234 BROAD St · Michigan Center, MI 49254

$48,000

2 bd · 1.0 ba · 616 sqft · SingleFamily · 44 Days on market

Built 1927 5,662 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located just around the corner from the Center Lake boat launch, this 2 bedroom, 1 bathroom home is ready for its new owners! The main level has an open floor plan with the bedrooms and bathroom off to the side. The full basement provides lots of storage and potential for finishing some additional living space. Exterior features include a fenced backyard and a detached garage. This one won't last long, so call today for your private tour!

Key facts

• 5,662 sq ft lot
• Garage
• Built 1927

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $48k.

Deal economics

• At list price, monthly cash flow is $311 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($864 rent vs $48k).
• Recommended offer: $47k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.1% vs local median 3.0% in Michigan Center — 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 (#314 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment C-, schools F, amenities F.
• Michigan Center School District (suburban): math 19% / reading 37% proficiency, ranked #387 of 540 in MI (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 12 active listings in the ZIP; 317 units permitted in Jackson County in 2024 (103 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $332 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Jackson County population projected at -13% 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 $13k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 20y ago; this cycle's ask has dropped $67k (58%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $46,560 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.80% ✓
• Cap rate: 14.06%
• Cash-on-cash: 27.73%
• DSCR: 2.23
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $228,536
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
448 Grand St	0.28mi	2/1.0	669 (+9%)	8mo	$100,000	$149	66
209 Round Lake Dr	0.65mi	1/1.0 (-1)	624 (+1%)	14mo	$240,500	$385	51
543 S Lakeside Dr	0.63mi	2/1.5	698 (+13%)	22mo	$259,000	$371	28

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: 21.9%
• Equity multiple: 1.90×
• Total profit: $12,040
• Equity at exit: $7,157

10-year hold

• IRR: 30.0%
• Equity multiple: 3.69×
• Total profit: $36,109
• Equity at exit: $4,150

Cash invested: $13,440 (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 49254

• Home prices YoY: -28.9%
• Active inventory: 12
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $864 medium
• Mortgage (P&I): −$252
• Tax from tax record: −$100 /mo · $1,204/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $311

Break-even live

Break-even rent $471

Max offer price $48,000

Occupancy floor 59%

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: $12,000
• Closing costs: $1,440
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2025-08-14
   soldstatus $109,000 Closed 442-char remark

   Show marketing remark (446 chars)

   Located just around the corner from the Center Lake boat launch, this 2 bedroom, 1 bathroom home is ready for its new owners! The main level has an open floor plan with the bedrooms and bathroom off to the side. The full basement provides lots of storage and potential for finishing some additional living space. Exterior features include a fenced backyard and a detached garage. This one won't last long, so call today for your private tour!

2. 2025-08-14
   soldstatus $109,000 Sold 446-char remark

   Show marketing remark (446 chars)

   Located just around the corner from the Center Lake boat launch, this 2 bedroom, 1 bathroom home is ready for its new owners! The main level has an open floor plan with the bedrooms and bathroom off to the side. The full basement provides lots of storage and potential for finishing some additional living space. Exterior features include a fenced backyard and a detached garage. This one won't last long, so call today for your private tour!

3. 2025-08-14
   soldstatus $109,000 Closed

   Show marketing remark (446 chars)

   Located just around the corner from the Center Lake boat launch, this 2 bedroom, 1 bathroom home is ready for its new owners! The main level has an open floor plan with the bedrooms and bathroom off to the side. The full basement provides lots of storage and potential for finishing some additional living space. Exterior features include a fenced backyard and a detached garage. This one won't last long, so call today for your private tour!

4. 2025-07-10
   historical Keep Showing-Contgcy Appl 442-char remark

   Show marketing remark (446 chars)

   Located just around the corner from the Center Lake boat launch, this 2 bedroom, 1 bathroom home is ready for its new owners! The main level has an open floor plan with the bedrooms and bathroom off to the side. The full basement provides lots of storage and potential for finishing some additional living space. Exterior features include a fenced backyard and a detached garage. This one won't last long, so call today for your private tour!

5. 2025-07-10
   historical Active Under Contract

   Show marketing remark (446 chars)

   Located just around the corner from the Center Lake boat launch, this 2 bedroom, 1 bathroom home is ready for its new owners! The main level has an open floor plan with the bedrooms and bathroom off to the side. The full basement provides lots of storage and potential for finishing some additional living space. Exterior features include a fenced backyard and a detached garage. This one won't last long, so call today for your private tour!

6. 2025-07-10
   historical Active - Contingent 446-char remark

   Show marketing remark (446 chars)

   Located just around the corner from the Center Lake boat launch, this 2 bedroom, 1 bathroom home is ready for its new owners! The main level has an open floor plan with the bedrooms and bathroom off to the side. The full basement provides lots of storage and potential for finishing some additional living space. Exterior features include a fenced backyard and a detached garage. This one won't last long, so call today for your private tour!

7. 2025-06-11
   listed $115,000 Active 442-char remark

   Show marketing remark (446 chars)

   Located just around the corner from the Center Lake boat launch, this 2 bedroom, 1 bathroom home is ready for its new owners! The main level has an open floor plan with the bedrooms and bathroom off to the side. The full basement provides lots of storage and potential for finishing some additional living space. Exterior features include a fenced backyard and a detached garage. This one won't last long, so call today for your private tour!

