119 S Manning St · Hillsdale, MI 49242

$157,000

4 bd · 1.5 ba · 1,456 sqft · SingleFamily public records · 21 Days on market

Built 1902 6,098 sqft lot Est $183k · 14% 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 +19.4/30.0
• ARV discount +14.0/15.0
• DSCR +6.1/10.0
• 1% rule +4.6/10.0
• Livability +3.8/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

A true Diamond in the rough, sitting on a double lot and many started remolding projects is being sold as is. First floor, half bath, coffee bar, built in TV corner, eat in kitchen, Pantry and spice shelf, with a good start of a kitchen redo. Has a built in dog kennel for hold two dogs. Can be removed easily. Some New Wiring & Plumbing. Lauan has been placed on main floor, awaiting for final flooring to be placed. Enclosed front porch. Deep Freezer in the Basement will be left for the buyer. PLUS, any building materials will be left behind for Buyer. Very motivated Seller, Job transferred out of state. Offer's will be turned in as soon as received. Expecting multiple offer's so please HIGHEST & BEST OFFERS.

Key facts

• Built in tv corner
• Eat in kitchen
• Double lot

Tags

• DOUBLE LOT
• COFFEE BAR
• BUILT IN TV CORNER
• EAT IN KITCHEN
• PANTRY AND SPICE SHELF
• BUILT IN DOG KENNEL

Property features AI

Exterior

• Utilities: Public water; Electricity available; Natural gas available and connected; Natural gas water heater
• Home design: Traditional style single-family residence; Built in 1902
• Construction: Aluminum siding; Composition roof; Living area approximately 2,184 (total building area listed as 1,456)
• Exterior features: Sidewalk; Paved road access

Interior

• Kitchen: Large galley kitchen; Dishwasher; Freezer; Microwave; Oven; Range; Refrigerator
• Bedrooms: Primary bedroom (11 x 12); Bedroom 2 (9 x 12); Bedroom 3 (10 x 10); Bedroom 4 (10 x 11); Additional room usable as a 5th bedroom or large storage room
• Bathrooms: One full bathroom (new 4-piece primary bath); One half bathroom
• Heating & cooling: Forced air heating
• Interior features: Pantry; Window treatments; Full basement
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $157k.

Deal economics

• At list price, monthly cash flow is $177 ($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 $151k (4.0% below list).
• Recommended offer: $151k (4.0% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 2.6% in Hillsdale — 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 75/100 on livability (#158 in MI, #4,063 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, commute F.
• Hillsdale Community Schools (town): math 26% / reading 38% proficiency, ranked #348 of 540 in MI (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 81 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 72 units permitted in Hillsdale County in 2024 (0 in 5+ unit buildings).

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.
• Hillsdale County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 20y 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 $93k; list at $157k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,720 (4.0% below list)

Questions for the listing agent

1. Built in 1902 — 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: 0.96% ✗
• Cap rate: 7.64%
• Cash-on-cash: 4.82%
• DSCR: 1.21
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $183,456
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
90 S Howell St	0.11mi	3/1.5 (-1)	1,472 (+1%)	4mo	$187,500	$127	84
76 Budlong St	0.16mi	3/2.0 (-1)	1,442 (-1%)	1mo	$57,000	$40	83
41 Charles St	0.28mi	3/1.0 (-1)	1,512 (+4%)	4mo	$172,500	$114	70
10 Armstrong	0.15mi	3/1.5 (-1)	1,298 (-11%)	2mo	$135,000	$104	68
100 S Manning St	0.08mi	4/1.5	1,660 (+14%)	8mo	$240,000	$145	66
98 Reading Ave	0.33mi	3/1.0 (-1)	1,482 (+2%)	11mo	$170,000	$115	65
34 Charles St	0.24mi	3/2.0 (-1)	1,528 (+5%)	10mo	$192,500	$126	65
64 Union St	0.73mi	4/2.0	1,460 (+0%)	2mo	$184,000	$126	62
158 W Saint Joe St	0.56mi	3/1.0 (-1)	1,422 (-2%)	2mo	$174,900	$123	62
32 S West St	0.31mi	3/1.0 (-1)	1,324 (-9%)	12mo	$174,000	$131	54
42 Westwood St	0.57mi	4/1.0	1,568 (+8%)	8mo	$212,000	$135	51
82 N Norwood St	0.69mi	3/1.5 (-1)	1,265 (-13%)	1mo	$140,000	$111	40

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: -8.8%
• Equity multiple: 0.68×
• Total profit: $-14,212
• Equity at exit: $23,409

10-year hold

• IRR: 0.7%
• Equity multiple: 1.05×
• Total profit: $2,026
• Equity at exit: $13,574

Cash invested: $43,960 (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 49242

• Home prices YoY: -31.2%
• Active inventory: 81
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,507 medium
• Mortgage (P&I): −$823
• Tax from tax record: −$125 /mo · $1,504/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $177

Break-even live

Break-even rent $1,284

Max offer price $157,000

Occupancy floor 83%

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: $39,250
• Closing costs: $4,710
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34 Marion St Hillsdale, MI	3.0	1.0–1.5	950	$1,200	$1.26	43d	4	0.77mi

