201 Sycamore St E · Three Oaks, MI 49128

$270,000

3 bd · 2.0 ba · 1,935 sqft · SingleFamily public records · 225 Days on market

Built 1910 8,765 sqft lot $140/sqft · 16% below area Est $316k · 15% under ↓ 10% since listing

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Why this score? — see what drove the D 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).

• ARV discount +14.0/15.0
• Cash flow +11.1/30.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• DSCR +3.2/10.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to 201 Sycamore East Street, located just a short distance from the heart of historic downtown Three Oaks, Michigan. This timeless 3 bedroom and 2 full bath residence has been held within the same family for nearly a century, offering a rare opportunity to own a piece of southwest Michigan's rich history. Featuring a traditional floor plan, this home boasts a spacious primary suite complete with wood parquet flooring, stone fireplace and private bath. The hardwood flooring in the living room and dining room are very pleasing to the eye adding warmth and character to each room. Just off the spacious kitchen is the sunroom where you can enjoy watching the sunset curled up with your favorite book or coffee. The second level with 2 bedrooms provides enough space to host your friends and family all year long. Enjoy the charm of small-town living with easy access to local shops, art galleries, antique stores, restaurants, and the beautiful Lake Michigan beaches just a shortdistance away. Perfect for full-time living or a weekend getaway, this home offers the perfect blend of location, history, and comfort. Don't miss your chance to own this Three Oaks treasure call today to arrange your private showing.

Key facts

• Hardwood flooring
• Private bath
• Sunroom

Tags

• SPACIOUS PRIMARY SUITE
• WOOD PARQUET FLOORING
• STONE FIREPLACE
• PRIVATE BATH
• HARDWOOD FLOORING
• SUNROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $-107 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $251k (7.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (22.8% below list).
• Recommended offer: $208k (22.8% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.5% in Three Oaks — 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 78/100 on livability (#109 in MI, #2,625 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• River Valley School District (rural): math 30% / reading 56% proficiency, ranked #171 of 540 in MI (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chikaming Elementary School (114 students, 66% FRL); River Valley Middlehigh School (math 27% / reading 57%, grade F, #264 of 713 statewide, top 41%, 287 students, 50% FRL).
• Market conditions: 52 active listings in the ZIP; 397 units permitted in Berrien County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Berrien County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 225 days — a 12% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $29k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $208,401 (22.8% 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 225 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — 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. 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?
7. 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.
8. 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.
9. 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: 0.77% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.70%
• DSCR: 0.92
• GRM: 10.8

CMA / ARV

• ARV (median comp): $315,835
• List price: $270,000
• Delta: -14.51%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
203 E Beech St	0.07mi	3/1.0	1,821 (-6%)	15mo	$360,000	$198	70
402 S Elm St	0.52mi	4/2.0 (+1)	1,900 (-2%)	10mo	$409,000	$215	60
408 S Elm St	0.55mi	3/2.5	1,767 (-9%)	0mo	$380,000	$215	58
409 Oak St	0.54mi	4/2.0 (+1)	2,187 (+13%)	4mo	$385,000	$176	45

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: -19.1%
• Equity multiple: 0.33×
• Total profit: $-50,604
• Equity at exit: $40,258

10-year hold

• IRR: -11.8%
• Equity multiple: 0.30×
• Total profit: $-52,993
• Equity at exit: $23,345

Cash invested: $75,600 (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 49128

• Home prices YoY: -23.9%
• Active inventory: 52
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,084 medium
• Mortgage (P&I): −$1,416
• Tax from tax record: −$225 /mo · $2,699/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $-107

Break-even live

Break-even rent $2,219

Max offer price $251,099

Occupancy floor —

Sensitivity live

Price	-10% $46	-5% $-31	+0% $-107	+5% $-183	+10% $-260
Rent	-10% $-272	-5% $-189	+0% $-107	+5% $-25	+10% $58
Rate	-1.0pp $29	-0.5pp $-38	base $-107	+0.5pp $-177	+1.0pp $-248

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-13
   status Pending 1229-char remark

   Show marketing remark (1230 chars)

