703 Smith St · Algonac, MI 48001

$124,900

3 bd · 1.5 ba · 1,456 sqft · SingleFamily · 2 Days on market

Built 1964 7,405 sqft lot Est $246k · 49% 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 +25.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +6.6/10.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare opportunity to transform this classic American Foursquare on a spacious corner lot within walking distance of St. Clair River Drive and Algonac's boardwalk. This two-story fixer upper offers tremendous upside and the perfect renovation project for those looking to blend original character with modern updates. High ceilings, beautiful original woodwork, columned room dividers and a wrap-around porch provide a foundation for creating a truly special home. Hardwood floors throughout the second floor and under living and dining room carpet. Roof replaced in 2020. Sold as-is and ready for its next chapter. Just blocks from the waterfront and local marinas, this property offers the opportunity to create something rarely found today. Properties offering this combination of location, character and upside are becoming increasingly difficult to find.

Key facts

• Modern updates
• Algonac's boardwalk
• Spacious corner lot

Tags

• SPACIOUS CORNER LOT
• ALGONAC'S BOARDWALK
• TWO-STORY FIXER UPPER
• MODERN UPDATES
• HIGH CEILINGS
• ORIGINAL WOODWORK

Property features AI

Finance

• Other: Lot dimensions approximately 57 x 120 (0.17 acres); No pool
• HOA & community: Homeowners association present

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Residential property in Village of Algonac
• Construction: Aluminum siding; Block foundation; Built with block basement
• Exterior features: Patio; Porch; Paved road frontage

Interior

• Bedrooms: Total of 6 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); No central air
• Interior features: Gas water heater; Full block basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Cap rate 8.9% vs local median 1.7% in Algonac — 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 63/100 on livability (#524 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Algonac Community School District (suburban): math 30% / reading 40% proficiency, ranked #273 of 540 in MI (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 130 active listings in the ZIP; 232 units permitted in St. Clair County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• St. Clair County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Recommended offer $124,900

Questions for the listing agent

1. Built in 1964 — 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. 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.
5. 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.
6. 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: 1.16% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.45%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $246,064
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
919 Smith St	0.15mi	3/2.0	1,405 (-4%)	3mo	$238,000	$169	83
632 Pleasant St	0.14mi	3/2.0	1,560 (+7%)	6mo	$260,000	$167	75
685 Townsend Ct	0.53mi	3/2.0	1,449 (-0%)	4mo	$300,000	$207	69
710 Washington St	0.39mi	3/1.5	1,500 (+3%)	10mo	$130,000	$87	69
1021 Market St	0.17mi	3/1.0	1,596 (+10%)	8mo	$100,000	$63	68
9541 Amy Rd	0.65mi	3/2.0	1,465 (+1%)	2mo	$295,000	$201	65
1806 Michigan St	0.41mi	3/2.5	1,540 (+6%)	2mo	$350,000	$227	65
825 Summer St	0.24mi	2/2.0 (-1)	1,596 (+10%)	7mo	$202,500	$127	60
1103 Beth Ct	0.71mi	3/2.5	1,482 (+2%)	1mo	$285,000	$192	59
623 Columbia St	0.34mi	3/2.0	1,260 (-14%)	1mo	$225,000	$179	58
917 St Clair Blvd	0.25mi	3/2.0	1,649 (+13%)	8mo	$255,000	$155	58
2037 Saint Clair River Dr	0.66mi	3/1.5	1,326 (-9%)	5mo	$220,000	$166	50

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: -2.0%
• Equity multiple: 0.92×
• Total profit: $-2,680
• Equity at exit: $18,623

10-year hold

• IRR: 7.7%
• Equity multiple: 1.58×
• Total profit: $20,346
• Equity at exit: $10,799

Cash invested: $34,972 (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 48001

• Active inventory: 130
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,448 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$162 /mo · $1,938/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $275

