21 Spring St · Battle Creek, MI 49037

$260,000

6 bd · 6.0 ba · 3,845 sqft · MultiFamily · 73 Days on market

Built 1920 8,712 sqft lot

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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 +23.7/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This multi-unit building offers 6 fully rented units with multiple long-term tenants who want to stay, ensuring consistent income. Less than a mile from downtown Battle Creek and walking distance to bus stops, this is a great location. This is only available due to the seller's retirement. Valid rental certificate until 7/27. Whether you are looking to start your portfolio or add 6 more great units, this is for you! Immediate cash flow, this property netted over 26.8k in 2025. Offered at only 260k with a cap rate of over 10% with room to grow.

Key facts

• Immediate cash flow
• Long term tenants
• Fully rented units

Tags

• FULLY RENTED UNITS
• LONG TERM TENANTS
• WALKING DISTANCE TO BUS STOPS
• IMMEDIATE CASH FLOW

Property features AI

Finance

• Financial info: Reported rents: two 2-bedroom units at $900 and $850, one 1-bedroom at $750, and one studio at $600

Exterior

• Parking: Six parking spaces; Aggregate and concrete parking surfaces
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Cable connected; Phone available
• Home design: Residential income property (multi-family)
• Construction: Aluminum siding and wood siding
• Exterior features: Composition roof; Paved road access (publicly maintained)

Interior

• