66476 Oak St · Dowagiac, MI 49047

$99,900

4 bd · 4.0 ba · 1,182 sqft · SingleFamily · 184 Days on market

Built 1970 8,276 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

Key facts

• Lake views
• 8,276 sq ft lot
• 4 parking spots

Tags

• LAKE VIEWS
• SHORT TERM RENTAL POTENTIAL

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $564 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 4.8% in Dowagiac — 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 (#243 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute D, schools F, crime F.
• Dowagiac Union School District (town): math 19% / reading 31% proficiency, ranked #430 of 540 in MI (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 85 active listings in the ZIP; 165 units permitted in Van Buren County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Van Buren County population projected at -23% 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 $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 184 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 25y ago; this cycle's ask has dropped $50k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $100k implies a 82% gain — meaningful room to come down on a strong offer.

Recommended offer $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — 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 F-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. 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?
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: 1.48% ✓
• Cap rate: 13.07%
• Cash-on-cash: 24.20%
• DSCR: 2.08
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $243,492
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
93505 Charles St	0.22mi	3/2.0 (-1)	1,228 (+4%)	8mo	$180,000	$147	63
66810 Park Ln	0.24mi	3/1.0 (-1)	1,008 (-15%)	2mo	$208,000	$206	45

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: 17.4%
• Equity multiple: 1.70×
• Total profit: $19,715
• Equity at exit: $14,895

10-year hold

• IRR: 25.9%
• Equity multiple: 3.26×
• Total profit: $63,315
• Equity at exit: $8,638

Cash invested: $27,972 (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 49047

• Active inventory: 85
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,479 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$39 /mo · $469/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $564

Break-even live

Break-even rent $765

Max offer price $99,900

Occupancy floor 57%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2025-01-31
   status Pending

   Show marketing remark (444 chars)

   2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

2. 2025-01-31
   status Pending 444-char remark

   Show marketing remark (444 chars)

   2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

3. 2024-11-21
   price $99,900 444-char remark

   Show marketing remark (444 chars)

   2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

4. 2024-11-21
   price $99,900

   Show marketing remark (444 chars)

   2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

5. 2024-11-20
   status Active

   Show marketing remark (444 chars)

   2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

6. 2024-11-20
   status Active 444-char remark

   Show marketing remark (444 chars)

   2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

7. 2024-10-15
   status Pending 444-char remark

   Show marketing remark (444 chars)

   2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

8. 2024-10-15
   status Pending

   Show marketing remark (444 chars)

   2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

9. 2024-10-02
   status Active

   Show marketing remark (444 chars)

   2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

10. 2024-10-02
    status Active 444-char remark

    Show marketing remark (444 chars)

    2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

11. 2024-09-05
    status Pending

    Show marketing remark (444 chars)

    2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

12. 2024-09-05
    status Pending 444-char remark

    Show marketing remark (444 chars)

    2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

13. 2024-05-29
    listed $149,900 Active

    Show marketing remark (444 chars)

    2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

14. 2024-05-29
    listed $149,900 Active 444-char remark

    Show marketing remark (444 chars)

    2 neat and clean cottages all on their own lots with multiple, buildable other lots nearby included. These cottages have views of Big Crooked Lake and but up to lakeshore drive. The two units are both one bed one bath homes with one on a crawl space and one on a slab. . Each unit has been moderately updated in the past two years. One unit is vacant and one unit is rented out. This property could be GREAT use for short term rental occupancy.

15. 2023-12-18
    soldstatus $55,000
16. 2001-11-26
    soldstatus $59,000 746-char remark

    Show marketing remark (746 chars)

    This Listing Is For 3 Homes On 3 Lots. Must Be Sold Together With Parcel 801217013300. House #4 Has 2 Bedrooms, Living Room, Kitchen And Bathroom. Has Space Heater, 100 Amp Service And Shingles About 4 Yrs. Old. House #5 Has 1 Bedroom, Living Room, Kitchen And Bath. Has Furnace. Shingled About 3 Yrs. Ago, Vinyl Siding, Thermo Pane Windows, And 100 Amp Service. House #6 Has 2 Bedrooms, Living Room, Kitchen And Bathroom. Has Space Heater, 100 Amp Service And Thermo Pane Windows. These Homes Must Be Sold Together. Homes Share 1 Well. House #4 And 5 Share A Septic System. House #6 Has Own Septic System. Property Numbers For These Are 801217013100 And 80121701330. Homes #5 And #6 Are Currently Rented. Call Listing Office Or Agent For Access.

