123 Delano St · Allegan, MI 49010

$275,000

4 bd · 1.5 ba · 2,713 sqft · SingleFamily public records · 4 Days on market

Built 1900 0.48 ac lot Est $277k · at est.

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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).

• Cash flow +15.9/30.0
• ARV discount +7.8/15.0
• DSCR +4.9/10.0
• 1% rule +4.3/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into the charm and character of this classic two-story home located in the heart of Allegan. This well-maintained property offers 4 spacious bedrooms and 2.5 baths, providing plenty of room for comfortable living. The main level features a large living room perfect for gatherings, a welcoming family room for relaxing evenings, dedicated office and a formal dining room ideal for entertaining. The beautifully updated kitchen serves as the heart of the home, offering both style and functionality. Outside, you'll find a fully fenced backyard designed for enjoyment and privacy, complete with a charming gazebo--perfect for summer entertaining or quiet mornings. A two-car garage with additional storage adds convenience, while the expansive front porch invites you to unwind and take in warm summer nights. With timeless appeal and plenty of space both inside and out, this Allegan gem is ready to welcome you home.

Key facts

• Charming gazebo
• 0.48 acre lot
• 2 garage spots

Tags

• FULLY FENCED BACKYARD
• CHARMING GAZEBO
• EXPANSIVE FRONT PORCH

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $130 ($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 $257k (6.5% below list).
• Recommended offer: $257k (6.5% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 4.8% in Allegan — 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 (#318 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Allegan Public Schools (town): math 26% / reading 37% proficiency, ranked #338 of 540 in MI (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dawson Elementary School (math 37% / reading 47%, grade F, #547 of 1,397 statewide, top 41%, 297 students, 62% FRL); Le White Middle School (math 23% / reading 37%, grade F, #337 of 493 statewide, top 69%, 447 students, 69% FRL); Allegan High School (math 22% / reading 42%, grade F, #405 of 713 statewide, top 59%, 648 students, 55% FRL) — zoned schools average 62% FRL vs 44% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 185 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 419 units permitted in Allegan County in 2024 (0 in 5+ unit buildings).

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.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 8y 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.
• Current owner paid $180k; list at $275k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $256,989 (6.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.93% ✗
• Cap rate: 6.86%
• Cash-on-cash: 2.02%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $276,726
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
123 Delano St	0.00mi	4/2.5	2,713 (0%)	1mo	$265,000	$98	95
414 Trowbridge St	0.26mi	4/2.0	2,816 (+4%)	13mo	$280,000	$99	69
318 Cutler St	0.21mi	5/1.5 (+1)	2,936 (+8%)	8mo	$280,000	$95	65
521 Trowbridge St	0.24mi	5/3.0 (+1)	3,084 (+14%)	5mo	$315,000	$102	51
524 Ely St	0.49mi	3/2.0 (-1)	2,796 (+3%)	22mo	$182,000	$65	47
478 Lake Dr	0.60mi	4/2.5	2,520 (-7%)	12mo	$359,900	$143	46
1454 Goodrich St	0.69mi	4/2.0	2,560 (-6%)	18mo	$192,500	$75	42
219 Arbor St	0.41mi	4/2.5	2,320 (-14%)	15mo	$265,000	$114	40
3313 Pine Tree Dr	0.68mi	3/2.5 (-1)	2,718 (+0%)	22mo	$335,000	$123	40
3335 Delano St	0.72mi	4/1.5	2,428 (-10%)	14mo	$290,000	$119	37
213 N Main St	0.57mi	4/2.0	2,327 (-14%)	15mo	$250,000	$107	35

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: -13.1%
• Equity multiple: 0.53×
• Total profit: $-36,259
• Equity at exit: $41,003

10-year hold

• IRR: -4.1%
• Equity multiple: 0.73×
• Total profit: $-20,775
• 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 49010

• Home prices YoY: -34.3%
• Active inventory: 185
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,570 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $130

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 90%

Sensitivity live

Price	-10% $320	-5% $225	+0% $130	+5% $35	+10% $-60
Rent	-10% $-73	-5% $28	+0% $130	+5% $231	+10% $333
Rate	-1.0pp $268	-0.5pp $200	base $130	+0.5pp $58	+1.0pp $-14

