805 S Douglas St Unit 805 1/2 Douglas · Mount Pleasant, MI 48858

$189,900

12 bd · 3.0 ba · 2,434 sqft · MultiFamily · 443 Days on market

Built 1917 10,018 sqft lot ↓ 13% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.1/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

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

INVESTOR OPPORTUNITY. Located just 2.5 blocks from Central Michigan University, this front-and-back duplex offers a total of 12 bedrooms and 3 bathrooms across two attached units, making it a highly desirable rental property. Situated on Douglas Street, which connects to W. Bellows Street at the north end of campus, the property is also within walking distance of downtown Mt. Pleasant. The front unit has hardwood floors and features a living room, dining room, laundry room, kitchen and 8 bedrooms and 2 full baths. The rear unit has a living room, kitchen, bathroom and 4 bedrooms. The property features on-site parking for tenant convenience and is fully rented, providing immediate income for

Key facts

• On-site parking
• 0.23 acre lot
• 3 parking spots

Tags

• FRONT-AND-BACK DUPLEX
• ON-SITE PARKING
• WALKING DISTANCE OF DOWNTOWN
• HIGH-DEMAND RENTAL PROPERTY

Property features AI

Finance

• Financial info: Listed as an investment duplex with 2 total units; Both units currently occupied; Separate utilities/heat for units (useful for rental management)

Exterior

• Parking: 3 or more unassigned/general parking spaces
• Utilities: Public water; Public sanitary sewer; Natural gas connected; Electricity connected; Cable connected; Separate electric and separate gas for units
• Home design: Multi-family duplex (1 to 4 units) — investment property; Conventional frame; 2-story; Built in 1917; Facing east (located on east side of street)
• Construction: Vinyl siding exterior; Basement and crawl foundation
• Exterior features: Vinyl siding; Porch; Sidewalks; Street lights; Cleared, sloping lot; Corner lot on main street; walkable to school

Interior

• Kitchen: Range/Oven; Refrigerator; Formal dining room
• Bedrooms: First-floor bedroom(s); Unit 1 bedrooms located on main level; Unit 2 bedrooms located mostly on main level with one upper bedroom (10 x 8); other Unit 2 bedroom sizes: 10 x 11 and 10 x 10
• Flooring: Hardwood floors; Concrete in at least one bedroom
• Bathrooms: Three full bathrooms; Main-floor full bathroom
• Heating & cooling: Forced air heating; No central cooling listed; Separate heat for units; Gas water heater
• Interior features: Hardwood floors; Has basement; Shared bathrooms
• Laundry & utility: Washer and dryer; First-floor laundry; Utility / laundry room

What this means for you Summary

Snapshot

• This is a 2 × 6-bed/?-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $620/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.1% vs local median 3.4% in Mount Pleasant — 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 82/100 on livability (#55 in MI, #1,063 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime C-, employment F.
• Mt. Pleasant City School District (town): math 33% / reading 48% proficiency, ranked #229 of 540 in MI (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+16.9%/yr); 249 active listings in the ZIP; 72 units permitted in Isabella County in 2024 (0 in 5+ unit buildings).
• At $3,232/mo this rent would consume 76% of the median local household income ($51k/yr) (locally 2381% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Isabella County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $53k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 443 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $29k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 443 days. Have you received any prior offers? Is the seller open to a 12% 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 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.70% ✓
• Cap rate: 14.13%
• Cash-on-cash: 28.01%
• DSCR: 2.25
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 27.7%
• Equity multiple: 2.23×
• Total profit: $65,392
• Equity at exit: $28,315

10-year hold

• IRR: 38.1%
• Equity multiple: 5.45×
• Total profit: $236,651
• Equity at exit: $16,419

Cash invested: $53,172 (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 48858

• Home prices YoY: -31.9%
• Rents YoY: 16.9%
• Active inventory: 249
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $3,232 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$679
• Net cashflow: $1,241

Break-even live

Break-even rent $1,661

Max offer price $189,900

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 2× units	6	—	$3,232
Total (2 units)			$3,232

