986 Spirea #44 · Marion, MI 48843

$275,000

3 bd · 3.0 ba · 2,328 sqft · Condo · 82 Days on market

Built 2002 Fair condition $118/sqft · 21% below area Est $346k · 21% under $370/mo HOA · 13% of rent

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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 +11.4/30.0
• 1% rule +5.0/10.0
• Schools +4.1/10.0
• DSCR +3.3/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Priced to sell! Beautiful 1 1/2 story Condo in Howell –Enjoy easy living in this 3-bedroom, 3-bath cape cod style condo located in a desirable Howell community! As soon as you walk up you will see a charming covered front porch were there's plenty of space to sit and relax with your morning coffee. Inside, you'll find an open layout with wood floors in Kitchen, a bright great room featuring peaked ceilings, a cozy gas fireplace, and a door wall to the back deck - a great spot to unwind outdoors. This home backs up to nature and no neighbors behind you. The home also features first-floor laundry for added convenience. Your choice of the primary suite upstairs or down, first level bedroom hasa shared bath. bath with Downstairs, the full finished lower level boasts 10-foot ceilings, a walkout to the patio, and a full bathroom. another living space, recreation space, and storage - ideal for entertaining or everyday use. A 2-car attached garage completes the home. Conveniently located near expressways and downtown Howell - don't miss out on this move-in-ready gem!

Key facts

• Covered front porch
• Cozy gas fireplace
• Peaked ceilings

Tags

• COVERED FRONT PORCH
• OPEN LAYOUT
• WOOD FLOORS
• GREAT ROOM
• PEAKED CEILINGS
• COZY GAS FIREPLACE

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $275k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-95 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $261k (5.0% below list).
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $258k (6.0% below list) — sets the bar for market timing.
• Cap rate 5.9% vs local median 3.1% in Marion — 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 (#607 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools D+, crime F, amenities F.
• Howell Public Schools (suburban): math 41% / reading 52% proficiency, ranked #116 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 340 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 488 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% of the median local income ($95k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Livingston County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($258k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y ago; this cycle's ask has dropped $45k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $225k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $258,499 (6.0% 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 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.00% ✓
• Cap rate: 5.88%
• Cash-on-cash: -1.49%
• DSCR: 0.93
• GRM: 8.3

CMA / ARV

• ARV (median comp): $346,388
• List price: $275,000
• Delta: -20.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.6%
• Equity multiple: 0.35×
• Total profit: $-50,369
• Equity at exit: $41,003

10-year hold

• IRR: -10.8%
• Equity multiple: 0.34×
• Total profit: $-50,592
• Equity at exit: $23,777

Cash invested: $77,000 (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 48843

• Active inventory: 340
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,753 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$370
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $-95

Break-even live

Break-even rent $2,874

Max offer price $261,195

Occupancy floor 98%

Sensitivity live

Price	-10% $95	-5% $0	+0% $-95	+5% $-190	+10% $-285
Rent	-10% $-313	-5% $-204	+0% $-95	+5% $13	+10% $122
Rate	-1.0pp $43	-0.5pp $-25	base $-95	+0.5pp $-167	+1.0pp $-239

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1043 Kenny Brook Ln Howell, MI	4.0	2.5	1830	$2,295	$1.25	2d	1	0.48mi
2102 Steelwood Dr Howell, MI	4.0	2.5	2218	$3,200	$1.44	18d	1	0.82mi
2132 Shale Dr Unit 84 Howell, MI	4.0	2.5	2218	$3,200	$1.44	18d	1	0.87mi
2147 Shale Dr Unit 82HOMESITE 82 Howell, MI	4.0	2.5	2218	$3,200	$1.44	18d	1	0.90mi
684 Glenlivet St Howell, MI	3.0	3.5	1812	$2,500	$1.38	25d	1	1.01mi

HOA detail condo

• Monthly dues: $370 · $4,440/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $275,000 Active 82 DOM
2. 2026-06-17
   days on market $275,000 Active 81 DOM
3. 2026-06-16
   days on market $275,000 Active 80 DOM
4. 2026-06-15
   days on market $275,000 Active 79 DOM
5. 2026-06-13
   days on market $275,000 Active 77 DOM
6. 2026-06-13
   pricedays on market $275,000 Active 76 DOM
7. 2026-06-09
   days on market $300,000 Active 73 DOM
8. 2026-06-08
   days on market $300,000 Active 72 DOM
9. 2026-06-07
   days on market $300,000 Active 71 DOM
10. 2026-06-04
    days on market $300,000 Active 68 DOM
11. 2026-06-03
    days on market $300,000 Active 67 DOM
12. 2026-06-02
    days on market $300,000 Active 66 DOM
13. 2026-06-01
    days on market $300,000 Active 65 DOM
14. 2026-05-31
    days on market $300,000 Active 64 DOM
15. 2026-04-30
    price $300,000 1100-char remark

