5233 Pratt Rd · Goodrich, MI 48455

$183,000

2 bd · 1.0 ba · 868 sqft · SingleFamily public records · 5 Days on market

Built 1935 0.70 ac lot

---

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 +22.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +4.8/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautifully remodeled 2-bedroom, 1-bath home boasts a modern and inviting atmosphere. The interior has been completely updated with high-quality finishes, with the original hardwood floors. Key features include a brand new hot water heater (installed in 2025), water softener, and a dependable sump pump to keep the space dry. The home is equipped with a new furnace and air conditioning system, the electrical system has been fully updated , and the roof has been replaced This property is move-in ready

Key facts

• Remodeled
• New furnace
• Sump pump

Tags

• REMODELED
• ORIGINAL HARDWOOD FLOORS
• HOT WATER HEATER
• WATER SOFTENER
• SUMP PUMP
• NEW FURNACE

Property features AI

Finance

• Other: Residential zoning
• HOA & community: Homeowners association present

Exterior

• Utilities: Private well water; Septic tank sewer
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Block foundation; Has basement (block)
• Exterior features: Paved road access; Lot approximately 0.7 acre; Lot dimensions: 214 x 220 x 113 x 151 x 105 x 37; Subdivision: ONE OAK; Cross streets: Green Corners / Pratt

Interior

• Kitchen: Includes dishwasher, microwave, oven, range, refrigerator
• Bedrooms: Total rooms: 6
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Propane heating
• Interior features: Gas water heater; Dishwasher; Dryer; Microwave; Oven; Refrigerator; Range
• Laundry & utility: Washer and dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $183k.

Deal economics

• At list price, monthly cash flow is $317 ($4k/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 $179k (2.2% below list).
• Recommended offer: $179k (2.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#313 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Lapeer Community Schools (town): math 31% / reading 49% proficiency, ranked #202 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 76 active listings in the ZIP; 152 units permitted in Lapeer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Lapeer County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $178,976 (2.2% below list)

Questions for the listing agent

1. Built in 1935 — 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. 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.
4. 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.
5. 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: 0.98% ✗
• Cap rate: 8.37%
• Cash-on-cash: 7.42%
• DSCR: 1.33
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.0%
• Equity multiple: 0.81×
• Total profit: $-9,541
• Equity at exit: $27,286

10-year hold

• IRR: 4.6%
• Equity multiple: 1.34×
• Total profit: $17,379
• Equity at exit: $15,822

Cash invested: $51,240 (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 48455

• Active inventory: 76
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,790 medium
• Mortgage (P&I): −$960
• Tax from tax record: −$61 /mo · $732/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $317

Break-even live

Break-even rent $1,389

Max offer price $183,000

Occupancy floor 77%

Sensitivity live

Price	-10% $421	-5% $369	+0% $317	+5% $265	+10% $213
Rent	-10% $176	-5% $246	+0% $317	+5% $388	+10% $458
Rate	-1.0pp $409	-0.5pp $364	base $317	+0.5pp $270	+1.0pp $221

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: $45,750
• Closing costs: $5,490
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-07
   statusdays on market $183,000 Pending 5 DOM
2. 2026-06-04
   days on market $183,000 Active 3 DOM
3. 2026-06-03
   days on market $183,000 Active 2 DOM
4. 2026-06-02
   remarks 509-char remark
5. 2026-06-02
   listed $183,000 Active 1 DOM

ⓘ 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: $732 · $61/mo
• Projected year-2 tax: $1,775 · $148/mo
• Expected delta: +$1,043/yr (+$87/mo · 142.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,477
• − Mortgage interest: −$10,251
• − Property taxes: −$732
• − Insurance: −$915
• − Repairs & maintenance: −$1,718
• − Management: −$1,718
• − Depreciation: −$5,324
• Taxable income: $819
• Est. tax owed @ 24.0%: −$197
• After-tax cash flow: $3,607/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: Lapeer Community Schools
• NCES district ID: 2621180
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 49% ▼ -4.00%
• Median HH income: $53,749
• Composite: 34.79/100
• National rank: #5113
• State rank: #202 of 540 in MI

Livability — Goodrich

• Score: 70/100
• State rank: #313
• US rank: #7664

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,849

Population outlook (Lapeer County) Hauer SSP2

• Today (2025): 89,826 people
• By 2030: 89,535 · -0.3%
• By 2040: 86,695 · -3.5%
• By 2050: 80,566 · -10.3%
• By 2075: 65,783 · -26.8%
• By 2100: 46,584 · -48.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 13% Iranian 5% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Russian/Polish/Slavic 2%

Political lean MEDSL · Lapeer

• 2024 margin: Solid R (+39.8) · D 29.5% · R 69.3% · Other 1.3%
• 2008→2024 swing: -36.8pp toward R · 2008: -3.0pp · 2024: -39.8pp
• All cycles: 2024: R+39.8 2020: R+36.3 2016: R+38.3 2012: R+11.5 2008: R+3.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -154.50%
• Current HPI: 191.9058
• 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

2 events — show timeline

• 2026-06-01 Listed $183,000 REALCOMP
• 2026-06-01 Listed $183,000 MiRealSource-MiMLS

Property tax history

+3.1%/yr

Latest (2025): $732 · +4.2% YoY. Source: county tax records.