2026-05-22
    listed $239,900 Active 761-char remark

    Show marketing remark (761 chars)

    Fantastic investment opportunity in highly desirable Napoleon Township! This beautifully updated duplex is far from your typical income property. Both units feature updated electrical and plumbing, fresh paint, and newer mechanicals, offering peace of mind for both owner and tenants. With strong rental demand in the area, each unit has the potential to generate approximately $1,200 per month in rental income. Situated on a spacious lot with beautiful green space and two storage sheds, tenants will appreciate the added outdoor functionality and privacy. Whether you are looking to expand your investment portfolio or live in one unit while renting the other, this is a smart opportunity with solid income potential and attractive updates already completed!

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°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: $29,196
• − Mortgage interest: −$13,438
• − Property taxes: −$3,598
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,336
• − Management: −$2,336
• − Depreciation: −$6,979
• Taxable loss: −$690
• Est. tax savings @ 24.0%: +$166
• After-tax cash flow: $3,336/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This well-maintained and updated duplex is in good condition with no major repairs needed. Painting and landscaping can further enhance its curb appeal and value.

Value-add opportunities

• Both Painting the exterior and interior walls — Painting can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters.
• Both Landscaping the front yard — Landscaping can improve the curb appeal and add value to the property, making it more attractive to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Painting can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Landscaping the front yard — Landscaping can improve the curb appeal and add value to the property, making it more attractive to potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Napoleon Community Schools
• NCES district ID: 2624960
• Math proficiency: 28% ▼ -13.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $52,236
• Composite: 32.97/100
• National rank: #5585
• State rank: #231 of 540 in MI

Livability — Napoleon

• Score: 59/100
• State rank: #600
• US rank: #19694

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Napoleon, MI
• County: Jackson County · 85,581 people
• City population: 85,581
• Metro: Jackson, MI
• Population (ZIP): 49,107
• Household income: $74,484
• Rent vs Own: 25.8% rent · 74.2% own
• Severe rent burden: 840.0

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 156,365 people
• By 2030: 153,123 · -2.1%
• By 2040: 144,981 · -7.3%
• By 2050: 135,671 · -13.2%
• By 2075: 113,833 · -27.2%
• By 2100: 86,592 · -44.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Black 9% Two or more races 6% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Jackson

• 2024 margin: Strong R (+21.3) · D 38.6% · R 59.9% · Other 1.5%
• 2008→2024 swing: -23.7pp toward R · 2008: 2.4pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+19.0 2016: R+20.1 2012: R+5.8 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -198.89%
• Current HPI: 185.3773
• Rent YoY: ▲ 10.32%
• Metro: Jackson, 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

2 events — show timeline

• 2026-05-22 Listed $239,900 MiRealSource-MiMLS
• 2026-05-22 Listed $239,900 REALCOMP