419 Jermyn St · Ionia, MI 48846

$115,000

2 bd · 1.0 ba · 815 sqft · SingleFamily public records · 5 Days on market

Built 1910 1.00 ac lot Est $157k · 27% under

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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 +24.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +6.1/10.0
• Livability +3.6/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 419 Jermyn St, a great investment opportunity! This 2-bed, 1-bath ranch offers 815 sqft of living space on a 0.14 acre lot with Public Water & Sewer, including a traditional Michigan Dirt Basement, and carport for parking your vehicle!The home features a brand new water heater, and a functional layout, updated flooring and kitchen, making it a solid option for investors or buyers looking to build equity, or downsize. Schedule your private showing today!

Key facts

• Carport
• New water heater
• Updated flooring

Tags

• INVESTMENT OPPORTUNITY
• MICHIGAN DIRT BASEMENT
• CARPORT
• NEW WATER HEATER
• UPDATED FLOORING
• UPDATED KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Cap rate 8.7% vs local median 3.9% in Ionia — 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 71/100 on livability (#276 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Ionia Public Schools (town): math 23% / reading 39% proficiency, ranked #353 of 540 in MI (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 87 active listings in the ZIP; 94 units permitted in Ionia County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Ionia County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 3y 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.

Risks & watch-outs

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

Recommended offer $115,000

Questions for the listing agent

1. Built in 1910 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.11% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.71%
• DSCR: 1.39
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $157,295
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
510 Beresford St	0.20mi	2/1.0	786 (-4%)	7mo	$95,000	$121	79
540 Nicholson St	0.32mi	2/1.0	860 (+6%)	4mo	$122,000	$142	72
820 Hackett St	0.32mi	2/1.0	792 (-3%)	10mo	$150,000	$189	72
547 Jermyn St	0.25mi	2/1.0	862 (+6%)	20mo	$183,000	$212	62
518 N State St	0.50mi	3/1.0 (+1)	864 (+6%)	1mo	$201,500	$233	61
812 Forest St	0.46mi	2/1.0	736 (-10%)	11mo	$171,500	$233	53
439 Taylor Ct	0.50mi	3/1.0 (+1)	882 (+8%)	12mo	$170,000	$193	48
409 Taylor Ct	0.51mi	2/1.0	712 (-13%)	14mo	$145,900	$205	44
419 Forest St	0.74mi	2/1.0	924 (+13%)	21mo	$174,800	$189	26

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: -3.1%
• Equity multiple: 0.88×
• Total profit: $-3,739
• Equity at exit: $17,147

10-year hold

• IRR: 6.6%
• Equity multiple: 1.49×
• Total profit: $15,937
• Equity at exit: $9,943

Cash invested: $32,200 (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 48846

• Active inventory: 87
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,271 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$119 /mo · $1,432/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $234

Break-even live

Break-even rent $975

Max offer price $115,000

Occupancy floor 77%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-04-28
   status Pending 474-char remark

   Show marketing remark (474 chars)

   Welcome to 419 Jermyn St, a great investment opportunity! This 2-bed, 1-bath ranch offers 815 sqft of living space on a 0.14 acre lot with Public Water & Sewer, including a traditional Michigan Dirt Basement, and carport for parking your vehicle!The home features a brand new water heater, and a functional layout, updated flooring and kitchen, making it a solid option for investors or buyers looking to build equity, or downsize. Schedule your private showing today!

2. 2026-04-28
   status Pending 474-char remark

   Show marketing remark (474 chars)

   Welcome to 419 Jermyn St, a great investment opportunity! This 2-bed, 1-bath ranch offers 815 sqft of living space on a 0.14 acre lot with Public Water & Sewer, including a traditional Michigan Dirt Basement, and carport for parking your vehicle!The home features a brand new water heater, and a functional layout, updated flooring and kitchen, making it a solid option for investors or buyers looking to build equity, or downsize. Schedule your private showing today!

3. 2026-04-27
   status Pending
4. 2026-04-22
   listed $115,000 Active 474-char remark

   Show marketing remark (474 chars)

   Welcome to 419 Jermyn St, a great investment opportunity! This 2-bed, 1-bath ranch offers 815 sqft of living space on a 0.14 acre lot with Public Water & Sewer, including a traditional Michigan Dirt Basement, and carport for parking your vehicle!The home features a brand new water heater, and a functional layout, updated flooring and kitchen, making it a solid option for investors or buyers looking to build equity, or downsize. Schedule your private showing today!

