1014 Seventh St · Three Rivers, MI 49093

$139,900

3 bd · 1.0 ba · 1,266 sqft · SingleFamily public records · 70 Days on market

Built 1900 6,098 sqft lot $111/sqft · 15% below area Est $165k · 15% under

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Why this score? — see what drove the C- 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 +18.5/30.0
• ARV discount +14.3/15.0
• DSCR +5.8/10.0
• 1% rule +3.9/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Two-story home with plenty of space and character. The main floor features a comfortable living room, a separate dining area, and a spacious kitchen with ample cabinet and counter space. Hardwood floors run throughout much of the home, adding warmth and character. Upstairs you'll find generously sized bedrooms and additional living space. The layout offers flexibility for bedrooms, office space, or hobbies. Situated on a nice lot with mature trees, this home is conveniently located near local amenities and offers great potential for a new owner to make it their own. All information is believed to be accurate but should be verified by buyer and buyer's agent.

Key facts

• Living room
• Spacious kitchen
• Dining area

Tags

• LIVING ROOM
• DINING AREA
• SPACIOUS KITCHEN
• HARDWOOD FLOORS
• GENEROUSLY SIZED BEDROOMS
• ADDITIONAL LIVING SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (11.0% below list).
• Recommended offer: $124k (11.0% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 5.2% in Three Rivers — 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 70/100 on livability (#306 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D, amenities F.
• Three Rivers Community Schools (town): math 37% / reading 45% proficiency, ranked #200 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 178 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 125 units permitted in St. Joseph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• St. Joseph County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $124,500 (11.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 D-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 D 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: 0.89% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.12%
• DSCR: 1.18
• GRM: 9.4

CMA / ARV

• ARV (median comp): $165,008
• List price: $139,900
• Delta: -15.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
906 Seventh St	0.10mi	3/2.0	1,240 (-2%)	6mo	$195,000	$157	83
919 4th St	0.24mi	3/1.0	1,304 (+3%)	2mo	$55,000	$42	82
1109 5th St	0.17mi	3/1.0	1,155 (-9%)	7mo	$131,142	$114	72
1016 4th St	0.21mi	3/1.5	1,357 (+7%)	7mo	$180,000	$133	70
1319 S Main St	0.23mi	3/1.0	1,404 (+11%)	10mo	$150,000	$107	63
902 4th St	0.23mi	2/1.0 (-1)	1,410 (+11%)	9mo	$30,000	$21	58
124 Middle St	0.66mi	3/1.0	1,200 (-5%)	5mo	$27,500	$23	56
1006 Madison St	0.33mi	4/1.5 (+1)	1,400 (+11%)	9mo	$162,000	$116	53
210 Middle St	0.71mi	3/1.5	1,399 (+10%)	6mo	$69,500	$50	42
311 Spring St	0.73mi	2/1.5 (-1)	1,146 (-10%)	8mo	$135,000	$118	36
508 S Constantine St	0.70mi	2/1.0 (-1)	1,080 (-15%)	4mo	$90,100	$83	34
622 S Hooker Ave	0.72mi	4/2.0 (+1)	1,136 (-10%)	7mo	$162,050	$143	34

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: -9.9%
• Equity multiple: 0.64×
• Total profit: $-14,165
• Equity at exit: $20,860

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-1,533
• Equity at exit: $12,096

Cash invested: $39,172 (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 49093

• Active inventory: 178
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,245 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$57 /mo · $687/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $134

Break-even live

Break-even rent $1,075

Max offer price $139,900

Occupancy floor 84%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
320 Thomas St Three Rivers, MI	1.0–2.0	1.0–1.5	925	$1,245	$1.35	13d	4	0.65mi

Listing history 14 events

1. 2026-06-13
   statusdays on market $139,900 Pending 70 DOM
2. 2026-06-10
   days on market $139,900 Active 68 DOM
3. 2026-06-09
   days on market $139,900 Active 67 DOM
4. 2026-06-08
   days on market $139,900 Active 66 DOM
5. 2026-06-07
   days on market $139,900 Active 65 DOM
6. 2026-06-05
   days on market $139,900 Active 62 DOM
7. 2026-06-03
   days on market $139,900 Active 61 DOM
8. 2026-06-02
   days on market $139,900 Active 60 DOM
9. 2026-06-01
   days on market $139,900 Active 59 DOM
10. 2026-05-31
    days on market $139,900 Active 58 DOM
11. 2026-05-30
    days on market $139,900 Active 57 DOM
12. 2026-04-02
    listed $149,900 Active 675-char remark

