223 S Howell St · Perrinton, MI 48856

$130,000

3 bd · 1.5 ba · 1,534 sqft · SingleFamily · 15 Days on market

Built 1960 8,276 sqft lot Est $138k · 6% 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 +19.7/30.0
• ARV discount +10.1/15.0
• DSCR +6.2/10.0
• Appreciation +5.8/10.0
• 1% rule +4.1/10.0
• Schools +3.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to 223 S Howell St, ideally located on the edge of Middleton with convenient access to M-57. This charming home offers 2-3 bedrooms and 1.5 baths, situated on a desirable corner lot with a one-stall garage. The main floor features a spacious living room, dining room, and kitchen, along with one bedroom, a half bath, and a practical laundry/mudroom and utility room for added convenience. Upstairs, you'll find an additional bedroom, a versatile bonus room perfect for a home office or third bedroom, and a full bath. Enjoy outdoor living in the fenced-in backyard, complete with a deck and easy access to both the shed and garage--perfect for storage and entertaining. Don't miss this great opportunity for comfortable living in a convenient location!

Key facts

• Utility room
• Laundry mudroom
• Bonus room

Tags

• CORNER LOT
• FENCED-IN BACKYARD
• DECK
• BONUS ROOM
• LAUNDRY MUDROOM
• UTILITY ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $153 ($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 $119k (8.8% below list).
• Recommended offer: $119k (8.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 58/100 on livability (#628 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment C-, schools F, crime F.
• Fulton Schools (rural): math 23% / reading 39% proficiency, ranked #507 of 760 in MI (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 47 units permitted in Gratiot County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($899 loan paydown + $2k appreciation (1.7% local appreciation)).
• Gratiot County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y 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 $10k; list at $130k implies a 1200% gain — meaningful room to come down on a strong offer.

Recommended offer $118,558 (8.8% below list)

Questions for the listing agent

1. Built in 1960 — 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: 0.91% ✗
• Cap rate: 7.71%
• Cash-on-cash: 5.05%
• DSCR: 1.22
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $138,060
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
223 S Howell St	0.00mi	3/1.5	1,534 (0%)	1mo	$130,000	$85	99
418 N Newton St	0.40mi	3/2.0	1,713 (+12%)	18mo	$155,000	$90	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.69% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.6%
• Equity multiple: 1.46×
• Total profit: $16,600
• Equity at exit: $49,128

10-year hold

• IRR: 12.0%
• Equity multiple: 2.56×
• Total profit: $56,877
• Equity at exit: $69,131

Cash invested: $36,400 (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 48856

• Home prices YoY: 1.1%
• Active inventory: 1
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,186 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$47 /mo · $570/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $153

Break-even live

Break-even rent $992

Max offer price $130,000

Occupancy floor 82%

Sensitivity live

Price	-10% $227	-5% $190	+0% $153	+5% $116	+10% $80
Rent	-10% $60	-5% $106	+0% $153	+5% $200	+10% $247
Rate	-1.0pp $219	-0.5pp $186	base $153	+0.5pp $120	+1.0pp $85

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-04-14
   status Pending 761-char remark

   Show marketing remark (761 chars)

   Welcome to 223 S Howell St, ideally located on the edge of Middleton with convenient access to M-57. This charming home offers 2-3 bedrooms and 1.5 baths, situated on a desirable corner lot with a one-stall garage. The main floor features a spacious living room, dining room, and kitchen, along with one bedroom, a half bath, and a practical laundry/mudroom and utility room for added convenience. Upstairs, you'll find an additional bedroom, a versatile bonus room perfect for a home office or third bedroom, and a full bath. Enjoy outdoor living in the fenced-in backyard, complete with a deck and easy access to both the shed and garage--perfect for storage and entertaining. Don't miss this great opportunity for comfortable living in a convenient location!

2. 2026-04-14
   status Pending 761-char remark

   Show marketing remark (761 chars)

   Welcome to 223 S Howell St, ideally located on the edge of Middleton with convenient access to M-57. This charming home offers 2-3 bedrooms and 1.5 baths, situated on a desirable corner lot with a one-stall garage. The main floor features a spacious living room, dining room, and kitchen, along with one bedroom, a half bath, and a practical laundry/mudroom and utility room for added convenience. Upstairs, you'll find an additional bedroom, a versatile bonus room perfect for a home office or third bedroom, and a full bath. Enjoy outdoor living in the fenced-in backyard, complete with a deck and easy access to both the shed and garage--perfect for storage and entertaining. Don't miss this great opportunity for comfortable living in a convenient location!

3. 2026-04-14
   status Pending

   Show marketing remark (761 chars)

   Welcome to 223 S Howell St, ideally located on the edge of Middleton with convenient access to M-57. This charming home offers 2-3 bedrooms and 1.5 baths, situated on a desirable corner lot with a one-stall garage. The main floor features a spacious living room, dining room, and kitchen, along with one bedroom, a half bath, and a practical laundry/mudroom and utility room for added convenience. Upstairs, you'll find an additional bedroom, a versatile bonus room perfect for a home office or third bedroom, and a full bath. Enjoy outdoor living in the fenced-in backyard, complete with a deck and easy access to both the shed and garage--perfect for storage and entertaining. Don't miss this great opportunity for comfortable living in a convenient location!

