323 N Mills St · Greenville, MI 48838

$175,000

3 bd · 1.0 ba · 1,512 sqft · SingleFamily · 8 Days on market

Built 1920 0.30 ac lot Est $218k · 20% 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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Schools +3.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tucked away on a quiet cul-de-sac in the heart of Greenville, this charming bungalow offers the perfect blend of comfort, space, and opportunity. Enjoy a surprisingly expansive backyard--rare to find within the city limits--creating the ideal setting for gatherings, gardening, play, or simply relaxing outdoors. Inside, you'll find a spacious layout with room to make it your own, along with a newer water heater for added peace of mind. Just moments from the Fred Meijer Flat River Trail, parks, and beautiful natural scenery, this hidden gem offers small-town charm, outdoor adventure, and endless potential all in one convenient location. Seller has called for HIGHEST AND BEST SUNDAY JUNE 7th at 6PM after receiving multiple offers and interest.

Key facts

• Newer water heater
• Expansive backyard
• Cul-de-sac

Tags

• CUL-DE-SAC
• EXPANSIVE BACKYARD
• NEWER WATER HEATER
• NATURAL SCENERY

Property features AI

Exterior

• Utilities: Natural gas connected; Cable connected; High-speed internet available
• Home design: Traditional single-family residence; 1,512 total living area; Built in 1920
• Construction: Vinyl siding; Composition roof
• Exterior features: Paved road access; Public water

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Seven total rooms; Crawl space and partial basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $520 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 10.2% vs local median 4.2% in Greenville — 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 66/100 on livability (#426 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D, crime F, amenities F.
• Greenville Public Schools (town): math 35% / reading 52% proficiency, ranked #167 of 540 in MI (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 192 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 273 units permitted in Montcalm County in 2024 (5 in 5+ unit buildings).
• This rent runs 39% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Montcalm County population projected at -17% 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 $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 26 sale attempts since 24y 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: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.29% ✓
• Cap rate: 10.24%
• Cash-on-cash: 14.10%
• DSCR: 1.63
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $217,728
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
203 S Luray St	0.36mi	2/1.5 (-1)	1,458 (-4%)	2mo	$230,000	$158	68
205 W Montcalm St	0.53mi	3/1.0	1,430 (-5%)	1mo	$155,000	$108	65
909 W Orange St	0.37mi	4/2.0 (+1)	1,472 (-3%)	8mo	$256,000	$174	63
607 W Dodge St	0.23mi	2/2.0 (-1)	1,400 (-7%)	9mo	$185,000	$132	60
611 S Baldwin St	0.68mi	3/2.0	1,526 (+1%)	4mo	$285,000	$187	60
218 W Grove St	0.50mi	3/1.0	1,665 (+10%)	5mo	$240,000	$144	56
1010 W Orange St	0.36mi	3/1.0	1,295 (-14%)	5mo	$165,000	$127	55
510 W Oakridge Rdg	0.24mi	4/2.0 (+1)	1,320 (-13%)	5mo	$132,000	$100	54
213 W Montcalm St	0.51mi	4/1.0 (+1)	1,384 (-8%)	5mo	$153,000	$111	53
214 W Montcalm St	0.48mi	4/1.0 (+1)	1,638 (+8%)	9mo	$195,000	$119	51
415 W Cass St	0.50mi	2/2.0 (-1)	1,312 (-13%)	9mo	$210,000	$160	38
201 E Coffren Ave	0.74mi	3/1.5	1,304 (-14%)	5mo	$217,000	$166	36

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: 2.6%
• Equity multiple: 1.10×
• Total profit: $4,840
• Equity at exit: $26,093

10-year hold

• IRR: 12.2%
• Equity multiple: 1.96×
• Total profit: $47,151
• Equity at exit: $15,131

Cash invested: $49,000 (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 48838

• Home prices YoY: -30.2%
• Active inventory: 192
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,260 high
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $520

Break-even live

Break-even rent $1,601

Max offer price $175,000

Occupancy floor 72%

Sensitivity live

Price	-10% $641	-5% $581	+0% $520	+5% $460	+10% $399
Rent	-10% $342	-5% $431	+0% $520	+5% $609	+10% $699
Rate	-1.0pp $608	-0.5pp $565	base $520	+0.5pp $475	+1.0pp $429

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1305 Trail View Dr Greenville, MI	3.0	2.5	1450	$2,295	$1.58	3d	1	0.70mi
1301 Timber Hollow Ct Greenville, MI	3.0	2.5	1450	$2,295	$1.58	44d	1	0.75mi
1301 Timber Hollow Ct Greenville, MI	3.0	2.5	1450	$1,895	$1.31	3d	1	0.75mi
1310 Trail View Dr Greenville, MI	3.0	2.5	1450	$2,195	$1.51	11d	1	0.76mi
1310 Timber Hollow Ct Greenville, MI	3.0	2.5	1450	$1,895	$1.31	15d	1	0.76mi
1310 Timber Hollow Ct Greenville, MI	3.0	2.5	1450	$2,295	$1.58	44d	1	0.76mi
1316 Forest View Dr Greenville, MI	4.0	2.5	1910	$2,595	$1.36	44d	1	0.84mi
1316 Forest View Dr Greenville, MI	4.0	2.5	1910	$2,395	$1.25	24d	1	0.84mi
1405 Ridgeview Dr Greenville, MI	4.0	3.0	1640	$2,495	$1.52	3d	1	0.89mi

