232 Cliff St · Battle Creek, MI 49014

$220,000

25 bd · 30.0 ba · — sqft · MultiFamily · 36 Days on market

Built 1909 6,970 sqft lot

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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 +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

5-Unit Rental Investment Property. New Roof in 2022, Fresh Exterior Paint in 2023, and many interior updates. Long-term tenants in 4 of the 5 units all renting on a month-to-month rental agreements. Tenants pay for their own electric in 4 or the 5 units. Owner pays building water, gas, and electric for common areas and unit # 5. Valid Rental Permit until July 31, 2027. Property is currently managed by the listing agent. Tenant rental records to transfer to new owner at closing.

Key facts

• Valid rental permit
• Fresh exterior paint
• Interior updates

Tags

• NEW ROOF
• FRESH EXTERIOR PAINT
• INTERIOR UPDATES
• VALID RENTAL PERMIT

What this means for you Summary

Snapshot

• This is a 5 × 5-bed/6.0-bath units multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $6k ($77k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 41.4% vs local median 5.2% in Battle Creek — 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 73/100 on livability (#198 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities C-, crime F.
• Battle Creek Public Schools (urban): math 8% / reading 19% proficiency, ranked #510 of 540 in MI (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 135 active listings in the ZIP; 132 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).
• At $10,072/mo this rent would consume 175% of the median local household income ($69k/yr) (locally 416% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Calhoun 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 $62k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y 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 $55k; list at $220k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $213,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 4.58% ✓
• Cap rate: 41.40%
• Cash-on-cash: 125.39%
• DSCR: 6.58
• GRM: 1.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.08×
• Total profit: $374,447
• Equity at exit: $32,803

10-year hold

• IRR: —
• Equity multiple: 14.87×
• Total profit: $854,549
• Equity at exit: $19,022

Cash invested: $61,600 (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 49014

• Home prices YoY: -28.7%
• Active inventory: 135
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $10,072 medium
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,115
• Net cashflow: $6,437

Break-even live

Break-even rent $1,925

Max offer price $220,000

Occupancy floor 31%

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	5	6	$10,070
Total (5 units)			$10,072

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2025-02-14
   status Pending

   Show marketing remark (482 chars)

   5-Unit Rental Investment Property. New Roof in 2022, Fresh Exterior Paint in 2023, and many interior updates. Long-term tenants in 4 of the 5 units all renting on a month-to-month rental agreements. Tenants pay for their own electric in 4 or the 5 units. Owner pays building water, gas, and electric for common areas and unit # 5. Valid Rental Permit until July 31, 2027. Property is currently managed by the listing agent. Tenant rental records to transfer to new owner at closing.

2. 2025-02-14
   status Pending 482-char remark

   Show marketing remark (482 chars)

   5-Unit Rental Investment Property. New Roof in 2022, Fresh Exterior Paint in 2023, and many interior updates. Long-term tenants in 4 of the 5 units all renting on a month-to-month rental agreements. Tenants pay for their own electric in 4 or the 5 units. Owner pays building water, gas, and electric for common areas and unit # 5. Valid Rental Permit until July 31, 2027. Property is currently managed by the listing agent. Tenant rental records to transfer to new owner at closing.

3. 2025-01-10
   listed $220,000 Active
4. 2025-01-09
   listed $220,000 Active 482-char remark

   Show marketing remark (482 chars)

   5-Unit Rental Investment Property. New Roof in 2022, Fresh Exterior Paint in 2023, and many interior updates. Long-term tenants in 4 of the 5 units all renting on a month-to-month rental agreements. Tenants pay for their own electric in 4 or the 5 units. Owner pays building water, gas, and electric for common areas and unit # 5. Valid Rental Permit until July 31, 2027. Property is currently managed by the listing agent. Tenant rental records to transfer to new owner at closing.

5. 2025-01-01
   historical
6. 2025-01-01
   historical
7. 2024-09-13
   price $220,000
8. 2024-09-13
   price $220,000
9. 2024-09-12
   price $220,000
10. 2024-08-16
    price $223,000
11. 2024-08-16
    price $223,000
12. 2024-08-16
    price $223,000
13. 2024-06-25
    listed $225,000 Active
14. 2024-06-25
    listed $225,000 Active
15. 2008-09-30
    soldstatus $55,000
16. 2008-06-02
    listed $65,900

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $120,864
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$9,669
• − Management: −$9,669
• − Depreciation: −$6,400
• Taxable income: $78,402
• Est. tax owed @ 24.0%: −$18,817
• After-tax cash flow: $58,422/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: Battle Creek Public Schools
• NCES district ID: 2600005
• Math proficiency: 8% ▼ -2.00%
• Reading proficiency: 19% ▬ 0.00%
• Median HH income: $31,697
• Composite: 10.73/100
• National rank: #9769
• State rank: #510 of 540 in MI

Livability — Battle Creek

• Score: 73/100
• State rank: #198
• US rank: #5031

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Battle Creek, MI
• County: Calhoun County · 91,590 people
• City population: 91,590
• Metro: Battle Creek, MI
• Population (ZIP): 21,980
• Household income: $69,009
• Rent vs Own: 27.0% rent · 73.0% own
• Severe rent burden: 416.0

Population outlook (Calhoun County) Hauer SSP2

• Today (2025): 130,157 people
• By 2030: 126,691 · -2.7%
• By 2040: 118,517 · -8.9%
• By 2050: 109,855 · -15.6%
• By 2075: 90,486 · -30.5%
• By 2100: 70,766 · -45.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 9% Two or more races 8% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 4% Iranian 3% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 4% Russian/Polish/Slavic 1%

Political lean MEDSL · Calhoun

• 2024 margin: R (+14.1) · D 42.3% · R 56.4% · Other 1.3%
• 2008→2024 swing: -23.4pp toward R · 2008: 9.4pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+11.1 2016: R+12.5 2012: D+1.6 2008: D+9.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.29%
• Current HPI: 241.3422
• Rent YoY: —
• Metro: Battle Creek, 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

+233.8% since first listed

16 events — show timeline

• 2025-02-14 Pending — REALCOMP
• 2025-02-14 Pending — MiRealSource-MiMLS
• 2025-01-10 Listed $220,000 REALCOMP
• 2025-01-09 Listed $220,000 MiRealSource-MiMLS
• 2025-01-01 Listing Removed — REALCOMP
• 2025-01-01 Listing Removed — MiRealSource-MiMLS
• 2024-09-13 Price Changed $220,000 MiRealSource-MiMLS
• 2024-09-13 Price Changed $220,000 REALCOMP
• 2024-09-12 Price Changed $220,000 SW Michigan MLS
• 2024-08-16 Price Changed $223,000 MiRealSource-MiMLS
• 2024-08-16 Price Changed $223,000 REALCOMP
• 2024-08-16 Price Changed $223,000 SW Michigan MLS
• 2024-06-25 Listed $225,000 MiRealSource-MiMLS
• 2024-06-25 Listed $225,000 REALCOMP
• 2008-09-30 Sold (MLS) $55,000 SW Michigan MLS
• 2008-06-02 Listed $65,900 SW Michigan MLS