134 W 2nd St · Perry, MI 48872

$134,900

3 bd · 1.0 ba · 988 sqft · SingleFamily · 48 Days on market

Built 1900 5,662 sqft lot Est $167k · 19% under

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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 +15.6/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• 1% rule +4.0/10.0
• Livability +3.8/5.0
• 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

Welcome to 134 W. 2nd Street - A warm, character filled home that offers far more than meets the eye. With approximately 998 square feet of living space across two floors, plus a massive detached barn/garage with a full cellar, this property is bursting with opportunity for homeowners, hobbyists, and investors alike. Step inside to discover a spacious living room with a charming arched doorway. The open flow into the dining area makes entertaining easy, while the well-appointed kitchen offers plenty of cabinet storage. A main floor bedroom, full bathroom, dedicated laundry room with a newer Maytag washer and dryer, and a separate utility room complete the first floor. Upstairs, two comfortable bedrooms with cozy sloped ceilings & hardwood floors provide a restful retreat -- And a generous bonus room adds even more flexibility, whether you envision it as a playroom, hobby space, or additional storage. Out back, prepare to be impressed. A covered rear porch overlooks a spacious yard with mature trees and room to roam. But the real showstopper is the massive two story barn style garage - A rare find in an in-town setting. The main level offers an enormous open floor plan with concrete floors, an interior staircase, and a separate side entry door - Perfect for a workshop, auto enthusiast, or small business storage. Head upstairs and you'll find an equally expansive upper loft with soaring gambrel ceilings and endless possibilities: Studio space, additional storage, or a future finishing project. And beneath it all, a full cellar provides even more storage or serves as a ready made storm shelter. Please note: Mail delivery via PO Box - Mail pick up at local post office.

Key facts

• Detached barn garage
• Spacious yard
• Covered rear porch

Tags

• DETACHED BARN GARAGE
• COVERED REAR PORCH
• SPACIOUS YARD
• MATURE TREES
• TWO STORY BARN STYLE GARAGE
• ENORMOUS OPEN FLOOR PLAN

Property features AI

Exterior

• Parking: Detached garage
• Utilities: Public sewer
• Home design: One-and-a-half story home; Built in 1900; City street frontage
• Construction: Aluminum siding; Barn on the property
• Exterior features: Few trees on the lot; Shingle roof

Interior

• Kitchen: Kitchen present; Refrigerator included
• Bedrooms: 3 bedrooms (including a primary bedroom)
• Flooring: Laminate flooring; Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Baseboard heating; Window air conditioning units
• Interior features: Crawl space basement; Dryer, Refrigerator, Washer; Main-level laundry
• Laundry & utility: Washer and dryer included; Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $57 ($689/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 $122k (9.5% below list).
• Recommended offer: $122k (9.5% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 2.2% in Perry — 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 76/100 on livability (#142 in MI, #3,653 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Perry Public Schools (town): math 27% / reading 43% proficiency, ranked #266 of 540 in MI (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Perry Elementary (math 37% / reading 37%, grade F, #685 of 1,397 statewide, top 51%, 356 students, 59% FRL); Perry Middle School (math 22% / reading 40%, grade F, #329 of 493 statewide, top 67%, 286 students, 49% FRL); Perry High School (math 27% / reading 57%, grade F, #264 of 713 statewide, top 41%, 317 students, 46% FRL).
• Market conditions: 64 active listings in the ZIP; 74 units permitted in Shiawassee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Shiawassee County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y 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 $75k; list at $135k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,044 (9.5% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 0.90% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.82%
• DSCR: 1.08
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $166,972
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 Lamb St	0.20mi	4/1.0 (+1)	1,034 (+5%)	6mo	$110,000	$106	72
318 Polly St	0.21mi	2/1.0 (-1)	1,024 (+4%)	9mo	$105,000	$103	72
123 S Watkins St	0.24mi	2/1.0 (-1)	1,056 (+7%)	5mo	$75,401	$71	68
631 Madison St N	0.52mi	3/1.0	988 (0%)	13mo	$215,000	$218	65
430 Wild Oak Ln	0.50mi	3/1.0	960 (-3%)	15mo	$205,000	$214	60
321 Scarlett Oak Ln	0.40mi	3/1.0	960 (-3%)	21mo	$192,000	$200	59
114 E Willow St	0.28mi	3/1.0	1,064 (+8%)	21mo	$150,000	$141	56
200 W Rolfe St	0.35mi	2/2.0 (-1)	1,040 (+5%)	14mo	$140,000	$135	55
524 N Watkins St	0.43mi	3/1.0	1,032 (+4%)	22mo	$188,000	$182	54
2881 W Britton Rd	0.61mi	3/1.0	960 (-3%)	23mo	$162,000	$169	48

