508 W Oak St · Vassar, MI 48768

$40,000

3 bd · 1.5 ba · 1,442 sqft · SingleFamily public records · 4 Days on market

Built 1900 0.49 ac lot ↓ 51% 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
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Property is ready and waiting for work! This handyman special will offer an excellent Home for anyone looking for their own place. In its current state, it allows full freedom of imagination to make your Home truly one of a kind, or to flip for those ready to go that route. Your new home offers: 3 Bedrooms and 2 Bathrooms, Plus, with the great size of just under 1500 Sq. Ft. there is plenty of space for that new furniture you always dreamed of! With the large yard, you will finally have that summertime outdoor BBQ life on a quiet neighborhood road. Schedule your showing before it's gone, this as-is sale is a first come first serve basis. Don't wait!

Key facts

• Large yard
• 0.49 acre lot
• Built 1900

Tags

• LARGE YARD
• QUIET NEIGHBORHOOD ROAD

Property features AI

Exterior

• Parking: Basement parking potential; No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Ground-level entry with steps
• Construction: Vinyl siding; Block foundation
• Exterior features: Paved road access; Lot approximately 0.49 acres (130 x 163)

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Hot water heating; Natural gas heating; Radiant heating; No central cooling
• Interior features: 7 total rooms; Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $470 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($994 rent vs $40k).
• Cap rate 20.4% vs local median 3.3% in Vassar — 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 60/100 on livability (#597 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, crime F.
• Vassar Public Schools (town): math 20% / reading 24% proficiency, ranked #450 of 540 in MI (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 83 active listings in the ZIP; 56 units permitted in Tuscola County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Tuscola County population projected at -29% 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 $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 20y 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: property tax is 2.7% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.49% ✓
• Cap rate: 20.38%
• Cash-on-cash: 50.32%
• DSCR: 3.24
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $175,924
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
508 W Oak St	0.00mi	3/1.5	1,442 (0%)	1mo	$26,000	$18	99
215 Washington St	0.14mi	3/2.0	1,400 (-3%)	1mo	$157,000	$112	86
620 W Huron Ave	0.10mi	3/1.0	1,542 (+7%)	2mo	$132,000	$86	80
810 W Oak St	0.13mi	4/2.0 (+1)	1,500 (+4%)	1mo	$201,000	$134	79
738 Richard St	0.24mi	3/1.5	1,319 (-8%)	2mo	$175,000	$133	73
620 Wilmot St	0.30mi	3/2.0	1,470 (+2%)	10mo	$189,000	$129	73
966 Athletic St	0.33mi	3/2.0	1,500 (+4%)	11mo	$198,400	$132	67
953 Day Rd	0.34mi	3/1.5	1,360 (-6%)	10mo	$150,000	$110	66
391 Shirley St	0.31mi	3/2.0	1,388 (-4%)	16mo	$170,000	$122	64
236 S East St	0.65mi	3/1.0	1,462 (+1%)	12mo	$172,000	$118	55
1023 King James Ct	0.58mi	3/2.5	1,545 (+7%)	7mo	$260,000	$168	51
231 Goodrich St	0.62mi	3/1.5	1,344 (-7%)	11mo	$60,500	$45	50

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: 48.1%
• Equity multiple: 3.10×
• Total profit: $23,470
• Equity at exit: $5,964

10-year hold

• IRR: 53.7%
• Equity multiple: 6.28×
• Total profit: $59,114
• Equity at exit: $3,458

Cash invested: $11,200 (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 48768

• Home prices YoY: -23.6%
• Active inventory: 83
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $994 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$89 /mo · $1,074/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $470

Break-even live

Break-even rent $400

Max offer price $40,000

Occupancy floor 48%

Sensitivity live

Price	-10% $492	-5% $481	+0% $470	+5% $458	+10% $447
Rent	-10% $391	-5% $430	+0% $470	+5% $509	+10% $548
Rate	-1.0pp $490	-0.5pp $480	base $470	+0.5pp $459	+1.0pp $449

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-01
   status Pending

   Show marketing remark (657 chars)

   Property is ready and waiting for work! This handyman special will offer an excellent Home for anyone looking for their own place. In its current state, it allows full freedom of imagination to make your Home truly one of a kind, or to flip for those ready to go that route. Your new home offers: 3 Bedrooms and 2 Bathrooms, Plus, with the great size of just under 1500 Sq. Ft. there is plenty of space for that new furniture you always dreamed of! With the large yard, you will finally have that summertime outdoor BBQ life on a quiet neighborhood road. Schedule your showing before it's gone, this as-is sale is a first come first serve basis. Don't wait!

