212 W Michigan St · Leavitt, MI 49459

$61,900

3 bd · 1.0 ba · 1,240 sqft · SingleFamily · 149 Days on market

Built 1920 0.30 ac lot $50/sqft · 29% below area Est $88k · 29% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

Make it your own! ready for your design and taste! Could be a beautiful farm house with a double lot in the heart of Walkerville. Large detached 2 car garage (24x32) and a corner lot. Lots of potential in this rehab home. Pellet stove main floor, propane wall heater. Buyer to confirm all information. Cash or conventional loans only!

Key facts

• Double lot
• Propane wall heater
• Pellet stove

Tags

• DOUBLE LOT
• CORNER LOT
• PELLET STOVE
• PROPANE WALL HEATER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $62k.

Deal economics

• At list price, monthly cash flow is $539 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Recommended offer: $54k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade A — affects rentability + tenant quality, not the cash-flow math above.
• Walkerville Public Schools (rural): math 20% / reading 25% proficiency, ranked #624 of 760 in MI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 23 active listings in the ZIP; 147 units permitted in Oceana County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($428 loan paydown + $4k appreciation (5.9% local appreciation)).
• Oceana County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.9% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y 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 $17k; list at $62k implies a 264% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $54,472 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.88% ✓
• Cap rate: 16.74%
• Cash-on-cash: 37.31%
• DSCR: 2.66
• GRM: 4.4

CMA / ARV

• ARV (median comp): $87,736
• List price: $61,900
• Delta: -29.45%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
138 W North St	0.10mi	3/2.0	1,350 (+9%)	6mo	$150,000	$111	71
253 Main St	0.34mi	2/1.0 (-1)	1,140 (-8%)	5mo	$59,900	$53	62
164 S Hamon St	0.44mi	2/1.0 (-1)	1,176 (-5%)	16mo	$42,000	$36	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.88% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 47.1%
• Equity multiple: 3.99×
• Total profit: $51,744
• Equity at exit: $38,445

10-year hold

• IRR: 44.2%
• Equity multiple: 8.24×
• Total profit: $125,419
• Equity at exit: $69,319

Cash invested: $17,332 (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 49459

• Home prices YoY: 3.7%
• Active inventory: 23
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,161 medium
• Mortgage (P&I): −$325
• Tax from tax record: −$28 /mo · $334/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $539

Break-even live

Break-even rent $479

Max offer price $61,900

Occupancy floor 49%

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: $15,475
• Closing costs: $1,857
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $61,900 Active 149 DOM
2. 2026-06-17
   days on market $61,900 Active 148 DOM
3. 2026-06-16
   days on market $61,900 Active 147 DOM
4. 2026-06-15
   days on market $61,900 Active 146 DOM
5. 2026-06-13
   days on market $61,900 Active 144 DOM
6. 2026-06-12
   days on market $61,900 Active 143 DOM
7. 2026-06-09
   days on market $61,900 Active 140 DOM
8. 2026-06-08
   days on market $61,900 Active 139 DOM
9. 2026-06-07
   days on market $61,900 Active 138 DOM
10. 2026-06-05
    days on market $61,900 Active 136 DOM
11. 2026-06-04
    days on market $61,900 Active 134 DOM
12. 2026-06-02
    days on market $61,900 Active 133 DOM
13. 2026-06-01
    days on market $61,900 Active 132 DOM
14. 2026-05-31
    days on market $61,900 Active 131 DOM
15. 2026-05-31
    days on market $61,900 Active 130 DOM
16. 2026-01-20
    listed $61,900 Active 334-char remark

    Show marketing remark (334 chars)

    Make it your own! ready for your design and taste! Could be a beautiful farm house with a double lot in the heart of Walkerville. Large detached 2 car garage (24x32) and a corner lot. Lots of potential in this rehab home. Pellet stove main floor, propane wall heater. Buyer to confirm all information. Cash or conventional loans only!

