831 W Hanover St · Marshall, MI 49068

$95,000

2 bd · 2.0 ba · 1,253 sqft · SingleFamily public records · 16 Days on market

Built 1915 0.69 ac lot Est $170k · 44% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.6/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

INVESTOR SPECIAL - AS-IS. 2BR/2BA, 1,902 sqft on the BIGGEST LOT IN THE AREA - huge upside! Full rehab needed, BUT major mechanicals are DONE: 2022 roof, HVAC, furnace, heat

Key facts

• Hvac
• Biggest lot
• 2022 roof

Tags

• BIGGEST LOT
• 2022 ROOF
• HVAC

Property features AI

Exterior

• Parking: Detached garage; 2 garage spaces; No attached garage
• Home design: Single-family residence; Residential property; Other architectural style; Built in 1915; Living area approximately 1,902
• Construction: Vinyl siding
• Exterior features: Public water; Lot of approximately 0.69 acre

Interior

• Bedrooms: Primary bedroom (dimensions listed)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Cooling present
• Interior features: Fireplace; Full basement; Total of 2 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $473 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $94k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 2.6% in Marshall — 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 (#254 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: schools C-, employment C-, amenities F.
• Marshall Public Schools (town): math 28% / reading 44% proficiency, ranked #268 of 540 in MI (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 153 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 132 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Calhoun County population projected at -16% 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 $27k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 22y ago 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.
• Current owner paid $30k; list at $95k implies a 217% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $93,575 (1.5% below list)

Questions for the listing agent

1. Built in 1915 — 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: 1.54% ✓
• Cap rate: 12.26%
• Cash-on-cash: 21.32%
• DSCR: 1.95
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $170,408
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
325 Mitchell St	0.27mi	3/2.0 (+1)	1,225 (-2%)	12mo	$181,000	$148	68
738 W Green St	0.14mi	3/1.0 (+1)	1,288 (+3%)	14mo	$135,000	$105	68
111 Greenfield Blvd	0.28mi	3/1.0 (+1)	1,208 (-4%)	12mo	$210,000	$174	62
707 W Michigan Ave	0.23mi	3/1.5 (+1)	1,178 (-6%)	18mo	$152,000	$129	57
317 S Kalamazoo Ave	0.48mi	3/1.0 (+1)	1,209 (-4%)	13mo	$175,000	$145	52
313 S Eagle St	0.62mi	3/1.5 (+1)	1,252 (-0%)	18mo	$160,000	$128	49
122 Hart St	0.67mi	3/1.0 (+1)	1,248 (-0%)	13mo	$70,000	$56	48
124 W Spruce St	0.67mi	3/1.0 (+1)	1,264 (+1%)	14mo	$172,500	$136	47
103 Hart St	0.72mi	3/2.5 (+1)	1,344 (+7%)	1mo	$278,476	$207	47
612 W Mansion St	0.36mi	3/1.0 (+1)	1,352 (+8%)	20mo	$140,000	$104	44

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: 13.9%
• Equity multiple: 1.55×
• Total profit: $14,740
• Equity at exit: $14,165

10-year hold

• IRR: 22.7%
• Equity multiple: 2.95×
• Total profit: $51,740
• Equity at exit: $8,214

Cash invested: $26,600 (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 49068

• Active inventory: 153
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,461 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$144 /mo · $1,722/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $473

Break-even live

Break-even rent $862

Max offer price $95,000

Occupancy floor 63%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1257 Arms St Marshall, MI	2.0	1.5	1480	$1,375	$0.93	43d	1	0.53mi
312 Crary St Marshall, MI	3.0	1.0–1.5	790	$1,217	$1.54	43d	1	0.63mi
201 West Dr N Marshall, MI	1.0–2.0	1.0	800	$1,300	$1.62	43d	1	0.70mi
1045 Rebecca St Marshall, MI	3.0	2.0	1216	$2,000	$1.64	43d	1	0.99mi

