10497 California Rd · Bridgman, MI 49106

$125,000

3 bd · 1.0 ba · 1,220 sqft · SingleFamily public records · 21 Days on market

Built 1940 0.75 ac lot $102/sqft · 53% below area Est $226k · 45% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.5/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS IS AN 'AS IS' CASH SALE. KNOWN FOUNDATION ISSUES. This character filled & thoughtfully curated Southwest Michigan charmer is offered at a bargain price! Located on a generous . 75 acre lot great for hosting outdoor gatherings. Equipped with firepit, storage shed and room to roam. Inside you'll be taken by the impeccable hardwood floors, oversized trim work & arched doorways. Windows line every room in the house, filling each space with natural light throughout the day. The main level is comprised of kitchen, dining, living room, primary bedroom and a full bathroom. The upper level has an expansive second bedroom, providing a private setting for residents and guests alike. Don't miss this opportunity to own an affordable Southwest Michigan home! Just 1 MILE from downtown Bridgman & 2.6 miles from the pristine beaches of Lake Michigan at Weko Beach. On top of it all, Lake Township offers lower taxes & multiple rental options to offset your expenses. Truly one of Harbor Country's best kept secrets.

Key facts

• Generous lot
• Firepit
• Arched doorways

Tags

• GENEROUS LOT
• FIREPIT
• STORAGE SHED
• HARDWOOD FLOORS
• ARCHED DOORWAYS
• NATURAL LIGHT

Property features AI

Exterior

• Utilities: Natural gas connected; Cable connected
• Home design: Cape Cod-style single-family home; One or more stories (Cape Cod layout)
• Construction: Built in 1940; Aluminum siding
• Exterior features: Approximately 0.75-acre lot; Shed(s) on the property; Public water

Interior

• Kitchen: Oven; Refrigerator; Kitchen area (approx. 12.3 x 12.3)
• Bedrooms: Primary bedroom (approx. 10.6 x 10.5); Second bedroom (approx. 13.8 x 15.5)
• Bathrooms: One full bathroom (primary bathroom approx. 6.7 x 5.5)
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Six total rooms; Full basement (Michigan-style)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $653 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 2.6% in Bridgman — 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 78/100 on livability (#102 in MI, #2,452 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Bridgman Public Schools (suburban): math 60% / reading 69% proficiency, ranked #31 of 540 in MI (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 54 active listings in the ZIP; 397 units permitted in Berrien County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Berrien County population projected at -16% 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 $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 8y ago; this cycle's ask has dropped $110k (47%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $88k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,125 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.52% ✓
• Cap rate: 12.56%
• Cash-on-cash: 22.37%
• DSCR: 2.00
• GRM: 5.5

CMA / ARV

• ARV (median comp): $226,304
• List price: $125,000
• Delta: -44.76%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10436 Gast Rd	0.43mi	3/2.0	1,313 (+8%)	20mo	$224,100	$171	47

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: 15.2%
• Equity multiple: 1.61×
• Total profit: $21,329
• Equity at exit: $18,638

10-year hold

• IRR: 23.9%
• Equity multiple: 3.06×
• Total profit: $72,176
• Equity at exit: $10,808

Cash invested: $35,000 (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 49106

• Active inventory: 54
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,903 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$143 /mo · $1,714/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $653

Break-even live

Break-even rent $1,077

Max offer price $125,000

Occupancy floor 61%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-05-07
   listed $235,000 Active 984-char remark

   Show marketing remark (1039 chars)

   THIS IS AN 'AS IS' CASH SALE. KNOWN FOUNDATION ISSUES. This character filled & thoughtfully curated Southwest Michigan charmer is offered at a bargain price! Located on a generous . 75 acre lot great for hosting outdoor gatherings. Equipped with firepit, storage shed and room to roam. Inside you'll be taken by the impeccable hardwood floors, oversized trim work & arched doorways. Windows line every room in the house, filling each space with natural light throughout the day. The main level is comprised of kitchen, dining, living room, primary bedroom and a full bathroom. The upper level has an expansive second bedroom, providing a private setting for residents and guests alike. Don't miss this opportunity to own an affordable Southwest Michigan home! Just 1 MILE from downtown Bridgman & 2.6 miles from the pristine beaches of Lake Michigan at Weko Beach. On top of it all, Lake Township offers lower taxes & multiple rental options to offset your expenses. Truly one of Harbor Country's best kept secrets.

2. 2026-05-07
   listed $235,000 Active 1018-char remark

   Show marketing remark (1039 chars)

   THIS IS AN 'AS IS' CASH SALE. KNOWN FOUNDATION ISSUES. This character filled & thoughtfully curated Southwest Michigan charmer is offered at a bargain price! Located on a generous . 75 acre lot great for hosting outdoor gatherings. Equipped with firepit, storage shed and room to roam. Inside you'll be taken by the impeccable hardwood floors, oversized trim work & arched doorways. Windows line every room in the house, filling each space with natural light throughout the day. The main level is comprised of kitchen, dining, living room, primary bedroom and a full bathroom. The upper level has an expansive second bedroom, providing a private setting for residents and guests alike. Don't miss this opportunity to own an affordable Southwest Michigan home! Just 1 MILE from downtown Bridgman & 2.6 miles from the pristine beaches of Lake Michigan at Weko Beach. On top of it all, Lake Township offers lower taxes & multiple rental options to offset your expenses. Truly one of Harbor Country's best kept secrets.

