490 4th St · Benton, MI 49022

$45,000

2 bd · 1.0 ba · 825 sqft · SingleFamily public records · 182 Days on market

Built 1940 6,389 sqft lot $55/sqft · 68% below area ↓ 28% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

Key facts

• Full basement
• Detached shop
• 6,389 sq ft lot

Tags

• FULL BASEMENT
• SEPARATE SHOP BUILDING
• STORAGE OR WORKSHOP POTENTIAL
• DETACHED SHOP

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $528 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Benton Harbor Area Schools (urban): math 4% / reading 7% proficiency, ranked #732 of 760 in MI (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 89% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 179 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 $311 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $23k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 2.48% ✓
• Cap rate: 20.38%
• Cash-on-cash: 50.31%
• DSCR: 3.24
• GRM: 3.4

CMA / ARV

• ARV (median comp): $140,434
• List price: $45,000
• Delta: -67.96%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
495 4th St	0.02mi	2/1.0	864 (+5%)	20mo	$135,000	$156	75

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: 48.1%
• Equity multiple: 3.10×
• Total profit: $26,399
• Equity at exit: $6,710

10-year hold

• IRR: 53.7%
• Equity multiple: 6.28×
• Total profit: $66,492
• Equity at exit: $3,891

Cash invested: $12,600 (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 49022

• Active inventory: 179
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,117 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$99 /mo · $1,193/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $528

Break-even live

Break-even rent $448

Max offer price $45,000

Occupancy floor 48%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-14
   days on market $45,000 Active 182 DOM
2. 2026-06-13
   pricedays on market $45,000 Active 181 DOM
3. 2026-06-10
   days on market $47,500 Active 179 DOM
4. 2026-06-09
   days on market $47,500 Active 178 DOM
5. 2026-06-08
   days on market $47,500 Active 177 DOM
6. 2026-06-07
   pricedays on market $47,500 Active 176 DOM
7. 2026-06-03
   days on market $49,000 Active 172 DOM
8. 2026-06-02
   days on market $49,000 Active 171 DOM
9. 2026-06-01
   days on market $49,000 Active 170 DOM
10. 2026-05-31
    days on market $49,000 Active 169 DOM
11. 2026-05-30
    days on market $49,000 Active 168 DOM
12. 2026-03-13
    price $49,000 636-char remark

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

13. 2026-03-12
    price $49,000 636-char remark

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

14. 2026-03-12
    price $49,000

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

15. 2026-03-06
    price $55,575 636-char remark

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

16. 2026-03-05
    price $55,575 636-char remark

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

17. 2026-03-05
    price $55,575

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

18. 2026-02-13
    price $59,000 636-char remark

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

19. 2026-02-12
    price $59,000 636-char remark

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

20. 2026-02-12
    price $59,000

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

21. 2026-01-30
    price $63,700 636-char remark

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

22. 2026-01-30
    price $63,700 636-char remark

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

23. 2026-01-30
    price $63,700

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

24. 2025-12-13
    listed $67,750 Active 636-char remark

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

25. 2025-12-13
    listed $67,750 Active 636-char remark

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

26. 2025-12-13
    listed $67,750 Active

    Show marketing remark (636 chars)

    Discover the potential in this 2-bedroom, 1-bath home with spacious living space, a full basement, and a separate shop building, this property offers great flexibility for DIYers, investors, or first-time buyers looking to add value. The home sits on a residential street just minutes from downtown, Lake Michigan, and major commuter routes. The property features a solid layout ready for your personal touch or updates--ideal for a handyman special, rental investment, or small rehab project. The basement provides storage or workshop potential, while the detached shop adds even more possibilities for projects, hobbies, or equipment.

ⓘ 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: $1,193 · $99/mo
• Projected year-2 tax: $1,193 · $99/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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,404
• − Mortgage interest: −$2,521
• − Property taxes: −$1,193
• − Insurance: −$225
• − Repairs & maintenance: −$1,072
• − Management: −$1,072
• − Depreciation: −$1,309
• Taxable income: $6,012
• Est. tax owed @ 24.0%: −$1,443
• After-tax cash flow: $4,897/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: Benton Harbor Area Schools
• NCES district ID: 2604830
• Math proficiency: 4% ▬ 0.00%
• Reading proficiency: 7% ▬ 0.00%
• Median HH income: $27,038
• Composite: 7.53/100
• National rank: #14787
• State rank: #732 of 760 in MI

Livability — Benton

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

Census & demographics

• Census place: Millburg, MI
• Population (ZIP): 29,796

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Black 50% White 37% Hispanic / Latino 7% Two or more races 6% Native American 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

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: ▼ -309.81%
• Current HPI: 209.9723
• 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

-27.7% since first listed

15 events — show timeline

• 2026-03-13 Price Changed $49,000 MiRealSource-MiMLS
• 2026-03-12 Price Changed $49,000 REALCOMP
• 2026-03-12 Price Changed $49,000 SW Michigan MLS
• 2026-03-06 Price Changed $55,575 MiRealSource-MiMLS
• 2026-03-05 Price Changed $55,575 REALCOMP
• 2026-03-05 Price Changed $55,575 SW Michigan MLS
• 2026-02-13 Price Changed $59,000 MiRealSource-MiMLS
• 2026-02-12 Price Changed $59,000 REALCOMP
• 2026-02-12 Price Changed $59,000 SW Michigan MLS
• 2026-01-30 Price Changed $63,700 MiRealSource-MiMLS
• 2026-01-30 Price Changed $63,700 REALCOMP
• 2026-01-30 Price Changed $63,700 SW Michigan MLS
• 2025-12-13 Listed $67,750 SW Michigan MLS
• 2025-12-13 Listed $67,750 REALCOMP
• 2025-12-13 Listed $67,750 MiRealSource-MiMLS

Property tax history

+3.9%/yr

Latest (2024): $1,193 · +21.8% YoY. Source: county tax records.