Listing history 13 events

1. 2026-06-19
   days on market $95,000 Active 16 DOM
2. 2026-06-18
   days on market $95,000 Active 15 DOM
3. 2026-06-17
   days on market $95,000 Active 14 DOM
4. 2026-06-16
   days on market $95,000 Active 13 DOM
5. 2026-06-15
   days on market $95,000 Active 12 DOM
6. 2026-06-14
   days on market $95,000 Active 10 DOM
7. 2026-06-13
   days on market $95,000 Active 9 DOM
8. 2026-06-10
   days on market $95,000 Active 7 DOM
9. 2026-06-09
   days on market $95,000 Active 6 DOM
10. 2026-06-08
    days on market $95,000 Active 5 DOM
11. 2026-06-07
    days on market $95,000 Active 4 DOM
12. 2026-06-03
    remarks 174-char remark

    Show marketing remark (173 chars)

    INVESTOR SPECIAL - AS-IS. 2BR/2BA, 1,902 sqft on the BIGGEST LOT IN THE AREA - huge upside! Full rehab needed, BUT major mechanicals are DONE: 2022 roof, HVAC, furnace, heat

13. 2026-06-03
    listed $95,000 Active 1 DOM

    Show marketing remark (173 chars)

    INVESTOR SPECIAL - AS-IS. 2BR/2BA, 1,902 sqft on the BIGGEST LOT IN THE AREA - huge upside! Full rehab needed, BUT major mechanicals are DONE: 2022 roof, HVAC, furnace, heat

ⓘ 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: $1,722 · $144/mo
• Projected year-2 tax: $1,722 · $144/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥98°F today · 16 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: $17,526
• − Mortgage interest: −$5,321
• − Property taxes: −$1,722
• − Insurance: −$475
• − Repairs & maintenance: −$1,402
• − Management: −$1,402
• − Depreciation: −$2,764
• Taxable income: $4,440
• Est. tax owed @ 24.0%: −$1,066
• After-tax cash flow: $4,605/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: Marshall Public Schools
• NCES district ID: 2622970
• Math proficiency: 28% ▼ -4.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $48,020
• Composite: 30.93/100
• National rank: #6112
• State rank: #268 of 540 in MI

Livability — Marshall

• Score: 72/100
• State rank: #254
• US rank: #6352

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marshall, MI
• Population (ZIP): 14,954

Population outlook (Calhoun County) Hauer SSP2

• Today (2025): 130,157 people
• By 2030: 126,691 · -2.7%
• By 2040: 118,517 · -8.9%
• By 2050: 109,855 · -15.6%
• By 2075: 90,486 · -30.5%
• By 2100: 70,766 · -45.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Romanian 4% Iranian 3% Lithuanian 2%
• Foreign-born: 2% · South Korea
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Calhoun

• 2024 margin: R (+14.1) · D 42.3% · R 56.4% · Other 1.3%
• 2008→2024 swing: -23.4pp toward R · 2008: 9.4pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+11.1 2016: R+12.5 2012: D+1.6 2008: D+9.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.10%
• Current HPI: 192.69
• 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

+5.7% since first listed

20 events — show timeline

• 2026-06-03 Listed $95,000 REALCOMP
• 2026-06-03 Listed $95,000 MiRealSource-MiMLS
• 2026-06-03 Listed $95,000 SW Michigan MLS
• 2014-09-25 Listing Removed — SW Michigan MLS
• 2012-03-29 Sold (MLS) $30,000 REALCOMP
• 2012-03-29 Sold (MLS) $30,000 SW Michigan MLS
• 2012-02-14 Listed $28,900 REALCOMP
• 2012-02-14 Listed $28,900 SW Michigan MLS
• 2007-03-26 Sold (MLS) $51,500 REALCOMP
• 2007-03-26 Sold (MLS) $51,500 SW Michigan MLS
• 2007-03-05 Listed $52,900 REALCOMP
• 2007-03-05 Listed $52,900 SW Michigan MLS
• 2007-03-03 Listing Removed — REALCOMP
• 2007-01-03 Listed $54,900 REALCOMP
• 2007-01-03 Listed $54,900 SW Michigan MLS
• 2005-04-07 Sold (Public Records) $87,700 Public Records
• 2005-03-31 Sold (MLS) $87,700 REALCOMP
• 2005-03-31 Sold (MLS) $87,700 SW Michigan MLS
• 2004-10-04 Listed $89,900 REALCOMP
• 2004-10-04 Listed $89,900 SW Michigan MLS

Property tax history

-1.3%/yr

Latest (2025): $1,722 · +225.8% YoY. Source: county tax records.