120 E Montcalm St · Greenville, MI 48838

$265,000

15 bd · 9.0 ba · — sqft · SingleFamily · 60 Days on market

Built 1940 0.30 ac lot

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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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• 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

Great opportunity to own a 3 unit multifamily property in Greenville with two units currently occupied, generating $2,400 per month, and an additional unit vacant. The property features two remodeled 2 bedroom, 1 bath units that are occupied, along with a vacant upper level 1 bedroom, 1 bath unit. Recent updates include new electrical meters and panels, new siding, and a newer roof, providing added peace of mind for investors or house hackers. With two updated, income producing units already in place, this is an ideal opportunity to live in one unit while renting the others. Schedule your showing today!

Key facts

• New siding
• Newer roof
• Multifamily property

Tags

• MULTIFAMILY PROPERTY
• REMODELED UNITS
• NEW ELECTRICAL METERS
• NEW SIDING
• NEWER ROOF
• INCOME PRODUCING UNITS

What this means for you Summary

Snapshot

• This is a 15-bed/9.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $582 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $257k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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; 273 units permitted in Montcalm County in 2024 (5 in 5+ unit buildings).
• At $3,054/mo this rent would consume 52% of the median local household income ($70k/yr) (locally 365% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 8y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $265k implies a 342% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $257,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 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 1940 — 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 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: 1.15% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.41%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -2.1%
• Equity multiple: 0.92×
• Total profit: $-5,848
• Equity at exit: $39,512

10-year hold

• IRR: 7.6%
• Equity multiple: 1.58×
• Total profit: $42,799
• Equity at exit: $22,912

Cash invested: $74,200 (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: 7.2×

Monthly cashflow live

• Estimated rent: $3,054 medium
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$641
• Net cashflow: $582

Break-even live

Break-even rent $2,318

Max offer price $265,000

Occupancy floor 76%

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Listing history 48 events

1. 2026-04-04
   status Pending

   Show marketing remark (610 chars)

   Great opportunity to own a 3 unit multifamily property in Greenville with two units currently occupied, generating $2,400 per month, and an additional unit vacant. The property features two remodeled 2 bedroom, 1 bath units that are occupied, along with a vacant upper level 1 bedroom, 1 bath unit. Recent updates include new electrical meters and panels, new siding, and a newer roof, providing added peace of mind for investors or house hackers. With two updated, income producing units already in place, this is an ideal opportunity to live in one unit while renting the others. Schedule your showing today!

2. 2026-04-04
   status Pending 610-char remark

   Show marketing remark (610 chars)

   Great opportunity to own a 3 unit multifamily property in Greenville with two units currently occupied, generating $2,400 per month, and an additional unit vacant. The property features two remodeled 2 bedroom, 1 bath units that are occupied, along with a vacant upper level 1 bedroom, 1 bath unit. Recent updates include new electrical meters and panels, new siding, and a newer roof, providing added peace of mind for investors or house hackers. With two updated, income producing units already in place, this is an ideal opportunity to live in one unit while renting the others. Schedule your showing today!

3. 2026-03-13
   price $265,000 610-char remark

   Show marketing remark (610 chars)

   Great opportunity to own a 3 unit multifamily property in Greenville with two units currently occupied, generating $2,400 per month, and an additional unit vacant. The property features two remodeled 2 bedroom, 1 bath units that are occupied, along with a vacant upper level 1 bedroom, 1 bath unit. Recent updates include new electrical meters and panels, new siding, and a newer roof, providing added peace of mind for investors or house hackers. With two updated, income producing units already in place, this is an ideal opportunity to live in one unit while renting the others. Schedule your showing today!

4. 2026-03-12
   price $265,000
5. 2026-02-18
   price $275,000 610-char remark

   Show marketing remark (610 chars)

   Great opportunity to own a 3 unit multifamily property in Greenville with two units currently occupied, generating $2,400 per month, and an additional unit vacant. The property features two remodeled 2 bedroom, 1 bath units that are occupied, along with a vacant upper level 1 bedroom, 1 bath unit. Recent updates include new electrical meters and panels, new siding, and a newer roof, providing added peace of mind for investors or house hackers. With two updated, income producing units already in place, this is an ideal opportunity to live in one unit while renting the others. Schedule your showing today!

6. 2026-02-18
   price $275,000

   Show marketing remark (610 chars)

   Great opportunity to own a 3 unit multifamily property in Greenville with two units currently occupied, generating $2,400 per month, and an additional unit vacant. The property features two remodeled 2 bedroom, 1 bath units that are occupied, along with a vacant upper level 1 bedroom, 1 bath unit. Recent updates include new electrical meters and panels, new siding, and a newer roof, providing added peace of mind for investors or house hackers. With two updated, income producing units already in place, this is an ideal opportunity to live in one unit while renting the others. Schedule your showing today!

7. 2026-02-03
   listed $285,000 Active

   Show marketing remark (610 chars)

   Great opportunity to own a 3 unit multifamily property in Greenville with two units currently occupied, generating $2,400 per month, and an additional unit vacant. The property features two remodeled 2 bedroom, 1 bath units that are occupied, along with a vacant upper level 1 bedroom, 1 bath unit. Recent updates include new electrical meters and panels, new siding, and a newer roof, providing added peace of mind for investors or house hackers. With two updated, income producing units already in place, this is an ideal opportunity to live in one unit while renting the others. Schedule your showing today!

8. 2026-02-03
   listed $285,000 Active 610-char remark

   Show marketing remark (610 chars)

   Great opportunity to own a 3 unit multifamily property in Greenville with two units currently occupied, generating $2,400 per month, and an additional unit vacant. The property features two remodeled 2 bedroom, 1 bath units that are occupied, along with a vacant upper level 1 bedroom, 1 bath unit. Recent updates include new electrical meters and panels, new siding, and a newer roof, providing added peace of mind for investors or house hackers. With two updated, income producing units already in place, this is an ideal opportunity to live in one unit while renting the others. Schedule your showing today!