Listing history 16 events

1. 2026-06-19
   days on market $157,000 Active 21 DOM
2. 2026-06-18
   days on market $157,000 Active 20 DOM
3. 2026-06-17
   days on market $157,000 Active 19 DOM
4. 2026-06-16
   days on market $157,000 Active 18 DOM
5. 2026-06-15
   days on market $157,000 Active 17 DOM
6. 2026-06-14
   days on market $157,000 Active 15 DOM
7. 2026-06-12
   days on market $157,000 Active 14 DOM
8. 2026-06-09
   days on market $157,000 Active 11 DOM
9. 2026-06-08
   days on market $157,000 Active 10 DOM
10. 2026-06-07
    pricedays on market $157,000 Active 9 DOM
11. 2026-06-04
    days on market $165,000 Active 5 DOM
12. 2026-06-02
    days on market $165,000 Active 4 DOM
13. 2026-06-01
    days on market $165,000 Active 3 DOM
14. 2026-05-31
    days on market $165,000 Active 2 DOM
15. 2026-05-31
    remarks 695-char remark
16. 2026-05-31
    listed $165,000 Active 1 DOM

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

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $1,504 · $125/mo
• Projected year-2 tax: $1,961 · $163/mo
• Expected delta: +$457/yr (+$38/mo · 30.4%)

ⓘ 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 · 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: $18,086
• − Mortgage interest: −$8,794
• − Property taxes: −$1,504
• − Insurance: −$785
• − Repairs & maintenance: −$1,447
• − Management: −$1,447
• − Depreciation: −$4,567
• Taxable loss: −$458
• Est. tax savings @ 24.0%: +$110
• After-tax cash flow: $2,229/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: Hillsdale Community Schools
• NCES district ID: 2618390
• Math proficiency: 26% ▼ -7.00%
• Reading proficiency: 38% ▼ -5.00%
• Median HH income: $38,652
• Composite: 26.73/100
• National rank: #7143
• State rank: #348 of 540 in MI

Livability — Hillsdale

• Score: 75/100
• State rank: #158
• US rank: #4063

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hillsdale, MI
• County: Hillsdale County · 14,750 people
• City population: 14,750
• Metro: Hillsdale, MI
• Population (ZIP): 14,750
• Household income: $61,029
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 349.0

Population outlook (Hillsdale County) Hauer SSP2

• Today (2025): 43,704 people
• By 2030: 41,996 · -3.9%
• By 2040: 38,019 · -13.0%
• By 2050: 34,095 · -22.0%
• By 2075: 25,897 · -40.7%
• By 2100: 18,746 · -57.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 4% Black 1%
• Common ancestry: Romanian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · Canada, Jamaica
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Hillsdale

• 2024 margin: Solid R (+51.4) · D 23.7% · R 75.1% · Other 1.2%
• 2008→2024 swing: -39.4pp toward R · 2008: -12.0pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+47.9 2016: R+46.8 2012: R+24.2 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -105.04%
• Current HPI: 231.5167
• Rent YoY: —
• Metro: Hillsdale, 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

+58.8% since first listed

28 events — show timeline

• 2026-05-30 Listed $165,000 SW Michigan MLS
• 2026-05-30 Listed $165,000 REALCOMP
• 2026-05-30 Listed $165,000 MiRealSource-MiMLS
• 2021-10-17 Price Changed $82,000 REALCOMP
• 2017-06-21 Sold (Public Records) $93,000 Public Records
• 2017-06-19 Sold (MLS) $93,000 MiRealSource-MiMLS
• 2017-06-19 Sold (MLS) $93,000 SW Michigan MLS
• 2017-06-19 Sold (MLS) $93,000 REALCOMP
• 2017-05-05 Contingent — MiRealSource-MiMLS
• 2017-05-05 Contingent — SW Michigan MLS
• 2017-04-18 Listed $84,900 MiRealSource-MiMLS
• 2017-04-18 Listed $84,900 SW Michigan MLS
• 2017-04-17 Listed $84,900 REALCOMP
• 2016-08-22 Listing Removed — SW Michigan MLS
• 2016-08-21 Listing Removed — MiRealSource-MiMLS
• 2016-07-05 Price Changed $82,000 MiRealSource-MiMLS
• 2016-07-05 Price Changed $82,000 SW Michigan MLS
• 2016-05-11 Listing Removed — REALCOMP
• 2016-04-22 Listed $84,900 REALCOMP
• 2016-02-04 Price Changed $84,900 MiRealSource-MiMLS
• 2016-02-03 Price Changed $84,900 SW Michigan MLS
• 2016-01-07 Listed $89,900 MiRealSource-MiMLS
• 2016-01-05 Listed $89,900 SW Michigan MLS
• 2015-12-17 Listing Removed — SW Michigan MLS
• 2006-11-08 Listing Removed — MiRealSource-MiMLS
• 2006-05-08 Listed $103,900 REALCOMP
• 2006-05-08 Listed $103,900 MiRealSource-MiMLS
• 2006-05-08 Listed $103,900 SW Michigan MLS

Property tax history

+3.5%/yr

Latest (2025): $1,504 · -15.0% YoY. Source: county tax records.