606 8th St · Three Rivers, MI 49093

$56,900

3 bd · 1.0 ba · 1,533 sqft · SingleFamily public records · 55 Days on market

Built 1900 8,276 sqft lot $37/sqft · 65% below area

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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
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * * CASH / Renovation loan / Land contractGREAT Investor Special Opportunity awaits with this fixer-upper in the heart of Three Rivers! The rehab has started and now features new vinyl siding that is nearly finished and the roof replacement is awaiting the shingles to be installed. Come with your tool box to complete this renovation project either as a SFR or possibly a 2-unit dwelling. Upper level is plumbed for a full bathroom and kitchen. Featuring a total of 4 spacious rooms, 2 full bathrooms with a sizable lot, and a convenient location, this property is perfect for investors or ambitious homeowners ready to bring it back to life. Don't miss this chance to add value in a growing market! MOTIVATED Sellers and all reasonable offers will be considered.

Key facts

• Roof replacement
• New vinyl siding
• Convenient location

Tags

• NEW VINYL SIDING
• ROOF REPLACEMENT
• PLUMBED FOR A FULL BATHROOM
• PLUMBED FOR A KITCHEN
• SIZABLE LOT
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $57k.

Deal economics

• At list price, monthly cash flow is $737 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $57k).
• Recommended offer: $55k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.8% vs local median 5.2% in Three Rivers — 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 (#306 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D, amenities F.
• Three Rivers Community Schools (town): math 37% / reading 45% proficiency, ranked #200 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 178 active listings in the ZIP; 125 units permitted in St. Joseph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $393 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• St. Joseph County population projected at -16% 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 $16k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 35y ago; this cycle's ask has dropped $3k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $57k implies a 128% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $55,193 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 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 1900 — 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 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?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 2.47% ✓
• Cap rate: 21.83%
• Cash-on-cash: 55.47%
• DSCR: 3.47
• GRM: 3.4

CMA / ARV

• ARV (median comp): $160,643
• List price: $56,900
• Delta: -64.58%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
809 State St	0.20mi	3/1.0	1,500 (-2%)	9mo	$165,000	$110	79
1006 Madison St	0.14mi	4/1.5 (+1)	1,400 (-9%)	9mo	$162,000	$116	64
1209 7th St	0.43mi	3/3.0	1,501 (-2%)	6mo	$195,000	$130	63
902 4th St	0.32mi	2/1.0 (-1)	1,410 (-8%)	9mo	$30,000	$21	59
210 Middle St	0.43mi	3/1.5	1,399 (-9%)	6mo	$69,500	$50	58
919 4th St	0.37mi	3/1.0	1,304 (-15%)	2mo	$55,000	$42	56
1016 4th St	0.39mi	3/1.5	1,357 (-12%)	7mo	$180,000	$133	54
305 Pearl St	0.46mi	3/2.0	1,648 (+8%)	10mo	$215,000	$130	54
1319 S Main St	0.53mi	3/1.0	1,404 (-8%)	10mo	$150,000	$107	53
612 S Hooker Ave	0.72mi	4/2.0 (+1)	1,524 (-1%)	10mo	$195,000	$128	48
424 Fourth Ave	0.65mi	3/1.0	1,407 (-8%)	10mo	$185,000	$131	47
632 Spring St	0.61mi	4/2.0 (+1)	1,653 (+8%)	8mo	$180,000	$109	43

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: 53.8%
• Equity multiple: 3.37×
• Total profit: $37,699
• Equity at exit: $8,484

10-year hold

• IRR: 58.9%
• Equity multiple: 6.85×
• Total profit: $93,272
• Equity at exit: $4,920

Cash invested: $15,932 (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 49093

• Active inventory: 178
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,407 medium
• Mortgage (P&I): −$298
• Tax from tax record: −$53 /mo · $637/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $737

Break-even live

Break-even rent $475

Max offer price $56,900

Occupancy floor 43%

Sensitivity live

Price	-10% $769	-5% $753	+0% $737	+5% $720	+10% $704
Rent	-10% $625	-5% $681	+0% $737	+5% $792	+10% $848
Rate	-1.0pp $765	-0.5pp $751	base $737	+0.5pp $722	+1.0pp $707

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: $14,225
• Closing costs: $1,707
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-04-19
   price $56,900 768-char remark

   Show marketing remark (769 chars)

   * * * CASH / Renovation loan / Land contractGREAT Investor Special Opportunity awaits with this fixer-upper in the heart of Three Rivers! The rehab has started and now features new vinyl siding that is nearly finished and the roof replacement is awaiting the shingles to be installed. Come with your tool box to complete this renovation project either as a SFR or possibly a 2-unit dwelling. Upper level is plumbed for a full bathroom and kitchen. Featuring a total of 4 spacious rooms, 2 full bathrooms with a sizable lot, and a convenient location, this property is perfect for investors or ambitious homeowners ready to bring it back to life. Don't miss this chance to add value in a growing market! MOTIVATED Sellers and all reasonable offers will be considered.