   Welcome home to 201 Sycamore East Street, located just a short distance from the heart of historic downtown Three Oaks, Michigan. This timeless 3 bedroom and 2 full bath residence has been held within the same family for nearly a century, offering a rare opportunity to own a piece of southwest Michigan's rich history. Featuring a traditional floor plan, this home boasts a spacious primary suite complete with wood parquet flooring, stone fireplace and private bath. The hardwood flooring in the living room and dining room are very pleasing to the eye adding warmth and character to each room. Just off the spacious kitchen is the sunroom where you can enjoy watching the sunset curled up with your favorite book or coffee. The second level with 2 bedrooms provides enough space to host your friends and family all year long. Enjoy the charm of small-town living with easy access to local shops, art galleries, antique stores, restaurants, and the beautiful Lake Michigan beaches just a short distance away. Perfect for full-time living or a weekend getaway, this home offers the perfect blend of location, history, and comfort. Don't miss your chance to own this Three Oaks treasure call today to arrange your private showing.

2. 2026-05-13
   status Pending 1230-char remark

   Show marketing remark (1230 chars)

   Welcome home to 201 Sycamore East Street, located just a short distance from the heart of historic downtown Three Oaks, Michigan. This timeless 3 bedroom and 2 full bath residence has been held within the same family for nearly a century, offering a rare opportunity to own a piece of southwest Michigan's rich history. Featuring a traditional floor plan, this home boasts a spacious primary suite complete with wood parquet flooring, stone fireplace and private bath. The hardwood flooring in the living room and dining room are very pleasing to the eye adding warmth and character to each room. Just off the spacious kitchen is the sunroom where you can enjoy watching the sunset curled up with your favorite book or coffee. The second level with 2 bedrooms provides enough space to host your friends and family all year long. Enjoy the charm of small-town living with easy access to local shops, art galleries, antique stores, restaurants, and the beautiful Lake Michigan beaches just a short distance away. Perfect for full-time living or a weekend getaway, this home offers the perfect blend of location, history, and comfort. Don't miss your chance to own this Three Oaks treasure call today to arrange your private showing.

3. 2026-01-15
   price $270,000 1229-char remark

   Show marketing remark (1230 chars)

   Welcome home to 201 Sycamore East Street, located just a short distance from the heart of historic downtown Three Oaks, Michigan. This timeless 3 bedroom and 2 full bath residence has been held within the same family for nearly a century, offering a rare opportunity to own a piece of southwest Michigan's rich history. Featuring a traditional floor plan, this home boasts a spacious primary suite complete with wood parquet flooring, stone fireplace and private bath. The hardwood flooring in the living room and dining room are very pleasing to the eye adding warmth and character to each room. Just off the spacious kitchen is the sunroom where you can enjoy watching the sunset curled up with your favorite book or coffee. The second level with 2 bedrooms provides enough space to host your friends and family all year long. Enjoy the charm of small-town living with easy access to local shops, art galleries, antique stores, restaurants, and the beautiful Lake Michigan beaches just a short distance away. Perfect for full-time living or a weekend getaway, this home offers the perfect blend of location, history, and comfort. Don't miss your chance to own this Three Oaks treasure call today to arrange your private showing.

4. 2026-01-15
   price $270,000 1230-char remark

   Show marketing remark (1230 chars)

   Welcome home to 201 Sycamore East Street, located just a short distance from the heart of historic downtown Three Oaks, Michigan. This timeless 3 bedroom and 2 full bath residence has been held within the same family for nearly a century, offering a rare opportunity to own a piece of southwest Michigan's rich history. Featuring a traditional floor plan, this home boasts a spacious primary suite complete with wood parquet flooring, stone fireplace and private bath. The hardwood flooring in the living room and dining room are very pleasing to the eye adding warmth and character to each room. Just off the spacious kitchen is the sunroom where you can enjoy watching the sunset curled up with your favorite book or coffee. The second level with 2 bedrooms provides enough space to host your friends and family all year long. Enjoy the charm of small-town living with easy access to local shops, art galleries, antique stores, restaurants, and the beautiful Lake Michigan beaches just a short distance away. Perfect for full-time living or a weekend getaway, this home offers the perfect blend of location, history, and comfort. Don't miss your chance to own this Three Oaks treasure call today to arrange your private showing.

