128 W Colfax St · Hastings, MI 49058

$98,000

4 bd · 2.0 ba · 2,339 sqft · SingleFamily public records · 18 Days on market

Built 1930 0.40 ac lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property has been placed in an upcoming event. All bids should be submitted at www. xome.com/auctions (void where prohibited). Please submit any pre-auction offer received through the property details page on Xome.com. Any post-auction offers will need to be submitted directly to the listing agent. All offers will be reviewed and responded to within 3 business days. All properties are subject to a 5% buyer's premium pursuant to the Auction Participation Agreement and Terms & Conditions (minimums will apply). Please contact listing agent for details and commission paid on this property.

Key facts

• 0.4 acre lot
• 2 garage spots
• Built 1930

Property features AI

Exterior

• Parking: Detached 2-car garage
• Home design: Ranch-style single family residence; Residential property
• Construction: Built in 1930; Vinyl siding
• Exterior features: 0.4-acre lot; Public water

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: 8 total rooms; Crawl space basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $98k).
• Recommended offer: $97k (1.5% below list) — sets the bar for market timing.
• Cap rate 22.1% vs local median 4.0% in Hastings — 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 79/100 on livability (#95 in MI, #2,201 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: schools C-, employment D, commute F.
• Hastings Area School District (town): math 33% / reading 48% proficiency, ranked #203 of 540 in MI (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 136 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 171 units permitted in Barry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $678 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Barry County population projected at -11% 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 ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 18 sale attempts since 27y 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,530 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — 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: 2.55% ✓
• Cap rate: 22.14%
• Cash-on-cash: 56.58%
• DSCR: 3.52
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $306,409
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
414 W State Rd	0.25mi	4/2.0	2,313 (-1%)	4mo	$235,000	$102	83
817 N Glenwood St	0.30mi	3/2.5 (-1)	2,079 (-11%)	1mo	$300,000	$144	60
614 E Charles St	0.48mi	3/2.0 (-1)	2,102 (-10%)	2mo	$313,200	$149	54
527 E William St	0.47mi	4/2.0	2,152 (-8%)	14mo	$305,000	$142	53
1505 N Church St	0.44mi	5/2.0 (+1)	2,560 (+9%)	11mo	$240,000	$94	50
103 W Benson St	0.22mi	3/2.5 (-1)	2,081 (-11%)	19mo	$280,000	$135	49
118 E High St	0.23mi	3/2.5 (-1)	2,061 (-12%)	18mo	$221,900	$108	48
220 S Park St	0.59mi	4/2.5	2,039 (-13%)	3mo	$245,000	$120	47
105 Sherbrooke Ct	0.65mi	3/2.5 (-1)	2,354 (+1%)	19mo	$307,500	$131	46
210 Thorn Hill Ct	0.68mi	4/2.5	2,022 (-14%)	5mo	$385,000	$190	40
824 E Grant St	0.66mi	4/2.0	2,653 (+13%)	21mo	$295,000	$111	29
211 E North St	0.59mi	3/2.0 (-1)	2,684 (+15%)	20mo	$247,000	$92	26

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: 55.0%
• Equity multiple: 3.43×
• Total profit: $66,560
• Equity at exit: $14,612

10-year hold

• IRR: 60.1%
• Equity multiple: 6.98×
• Total profit: $164,218
• Equity at exit: $8,473

Cash invested: $27,440 (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 49058

• Active inventory: 136
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,495 medium
• Mortgage (P&I): −$514
• Tax est. 1.5%: −$122 /mo · $1,470/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $1,294

Break-even live

Break-even rent $857

Max offer price $98,000

Occupancy floor 43%

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
634 E North St Hastings, MI	3.0	2.5	1840	$2,495	$1.36	3d	1	0.82mi