17. 2001-05-05
    listed $59,900 746-char remark

    Show marketing remark (746 chars)

    This Listing Is For 3 Homes On 3 Lots. Must Be Sold Together With Parcel 801217013300. House #4 Has 2 Bedrooms, Living Room, Kitchen And Bathroom. Has Space Heater, 100 Amp Service And Shingles About 4 Yrs. Old. House #5 Has 1 Bedroom, Living Room, Kitchen And Bath. Has Furnace. Shingled About 3 Yrs. Ago, Vinyl Siding, Thermo Pane Windows, And 100 Amp Service. House #6 Has 2 Bedrooms, Living Room, Kitchen And Bathroom. Has Space Heater, 100 Amp Service And Thermo Pane Windows. These Homes Must Be Sold Together. Homes Share 1 Well. House #4 And 5 Share A Septic System. House #6 Has Own Septic System. Property Numbers For These Are 801217013100 And 80121701330. Homes #5 And #6 Are Currently Rented. Call Listing Office Or Agent For Access.

ⓘ 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: $469 · $39/mo
• Projected year-2 tax: $1,003 · $84/mo
• Expected delta: +$535/yr (+$45/mo · 114.2%)

ⓘ 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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,753
• − Mortgage interest: −$5,596
• − Property taxes: −$469
• − Insurance: −$500
• − Repairs & maintenance: −$1,420
• − Management: −$1,420
• − Depreciation: −$2,906
• Taxable income: $5,442
• Est. tax owed @ 24.0%: −$1,306
• After-tax cash flow: $5,464/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: Dowagiac Union School District
• NCES district ID: 2612150
• Math proficiency: 19% ▼ -2.00%
• Reading proficiency: 31% ▼ -1.00%
• Median HH income: $39,741
• Composite: 21.03/100
• National rank: #8452
• State rank: #430 of 540 in MI

Livability — Dowagiac

• Score: 72/100
• State rank: #243
• US rank: #6087

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 14,506

Population outlook (Van Buren County) Hauer SSP2

• Today (2025): 71,479 people
• By 2030: 68,693 · -3.9%
• By 2040: 62,093 · -13.1%
• By 2050: 55,232 · -22.7%
• By 2075: 40,786 · -42.9%
• By 2100: 27,785 · -61.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Two or more races 6% Black 6% Native American 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 5% Iranian 2% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1%

Political lean MEDSL · Van Buren

• 2024 margin: R (+15.1) · D 41.7% · R 56.9% · Other 1.4%
• 2008→2024 swing: -23.9pp toward R · 2008: 8.8pp · 2024: -15.1pp
• All cycles: 2024: R+15.1 2020: R+12.3 2016: R+13.9 2012: D+0.5 2008: D+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -188.04%
• Current HPI: 186.2757
• 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

+66.8% since first listed

17 events — show timeline

• 2025-01-31 Pending — REALCOMP
• 2025-01-31 Pending — MiRealSource-MiMLS
• 2024-11-21 Price Changed $99,900 MiRealSource-MiMLS
• 2024-11-21 Price Changed $99,900 REALCOMP
• 2024-11-20 Relisted — REALCOMP
• 2024-11-20 Relisted — MiRealSource-MiMLS
• 2024-10-15 Pending — MiRealSource-MiMLS
• 2024-10-15 Pending — REALCOMP
• 2024-10-02 Relisted — REALCOMP
• 2024-10-02 Relisted — MiRealSource-MiMLS
• 2024-09-05 Pending — REALCOMP
• 2024-09-05 Pending — MiRealSource-MiMLS
• 2024-05-29 Listed $149,900 MiRealSource-MiMLS
• 2024-05-29 Listed $149,900 REALCOMP
• 2023-12-18 Sold (Public Records) $55,000 Public Records
• 2001-11-26 Sold (MLS) $59,000 SW Michigan MLS
• 2001-05-05 Listed $59,900 SW Michigan MLS

Property tax history

-4.6%/yr

Latest (2025): $469 · -76.5% YoY. Source: county tax records.