3. 2026-05-07
   listed $235,000 Active

   Show marketing remark (1039 chars)

   THIS IS AN 'AS IS' CASH SALE. KNOWN FOUNDATION ISSUES. This character filled & thoughtfully curated Southwest Michigan charmer is offered at a bargain price! Located on a generous . 75 acre lot great for hosting outdoor gatherings. Equipped with firepit, storage shed and room to roam. Inside you'll be taken by the impeccable hardwood floors, oversized trim work & arched doorways. Windows line every room in the house, filling each space with natural light throughout the day. The main level is comprised of kitchen, dining, living room, primary bedroom and a full bathroom. The upper level has an expansive second bedroom, providing a private setting for residents and guests alike. Don't miss this opportunity to own an affordable Southwest Michigan home! Just 1 MILE from downtown Bridgman & 2.6 miles from the pristine beaches of Lake Michigan at Weko Beach. On top of it all, Lake Township offers lower taxes & multiple rental options to offset your expenses. Truly one of Harbor Country's best kept secrets.

4. 2019-06-04
   soldstatus $88,000
5. 2019-05-31
   soldstatus $88,000
6. 2019-05-31
   soldstatus $88,000 Sold
7. 2019-04-26
   price $99,000
8. 2019-04-26
   status Active
9. 2019-04-02
   historical Active Backup
10. 2019-03-12
    price $120,000
11. 2019-03-12
    status Active
12. 2019-02-27
    historical Active Backup
13. 2019-02-12
    status Active
14. 2019-01-14
    historical Active Backup
15. 2018-12-21
    listed $99,000
16. 2018-12-21
    listed $130,000 Active
17. 2018-12-21
    listed $99,000

ⓘ 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: $1,714 · $143/mo
• Projected year-2 tax: $1,820 · $152/mo
• Expected delta: +$105/yr (+$9/mo · 6.1%)

ⓘ 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 ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,831
• − Mortgage interest: −$7,002
• − Property taxes: −$1,714
• − Insurance: −$625
• − Repairs & maintenance: −$1,826
• − Management: −$1,826
• − Depreciation: −$3,636
• Taxable income: $6,200
• Est. tax owed @ 24.0%: −$1,488
• After-tax cash flow: $6,343/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: Bridgman Public Schools
• NCES district ID: 2606840
• Math proficiency: 60% ▲ 1.00%
• Reading proficiency: 69% ▲ 4.00%
• Median HH income: $52,691
• Composite: 55.03/100
• National rank: #1294
• State rank: #31 of 540 in MI

Livability — Bridgman

• Score: 78/100
• State rank: #102
• US rank: #2452

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 5,086
• Population (ZIP): 5,086

Population outlook (Berrien County) Hauer SSP2

• Today (2025): 149,273 people
• By 2030: 145,211 · -2.7%
• By 2040: 135,435 · -9.3%
• By 2050: 125,543 · -15.9%
• By 2075: 103,986 · -30.3%
• By 2100: 82,256 · -44.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 6% Two or more races 4% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 10% Lithuanian 3% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Russian/Polish/Slavic 2% Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Berrien

• 2024 margin: Lean R (+7.9) · D 45.4% · R 53.2% · Other 1.4%
• 2008→2024 swing: -13.3pp toward R · 2008: 5.5pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: R+7.4 2016: R+12.7 2012: R+6.6 2008: D+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -136.81%
• Current HPI: 214.3914
• 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

+26.3% since first listed

21 events — show timeline

• 2026-05-28 Price Changed $125,000 MiRealSource-MiMLS
• 2026-05-28 Pending — REALCOMP
• 2026-05-28 Pending — SW Michigan MLS
• 2026-05-28 Price Changed $125,000 REALCOMP
• 2026-05-28 Price Changed $125,000 SW Michigan MLS
• 2026-05-07 Listed $235,000 SW Michigan MLS
• 2026-05-07 Listed $235,000 REALCOMP
• 2019-06-04 Sold (Public Records) $88,000 Public Records
• 2019-05-31 Sold (MLS) $88,000 SW Michigan MLS
• 2019-05-31 Sold (MLS) $88,000 REALCOMP
• 2019-04-26 Price Changed $99,000 SW Michigan MLS
• 2019-04-26 Relisted — SW Michigan MLS
• 2019-04-02 Contingent — SW Michigan MLS
• 2019-03-12 Price Changed $120,000 SW Michigan MLS
• 2019-03-12 Relisted — SW Michigan MLS
• 2019-02-27 Contingent — SW Michigan MLS
• 2019-02-12 Relisted — SW Michigan MLS
• 2019-01-14 Contingent — SW Michigan MLS
• 2018-12-21 Listed $99,000 MiRealSource-MiMLS
• 2018-12-21 Listed $130,000 SW Michigan MLS
• 2018-12-21 Listed $99,000 REALCOMP

Property tax history

+5.8%/yr

Latest (2024): $1,714 · +3.7% YoY. Source: county tax records.