5. 2026-04-22
   listed $115,000 Active 474-char remark

   Show marketing remark (474 chars)

   Welcome to 419 Jermyn St, a great investment opportunity! This 2-bed, 1-bath ranch offers 815 sqft of living space on a 0.14 acre lot with Public Water & Sewer, including a traditional Michigan Dirt Basement, and carport for parking your vehicle!The home features a brand new water heater, and a functional layout, updated flooring and kitchen, making it a solid option for investors or buyers looking to build equity, or downsize. Schedule your private showing today!

6. 2026-04-22
   listed $115,000 Active

   Show marketing remark (474 chars)

   Welcome to 419 Jermyn St, a great investment opportunity! This 2-bed, 1-bath ranch offers 815 sqft of living space on a 0.14 acre lot with Public Water & Sewer, including a traditional Michigan Dirt Basement, and carport for parking your vehicle!The home features a brand new water heater, and a functional layout, updated flooring and kitchen, making it a solid option for investors or buyers looking to build equity, or downsize. Schedule your private showing today!

7. 2023-11-09
   soldstatus $110,000 Sold
8. 2023-11-09
   soldstatus $110,000 Sold
9. 2023-11-09
   soldstatus $110,000 Closed
10. 2023-11-08
    soldstatus $110,100
11. 2023-10-20
    status Pending
12. 2023-10-20
    status Pending
13. 2023-10-20
    status Pending
14. 2023-10-16
    listed $99,900 Active
15. 2023-10-16
    listed $99,900 Active
16. 2023-10-16
    listed $99,900 Active

ⓘ 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: $1,432 · $119/mo
• Projected year-2 tax: $1,602 · $133/mo
• Expected delta: +$169/yr (+$14/mo · 11.8%)

ⓘ 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 ≥97°F today · 15 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: $15,253
• − Mortgage interest: −$6,442
• − Property taxes: −$1,432
• − Insurance: −$575
• − Repairs & maintenance: −$1,220
• − Management: −$1,220
• − Depreciation: −$3,345
• Taxable income: $1,018
• Est. tax owed @ 24.0%: −$244
• After-tax cash flow: $2,561/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: Ionia Public Schools
• NCES district ID: 2619250
• Math proficiency: 23% ▼ -11.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $41,130
• Composite: 26.12/100
• National rank: #7283
• State rank: #353 of 540 in MI

Livability — Ionia

• Score: 71/100
• State rank: #276
• US rank: #6795

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 21,940
• Population (ZIP): 21,940

Population outlook (Ionia County) Hauer SSP2

• Today (2025): 63,958 people
• By 2030: 63,321 · -1.0%
• By 2040: 61,544 · -3.8%
• By 2050: 58,682 · -8.2%
• By 2075: 48,909 · -23.5%
• By 2100: 35,867 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 10% Two or more races 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Iranian 7% Romanian 3% Italian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Ionia

• 2024 margin: Solid R (+31.9) · D 33.3% · R 65.2% · Other 1.5%
• 2008→2024 swing: -26.0pp toward R · 2008: -5.8pp · 2024: -31.9pp
• All cycles: 2024: R+31.9 2020: R+30.3 2016: R+31.0 2012: R+12.8 2008: R+5.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -134.67%
• Current HPI: 247.6648
• 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

+15.1% since first listed

16 events — show timeline

• 2026-04-28 Pending — MiRealSource-MiMLS
• 2026-04-28 Pending — REALCOMP
• 2026-04-27 Pending — SW Michigan MLS
• 2026-04-22 Listed $115,000 SW Michigan MLS
• 2026-04-22 Listed $115,000 REALCOMP
• 2026-04-22 Listed $115,000 MiRealSource-MiMLS
• 2023-11-09 Sold (MLS) $110,000 MiRealSource-MiMLS
• 2023-11-09 Sold (MLS) $110,000 SW Michigan MLS
• 2023-11-09 Sold (MLS) $110,000 REALCOMP
• 2023-11-08 Sold (Public Records) $110,100 Public Records
• 2023-10-20 Pending — MiRealSource-MiMLS
• 2023-10-20 Pending — REALCOMP
• 2023-10-20 Pending — SW Michigan MLS
• 2023-10-16 Listed $99,900 MiRealSource-MiMLS
• 2023-10-16 Listed $99,900 SW Michigan MLS
• 2023-10-16 Listed $99,900 REALCOMP

Property tax history

+19.0%/yr

Latest (2025): $1,432 · +3.0% YoY. Source: county tax records.