1138 W Oregon St · Lapeer, MI 48446

$160,000

4 bd · 2.0 ba · 2,208 sqft · SingleFamily · 51 Days on market

Built 1910 0.34 ac lot $72/sqft · at area comps Est $165k · at est.

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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 +20.7/30.0
• ARV discount +8.8/15.0
• DSCR +6.6/10.0
• 1% rule +6.2/10.0
• Livability +3.6/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Duplex rental in Lapeer. Both units have a kitchen, laundry, and parking. The property features a large, partially fenced lot and a 2-car garage. Each unit has its own utility meters. The 2-bedroom unit is leased through February 2027; the 3-bedroom unit is on a month-to-month lease. Great for a large family, close to downtown Lapeer.

Key facts

• Duplex rental
• Kitchen
• Utility meters

Tags

• DUPLEX RENTAL
• KITCHEN
• LAUNDRY
• PARKING
• LARGE PARTIALLY FENCED LOT
• UTILITY METERS

Property features AI

Finance

• Financial info: Property type: Residential income (multi-family); Unit rents: one 2-bed unit currently $950, one 3-bed unit currently $1,350

Exterior

• Parking: Garage; On-site parking lot; Total of 4 parking spaces
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Multi-family residential property; Two-story
• Construction: Wood siding; Block foundation; Asphalt roof; Built on two levels
• Exterior features: Front porch; Back yard fencing

Interior

• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Forced air heating (natural gas); Separate meters; No central cooling
• Interior features: Gas water heater; Partial unfinished basement
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $216 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.6% in Lapeer — 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 72/100 on livability (#231 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: schools D+, employment D, commute F.
• Lapeer Community Schools (town): math 31% / reading 49% proficiency, ranked #202 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 186 active listings in the ZIP; 152 units permitted in Lapeer County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Lapeer County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 9y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $137k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $155,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. 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?
5. 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.
6. 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.
7. 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: 1.12% ✓
• Cap rate: 7.92%
• Cash-on-cash: 5.80%
• DSCR: 1.26
• GRM: 7.4

CMA / ARV

• ARV (median comp): $164,572
• List price: $160,000
• Delta: -2.78%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1086 N Saginaw St	0.53mi	3/2.0 (-1)	2,111 (-4%)	5mo	$220,000	$104	59
1322 N Monroe St	0.31mi	3/2.5 (-1)	2,448 (+11%)	2mo	$300,000	$123	58
1800 W Genesee St	0.59mi	3/2.0 (-1)	2,387 (+8%)	0mo	$191,000	$80	54
648 N Calhoun St	0.36mi	4/2.0	2,382 (+8%)	24mo	$218,000	$92	50
1331 W Genesee St	0.54mi	4/2.0	1,955 (-12%)	7mo	$193,000	$99	50
1533 Pleasant St	0.63mi	4/2.5	2,044 (-7%)	8mo	$310,000	$152	50
1340 W Genesee St	0.51mi	3/2.0 (-1)	1,984 (-10%)	6mo	$225,000	$113	49
1466 Luxington Dr	0.52mi	4/3.0	1,900 (-14%)	1mo	$305,000	$161	48

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: -7.3%
• Equity multiple: 0.73×
• Total profit: $-12,057
• Equity at exit: $23,857

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $7,597
• Equity at exit: $13,834

Cash invested: $44,800 (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 48446

• Active inventory: 186
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,794 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$295 /mo · $3,542/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $216

Break-even live

Break-even rent $1,520

Max offer price $160,000

Occupancy floor 83%

Sensitivity live

Price	-10% $307	-5% $262	+0% $216	+5% $171	+10% $126
Rent	-10% $75	-5% $146	+0% $216	+5% $287	+10% $358
Rate	-1.0pp $297	-0.5pp $257	base $216	+0.5pp $175	+1.0pp $133

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-18
   days on market $160,000 Active 51 DOM

   Show marketing remark (336 chars)

   Duplex rental in Lapeer. Both units have a kitchen, laundry, and parking. The property features a large, partially fenced lot and a 2-car garage. Each unit has its own utility meters. The 2-bedroom unit is leased through February 2027; the 3-bedroom unit is on a month-to-month lease. Great for a large family, close to downtown Lapeer.

