345 N Mulberry St · Marshall, MI 49068

$150,000

3 bd · 1.0 ba · 1,536 sqft · SingleFamily public records · 204 Days on market

Built 1937 8,712 sqft lot $98/sqft · 24% below area Est $198k · 24% under ↓ 9% since listing

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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 +22.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +5.2/10.0
• Livability +3.6/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention Investors, Rehab Specialists, and Visionary Buyers. This historic Marshall, Michigan home delivers serious ROI potential with major updates complete: roof (2015), furnace (2021), and replacement windows throughout. Solid infrastructure means you can deploy your budget into value-add upgrades, not big system repairs. Inside features refinished original wood floors, oversized vintage kitchen, formal dining room, and flexible main-floor space for bedroom, laundry, or future bath expansion. The upper level offers layout re-design potential with room to add 1-2 more bedrooms depending on scope. Owner references 1856 build, public record lists 1937, giving added historical narrative appeal for the right renovation plan. Ideal for rehab financing, sweat equity, rentals, or functional re-imagination. Big updates done. Upside clear. Let's make a deal and write the next chapter.

Key facts

• Formal dining room
• Major updates
• Historic home

Tags

• HISTORIC HOME
• MAJOR UPDATES
• OVERSIZED VINTAGE KITCHEN
• FORMAL DINING ROOM
• FLEXIBLE MAIN-FLOOR SPACE
• LAYOUT RE-DESIGN POTENTIAL

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $202 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 2.6% in Marshall — 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 72/100 on livability (#254 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: schools C-, employment C-, amenities F.
• Marshall Public Schools (town): math 28% / reading 44% proficiency, ranked #268 of 540 in MI (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 153 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 132 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Calhoun 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 204 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $25k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 204 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 1.02% ✓
• Cap rate: 8.35%
• Cash-on-cash: 7.35%
• DSCR: 1.33
• GRM: 8.1

CMA / ARV

• ARV (median comp): $198,375
• List price: $150,000
• Delta: -24.39%
• 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
219 N Sycamore St	0.17mi	3/2.0	1,678 (+9%)	0mo	$220,000	$131	72
711 W Michigan Ave	0.32mi	3/1.5	1,480 (-4%)	7mo	$182,500	$123	71
732 W Hanover St	0.45mi	3/2.0	1,540 (+0%)	6mo	$187,000	$121	70
559 N Madison St	0.58mi	3/1.0	1,499 (-2%)	4mo	$178,000	$119	65
346 N Marshall Ave	0.68mi	4/1.5 (+1)	1,472 (-4%)	1mo	$233,000	$158	53
628 W Green St	0.33mi	3/2.0	1,740 (+13%)	7mo	$226,000	$130	53
432 High St	0.63mi	3/1.0	1,364 (-11%)	2mo	$175,000	$128	51
402 S Madison St	0.72mi	3/1.5	1,456 (-5%)	6mo	$55,000	$38	50
427 Monroe St	0.69mi	4/1.5 (+1)	1,464 (-5%)	4mo	$60,500	$41	49
314 N Madison St	0.51mi	2/1.5 (-1)	1,385 (-10%)	8mo	$225,000	$162	46
756 N Kalamazoo Ave	0.65mi	3/2.0	1,723 (+12%)	0mo	$370,000	$215	45
103 Hart St	0.65mi	3/2.5	1,344 (-12%)	1mo	$278,476	$207	42

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: -7.4%
• Equity multiple: 0.73×
• Total profit: $-11,445
• Equity at exit: $22,365

10-year hold

• IRR: 2.2%
• Equity multiple: 1.16×
• Total profit: $6,619
• Equity at exit: $12,969

Cash invested: $42,000 (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 49068

• Active inventory: 153
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,537 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$108 /mo · $1,293/yr
• Insurance: −$62
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $202

Break-even live

Break-even rent $1,282

Max offer price $150,000

Occupancy floor 82%

Sensitivity live

Price	-10% $287	-5% $244	+0% $202	+5% $159	+10% $117
Rent	-10% $80	-5% $141	+0% $202	+5% $263	+10% $323
Rate	-1.0pp $277	-0.5pp $240	base $202	+0.5pp $163	+1.0pp $123