2. 2026-04-19
   price $56,900 769-char remark

   Show marketing remark (769 chars)

   * * * CASH / Renovation loan / Land contractGREAT Investor Special Opportunity awaits with this fixer-upper in the heart of Three Rivers! The rehab has started and now features new vinyl siding that is nearly finished and the roof replacement is awaiting the shingles to be installed. Come with your tool box to complete this renovation project either as a SFR or possibly a 2-unit dwelling. Upper level is plumbed for a full bathroom and kitchen. Featuring a total of 4 spacious rooms, 2 full bathrooms with a sizable lot, and a convenient location, this property is perfect for investors or ambitious homeowners ready to bring it back to life. Don't miss this chance to add value in a growing market! MOTIVATED Sellers and all reasonable offers will be considered.

3. 2026-04-19
   price $56,900

   Show marketing remark (769 chars)

   * * * CASH / Renovation loan / Land contractGREAT Investor Special Opportunity awaits with this fixer-upper in the heart of Three Rivers! The rehab has started and now features new vinyl siding that is nearly finished and the roof replacement is awaiting the shingles to be installed. Come with your tool box to complete this renovation project either as a SFR or possibly a 2-unit dwelling. Upper level is plumbed for a full bathroom and kitchen. Featuring a total of 4 spacious rooms, 2 full bathrooms with a sizable lot, and a convenient location, this property is perfect for investors or ambitious homeowners ready to bring it back to life. Don't miss this chance to add value in a growing market! MOTIVATED Sellers and all reasonable offers will be considered.

4. 2026-04-01
   listed $59,900 Active 768-char remark

   Show marketing remark (769 chars)

   * * * CASH / Renovation loan / Land contractGREAT Investor Special Opportunity awaits with this fixer-upper in the heart of Three Rivers! The rehab has started and now features new vinyl siding that is nearly finished and the roof replacement is awaiting the shingles to be installed. Come with your tool box to complete this renovation project either as a SFR or possibly a 2-unit dwelling. Upper level is plumbed for a full bathroom and kitchen. Featuring a total of 4 spacious rooms, 2 full bathrooms with a sizable lot, and a convenient location, this property is perfect for investors or ambitious homeowners ready to bring it back to life. Don't miss this chance to add value in a growing market! MOTIVATED Sellers and all reasonable offers will be considered.

5. 2026-04-01
   listed $59,900 Active 769-char remark

   Show marketing remark (769 chars)

   * * * CASH / Renovation loan / Land contractGREAT Investor Special Opportunity awaits with this fixer-upper in the heart of Three Rivers! The rehab has started and now features new vinyl siding that is nearly finished and the roof replacement is awaiting the shingles to be installed. Come with your tool box to complete this renovation project either as a SFR or possibly a 2-unit dwelling. Upper level is plumbed for a full bathroom and kitchen. Featuring a total of 4 spacious rooms, 2 full bathrooms with a sizable lot, and a convenient location, this property is perfect for investors or ambitious homeowners ready to bring it back to life. Don't miss this chance to add value in a growing market! MOTIVATED Sellers and all reasonable offers will be considered.

6. 2026-04-01
   listed $59,900 Active

   Show marketing remark (769 chars)

   * * * CASH / Renovation loan / Land contractGREAT Investor Special Opportunity awaits with this fixer-upper in the heart of Three Rivers! The rehab has started and now features new vinyl siding that is nearly finished and the roof replacement is awaiting the shingles to be installed. Come with your tool box to complete this renovation project either as a SFR or possibly a 2-unit dwelling. Upper level is plumbed for a full bathroom and kitchen. Featuring a total of 4 spacious rooms, 2 full bathrooms with a sizable lot, and a convenient location, this property is perfect for investors or ambitious homeowners ready to bring it back to life. Don't miss this chance to add value in a growing market! MOTIVATED Sellers and all reasonable offers will be considered.

7. 2026-02-10
   historical
8. 2026-01-05
   price $54,900
9. 2026-01-04
   price $54,900
10. 2026-01-04
    price $54,900
11. 2025-12-13
    listed $59,900 Active
12. 2025-12-13
    listed $59,900 Active
13. 2025-12-01
    historical
14. 2025-11-30
    historical
15. 2025-10-24
    price $49,900
16. 2025-10-23
    price $49,900
17. 2025-10-23
    price $49,900
18. 2025-10-08
    listed $59,900 Active
19. 2025-10-08
    listed $59,900 Active
20. 2025-05-19
    soldstatus $25,000 Closed
21. 2025-05-19
    soldstatus $25,000 Closed
22. 2025-05-19
    soldstatus $25,000 Sold
23. 2025-05-07
    status Pending
24. 2025-05-07
    status Pending
25. 2025-05-07
    status Pending
26. 2025-03-19
    listed $40,000 Active
27. 2025-03-19
    listed $40,000 Active
28. 2025-03-19
    listed $40,000 Active
29. 2014-09-15
    historical
30. 2008-12-23
    soldstatus $8,500
31. 2008-12-23
    soldstatus $8,500
32. 2008-11-21
    listed $8,900
33. 2008-11-21
    listed $8,900
34. 1991-12-31
    historical
35. 1991-01-06
    listed $34,000
36. 1991-01-06
    listed $34,000