9. 2025-12-05
   historical
10. 2025-12-04
    historical
11. 2025-11-07
    listed $219,000 Active
12. 2025-11-07
    listed $219,000 Active
13. 2025-11-06
    historical
14. 2025-11-06
    historical
15. 2025-09-26
    price $220,000
16. 2025-09-26
    price $220,000
17. 2025-09-12
    listed $230,000 Active
18. 2025-09-12
    listed $230,000 Active
19. 2025-09-12
    historical
20. 2025-09-11
    historical
21. 2025-08-22
    price $239,900
22. 2025-08-21
    price $239,900
23. 2025-08-12
    price $249,900
24. 2025-08-12
    price $249,900
25. 2025-07-21
    listed $259,900 Active
26. 2025-07-21
    listed $259,900 Active
27. 2025-02-05
    soldstatus $59,900
28. 2025-01-28
    soldstatus $59,900 Closed
29. 2025-01-28
    soldstatus $59,900 Closed
30. 2025-01-08
    status Pending
31. 2025-01-08
    status Pending
32. 2025-01-04
    listed $59,900 Active
33. 2025-01-04
    listed $59,900 Active
34. 2023-10-03
    status Pending
35. 2023-10-03
    status Pending
36. 2023-10-02
    historical
37. 2023-10-02
    historical
38. 2023-03-31
    price $119,900
39. 2023-03-31
    price $119,900
40. 2023-03-31
    price $119,900
41. 2023-03-06
    listed $129,000 Active
42. 2023-03-06
    listed $129,000 Active
43. 2018-09-20
    soldstatus $45,000
44. 2018-09-17
    soldstatus $45,000
45. 2018-09-17
    soldstatus $45,000 Sold
46. 2018-08-23
    status Pending
47. 2018-08-17
    listed $49,900
48. 2018-08-17
    listed $49,900 Active

ⓘ 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 · 0% 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: $36,654
• − Mortgage interest: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,932
• − Management: −$2,932
• − Depreciation: −$7,709
• Taxable income: $2,936
• Est. tax owed @ 24.0%: −$705
• After-tax cash flow: $6,276/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

+431.1% since first listed

48 events — show timeline

• 2026-04-04 Pending — REALCOMP
• 2026-04-04 Pending — MiRealSource-MiMLS
• 2026-03-13 Price Changed $265,000 MiRealSource-MiMLS
• 2026-03-12 Price Changed $265,000 REALCOMP
• 2026-02-18 Price Changed $275,000 MiRealSource-MiMLS
• 2026-02-18 Price Changed $275,000 REALCOMP
• 2026-02-03 Listed $285,000 MiRealSource-MiMLS
• 2026-02-03 Listed $285,000 REALCOMP
• 2025-12-05 Listing Removed — MiRealSource-MiMLS
• 2025-12-04 Listing Removed — REALCOMP
• 2025-11-07 Listed $219,000 REALCOMP
• 2025-11-07 Listed $219,000 MiRealSource-MiMLS
• 2025-11-06 Listing Removed — MiRealSource-MiMLS
• 2025-11-06 Listing Removed — REALCOMP
• 2025-09-26 Price Changed $220,000 MiRealSource-MiMLS
• 2025-09-26 Price Changed $220,000 REALCOMP
• 2025-09-12 Listing Removed — MiRealSource-MiMLS
• 2025-09-12 Listed $230,000 MiRealSource-MiMLS
• 2025-09-12 Listed $230,000 REALCOMP
• 2025-09-11 Listing Removed — REALCOMP
• 2025-08-22 Price Changed $239,900 MiRealSource-MiMLS
• 2025-08-21 Price Changed $239,900 REALCOMP
• 2025-08-12 Price Changed $249,900 MiRealSource-MiMLS
• 2025-08-12 Price Changed $249,900 REALCOMP
• 2025-07-21 Listed $259,900 REALCOMP
• 2025-07-21 Listed $259,900 MiRealSource-MiMLS
• 2025-02-05 Sold (Public Records) $59,900 Public Records
• 2025-01-28 Sold (MLS) $59,900 MiRealSource-MiMLS
• 2025-01-28 Sold (MLS) $59,900 REALCOMP
• 2025-01-08 Pending — REALCOMP
• 2025-01-08 Pending — MiRealSource-MiMLS
• 2025-01-04 Listed $59,900 MiRealSource-MiMLS
• 2025-01-04 Listed $59,900 REALCOMP
• 2023-10-03 Pending — REALCOMP
• 2023-10-03 Pending — MiRealSource-MiMLS
• 2023-10-02 Listing Removed — MiRealSource-MiMLS
• 2023-10-02 Listing Removed — REALCOMP
• 2023-03-31 Price Changed $119,900 MiRealSource-MiMLS
• 2023-03-31 Price Changed $119,900 REALCOMP
• 2023-03-31 Price Changed $119,900 SW Michigan MLS
• 2023-03-06 Listed $129,000 MiRealSource-MiMLS
• 2023-03-06 Listed $129,000 REALCOMP
• 2018-09-20 Sold (Public Records) $45,000 Public Records
• 2018-09-17 Sold (MLS) $45,000 SW Michigan MLS
• 2018-09-17 Sold (MLS) $45,000 REALCOMP
• 2018-08-23 Pending — SW Michigan MLS
• 2018-08-17 Listed $49,900 SW Michigan MLS
• 2018-08-17 Listed $49,900 REALCOMP