301 Mcmaster St · Dowagiac, MI 49047

$100,000

2 bd · 1.0 ba · 944 sqft · SingleFamily public records · 1 Days on market

Built 1940 0.39 ac lot Est $141k · 29% 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 +27.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +6.6/10.0
• 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

Charming 2-bedroom, 1-bathroom ranch home on a generous corner lot, ready for your finishing touches. Features include central air and numerous updates, including a newer roof, drywall, flooring, plumbing, and electrical. The seller has completed much of the work, leaving an opportunity to add your own style and value. A one-car detached garage and plenty of yard space add to the property's appeal. Whether you're searching for a primary residence or an investment opportunity, this property is worth a look.

Key facts

• Newer roof
• Central air
• Numerous updates

Tags

• CORNER LOT
• CENTRAL AIR
• NEWER ROOF
• NUMEROUS UPDATES
• DETACHED GARAGE
• YARD SPACE

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Natural gas water heater; Public water
• Home design: Ranch-style single family residence; Living area approximately 944; Built in 1940; Composition roof; Public water
• Construction: Aluminum siding; Slab foundation
• Exterior features: Corner lot

Interior

• Kitchen: Oven; Refrigerator; Kitchen approximately 10 x 14
• Bedrooms: Primary bedroom (10 x 12); Bedroom 2 with laundry area (10 x 11)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Storm windows and screens; Total of 5 rooms
• Laundry & utility: Laundry area located with second bedroom

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 9.9% 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; 1 comparable units currently listed for rent nearby; 128 units permitted in Cass 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.
• Cass County population projected at -20% 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 ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,000

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 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?
4. 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?
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: 1.16% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.82%
• DSCR: 1.57
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $140,656
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 E Prairie Ronde St	0.16mi	2/1.0	972 (+3%)	3mo	$65,500	$67	85
303 Jones St	0.15mi	2/1.0	871 (-8%)	5mo	$161,000	$185	76
409 W Railroad St	0.36mi	2/1.0	987 (+5%)	2mo	$147,000	$149	74
27795 Burmax Park	0.32mi	2/1.0	910 (-4%)	11mo	$122,500	$135	70
107 Sherwood St	0.44mi	2/1.0	976 (+3%)	7mo	$160,000	$164	68
217 E Prairie Ronde St	0.19mi	2/1.0	1,056 (+12%)	8mo	$60,000	$57	65
205.5 W Railroad St	0.57mi	2/1.0	1,012 (+7%)	2mo	$114,000	$113	60
303 Orchard St	0.64mi	2/1.0	1,000 (+6%)	4mo	$41,000	$41	57
315 Mcomber St	0.40mi	2/1.0	1,072 (+14%)	2mo	$42,000	$39	57
208 Sherwood St	0.52mi	2/1.0	840 (-11%)	3mo	$140,000	$167	55
604 E Prairie Ronde St	0.32mi	3/1.0 (+1)	1,036 (+10%)	14mo	$215,000	$208	52
116 Sherwood St	0.47mi	2/1.0	841 (-11%)	15mo	$133,000	$158	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: 2.6%
• Equity multiple: 1.10×
• Total profit: $2,815
• Equity at exit: $14,910

10-year hold

• IRR: 12.2%
• Equity multiple: 1.96×
• Total profit: $26,868
• Equity at exit: $8,646

Cash invested: $28,000 (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 49047

• Active inventory: 85
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,162 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$53 /mo · $634/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $299

Break-even live

Break-even rent $783

Max offer price $100,000

Occupancy floor 69%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
550 Riverside Dr Unit Two Bedroom Dowagiac, MI	2.0	1.0	808	$1,162	$1.44	43d	1	1.32mi

Listing history 2 events

1. 2026-06-18
   remarks 511-char remark

   Show marketing remark (511 chars)

   Charming 2-bedroom, 1-bathroom ranch home on a generous corner lot, ready for your finishing touches. Features include central air and numerous updates, including a newer roof, drywall, flooring, plumbing, and electrical. The seller has completed much of the work, leaving an opportunity to add your own style and value. A one-car detached garage and plenty of yard space add to the property's appeal. Whether you're searching for a primary residence or an investment opportunity, this property is worth a look.

2. 2026-06-18
   listed $100,000 Active 1 DOM

   Show marketing remark (511 chars)

   Charming 2-bedroom, 1-bathroom ranch home on a generous corner lot, ready for your finishing touches. Features include central air and numerous updates, including a newer roof, drywall, flooring, plumbing, and electrical. The seller has completed much of the work, leaving an opportunity to add your own style and value. A one-car detached garage and plenty of yard space add to the property's appeal. Whether you're searching for a primary residence or an investment opportunity, this property is worth a look.

ⓘ 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: $634 · $53/mo
• Projected year-2 tax: $1,087 · $91/mo
• Expected delta: +$453/yr (+$38/mo · 71.4%)

ⓘ 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 ≥99°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: $13,944
• − Mortgage interest: −$5,602
• − Property taxes: −$634
• − Insurance: −$500
• − Repairs & maintenance: −$1,116
• − Management: −$1,116
• − Depreciation: −$2,909
• Taxable income: $2,068
• Est. tax owed @ 24.0%: −$496
• After-tax cash flow: $3,092/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

• Census place: Dowagiac, MI
• Population (ZIP): 14,506

Population outlook (Cass County) Hauer SSP2

• Today (2025): 49,919 people
• By 2030: 48,320 · -3.2%
• By 2040: 44,230 · -11.4%
• By 2050: 39,852 · -20.2%
• By 2075: 31,440 · -37.0%
• By 2100: 23,914 · -52.1%

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 · Cass

• 2024 margin: Solid R (+33.9) · D 32.5% · R 66.4% · Other 1.1%
• 2008→2024 swing: -38.0pp toward R · 2008: 4.1pp · 2024: -33.9pp
• All cycles: 2024: R+33.9 2020: R+28.9 2016: R+29.9 2012: R+13.7 2008: D+4.1

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

+82.1% since first listed

7 events — show timeline

• 2026-06-18 Listed $100,000 REALCOMP
• 2026-06-18 Listed $100,000 MiRealSource-MiMLS
• 2026-06-18 Listed $100,000 SW Michigan MLS
• 2014-09-15 Listing Removed — SW Michigan MLS
• 2003-01-31 Listing Removed — REALCOMP
• 2001-12-02 Listed $54,900 REALCOMP
• 2001-12-02 Listed $54,900 SW Michigan MLS

Property tax history

-4.5%/yr

Latest (2025): $634 · -50.8% YoY. Source: county tax records.