1924 Snow Rd · Waverly, MI 48917

$189,000

3 bd · 1.0 ba · 2,108 sqft · SingleFamily public records · 38 Days on market

Built 1955 0.82 ac lot $90/sqft · 39% below area Est $293k · 36% under ↓ 10% since listing

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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 +24.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +5.6/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom, 1-bath home sits on nearly one acre with a private, tree-lined backyard offering plenty of space and privacy. The home features first-floor laundry, central air, replacement windows, a newer roof & a waterproofed basement for added peace of mind. Hardwood floors are believed to be under the existing carpet, ready to be uncovered and restored. A large unfinished addition provides incredible potential, with space for up to four additional bedrooms or expanded living areas. Electrical has already been run throughout the addition but is currently disconnected, and the original windows have been covered by siding, giving the next owner the opportunity to complete the project to their liking. Bring your vision and unlock this home's full potential!AWESOME OPPORTUNITY FOR SOMEONE LOOKING TO BUILD QUICK EQUITY WITH THE POTENTIAL OF THAT ADDITION & A FEW UPDATES! ROOM AND LOT SIZES ARE APPROX- BUYER TO VERIFY

Key facts

• Newer roof
• First floor laundry
• Hardwood floors

Tags

• PRIVATE TREE LINED BACKYARD
• FIRST FLOOR LAUNDRY
• REPLACEMENT WINDOWS
• NEWER ROOF
• WATERPROOFED BASEMENT
• HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $396 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• Recommended offer: $183k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 4.3% in Waverly — 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 84/100 on livability (#39 in MI, #805 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• Waverly Community Schools (suburban): math 22% / reading 40% proficiency, ranked #341 of 540 in MI (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waverly Senior High School (math 17% / reading 52%, grade F, #372 of 713 statewide, top 56%, 1,000 students, 58% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 103 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 98 units permitted in Eaton County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($71k/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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $53k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $21k (10%) 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 $183,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
5. 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.
6. 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.
7. 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: 1.06% ✓
• Cap rate: 8.81%
• Cash-on-cash: 8.97%
• DSCR: 1.40
• GRM: 7.8

CMA / ARV

• ARV (median comp): $293,106
• List price: $189,000
• Delta: -35.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1924 Snow Rd	0.00mi	3/1.0	1,978 (-6%)	0mo	$80,000	$40	90
2419 Park St	0.70mi	3/2.0	1,996 (-5%)	4mo	$267,000	$134	51
1136 Arlington Dr	0.74mi	3/2.5	2,054 (-3%)	16mo	$246,500	$120	42
1122 Powderhorn	0.74mi	3/2.5	1,932 (-8%)	4mo	$289,900	$150	42
4530 Bittersweet Ln	0.61mi	3/2.5	2,312 (+10%)	10mo	$319,900	$138	40

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 · 4.74% rent growth · sell at horizon

5-year hold

• IRR: -0.9%
• Equity multiple: 0.96×
• Total profit: $-1,882
• Equity at exit: $28,181

10-year hold

• IRR: 10.4%
• Equity multiple: 1.87×
• Total profit: $45,863
• Equity at exit: $16,341

Cash invested: $52,920 (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 48917

• Rents YoY: 4.7%
• Active inventory: 103
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,008 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$121 /mo · $1,449/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $396

Break-even live

Break-even rent $1,507

Max offer price $189,000

Occupancy floor 75%

Sensitivity live

Price	-10% $503	-5% $449	+0% $396	+5% $342	+10% $289
Rent	-10% $237	-5% $316	+0% $396	+5% $475	+10% $554
Rate	-1.0pp $491	-0.5pp $444	base $396	+0.5pp $347	+1.0pp $297

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3548 Oakmont Dr Lansing, MI	3.0	3.0	2020	$2,850	$1.41	22d	1	1.21mi

Listing history 12 events

1. 2026-06-14
   listing id $189,000 Pending 38 DOM
2. 2026-05-08
   status Pending 942-char remark

   Show marketing remark (941 chars)