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 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
356 Sherman St Allegan, MI	5.0	2.5	2085	$2,695	$1.29	23d	1	0.53mi
356 Sherman St Allegan, MI	5.0	2.5	2085	$2,895	$1.39	46d	1	0.53mi
364 Sherman St Allegan, MI	3.0	2.5	1800	$2,795	$1.55	46d	1	0.54mi
364 Sherman St Allegan, MI	3.0	2.5	1800	$2,495	$1.39	23d	1	0.54mi
366 Sherman St Allegan, MI	4.0	2.5	1910	$2,295	$1.20	46d	1	0.55mi
366 Sherman St Allegan, MI	4.0	2.5	1910	$2,195	$1.15	23d	1	0.55mi

Listing history 15 events

1. 2026-04-17
   status Pending 922-char remark

   Show marketing remark (922 chars)

   Step into the charm and character of this classic two-story home located in the heart of Allegan. This well-maintained property offers 4 spacious bedrooms and 2.5 baths, providing plenty of room for comfortable living. The main level features a large living room perfect for gatherings, a welcoming family room for relaxing evenings, dedicated office and a formal dining room ideal for entertaining. The beautifully updated kitchen serves as the heart of the home, offering both style and functionality. Outside, you'll find a fully fenced backyard designed for enjoyment and privacy, complete with a charming gazebo--perfect for summer entertaining or quiet mornings. A two-car garage with additional storage adds convenience, while the expansive front porch invites you to unwind and take in warm summer nights. With timeless appeal and plenty of space both inside and out, this Allegan gem is ready to welcome you home.

2. 2026-04-17
   status Pending 922-char remark

   Show marketing remark (922 chars)

   Step into the charm and character of this classic two-story home located in the heart of Allegan. This well-maintained property offers 4 spacious bedrooms and 2.5 baths, providing plenty of room for comfortable living. The main level features a large living room perfect for gatherings, a welcoming family room for relaxing evenings, dedicated office and a formal dining room ideal for entertaining. The beautifully updated kitchen serves as the heart of the home, offering both style and functionality. Outside, you'll find a fully fenced backyard designed for enjoyment and privacy, complete with a charming gazebo--perfect for summer entertaining or quiet mornings. A two-car garage with additional storage adds convenience, while the expansive front porch invites you to unwind and take in warm summer nights. With timeless appeal and plenty of space both inside and out, this Allegan gem is ready to welcome you home.

3. 2026-04-17
   status Pending

   Show marketing remark (922 chars)

   Step into the charm and character of this classic two-story home located in the heart of Allegan. This well-maintained property offers 4 spacious bedrooms and 2.5 baths, providing plenty of room for comfortable living. The main level features a large living room perfect for gatherings, a welcoming family room for relaxing evenings, dedicated office and a formal dining room ideal for entertaining. The beautifully updated kitchen serves as the heart of the home, offering both style and functionality. Outside, you'll find a fully fenced backyard designed for enjoyment and privacy, complete with a charming gazebo--perfect for summer entertaining or quiet mornings. A two-car garage with additional storage adds convenience, while the expansive front porch invites you to unwind and take in warm summer nights. With timeless appeal and plenty of space both inside and out, this Allegan gem is ready to welcome you home.

4. 2026-04-13
   listed $275,000 Active 922-char remark

   Show marketing remark (922 chars)

   Step into the charm and character of this classic two-story home located in the heart of Allegan. This well-maintained property offers 4 spacious bedrooms and 2.5 baths, providing plenty of room for comfortable living. The main level features a large living room perfect for gatherings, a welcoming family room for relaxing evenings, dedicated office and a formal dining room ideal for entertaining. The beautifully updated kitchen serves as the heart of the home, offering both style and functionality. Outside, you'll find a fully fenced backyard designed for enjoyment and privacy, complete with a charming gazebo--perfect for summer entertaining or quiet mornings. A two-car garage with additional storage adds convenience, while the expansive front porch invites you to unwind and take in warm summer nights. With timeless appeal and plenty of space both inside and out, this Allegan gem is ready to welcome you home.

