189 S Genesee St · Montrose, MI 48457

$109,000

3 bd · 2.0 ba · 1,664 sqft · SingleFamily · 126 Days on market

Built 1900 8,712 sqft lot $66/sqft · 32% below area Est $160k · 32% 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 +27.1/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +7.8/10.0
• Livability +3.6/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2 Story in the City of Montrose with Lots of Character. 3 Bedrooms, 2 Baths, Detached 2 Car Garage, Fenced Backyard, Garden Shed, Dog Kennel & Run. Large Open Porch and Enclosed Back Porch to relax on! Cash or Conventional Loan only. Call today to schedule your showing!

Key facts

• Enclosed back porch
• Large open porch
• Garden shed

Tags

• DETACHED 2 CAR GARAGE
• FENCED BACKYARD
• GARDEN SHED
• DOG KENNEL
• LARGE OPEN PORCH
• ENCLOSED BACK PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $96k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#278 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment D-.
• Montrose Community Schools (rural): math 27% / reading 41% proficiency, ranked #304 of 540 in MI (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carter Elementary School (math 32% / reading 37%, grade F, #744 of 1,397 statewide, top 57%, 403 students, 67% FRL); Kuehnhaven Middle School (math 25% / reading 34%, grade F, #343 of 493 statewide, top 72%, 405 students, 62% FRL); Hillmccloy High School (math 32% / reading 62%, grade D-, #187 of 713 statewide, top 29%, 471 students, 56% FRL).
• Market conditions: 32 active listings in the ZIP; 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Genesee County population projected at -27% 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 $31k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 25y ago; this cycle's ask has dropped $50k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $91k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.28% ✓
• Cap rate: 9.68%
• Cash-on-cash: 12.11%
• DSCR: 1.54
• GRM: 6.5

CMA / ARV

• ARV (median comp): $159,630
• List price: $109,000
• Delta: -31.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
296 S Saginaw St	0.23mi	3/2.0	1,834 (+10%)	3mo	$150,000	$82	70
139 Lincoln St	0.26mi	4/2.0 (+1)	1,724 (+4%)	13mo	$200,000	$116	66
159 E State St	0.26mi	3/2.0	1,798 (+8%)	16mo	$189,000	$105	61
264 N Genesee St	0.48mi	3/1.0	1,666 (+0%)	18mo	$197,900	$119	58
247 Leroy St	0.51mi	3/1.5	1,878 (+13%)	14mo	$182,000	$97	41
340 N Saginaw St	0.65mi	3/1.5	1,438 (-14%)	21mo	$157,000	$109	27

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: 1.7%
• Equity multiple: 1.07×
• Total profit: $1,997
• Equity at exit: $16,252

10-year hold

• IRR: 11.3%
• Equity multiple: 1.89×
• Total profit: $27,185
• Equity at exit: $9,424

Cash invested: $30,520 (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 48457

• Home prices YoY: -20.9%
• Active inventory: 32
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,398 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$179 /mo · $2,153/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $308

Break-even live

Break-even rent $1,008

Max offer price $109,000

Occupancy floor 73%

Sensitivity live

Price	-10% $370	-5% $339	+0% $308	+5% $277	+10% $246
Rent	-10% $197	-5% $253	+0% $308	+5% $363	+10% $418
Rate	-1.0pp $363	-0.5pp $336	base $308	+0.5pp $280	+1.0pp $251

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-21
   days on market $109,000 Active 126 DOM
2. 2026-06-21
   pricedays on market $109,000 Active 125 DOM
3. 2026-06-18
   days on market $119,000 Active 123 DOM
4. 2026-06-17
   days on market $119,000 Active 122 DOM
5. 2026-06-16
   days on market $119,000 Active 121 DOM
6. 2026-06-15
   days on market $119,000 Active 120 DOM
7. 2026-06-13
   days on market $119,000 Active 118 DOM
8. 2026-06-12
   days on market $119,000 Active 117 DOM
9. 2026-06-09
   days on market $119,000 Active 114 DOM
10. 2026-06-08
    days on market $119,000 Active 113 DOM
11. 2026-06-07
    days on market $119,000 Active 112 DOM
12. 2026-06-05
    days on market $119,000 Active 110 DOM
13. 2026-06-04
    days on market $119,000 Active 108 DOM
14. 2026-06-02
    days on market $119,000 Active 107 DOM
15. 2026-06-01
    days on market $119,000 Active 106 DOM
16. 2026-05-31
    days on market $119,000 Active 105 DOM
17. 2026-05-31
    days on market $119,000 Active 104 DOM
18. 2026-05-18
    price $119,000 286-char remark

    Show marketing remark (286 chars)

    Charming 2 Story in the City of Montrose with Lots of Character. 3 Bedrooms, 2 Baths, Detached 2 Car Garage, Fenced Backyard, Garden Shed, Dog Kennel & Run. Large Open Porch and Enclosed Back Porch to relax on! Cash or Conventional Loan only. Call today to schedule your showing!

19. 2026-05-18
    price $119,000 286-char remark

    Show marketing remark (286 chars)

    Charming 2 Story in the City of Montrose with Lots of Character. 3 Bedrooms, 2 Baths, Detached 2 Car Garage, Fenced Backyard, Garden Shed, Dog Kennel & Run. Large Open Porch and Enclosed Back Porch to relax on! Cash or Conventional Loan only. Call today to schedule your showing!