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1257 Arms St Marshall, MI	2.0	1.5	1480	$1,375	$0.93	45d	1	0.74mi
312 Crary St Marshall, MI	3.0	1.0–1.5	790	$1,400	$1.77	45d	1	0.85mi
1045 Rebecca St Marshall, MI	3.0	2.0	1216	$2,000	$1.64	45d	1	1.24mi

Listing history 23 events

1. 2026-06-19
   days on market $150,000 Active 204 DOM
2. 2026-06-18
   days on market $150,000 Active 203 DOM
3. 2026-06-17
   days on market $150,000 Active 202 DOM
4. 2026-06-16
   days on market $150,000 Active 201 DOM
5. 2026-06-15
   days on market $150,000 Active 200 DOM
6. 2026-06-14
   pricedays on market $150,000 Active 198 DOM
7. 2026-06-13
   days on market $160,000 Active 197 DOM
8. 2026-06-10
   days on market $160,000 Active 195 DOM
9. 2026-06-09
   days on market $160,000 Active 194 DOM
10. 2026-06-08
    days on market $160,000 Active 193 DOM
11. 2026-06-07
    days on market $160,000 Active 192 DOM
12. 2026-06-05
    days on market $160,000 Active 189 DOM
13. 2026-06-03
    days on market $160,000 Active 188 DOM
14. 2026-06-02
    days on market $160,000 Active 187 DOM
15. 2026-06-01
    days on market $160,000 Active 186 DOM
16. 2026-05-31
    days on market $160,000 Active 185 DOM
17. 2026-05-30
    days on market $160,000 Active 184 DOM
18. 2026-03-09
    price $160,000 891-char remark

    Show marketing remark (891 chars)

    Attention Investors, Rehab Specialists, and Visionary Buyers. This historic Marshall, Michigan home delivers serious ROI potential with major updates complete: roof (2015), furnace (2021), and replacement windows throughout. Solid infrastructure means you can deploy your budget into value-add upgrades, not big system repairs. Inside features refinished original wood floors, oversized vintage kitchen, formal dining room, and flexible main-floor space for bedroom, laundry, or future bath expansion. The upper level offers layout re-design potential with room to add 1-2 more bedrooms depending on scope. Owner references 1856 build, public record lists 1937, giving added historical narrative appeal for the right renovation plan. Ideal for rehab financing, sweat equity, rentals, or functional re-imagination. Big updates done. Upside clear. Let's make a deal and write the next chapter.

19. 2026-03-09
    price $160,000 891-char remark

    Show marketing remark (891 chars)

    Attention Investors, Rehab Specialists, and Visionary Buyers. This historic Marshall, Michigan home delivers serious ROI potential with major updates complete: roof (2015), furnace (2021), and replacement windows throughout. Solid infrastructure means you can deploy your budget into value-add upgrades, not big system repairs. Inside features refinished original wood floors, oversized vintage kitchen, formal dining room, and flexible main-floor space for bedroom, laundry, or future bath expansion. The upper level offers layout re-design potential with room to add 1-2 more bedrooms depending on scope. Owner references 1856 build, public record lists 1937, giving added historical narrative appeal for the right renovation plan. Ideal for rehab financing, sweat equity, rentals, or functional re-imagination. Big updates done. Upside clear. Let's make a deal and write the next chapter.

20. 2026-03-09
    price $160,000

    Show marketing remark (891 chars)

    Attention Investors, Rehab Specialists, and Visionary Buyers. This historic Marshall, Michigan home delivers serious ROI potential with major updates complete: roof (2015), furnace (2021), and replacement windows throughout. Solid infrastructure means you can deploy your budget into value-add upgrades, not big system repairs. Inside features refinished original wood floors, oversized vintage kitchen, formal dining room, and flexible main-floor space for bedroom, laundry, or future bath expansion. The upper level offers layout re-design potential with room to add 1-2 more bedrooms depending on scope. Owner references 1856 build, public record lists 1937, giving added historical narrative appeal for the right renovation plan. Ideal for rehab financing, sweat equity, rentals, or functional re-imagination. Big updates done. Upside clear. Let's make a deal and write the next chapter.

