203 E Commercial St · Napoleon, MI 49263

$209,900

3 bd · 2.0 ba · 1,918 sqft · SingleFamily · 80 Days on market

Built 1890 0.34 ac lot $109/sqft · 25% below area Est $280k · 25% under

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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).

• ARV discount +15.0/15.0
• Cash flow +7.8/30.0
• Appreciation +5.0/10.0
• Schools +3.3/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• 1% rule +1.3/10.0

Listing remarks MLS

Enjoy the best of both worlds!! This stunningly refreshed farmhouse sits in the heart of Norvell Township. Offering the peace of the country living with the convenience of being just a short drive from the Village of Brooklyn. 3 Bedrooms, and 2 Full baths. This property offers a premier location for outdoor enthusiast and commuters alike. Whether you are grabbing coffee in downtown Brooklyn, launching a boat at Wamplers's Lake, or making the easy drive to Ann Arbor or Jackson you are perfectly position for it all.

Key facts

• Refreshed farmhouse
• Premier location
• Outdoor enthusiast

Tags

• REFRESHED FARMHOUSE
• PREMIER LOCATION
• OUTDOOR ENTHUSIAST

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $-229 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (19.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (37.2% below list).
• Recommended offer: $132k (37.2% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 2.3% in Napoleon — 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 59/100 on livability (#600 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Napoleon Community Schools (rural): math 28% / reading 48% proficiency, ranked #231 of 540 in MI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ezra Eby Elementary School (math 33% / reading 46%, grade F, #606 of 1,397 statewide, top 48%, 559 students, 51% FRL); Napoleon Middle School (math 25% / reading 53%, grade F, #223 of 493 statewide, top 46%, 292 students, 45% FRL); Napoleon High School (math 27% / reading 47%, grade F, #334 of 713 statewide, top 51%, 365 students, 40% FRL).
• Market conditions: 1 active listings in the ZIP; 317 units permitted in Jackson County in 2024 (103 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• Jackson County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $50k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,747 (37.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.63% ✗
• Cap rate: 4.98%
• Cash-on-cash: -4.68%
• DSCR: 0.79
• GRM: 13.3

CMA / ARV

• ARV (median comp): $280,000
• List price: $209,900
• Delta: -25.04%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.1%
• Equity multiple: 1.18×
• Total profit: $10,589
• Equity at exit: $94,380

10-year hold

• IRR: 6.5%
• Equity multiple: 1.99×
• Total profit: $58,072
• Equity at exit: $145,451

Cash invested: $58,772 (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 49263

• Active inventory: 1
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $1,317 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$82 /mo · $983/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $-229

Break-even live

Break-even rent $1,608

Max offer price $169,388

Occupancy floor —

Sensitivity live

Price	-10% $-111	-5% $-170	+0% $-229	+5% $-289	+10% $-348
Rent	-10% $-333	-5% $-281	+0% $-229	+5% $-177	+10% $-125
Rate	-1.0pp $-124	-0.5pp $-176	base $-229	+0.5pp $-284	+1.0pp $-339

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-19
   pricedays on market $209,900 Active 80 DOM
2. 2026-06-18
   days on market $214,900 Active 79 DOM
3. 2026-06-17
   days on market $214,900 Active 78 DOM
4. 2026-06-16
   days on market $214,900 Active 77 DOM
5. 2026-06-15
   days on market $214,900 Active 76 DOM
6. 2026-06-14
   days on market $214,900 Active 74 DOM
7. 2026-06-13
   days on market $214,900 Active 73 DOM
8. 2026-06-10
   days on market $214,900 Active 71 DOM
9. 2026-06-09
   days on market $214,900 Active 70 DOM
10. 2026-06-08
    days on market $214,900 Active 69 DOM
11. 2026-06-07
    days on market $214,900 Active 68 DOM
12. 2026-06-05
    days on market $214,900 Active 65 DOM
13. 2026-06-02
    days on market $214,900 Active 63 DOM
14. 2026-06-01
    days on market $214,900 Active 62 DOM
15. 2026-05-31
    days on market $214,900 Active 61 DOM
16. 2026-05-30
    days on market $214,900 Active 60 DOM
17. 2026-05-01
    price $222,900 519-char remark

    Show marketing remark (519 chars)

    Enjoy the best of both worlds!! This stunningly refreshed farmhouse sits in the heart of Norvell Township. Offering the peace of the country living with the convenience of being just a short drive from the Village of Brooklyn. 3 Bedrooms, and 2 Full baths. This property offers a premier location for outdoor enthusiast and commuters alike. Whether you are grabbing coffee in downtown Brooklyn, launching a boat at Wamplers's Lake, or making the easy drive to Ann Arbor or Jackson you are perfectly position for it all.