   This 3-bedroom, 1-bath home sits on nearly one acre with a private, tree-lined backyard offering plenty of space and privacy. The home features first-floor laundry, central air, replacement windows, a newer roof & a waterproofed basement for added peace of mind. Hardwood floors are believed to be under the existing carpet, ready to be uncovered and restored. A large unfinished addition provides incredible potential, with space for up to four additional bedrooms or expanded living areas. Electrical has already been run throughout the addition but is currently disconnected, and the original windows have been covered by siding, giving the next owner the opportunity to complete the project to their liking. Bring your vision and unlock this home's full potential! AWESOME OPPORTUNITY FOR SOMEONE LOOKING TO BUILD QUICK EQUITY WITH THE POTENTIAL OF THAT ADDITION & A FEW UPDATES! ROOM AND LOT SIZES ARE APPROX- BUYER TO VERIFY

3. 2026-05-08
   status Pending 941-char remark

   Show marketing remark (941 chars)

   This 3-bedroom, 1-bath home sits on nearly one acre with a private, tree-lined backyard offering plenty of space and privacy. The home features first-floor laundry, central air, replacement windows, a newer roof & a waterproofed basement for added peace of mind. Hardwood floors are believed to be under the existing carpet, ready to be uncovered and restored. A large unfinished addition provides incredible potential, with space for up to four additional bedrooms or expanded living areas. Electrical has already been run throughout the addition but is currently disconnected, and the original windows have been covered by siding, giving the next owner the opportunity to complete the project to their liking. Bring your vision and unlock this home's full potential! AWESOME OPPORTUNITY FOR SOMEONE LOOKING TO BUILD QUICK EQUITY WITH THE POTENTIAL OF THAT ADDITION & A FEW UPDATES! ROOM AND LOT SIZES ARE APPROX- BUYER TO VERIFY

4. 2026-05-05
   historical Active Under Contract 942-char remark

   Show marketing remark (941 chars)

   This 3-bedroom, 1-bath home sits on nearly one acre with a private, tree-lined backyard offering plenty of space and privacy. The home features first-floor laundry, central air, replacement windows, a newer roof & a waterproofed basement for added peace of mind. Hardwood floors are believed to be under the existing carpet, ready to be uncovered and restored. A large unfinished addition provides incredible potential, with space for up to four additional bedrooms or expanded living areas. Electrical has already been run throughout the addition but is currently disconnected, and the original windows have been covered by siding, giving the next owner the opportunity to complete the project to their liking. Bring your vision and unlock this home's full potential! AWESOME OPPORTUNITY FOR SOMEONE LOOKING TO BUILD QUICK EQUITY WITH THE POTENTIAL OF THAT ADDITION & A FEW UPDATES! ROOM AND LOT SIZES ARE APPROX- BUYER TO VERIFY

5. 2026-05-05
   historical Active Under Contract 941-char remark

   Show marketing remark (941 chars)

   This 3-bedroom, 1-bath home sits on nearly one acre with a private, tree-lined backyard offering plenty of space and privacy. The home features first-floor laundry, central air, replacement windows, a newer roof & a waterproofed basement for added peace of mind. Hardwood floors are believed to be under the existing carpet, ready to be uncovered and restored. A large unfinished addition provides incredible potential, with space for up to four additional bedrooms or expanded living areas. Electrical has already been run throughout the addition but is currently disconnected, and the original windows have been covered by siding, giving the next owner the opportunity to complete the project to their liking. Bring your vision and unlock this home's full potential! AWESOME OPPORTUNITY FOR SOMEONE LOOKING TO BUILD QUICK EQUITY WITH THE POTENTIAL OF THAT ADDITION & A FEW UPDATES! ROOM AND LOT SIZES ARE APPROX- BUYER TO VERIFY

6. 2026-05-02
   price $189,000 942-char remark

   Show marketing remark (942 chars)

   This 3-bedroom, 1-bath home sits on nearly one acre with a private, tree-lined backyard offering plenty of space and privacy. The home features first-floor laundry, central air, replacement windows, a newer roof & a waterproofed basement for added peace of mind. Hardwood floors are believed to be under the existing carpet, ready to be uncovered and restored. A large unfinished addition provides incredible potential, with space for up to four additional bedrooms or expanded living areas. Electrical has already been run throughout the addition but is currently disconnected, and the original windows have been covered by siding, giving the next owner the opportunity to complete the project to their liking. Bring your vision and unlock this home's full potential!AWESOME OPPORTUNITY FOR SOMEONE LOOKING TO BUILD QUICK EQUITY WITH THE POTENTIAL OF THAT ADDITION & A FEW UPDATES! ROOM AND LOT SIZES ARE APPROX- BUYER TO VERIFY

