220 S State St · Hart, MI 49420

$145,900

4 bd · 2.5 ba · 1,350 sqft · SingleFamily · 150 Days on market

Built 1940 8,712 sqft lot $108/sqft · 7% below area Est $157k · 7% under ↓ 9% 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 +12.9/30.0
• ARV discount +10.8/15.0
• DSCR +3.9/10.0
• 1% rule +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

Key facts

• Large backyard
• Full basement
• 8,712 sq ft lot

Tags

• WALKING DISTANCE TO SCHOOLS
• FULL BASEMENT
• LARGE BACKYARD

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $146k.

Deal economics

• At list price, monthly cash flow is $-10 ($-119/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (1.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (13.6% below list).
• Recommended offer: $126k (13.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.2% in Hart — 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 65/100 on livability (#456 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: schools D, crime F, amenities F.
• Hart Public School District (town): math 18% / reading 38% proficiency, ranked #399 of 540 in MI (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 91 active listings in the ZIP; 147 units permitted in Oceana 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 $4k of value loss. Plan a longer hold.
• Oceana County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $59k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,997 (13.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.86% ✗
• Cap rate: 6.21%
• Cash-on-cash: -0.29%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (median comp): $157,333
• List price: $145,900
• Delta: -7.27%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
219 S Apple St	0.50mi	4/2.5	1,366 (+1%)	2mo	$160,000	$117	73
210 E Church St	0.02mi	3/2.0 (-1)	1,504 (+11%)	0mo	$165,000	$110	73
410 Church St	0.15mi	3/1.0 (-1)	1,306 (-3%)	9mo	$143,000	$109	69
216 E Jefferson St	0.16mi	3/1.0 (-1)	1,282 (-5%)	5mo	$161,500	$126	68
214 S Griswold St	0.30mi	3/2.0 (-1)	1,418 (+5%)	13mo	$165,000	$116	60
515 Union St	0.28mi	3/1.0 (-1)	1,300 (-4%)	15mo	$35,000	$27	57
419 S Griswold St	0.26mi	3/1.0 (-1)	1,228 (-9%)	8mo	$165,000	$134	55

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: -16.8%
• Equity multiple: 0.41×
• Total profit: $-24,257
• Equity at exit: $21,754

10-year hold

• IRR: -8.6%
• Equity multiple: 0.46×
• Total profit: $-21,866
• Equity at exit: $12,615

Cash invested: $40,852 (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 49420

• Home prices YoY: -22.2%
• Active inventory: 91
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,260 medium
• Mortgage (P&I): −$765
• Tax from tax record: −$179 /mo · $2,153/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-10

Break-even live

Break-even rent $1,273

Max offer price $144,148

Occupancy floor 96%

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: $36,475
• Closing costs: $4,377
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-05-18
   status Pending 321-char remark

   Show marketing remark (321 chars)

   Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

2. 2026-05-18
   status Pending 321-char remark

   Show marketing remark (321 chars)

   Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

3. 2026-05-18
   status Pending

   Show marketing remark (321 chars)

   Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

4. 2026-04-21
   price $145,900 321-char remark

   Show marketing remark (321 chars)

   Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

5. 2026-04-21
   price $145,900 321-char remark

   Show marketing remark (321 chars)

   Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

6. 2026-04-21
   price $145,900

   Show marketing remark (321 chars)

   Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

7. 2026-03-20
   price $160,900 321-char remark

   Show marketing remark (321 chars)

   Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

8. 2026-03-19
   price $160,900 321-char remark

   Show marketing remark (321 chars)

   Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

9. 2026-03-19
   price $160,900

   Show marketing remark (321 chars)

   Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

10. 2026-02-19
    price $180,900 321-char remark

    Show marketing remark (321 chars)

    Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

11. 2026-02-18
    price $180,900 321-char remark

    Show marketing remark (321 chars)

    Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

12. 2026-02-18
    price $180,900

    Show marketing remark (321 chars)

    Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

13. 2026-01-26
    price $194,900 321-char remark

    Show marketing remark (321 chars)

    Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

14. 2026-01-26
    price $194,900 321-char remark

    Show marketing remark (321 chars)

    Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

15. 2026-01-26
    price $194,900

    Show marketing remark (321 chars)

    Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

16. 2025-12-19
    listed $204,900 Active 321-char remark

    Show marketing remark (321 chars)

    Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

17. 2025-12-19
    listed $204,900 Active 321-char remark

    Show marketing remark (321 chars)

    Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

18. 2025-12-19
    listed $204,900 Active

    Show marketing remark (321 chars)

