11035 Charles Dr · Argentine, MI 48418

$134,900

2 bd · 1.0 ba · 864 sqft · SingleFamily · 80 Days on market

Built 1960 0.26 ac lot $156/sqft · 51% below area

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Why this score? — see what drove the F 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 +8.7/30.0
• ARV discount +7.5/15.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property would be a great addition to the home for sale across the street on McKane Lake! Sale is subject to 11036 Charles Dr. selling prior. 4 lots wide, this 2 bed , 1 bath Ranch needs some work but has a generously sized 24 x 32 garage with workshop area and tons of parking! The roof is within approximately 5 years old per seller. Taxes are currently non-homestead . .. .. could be a rental for additional income or guest home for entertaining on the lake. Easy to show. Electric will need to be connected to the house, currently not connected.

Key facts

• 0.26 acre lot
• 3 garage spots
• Built 1960

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $-113 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (14.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (19.1% below list).
• Recommended offer: $109k (19.1% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 2.1% in Argentine — 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 65/100 on livability (#453 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Byron Area Schools (rural): math 31% / reading 46% proficiency, ranked #215 of 540 in MI (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Byron Area Elementary School (math 32% / reading 42%, grade F, #685 of 1,397 statewide, top 51%, 314 students, 57% FRL); Byron Area Middle School (math 32% / reading 42%, grade F, #248 of 493 statewide, top 53%, 124 students, 46% FRL); Byron Area High School (math 32% / reading 67%, grade D, #154 of 713 statewide, top 25%, 236 students, 40% FRL) — zoned schools average 48% FRL vs 32% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 29 active listings in the ZIP; 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Genesee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 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 $109,172 (19.1% 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 80 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.81% ✗
• Cap rate: 5.29%
• Cash-on-cash: -3.60%
• DSCR: 0.84
• GRM: 10.3

CMA / ARV

• ARV (median comp): $274,843
• List price: $134,900
• Delta: -50.92%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16055 Murray Rd	0.15mi	2/1.0	800 (-7%)	22mo	$306,000	$383	62

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: -22.3%
• Equity multiple: 0.23×
• Total profit: $-29,027
• Equity at exit: $20,114

10-year hold

• IRR: -16.3%
• Equity multiple: 0.09×
• Total profit: $-34,386
• Equity at exit: $11,664

Cash invested: $37,772 (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 48418

• Home prices YoY: -27.5%
• Active inventory: 29
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,092 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$212 /mo · $2,544/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $-113

Break-even live

Break-even rent $1,235

Max offer price $114,900

Occupancy floor —

Sensitivity live

Price	-10% $-37	-5% $-75	+0% $-113	+5% $-151	+10% $-190
Rent	-10% $-199	-5% $-156	+0% $-113	+5% $-70	+10% $-27
Rate	-1.0pp $-45	-0.5pp $-79	base $-113	+0.5pp $-148	+1.0pp $-184

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $134,900 Active 80 DOM
2. 2026-06-21
   days on market $134,900 Active 79 DOM
3. 2026-06-18
   days on market $134,900 Active 77 DOM
4. 2026-06-17
   days on market $134,900 Active 76 DOM
5. 2026-06-16
   days on market $134,900 Active 75 DOM
6. 2026-06-15
   days on market $134,900 Active 74 DOM
7. 2026-06-13
   days on market $134,900 Active 72 DOM
8. 2026-06-12
   days on market $134,900 Active 71 DOM
9. 2026-06-09
   days on market $134,900 Active 68 DOM
10. 2026-06-08
    days on market $134,900 Active 67 DOM
11. 2026-06-07
    days on market $134,900 Active 66 DOM
12. 2026-06-07
    days on market $134,900 Active 65 DOM
13. 2026-06-04
    days on market $134,900 Active 62 DOM
14. 2026-06-02
    days on market $134,900 Active 61 DOM
15. 2026-06-01
    days on market $134,900 Active 60 DOM
16. 2026-05-31
    days on market $134,900 Active 59 DOM
17. 2026-05-31
    days on market $134,900 Active 58 DOM
18. 2026-04-02
    listed $134,900 Active 557-char remark

    Show marketing remark (554 chars)

    This property would be a great addition to the home for sale across the street on McKane Lake! Sale is subject to 11036 Charles Dr. selling prior. 4 lots wide, this 2 bed , 1 bath Ranch needs some work but has a generously sized 24 x 32 garage with workshop area and tons of parking! The roof is within approximately 5 years old per seller. Taxes are currently non-homestead . .. .. could be a rental for additional income or guest home for entertaining on the lake. Easy to show. Electric will need to be connected to the house, currently not connected.

19. 2026-04-02
    listed $134,900 Active 554-char remark

    Show marketing remark (554 chars)

    This property would be a great addition to the home for sale across the street on McKane Lake! Sale is subject to 11036 Charles Dr. selling prior. 4 lots wide, this 2 bed , 1 bath Ranch needs some work but has a generously sized 24 x 32 garage with workshop area and tons of parking! The roof is within approximately 5 years old per seller. Taxes are currently non-homestead . .. .. could be a rental for additional income or guest home for entertaining on the lake. Easy to show. Electric will need to be connected to the house, currently not connected.

ⓘ 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: $2,544 · $212/mo
• Projected year-2 tax: $2,544 · $212/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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,101
• − Mortgage interest: −$7,556
• − Property taxes: −$2,544
• − Insurance: −$674
• − Repairs & maintenance: −$1,048
• − Management: −$1,048
• − Depreciation: −$3,924
• Taxable loss: −$3,695
• Est. tax savings @ 24.0%: +$887
• After-tax cash flow: $-472/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: Byron Area Schools
• NCES district ID: 2607530
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 46% ▼ -5.00%
• Median HH income: $58,292
• Composite: 33.99/100
• National rank: #5319
• State rank: #215 of 540 in MI

Livability — Argentine

• Score: 65/100
• State rank: #453
• US rank: #12693

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,544

Population outlook (Genesee County) Hauer SSP2

• Today (2025): 381,312 people
• By 2030: 362,731 · -4.9%
• By 2040: 321,550 · -15.7%
• By 2050: 279,212 · -26.8%
• By 2075: 193,336 · -49.3%
• By 2100: 128,118 · -66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 5% Hispanic / Latino 1%
• Common ancestry: Romanian 8% Lithuanian 4% Slovak 4%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Genesee

• 2024 margin: Toss-up / Even · D 51.4% · R 47.2% · Other 1.4%
• 2008→2024 swing: -28.3pp toward R · 2008: 32.5pp · 2024: 4.2pp
• All cycles: 2024: D+4.2 2020: D+9.3 2016: D+9.5 2012: D+28.2 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.15%
• Current HPI: 251.0826
• 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

• 2026-04-02 Listed $134,900 MiRealSource-MiMLS
• 2026-04-02 Listed $134,900 REALCOMP

Property tax history

+2.4%/yr

Latest (2025): $2,544 · +4.0% YoY. Source: county tax records.