2394 Yankee St · Howard, MI 49120

$329,900

9 bd · 5.1 ba · — sqft · MultiFamily · 60 Days on market

Built 1970 Fair condition 1.45 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 +24.2/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

This property is packed full of potential, currently has a House in the front that is leased, two manufactured duplexes, 11 cabins with potential for more housing. Zoned C-1 Mixed use, this nearly 1.5 acres is full of developmental potential. Either remove the current homes or fix them up to rent! Seller is willing to finance for the right buyer. Information is not guaranteed. Currently 6 units are leased at $500/m and the house in front of is leased for $1,200/M

Key facts

• 11 cabins
• Zoned c-1 mixed use
• 1.45 acre lot

Tags

• ZONED C-1 MIXED USE
• TWO MANUFACTURED DUPLEXES
• 11 CABINS

Property features AI

Finance

• Other: Property sub-type: Multi Family; Units include manufactured home pads and at least one house unit
• Financial info: Income-producing property with multiple units each showing a listed rent of $500
• HOA & community: No HOA information provided

Exterior

• Parking: 5 total parking spaces
• Security: No security details provided
• Utilities: Electricity connected; Water from private well; Septic tank for sewer
• Home design: Multi-family residential income property
• Construction: Vinyl siding; Other type foundation
• Exterior features: Large lot approximately 1.45 acres (123 x 529); Private well for water; Septic tank sewer

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Multiple 2-bedroom units (each unit listed as 2 bedrooms)
• Flooring: No flooring details provided
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating
• Interior features: Residential income property with multiple rental units
• Laundry & utility: No laundry appliance details provided

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $330k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $657 ($8k/yr) — positive. Per door: $219/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $330k).
• Recommended offer: $320k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Niles Community Schools (urban): math 33% / reading 43% proficiency, ranked #248 of 540 in MI (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 210 active listings in the ZIP; 128 units permitted in Cass County in 2024 (0 in 5+ unit buildings).
• At $3,718/mo this rent would consume 68% of the median local household income ($65k/yr) (locally 782% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Cass County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 3y ago; this cycle's ask has dropped $29k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $320,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.13% ✓
• Cap rate: 8.68%
• Cash-on-cash: 8.54%
• DSCR: 1.38
• GRM: 7.4

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: -3.3%
• Equity multiple: 0.88×
• Total profit: $-11,535
• Equity at exit: $49,189

10-year hold

• IRR: 6.4%
• Equity multiple: 1.48×
• Total profit: $44,095
• Equity at exit: $28,524

Cash invested: $92,372 (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 49120

• Active inventory: 210
• Price-to-rent: 22.2×

Monthly cashflow live

• Estimated rent: $3,718 medium
• Mortgage (P&I): −$1,730
• Tax est. 1.5%: −$412 /mo · $4,948/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$781
• Net cashflow: $657

Break-even live

Break-even rent $2,886

Max offer price $329,900

Occupancy floor 77%

Sensitivity live

Price	-10% $885	-5% $771	+0% $657	+5% $543	+10% $429
Rent	-10% $364	-5% $510	+0% $657	+5% $804	+10% $951
Rate	-1.0pp $823	-0.5pp $741	base $657	+0.5pp $572	+1.0pp $485

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$3,717
Total (3 units)			$3,718

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: $82,475
• Closing costs: $9,897
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-21
   days on market $329,900 Active 60 DOM
2. 2026-06-19
   days on market $329,900 Active 58 DOM
3. 2026-06-18
   days on market $329,900 Active 57 DOM
4. 2026-06-17
   days on market $329,900 Active 56 DOM
5. 2026-06-16
   days on market $329,900 Active 55 DOM
6. 2026-06-15
   days on market $329,900 Active 54 DOM
7. 2026-06-14
   days on market $329,900 Active 52 DOM
8. 2026-06-13
   days on market $329,900 Active 51 DOM
9. 2026-06-10
   days on market $329,900 Active 49 DOM
10. 2026-06-09
    days on market $329,900 Active 48 DOM
11. 2026-06-08
    days on market $329,900 Active 47 DOM
12. 2026-06-07
    days on market $329,900 Active 46 DOM
13. 2026-06-05
    days on market $329,900 Active 43 DOM
14. 2026-06-03
    days on market $329,900 Active 42 DOM
15. 2026-06-02
    days on market $329,900 Active 41 DOM
16. 2026-06-01
    days on market $329,900 Active 40 DOM
17. 2026-05-31
    days on market $329,900 Active 39 DOM
18. 2026-05-30
    days on market $329,900 Active 38 DOM
19. 2026-04-22
    listed $359,000 Active

    Show marketing remark (467 chars)

    This property is packed full of potential, currently has a House in the front that is leased, two manufactured duplexes, 11 cabins with potential for more housing. Zoned C-1 Mixed use, this nearly 1.5 acres is full of developmental potential. Either remove the current homes or fix them up to rent! Seller is willing to finance for the right buyer. Information is not guaranteed. Currently 6 units are leased at $500/m and the house in front of is leased for $1,200/M

20. 2026-04-22
    listed $359,000 Active 467-char remark

    Show marketing remark (467 chars)