    Show marketing remark (1119 chars)

    Priced to sell! Beautiful 1 1/2 story Condo in Howell –Enjoy easy living in this 3-bedroom, 3-bath cape cod style condo located in a desirable Howell community! As soon as you walk up you will see a charming covered front porch were there’s plenty of space to sit and relax with your morning coffee. Inside, you’ll find an open layout with wood floors in Kitchen, a bright great room featuring peaked ceilings, a cozy gas fireplace, and a door wall to the back deck — a great spot to unwind outdoors. This home backs up to nature and no neighbors behind you. The home also features first-floor laundry for added convenience. Your choice of the primary suite upstairs or down, first level bedroom hasa shared bath. bath with Downstairs, the full finished lower level boasts 10-foot ceilings, a walkout to the patio, and a full bathroom. another living space, recreation space, and storage — ideal for entertaining or everyday use. A 2-car attached garage completes the home. Conveniently located near expressways and downtown Howell — don’t miss out on this move-in-ready gem!

16. 2026-04-30
    price $300,000 1119-char remark

    Show marketing remark (1119 chars)

    Priced to sell! Beautiful 1 1/2 story Condo in Howell –Enjoy easy living in this 3-bedroom, 3-bath cape cod style condo located in a desirable Howell community! As soon as you walk up you will see a charming covered front porch were there’s plenty of space to sit and relax with your morning coffee. Inside, you’ll find an open layout with wood floors in Kitchen, a bright great room featuring peaked ceilings, a cozy gas fireplace, and a door wall to the back deck — a great spot to unwind outdoors. This home backs up to nature and no neighbors behind you. The home also features first-floor laundry for added convenience. Your choice of the primary suite upstairs or down, first level bedroom hasa shared bath. bath with Downstairs, the full finished lower level boasts 10-foot ceilings, a walkout to the patio, and a full bathroom. another living space, recreation space, and storage — ideal for entertaining or everyday use. A 2-car attached garage completes the home. Conveniently located near expressways and downtown Howell — don’t miss out on this move-in-ready gem!

17. 2026-04-21
    price $315,000 1100-char remark

    Show marketing remark (1119 chars)

    Priced to sell! Beautiful 1 1/2 story Condo in Howell –Enjoy easy living in this 3-bedroom, 3-bath cape cod style condo located in a desirable Howell community! As soon as you walk up you will see a charming covered front porch were there’s plenty of space to sit and relax with your morning coffee. Inside, you’ll find an open layout with wood floors in Kitchen, a bright great room featuring peaked ceilings, a cozy gas fireplace, and a door wall to the back deck — a great spot to unwind outdoors. This home backs up to nature and no neighbors behind you. The home also features first-floor laundry for added convenience. Your choice of the primary suite upstairs or down, first level bedroom hasa shared bath. bath with Downstairs, the full finished lower level boasts 10-foot ceilings, a walkout to the patio, and a full bathroom. another living space, recreation space, and storage — ideal for entertaining or everyday use. A 2-car attached garage completes the home. Conveniently located near expressways and downtown Howell — don’t miss out on this move-in-ready gem!

18. 2026-04-21
    price $315,000 1119-char remark

    Show marketing remark (1119 chars)

    Priced to sell! Beautiful 1 1/2 story Condo in Howell –Enjoy easy living in this 3-bedroom, 3-bath cape cod style condo located in a desirable Howell community! As soon as you walk up you will see a charming covered front porch were there’s plenty of space to sit and relax with your morning coffee. Inside, you’ll find an open layout with wood floors in Kitchen, a bright great room featuring peaked ceilings, a cozy gas fireplace, and a door wall to the back deck — a great spot to unwind outdoors. This home backs up to nature and no neighbors behind you. The home also features first-floor laundry for added convenience. Your choice of the primary suite upstairs or down, first level bedroom hasa shared bath. bath with Downstairs, the full finished lower level boasts 10-foot ceilings, a walkout to the patio, and a full bathroom. another living space, recreation space, and storage — ideal for entertaining or everyday use. A 2-car attached garage completes the home. Conveniently located near expressways and downtown Howell — don’t miss out on this move-in-ready gem!

19. 2026-03-28
    listed $320,000 Active 1119-char remark

    Show marketing remark (1100 chars)

    Priced to sell! Beautiful 1 1/2 story Condo in Howell –Enjoy easy living in this 3-bedroom, 3-bath cape cod style condo located in a desirable Howell community! As soon as you walk up you will see a charming covered front porch were there's plenty of space to sit and relax with your morning coffee. Inside, you'll find an open layout with wood floors in Kitchen, a bright great room featuring peaked ceilings, a cozy gas fireplace, and a door wall to the back deck - a great spot to unwind outdoors. This home backs up to nature and no neighbors behind you. The home also features first-floor laundry for added convenience. Your choice of the primary suite upstairs or down, first level bedroom hasa shared bath. bath with Downstairs, the full finished lower level boasts 10-foot ceilings, a walkout to the patio, and a full bathroom. another living space, recreation space, and storage - ideal for entertaining or everyday use. A 2-car attached garage completes the home. Conveniently located near expressways and downtown Howell - don't miss out on this move-in-ready gem!