2. 2026-05-01
   status Pending 657-char remark

   Show marketing remark (657 chars)

   Property is ready and waiting for work! This handyman special will offer an excellent Home for anyone looking for their own place. In its current state, it allows full freedom of imagination to make your Home truly one of a kind, or to flip for those ready to go that route. Your new home offers: 3 Bedrooms and 2 Bathrooms, Plus, with the great size of just under 1500 Sq. Ft. there is plenty of space for that new furniture you always dreamed of! With the large yard, you will finally have that summertime outdoor BBQ life on a quiet neighborhood road. Schedule your showing before it's gone, this as-is sale is a first come first serve basis. Don't wait!

3. 2026-04-27
   listed $40,000 Active

   Show marketing remark (657 chars)

   Property is ready and waiting for work! This handyman special will offer an excellent Home for anyone looking for their own place. In its current state, it allows full freedom of imagination to make your Home truly one of a kind, or to flip for those ready to go that route. Your new home offers: 3 Bedrooms and 2 Bathrooms, Plus, with the great size of just under 1500 Sq. Ft. there is plenty of space for that new furniture you always dreamed of! With the large yard, you will finally have that summertime outdoor BBQ life on a quiet neighborhood road. Schedule your showing before it's gone, this as-is sale is a first come first serve basis. Don't wait!

4. 2026-04-27
   listed $40,000 Active 657-char remark

   Show marketing remark (657 chars)

   Property is ready and waiting for work! This handyman special will offer an excellent Home for anyone looking for their own place. In its current state, it allows full freedom of imagination to make your Home truly one of a kind, or to flip for those ready to go that route. Your new home offers: 3 Bedrooms and 2 Bathrooms, Plus, with the great size of just under 1500 Sq. Ft. there is plenty of space for that new furniture you always dreamed of! With the large yard, you will finally have that summertime outdoor BBQ life on a quiet neighborhood road. Schedule your showing before it's gone, this as-is sale is a first come first serve basis. Don't wait!

5. 2007-02-18
   historical
6. 2007-02-18
   historical
7. 2006-08-18
   listed $81,900
8. 2006-08-18
   listed $81,900

ⓘ 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: $1,074 · $89/mo
• Projected year-2 tax: $1,074 · $89/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥98°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: $11,933
• − Mortgage interest: −$2,241
• − Property taxes: −$1,074
• − Insurance: −$200
• − Repairs & maintenance: −$955
• − Management: −$955
• − Depreciation: −$1,164
• Taxable income: $5,345
• Est. tax owed @ 24.0%: −$1,283
• After-tax cash flow: $4,353/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: Vassar Public Schools
• NCES district ID: 2634710
• Math proficiency: 20% ▼ -4.00%
• Reading proficiency: 24% ▼ -15.00%
• Median HH income: $41,418
• Composite: 18.74/100
• National rank: #8878
• State rank: #450 of 540 in MI

Livability — Vassar

• Score: 60/100
• State rank: #597
• US rank: #19448

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vassar, MI
• City population: 9,144
• Population (ZIP): 9,144

Population outlook (Tuscola County) Hauer SSP2

• Today (2025): 49,930 people
• By 2030: 47,294 · -5.3%
• By 2040: 41,504 · -16.9%
• By 2050: 35,560 · -28.8%
• By 2075: 24,455 · -51.0%
• By 2100: 16,507 · -66.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 5% Black 2%
• Common ancestry: Romanian 12% Lithuanian 3% Slovak 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Tuscola

• 2024 margin: Solid R (+43.0) · D 27.9% · R 70.9% · Other 1.3%
• 2008→2024 swing: -42.1pp toward R · 2008: -0.8pp · 2024: -43.0pp
• All cycles: 2024: R+43.0 2020: R+39.3 2016: R+38.0 2012: R+10.8 2008: R+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -79.32%
• Current HPI: 257.233
• 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

-51.2% since first listed

8 events — show timeline

• 2026-05-01 Pending — REALCOMP
• 2026-05-01 Pending — MiRealSource-MiMLS
• 2026-04-27 Listed $40,000 MiRealSource-MiMLS
• 2026-04-27 Listed $40,000 REALCOMP
• 2007-02-18 Listing Removed — REALCOMP
• 2007-02-18 Listing Removed — MiRealSource-MiMLS
• 2006-08-18 Listed $81,900 REALCOMP
• 2006-08-18 Listed $81,900 MiRealSource-MiMLS

Property tax history

-1.3%/yr

Latest (2025): $1,074 · -40.1% YoY. Source: county tax records.