7. 2026-05-01
   price $189,000 941-char remark

   Show marketing remark (941 chars)

   This 3-bedroom, 1-bath home sits on nearly one acre with a private, tree-lined backyard offering plenty of space and privacy. The home features first-floor laundry, central air, replacement windows, a newer roof & a waterproofed basement for added peace of mind. Hardwood floors are believed to be under the existing carpet, ready to be uncovered and restored. A large unfinished addition provides incredible potential, with space for up to four additional bedrooms or expanded living areas. Electrical has already been run throughout the addition but is currently disconnected, and the original windows have been covered by siding, giving the next owner the opportunity to complete the project to their liking. Bring your vision and unlock this home's full potential! AWESOME OPPORTUNITY FOR SOMEONE LOOKING TO BUILD QUICK EQUITY WITH THE POTENTIAL OF THAT ADDITION & A FEW UPDATES! ROOM AND LOT SIZES ARE APPROX- BUYER TO VERIFY

8. 2026-05-01
   price $189,900 941-char remark

   Show marketing remark (941 chars)

   This 3-bedroom, 1-bath home sits on nearly one acre with a private, tree-lined backyard offering plenty of space and privacy. The home features first-floor laundry, central air, replacement windows, a newer roof & a waterproofed basement for added peace of mind. Hardwood floors are believed to be under the existing carpet, ready to be uncovered and restored. A large unfinished addition provides incredible potential, with space for up to four additional bedrooms or expanded living areas. Electrical has already been run throughout the addition but is currently disconnected, and the original windows have been covered by siding, giving the next owner the opportunity to complete the project to their liking. Bring your vision and unlock this home's full potential! AWESOME OPPORTUNITY FOR SOMEONE LOOKING TO BUILD QUICK EQUITY WITH THE POTENTIAL OF THAT ADDITION & A FEW UPDATES! ROOM AND LOT SIZES ARE APPROX- BUYER TO VERIFY

9. 2026-04-20
   price $199,900 942-char remark

   Show marketing remark (941 chars)

   This 3-bedroom, 1-bath home sits on nearly one acre with a private, tree-lined backyard offering plenty of space and privacy. The home features first-floor laundry, central air, replacement windows, a newer roof & a waterproofed basement for added peace of mind. Hardwood floors are believed to be under the existing carpet, ready to be uncovered and restored. A large unfinished addition provides incredible potential, with space for up to four additional bedrooms or expanded living areas. Electrical has already been run throughout the addition but is currently disconnected, and the original windows have been covered by siding, giving the next owner the opportunity to complete the project to their liking. Bring your vision and unlock this home's full potential! AWESOME OPPORTUNITY FOR SOMEONE LOOKING TO BUILD QUICK EQUITY WITH THE POTENTIAL OF THAT ADDITION & A FEW UPDATES! ROOM AND LOT SIZES ARE APPROX- BUYER TO VERIFY

10. 2026-04-20
    price $199,900 941-char remark

    Show marketing remark (941 chars)

    This 3-bedroom, 1-bath home sits on nearly one acre with a private, tree-lined backyard offering plenty of space and privacy. The home features first-floor laundry, central air, replacement windows, a newer roof & a waterproofed basement for added peace of mind. Hardwood floors are believed to be under the existing carpet, ready to be uncovered and restored. A large unfinished addition provides incredible potential, with space for up to four additional bedrooms or expanded living areas. Electrical has already been run throughout the addition but is currently disconnected, and the original windows have been covered by siding, giving the next owner the opportunity to complete the project to their liking. Bring your vision and unlock this home's full potential! AWESOME OPPORTUNITY FOR SOMEONE LOOKING TO BUILD QUICK EQUITY WITH THE POTENTIAL OF THAT ADDITION & A FEW UPDATES! ROOM AND LOT SIZES ARE APPROX- BUYER TO VERIFY

11. 2026-03-31
    listed $209,900 Active 942-char remark

    Show marketing remark (941 chars)

