120 Palmer Ave · Colon, MI 49040

$129,000

3 bd · 1.0 ba · 1,054 sqft · SingleFamily public records · 114 Days on market

Built 1945 8,712 sqft lot $122/sqft · 10% below area Est $177k · 27% 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 +14.3/30.0
• DSCR +4.4/10.0
• Livability +3.4/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this charming 3-bedroom, 1-bath property located in the heart of Colon. This home offers affordable living with the ability to add your own personal touches and build equity. The fully fenced yard provides privacy and room to relax, entertain, or let pets play freely. A standout feature is the detached heated garage/workshop--perfect for hobbies, storage, or year-round projects. Conveniently located near local schools, this home offers a great combination of small-town charm and everyday convenience. Whether you're looking for your first home, a place to downsize, or an investment opportunity, this property has great potential. Schedule your showing today!

Key facts

• Local schools
• Fully fenced yard
• 8,712 sq ft lot

Tags

• FULLY FENCED YARD
• DETACHED HEATED GARAGE
• LOCAL SCHOOLS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $24 ($289/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (18.2% below list).
• Recommended offer: $106k (18.2% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.0% in Colon — 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 68/100 on livability (#372 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D-, amenities F, commute F.
• Colon Community School District (rural): math 17% / reading 28% proficiency, ranked #446 of 540 in MI (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 38 active listings in the ZIP; 125 units permitted in St. Joseph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• St. Joseph County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 27y 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 $64k; list at $129k implies a 103% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,583 (18.2% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 6.52%
• Cash-on-cash: 0.80%
• DSCR: 1.04
• GRM: 10.2

CMA / ARV

• ARV (median comp): $177,137
• List price: $129,000
• Delta: -27.17%
• 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
201 Goodell Ave	0.15mi	2/1.0 (-1)	1,056 (+0%)	10mo	$182,500	$173	79
307 John St	0.21mi	2/1.5 (-1)	1,062 (+1%)	10mo	$146,000	$137	74
129 Phillips St	0.35mi	2/1.5 (-1)	1,020 (-3%)	15mo	$105,000	$103	59
125 S Swan St	0.19mi	2/1.0 (-1)	981 (-7%)	22mo	$195,000	$199	57
475 S Burr Oak Rd	0.52mi	3/1.0	1,160 (+10%)	4mo	$56,500	$49	56
325 Dallas St	0.22mi	4/1.0 (+1)	1,200 (+14%)	10mo	$149,800	$125	53
119 Michigan Ave	0.24mi	2/1.0 (-1)	896 (-15%)	18mo	$120,000	$134	44

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: -15.1%
• Equity multiple: 0.46×
• Total profit: $-19,403
• Equity at exit: $19,234

10-year hold

• IRR: -6.5%
• Equity multiple: 0.58×
• Total profit: $-15,058
• Equity at exit: $11,154

Cash invested: $36,120 (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 49040

• Home prices YoY: -33.5%
• Active inventory: 38
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,056 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$80 /mo · $957/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $24

Break-even live

Break-even rent $1,025

Max offer price $129,000

Occupancy floor 93%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 44 events

1. 2026-06-18
   days on market $129,000 Active 114 DOM
2. 2026-06-17
   days on market $129,000 Active 113 DOM
3. 2026-06-16
   days on market $129,000 Active 112 DOM
4. 2026-06-15
   days on market $129,000 Active 111 DOM
5. 2026-06-13
   days on market $129,000 Active 109 DOM
6. 2026-06-12
   days on market $129,000 Active 108 DOM
7. 2026-06-09
   days on market $129,000 Active 105 DOM
8. 2026-06-08
   days on market $129,000 Active 104 DOM
9. 2026-06-07
   days on market $129,000 Active 103 DOM
10. 2026-06-05
    days on market $129,000 Active 101 DOM
11. 2026-06-04
    days on market $129,000 Active 99 DOM
12. 2026-06-02
    days on market $129,000 Active 98 DOM
13. 2026-06-01
    days on market $129,000 Active 97 DOM
14. 2026-05-31
    days on market $129,000 Active 96 DOM
15. 2026-05-31
    days on market $129,000 Active 95 DOM
16. 2026-02-24
    listed $129,000 Active 680-char remark

    Show marketing remark (680 chars)

    Welcome home to this charming 3-bedroom, 1-bath property located in the heart of Colon. This home offers affordable living with the ability to add your own personal touches and build equity. The fully fenced yard provides privacy and room to relax, entertain, or let pets play freely. A standout feature is the detached heated garage/workshop--perfect for hobbies, storage, or year-round projects. Conveniently located near local schools, this home offers a great combination of small-town charm and everyday convenience. Whether you're looking for your first home, a place to downsize, or an investment opportunity, this property has great potential. Schedule your showing today!

17. 2026-02-24
    listed $129,000 Active 680-char remark

    Show marketing remark (680 chars)

    Welcome home to this charming 3-bedroom, 1-bath property located in the heart of Colon. This home offers affordable living with the ability to add your own personal touches and build equity. The fully fenced yard provides privacy and room to relax, entertain, or let pets play freely. A standout feature is the detached heated garage/workshop--perfect for hobbies, storage, or year-round projects. Conveniently located near local schools, this home offers a great combination of small-town charm and everyday convenience. Whether you're looking for your first home, a place to downsize, or an investment opportunity, this property has great potential. Schedule your showing today!

