None · Hillsdale, MI 49242

$33,000

3 bd · 1.5 ba · 1,796 sqft · SingleFamily public records · 1 Days on market

Built 1906 7,840 sqft lot ↓ 13% since listing

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Three bedroom, 1.5 bath home located in the City of Hillsdale. Large home with porch, deck, basement and 1 car garage. Taxes based on 100% homestead exemption. All offers to be accompanied with a pre-approval letter or proof of funds.

Key facts

• 7,840 sq ft lot
• Garage
• Built 1906

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $33k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $33k).
• Cap rate 43.4% vs local median 2.6% in Hillsdale — 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 75/100 on livability (#158 in MI, #4,063 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, commute F.
• Hillsdale Community Schools (town): math 26% / reading 38% proficiency, ranked #348 of 540 in MI (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 81 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 72 units permitted in Hillsdale County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($61k/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 $228 of loan paydown is wiped out by about $990 of value loss. Plan a longer hold.
• Hillsdale County population projected at -22% 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 $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 17 sale attempts since 25y 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 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $33,000

Questions for the listing agent

1. Built in 1906 — 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. 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?
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: 4.79% ✓
• Cap rate: 43.44%
• Cash-on-cash: 132.68%
• DSCR: 6.90
• GRM: 1.7

CMA / ARV

• ARV (on-the-fly): $220,908
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
63 S Howell St	0.26mi	4/1.5 (+1)	1,728 (-4%)	2mo	$170,000	$98	75
20 S West St	0.23mi	4/1.5 (+1)	1,701 (-5%)	3mo	$199,900	$118	73
134 S Howell St	0.29mi	4/1.5 (+1)	1,900 (+6%)	3mo	$233,000	$123	70
100 S Manning St	0.13mi	4/1.5 (+1)	1,660 (-8%)	8mo	$240,000	$145	70
4 N West St	0.31mi	4/2.0 (+1)	1,874 (+4%)	4mo	$179,000	$96	68
21 N Norwood St	0.37mi	4/2.0 (+1)	1,770 (-1%)	8mo	$217,000	$123	67
200 Wildflower Dr	0.51mi	4/2.0 (+1)	1,907 (+6%)	1mo	$364,900	$191	58
295 Hidden Meadows Dr	0.56mi	4/2.5 (+1)	1,883 (+5%)	1mo	$362,900	$193	56
180 Reading Ave	0.51mi	4/1.0 (+1)	1,683 (-6%)	4mo	$170,000	$101	55
10 Willow St	0.66mi	3/2.0	1,929 (+7%)	1mo	$160,000	$83	54
63 S Broad St	0.43mi	3/2.0	2,023 (+13%)	8mo	$280,000	$138	50
185 E Carleton Rd	0.64mi	4/1.5 (+1)	1,684 (-6%)	6mo	$38,500	$23	49

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: —
• Equity multiple: 7.47×
• Total profit: $59,744
• Equity at exit: $4,920

10-year hold

• IRR: —
• Equity multiple: 15.71×
• Total profit: $135,906
• Equity at exit: $2,853

Cash invested: $9,240 (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 49242

• Home prices YoY: -31.2%
• Active inventory: 81
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,582 medium
• Mortgage (P&I): −$173
• Tax est. 1.5%: −$41 /mo · $495/yr
• Insurance: −$14
• HOA: −$0
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $1,022

Break-even live

Break-even rent $289

Max offer price $33,000

Occupancy floor 30%

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: $8,250
• Closing costs: $990
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 E Bacon St Unit 4 Hillsdale, MI	3.0	1.0	2000	$2,100	$1.05	43d	1	0.98mi

Listing history 44 events

1. 2025-06-27
   status Pending 234-char remark

   Show marketing remark (234 chars)

   Three bedroom, 1.5 bath home located in the City of Hillsdale. Large home with porch, deck, basement and 1 car garage. Taxes based on 100% homestead exemption. All offers to be accompanied with a pre-approval letter or proof of funds.

2. 2025-03-25
   historical 234-char remark

   Show marketing remark (234 chars)

   Three bedroom, 1.5 bath home located in the City of Hillsdale. Large home with porch, deck, basement and 1 car garage. Taxes based on 100% homestead exemption. All offers to be accompanied with a pre-approval letter or proof of funds.

3. 2024-12-17
   status Pending 234-char remark

   Show marketing remark (234 chars)

   Three bedroom, 1.5 bath home located in the City of Hillsdale. Large home with porch, deck, basement and 1 car garage. Taxes based on 100% homestead exemption. All offers to be accompanied with a pre-approval letter or proof of funds.

