501 2nd Ave · Dowagiac, MI 49047

$119,500

2 bd · 1.0 ba · 987 sqft · SingleFamily public records · 30 Days on market

Built 1920 8,334 sqft lot Est $133k · 10% 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 +19.6/30.0
• ARV discount +12.1/15.0
• DSCR +6.2/10.0
• 1% rule +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming and affordable 3 bedroom, 1-bath home with great potential! Whether you're looking for your next investment property or a place to call home.

Key facts

• 8,334 sq ft lot
• Built 1920
• Listed 30 days

Property features AI

Exterior

• Utilities: Public water
• Home design: Ranch-style single-family residence; Residential property
• Construction: Built in 1920; Aluminum siding; Composition roof
• Exterior features: Paved road access; Lot of about 0.19 acres

Interior

• Bathrooms: 1 full bathroom
• Interior features: Total of 3 rooms; Michigan-style basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $139 ($2k/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 $109k (8.4% below list).
• Recommended offer: $109k (8.4% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 4.8% in Dowagiac — 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 (#243 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute D, schools F, crime F.
• Dowagiac Union School District (town): math 19% / reading 31% proficiency, ranked #430 of 540 in MI (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 85 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 128 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $826 of loan paydown is wiped out by about $4k 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 30 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 25y 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 $71k; list at $120k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,448 (8.4% below list)

Questions for the listing agent

1. Built in 1920 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 0.92% ✗
• Cap rate: 7.69%
• Cash-on-cash: 4.97%
• DSCR: 1.22
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $133,245
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 Henry St	0.17mi	2/1.0	1,030 (+4%)	23mo	$128,000	$124	66
432 Chestnut St	0.54mi	2/1.0	974 (-1%)	9mo	$130,000	$133	65
204 E High St	0.37mi	3/1.0 (+1)	940 (-5%)	6mo	$88,000	$94	65
303 2nd Ave	0.13mi	3/1.0 (+1)	910 (-8%)	20mo	$130,000	$143	59
204 Clinton St	0.34mi	2/1.0	882 (-11%)	9mo	$95,000	$108	59
608 W High St	0.71mi	2/1.0	1,105 (+12%)	2mo	$179,900	$163	45
503 W High St	0.64mi	3/1.0 (+1)	913 (-8%)	19mo	$175,000	$192	37
104 Center St	0.65mi	3/1.0 (+1)	1,092 (+11%)	20mo	$147,000	$135	30

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: -8.6%
• Equity multiple: 0.68×
• Total profit: $-10,576
• Equity at exit: $17,818

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $1,983
• Equity at exit: $10,332

Cash invested: $33,460 (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 49047

• Active inventory: 85
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,094 medium
• Mortgage (P&I): −$627
• Tax from tax record: −$49 /mo · $594/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $139

Break-even live

Break-even rent $919

Max offer price $119,500

Occupancy floor 82%

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: $29,875
• Closing costs: $3,585
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
550 Riverside Dr Unit Two Bedroom Dowagiac, MI	2.0	1.0	808	$1,162	$1.44	43d	1	0.78mi
29509 Amerihost Dr Dowagiac, MI	1.0–3.0	1.0–2.0	959	$1,004	$1.05	43d	8	1.25mi

Listing history 36 events

1. 2026-06-18
   days on market $119,500 Active 30 DOM
2. 2026-06-17
   days on market $119,500 Active 29 DOM
3. 2026-06-16
   days on market $119,500 Active 28 DOM
4. 2026-06-15
   days on market $119,500 Active 27 DOM
5. 2026-06-13
   days on market $119,500 Active 25 DOM
6. 2026-06-12
   days on market $119,500 Active 24 DOM
7. 2026-06-09
   days on market $119,500 Active 21 DOM
8. 2026-06-08
   days on market $119,500 Active 20 DOM
9. 2026-06-07
   days on market $119,500 Active 19 DOM
10. 2026-06-07
    days on market $119,500 Active 18 DOM
11. 2026-06-04
    days on market $119,500 Active 15 DOM
12. 2026-06-02
    days on market $119,500 Active 14 DOM
13. 2026-06-01
    days on market $119,500 Active 13 DOM
14. 2026-05-31
    days on market $119,500 Active 12 DOM
15. 2026-05-31
    days on market $119,500 Active 11 DOM
16. 2026-05-19
    listed $119,500 Active

    Show marketing remark (150 chars)

    Charming and affordable 3 bedroom, 1-bath home with great potential! Whether you're looking for your next investment property or a place to call home.