18. 2026-02-24
    listed $129,000 Active

    Show marketing remark (680 chars)

    Welcome home to this charming 3-bedroom, 1-bath property located in the heart of Colon. This home offers affordable living with the ability to add your own personal touches and build equity. The fully fenced yard provides privacy and room to relax, entertain, or let pets play freely. A standout feature is the detached heated garage/workshop--perfect for hobbies, storage, or year-round projects. Conveniently located near local schools, this home offers a great combination of small-town charm and everyday convenience. Whether you're looking for your first home, a place to downsize, or an investment opportunity, this property has great potential. Schedule your showing today!

19. 2016-08-04
    soldstatus $63,500
20. 2016-08-03
    soldstatus $63,500
21. 2016-08-03
    soldstatus $63,500 Sold
22. 2016-06-22
    historical Active Contingent
23. 2016-04-27
    listed $59,900 Active
24. 2016-04-27
    listed $59,900
25. 2014-09-26
    historical
26. 2014-09-26
    historical
27. 2014-09-25
    historical
28. 2014-09-24
    historical
29. 2008-09-30
    historical
30. 2008-03-31
    listed $64,900
31. 2008-03-31
    listed $64,900
32. 2006-02-12
    historical
33. 2005-04-16
    listed $69,500
34. 2005-04-16
    listed $69,500
35. 2005-04-03
    historical
36. 2004-11-01
    listed $73,500
37. 2004-11-01
    listed $73,500
38. 2004-10-05
    historical
39. 2004-04-05
    listed $73,500
40. 2004-04-05
    listed $73,500
41. 2000-06-06
    soldstatus $67,300
42. 2000-06-06
    soldstatus $67,300
43. 1999-04-30
    listed $67,500
44. 1999-04-30
    listed $67,500

ⓘ 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: $957 · $80/mo
• Projected year-2 tax: $1,472 · $123/mo
• Expected delta: +$515/yr (+$43/mo · 53.8%)

ⓘ 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 ≥100°F today · 16 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: $12,670
• − Mortgage interest: −$7,226
• − Property taxes: −$957
• − Insurance: −$645
• − Repairs & maintenance: −$1,014
• − Management: −$1,014
• − Depreciation: −$3,753
• Taxable loss: −$1,938
• Est. tax savings @ 24.0%: +$465
• After-tax cash flow: $754/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: Colon Community School District
• NCES district ID: 2610410
• Math proficiency: 17% ▼ -14.00%
• Reading proficiency: 28% ▼ -16.00%
• Median HH income: $44,009
• Composite: 19.37/100
• National rank: #8786
• State rank: #446 of 540 in MI

Livability — Colon

• Score: 68/100
• State rank: #372
• US rank: #9682

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Colon, MI
• City population: 3,341
• Population (ZIP): 3,341

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 58,726 people
• By 2030: 57,030 · -2.9%
• By 2040: 53,266 · -9.3%
• By 2050: 49,343 · -16.0%
• By 2075: 40,441 · -31.1%
• By 2100: 31,981 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 5%
• Common ancestry: Italian 8% Lithuanian 4% Iranian 3%
• Foreign-born: 0%
• Languages at home: 80% English-only · German/W. Germanic 20%

Political lean MEDSL · St. Joseph

• 2024 margin: Solid R (+34.0) · D 32.2% · R 66.2% · Other 1.5%
• 2008→2024 swing: -31.8pp toward R · 2008: -2.2pp · 2024: -34.0pp
• All cycles: 2024: R+34.0 2020: R+31.7 2016: R+31.0 2012: R+12.3 2008: R+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.98%
• Current HPI: 232.5179
• 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

+91.1% since first listed

29 events — show timeline

• 2026-02-24 Listed $129,000 SW Michigan MLS
• 2026-02-24 Listed $129,000 REALCOMP
• 2026-02-24 Listed $129,000 MiRealSource-MiMLS
• 2016-08-04 Sold (Public Records) $63,500 Public Records
• 2016-08-03 Sold (MLS) $63,500 SW Michigan MLS
• 2016-08-03 Sold (MLS) $63,500 REALCOMP
• 2016-06-22 Contingent — SW Michigan MLS
• 2016-04-27 Listed $59,900 SW Michigan MLS
• 2016-04-27 Listed $59,900 REALCOMP
• 2014-09-26 Listing Removed — SW Michigan MLS
• 2014-09-26 Listing Removed — SW Michigan MLS
• 2014-09-25 Listing Removed — SW Michigan MLS
• 2014-09-24 Listing Removed — SW Michigan MLS
• 2008-09-30 Listing Removed — REALCOMP
• 2008-03-31 Listed $64,900 REALCOMP
• 2008-03-31 Listed $64,900 SW Michigan MLS
• 2006-02-12 Listing Removed — REALCOMP
• 2005-04-16 Listed $69,500 REALCOMP
• 2005-04-16 Listed $69,500 SW Michigan MLS
• 2005-04-03 Listing Removed — REALCOMP
• 2004-11-01 Listed $73,500 REALCOMP
• 2004-11-01 Listed $73,500 SW Michigan MLS
• 2004-10-05 Listing Removed — REALCOMP
• 2004-04-05 Listed $73,500 REALCOMP
• 2004-04-05 Listed $73,500 SW Michigan MLS
• 2000-06-06 Sold (MLS) $67,300 REALCOMP
• 2000-06-06 Sold (MLS) $67,300 SW Michigan MLS
• 1999-04-30 Listed $67,500 REALCOMP
• 1999-04-30 Listed $67,500 SW Michigan MLS

Property tax history

+9.5%/yr

Latest (2025): $957 · -31.8% YoY. Source: county tax records.