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $189,900 Active 443 DOM
2. 2026-06-18
   days on market $189,900 Active 442 DOM
3. 2026-06-17
   days on market $189,900 Active 441 DOM
4. 2026-06-16
   days on market $189,900 Active 440 DOM
5. 2026-06-15
   days on market $189,900 Active 439 DOM
6. 2026-06-14
   days on market $189,900 Active 437 DOM
7. 2026-06-12
   days on market $189,900 Active 436 DOM
8. 2026-06-09
   days on market $189,900 Active 433 DOM
9. 2026-06-08
   days on market $189,900 Active 432 DOM
10. 2026-06-07
    days on market $189,900 Active 431 DOM
11. 2026-06-05
    days on market $189,900 Active 428 DOM
12. 2026-06-03
    days on market $189,900 Active 427 DOM
13. 2026-06-02
    days on market $189,900 Active 426 DOM
14. 2026-06-01
    days on market $189,900 Active 425 DOM
15. 2026-05-31
    days on market $189,900 Active 424 DOM
16. 2026-05-30
    days on market $189,900 Active 423 DOM
17. 2025-12-03
    price $189,900
18. 2025-11-04
    price $199,900
19. 2025-07-30
    price $209,900
20. 2025-07-30
    status Active
21. 2025-04-24
    historical
22. 2024-12-23
    listed $219,000 Active
23. 2024-05-19
    historical $675
24. 2024-04-24
    listed $675
25. 2023-07-23
    historical

ⓘ 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 · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,784
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$3,103
• − Management: −$3,103
• − Depreciation: −$5,524
• Taxable income: $12,619
• Est. tax owed @ 24.0%: −$3,029
• After-tax cash flow: $11,863/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: Mt. Pleasant City School District
• NCES district ID: 2624750
• Math proficiency: 33% ▼ -5.00%
• Reading proficiency: 48% ▼ -3.00%
• Median HH income: $32,344
• Composite: 33.16/100
• National rank: #5548
• State rank: #229 of 540 in MI

Livability — Mount Pleasant

• Score: 82/100
• State rank: #55
• US rank: #1063

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Pleasant, MI
• County: Isabella County · 42,226 people
• City population: 42,226
• Metro: Mount Pleasant, MI
• Population (ZIP): 42,226
• Household income: $51,267
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 2381.0

Population outlook (Isabella County) Hauer SSP2

• Today (2025): 75,111 people
• By 2030: 77,600 · +3.3%
• By 2040: 79,890 · +6.4%
• By 2050: 81,568 · +8.6%
• By 2075: 86,602 · +15.3%
• By 2100: 92,201 · +22.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 6% Hispanic / Latino 5% Native American 4% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 6% Slovak 3% Iranian 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 0%

Political lean MEDSL · Isabella

• 2024 margin: Lean R (+7.5) · D 45.5% · R 53.0% · Other 1.6%
• 2008→2024 swing: -26.7pp toward R · 2008: 19.2pp · 2024: -7.5pp
• All cycles: 2024: R+7.5 2020: R+2.5 2016: R+3.7 2012: D+9.3 2008: D+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -96.75%
• Current HPI: 206.1153
• Rent YoY: ▲ 16.89%
• Metro: Mount Pleasant, 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

9 events — show timeline

• 2025-12-03 Price Changed $189,900 MiRealSource-MiMLS
• 2025-11-04 Price Changed $199,900 MiRealSource-MiMLS
• 2025-07-30 Price Changed $209,900 MiRealSource-MiMLS
• 2025-07-30 Relisted — MiRealSource-MiMLS
• 2025-04-24 Listing Removed — MiRealSource-MiMLS
• 2024-12-23 Listed $219,000 MiRealSource-MiMLS
• 2024-05-19 Rental Removed $675 BUILDIUM
• 2024-04-24 Listed for Rent $675 BUILDIUM
• 2023-07-23 Rental Removed — BUILDIUM