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: -13.4%
• Equity multiple: 0.52×
• Total profit: $-18,200
• Equity at exit: $20,114

10-year hold

• IRR: -4.5%
• Equity multiple: 0.71×
• Total profit: $-11,128
• Equity at exit: $11,664

Cash invested: $37,772 (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 48872

• Home prices YoY: -27.4%
• Active inventory: 64
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,220 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$143 /mo · $1,717/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $57

Break-even live

Break-even rent $1,148

Max offer price $134,900

Occupancy floor 90%

Sensitivity live

Price	-10% $134	-5% $96	+0% $57	+5% $19	+10% $-19
Rent	-10% $-39	-5% $9	+0% $57	+5% $106	+10% $154
Rate	-1.0pp $125	-0.5pp $92	base $57	+0.5pp $22	+1.0pp $-13

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-21
   days on market $134,900 Active 48 DOM
2. 2026-06-18
   days on market $134,900 Active 45 DOM
3. 2026-06-17
   days on market $134,900 Active 44 DOM
4. 2026-06-16
   days on market $134,900 Active 43 DOM
5. 2026-06-15
   days on market $134,900 Active 42 DOM
6. 2026-06-14
   days on market $134,900 Active 40 DOM
7. 2026-06-13
   days on market $134,900 Active 39 DOM
8. 2026-06-10
   days on market $134,900 Active 37 DOM
9. 2026-06-09
   days on market $134,900 Active 36 DOM
10. 2026-06-08
    days on market $134,900 Active 35 DOM
11. 2026-06-07
    days on market $134,900 Active 34 DOM
12. 2026-06-05
    days on market $134,900 Active 31 DOM
13. 2026-06-03
    pricedays on market $134,900 Active 30 DOM
14. 2026-06-02
    days on market $139,900 Active 29 DOM
15. 2026-06-01
    days on market $139,900 Active 28 DOM
16. 2026-05-31
    days on market $139,900 Active 27 DOM
17. 2026-05-30
    days on market $139,900 Active 26 DOM
18. 2026-05-04
    listed $139,900 Active

    Show marketing remark (1699 chars)

    Welcome to 134 W. 2nd Street - A warm, character filled home that offers far more than meets the eye. With approximately 998 square feet of living space across two floors, plus a massive detached barn/garage with a full cellar, this property is bursting with opportunity for homeowners, hobbyists, and investors alike. Step inside to discover a spacious living room with a charming arched doorway. The open flow into the dining area makes entertaining easy, while the well-appointed kitchen offers plenty of cabinet storage. A main floor bedroom, full bathroom, dedicated laundry room with a newer Maytag washer and dryer, and a separate utility room complete the first floor. Upstairs, two comfortable bedrooms with cozy sloped ceilings & hardwood floors provide a restful retreat -- And a generous bonus room adds even more flexibility, whether you envision it as a playroom, hobby space, or additional storage. Out back, prepare to be impressed. A covered rear porch overlooks a spacious yard with mature trees and room to roam. But the real showstopper is the massive two story barn style garage - A rare find in an in-town setting. The main level offers an enormous open floor plan with concrete floors, an interior staircase, and a separate side entry door - Perfect for a workshop, auto enthusiast, or small business storage. Head upstairs and you'll find an equally expansive upper loft with soaring gambrel ceilings and endless possibilities: Studio space, additional storage, or a future finishing project. And beneath it all, a full cellar provides even more storage or serves as a ready made storm shelter. Please note: Mail delivery via PO Box - Mail pick up at local post office.