2. 2026-06-17
   price $160,000 Active 50 DOM
3. 2026-06-17
   days on market $165,000 Active 50 DOM
4. 2026-06-16
   days on market $165,000 Active 49 DOM
5. 2026-06-15
   days on market $165,000 Active 48 DOM
6. 2026-06-13
   days on market $165,000 Active 46 DOM
7. 2026-06-09
   days on market $165,000 Active 42 DOM
8. 2026-06-08
   days on market $165,000 Active 41 DOM
9. 2026-06-07
   pricedays on market $165,000 Active 40 DOM
10. 2026-06-04
    days on market $170,000 Active 37 DOM
11. 2026-06-03
    days on market $170,000 Active 36 DOM
12. 2026-06-02
    days on market $170,000 Active 35 DOM
13. 2026-06-01
    days on market $170,000 Active 34 DOM
14. 2026-05-31
    days on market $170,000 Active 33 DOM
15. 2026-05-19
    price $170,000 336-char remark

    Show marketing remark (336 chars)

    Duplex rental in Lapeer. Both units have a kitchen, laundry, and parking. The property features a large, partially fenced lot and a 2-car garage. Each unit has its own utility meters. The 2-bedroom unit is leased through February 2027; the 3-bedroom unit is on a month-to-month lease. Great for a large family, close to downtown Lapeer.

16. 2026-05-18
    price $170,000 337-char remark
17. 2026-04-28
    listed $175,000 Active 336-char remark

    Show marketing remark (336 chars)

    Duplex rental in Lapeer. Both units have a kitchen, laundry, and parking. The property features a large, partially fenced lot and a 2-car garage. Each unit has its own utility meters. The 2-bedroom unit is leased through February 2027; the 3-bedroom unit is on a month-to-month lease. Great for a large family, close to downtown Lapeer.

18. 2026-04-28
    listed $175,000 Active 337-char remark

    Show marketing remark (336 chars)

    Duplex rental in Lapeer. Both units have a kitchen, laundry, and parking. The property features a large, partially fenced lot and a 2-car garage. Each unit has its own utility meters. The 2-bedroom unit is leased through February 2027; the 3-bedroom unit is on a month-to-month lease. Great for a large family, close to downtown Lapeer.

19. 2026-04-22
    historical
20. 2026-04-22
    historical
21. 2025-11-12
    listed $180,000 Active
22. 2025-11-12
    listed $180,000 Active
23. 2018-08-28
    soldstatus $137,000
24. 2018-08-23
    soldstatus $137,000 Sold
25. 2018-08-23
    soldstatus $137,000 Closed
26. 2018-07-16
    status Pending
27. 2018-07-16
    status Pending
28. 2018-07-10
    price $141,900
29. 2018-07-09
    price $141,900
30. 2018-06-19
    status Active
31. 2018-06-19
    status Active
32. 2018-05-21
    status Pending
33. 2018-05-21
    status Pending
34. 2018-05-01
    price $144,900
35. 2018-04-30
    price $144,900
36. 2018-04-02
    listed $149,900 Active
37. 2018-04-02
    listed $149,900 Active
38. 2017-12-15
    historical
39. 2017-12-15
    historical
40. 2017-10-05
    price $139,900
41. 2017-10-05
    price $139,900
42. 2017-09-16
    listed $149,900 Active
43. 2017-09-16
    listed $149,900 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: $3,542 · $295/mo
• Projected year-2 tax: $3,542 · $295/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,529
• − Mortgage interest: −$8,962
• − Property taxes: −$3,542
• − Insurance: −$800
• − Repairs & maintenance: −$1,722
• − Management: −$1,722
• − Depreciation: −$4,655
• Taxable income: $125
• Est. tax owed @ 24.0%: −$30
• After-tax cash flow: $2,567/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: Lapeer Community Schools
• NCES district ID: 2621180
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 49% ▼ -4.00%
• Median HH income: $53,749
• Composite: 34.79/100
• National rank: #5113
• State rank: #202 of 540 in MI