Listing history 13 events

1. 2026-06-19
   days on market $98,000 Active 18 DOM
2. 2026-06-18
   days on market $98,000 Active 17 DOM
3. 2026-06-17
   days on market $98,000 Active 16 DOM
4. 2026-06-16
   days on market $98,000 Active 15 DOM
5. 2026-06-15
   days on market $98,000 Active 14 DOM
6. 2026-06-14
   days on market $98,000 Active 12 DOM
7. 2026-06-13
   days on market $98,000 Active 11 DOM
8. 2026-06-10
   days on market $98,000 Active 9 DOM
9. 2026-06-09
   days on market $98,000 Active 8 DOM
10. 2026-06-08
    days on market $98,000 Active 7 DOM
11. 2026-06-07
    days on market $98,000 Active 6 DOM
12. 2026-06-02
    remarks 599-char remark
13. 2026-06-02
    listed $98,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,940
• − Mortgage interest: −$5,490
• − Property taxes: −$1,470
• − Insurance: −$490
• − Repairs & maintenance: −$2,395
• − Management: −$2,395
• − Depreciation: −$2,851
• Taxable income: $14,849
• Est. tax owed @ 24.0%: −$3,564
• After-tax cash flow: $11,962/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: Hastings Area School District
• NCES district ID: 2617970
• Math proficiency: 33% ▼ -5.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $48,478
• Composite: 34.71/100
• National rank: #5137
• State rank: #203 of 540 in MI

Livability — Hastings

• Score: 79/100
• State rank: #95
• US rank: #2201

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hastings, MI
• City population: 19,513
• Population (ZIP): 19,513

Population outlook (Barry County) Hauer SSP2

• Today (2025): 59,601 people
• By 2030: 59,185 · -0.7%
• By 2040: 57,121 · -4.2%
• By 2050: 53,139 · -10.8%
• By 2075: 42,814 · -28.2%
• By 2100: 29,357 · -50.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 8% Romanian 3% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Barry

• 2024 margin: Solid R (+34.3) · D 32.1% · R 66.4% · Other 1.5%
• 2008→2024 swing: -24.6pp toward R · 2008: -9.8pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+32.5 2016: R+33.3 2012: R+18.1 2008: R+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.56%
• Current HPI: 224.6353
• 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

+9.0% since first listed

37 events — show timeline

• 2026-05-29 Listed $98,000 SW Michigan MLS
• 2026-05-29 Listed $98,000 REALCOMP
• 2026-05-29 Listed $98,000 MiRealSource-MiMLS
• 2023-02-28 Sold (Public Records) $155,000 Public Records
• 2023-02-24 Sold (MLS) $155,000 SW Michigan MLS
• 2023-02-24 Sold (MLS) $155,000 MiRealSource-MiMLS
• 2023-02-24 Sold (MLS) $155,000 REALCOMP
• 2023-01-23 Pending — REALCOMP
• 2023-01-23 Pending — MiRealSource-MiMLS
• 2023-01-23 Pending — SW Michigan MLS
• 2023-01-18 Listed $160,000 SW Michigan MLS
• 2023-01-18 Listed $160,000 MiRealSource-MiMLS
• 2023-01-18 Listed $160,000 REALCOMP
• 2015-06-29 Listing Removed — SW Michigan MLS
• 2015-04-27 Listing Removed — SW Michigan MLS
• 2008-09-26 Sold (MLS) $35,126 REALCOMP
• 2008-09-26 Sold (MLS) $35,126 SW Michigan MLS
• 2008-04-02 Listing Removed — REALCOMP
• 2008-04-01 Listed $34,900 REALCOMP
• 2008-04-01 Listed $34,900 SW Michigan MLS
• 2008-03-24 Listing Removed — REALCOMP
• 2008-03-24 Listing Removed — SW Michigan MLS
• 2008-03-18 Listed $47,000 REALCOMP
• 2008-03-18 Listed $47,000 SW Michigan MLS
• 2008-03-18 Listed $47,000 REALCOMP
• 2008-03-18 Listed $47,000 SW Michigan MLS
• 2008-03-16 Listing Removed — REALCOMP
• 2007-09-11 Listed $54,500 REALCOMP
• 2007-09-11 Listed $54,500 SW Michigan MLS
• 2000-08-03 Sold (MLS) $87,850 REALCOMP
• 2000-08-03 Sold (MLS) $87,850 SW Michigan MLS
• 1999-11-09 Listing Removed — SW Michigan MLS
• 1999-11-09 Listing Removed — REALCOMP
• 1999-08-17 Listed $89,900 REALCOMP
• 1999-08-17 Listed $89,900 SW Michigan MLS
• 1999-08-07 Listed $89,900 SW Michigan MLS
• 1999-08-07 Listed $89,900 REALCOMP