Listing history 6 events

1. 2026-06-13
   statusdays on market $175,000 Pending 8 DOM
2. 2026-06-10
   days on market $175,000 Active 7 DOM
3. 2026-06-09
   days on market $175,000 Active 6 DOM
4. 2026-06-08
   days on market $175,000 Active 5 DOM
5. 2026-06-07
   remarks 699-char remark
6. 2026-06-07
   listed $175,000 Active 4 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 8/10 Severe FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,115
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$1,542
• − Repairs & maintenance: −$2,169
• − Management: −$2,169
• − Depreciation: −$5,091
• Taxable income: $3,717
• Est. tax owed @ 24.0%: −$892
• After-tax cash flow: $5,350/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: Greenville Public Schools
• NCES district ID: 2617160
• Math proficiency: 35% ▼ -7.00%
• Reading proficiency: 52% ▬ 0.00%
• Median HH income: $44,624
• Composite: 36.81/100
• National rank: #4566
• State rank: #167 of 540 in MI

Livability — Greenville

• Score: 66/100
• State rank: #426
• US rank: #11581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenville, MI
• County: Montcalm County · 18,212 people
• City population: 18,212
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 18,212
• Household income: $70,176
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 365.0

Population outlook (Montcalm County) Hauer SSP2

• Today (2025): 61,011 people
• By 2030: 59,467 · -2.5%
• By 2040: 55,427 · -9.2%
• By 2050: 50,517 · -17.2%
• By 2075: 38,731 · -36.5%
• By 2100: 26,770 · -56.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Iranian 5% Romanian 4% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 5% Chinese 1%

Political lean MEDSL · Montcalm

• 2024 margin: Solid R (+39.0) · D 29.8% · R 68.7% · Other 1.5%
• 2008→2024 swing: -38.7pp toward R · 2008: -0.3pp · 2024: -39.0pp
• All cycles: 2024: R+39.0 2020: R+37.7 2016: R+34.0 2012: R+8.6 2008: R+0.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.31%
• Current HPI: 249.996
• Rent YoY: —
• Metro: Grand Rapids-Kentwood, MI
• 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

+150.4% since first listed

56 events — show timeline

• 2026-06-03 Listed $175,000 SW Michigan MLS
• 2026-06-03 Listed $175,000 REALCOMP
• 2026-06-03 Listed $175,000 MiRealSource-MiMLS
• 2020-11-03 Sold (MLS) $154,000 MiRealSource-MiMLS
• 2020-11-03 Sold (MLS) $154,000 SW Michigan MLS
• 2020-11-03 Sold (MLS) $154,000 REALCOMP
• 2020-09-12 Pending — SW Michigan MLS
• 2020-09-09 Listed $134,900 MiRealSource-MiMLS
• 2020-09-09 Listed $134,900 SW Michigan MLS
• 2020-09-09 Listed $134,900 REALCOMP
• 2016-02-18 Sold (Public Records) $80,000 Public Records
• 2016-02-16 Sold (MLS) $80,000 SW Michigan MLS
• 2016-02-16 Sold (MLS) $80,000 REALCOMP
• 2016-01-17 Pending — SW Michigan MLS
• 2015-12-29 Listed $79,900 SW Michigan MLS
• 2015-12-28 Listed $79,900 REALCOMP
• 2014-09-16 Listing Removed — SW Michigan MLS
• 2014-09-16 Listing Removed — SW Michigan MLS
• 2014-09-16 Listing Removed — SW Michigan MLS
• 2014-09-16 Listing Removed — SW Michigan MLS
• 2014-09-16 Listing Removed — SW Michigan MLS
• 2007-08-02 Sold (Public Records) $67,800 Public Records
• 2007-07-20 Sold (MLS) $67,800 REALCOMP
• 2007-07-20 Sold (MLS) $67,800 SW Michigan MLS
• 2007-06-12 Listed $69,900 REALCOMP
• 2007-06-12 Listed $69,900 SW Michigan MLS
• 2007-06-06 Listing Removed — REALCOMP
• 2007-03-06 Listed $72,900 REALCOMP
• 2007-03-06 Listed $72,900 SW Michigan MLS
• 2007-02-23 Sold (MLS) $59,900 REALCOMP
• 2007-02-23 Sold (MLS) $59,900 SW Michigan MLS
• 2007-01-10 Listed $59,900 REALCOMP
• 2007-01-10 Listed $59,900 SW Michigan MLS
• 2005-04-15 Listing Removed — REALCOMP
• 2004-12-08 Sold (Public Records) $102,000 Public Records
• 2004-12-08 Sold (MLS) $102,000 REALCOMP
• 2004-12-08 Sold (MLS) $102,000 SW Michigan MLS
• 2004-10-04 Listed $104,900 REALCOMP
• 2004-10-04 Listed $119,900 REALCOMP
• 2004-10-04 Listed $119,900 SW Michigan MLS
• 2004-10-04 Listed $104,900 SW Michigan MLS
• 2004-10-01 Listing Removed — REALCOMP
• 2004-10-01 Listing Removed — REALCOMP
• 2004-03-25 Listed $119,900 REALCOMP
• 2004-03-25 Listed $104,900 REALCOMP
• 2004-03-25 Listed $104,900 SW Michigan MLS
• 2004-03-25 Listed $119,900 SW Michigan MLS
• 2003-10-19 Sold (Public Records) $55,000 Public Records
• 2003-10-17 Sold (MLS) $55,000 REALCOMP
• 2003-10-17 Sold (MLS) $55,000 SW Michigan MLS
• 2003-05-22 Listed $59,900 REALCOMP
• 2003-05-22 Listed $59,900 SW Michigan MLS
• 2003-01-20 Listing Removed — REALCOMP
• 2003-01-03 Sold (Public Records) $27,000 Public Records
• 2002-10-22 Listed $69,900 REALCOMP
• 2002-10-22 Listed $69,900 SW Michigan MLS