4. 2024-09-03
   soldstatus $75,000
5. 2022-09-02
   status Pending 234-char remark

   Show marketing remark (234 chars)

   Three bedroom, 1.5 bath home located in the City of Hillsdale. Large home with porch, deck, basement and 1 car garage. Taxes based on 100% homestead exemption. All offers to be accompanied with a pre-approval letter or proof of funds.

6. 2019-03-08
   status Pending 234-char remark

   Show marketing remark (234 chars)

   Three bedroom, 1.5 bath home located in the City of Hillsdale. Large home with porch, deck, basement and 1 car garage. Taxes based on 100% homestead exemption. All offers to be accompanied with a pre-approval letter or proof of funds.

7. 2016-05-11
   historical 234-char remark

   Show marketing remark (234 chars)

   Three bedroom, 1.5 bath home located in the City of Hillsdale. Large home with porch, deck, basement and 1 car garage. Taxes based on 100% homestead exemption. All offers to be accompanied with a pre-approval letter or proof of funds.

8. 2016-01-07
   soldstatus $35,000
9. 2015-12-20
   historical
10. 2015-12-11
    historical 234-char remark

    Show marketing remark (234 chars)

    Three bedroom, 1.5 bath home located in the City of Hillsdale. Large home with porch, deck, basement and 1 car garage. Taxes based on 100% homestead exemption. All offers to be accompanied with a pre-approval letter or proof of funds.

11. 2015-08-03
    soldstatus $33,000 Closed 234-char remark

    Show marketing remark (234 chars)

    Three bedroom, 1.5 bath home located in the City of Hillsdale. Large home with porch, deck, basement and 1 car garage. Taxes based on 100% homestead exemption. All offers to be accompanied with a pre-approval letter or proof of funds.

12. 2015-08-03
    soldstatus $33,000 Sold 234-char remark

    Show marketing remark (234 chars)

    Three bedroom, 1.5 bath home located in the City of Hillsdale. Large home with porch, deck, basement and 1 car garage. Taxes based on 100% homestead exemption. All offers to be accompanied with a pre-approval letter or proof of funds.

13. 2015-07-29
    soldstatus $25,000
14. 2015-07-29
    soldstatus $25,000
15. 2015-07-20
    historical
16. 2015-07-17
    historical
17. 2015-05-11
    historical
18. 2015-05-11
    historical
19. 2015-05-08
    listed $33,000 234-char remark

    Show marketing remark (234 chars)

    Three bedroom, 1.5 bath home located in the City of Hillsdale. Large home with porch, deck, basement and 1 car garage. Taxes based on 100% homestead exemption. All offers to be accompanied with a pre-approval letter or proof of funds.

20. 2015-05-08
    listed $33,000 234-char remark

    Show marketing remark (234 chars)

    Three bedroom, 1.5 bath home located in the City of Hillsdale. Large home with porch, deck, basement and 1 car garage. Taxes based on 100% homestead exemption. All offers to be accompanied with a pre-approval letter or proof of funds.

21. 2015-05-08
    listed $33,000

    Show marketing remark (234 chars)

    Three bedroom, 1.5 bath home located in the City of Hillsdale. Large home with porch, deck, basement and 1 car garage. Taxes based on 100% homestead exemption. All offers to be accompanied with a pre-approval letter or proof of funds.

22. 2015-04-13
    listed $46,900
23. 2015-04-13
    listed $33,000
24. 2015-04-13
    listed $33,000
25. 2015-04-13
    listed $46,900
26. 2015-04-13
    listed $46,900
27. 2006-10-12
    soldstatus $66,500
28. 2006-10-12
    soldstatus $66,500
29. 2006-10-12
    soldstatus $66,500
30. 2006-10-12
    soldstatus $66,500
31. 2006-10-12
    soldstatus $66,500
32. 2006-10-12
    soldstatus $66,500
33. 2006-10-09
    historical
34. 2006-09-11
    historical
35. 2006-08-21
    listed $69,900
36. 2006-08-21
    listed $69,900
37. 2006-08-21
    listed $69,900
38. 2006-08-19
    listed $69,900
39. 2006-08-19
    listed $69,900
40. 2006-08-19
    listed $69,900
41. 2002-04-22
    historical
42. 2001-10-22
    listed $86,500
43. 2001-10-22
    listed $86,500
44. 2001-10-22
    listed $86,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 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: $18,982
• − Mortgage interest: −$1,849
• − Property taxes: −$495
• − Insurance: −$165
• − Repairs & maintenance: −$1,519
• − Management: −$1,519
• − Depreciation: −$960
• Taxable income: $12,477
• Est. tax owed @ 24.0%: −$2,994
• After-tax cash flow: $9,265/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: Hillsdale Community Schools
• NCES district ID: 2618390
• Math proficiency: 26% ▼ -7.00%
• Reading proficiency: 38% ▼ -5.00%
• Median HH income: $38,652
• Composite: 26.73/100
• National rank: #7143
• State rank: #348 of 540 in MI