5. 2026-04-13
   listed $275,000 Active 922-char remark

   Show marketing remark (922 chars)

   Step into the charm and character of this classic two-story home located in the heart of Allegan. This well-maintained property offers 4 spacious bedrooms and 2.5 baths, providing plenty of room for comfortable living. The main level features a large living room perfect for gatherings, a welcoming family room for relaxing evenings, dedicated office and a formal dining room ideal for entertaining. The beautifully updated kitchen serves as the heart of the home, offering both style and functionality. Outside, you'll find a fully fenced backyard designed for enjoyment and privacy, complete with a charming gazebo--perfect for summer entertaining or quiet mornings. A two-car garage with additional storage adds convenience, while the expansive front porch invites you to unwind and take in warm summer nights. With timeless appeal and plenty of space both inside and out, this Allegan gem is ready to welcome you home.

6. 2026-04-13
   listed $275,000 Active

   Show marketing remark (922 chars)

   Step into the charm and character of this classic two-story home located in the heart of Allegan. This well-maintained property offers 4 spacious bedrooms and 2.5 baths, providing plenty of room for comfortable living. The main level features a large living room perfect for gatherings, a welcoming family room for relaxing evenings, dedicated office and a formal dining room ideal for entertaining. The beautifully updated kitchen serves as the heart of the home, offering both style and functionality. Outside, you'll find a fully fenced backyard designed for enjoyment and privacy, complete with a charming gazebo--perfect for summer entertaining or quiet mornings. A two-car garage with additional storage adds convenience, while the expansive front porch invites you to unwind and take in warm summer nights. With timeless appeal and plenty of space both inside and out, this Allegan gem is ready to welcome you home.

7. 2018-04-05
   soldstatus $180,000
8. 2018-03-28
   soldstatus $180,000
9. 2018-03-28
   soldstatus $180,000 Sold
10. 2018-01-25
    price $175,000
11. 2018-01-25
    price $180,000
12. 2018-01-25
    status Pending
13. 2018-01-25
    listed $175,000
14. 2018-01-25
    listed $169,900 Active
15. 2018-01-25
    listed $175,000

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,839
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,467
• − Management: −$2,467
• − Depreciation: −$8,000
• Taxable loss: −$3,000
• Est. tax savings @ 24.0%: +$720
• After-tax cash flow: $2,277/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: Allegan Public Schools
• NCES district ID: 2602220
• Math proficiency: 26% ▼ -8.00%
• Reading proficiency: 37% ▼ -7.00%
• Median HH income: $48,602
• Composite: 27.27/100
• National rank: #7008
• State rank: #338 of 540 in MI

Livability — Allegan

• Score: 70/100
• State rank: #318
• US rank: #7767

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Allegan, MI
• Population (ZIP): 18,394

Population outlook (Allegan County) Hauer SSP2

• Today (2025): 120,251 people
• By 2030: 122,204 · +1.6%
• By 2040: 123,979 · +3.1%
• By 2050: 122,340 · +1.7%
• By 2075: 116,088 · -3.5%
• By 2100: 98,461 · -18.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 8% Hispanic / Latino 5% Black 1%
• Common ancestry: Iranian 10% Romanian 4% Italian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Allegan

• 2024 margin: Strong R (+27.2) · D 35.7% · R 62.9% · Other 1.5%
• 2008→2024 swing: -16.5pp toward R · 2008: -10.7pp · 2024: -27.2pp
• All cycles: 2024: R+27.2 2020: R+25.2 2016: R+28.8 2012: R+19.2 2008: R+10.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -136.08%
• Current HPI: 260.4976
• 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

+57.1% since first listed

15 events — show timeline

• 2026-04-17 Pending — MiRealSource-MiMLS
• 2026-04-17 Pending — REALCOMP
• 2026-04-17 Pending — SW Michigan MLS
• 2026-04-13 Listed $275,000 REALCOMP
• 2026-04-13 Listed $275,000 SW Michigan MLS
• 2026-04-13 Listed $275,000 MiRealSource-MiMLS
• 2018-04-05 Sold (Public Records) $180,000 Public Records
• 2018-03-28 Sold (MLS) $180,000 SW Michigan MLS
• 2018-03-28 Sold (MLS) $180,000 REALCOMP
• 2018-01-25 Price Changed $175,000 SW Michigan MLS
• 2018-01-25 Price Changed $180,000 SW Michigan MLS
• 2018-01-25 Pending — SW Michigan MLS
• 2018-01-25 Listed $175,000 MiRealSource-MiMLS
• 2018-01-25 Listed $169,900 SW Michigan MLS
• 2018-01-25 Listed $175,000 REALCOMP