ⓘ 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: $637 · $53/mo
• Projected year-2 tax: $757 · $63/mo
• Expected delta: +$120/yr (+$10/mo · 18.8%)

ⓘ 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 2/10 Low 7 d/yr ≥101°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: $16,887
• − Mortgage interest: −$3,187
• − Property taxes: −$637
• − Insurance: −$284
• − Repairs & maintenance: −$1,351
• − Management: −$1,351
• − Depreciation: −$1,655
• Taxable income: $8,421
• Est. tax owed @ 24.0%: −$2,021
• After-tax cash flow: $6,817/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: Three Rivers Community Schools
• NCES district ID: 2633840
• Math proficiency: 37% ▲ 1.00%
• Reading proficiency: 45% ▼ -3.00%
• Median HH income: $46,576
• Composite: 34.97/100
• National rank: #5058
• State rank: #200 of 540 in MI

Livability — Three Rivers

• Score: 70/100
• State rank: #306
• US rank: #7604

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Three Rivers, MI
• Population (ZIP): 18,439

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 58,726 people
• By 2030: 57,030 · -2.9%
• By 2040: 53,266 · -9.3%
• By 2050: 49,343 · -16.0%
• By 2075: 40,441 · -31.1%
• By 2100: 31,981 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 5% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 11% Iranian 5% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Solid R (+34.0) · D 32.2% · R 66.2% · Other 1.5%
• 2008→2024 swing: -31.8pp toward R · 2008: -2.2pp · 2024: -34.0pp
• All cycles: 2024: R+34.0 2020: R+31.7 2016: R+31.0 2012: R+12.3 2008: R+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.07%
• Current HPI: 226.5079
• 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

+67.4% since first listed

36 events — show timeline

• 2026-04-19 Price Changed $56,900 MiRealSource-MiMLS
• 2026-04-19 Price Changed $56,900 REALCOMP
• 2026-04-19 Price Changed $56,900 SW Michigan MLS
• 2026-04-01 Listed $59,900 SW Michigan MLS
• 2026-04-01 Listed $59,900 REALCOMP
• 2026-04-01 Listed $59,900 MiRealSource-MiMLS
• 2026-02-10 Listing Removed — MiRealSource-MiMLS
• 2026-01-05 Price Changed $54,900 MiRealSource-MiMLS
• 2026-01-04 Price Changed $54,900 REALCOMP
• 2026-01-04 Price Changed $54,900 SW Michigan MLS
• 2025-12-13 Listed $59,900 REALCOMP
• 2025-12-13 Listed $59,900 MiRealSource-MiMLS
• 2025-12-01 Listing Removed — MiRealSource-MiMLS
• 2025-11-30 Listing Removed — REALCOMP
• 2025-10-24 Price Changed $49,900 MiRealSource-MiMLS
• 2025-10-23 Price Changed $49,900 REALCOMP
• 2025-10-23 Price Changed $49,900 SW Michigan MLS
• 2025-10-08 Listed $59,900 REALCOMP
• 2025-10-08 Listed $59,900 MiRealSource-MiMLS
• 2025-05-19 Sold (MLS) $25,000 SW Michigan MLS
• 2025-05-19 Sold (MLS) $25,000 MiRealSource-MiMLS
• 2025-05-19 Sold (MLS) $25,000 REALCOMP
• 2025-05-07 Pending — MiRealSource-MiMLS
• 2025-05-07 Pending — REALCOMP
• 2025-05-07 Pending — SW Michigan MLS
• 2025-03-19 Listed $40,000 SW Michigan MLS
• 2025-03-19 Listed $40,000 MiRealSource-MiMLS
• 2025-03-19 Listed $40,000 REALCOMP
• 2014-09-15 Listing Removed — SW Michigan MLS
• 2008-12-23 Sold (MLS) $8,500 REALCOMP
• 2008-12-23 Sold (MLS) $8,500 SW Michigan MLS
• 2008-11-21 Listed $8,900 REALCOMP
• 2008-11-21 Listed $8,900 SW Michigan MLS
• 1991-12-31 Listing Removed — REALCOMP
• 1991-01-06 Listed $34,000 REALCOMP
• 1991-01-06 Listed $34,000 SW Michigan MLS

Property tax history

+0.2%/yr

Latest (2025): $637 · -32.2% YoY. Source: county tax records.