    Looking for your next rental or income property this home is in a great location. Or maybe you are looking for your forever home. Located in downtown Hart, walking distance to local shops, restaurants & schools. Full basement with great extra space. Large backyard with a 2 stall garage. Schedule your showing today

19. 2021-06-22
    soldstatus $160,000 Sold
20. 2021-06-22
    soldstatus $160,000 Sold
21. 2021-06-22
    soldstatus $160,000
22. 2021-06-12
    status Pending
23. 2021-06-12
    status Pending
24. 2021-04-12
    historical Contingent - Continue To Show
25. 2021-04-12
    historical Active Backup
26. 2021-04-10
    listed $159,900 Active
27. 2021-04-10
    listed $159,900 Active
28. 2021-04-10
    listed $159,900

ⓘ 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: $2,153 · $179/mo
• Projected year-2 tax: $2,200 · $183/mo
• Expected delta: +$47/yr (+$4/mo · 2.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥95°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: $15,120
• − Mortgage interest: −$8,173
• − Property taxes: −$2,153
• − Insurance: −$730
• − Repairs & maintenance: −$1,210
• − Management: −$1,210
• − Depreciation: −$4,244
• Taxable loss: −$2,599
• Est. tax savings @ 24.0%: +$624
• After-tax cash flow: $505/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: Hart Public School District
• NCES district ID: 2617860
• Math proficiency: 18% ▼ -6.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $37,795
• Composite: 23.3/100
• National rank: #7923
• State rank: #399 of 540 in MI

Livability — Hart

• Score: 65/100
• State rank: #456
• US rank: #12771

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hart, MI
• Population (ZIP): 6,109

Population outlook (Oceana County) Hauer SSP2

• Today (2025): 25,141 people
• By 2030: 24,324 · -3.2%
• By 2040: 22,484 · -10.6%
• By 2050: 20,561 · -18.2%
• By 2075: 16,280 · -35.2%
• By 2100: 11,376 · -54.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 15% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Iranian 7% Romanian 4% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Spanish 11%

Political lean MEDSL · Oceana

• 2024 margin: Solid R (+30.0) · D 34.2% · R 64.2% · Other 1.6%
• 2008→2024 swing: -34.4pp toward R · 2008: 4.3pp · 2024: -30.0pp
• All cycles: 2024: R+30.0 2020: R+28.1 2016: R+27.3 2012: R+10.3 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.60%
• Current HPI: 188.1779
• 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

-8.8% since first listed

28 events — show timeline

• 2026-05-18 Pending — REALCOMP
• 2026-05-18 Pending — MiRealSource-MiMLS
• 2026-05-18 Pending — SW Michigan MLS
• 2026-04-21 Price Changed $145,900 MiRealSource-MiMLS
• 2026-04-21 Price Changed $145,900 REALCOMP
• 2026-04-21 Price Changed $145,900 SW Michigan MLS
• 2026-03-20 Price Changed $160,900 MiRealSource-MiMLS
• 2026-03-19 Price Changed $160,900 REALCOMP
• 2026-03-19 Price Changed $160,900 SW Michigan MLS
• 2026-02-19 Price Changed $180,900 MiRealSource-MiMLS
• 2026-02-18 Price Changed $180,900 REALCOMP
• 2026-02-18 Price Changed $180,900 SW Michigan MLS
• 2026-01-26 Price Changed $194,900 MiRealSource-MiMLS
• 2026-01-26 Price Changed $194,900 REALCOMP
• 2026-01-26 Price Changed $194,900 SW Michigan MLS
• 2025-12-19 Listed $204,900 SW Michigan MLS
• 2025-12-19 Listed $204,900 MiRealSource-MiMLS
• 2025-12-19 Listed $204,900 REALCOMP
• 2021-06-22 Sold (MLS) $160,000 MiRealSource-MiMLS
• 2021-06-22 Sold (MLS) $160,000 SW Michigan MLS
• 2021-06-22 Sold (MLS) $160,000 REALCOMP
• 2021-06-12 Pending — REALCOMP
• 2021-06-12 Pending — SW Michigan MLS
• 2021-04-12 Contingent — REALCOMP
• 2021-04-12 Contingent — SW Michigan MLS
• 2021-04-10 Listed $159,900 MiRealSource-MiMLS
• 2021-04-10 Listed $159,900 SW Michigan MLS
• 2021-04-10 Listed $159,900 REALCOMP

Property tax history

-0.4%/yr

Latest (2025): $2,153 · -34.7% YoY. Source: county tax records.