943 S Michigan Rd · Eaton Rapids, MI 48827

$89,000

2 bd · 1.0 ba · 1,014 sqft · SingleFamily · 153 Days on market

Built 1955 0.79 ac lot ↓ 19% since listing

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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 +20.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +5.4/10.0
• Livability +3.7/5.0
• 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

Two-bedroom, one bath home featuring a kitchen and dining area with a full walkout basement, situated on . 79 acres and offering a two car attached garage. Property is being sold As Is. Agents are advised to review agent to agent comments prior to showing.

Key facts

• Attached garage
• 0.79 acre lot
• 2 garage spots

Tags

• KITCHEN AND DINING AREA
• FULL WALKOUT BASEMENT
• ATTACHED GARAGE
• SITUATED ON .79 ACRES

Property features AI

Exterior

• Parking: Detached garage
• Utilities: Septic tank
• Home design: One-story home; Built in 1955
• Construction: Aluminum siding
• Exterior features: Back yard

Interior

• Kitchen: Kitchen (10 x 9)
• Bedrooms: 2 bedrooms (Primary bedroom 11 x 8)
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Carpet and vinyl flooring; Basement with block construction and walk-out access
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $113 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($922 rent vs $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 2.1% in Eaton Rapids — 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 74/100 on livability (#182 in MI, #4,624 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools D+, amenities F, commute F.
• Eaton Rapids Public Schools (town): math 22% / reading 42% proficiency, ranked #315 of 540 in MI (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 110 active listings in the ZIP; 98 units permitted in Eaton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Eaton County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 153 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $21k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 153 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 1955 — 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. 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?
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: 7.82%
• Cash-on-cash: 5.44%
• DSCR: 1.24
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $180,492
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1112 S Michigan Rd	0.20mi	2/1.5	941 (-7%)	14mo	$167,500	$178	65

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: -7.8%
• Equity multiple: 0.71×
• Total profit: $-7,209
• Equity at exit: $13,270

10-year hold

• IRR: 1.7%
• Equity multiple: 1.12×
• Total profit: $3,049
• Equity at exit: $7,695

Cash invested: $24,920 (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 48827

• Home prices YoY: -31.0%
• Active inventory: 110
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $922 medium
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$194
• Net cashflow: $113

Break-even live

Break-even rent $779

Max offer price $89,000

Occupancy floor 83%

Sensitivity live

Price	-10% $175	-5% $144	+0% $113	+5% $82	+10% $52
Rent	-10% $40	-5% $77	+0% $113	+5% $149	+10% $186
Rate	-1.0pp $158	-0.5pp $136	base $113	+0.5pp $90	+1.0pp $67

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-17
   status $89,000 Pending 153 DOM
2. 2026-06-17
   days on market $89,000 Active Under Contract 153 DOM
3. 2026-06-16
   days on market $89,000 Active Under Contract 152 DOM
4. 2026-06-15
   days on market $89,000 Active Under Contract 151 DOM
5. 2026-06-14
   days on market $89,000 Active Under Contract 149 DOM
6. 2026-06-10
   days on market $89,000 Active Under Contract 146 DOM
7. 2026-06-09
   days on market $89,000 Active Under Contract 145 DOM
8. 2026-06-08
   days on market $89,000 Active Under Contract 144 DOM
9. 2026-06-07
   days on market $89,000 Active Under Contract 143 DOM
10. 2026-06-03
    days on market $89,000 Active Under Contract 139 DOM
11. 2026-06-02
    days on market $89,000 Active Under Contract 138 DOM
12. 2026-06-01
    days on market $89,000 Active Under Contract 137 DOM
13. 2026-05-31
    days on market $89,000 Active Under Contract 136 DOM
14. 2026-05-30
    days on market $89,000 Active Under Contract 135 DOM
15. 2026-04-21
    historical Active Under Contract 256-char remark

    Show marketing remark (256 chars)

    Two-bedroom, one bath home featuring a kitchen and dining area with a full walkout basement, situated on . 79 acres and offering a two car attached garage. Property is being sold As Is. Agents are advised to review agent to agent comments prior to showing.

16. 2026-04-21
    historical Active Under Contract

    Show marketing remark (256 chars)

    Two-bedroom, one bath home featuring a kitchen and dining area with a full walkout basement, situated on . 79 acres and offering a two car attached garage. Property is being sold As Is. Agents are advised to review agent to agent comments prior to showing.