20. 2026-03-23
    price $129,000 286-char remark

    Show marketing remark (286 chars)

    Charming 2 Story in the City of Montrose with Lots of Character. 3 Bedrooms, 2 Baths, Detached 2 Car Garage, Fenced Backyard, Garden Shed, Dog Kennel & Run. Large Open Porch and Enclosed Back Porch to relax on! Cash or Conventional Loan only. Call today to schedule your showing!

21. 2026-03-22
    price $129,000 286-char remark

    Show marketing remark (286 chars)

    Charming 2 Story in the City of Montrose with Lots of Character. 3 Bedrooms, 2 Baths, Detached 2 Car Garage, Fenced Backyard, Garden Shed, Dog Kennel & Run. Large Open Porch and Enclosed Back Porch to relax on! Cash or Conventional Loan only. Call today to schedule your showing!

22. 2026-02-25
    price $139,000 286-char remark

    Show marketing remark (286 chars)

    Charming 2 Story in the City of Montrose with Lots of Character. 3 Bedrooms, 2 Baths, Detached 2 Car Garage, Fenced Backyard, Garden Shed, Dog Kennel & Run. Large Open Porch and Enclosed Back Porch to relax on! Cash or Conventional Loan only. Call today to schedule your showing!

23. 2026-02-24
    price $139,000 286-char remark

    Show marketing remark (286 chars)

    Charming 2 Story in the City of Montrose with Lots of Character. 3 Bedrooms, 2 Baths, Detached 2 Car Garage, Fenced Backyard, Garden Shed, Dog Kennel & Run. Large Open Porch and Enclosed Back Porch to relax on! Cash or Conventional Loan only. Call today to schedule your showing!

24. 2026-02-13
    listed $159,000 Active 286-char remark

    Show marketing remark (286 chars)

    Charming 2 Story in the City of Montrose with Lots of Character. 3 Bedrooms, 2 Baths, Detached 2 Car Garage, Fenced Backyard, Garden Shed, Dog Kennel & Run. Large Open Porch and Enclosed Back Porch to relax on! Cash or Conventional Loan only. Call today to schedule your showing!

25. 2026-02-13
    listed $159,000 Active 286-char remark

    Show marketing remark (286 chars)

    Charming 2 Story in the City of Montrose with Lots of Character. 3 Bedrooms, 2 Baths, Detached 2 Car Garage, Fenced Backyard, Garden Shed, Dog Kennel & Run. Large Open Porch and Enclosed Back Porch to relax on! Cash or Conventional Loan only. Call today to schedule your showing!

26. 2001-08-08
    soldstatus $91,000
27. 2001-08-02
    soldstatus $90,600
28. 2001-08-02
    soldstatus $90,600
29. 2001-06-29
    historical
30. 2001-05-22
    listed $89,850
31. 2001-05-22
    listed $89,850

ⓘ 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: $2,153 · $179/mo
• Projected year-2 tax: $2,153 · $179/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 15 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: $16,775
• − Mortgage interest: −$6,106
• − Property taxes: −$2,153
• − Insurance: −$545
• − Repairs & maintenance: −$1,342
• − Management: −$1,342
• − Depreciation: −$3,171
• Taxable income: $2,116
• Est. tax owed @ 24.0%: −$508
• After-tax cash flow: $3,187/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: Montrose Community Schools
• NCES district ID: 2624420
• Math proficiency: 27% ▼ -2.00%
• Reading proficiency: 41% ▼ -2.00%
• Median HH income: $47,336
• Composite: 29.21/100
• National rank: #6569
• State rank: #304 of 540 in MI

Livability — Montrose

• Score: 71/100
• State rank: #278
• US rank: #6815

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montrose, MI
• Population (ZIP): 8,694

Population outlook (Genesee County) Hauer SSP2

• Today (2025): 381,312 people
• By 2030: 362,731 · -4.9%
• By 2040: 321,550 · -15.7%
• By 2050: 279,212 · -26.8%
• By 2075: 193,336 · -49.3%
• By 2100: 128,118 · -66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Black 3% Hispanic / Latino 3%
• Common ancestry: Romanian 7% Italian 3% Iranian 3%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Genesee

• 2024 margin: Toss-up / Even · D 51.4% · R 47.2% · Other 1.4%
• 2008→2024 swing: -28.3pp toward R · 2008: 32.5pp · 2024: 4.2pp
• All cycles: 2024: D+4.2 2020: D+9.3 2016: D+9.5 2012: D+28.2 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.89%
• Current HPI: 260.3864
• 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

+32.4% since first listed

14 events — show timeline

• 2026-05-18 Price Changed $119,000 MiRealSource-MiMLS
• 2026-05-18 Price Changed $119,000 REALCOMP
• 2026-03-23 Price Changed $129,000 MiRealSource-MiMLS
• 2026-03-22 Price Changed $129,000 REALCOMP
• 2026-02-25 Price Changed $139,000 MiRealSource-MiMLS
• 2026-02-24 Price Changed $139,000 REALCOMP
• 2026-02-13 Listed $159,000 REALCOMP
• 2026-02-13 Listed $159,000 MiRealSource-MiMLS
• 2001-08-08 Sold (Public Records) $91,000 Public Records
• 2001-08-02 Sold (MLS) $90,600 REALCOMP
• 2001-08-02 Sold (MLS) $90,600 MiRealSource-MiMLS
• 2001-06-29 Listing Removed — MiRealSource-MiMLS
• 2001-05-22 Listed $89,850 REALCOMP
• 2001-05-22 Listed $89,850 MiRealSource-MiMLS

Property tax history

+2.6%/yr

Latest (2025): $2,153 · +2.5% YoY. Source: county tax records.