21. 2025-11-27
    listed $175,000 Active 891-char remark

    Show marketing remark (891 chars)

    Attention Investors, Rehab Specialists, and Visionary Buyers. This historic Marshall, Michigan home delivers serious ROI potential with major updates complete: roof (2015), furnace (2021), and replacement windows throughout. Solid infrastructure means you can deploy your budget into value-add upgrades, not big system repairs. Inside features refinished original wood floors, oversized vintage kitchen, formal dining room, and flexible main-floor space for bedroom, laundry, or future bath expansion. The upper level offers layout re-design potential with room to add 1-2 more bedrooms depending on scope. Owner references 1856 build, public record lists 1937, giving added historical narrative appeal for the right renovation plan. Ideal for rehab financing, sweat equity, rentals, or functional re-imagination. Big updates done. Upside clear. Let's make a deal and write the next chapter.

22. 2025-11-27
    listed $175,000 Active 891-char remark

    Show marketing remark (891 chars)

    Attention Investors, Rehab Specialists, and Visionary Buyers. This historic Marshall, Michigan home delivers serious ROI potential with major updates complete: roof (2015), furnace (2021), and replacement windows throughout. Solid infrastructure means you can deploy your budget into value-add upgrades, not big system repairs. Inside features refinished original wood floors, oversized vintage kitchen, formal dining room, and flexible main-floor space for bedroom, laundry, or future bath expansion. The upper level offers layout re-design potential with room to add 1-2 more bedrooms depending on scope. Owner references 1856 build, public record lists 1937, giving added historical narrative appeal for the right renovation plan. Ideal for rehab financing, sweat equity, rentals, or functional re-imagination. Big updates done. Upside clear. Let's make a deal and write the next chapter.

23. 2025-11-27
    listed $175,000 Active

    Show marketing remark (891 chars)

    Attention Investors, Rehab Specialists, and Visionary Buyers. This historic Marshall, Michigan home delivers serious ROI potential with major updates complete: roof (2015), furnace (2021), and replacement windows throughout. Solid infrastructure means you can deploy your budget into value-add upgrades, not big system repairs. Inside features refinished original wood floors, oversized vintage kitchen, formal dining room, and flexible main-floor space for bedroom, laundry, or future bath expansion. The upper level offers layout re-design potential with room to add 1-2 more bedrooms depending on scope. Owner references 1856 build, public record lists 1937, giving added historical narrative appeal for the right renovation plan. Ideal for rehab financing, sweat equity, rentals, or functional re-imagination. Big updates done. Upside clear. Let's make a deal and write the next chapter.

ⓘ 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: $1,293 · $108/mo
• Projected year-2 tax: $1,801 · $150/mo
• Expected delta: +$509/yr (+$42/mo · 39.3%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°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: $18,444
• − Mortgage interest: −$8,402
• − Property taxes: −$1,293
• − Insurance: −$1,416
• − Repairs & maintenance: −$1,475
• − Management: −$1,475
• − Depreciation: −$4,364
• Taxable income: $17
• Est. tax owed @ 24.0%: −$4
• After-tax cash flow: $2,418/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: Marshall Public Schools
• NCES district ID: 2622970
• Math proficiency: 28% ▼ -4.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $48,020
• Composite: 30.93/100
• National rank: #6112
• State rank: #268 of 540 in MI

Livability — Marshall

• Score: 72/100
• State rank: #254
• US rank: #6352

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marshall, MI
• Population (ZIP): 14,954

Population outlook (Calhoun County) Hauer SSP2

• Today (2025): 130,157 people
• By 2030: 126,691 · -2.7%
• By 2040: 118,517 · -8.9%
• By 2050: 109,855 · -15.6%
• By 2075: 90,486 · -30.5%
• By 2100: 70,766 · -45.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Romanian 4% Iranian 3% Lithuanian 2%
• Foreign-born: 2% · South Korea
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Calhoun

• 2024 margin: R (+14.1) · D 42.3% · R 56.4% · Other 1.3%
• 2008→2024 swing: -23.4pp toward R · 2008: 9.4pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+11.1 2016: R+12.5 2012: D+1.6 2008: D+9.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.10%
• Current HPI: 192.69
• 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

-8.6% since first listed

6 events — show timeline

• 2026-03-09 Price Changed $160,000 MiRealSource-MiMLS
• 2026-03-09 Price Changed $160,000 REALCOMP
• 2026-03-09 Price Changed $160,000 SW Michigan MLS
• 2025-11-27 Listed $175,000 SW Michigan MLS
• 2025-11-27 Listed $175,000 REALCOMP
• 2025-11-27 Listed $175,000 MiRealSource-MiMLS

Property tax history

-1.3%/yr

Latest (2025): $1,293 · +225.8% YoY. Source: county tax records.