17881 S River Rd · Three Rivers, MI 49093

$120,000

3 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 39 Days on market

Built 1950 1.07 ac lot $119/sqft · 40% below area Est $200k · 40% 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 +25.6/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 1% rule +5.4/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in Three Rivers, this 3-bedroom, 1-bath home sits on a spacious 1.07-acre lot and offers tons of potential for investors, flippers, or buyers looking to build sweat equity. This handyman special is a true fixer-upper with solid opportunity to renovate, customize, or restore to its full potential. Plenty of room for expansion, outdoor storage, gardening, or recreational use. Quiet setting with country feel while still being conveniently close to town amenities. Bring your tools and vision -- properties with acreage and potential like this don't last long! Home is being sold As-Is. All information is believed to be accurate but not guaranteed by the seller or listing agent/broker. Interested parties should verify accuracy of all related data.

Key facts

• Outdoor storage
• Acreage
• Quiet setting

Tags

• SPACIOUS LOT
• ROOM FOR EXPANSION
• OUTDOOR STORAGE
• QUIET SETTING
• CLOSE TO TOWN AMENITIES
• ACREAGE

Property features AI

Exterior

• Parking: Detached garage; 2-car garage
• Utilities: Well water
• Home design: Ranch-style single family residence; Residential property
• Construction: Built in 1950; Composition roof; Other construction materials; Slab foundation
• Exterior features: Sits on 1.07-acre lot; Directions: From Downtown Three Rivers, take South Main to Mechanic, turn left to South River Rd and follow to property on right (south) side on road.

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Has heating
• Interior features: Fireplace; Total of 6 rooms
• Laundry & utility: Natural gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $284 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 4.7% in Three Rivers — 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 70/100 on livability (#306 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D, amenities F.
• Three Rivers Community Schools (town): math 37% / reading 45% proficiency, ranked #200 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 181 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 125 units permitted in St. Joseph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• St. Joseph County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 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 1950 — 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 D 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: 1.04% ✓
• Cap rate: 9.13%
• Cash-on-cash: 10.13%
• DSCR: 1.45
• GRM: 8.0

CMA / ARV

• ARV (median comp): $199,837
• List price: $120,000
• Delta: -39.95%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
58568 Ash Rd	0.22mi	2/1.0 (-1)	1,044 (+4%)	8mo	$197,000	$189	72

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: -1.1%
• Equity multiple: 0.96×
• Total profit: $-1,432
• Equity at exit: $17,892

10-year hold

• IRR: 8.5%
• Equity multiple: 1.65×
• Total profit: $21,778
• Equity at exit: $10,375

Cash invested: $33,600 (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 49093

• Active inventory: 181
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,245 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$20 /mo · $246/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $284

Break-even live

Break-even rent $886

Max offer price $120,000

Occupancy floor 72%

Sensitivity live

Price	-10% $352	-5% $318	+0% $284	+5% $113	+10% $71
Rent	-10% $185	-5% $235	+0% $284	+5% $333	+10% $382
Rate	-1.0pp $344	-0.5pp $314	base $284	+0.5pp $253	+1.0pp $221

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
320 Thomas St Three Rivers, MI	1.0–2.0	1.0–1.5	925	$1,245	$1.35	14d	4	1.40mi

Listing history 43 events

1. 2026-06-21
   days on market $120,000 Active 39 DOM
2. 2026-06-18
   days on market $120,000 Active 36 DOM
3. 2026-06-17
   days on market $120,000 Active 35 DOM
4. 2026-06-16
   days on market $120,000 Active 34 DOM
5. 2026-06-15
   days on market $120,000 Active 33 DOM
6. 2026-06-14
   days on market $120,000 Active 31 DOM
7. 2026-06-13
   days on market $120,000 Active 30 DOM
8. 2026-06-10
   days on market $120,000 Active 28 DOM
9. 2026-06-09
   days on market $120,000 Active 27 DOM
10. 2026-06-08
    days on market $120,000 Active 26 DOM
11. 2026-06-07
    days on market $120,000 Active 25 DOM
12. 2026-06-05
    days on market $120,000 Active 22 DOM
13. 2026-06-03
    days on market $120,000 Active 21 DOM
14. 2026-06-02
    days on market $120,000 Active 20 DOM
15. 2026-06-01
    days on market $120,000 Active 19 DOM
16. 2026-05-31
    days on market $120,000 Active 18 DOM
17. 2026-05-30
    days on market $120,000 Active 17 DOM
18. 2026-05-13
    listed $120,000 Active 758-char remark

    Show marketing remark (759 chars)

    Located in Three Rivers, this 3-bedroom, 1-bath home sits on a spacious 1.07-acre lot and offers tons of potential for investors, flippers, or buyers looking to build sweat equity. This handyman special is a true fixer-upper with solid opportunity to renovate, customize, or restore to its full potential. Plenty of room for expansion, outdoor storage, gardening, or recreational use. Quiet setting with country feel while still being conveniently close to town amenities. Bring your tools and vision -- properties with acreage and potential like this don't last long! Home is being sold As-Is. All information is believed to be accurate but not guaranteed by the seller or listing agent/broker. Interested parties should verify accuracy of all related data.

