518 & 528 Chippewa Rd · Fair Plain, MI 49022

$355,000

4 bd · 2.0 ba · 990 sqft · MultiFamily public records · 56 Days on market

Built 1952 7,841 sqft lot $359/sqft · 259% above area ↓ 1% since listing

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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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great Investment Opportunity in St Joseph Township! There are two duplexes included in the sale with a total of 4 units. Each unit comprises of one bedroom and one bathroom. There is the option to rent out all four units for maximum rental income or to convert one duplex into a spacious single family home while maintaining rental income from the other duplex. These properties are in great central location close to downtown St Joe, Lake Michigan, schools, shopping, and restaurants. This property also includes the duplex next door at 518 Chippewa Rd (Tax ID # 11-18-5200-0061-00-5)

Key facts

• Total of 4 units
• Central location
• Two duplexes

Tags

• INVESTMENT OPPORTUNITY
• TWO DUPLEXES
• TOTAL OF 4 UNITS
• CENTRAL LOCATION
• CLOSE TO DOWNTOWN
• CLOSE TO LAKE MICHIGAN

Property features AI

Finance

• Financial info: Listing includes rent for individual units: $1,050; $975; $1,080; $1,050

Exterior

• Parking: Garage parking (total 4 parking spaces); Paved parking
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Natural gas connected; Phone available
• Home design: Residential income property; Multi-family building
• Construction: Vinyl siding exterior; Total building area approximately 2,165
• Exterior features: Composition roof; Paved road access; Publicly maintained road

Interior

• Bedrooms: Four 1-bedroom units (#518, #520, #528, #530) each with separate heat systems
• Bathrooms: Each unit includes 1 bathroom
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Crawl space basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $355k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $355k).
• Recommended offer: $344k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 2.7% in Fair Plain — 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 64/100 on livability (#495 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools F, amenities F.
• Benton Harbor Area Schools (urban): math 4% / reading 7% proficiency, ranked #732 of 760 in MI (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 89% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 179 active listings in the ZIP; 397 units permitted in Berrien County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Berrien 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 $99k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($344k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $344,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — 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. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.37% ✓
• Cap rate: 11.95%
• Cash-on-cash: 20.20%
• DSCR: 1.90
• GRM: 6.1

CMA / ARV

• ARV (median comp): $216,319
• List price: $355,000
• Delta: 64.11%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.4%
• Equity multiple: 1.49×
• Total profit: $48,933
• Equity at exit: $52,932

10-year hold

• IRR: 21.3%
• Equity multiple: 2.80×
• Total profit: $179,387
• Equity at exit: $30,694

Cash invested: $99,400 (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 49022

• Active inventory: 179
• Price-to-rent: 24.4×

Monthly cashflow live

• Estimated rent: $4,846 high
• Mortgage (P&I): −$1,862
• Tax from tax record: −$146 /mo · $1,746/yr
• Insurance: −$148
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,018
• Net cashflow: $1,673

Break-even live

Break-even rent $2,728

Max offer price $355,000

Occupancy floor 60%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,844
Total (4 units)			$4,846

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: $88,750
• Closing costs: $10,650
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $355,000 Active 56 DOM
2. 2026-06-18
   days on market $355,000 Active 55 DOM
3. 2026-06-17
   days on market $355,000 Active 54 DOM
4. 2026-06-16
   days on market $355,000 Active 53 DOM
5. 2026-06-15
   pricedays on market $355,000 Active 52 DOM
6. 2026-06-14
   days on market $360,000 Active 50 DOM
7. 2026-06-13
   days on market $360,000 Active 49 DOM

   Show marketing remark (585 chars)

   Great Investment Opportunity in St Joseph Township! There are two duplexes included in the sale with a total of 4 units. Each unit comprises of one bedroom and one bathroom. There is the option to rent out all four units for maximum rental income or to convert one duplex into a spacious single family home while maintaining rental income from the other duplex. These properties are in great central location close to downtown St Joe, Lake Michigan, schools, shopping, and restaurants. This property also includes the duplex next door at 518 Chippewa Rd (Tax ID # 11-18-5200-0061-00-5)