    This property is packed full of potential, currently has a House in the front that is leased, two manufactured duplexes, 11 cabins with potential for more housing. Zoned C-1 Mixed use, this nearly 1.5 acres is full of developmental potential. Either remove the current homes or fix them up to rent! Seller is willing to finance for the right buyer. Information is not guaranteed. Currently 6 units are leased at $500/m and the house in front of is leased for $1,200/M

21. 2024-08-29
    historical
22. 2024-08-29
    historical
23. 2024-08-13
    listed $275,000 Active
24. 2024-08-13
    listed $275,000 Active
25. 2024-08-06
    historical
26. 2024-08-06
    historical
27. 2024-07-19
    listed $275,000 Active
28. 2024-04-05
    listed $275,000 Active
29. 2024-04-05
    listed $275,000 Active
30. 2024-03-30
    historical
31. 2024-03-29
    historical
32. 2024-03-06
    price $275,000
33. 2024-03-05
    price $275,000
34. 2024-03-05
    price $275,000
35. 2024-02-20
    price $299,000
36. 2024-02-19
    price $299,000
37. 2024-02-19
    price $299,000
38. 2023-11-27
    listed $335,000 Active
39. 2023-11-27
    listed $335,000 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: $44,616
• − Mortgage interest: −$18,480
• − Property taxes: −$4,948
• − Insurance: −$1,650
• − Repairs & maintenance: −$3,569
• − Management: −$3,569
• − Depreciation: −$9,597
• Taxable income: $2,803
• Est. tax owed @ 24.0%: −$673
• After-tax cash flow: $7,216/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 · 8 photos

Fair 45/100 Moderate rehab

This multi-family property requires significant repairs and maintenance, including roof replacement and exterior siding repair. Landscaping improvements would also enhance its curb appeal and rental value.

Repairs flagged

• Major roof — Significant moss and algae growth
• Major exterior siding — Weathered and in poor condition
• Major landscaping — Overgrown vegetation and lack of landscaping

Value-add opportunities

• Both roof replacement — Improves both resale and rental value
• Both exterior siding repair — Enhances curb appeal and value
• Both landscaping — Improves curb appeal and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant moss and algae growth	Major	$15,000–50,000
exterior siding · Weathered and in poor condition	Major	$15,000–50,000
landscaping · Overgrown vegetation and lack of landscaping	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both roof replacement — Improves both resale and rental value ↑
• Both exterior siding repair — Enhances curb appeal and value ↑
• Both landscaping — Improves curb appeal and rental value ↑

ⓘ 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: Niles Community Schools
• NCES district ID: 2625560
• Math proficiency: 33% ▼ -9.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $39,281
• Composite: 31.77/100
• National rank: #5894
• State rank: #248 of 540 in MI

Livability — Howard

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Berrien County · 71,477 people
• Metro: Niles, MI
• Population (ZIP): 36,495
• Household income: $65,148
• Rent vs Own: 20.9% rent · 79.1% own
• Severe rent burden: 782.0

Population outlook (Cass County) Hauer SSP2

• Today (2025): 49,919 people
• By 2030: 48,320 · -3.2%
• By 2040: 44,230 · -11.4%
• By 2050: 39,852 · -20.2%
• By 2075: 31,440 · -37.0%
• By 2100: 23,914 · -52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 7% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+33.9) · D 32.5% · R 66.4% · Other 1.1%
• 2008→2024 swing: -38.0pp toward R · 2008: 4.1pp · 2024: -33.9pp
• All cycles: 2024: R+33.9 2020: R+28.9 2016: R+29.9 2012: R+13.7 2008: D+4.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -345.26%
• Current HPI: 195.8214
• Rent YoY: —
• Metro: Niles, 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

+7.2% since first listed

21 events — show timeline

• 2026-04-22 Listed $359,000 MiRealSource-MiMLS
• 2026-04-22 Listed $359,000 REALCOMP
• 2024-08-29 Listing Removed — MiRealSource-MiMLS
• 2024-08-29 Listing Removed — REALCOMP
• 2024-08-13 Listed $275,000 MiRealSource-MiMLS
• 2024-08-13 Listed $275,000 REALCOMP
• 2024-08-06 Listing Removed — MiRealSource-MiMLS
• 2024-08-06 Listing Removed — REALCOMP
• 2024-07-19 Listed $275,000 REALCOMP
• 2024-04-05 Listed $275,000 REALCOMP
• 2024-04-05 Listed $275,000 MiRealSource-MiMLS
• 2024-03-30 Listing Removed — MiRealSource-MiMLS
• 2024-03-29 Listing Removed — REALCOMP
• 2024-03-06 Price Changed $275,000 MiRealSource-MiMLS
• 2024-03-05 Price Changed $275,000 REALCOMP
• 2024-03-05 Price Changed $275,000 SW Michigan MLS
• 2024-02-20 Price Changed $299,000 MiRealSource-MiMLS
• 2024-02-19 Price Changed $299,000 REALCOMP
• 2024-02-19 Price Changed $299,000 SW Michigan MLS
• 2023-11-27 Listed $335,000 MiRealSource-MiMLS
• 2023-11-27 Listed $335,000 REALCOMP