3319 Henry St · Midland, MI 48642

$229,990

4 bd · 1.0 ba · 1,820 sqft · MultiFamily public records · 44 Days on market

Built 1980 0.38 ac lot $126/sqft · 16% below area Est $274k · 16% under

---

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 +27.6/30.0
• ARV discount +14.7/15.0
• DSCR +9.7/10.0
• 1% rule +7.6/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

HAVE MORE INCOME ON HENRY! Here is your next invest property that boasts a strong rental history and great neighborhood. Featuring 2 bedrooms and 1 full bathroom per side, these units are rarely unoccupied and perform very well. Each side also has an attached 1.5 car garage and a partial basement. If you're decided how to make your portfolio stronger, you better see this duplex! Call today for your private showing. 24 hr notice for showings please.

Key facts

• 0.38 acre lot
• 2 garage spots
• Built 1980

Property features AI

Finance

• Financial info: Unit rents reported: $950 and $800

Exterior

• Parking: Attached garage; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: One-story building; Residential income / Multi-family property; Facing information not provided
• Construction: Aluminum siding; Block foundation; Built with block basement
• Exterior features: Front porch; Paved road frontage; Curbs

Interior

• Kitchen: Oven; Range; Refrigerator; Gas water heater
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Separate meters; No central cooling
• Interior features: Cathedral ceilings; Crawl space basement with block foundation

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $687 ($8k/yr) — positive. Per door: $343/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $223k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 4.4% in Midland — 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 85/100 on livability (#28 in MI, #578 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Midland Public Schools (urban): math 49% / reading 64% proficiency, ranked #62 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 97 active listings in the ZIP; solid renter incomes; 320 units permitted in Midland County in 2024 (204 in 5+ unit buildings).
• This rent runs 45% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Midland County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago 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.
• Current owner paid $103k; list at $230k implies a 123% gain — meaningful room to come down on a strong offer.

Recommended offer $223,090 (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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.80%
• DSCR: 1.57
• GRM: 6.6

CMA / ARV

• ARV (median comp): $273,707
• List price: $229,990
• Delta: -15.97%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1404 & 1406 Illinois Dr	0.54mi	4/2.0	1,690 (-7%)	14mo	$240,000	$142	47

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 · 0.6% rent growth · sell at horizon

5-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-307
• Equity at exit: $34,292

10-year hold

• IRR: 6.9%
• Equity multiple: 1.46×
• Total profit: $29,562
• Equity at exit: $19,885

Cash invested: $64,397 (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 48642

• Home prices YoY: -31.4%
• Rents YoY: 0.6%
• Active inventory: 97
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,894 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$298 /mo · $3,572/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$608
• Net cashflow: $687

Break-even live

Break-even rent $2,025

Max offer price $229,990

Occupancy floor 71%

Sensitivity live

Price	-10% $817	-5% $752	+0% $687	+5% $622	+10% $557
Rent	-10% $458	-5% $572	+0% $687	+5% $801	+10% $915
Rate	-1.0pp $803	-0.5pp $745	base $687	+0.5pp $627	+1.0pp $566

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,894
Total (2 units)			$2,894

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: $57,498
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-08
   status $229,990 Pending 44 DOM
2. 2026-06-07
   days on market $229,990 Active 44 DOM

   Show marketing remark (452 chars)

   HAVE MORE INCOME ON HENRY! Here is your next invest property that boasts a strong rental history and great neighborhood. Featuring 2 bedrooms and 1 full bathroom per side, these units are rarely unoccupied and perform very well. Each side also has an attached 1.5 car garage and a partial basement. If you're decided how to make your portfolio stronger, you better see this duplex! Call today for your private showing. 24 hr notice for showings please.

3. 2026-06-02
   days on market $229,990 Active 39 DOM
4. 2026-06-01
   days on market $229,990 Active 38 DOM
5. 2026-05-31
   days on market $229,990 Active 37 DOM
6. 2026-05-30
   days on market $229,990 Active 36 DOM
7. 2026-05-18
   price $229,990 452-char remark

   Show marketing remark (452 chars)

   HAVE MORE INCOME ON HENRY! Here is your next invest property that boasts a strong rental history and great neighborhood. Featuring 2 bedrooms and 1 full bathroom per side, these units are rarely unoccupied and perform very well. Each side also has an attached 1.5 car garage and a partial basement. If you're decided how to make your portfolio stronger, you better see this duplex! Call today for your private showing. 24 hr notice for showings please.