19. 2026-05-13
    listed $120,000 Active 759-char remark

    Show marketing remark (759 chars)

    Located in Three Rivers, this 3-bedroom, 1-bath home sits on a spacious 1.07-acre lot and offers tons of potential for investors, flippers, or buyers looking to build sweat equity. This handyman special is a true fixer-upper with solid opportunity to renovate, customize, or restore to its full potential. Plenty of room for expansion, outdoor storage, gardening, or recreational use. Quiet setting with country feel while still being conveniently close to town amenities. Bring your tools and vision -- properties with acreage and potential like this don't last long! Home is being sold As-Is. All information is believed to be accurate but not guaranteed by the seller or listing agent/broker. Interested parties should verify accuracy of all related data.

20. 2026-05-13
    listed $120,000 Active

    Show marketing remark (759 chars)

    Located in Three Rivers, this 3-bedroom, 1-bath home sits on a spacious 1.07-acre lot and offers tons of potential for investors, flippers, or buyers looking to build sweat equity. This handyman special is a true fixer-upper with solid opportunity to renovate, customize, or restore to its full potential. Plenty of room for expansion, outdoor storage, gardening, or recreational use. Quiet setting with country feel while still being conveniently close to town amenities. Bring your tools and vision -- properties with acreage and potential like this don't last long! Home is being sold As-Is. All information is believed to be accurate but not guaranteed by the seller or listing agent/broker. Interested parties should verify accuracy of all related data.

21. 2025-07-31
    historical
22. 2025-07-22
    listed $70,000 Active
23. 2025-07-22
    listed $70,000 Active
24. 2020-07-09
    historical
25. 2020-07-09
    historical
26. 2020-07-09
    historical
27. 2020-06-29
    status Active
28. 2020-06-23
    historical
29. 2020-06-20
    listed $40,000
30. 2020-06-20
    listed $40,000 Active
31. 2020-06-20
    listed $40,000
32. 2017-07-11
    historical
33. 2017-07-11
    historical
34. 2016-03-26
    status Active
35. 2016-02-19
    historical
36. 2016-02-05
    price $40,000
37. 2015-11-16
    price $49,500
38. 2015-09-30
    listed $50,000 Active
39. 2015-09-28
    listed $40,000
40. 2015-07-12
    historical
41. 2015-07-11
    historical
42. 2015-05-11
    listed $50,000
43. 2015-05-11
    listed $50,000

ⓘ 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: $246 · $20/mo
• Projected year-2 tax: $1,047 · $87/mo
• Expected delta: +$801/yr (+$67/mo · 325.9%)

ⓘ 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 ≥101°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: $14,940
• − Mortgage interest: −$6,722
• − Property taxes: −$246
• − Insurance: −$600
• − Repairs & maintenance: −$1,195
• − Management: −$1,195
• − Depreciation: −$3,491
• Taxable income: $1,491
• Est. tax owed @ 24.0%: −$358
• After-tax cash flow: $3,047/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: Three Rivers Community Schools
• NCES district ID: 2633840
• Math proficiency: 37% ▲ 1.00%
• Reading proficiency: 45% ▼ -3.00%
• Median HH income: $46,576
• Composite: 34.97/100
• National rank: #5058
• State rank: #200 of 540 in MI

Livability — Three Rivers

• Score: 70/100
• State rank: #306
• US rank: #7604

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 18,439

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 58,726 people
• By 2030: 57,030 · -2.9%
• By 2040: 53,266 · -9.3%
• By 2050: 49,343 · -16.0%
• By 2075: 40,441 · -31.1%
• By 2100: 31,981 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 5% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 11% Iranian 5% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Solid R (+34.0) · D 32.2% · R 66.2% · Other 1.5%
• 2008→2024 swing: -31.8pp toward R · 2008: -2.2pp · 2024: -34.0pp
• All cycles: 2024: R+34.0 2020: R+31.7 2016: R+31.0 2012: R+12.3 2008: R+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.07%
• Current HPI: 226.5079
• 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

+140.0% since first listed

26 events — show timeline

• 2026-05-13 Listed $120,000 SW Michigan MLS
• 2026-05-13 Listed $120,000 REALCOMP
• 2026-05-13 Listed $120,000 MiRealSource-MiMLS
• 2025-07-31 Listing Removed — MiRealSource-MiMLS
• 2025-07-22 Listed $70,000 MiRealSource-MiMLS
• 2025-07-22 Listed $70,000 REALCOMP
• 2020-07-09 Listing Removed — MiRealSource-MiMLS
• 2020-07-09 Listing Removed — SW Michigan MLS
• 2020-07-09 Listing Removed — REALCOMP
• 2020-06-29 Relisted — SW Michigan MLS
• 2020-06-23 Listing Removed — SW Michigan MLS
• 2020-06-20 Listed $40,000 MiRealSource-MiMLS
• 2020-06-20 Listed $40,000 SW Michigan MLS
• 2020-06-20 Listed $40,000 REALCOMP
• 2017-07-11 Listing Removed — SW Michigan MLS
• 2017-07-11 Listing Removed — REALCOMP
• 2016-03-26 Relisted — SW Michigan MLS
• 2016-02-19 Listing Removed — SW Michigan MLS
• 2016-02-05 Price Changed $40,000 SW Michigan MLS
• 2015-11-16 Price Changed $49,500 SW Michigan MLS
• 2015-09-30 Listed $50,000 SW Michigan MLS
• 2015-09-28 Listed $40,000 REALCOMP
• 2015-07-12 Listing Removed — SW Michigan MLS
• 2015-07-11 Listing Removed — REALCOMP
• 2015-05-11 Listed $50,000 SW Michigan MLS
• 2015-05-11 Listed $50,000 REALCOMP

Property tax history

-5.5%/yr

Latest (2025): $246 · -60.7% YoY. Source: county tax records.