427 S State Street St · Caro, MI 48723

$109,800

3 bd · 1.0 ba · 843 sqft · SingleFamily public records · 24 Days on market

Built 1960 0.37 ac lot $130/sqft · 22% above area Est $133k · 17% under

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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 +15.0/15.0
• Cash flow +8.0/30.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• DSCR +2.1/10.0
• 1% rule +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

LOWERED for fast sale. PLUS concessions offered. Remolded 3 bd 2 bath Caro home. Approx $90,00 of improvements completed in 2023+- listed below. Features 3 bedrooms, 2 full baths, laundry is moved to main level, included newer range, refrigerator, washer, dryer, tankless water heater. This home has newer breaker box and wiring. 2023 In The wood flooring was refinished, installed new windows, siding, roof, gutters, blown in insulation, tankless water heater, lots of new plumbing, remodeled bath with shower on main level, lots of new drywall and much more. Circle drive allows easy access to in and exiting. Possession can be negotiated. /

Key facts

• Newer dryer
• Newer washer
• Newer refrigerator

Tags

• LAUNDRY MOVED TO MAIN LEVEL
• NEWER RANGE
• NEWER REFRIGERATOR
• NEWER WASHER
• NEWER DRYER
• TANKLESS WATER HEATER

Property features AI

Finance

• Other: Lot approximately 0.37 acres (dimensions available); Located on State Street SW near Caro City Hall; between Washington and Congress
• HOA & community: Sidewalks (community feature)

Exterior

• Parking: Detached garage; 1-car garage; Circular driveway
• Utilities: Public water; Public sewer; Electric with circuit breakers; Natural gas for heating
• Home design: Single-family residence; Two levels; Ground-level entry with steps; Vinyl siding; Facing direction not specified
• Construction: Built with vinyl siding; Asphalt roof; Unfinished basement
• Exterior features: Porch; Enclosed porch; Awning(s); Paved road access; Sidewalks

Interior

• Kitchen: Free-standing gas range; Free-standing refrigerator; Dishwasher not listed
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: ENERGY STAR qualified windows; Awning(s); Enclosed porch
• Laundry & utility: Washer; Dryer; Accessible washer/dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $-112 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $90k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $74k (33.0% below list).
• Recommended offer: $74k (33.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#546 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: health & safety C-, crime F, amenities F.
• Caro Community Schools (town): math 22% / reading 36% proficiency, ranked #380 of 540 in MI (top 70%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 46 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 56 units permitted in Tuscola County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $759 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Tuscola County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $73,548 (33.0% 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. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.67% ✗
• Cap rate: 5.07%
• Cash-on-cash: -4.35%
• DSCR: 0.81
• GRM: 12.4

CMA / ARV

• ARV (median comp): $133,035
• List price: $109,800
• Delta: -17.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
183 W Gamble St	0.31mi	3/1.0	810 (-4%)	10mo	$91,000	$112	70
263 W Congress St	0.23mi	2/1.0 (-1)	832 (-1%)	19mo	$117,500	$141	66
323 Green St	0.22mi	2/1.0 (-1)	768 (-9%)	6mo	$30,000	$39	65
646 W Frank St	0.21mi	2/1.0 (-1)	747 (-11%)	5mo	$65,000	$87	62
621 Meek St	0.64mi	2/1.0 (-1)	782 (-7%)	4mo	$89,900	$115	49
902 Gibbs St	0.40mi	3/1.0	940 (+12%)	20mo	$145,000	$154	46
716 Allen St	0.60mi	2/1.0 (-1)	940 (+12%)	11mo	$142,000	$151	38

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: -23.7%
• Equity multiple: 0.19×
• Total profit: $-24,927
• Equity at exit: $16,372

10-year hold

• IRR: -18.8%
• Equity multiple: -0.01×
• Total profit: $-30,975
• Equity at exit: $9,493

Cash invested: $30,744 (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 48723

• Home prices YoY: -24.7%
• Active inventory: 46
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $735 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$71 /mo · $852/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$154
• Net cashflow: $-112

Break-even live

Break-even rent $877

Max offer price $90,094

Occupancy floor —

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: $27,450
• Closing costs: $3,294
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 S State St Caro, MI	1.0–2.0	1.0	673	$698	$1.04	43d	1	0.22mi
1012 Turner Dr Caro, MI	2.0	1.0	812	$850	$1.05	43d	1	0.83mi

Listing history 5 events

1. 2026-05-08
   price $109,800 643-char remark

   Show marketing remark (643 chars)