8. 2026-06-10
   days on market $360,000 Active 47 DOM
9. 2026-06-09
   days on market $360,000 Active 46 DOM
10. 2026-06-08
    days on market $360,000 Active 45 DOM
11. 2026-06-07
    days on market $360,000 Active 44 DOM
12. 2026-06-03
    days on market $360,000 Active 40 DOM
13. 2026-06-02
    days on market $360,000 Active 39 DOM
14. 2026-06-01
    days on market $360,000 Active 38 DOM
15. 2026-05-31
    days on market $360,000 Active 37 DOM
16. 2026-05-30
    days on market $360,000 Active 36 DOM
17. 2026-04-24
    listed $360,000 Active 585-char remark

    Show marketing remark (585 chars)

    Great Investment Opportunity in St Joseph Township! There are two duplexes included in the sale with a total of 4 units. Each unit comprises of one bedroom and one bathroom. There is the option to rent out all four units for maximum rental income or to convert one duplex into a spacious single family home while maintaining rental income from the other duplex. These properties are in great central location close to downtown St Joe, Lake Michigan, schools, shopping, and restaurants. This property also includes the duplex next door at 518 Chippewa Rd (Tax ID # 11-18-5200-0061-00-5)

18. 2026-04-24
    listed $360,000 Active 585-char remark

    Show marketing remark (585 chars)

    Great Investment Opportunity in St Joseph Township! There are two duplexes included in the sale with a total of 4 units. Each unit comprises of one bedroom and one bathroom. There is the option to rent out all four units for maximum rental income or to convert one duplex into a spacious single family home while maintaining rental income from the other duplex. These properties are in great central location close to downtown St Joe, Lake Michigan, schools, shopping, and restaurants. This property also includes the duplex next door at 518 Chippewa Rd (Tax ID # 11-18-5200-0061-00-5)

ⓘ 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: $1,746 · $146/mo
• Projected year-2 tax: $3,607 · $301/mo
• Expected delta: +$1,860/yr (+$155/mo · 106.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,152
• − Mortgage interest: −$19,886
• − Property taxes: −$1,746
• − Insurance: −$1,775
• − Repairs & maintenance: −$4,652
• − Management: −$4,652
• − Depreciation: −$10,327
• Taxable income: $15,113
• Est. tax owed @ 24.0%: −$3,627
• After-tax cash flow: $16,451/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: Benton Harbor Area Schools
• NCES district ID: 2604830
• Math proficiency: 4% ▬ 0.00%
• Reading proficiency: 7% ▬ 0.00%
• Median HH income: $27,038
• Composite: 7.53/100
• National rank: #14787
• State rank: #732 of 760 in MI

Livability — Fair Plain

• Score: 64/100
• State rank: #495
• US rank: #14566

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fair Plain, MI
• Population (ZIP): 29,796

Population outlook (Berrien County) Hauer SSP2

• Today (2025): 149,273 people
• By 2030: 145,211 · -2.7%
• By 2040: 135,435 · -9.3%
• By 2050: 125,543 · -15.9%
• By 2075: 103,986 · -30.3%
• By 2100: 82,256 · -44.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Black 50% White 37% Hispanic / Latino 7% Two or more races 6% Native American 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Berrien

• 2024 margin: Lean R (+7.9) · D 45.4% · R 53.2% · Other 1.4%
• 2008→2024 swing: -13.3pp toward R · 2008: 5.5pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: R+7.4 2016: R+12.7 2012: R+6.6 2008: D+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -309.81%
• Current HPI: 209.9723
• 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

-1.4% since first listed

4 events — show timeline

• 2026-06-14 Price Changed $355,000 REALCOMP
• 2026-06-13 Price Changed $355,000 MiRealSource-MiMLS
• 2026-04-24 Listed $360,000 MiRealSource-MiMLS
• 2026-04-24 Listed $360,000 REALCOMP

Property tax history

+0.5%/yr

Latest (2024): $1,746 · +4.4% YoY. Source: county tax records.