128 S Main St · Antwerp, MI 49065

$200,000

6 bd · 2.0 ba · 1,616 sqft · SingleFamily public records · 1 Days on market

Built 1932

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Why this score? — see what drove the C+ 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 +26.8/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This well maintained duplex (2BR, 1BA + 1BR, 1BA) has had extensive renovations inside and the stucco exterior was painted Summer of 2018. Consistently occupied with combined rental income of ~$1950 per month. Fantastic location, across from the Lawton Fire Station/Village Office and next to the Post Office. A short walk to Lawton Elementary School and the Lawton Park/Splash Pad with brand new pickleball courts! Separate furnaces, electrical panels, central air units and washer/dryer hook-ups. Washer and dryer in lower unit included. Kitchen appliances included. Most windows are vinyl replacement. Could use some minor TLC but move-in ready. Would make an excellent owner-occupied.

Key facts

• Central air units
• Separate furnaces
• Stucco exterior

Tags

• STUCCO EXTERIOR
• LAWTON PARK SPLASH PAD
• BRAND NEW PICKLEBALL COURTS
• SEPARATE FURNACES
• SEPARATE ELECTRICAL PANELS
• CENTRAL AIR UNITS

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $548 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Lawton Community School District (rural): math 27% / reading 45% proficiency, ranked #263 of 540 in MI (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 32 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 $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 sale attempts since 20y 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 $130k; list at $200k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1932 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $200,000

Questions for the listing agent

1. Built in 1932 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.20% ✓
• Cap rate: 9.58%
• Cash-on-cash: 11.73%
• DSCR: 1.52
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 1.2%
• Equity multiple: 1.04×
• Total profit: $2,481
• Equity at exit: $29,821

10-year hold

• IRR: 10.8%
• Equity multiple: 1.84×
• Total profit: $47,139
• Equity at exit: $17,292

Cash invested: $56,000 (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 49065

• Active inventory: 32
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,406 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$221 /mo · $2,658/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $548

Break-even live

Break-even rent $1,713

Max offer price $200,000

Occupancy floor 72%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-18
   remarks 688-char remark
2. 2026-06-18
   listed $200,000 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: $2,658 · $221/mo
• Projected year-2 tax: $2,869 · $239/mo
• Expected delta: +$211/yr (+$18/mo · 7.9%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,878
• − Mortgage interest: −$11,203
• − Property taxes: −$2,658
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,310
• − Management: −$2,310
• − Depreciation: −$5,818
• Taxable income: $3,579
• Est. tax owed @ 24.0%: −$859
• After-tax cash flow: $5,711/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: Lawton Community School District
• NCES district ID: 2621240
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 45% ▼ -3.00%
• Median HH income: $49,315
• Composite: 31.04/100
• National rank: #6084
• State rank: #263 of 540 in MI

Livability — Antwerp

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

Census & demographics

• Census place: Lawton, MI
• Population (ZIP): 7,283

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: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Romanian 8% Iranian 6% Lithuanian 2%
• Foreign-born: 1% · Canada, South Korea
• Languages at home: 98% English-only · Spanish 2%

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: ▼ -162.97%
• Current HPI: 165.0761
• 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

+100.2% since first listed

38 events — show timeline

• 2026-06-18 Listed $200,000 FSBO.com
• 2025-11-16 Listing Removed — MiRealSource-MiMLS
• 2025-11-15 Listing Removed — REALCOMP
• 2025-10-10 Price Changed $208,000 MiRealSource-MiMLS
• 2025-10-10 Price Changed $208,000 REALCOMP
• 2025-08-08 Relisted — REALCOMP
• 2025-08-07 Listing Removed — REALCOMP
• 2025-07-22 Price Changed $212,000 MiRealSource-MiMLS
• 2025-07-21 Price Changed $212,000 REALCOMP
• 2025-07-08 Price Changed $216,900 MiRealSource-MiMLS
• 2025-07-07 Price Changed $216,900 REALCOMP
• 2025-06-26 Price Changed $224,900 MiRealSource-MiMLS
• 2025-06-26 Price Changed $224,900 REALCOMP
• 2025-05-29 Listed $235,000 REALCOMP
• 2025-05-29 Listed $235,000 MiRealSource-MiMLS
• 2022-05-25 Listing Removed — REALCOMP
• 2020-04-06 Sold (Public Records) $129,500 Public Records
• 2020-03-25 Sold (MLS) $129,500 SW Michigan MLS
• 2020-03-25 Sold (MLS) $129,500 REALCOMP
• 2020-02-06 Pending — SW Michigan MLS
• 2019-11-28 Price Changed $139,900 SW Michigan MLS
• 2019-10-10 Price Changed $144,500 SW Michigan MLS
• 2019-09-03 Price Changed $149,900 SW Michigan MLS
• 2019-08-10 Listing Removed — SW Michigan MLS
• 2019-08-10 Listing Removed — MiRealSource-MiMLS
• 2019-08-10 Listing Removed — REALCOMP
• 2019-08-08 Listed $139,900 MiRealSource-MiMLS
• 2019-08-08 Listed $152,900 SW Michigan MLS
• 2019-08-08 Listed $139,900 REALCOMP
• 2019-07-01 Listed $152,900 SW Michigan MLS
• 2019-07-01 Listed $152,900 MiRealSource-MiMLS
• 2019-07-01 Listed $152,900 REALCOMP
• 2006-12-27 Sold (Public Records) $85,000 Public Records
• 2006-12-22 Sold (MLS) $85,000 SW Michigan MLS
• 2006-11-28 Listing Removed — SW Michigan MLS
• 2006-06-07 Listed $99,900 SW Michigan MLS
• 2006-06-07 Listed $99,900 REALCOMP
• 2006-06-07 Listed $99,900 SW Michigan MLS

Property tax history

+4.0%/yr

Latest (2025): $2,658 · +4.9% YoY. Source: county tax records.