17. 2026-05-19
    listed $119,500 Active 150-char remark

    Show marketing remark (150 chars)

    Charming and affordable 3 bedroom, 1-bath home with great potential! Whether you're looking for your next investment property or a place to call home.

18. 2026-05-19
    listed $119,500 Active 150-char remark

    Show marketing remark (150 chars)

    Charming and affordable 3 bedroom, 1-bath home with great potential! Whether you're looking for your next investment property or a place to call home.

19. 2025-09-11
    soldstatus $71,000
20. 2014-09-26
    historical
21. 2011-08-29
    soldstatus $50,000
22. 2011-08-29
    soldstatus $50,000
23. 2011-08-29
    soldstatus $50,000
24. 2011-05-06
    listed $54,900
25. 2011-05-06
    listed $54,900
26. 2009-11-02
    soldstatus $7,100
27. 2009-11-02
    soldstatus $7,100
28. 2009-09-24
    listed $6,900
29. 2009-09-24
    listed $6,900
30. 2009-09-17
    historical
31. 2009-05-27
    listed $9,900
32. 2009-05-27
    listed $9,900
33. 2002-08-21
    soldstatus $22,000
34. 2002-08-21
    soldstatus $22,000
35. 2001-11-23
    listed $24,000
36. 2001-11-23
    listed $24,000

ⓘ 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: $594 · $49/mo
• Projected year-2 tax: $1,217 · $101/mo
• Expected delta: +$623/yr (+$52/mo · 105.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $13,134
• − Mortgage interest: −$6,694
• − Property taxes: −$594
• − Insurance: −$598
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$3,476
• Taxable loss: −$329
• Est. tax savings @ 24.0%: +$79
• After-tax cash flow: $1,743/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: Dowagiac Union School District
• NCES district ID: 2612150
• Math proficiency: 19% ▼ -2.00%
• Reading proficiency: 31% ▼ -1.00%
• Median HH income: $39,741
• Composite: 21.03/100
• National rank: #8452
• State rank: #430 of 540 in MI

Livability — Dowagiac

• Score: 72/100
• State rank: #243
• US rank: #6087

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dowagiac, MI
• Population (ZIP): 14,506

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Two or more races 6% Black 6% Native American 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 5% Iranian 2% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1%

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: ▼ -188.04%
• Current HPI: 186.2757
• 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

+397.9% since first listed

21 events — show timeline

• 2026-05-19 Listed $119,500 REALCOMP
• 2026-05-19 Listed $119,500 MiRealSource-MiMLS
• 2026-05-19 Listed $119,500 SW Michigan MLS
• 2025-09-11 Sold (Public Records) $71,000 Public Records
• 2014-09-26 Listing Removed — SW Michigan MLS
• 2011-08-29 Sold (Public Records) $50,000 Public Records
• 2011-08-29 Sold (MLS) $50,000 REALCOMP
• 2011-08-29 Sold (MLS) $50,000 SW Michigan MLS
• 2011-05-06 Listed $54,900 REALCOMP
• 2011-05-06 Listed $54,900 SW Michigan MLS
• 2009-11-02 Sold (MLS) $7,100 REALCOMP
• 2009-11-02 Sold (MLS) $7,100 SW Michigan MLS
• 2009-09-24 Listed $6,900 REALCOMP
• 2009-09-24 Listed $6,900 SW Michigan MLS
• 2009-09-17 Listing Removed — REALCOMP
• 2009-05-27 Listed $9,900 REALCOMP
• 2009-05-27 Listed $9,900 SW Michigan MLS
• 2002-08-21 Sold (MLS) $22,000 REALCOMP
• 2002-08-21 Sold (MLS) $22,000 SW Michigan MLS
• 2001-11-23 Listed $24,000 REALCOMP
• 2001-11-23 Listed $24,000 SW Michigan MLS

Property tax history

+0.1%/yr

Latest (2025): $594 · -29.9% YoY. Source: county tax records.