17. 2026-01-20
    listed $61,900 Active 334-char remark

    Show marketing remark (334 chars)

    Make it your own! ready for your design and taste! Could be a beautiful farm house with a double lot in the heart of Walkerville. Large detached 2 car garage (24x32) and a corner lot. Lots of potential in this rehab home. Pellet stove main floor, propane wall heater. Buyer to confirm all information. Cash or conventional loans only!

18. 2026-01-20
    listed $61,900 Active

    Show marketing remark (334 chars)

    Make it your own! ready for your design and taste! Could be a beautiful farm house with a double lot in the heart of Walkerville. Large detached 2 car garage (24x32) and a corner lot. Lots of potential in this rehab home. Pellet stove main floor, propane wall heater. Buyer to confirm all information. Cash or conventional loans only!

19. 2022-04-27
    historical
20. 2022-04-26
    historical
21. 2022-04-26
    historical
22. 2022-04-18
    price $34,900
23. 2022-04-18
    price $34,900
24. 2022-04-11
    listed $39,900 Active
25. 2022-04-11
    listed $39,900 Active
26. 2022-04-11
    listed $34,900
27. 2016-04-03
    soldstatus $17,000

ⓘ 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: $334 · $28/mo
• Projected year-2 tax: $644 · $54/mo
• Expected delta: +$310/yr (+$26/mo · 92.8%)

ⓘ 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 1/10 Low 7 d/yr ≥95°F today · 15 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: $13,931
• − Mortgage interest: −$3,467
• − Property taxes: −$334
• − Insurance: −$310
• − Repairs & maintenance: −$1,115
• − Management: −$1,115
• − Depreciation: −$1,801
• Taxable income: $5,791
• Est. tax owed @ 24.0%: −$1,390
• After-tax cash flow: $5,077/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: Walkerville Public Schools
• NCES district ID: 2635130
• Math proficiency: 20% ▲ 5.00%
• Reading proficiency: 25% ▲ 10.00%
• Median HH income: $36,426
• Composite: 21.82/100
• National rank: #13574
• State rank: #624 of 760 in MI

Livability — Leavitt

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

Census & demographics

• Census place: Walkerville, MI
• Population (ZIP): 1,551

Population outlook (Oceana County) Hauer SSP2

• Today (2025): 25,141 people
• By 2030: 24,324 · -3.2%
• By 2040: 22,484 · -10.6%
• By 2050: 20,561 · -18.2%
• By 2075: 16,280 · -35.2%
• By 2100: 11,376 · -54.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 17% Two or more races 15% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Iranian 2% Romanian 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 87% English-only · Spanish 12% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Oceana

• 2024 margin: Solid R (+30.0) · D 34.2% · R 64.2% · Other 1.6%
• 2008→2024 swing: -34.4pp toward R · 2008: 4.3pp · 2024: -30.0pp
• All cycles: 2024: R+30.0 2020: R+28.1 2016: R+27.3 2012: R+10.3 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.88%
• Current HPI: 165.4039
• 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

+264.1% since first listed

12 events — show timeline

• 2026-01-20 Listed $61,900 REALCOMP
• 2026-01-20 Listed $61,900 SW Michigan MLS
• 2026-01-20 Listed $61,900 MiRealSource-MiMLS
• 2022-04-27 Listing Removed — MiRealSource-MiMLS
• 2022-04-26 Listing Removed — REALCOMP
• 2022-04-26 Listing Removed — SW Michigan MLS
• 2022-04-18 Price Changed $34,900 REALCOMP
• 2022-04-18 Price Changed $34,900 SW Michigan MLS
• 2022-04-11 Listed $34,900 MiRealSource-MiMLS
• 2022-04-11 Listed $39,900 SW Michigan MLS
• 2022-04-11 Listed $39,900 REALCOMP
• 2016-04-03 Sold (Public Records) $17,000 Public Records

Property tax history

-10.8%/yr

Latest (2025): $334 · -77.0% YoY. Source: county tax records.