Livability — Lapeer

• Score: 72/100
• State rank: #231
• US rank: #5855

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lapeer, MI
• County: Lapeer County · 30,581 people
• City population: 30,581
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 30,581
• Household income: $66,062
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 908.0

Population outlook (Lapeer County) Hauer SSP2

• Today (2025): 89,826 people
• By 2030: 89,535 · -0.3%
• By 2040: 86,695 · -3.5%
• By 2050: 80,566 · -10.3%
• By 2075: 65,783 · -26.8%
• By 2100: 46,584 · -48.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 3% Black 3%
• Common ancestry: Romanian 6% Lithuanian 4% Slovak 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Lapeer

• 2024 margin: Solid R (+39.8) · D 29.5% · R 69.3% · Other 1.3%
• 2008→2024 swing: -36.8pp toward R · 2008: -3.0pp · 2024: -39.8pp
• All cycles: 2024: R+39.8 2020: R+36.3 2016: R+38.3 2012: R+11.5 2008: R+3.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -243.58%
• Current HPI: 212.3665
• Rent YoY: —
• Metro: Detroit-Warren-Dearborn, MI
• 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

+6.7% since first listed

33 events — show timeline

• 2026-06-18 Price Changed $160,000 MiRealSource-MiMLS
• 2026-06-17 Price Changed $160,000 REALCOMP
• 2026-06-06 Price Changed $165,000 MiRealSource-MiMLS
• 2026-06-05 Price Changed $165,000 REALCOMP
• 2026-05-19 Price Changed $170,000 MiRealSource-MiMLS
• 2026-05-18 Price Changed $170,000 REALCOMP
• 2026-04-28 Listed $175,000 REALCOMP
• 2026-04-28 Listed $175,000 MiRealSource-MiMLS
• 2026-04-22 Listing Removed — MiRealSource-MiMLS
• 2026-04-22 Listing Removed — REALCOMP
• 2025-11-12 Listed $180,000 REALCOMP
• 2025-11-12 Listed $180,000 MiRealSource-MiMLS
• 2018-08-28 Sold (Public Records) $137,000 Public Records
• 2018-08-23 Sold (MLS) $137,000 MiRealSource-MiMLS
• 2018-08-23 Sold (MLS) $137,000 REALCOMP
• 2018-07-16 Pending — MiRealSource-MiMLS
• 2018-07-16 Pending — REALCOMP
• 2018-07-10 Price Changed $141,900 MiRealSource-MiMLS
• 2018-07-09 Price Changed $141,900 REALCOMP
• 2018-06-19 Relisted — MiRealSource-MiMLS
• 2018-06-19 Relisted — REALCOMP
• 2018-05-21 Pending — MiRealSource-MiMLS
• 2018-05-21 Pending — REALCOMP
• 2018-05-01 Price Changed $144,900 MiRealSource-MiMLS
• 2018-04-30 Price Changed $144,900 REALCOMP
• 2018-04-02 Listed $149,900 MiRealSource-MiMLS
• 2018-04-02 Listed $149,900 REALCOMP
• 2017-12-15 Listing Removed — MiRealSource-MiMLS
• 2017-12-15 Listing Removed — REALCOMP
• 2017-10-05 Price Changed $139,900 MiRealSource-MiMLS
• 2017-10-05 Price Changed $139,900 REALCOMP
• 2017-09-16 Listed $149,900 MiRealSource-MiMLS
• 2017-09-16 Listed $149,900 REALCOMP

Property tax history

+4.5%/yr

Latest (2025): $3,542 · +4.7% YoY. Source: county tax records.