8. 2025-06-11
   listed $115,000 Active 446-char remark

   Show marketing remark (446 chars)

   Located just around the corner from the Center Lake boat launch, this 2 bedroom, 1 bathroom home is ready for its new owners! The main level has an open floor plan with the bedrooms and bathroom off to the side. The full basement provides lots of storage and potential for finishing some additional living space. Exterior features include a fenced backyard and a detached garage. This one won't last long, so call today for your private tour!

9. 2025-06-11
   listed $115,000 Active

   Show marketing remark (446 chars)

   Located just around the corner from the Center Lake boat launch, this 2 bedroom, 1 bathroom home is ready for its new owners! The main level has an open floor plan with the bedrooms and bathroom off to the side. The full basement provides lots of storage and potential for finishing some additional living space. Exterior features include a fenced backyard and a detached garage. This one won't last long, so call today for your private tour!

10. 2022-04-05
    soldstatus $104,900
11. 2022-03-23
    soldstatus $104,900 Sold
12. 2022-03-23
    soldstatus $104,900 Closed
13. 2022-03-22
    status Pending
14. 2022-03-22
    status Pending
15. 2022-02-28
    historical Accepting Backup Offers
16. 2022-02-28
    historical Accepting Backup Offers
17. 2022-01-12
    listed $104,900 Active
18. 2022-01-12
    listed $104,900 Active
19. 2017-05-11
    soldstatus $45,000
20. 2017-05-05
    status Pending
21. 2017-03-22
    listed $48,000 Active
22. 2017-03-20
    listed $48,000
23. 2006-12-20
    soldstatus $37,000
24. 2006-12-20
    soldstatus $37,000
25. 2006-12-20
    soldstatus $37,000
26. 2006-12-07
    historical
27. 2006-10-16
    listed $45,900
28. 2006-10-16
    listed $45,900
29. 2006-10-16
    listed $45,900

ⓘ 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: $1,204 · $100/mo
• Projected year-2 tax: $1,204 · $100/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 ≥98°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: $10,369
• − Mortgage interest: −$2,689
• − Property taxes: −$1,204
• − Insurance: −$240
• − Repairs & maintenance: −$830
• − Management: −$830
• − Depreciation: −$1,396
• Taxable income: $3,181
• Est. tax owed @ 24.0%: −$763
• After-tax cash flow: $2,963/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: Michigan Center School District
• NCES district ID: 2623790
• Math proficiency: 19% ▼ -13.00%
• Reading proficiency: 37% ▼ -6.00%
• Median HH income: $46,224
• Composite: 24.11/100
• National rank: #7753
• State rank: #387 of 540 in MI

Livability — Michigan Center

• Score: 70/100
• State rank: #314
• US rank: #7697

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Michigan Center, MI
• City population: 3,617
• Population (ZIP): 3,617

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 156,365 people
• By 2030: 153,123 · -2.1%
• By 2040: 144,981 · -7.3%
• By 2050: 135,671 · -13.2%
• By 2075: 113,833 · -27.2%
• By 2100: 86,592 · -44.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Lithuanian 4% Romanian 3% Italian 2%
• Foreign-born: 0%

Political lean MEDSL · Jackson

• 2024 margin: Strong R (+21.3) · D 38.6% · R 59.9% · Other 1.5%
• 2008→2024 swing: -23.7pp toward R · 2008: 2.4pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+19.0 2016: R+20.1 2012: R+5.8 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -82.77%
• Current HPI: 204.0577
• 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

+137.5% since first listed

29 events — show timeline

• 2025-08-14 Sold (MLS) $109,000 REALCOMP
• 2025-08-14 Sold (MLS) $109,000 SW Michigan MLS
• 2025-08-14 Sold (MLS) $109,000 MiRealSource-MiMLS
• 2025-07-10 Contingent — MiRealSource-MiMLS
• 2025-07-10 Contingent — REALCOMP
• 2025-07-10 Contingent — SW Michigan MLS
• 2025-06-11 Listed $115,000 REALCOMP
• 2025-06-11 Listed $115,000 SW Michigan MLS
• 2025-06-11 Listed $115,000 MiRealSource-MiMLS
• 2022-04-05 Sold (Public Records) $104,900 Public Records
• 2022-03-23 Sold (MLS) $104,900 MiRealSource-MiMLS
• 2022-03-23 Sold (MLS) $104,900 REALCOMP
• 2022-03-22 Pending — MiRealSource-MiMLS
• 2022-03-22 Pending — REALCOMP
• 2022-02-28 Contingent — MiRealSource-MiMLS
• 2022-02-28 Contingent — REALCOMP
• 2022-01-12 Listed $104,900 MiRealSource-MiMLS
• 2022-01-12 Listed $104,900 REALCOMP
• 2017-05-11 Sold (MLS) $45,000 REALCOMP
• 2017-05-05 Pending — MiRealSource-MiMLS
• 2017-03-22 Listed $48,000 MiRealSource-MiMLS
• 2017-03-20 Listed $48,000 REALCOMP
• 2006-12-20 Sold (MLS) $37,000 MiRealSource-MiMLS
• 2006-12-20 Sold (MLS) $37,000 REALCOMP
• 2006-12-20 Sold (MLS) $37,000 SW Michigan MLS
• 2006-12-07 Listing Removed — MiRealSource-MiMLS
• 2006-10-16 Listed $45,900 MiRealSource-MiMLS
• 2006-10-16 Listed $45,900 REALCOMP
• 2006-10-16 Listed $45,900 SW Michigan MLS

Property tax history

-0.2%/yr

Latest (2025): $1,204 · +2.6% YoY. Source: county tax records.