19. 2026-05-04
    listed $139,900 Active 1699-char remark

    Show marketing remark (1699 chars)

    Welcome to 134 W. 2nd Street - A warm, character filled home that offers far more than meets the eye. With approximately 998 square feet of living space across two floors, plus a massive detached barn/garage with a full cellar, this property is bursting with opportunity for homeowners, hobbyists, and investors alike. Step inside to discover a spacious living room with a charming arched doorway. The open flow into the dining area makes entertaining easy, while the well-appointed kitchen offers plenty of cabinet storage. A main floor bedroom, full bathroom, dedicated laundry room with a newer Maytag washer and dryer, and a separate utility room complete the first floor. Upstairs, two comfortable bedrooms with cozy sloped ceilings & hardwood floors provide a restful retreat -- And a generous bonus room adds even more flexibility, whether you envision it as a playroom, hobby space, or additional storage. Out back, prepare to be impressed. A covered rear porch overlooks a spacious yard with mature trees and room to roam. But the real showstopper is the massive two story barn style garage - A rare find in an in-town setting. The main level offers an enormous open floor plan with concrete floors, an interior staircase, and a separate side entry door - Perfect for a workshop, auto enthusiast, or small business storage. Head upstairs and you'll find an equally expansive upper loft with soaring gambrel ceilings and endless possibilities: Studio space, additional storage, or a future finishing project. And beneath it all, a full cellar provides even more storage or serves as a ready made storm shelter. Please note: Mail delivery via PO Box - Mail pick up at local post office.

20. 2026-05-01
    historical
21. 2026-04-28
    listed $139,900 Active
22. 2018-09-06
    soldstatus $75,000
23. 2018-08-31
    soldstatus $75,000
24. 2018-08-31
    soldstatus $75,000
25. 2018-08-31
    soldstatus $75,000
26. 2018-05-29
    listed $79,900
27. 2018-05-29
    listed $79,900
28. 2018-05-29
    listed $79,900
29. 2008-09-25
    soldstatus $32,000
30. 2008-08-14
    listed $34,500

ⓘ 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: $1,717 · $143/mo
• Projected year-2 tax: $1,897 · $158/mo
• Expected delta: +$180/yr (+$15/mo · 10.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°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: $14,645
• − Mortgage interest: −$7,556
• − Property taxes: −$1,717
• − Insurance: −$674
• − Repairs & maintenance: −$1,172
• − Management: −$1,172
• − Depreciation: −$3,924
• Taxable loss: −$1,570
• Est. tax savings @ 24.0%: +$377
• After-tax cash flow: $1,066/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: Perry Public Schools
• NCES district ID: 2627900
• Math proficiency: 27% ▼ -4.00%
• Reading proficiency: 43% ▼ -2.00%
• Median HH income: $57,296
• Composite: 30.99/100
• National rank: #6097
• State rank: #266 of 540 in MI

Livability — Perry

• Score: 76/100
• State rank: #142
• US rank: #3653

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Perry, MI
• Population (ZIP): 6,421

Population outlook (Shiawassee County) Hauer SSP2

• Today (2025): 64,238 people
• By 2030: 61,434 · -4.4%
• By 2040: 55,054 · -14.3%
• By 2050: 48,426 · -24.6%
• By 2075: 35,995 · -44.0%
• By 2100: 26,678 · -58.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Romanian 4% Lithuanian 4% Iranian 2%
• Foreign-born: 1% · Canada, Guatemala
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Shiawassee

• 2024 margin: Strong R (+23.1) · D 37.7% · R 60.8% · Other 1.6%
• 2008→2024 swing: -31.7pp toward R · 2008: 8.6pp · 2024: -23.1pp
• All cycles: 2024: R+23.1 2020: R+19.9 2016: R+19.6 2012: D+3.7 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.72%
• Current HPI: 243.448
• 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

+305.5% since first listed

13 events — show timeline

• 2026-05-04 Listed $139,900 REALCOMP
• 2026-05-04 Listed $139,900 Greater Lansing AoR
• 2026-05-01 Listing Removed — REALCOMP
• 2026-04-28 Listed $139,900 REALCOMP
• 2018-09-06 Sold (Public Records) $75,000 Public Records
• 2018-08-31 Sold (MLS) $75,000 MiRealSource-MiMLS
• 2018-08-31 Sold (MLS) $75,000 MiRealSource-MiMLS
• 2018-08-31 Sold (MLS) $75,000 REALCOMP
• 2018-05-29 Listed $79,900 MiRealSource-MiMLS
• 2018-05-29 Listed $79,900 MiRealSource-MiMLS
• 2018-05-29 Listed $79,900 REALCOMP
• 2008-09-25 Sold (MLS) $32,000 Greater Lansing AoR
• 2008-08-14 Listed $34,500 Greater Lansing AoR

Property tax history

-2.0%/yr

Latest (2025): $1,717 · -30.8% YoY. Source: county tax records.