8. 2026-05-17
   price $229,990 452-char remark
9. 2026-05-13
   status Active 452-char remark
10. 2026-05-12
    historical 452-char remark
11. 2026-04-23
    listed $239,900 Active 452-char remark

    Show marketing remark (452 chars)

    HAVE MORE INCOME ON HENRY! Here is your next invest property that boasts a strong rental history and great neighborhood. Featuring 2 bedrooms and 1 full bathroom per side, these units are rarely unoccupied and perform very well. Each side also has an attached 1.5 car garage and a partial basement. If you're decided how to make your portfolio stronger, you better see this duplex! Call today for your private showing. 24 hr notice for showings please.

12. 2026-04-23
    listed $239,900 Active 452-char remark

    Show marketing remark (452 chars)

    HAVE MORE INCOME ON HENRY! Here is your next invest property that boasts a strong rental history and great neighborhood. Featuring 2 bedrooms and 1 full bathroom per side, these units are rarely unoccupied and perform very well. Each side also has an attached 1.5 car garage and a partial basement. If you're decided how to make your portfolio stronger, you better see this duplex! Call today for your private showing. 24 hr notice for showings please.

13. 2025-01-06
    historical
14. 2025-01-06
    historical
15. 2024-11-12
    price $222,500
16. 2024-10-19
    price $230,000
17. 2024-07-18
    listed $245,000 Active
18. 2024-07-18
    listed $222,500 Active
19. 2013-11-01
    soldstatus $103,000
20. 2006-10-20
    soldstatus $225,000

ⓘ 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: $3,572 · $298/mo
• Projected year-2 tax: $3,572 · $298/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 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,728
• − Mortgage interest: −$12,883
• − Property taxes: −$3,572
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,778
• − Management: −$2,778
• − Depreciation: −$6,691
• Taxable income: $4,876
• Est. tax owed @ 24.0%: −$1,170
• After-tax cash flow: $7,070/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: Midland Public Schools
• NCES district ID: 2623820
• Math proficiency: 49% ▼ -6.00%
• Reading proficiency: 64% ▼ -3.00%
• Median HH income: $55,844
• Composite: 48.67/100
• National rank: #2105
• State rank: #62 of 540 in MI

Livability — Midland

• Score: 85/100
• State rank: #28
• US rank: #578

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, MI
• County: Midland County · 66,531 people
• City population: 66,531
• Metro: Midland, MI
• Population (ZIP): 34,039
• Household income: $77,847
• Rent vs Own: 25.3% rent · 74.7% own
• Severe rent burden: 935.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 83,968 people
• By 2030: 83,368 · -0.7%
• By 2040: 80,713 · -3.9%
• By 2050: 76,698 · -8.7%
• By 2075: 67,617 · -19.5%
• By 2100: 57,529 · -31.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 4% Asian 4% Two or more races 3% Black 2%
• Common ancestry: Romanian 8% Lithuanian 5% Italian 3%
• Foreign-born: 5% · Canada, China, Vietnam
• Languages at home: 95% English-only · Other Indo-European 1% Spanish 1% Chinese 1%

Political lean MEDSL · Midland

• 2024 margin: R (+15.2) · D 41.6% · R 56.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: -3.6pp · 2024: -15.2pp
• All cycles: 2024: R+15.2 2020: R+14.6 2016: R+19.4 2012: R+15.5 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.89%
• Current HPI: 192.0812
• Rent YoY: ▲ 0.60%
• Metro: Midland, MI
• 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

+2.2% since first listed

16 events — show timeline

• 2026-06-07 Pending — REALCOMP
• 2026-06-07 Pending — MiRealSource-MiMLS
• 2026-05-18 Price Changed $229,990 MiRealSource-MiMLS
• 2026-05-17 Price Changed $229,990 REALCOMP
• 2026-05-13 Relisted — REALCOMP
• 2026-05-12 Listing Removed — REALCOMP
• 2026-04-23 Listed $239,900 REALCOMP
• 2026-04-23 Listed $239,900 MiRealSource-MiMLS
• 2025-01-06 Listing Removed — REALCOMP
• 2025-01-06 Listing Removed — MiRealSource-MiMLS
• 2024-11-12 Price Changed $222,500 MiRealSource-MiMLS
• 2024-10-19 Price Changed $230,000 MiRealSource-MiMLS
• 2024-07-18 Listed $222,500 REALCOMP
• 2024-07-18 Listed $245,000 MiRealSource-MiMLS
• 2013-11-01 Sold (Public Records) $103,000 Public Records
• 2006-10-20 Sold (Public Records) $225,000 Public Records

Property tax history

+1.5%/yr

Latest (2024): $3,572 · +5.8% YoY. Source: county tax records.