516 Morrison Ave · Bangor, MI 49013

$89,000

3 bd · 2.0 ba · 1,296 sqft · SingleFamily · 6 Days on market

Built 1990 8,729 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 516 Morrison Avenue--nestled in the heart of Bangor! Conveniently located within walking distance to the public library, Harding's grocery store, and multiple downtown restaurants. Inside, you'll find 3 bedrooms and 2 full bathrooms, along with a formal living room and a second cozy living area connected to the kitchen. Recent updates include a new furnace installed in 2024 and the addition of central air conditioning. Priced to sell, schedule your showing today!

Key facts

• New furnace
• 8,729 sq ft lot
• Built 1990

Tags

• NEW FURNACE
• CENTRAL AIR CONDITIONING

Property features AI

Exterior

• Utilities: Public water; Natural gas connected; Cable connected
• Home design: Ranch-style single-family residence; Built in 1990
• Construction: Vinyl siding; Metal roof
• Exterior features: 0.2-acre lot

Interior

• Kitchen: Oven; Range; Refrigerator; Dishwasher
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central cooling
• Interior features: 6 total rooms; Crawl space basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $417 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).

Location & tenants

• Location reads 62/100 on livability (#551 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: commute D+, employment D, schools D-.
• Bangor Public Schools (Van Buren) (rural): math 14% / reading 26% proficiency, ranked #472 of 540 in MI (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 58 active listings in the ZIP; 165 units permitted in Van Buren County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Van Buren County population projected at -23% 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 $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 29y 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 $6k; list at $89k implies a 1269% gain — meaningful room to come down on a strong offer.

Recommended offer $89,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. Crime grade is F 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?
4. 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.
5. 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.
6. 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: 1.40% ✓
• Cap rate: 11.92%
• Cash-on-cash: 20.10%
• DSCR: 1.89
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $186,624
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1417 Greenhouse Rd	0.64mi	3/2.0	1,285 (-1%)	7mo	$225,000	$175	63
12 E Douglass St	0.49mi	3/1.0	1,390 (+7%)	4mo	$199,000	$143	57
802 W Arlington St	0.52mi	3/1.0	1,360 (+5%)	11mo	$100,000	$74	54
9 E Cass St	0.46mi	3/2.0	1,157 (-11%)	10mo	$199,000	$172	53
225 W High St	0.33mi	3/2.0	1,472 (+14%)	19mo	$212,000	$144	46
16 Maple St	0.44mi	3/1.0	1,478 (+14%)	9mo	$170,000	$115	45
8 Oliver St	0.56mi	3/1.5	1,192 (-8%)	22mo	$152,000	$128	40
323 S Center St	0.70mi	2/1.0 (-1)	1,160 (-10%)	2mo	$250,000	$216	39
116 Randolph St	0.57mi	2/1.0 (-1)	1,130 (-13%)	13mo	$235,780	$209	32

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: 12.3%
• Equity multiple: 1.49×
• Total profit: $12,152
• Equity at exit: $13,270

10-year hold

• IRR: 21.2%
• Equity multiple: 2.80×
• Total profit: $44,777
• Equity at exit: $7,695

Cash invested: $24,920 (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 49013

• Active inventory: 58
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,250 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$67 /mo · $798/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $417

Break-even live

Break-even rent $722

Max offer price $89,000

Occupancy floor 62%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $89,000 Active 6 DOM
2. 2026-06-17
   days on market $89,000 Active 5 DOM
3. 2026-06-16
   days on market $89,000 Active 4 DOM
4. 2026-06-15
   days on market $89,000 Active 3 DOM
5. 2026-06-13
   remarks 478-char remark
6. 2026-06-13
   listed $89,000 Active 1 DOM

ⓘ 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: $798 · $67/mo
• Projected year-2 tax: $1,084 · $90/mo
• Expected delta: +$286/yr (+$24/mo · 35.9%)

ⓘ 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 3/10 Moderate 7 d/yr ≥98°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: $15,003
• − Mortgage interest: −$4,985
• − Property taxes: −$798
• − Insurance: −$445
• − Repairs & maintenance: −$1,200
• − Management: −$1,200
• − Depreciation: −$2,589
• Taxable income: $3,785
• Est. tax owed @ 24.0%: −$908
• After-tax cash flow: $4,100/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: Bangor Public Schools (Van Buren)
• NCES district ID: 2603870
• Math proficiency: 14% ▼ -2.00%
• Reading proficiency: 26% ▼ -1.00%
• Median HH income: $37,050
• Composite: 16.63/100
• National rank: #9174
• State rank: #472 of 540 in MI

Livability — Bangor

• Score: 62/100
• State rank: #551
• US rank: #17278

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bangor, MI
• Population (ZIP): 5,020

Population outlook (Van Buren County) Hauer SSP2

• Today (2025): 71,479 people
• By 2030: 68,693 · -3.9%
• By 2040: 62,093 · -13.1%
• By 2050: 55,232 · -22.7%
• By 2075: 40,786 · -42.9%
• By 2100: 27,785 · -61.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 31% Two or more races 18% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 26% Puerto Rican 1%
• Common ancestry: Iranian 3% Romanian 3% Italian 1%
• Foreign-born: 11% · Canada, Jamaica
• Languages at home: 77% English-only · Spanish 22%

Political lean MEDSL · Van Buren

• 2024 margin: R (+15.1) · D 41.7% · R 56.9% · Other 1.4%
• 2008→2024 swing: -23.9pp toward R · 2008: 8.8pp · 2024: -15.1pp
• All cycles: 2024: R+15.1 2020: R+12.3 2016: R+13.9 2012: D+0.5 2008: D+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -129.56%
• Current HPI: 164.8537
• 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

+1189.9% since first listed

13 events — show timeline

• 2026-06-12 Listed $89,000 SW Michigan MLS
• 2026-06-12 Listed $89,000 MiRealSource-MiMLS
• 2026-04-20 Listing Removed — MiRealSource-MiMLS
• 2026-04-20 Listing Removed — REALCOMP
• 2026-04-16 Price Changed $89,000 MiRealSource-MiMLS
• 2026-04-15 Price Changed $89,000 REALCOMP
• 2026-04-15 Price Changed $89,000 SW Michigan MLS
• 2026-04-03 Listed $100,000 MiRealSource-MiMLS
• 2026-04-03 Listed $100,000 REALCOMP
• 1997-08-29 Sold (MLS) $6,500 REALCOMP
• 1997-08-29 Sold (MLS) $6,500 SW Michigan MLS
• 1997-06-17 Listed $6,900 REALCOMP
• 1997-06-17 Listed $6,900 SW Michigan MLS

Property tax history

+1.7%/yr

Latest (2025): $798 · +2.1% YoY. Source: county tax records.