4. 2026-03-30
   listed $130,000 Active 761-char remark

   Show marketing remark (761 chars)

   Welcome to 223 S Howell St, ideally located on the edge of Middleton with convenient access to M-57. This charming home offers 2-3 bedrooms and 1.5 baths, situated on a desirable corner lot with a one-stall garage. The main floor features a spacious living room, dining room, and kitchen, along with one bedroom, a half bath, and a practical laundry/mudroom and utility room for added convenience. Upstairs, you'll find an additional bedroom, a versatile bonus room perfect for a home office or third bedroom, and a full bath. Enjoy outdoor living in the fenced-in backyard, complete with a deck and easy access to both the shed and garage--perfect for storage and entertaining. Don't miss this great opportunity for comfortable living in a convenient location!

5. 2026-03-30
   listed $130,000 Active 761-char remark

   Show marketing remark (761 chars)

   Welcome to 223 S Howell St, ideally located on the edge of Middleton with convenient access to M-57. This charming home offers 2-3 bedrooms and 1.5 baths, situated on a desirable corner lot with a one-stall garage. The main floor features a spacious living room, dining room, and kitchen, along with one bedroom, a half bath, and a practical laundry/mudroom and utility room for added convenience. Upstairs, you'll find an additional bedroom, a versatile bonus room perfect for a home office or third bedroom, and a full bath. Enjoy outdoor living in the fenced-in backyard, complete with a deck and easy access to both the shed and garage--perfect for storage and entertaining. Don't miss this great opportunity for comfortable living in a convenient location!

6. 2026-03-30
   listed $130,000 Active

   Show marketing remark (761 chars)

   Welcome to 223 S Howell St, ideally located on the edge of Middleton with convenient access to M-57. This charming home offers 2-3 bedrooms and 1.5 baths, situated on a desirable corner lot with a one-stall garage. The main floor features a spacious living room, dining room, and kitchen, along with one bedroom, a half bath, and a practical laundry/mudroom and utility room for added convenience. Upstairs, you'll find an additional bedroom, a versatile bonus room perfect for a home office or third bedroom, and a full bath. Enjoy outdoor living in the fenced-in backyard, complete with a deck and easy access to both the shed and garage--perfect for storage and entertaining. Don't miss this great opportunity for comfortable living in a convenient location!

7. 2017-07-18
   soldstatus $10,000
8. 2017-07-18
   soldstatus $10,000
9. 2017-07-18
   soldstatus $10,000
10. 2016-01-18
    listed $20,000
11. 2016-01-18
    listed $20,000
12. 1993-05-27
    soldstatus $14,700

ⓘ 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: $570 · $47/mo
• Projected year-2 tax: $1,286 · $107/mo
• Expected delta: +$716/yr (+$60/mo · 125.7%)

ⓘ 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 ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,227
• − Mortgage interest: −$7,282
• − Property taxes: −$570
• − Insurance: −$650
• − Repairs & maintenance: −$1,138
• − Management: −$1,138
• − Depreciation: −$3,782
• Taxable loss: −$333
• Est. tax savings @ 24.0%: +$80
• After-tax cash flow: $1,919/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: Fulton Schools
• NCES district ID: 2615420
• Math proficiency: 23% ▲ 2.00%
• Reading proficiency: 39% ▲ 4.00%
• Median HH income: $50,366
• Composite: 29.83/100
• National rank: #11706
• State rank: #507 of 760 in MI

Livability — Perrinton

• Score: 58/100
• State rank: #628
• US rank: #21142

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 842

Population outlook (Gratiot County) Hauer SSP2

• Today (2025): 39,991 people
• By 2030: 38,944 · -2.6%
• By 2040: 36,694 · -8.2%
• By 2050: 34,314 · -14.2%
• By 2075: 27,693 · -30.8%
• By 2100: 20,809 · -48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 25% Two or more races 24%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Lithuanian 5% Romanian 2% Iranian 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Gratiot

• 2024 margin: Solid R (+31.3) · D 33.7% · R 65.0% · Other 1.4%
• 2008→2024 swing: -35.7pp toward R · 2008: 4.4pp · 2024: -31.3pp
• All cycles: 2024: R+31.3 2020: R+28.3 2016: R+25.6 2012: R+3.9 2008: D+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.69%
• Current HPI: 162.65
• 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

+784.4% since first listed

12 events — show timeline

• 2026-04-14 Pending — REALCOMP
• 2026-04-14 Pending — MiRealSource-MiMLS
• 2026-04-14 Pending — SW Michigan MLS
• 2026-03-30 Listed $130,000 SW Michigan MLS
• 2026-03-30 Listed $130,000 MiRealSource-MiMLS
• 2026-03-30 Listed $130,000 REALCOMP
• 2017-07-18 Sold (Public Records) $10,000 Public Records
• 2017-07-18 Sold (MLS) $10,000 MiRealSource-MiMLS
• 2017-07-18 Sold (MLS) $10,000 REALCOMP
• 2016-01-18 Listed $20,000 MiRealSource-MiMLS
• 2016-01-18 Listed $20,000 REALCOMP
• 1993-05-27 Sold (Public Records) $14,700 Public Records