    Show marketing remark (666 chars)

    Two-story home with plenty of space and character. The main floor features a comfortable living room, a separate dining area, and a spacious kitchen with ample cabinet and counter space. Hardwood floors run throughout much of the home, adding warmth and character. Upstairs you'll find generously sized bedrooms and additional living space. The layout offers flexibility for bedrooms, office space, or hobbies. Situated on a nice lot with mature trees, this home is conveniently located near local amenities and offers great potential for a new owner to make it their own. All information is believed to be accurate but should be verified by buyer and buyer's agent.

13. 2026-04-02
    listed $149,900 Active 666-char remark

    Show marketing remark (666 chars)

    Two-story home with plenty of space and character. The main floor features a comfortable living room, a separate dining area, and a spacious kitchen with ample cabinet and counter space. Hardwood floors run throughout much of the home, adding warmth and character. Upstairs you'll find generously sized bedrooms and additional living space. The layout offers flexibility for bedrooms, office space, or hobbies. Situated on a nice lot with mature trees, this home is conveniently located near local amenities and offers great potential for a new owner to make it their own. All information is believed to be accurate but should be verified by buyer and buyer's agent.

14. 2026-04-02
    listed $149,900 Active

    Show marketing remark (666 chars)

    Two-story home with plenty of space and character. The main floor features a comfortable living room, a separate dining area, and a spacious kitchen with ample cabinet and counter space. Hardwood floors run throughout much of the home, adding warmth and character. Upstairs you'll find generously sized bedrooms and additional living space. The layout offers flexibility for bedrooms, office space, or hobbies. Situated on a nice lot with mature trees, this home is conveniently located near local amenities and offers great potential for a new owner to make it their own. All information is believed to be accurate but should be verified by buyer and buyer's agent.

ⓘ 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: $687 · $57/mo
• Projected year-2 tax: $1,421 · $118/mo
• Expected delta: +$734/yr (+$61/mo · 106.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°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: $14,940
• − Mortgage interest: −$7,837
• − Property taxes: −$687
• − Insurance: −$700
• − Repairs & maintenance: −$1,195
• − Management: −$1,195
• − Depreciation: −$4,070
• Taxable loss: −$743
• Est. tax savings @ 24.0%: +$178
• After-tax cash flow: $1,791/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: Three Rivers Community Schools
• NCES district ID: 2633840
• Math proficiency: 37% ▲ 1.00%
• Reading proficiency: 45% ▼ -3.00%
• Median HH income: $46,576
• Composite: 34.97/100
• National rank: #5058
• State rank: #200 of 540 in MI

Livability — Three Rivers

• Score: 70/100
• State rank: #306
• US rank: #7604

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Three Rivers, MI
• Population (ZIP): 18,439

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 58,726 people
• By 2030: 57,030 · -2.9%
• By 2040: 53,266 · -9.3%
• By 2050: 49,343 · -16.0%
• By 2075: 40,441 · -31.1%
• By 2100: 31,981 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 5% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 11% Iranian 5% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Solid R (+34.0) · D 32.2% · R 66.2% · Other 1.5%
• 2008→2024 swing: -31.8pp toward R · 2008: -2.2pp · 2024: -34.0pp
• All cycles: 2024: R+34.0 2020: R+31.7 2016: R+31.0 2012: R+12.3 2008: R+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.07%
• Current HPI: 226.5079
• 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

+0.0% since first listed

3 events — show timeline

• 2026-04-02 Listed $149,900 MiRealSource-MiMLS
• 2026-04-02 Listed $149,900 REALCOMP
• 2026-04-02 Listed $149,900 SW Michigan MLS

Property tax history

+2.2%/yr

Latest (2025): $687 · -32.2% YoY. Source: county tax records.