    This 3-bedroom, 1-bath home sits on nearly one acre with a private, tree-lined backyard offering plenty of space and privacy. The home features first-floor laundry, central air, replacement windows, a newer roof & a waterproofed basement for added peace of mind. Hardwood floors are believed to be under the existing carpet, ready to be uncovered and restored. A large unfinished addition provides incredible potential, with space for up to four additional bedrooms or expanded living areas. Electrical has already been run throughout the addition but is currently disconnected, and the original windows have been covered by siding, giving the next owner the opportunity to complete the project to their liking. Bring your vision and unlock this home's full potential! AWESOME OPPORTUNITY FOR SOMEONE LOOKING TO BUILD QUICK EQUITY WITH THE POTENTIAL OF THAT ADDITION & A FEW UPDATES! ROOM AND LOT SIZES ARE APPROX- BUYER TO VERIFY

12. 2026-03-31
    listed $209,900 Active 941-char remark

    Show marketing remark (941 chars)

    This 3-bedroom, 1-bath home sits on nearly one acre with a private, tree-lined backyard offering plenty of space and privacy. The home features first-floor laundry, central air, replacement windows, a newer roof & a waterproofed basement for added peace of mind. Hardwood floors are believed to be under the existing carpet, ready to be uncovered and restored. A large unfinished addition provides incredible potential, with space for up to four additional bedrooms or expanded living areas. Electrical has already been run throughout the addition but is currently disconnected, and the original windows have been covered by siding, giving the next owner the opportunity to complete the project to their liking. Bring your vision and unlock this home's full potential! AWESOME OPPORTUNITY FOR SOMEONE LOOKING TO BUILD QUICK EQUITY WITH THE POTENTIAL OF THAT ADDITION & A FEW UPDATES! ROOM AND LOT SIZES ARE APPROX- BUYER TO VERIFY

ⓘ 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: $1,449 · $121/mo
• Projected year-2 tax: $2,180 · $182/mo
• Expected delta: +$731/yr (+$61/mo · 50.4%)

ⓘ 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 ≥97°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: $24,098
• − Mortgage interest: −$10,587
• − Property taxes: −$1,449
• − Insurance: −$945
• − Repairs & maintenance: −$1,928
• − Management: −$1,928
• − Depreciation: −$5,498
• Taxable income: $1,763
• Est. tax owed @ 24.0%: −$423
• After-tax cash flow: $4,326/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: Waverly Community Schools
• NCES district ID: 2635520
• Math proficiency: 22% ▼ -5.00%
• Reading proficiency: 40% ▼ -2.00%
• Median HH income: $51,325
• Composite: 27.09/100
• National rank: #7043
• State rank: #341 of 540 in MI

Livability — Waverly

• Score: 84/100
• State rank: #39
• US rank: #805

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Eaton County · 52,430 people
• City population: 32,029
• Metro: Lansing-East Lansing, MI
• Population (ZIP): 32,483
• Household income: $70,990
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1196.0

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 (67%)
• Race & ethnicity: White 67% Black 14% Hispanic / Latino 9% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 88% English-only · Spanish 4% Other Indo-European 2% Other Asian/Pacific 2%

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: ▼ -191.60%
• Current HPI: 189.2075
• Rent YoY: ▲ 4.74%
• Metro: Lansing-East Lansing, 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

-10.0% since first listed

11 events — show timeline

• 2026-05-08 Pending — REALCOMP
• 2026-05-08 Pending — Greater Lansing AoR
• 2026-05-05 Contingent — REALCOMP
• 2026-05-05 Contingent — Greater Lansing AoR
• 2026-05-02 Price Changed $189,000 REALCOMP
• 2026-05-01 Price Changed $189,000 Greater Lansing AoR
• 2026-05-01 Price Changed $189,900 Greater Lansing AoR
• 2026-04-20 Price Changed $199,900 REALCOMP
• 2026-04-20 Price Changed $199,900 Greater Lansing AoR
• 2026-03-31 Listed $209,900 Greater Lansing AoR
• 2026-03-31 Listed $209,900 REALCOMP

Property tax history

-3.7%/yr

Latest (2025): $1,449 · -38.9% YoY. Source: county tax records.