Livability — Hillsdale

• Score: 75/100
• State rank: #158
• US rank: #4063

Category grades

Amenities C+ 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: Hillsdale, MI
• County: Hillsdale County · 14,750 people
• City population: 14,750
• Metro: Hillsdale, MI
• Population (ZIP): 14,750
• Household income: $61,029
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 349.0

Population outlook (Hillsdale County) Hauer SSP2

• Today (2025): 43,704 people
• By 2030: 41,996 · -3.9%
• By 2040: 38,019 · -13.0%
• By 2050: 34,095 · -22.0%
• By 2075: 25,897 · -40.7%
• By 2100: 18,746 · -57.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 4% Black 1%
• Common ancestry: Romanian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · Canada, Jamaica
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Hillsdale

• 2024 margin: Solid R (+51.4) · D 23.7% · R 75.1% · Other 1.2%
• 2008→2024 swing: -39.4pp toward R · 2008: -12.0pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+47.9 2016: R+46.8 2012: R+24.2 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -105.04%
• Current HPI: 231.5167
• Rent YoY: —
• Metro: Hillsdale, 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

-13.3% since first listed

44 events — show timeline

• 2025-06-27 Pending — REALCOMP
• 2025-03-25 Listing Removed — REALCOMP
• 2024-12-17 Pending — REALCOMP
• 2024-09-03 Sold (Public Records) $75,000 Public Records
• 2022-09-02 Pending — SW Michigan MLS
• 2019-03-08 Pending — REALCOMP
• 2016-05-11 Listing Removed — REALCOMP
• 2016-01-07 Sold (Public Records) $35,000 Public Records
• 2015-12-20 Listing Removed — SW Michigan MLS
• 2015-12-11 Listing Removed — SW Michigan MLS
• 2015-08-03 Sold (MLS) $33,000 SW Michigan MLS
• 2015-08-03 Sold (MLS) $33,000 REALCOMP
• 2015-07-29 Sold (MLS) $25,000 MiRealSource-MiMLS
• 2015-07-29 Sold (MLS) $25,000 REALCOMP
• 2015-07-20 Listing Removed — MiRealSource-MiMLS
• 2015-07-17 Listing Removed — MiRealSource-MiMLS
• 2015-05-11 Listing Removed — SW Michigan MLS
• 2015-05-11 Listing Removed — MiRealSource-MiMLS
• 2015-05-08 Listed $33,000 MiRealSource-MiMLS
• 2015-05-08 Listed $33,000 SW Michigan MLS
• 2015-05-08 Listed $33,000 REALCOMP
• 2015-04-13 Listed $46,900 SW Michigan MLS
• 2015-04-13 Listed $46,900 MiRealSource-MiMLS
• 2015-04-13 Listed $33,000 MiRealSource-MiMLS
• 2015-04-13 Listed $33,000 REALCOMP
• 2015-04-13 Listed $46,900 REALCOMP
• 2006-10-12 Sold (MLS) $66,500 REALCOMP
• 2006-10-12 Sold (MLS) $66,500 MiRealSource-MiMLS
• 2006-10-12 Sold (MLS) $66,500 MiRealSource-MiMLS
• 2006-10-12 Sold (MLS) $66,500 REALCOMP
• 2006-10-12 Sold (MLS) $66,500 SW Michigan MLS
• 2006-10-12 Sold (MLS) $66,500 SW Michigan MLS
• 2006-10-09 Listing Removed — MiRealSource-MiMLS
• 2006-09-11 Listing Removed — MiRealSource-MiMLS
• 2006-08-21 Listed $69,900 REALCOMP
• 2006-08-21 Listed $69,900 MiRealSource-MiMLS
• 2006-08-21 Listed $69,900 SW Michigan MLS
• 2006-08-19 Listed $69,900 MiRealSource-MiMLS
• 2006-08-19 Listed $69,900 REALCOMP
• 2006-08-19 Listed $69,900 SW Michigan MLS
• 2002-04-22 Listing Removed — MiRealSource-MiMLS
• 2001-10-22 Listed $86,500 REALCOMP
• 2001-10-22 Listed $86,500 MiRealSource-MiMLS
• 2001-10-22 Listed $86,500 SW Michigan MLS

Property tax history

+6.5%/yr

Latest (2025): $2,762 · -33.5% YoY. Source: county tax records.