17. 2026-03-23
    price $89,000 256-char remark

    Show marketing remark (256 chars)

    Two-bedroom, one bath home featuring a kitchen and dining area with a full walkout basement, situated on . 79 acres and offering a two car attached garage. Property is being sold As Is. Agents are advised to review agent to agent comments prior to showing.

18. 2026-03-23
    price $89,000

    Show marketing remark (256 chars)

    Two-bedroom, one bath home featuring a kitchen and dining area with a full walkout basement, situated on . 79 acres and offering a two car attached garage. Property is being sold As Is. Agents are advised to review agent to agent comments prior to showing.

19. 2026-02-16
    price $99,000 256-char remark

    Show marketing remark (256 chars)

    Two-bedroom, one bath home featuring a kitchen and dining area with a full walkout basement, situated on . 79 acres and offering a two car attached garage. Property is being sold As Is. Agents are advised to review agent to agent comments prior to showing.

20. 2026-02-16
    price $99,000

    Show marketing remark (256 chars)

    Two-bedroom, one bath home featuring a kitchen and dining area with a full walkout basement, situated on . 79 acres and offering a two car attached garage. Property is being sold As Is. Agents are advised to review agent to agent comments prior to showing.

21. 2026-01-31
    status Active 256-char remark

    Show marketing remark (256 chars)

    Two-bedroom, one bath home featuring a kitchen and dining area with a full walkout basement, situated on . 79 acres and offering a two car attached garage. Property is being sold As Is. Agents are advised to review agent to agent comments prior to showing.

22. 2026-01-30
    historical 256-char remark

    Show marketing remark (256 chars)

    Two-bedroom, one bath home featuring a kitchen and dining area with a full walkout basement, situated on . 79 acres and offering a two car attached garage. Property is being sold As Is. Agents are advised to review agent to agent comments prior to showing.

23. 2026-01-14
    listed $109,900 Active 256-char remark

    Show marketing remark (256 chars)

    Two-bedroom, one bath home featuring a kitchen and dining area with a full walkout basement, situated on . 79 acres and offering a two car attached garage. Property is being sold As Is. Agents are advised to review agent to agent comments prior to showing.

24. 2026-01-14
    listed $109,900 Active

    Show marketing remark (256 chars)

    Two-bedroom, one bath home featuring a kitchen and dining area with a full walkout basement, situated on . 79 acres and offering a two car attached garage. Property is being sold As Is. Agents are advised to review agent to agent comments prior to showing.

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°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: $11,060
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$445
• − Repairs & maintenance: −$885
• − Management: −$885
• − Depreciation: −$2,589
• Taxable loss: −$64
• Est. tax savings @ 24.0%: +$15
• After-tax cash flow: $1,372/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: Eaton Rapids Public Schools
• NCES district ID: 2612690
• Math proficiency: 22% ▼ -7.00%
• Reading proficiency: 42% ▼ -5.00%
• Median HH income: $58,195
• Composite: 28.57/100
• National rank: #6723
• State rank: #315 of 540 in MI

Livability — Eaton Rapids

• Score: 74/100
• State rank: #182
• US rank: #4624

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 16,070
• Population (ZIP): 16,070

Population outlook (Eaton County) Hauer SSP2

• Today (2025): 110,811 people
• By 2030: 110,598 · -0.2%
• By 2040: 108,304 · -2.3%
• By 2050: 104,961 · -5.3%
• By 2075: 97,197 · -12.3%
• By 2100: 85,150 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 5% Two or more races 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Iranian 3% Lithuanian 3% Romanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Eaton

• 2024 margin: Toss-up / Even · D 47.6% · R 50.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: 8.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: R+0.8 2016: R+5.5 2012: D+3.1 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.65%
• Current HPI: 199.257
• 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

-19.0% since first listed

10 events — show timeline

• 2026-04-21 Contingent — REALCOMP
• 2026-04-21 Contingent — Greater Lansing AoR
• 2026-03-23 Price Changed $89,000 REALCOMP
• 2026-03-23 Price Changed $89,000 Greater Lansing AoR
• 2026-02-16 Price Changed $99,000 REALCOMP
• 2026-02-16 Price Changed $99,000 Greater Lansing AoR
• 2026-01-31 Relisted — REALCOMP
• 2026-01-30 Listing Removed — REALCOMP
• 2026-01-14 Listed $109,900 Greater Lansing AoR
• 2026-01-14 Listed $109,900 REALCOMP