5. 2025-09-30
   listed $299,000 Active 1229-char remark

   Show marketing remark (1230 chars)

   Welcome home to 201 Sycamore East Street, located just a short distance from the heart of historic downtown Three Oaks, Michigan. This timeless 3 bedroom and 2 full bath residence has been held within the same family for nearly a century, offering a rare opportunity to own a piece of southwest Michigan's rich history. Featuring a traditional floor plan, this home boasts a spacious primary suite complete with wood parquet flooring, stone fireplace and private bath. The hardwood flooring in the living room and dining room are very pleasing to the eye adding warmth and character to each room. Just off the spacious kitchen is the sunroom where you can enjoy watching the sunset curled up with your favorite book or coffee. The second level with 2 bedrooms provides enough space to host your friends and family all year long. Enjoy the charm of small-town living with easy access to local shops, art galleries, antique stores, restaurants, and the beautiful Lake Michigan beaches just a short distance away. Perfect for full-time living or a weekend getaway, this home offers the perfect blend of location, history, and comfort. Don't miss your chance to own this Three Oaks treasure call today to arrange your private showing.

6. 2025-09-30
   listed $299,000 Active 1230-char remark

   Show marketing remark (1230 chars)

   Welcome home to 201 Sycamore East Street, located just a short distance from the heart of historic downtown Three Oaks, Michigan. This timeless 3 bedroom and 2 full bath residence has been held within the same family for nearly a century, offering a rare opportunity to own a piece of southwest Michigan's rich history. Featuring a traditional floor plan, this home boasts a spacious primary suite complete with wood parquet flooring, stone fireplace and private bath. The hardwood flooring in the living room and dining room are very pleasing to the eye adding warmth and character to each room. Just off the spacious kitchen is the sunroom where you can enjoy watching the sunset curled up with your favorite book or coffee. The second level with 2 bedrooms provides enough space to host your friends and family all year long. Enjoy the charm of small-town living with easy access to local shops, art galleries, antique stores, restaurants, and the beautiful Lake Michigan beaches just a short distance away. Perfect for full-time living or a weekend getaway, this home offers the perfect blend of location, history, and comfort. Don't miss your chance to own this Three Oaks treasure call today to arrange your private showing.

ⓘ 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: $2,699 · $225/mo
• Projected year-2 tax: $3,429 · $286/mo
• Expected delta: +$729/yr (+$61/mo · 27.0%)

ⓘ 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 ≥100°F today · 15 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: $25,008
• − Mortgage interest: −$15,124
• − Property taxes: −$2,699
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,001
• − Management: −$2,001
• − Depreciation: −$7,855
• Taxable loss: −$6,021
• Est. tax savings @ 24.0%: +$1,445
• After-tax cash flow: $161/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: River Valley School District
• NCES district ID: 2629790
• Math proficiency: 30% ▼ -6.00%
• Reading proficiency: 56% ▲ 6.00%
• Median HH income: $47,899
• Composite: 36.67/100
• National rank: #4609
• State rank: #171 of 540 in MI

Livability — Three Oaks

• Score: 78/100
• State rank: #109
• US rank: #2625

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Three Oaks, MI
• Population (ZIP): 3,461

Population outlook (Berrien County) Hauer SSP2

• Today (2025): 149,273 people
• By 2030: 145,211 · -2.7%
• By 2040: 135,435 · -9.3%
• By 2050: 125,543 · -15.9%
• By 2075: 103,986 · -30.3%
• By 2100: 82,256 · -44.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 12% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 10% Iranian 6% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 7%

Political lean MEDSL · Berrien

• 2024 margin: Lean R (+7.9) · D 45.4% · R 53.2% · Other 1.4%
• 2008→2024 swing: -13.3pp toward R · 2008: 5.5pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: R+7.4 2016: R+12.7 2012: R+6.6 2008: D+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.74%
• Current HPI: 273.5945
• 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

-9.7% since first listed

6 events — show timeline

• 2026-05-13 Pending — REALCOMP
• 2026-05-13 Pending — SW Michigan MLS
• 2026-01-15 Price Changed $270,000 REALCOMP
• 2026-01-15 Price Changed $270,000 SW Michigan MLS
• 2025-09-30 Listed $299,000 REALCOMP
• 2025-09-30 Listed $299,000 SW Michigan MLS

Property tax history

+7.3%/yr

Latest (2024): $2,699 · +5.0% YoY. Source: county tax records.