   LOWERED for fast sale. PLUS concessions offered. Remolded 3 bd 2 bath Caro home. Approx $90,00 of improvements completed in 2023+- listed below. Features 3 bedrooms, 2 full baths, laundry is moved to main level, included newer range, refrigerator, washer, dryer, tankless water heater. This home has newer breaker box and wiring. 2023 In The wood flooring was refinished, installed new windows, siding, roof, gutters, blown in insulation, tankless water heater, lots of new plumbing, remodeled bath with shower on main level, lots of new drywall and much more. Circle drive allows easy access to in and exiting. Possession can be negotiated. /

2. 2026-05-08
   price $109,800 643-char remark

   Show marketing remark (643 chars)

   LOWERED for fast sale. PLUS concessions offered. Remolded 3 bd 2 bath Caro home. Approx $90,00 of improvements completed in 2023+- listed below. Features 3 bedrooms, 2 full baths, laundry is moved to main level, included newer range, refrigerator, washer, dryer, tankless water heater. This home has newer breaker box and wiring. 2023 In The wood flooring was refinished, installed new windows, siding, roof, gutters, blown in insulation, tankless water heater, lots of new plumbing, remodeled bath with shower on main level, lots of new drywall and much more. Circle drive allows easy access to in and exiting. Possession can be negotiated. /

3. 2026-04-26
   listed $115,000 Active 643-char remark
4. 2026-04-25
   listed $115,000 Active 643-char remark

   Show marketing remark (643 chars)

   LOWERED for fast sale. PLUS concessions offered. Remolded 3 bd 2 bath Caro home. Approx $90,00 of improvements completed in 2023+- listed below. Features 3 bedrooms, 2 full baths, laundry is moved to main level, included newer range, refrigerator, washer, dryer, tankless water heater. This home has newer breaker box and wiring. 2023 In The wood flooring was refinished, installed new windows, siding, roof, gutters, blown in insulation, tankless water heater, lots of new plumbing, remodeled bath with shower on main level, lots of new drywall and much more. Circle drive allows easy access to in and exiting. Possession can be negotiated. /

5. 1997-06-06
   soldstatus $34,000

ⓘ 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: $852 · $71/mo
• Projected year-2 tax: $1,272 · $106/mo
• Expected delta: +$419/yr (+$35/mo · 49.2%)

ⓘ 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 ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $8,826
• − Mortgage interest: −$6,151
• − Property taxes: −$852
• − Insurance: −$549
• − Repairs & maintenance: −$706
• − Management: −$706
• − Depreciation: −$3,194
• Taxable loss: −$3,332
• Est. tax savings @ 24.0%: +$800
• After-tax cash flow: $-539/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: Caro Community Schools
• NCES district ID: 2608040
• Math proficiency: 22% ▼ -14.00%
• Reading proficiency: 36% ▼ -9.00%
• Median HH income: $41,295
• Composite: 24.49/100
• National rank: #7658
• State rank: #380 of 540 in MI

Livability — Caro

• Score: 62/100
• State rank: #546
• US rank: #16985

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Caro, MI
• Population (ZIP): 11,960

Population outlook (Tuscola County) Hauer SSP2

• Today (2025): 49,930 people
• By 2030: 47,294 · -5.3%
• By 2040: 41,504 · -16.9%
• By 2050: 35,560 · -28.8%
• By 2075: 24,455 · -51.0%
• By 2100: 16,507 · -66.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 4% Black 1%
• Common ancestry: Romanian 8% Lithuanian 5% Slovak 2%
• Foreign-born: 1% · Canada, China
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Tuscola

• 2024 margin: Solid R (+43.0) · D 27.9% · R 70.9% · Other 1.3%
• 2008→2024 swing: -42.1pp toward R · 2008: -0.8pp · 2024: -43.0pp
• All cycles: 2024: R+43.0 2020: R+39.3 2016: R+38.0 2012: R+10.8 2008: R+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -74.64%
• Current HPI: 227.0019
• 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

+211.8% since first listed

9 events — show timeline

• 2026-05-29 Sold (MLS) $106,000 MiRealSource-MiMLS
• 2026-05-29 Sold (MLS) $106,000 REALCOMP
• 2026-05-20 Pending — MiRealSource-MiMLS
• 2026-05-20 Pending — REALCOMP
• 2026-05-08 Price Changed $109,800 MiRealSource-MiMLS
• 2026-05-08 Price Changed $109,800 REALCOMP
• 2026-04-26 Listed $115,000 REALCOMP
• 2026-04-25 Listed $115,000 MiRealSource-MiMLS
• 1997-06-06 Sold (Public Records) $34,000 Public Records

Property tax history

-0.3%/yr

Latest (2025): $852 · +3.6% YoY. Source: county tax records.