6348 N Pingree Rd · Seville, MI 48832

$172,500

5 bd · 2.0 ba · 1,225 sqft · SingleFamily · 34 Days on market

Built 1894 0.34 ac lot $141/sqft · 13% above area Est $153k · 13% over ↓ 5% since listing

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Why this score? — see what drove the D 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 +12.8/30.0
• Appreciation +10.0/10.0
• DSCR +3.8/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• ARV discount +1.6/15.0

Listing remarks MLS

Did someone ask for charm and character? This house offers plenty of that and more. Five plus potential bedrooms give this house the big house charm it was built for. Add your own touch to create a beautiful old-house feel with modern-day accessories. Yes, this house can give a family looking for room to stretch out all the room they need. Big kitchen with an eat-in area off one side and a formal dining room off another side. The bonus room can be used as a bedroom or a family/game area. Nice, big, fenced-in backyard for the kids or pets to enjoy. And the garage offers plenty of space, or you can make it your personal mancave. Great lot in the quaint little village of Elwell, close to Alma, but with a small community feel. Rarely do you find a house with so much original woodwork in place and in such good condition. If it's been your dream to own a home full of stories past and stories to come. This home is a must-see. (Room measurements are not exact)

Key facts

• Bonus room
• Big kitchen
• Fenced-in backyard

Tags

• BIG KITCHEN
• FENCED-IN BACKYARD
• BONUS ROOM
• ORIGINAL WOODWORK

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding; Above-grade finished living area approximately 1,225 square feet
• Exterior features: Deck; Porch; Fenced yard

Interior

• Kitchen: Refrigerator; Range; Oven; Microwave; Dishwasher
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Walk-in closet(s); Fireplace
• Laundry & utility: Washer; Dryer; Basement

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $172k.

Deal economics

• At list price, monthly cash flow is $-17 ($-200/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (27.4% below list).
• Recommended offer: $125k (27.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Alma Public Schools (town): math 28% / reading 44% proficiency, ranked #288 of 540 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 5 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 $18k of equity ($1k loan paydown + $17k appreciation (10.0% 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 (10.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,224 (27.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1894 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.73% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.41%
• DSCR: 0.98
• GRM: 11.5

CMA / ARV

• ARV (median comp): $152,646
• List price: $172,500
• Delta: 13.01%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.0%
• Equity multiple: 2.92×
• Total profit: $92,780
• Equity at exit: $155,388

10-year hold

• IRR: 21.2%
• Equity multiple: 6.67×
• Total profit: $273,861
• Equity at exit: $335,085

Cash invested: $48,300 (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 48832

• Home prices YoY: 4.4%
• Active inventory: 5
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $1,252 medium
• Mortgage (P&I): −$905
• Tax from tax record: −$29 /mo · $353/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $-17

Break-even live

Break-even rent $1,273

Max offer price $169,561

Occupancy floor 96%

Sensitivity live

Price	-10% $81	-5% $32	+0% $-17	+5% $-262	+10% $-322
Rent	-10% $-116	-5% $-66	+0% $-17	+5% $33	+10% $82
Rate	-1.0pp $70	-0.5pp $27	base $-17	+0.5pp $-61	+1.0pp $-107

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: $43,125
• Closing costs: $5,175
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $172,500 Active 34 DOM
2. 2026-06-17
   days on market $172,500 Active 33 DOM
3. 2026-06-16
   days on market $172,500 Active 32 DOM
4. 2026-06-15
   days on market $172,500 Active 31 DOM
5. 2026-06-13
   days on market $172,500 Active 29 DOM
6. 2026-06-12
   days on market $172,500 Active 28 DOM
7. 2026-06-09
   days on market $172,500 Active 25 DOM
8. 2026-06-08
   days on market $172,500 Active 24 DOM
9. 2026-06-07
   days on market $172,500 Active 23 DOM
10. 2026-06-07
    days on market $172,500 Active 22 DOM
11. 2026-06-04
    days on market $172,500 Active 19 DOM
12. 2026-06-02
    days on market $172,500 Active 18 DOM
13. 2026-06-01
    days on market $172,500 Active 17 DOM
14. 2026-05-31
    days on market $172,500 Active 16 DOM
15. 2026-05-31
    days on market $172,500 Active 15 DOM
16. 2026-05-15
    listed $182,500 Active 966-char remark

    Show marketing remark (966 chars)

    Did someone ask for charm and character? This house offers plenty of that and more. Five plus potential bedrooms give this house the big house charm it was built for. Add your own touch to create a beautiful old-house feel with modern-day accessories. Yes, this house can give a family looking for room to stretch out all the room they need. Big kitchen with an eat-in area off one side and a formal dining room off another side. The bonus room can be used as a bedroom or a family/game area. Nice, big, fenced-in backyard for the kids or pets to enjoy. And the garage offers plenty of space, or you can make it your personal mancave. Great lot in the quaint little village of Elwell, close to Alma, but with a small community feel. Rarely do you find a house with so much original woodwork in place and in such good condition. If it's been your dream to own a home full of stories past and stories to come. This home is a must-see. (Room measurements are not exact)

17. 2026-05-15
    listed $182,500 Active 966-char remark

    Show marketing remark (966 chars)

    Did someone ask for charm and character? This house offers plenty of that and more. Five plus potential bedrooms give this house the big house charm it was built for. Add your own touch to create a beautiful old-house feel with modern-day accessories. Yes, this house can give a family looking for room to stretch out all the room they need. Big kitchen with an eat-in area off one side and a formal dining room off another side. The bonus room can be used as a bedroom or a family/game area. Nice, big, fenced-in backyard for the kids or pets to enjoy. And the garage offers plenty of space, or you can make it your personal mancave. Great lot in the quaint little village of Elwell, close to Alma, but with a small community feel. Rarely do you find a house with so much original woodwork in place and in such good condition. If it's been your dream to own a home full of stories past and stories to come. This home is a must-see. (Room measurements are not exact)

ⓘ 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: $353 · $29/mo
• Projected year-2 tax: $1,505 · $125/mo
• Expected delta: +$1,152/yr (+$96/mo · 326.2%)

ⓘ 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 ≥98°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: $15,027
• − Mortgage interest: −$9,663
• − Property taxes: −$353
• − Insurance: −$862
• − Repairs & maintenance: −$1,202
• − Management: −$1,202
• − Depreciation: −$5,018
• Taxable loss: −$3,274
• Est. tax savings @ 24.0%: +$786
• After-tax cash flow: $586/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: Alma Public Schools
• NCES district ID: 2602640
• Math proficiency: 28% ▼ -9.00%
• Reading proficiency: 44% ▼ -3.00%
• Median HH income: $36,651
• Composite: 29.84/100
• National rank: #6415
• State rank: #288 of 540 in MI

Livability — Seville

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 1,291

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 (91%)
• Race & ethnicity: White 91% Two or more races 9% Hispanic / Latino 2%
• Common ancestry: Lithuanian 5% Romanian 5% Italian 4%
• Languages at home: 99% English-only · Spanish 1%

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: ▲ 10.00%
• Current HPI: 234.9776
• 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

-5.5% since first listed

4 events — show timeline

• 2026-05-30 Price Changed $172,500 MiRealSource-MiMLS
• 2026-05-29 Price Changed $172,500 REALCOMP
• 2026-05-15 Listed $182,500 REALCOMP
• 2026-05-15 Listed $182,500 MiRealSource-MiMLS