Break-even live

Break-even rent $1,099

Max offer price $124,900

Occupancy floor 76%

Sensitivity live

Price	-10% $346	-5% $311	+0% $275	+5% $240	+10% $205
Rent	-10% $161	-5% $218	+0% $275	+5% $332	+10% $390
Rate	-1.0pp $338	-0.5pp $307	base $275	+0.5pp $243	+1.0pp $210

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   days on market $124,900 Active 2 DOM
2. 2026-06-18
   remarks 699-char remark

   Show marketing remark (857 chars)

   Rare opportunity to transform this classic American Foursquare on a spacious corner lot within walking distance of St. Clair River Drive and Algonac's boardwalk. This two-story fixer upper offers tremendous upside and the perfect renovation project for those looking to blend original character with modern updates. High ceilings, beautiful original woodwork, columned room dividers and a wrap-around porch provide a foundation for creating a truly special home. Hardwood floors throughout the second floor and under living and dining room carpet. Roof replaced in 2020. Sold as-is and ready for its next chapter. Just blocks from the waterfront and local marinas, this property offers the opportunity to create something rarely found today. Properties offering this combination of location, character and upside are becoming increasingly difficult to find.

3. 2026-06-18
   listed $124,900 Active 1 DOM

   Show marketing remark (857 chars)

   Rare opportunity to transform this classic American Foursquare on a spacious corner lot within walking distance of St. Clair River Drive and Algonac's boardwalk. This two-story fixer upper offers tremendous upside and the perfect renovation project for those looking to blend original character with modern updates. High ceilings, beautiful original woodwork, columned room dividers and a wrap-around porch provide a foundation for creating a truly special home. Hardwood floors throughout the second floor and under living and dining room carpet. Roof replaced in 2020. Sold as-is and ready for its next chapter. Just blocks from the waterfront and local marinas, this property offers the opportunity to create something rarely found today. Properties offering this combination of location, character and upside are becoming increasingly difficult to find.

ⓘ 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: $1,938 · $162/mo
• Projected year-2 tax: $1,938 · $162/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,375
• − Mortgage interest: −$6,996
• − Property taxes: −$1,938
• − Insurance: −$624
• − Repairs & maintenance: −$1,390
• − Management: −$1,390
• − Depreciation: −$3,633
• Taxable income: $1,402
• Est. tax owed @ 24.0%: −$337
• After-tax cash flow: $2,967/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: Algonac Community School District
• NCES district ID: 2602190
• Math proficiency: 30% ▼ -7.00%
• Reading proficiency: 40% ▼ -9.00%
• Median HH income: $52,085
• Composite: 30.51/100
• National rank: #6210
• State rank: #273 of 540 in MI

Livability — Algonac

• Score: 63/100
• State rank: #524
• US rank: #15670

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Algonac, MI
• Population (ZIP): 11,502

Population outlook (St. Clair County) Hauer SSP2

• Today (2025): 154,587 people
• By 2030: 150,031 · -2.9%
• By 2040: 138,177 · -10.6%
• By 2050: 124,390 · -19.5%
• By 2075: 95,825 · -38.0%
• By 2100: 68,672 · -55.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 18% Lithuanian 6% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1% Russian/Polish/Slavic 1%

Political lean MEDSL · St. Clair

• 2024 margin: Solid R (+34.6) · D 32.0% · R 66.6% · Other 1.4%
• 2008→2024 swing: -37.3pp toward R · 2008: 2.6pp · 2024: -34.6pp
• All cycles: 2024: R+34.6 2020: R+30.2 2016: R+31.4 2012: R+7.1 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -194.86%
• Current HPI: 169.0679
• 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

+0.0% since first listed

2 events — show timeline

• 2026-06-18 Listed $124,900 REALCOMP
• 2026-06-18 Listed $124,900 MiRealSource-MiMLS

Property tax history

+3.6%/yr

Latest (2025): $1,938 · -18.4% YoY. Source: county tax records.