18. 2026-04-30
    price $222,900 519-char remark

    Show marketing remark (519 chars)

    Enjoy the best of both worlds!! This stunningly refreshed farmhouse sits in the heart of Norvell Township. Offering the peace of the country living with the convenience of being just a short drive from the Village of Brooklyn. 3 Bedrooms, and 2 Full baths. This property offers a premier location for outdoor enthusiast and commuters alike. Whether you are grabbing coffee in downtown Brooklyn, launching a boat at Wamplers's Lake, or making the easy drive to Ann Arbor or Jackson you are perfectly position for it all.

19. 2026-04-10
    price $239,900 519-char remark

    Show marketing remark (519 chars)

    Enjoy the best of both worlds!! This stunningly refreshed farmhouse sits in the heart of Norvell Township. Offering the peace of the country living with the convenience of being just a short drive from the Village of Brooklyn. 3 Bedrooms, and 2 Full baths. This property offers a premier location for outdoor enthusiast and commuters alike. Whether you are grabbing coffee in downtown Brooklyn, launching a boat at Wamplers's Lake, or making the easy drive to Ann Arbor or Jackson you are perfectly position for it all.

20. 2026-04-09
    price $239,900 519-char remark

    Show marketing remark (519 chars)

    Enjoy the best of both worlds!! This stunningly refreshed farmhouse sits in the heart of Norvell Township. Offering the peace of the country living with the convenience of being just a short drive from the Village of Brooklyn. 3 Bedrooms, and 2 Full baths. This property offers a premier location for outdoor enthusiast and commuters alike. Whether you are grabbing coffee in downtown Brooklyn, launching a boat at Wamplers's Lake, or making the easy drive to Ann Arbor or Jackson you are perfectly position for it all.

21. 2026-03-31
    listed $259,900 Active 519-char remark

    Show marketing remark (519 chars)

    Enjoy the best of both worlds!! This stunningly refreshed farmhouse sits in the heart of Norvell Township. Offering the peace of the country living with the convenience of being just a short drive from the Village of Brooklyn. 3 Bedrooms, and 2 Full baths. This property offers a premier location for outdoor enthusiast and commuters alike. Whether you are grabbing coffee in downtown Brooklyn, launching a boat at Wamplers's Lake, or making the easy drive to Ann Arbor or Jackson you are perfectly position for it all.

22. 2026-03-31
    listed $259,900 Active 519-char remark

    Show marketing remark (519 chars)

    Enjoy the best of both worlds!! This stunningly refreshed farmhouse sits in the heart of Norvell Township. Offering the peace of the country living with the convenience of being just a short drive from the Village of Brooklyn. 3 Bedrooms, and 2 Full baths. This property offers a premier location for outdoor enthusiast and commuters alike. Whether you are grabbing coffee in downtown Brooklyn, launching a boat at Wamplers's Lake, or making the easy drive to Ann Arbor or Jackson you are perfectly position for it all.

23. 2022-10-12
    historical
24. 2022-10-12
    historical
25. 2022-08-03
    price $74,900
26. 2022-08-03
    price
27. 2022-07-07
    listed Active
28. 2022-07-07
    listed $74,900
29. 2022-07-07
    listed $85,000 Active

ⓘ 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: $983 · $82/mo
• Projected year-2 tax: $2,108 · $176/mo
• Expected delta: +$1,125/yr (+$94/mo · 114.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 15 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: $15,810
• − Mortgage interest: −$11,758
• − Property taxes: −$983
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,265
• − Management: −$1,265
• − Depreciation: −$6,106
• Taxable loss: −$6,616
• Est. tax savings @ 24.0%: +$1,588
• After-tax cash flow: $-1,164/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: Napoleon Community Schools
• NCES district ID: 2624960
• Math proficiency: 28% ▼ -13.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $52,236
• Composite: 32.97/100
• National rank: #5585
• State rank: #231 of 540 in MI

Livability — Napoleon

• Score: 59/100
• State rank: #600
• US rank: #19694

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

No demographic data for this ZIP.

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+197.6% since first listed

13 events — show timeline

• 2026-05-01 Price Changed $222,900 MiRealSource-MiMLS
• 2026-04-30 Price Changed $222,900 REALCOMP
• 2026-04-10 Price Changed $239,900 MiRealSource-MiMLS
• 2026-04-09 Price Changed $239,900 REALCOMP
• 2026-03-31 Listed $259,900 REALCOMP
• 2026-03-31 Listed $259,900 MiRealSource-MiMLS
• 2022-10-12 Listing Removed — MiRealSource-MiMLS
• 2022-10-12 Listing Removed — MiRealSource-MiMLS
• 2022-08-03 Price Changed $74,900 MiRealSource-MiMLS
• 2022-08-03 Price Changed — AAMLS
• 2022-07-07 Listed — AAMLS
• 2022-07-07 Listed $85,000 MiRealSource-MiMLS
• 2022-07-07 Listed $74,900 MiRealSource-MiMLS

Property tax history

+19.0%/yr

Latest (2025): $983 · +2.6% YoY. Source: county tax records.