20. 2026-03-28
    listed $320,000 Active 1100-char remark

    Show marketing remark (1100 chars)

    Priced to sell! Beautiful 1 1/2 story Condo in Howell –Enjoy easy living in this 3-bedroom, 3-bath cape cod style condo located in a desirable Howell community! As soon as you walk up you will see a charming covered front porch were there's plenty of space to sit and relax with your morning coffee. Inside, you'll find an open layout with wood floors in Kitchen, a bright great room featuring peaked ceilings, a cozy gas fireplace, and a door wall to the back deck - a great spot to unwind outdoors. This home backs up to nature and no neighbors behind you. The home also features first-floor laundry for added convenience. Your choice of the primary suite upstairs or down, first level bedroom hasa shared bath. bath with Downstairs, the full finished lower level boasts 10-foot ceilings, a walkout to the patio, and a full bathroom. another living space, recreation space, and storage - ideal for entertaining or everyday use. A 2-car attached garage completes the home. Conveniently located near expressways and downtown Howell - don't miss out on this move-in-ready gem!

21. 2003-10-07
    soldstatus $224,716
22. 2003-05-06
    listed $187,900

ⓘ 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 2/10 Low 7 d/yr ≥96°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: $33,039
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,643
• − Management: −$2,643
• − HOA: −$4,440
• − Depreciation: −$8,000
• Taxable loss: −$5,592
• Est. tax savings @ 24.0%: +$1,342
• After-tax cash flow: $197/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This 1 1/2 story condo requires moderate repairs to exterior siding and interior walls, along with routine maintenance. Upgrades to the exterior and interior can significantly enhance its value.

Repairs flagged

• Moderate Exterior siding — Weathered and some discoloration
• Moderate Interior walls — Some discoloration

Value-add opportunities

• Resale Paint exterior siding — Fresh paint can enhance curb appeal
• Both Replace carpeting — New flooring can improve both resale and rental value
• Both Deep clean and maintain HVAC system — A clean and functioning HVAC system is crucial for both resale and rental

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and some discoloration	Moderate	$3,000–15,000
Interior walls · Some discoloration	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Resale Paint exterior siding — Fresh paint can enhance curb appeal ↑
• Both Replace carpeting — New flooring can improve both resale and rental value ↑
• Both Deep clean and maintain HVAC system — A clean and functioning HVAC system is crucial for both resale and rental ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Howell Public Schools
• NCES district ID: 2618720
• Math proficiency: 41% ▼ -6.00%
• Reading proficiency: 52% ▼ -4.00%
• Median HH income: $66,453
• Composite: 41.42/100
• National rank: #3473
• State rank: #116 of 540 in MI

Livability — Marion

• Score: 59/100
• State rank: #607
• US rank: #20314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Livingston County · 121,626 people
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 48,014
• Household income: $94,577
• Rent vs Own: 22.0% rent · 78.0% own
• Severe rent burden: 644.0

Population outlook (Livingston County) Hauer SSP2

• Today (2025): 202,920 people
• By 2030: 209,173 · +3.1%
• By 2040: 216,878 · +6.9%
• By 2050: 217,485 · +7.2%
• By 2075: 217,590 · +7.2%
• By 2100: 197,095 · -2.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Romanian 12% Italian 5% Lithuanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Livingston

• 2024 margin: Strong R (+23.9) · D 37.4% · R 61.3% · Other 1.3%
• 2008→2024 swing: -10.7pp toward R · 2008: -13.3pp · 2024: -23.9pp
• All cycles: 2024: R+23.9 2020: R+22.6 2016: R+29.6 2012: R+23.3 2008: R+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -326.17%
• Current HPI: 180.5058
• Rent YoY: —
• Metro: Detroit-Warren-Dearborn, 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

+59.7% since first listed

8 events — show timeline

• 2026-04-30 Price Changed $300,000 MiRealSource-MiMLS
• 2026-04-30 Price Changed $300,000 REALCOMP
• 2026-04-21 Price Changed $315,000 MiRealSource-MiMLS
• 2026-04-21 Price Changed $315,000 REALCOMP
• 2026-03-28 Listed $320,000 REALCOMP
• 2026-03-28 Listed $320,000 MiRealSource-MiMLS
• 2003-10-07 Sold (MLS) $224,716 REALCOMP
• 2003-05-06 Listed $187,900 REALCOMP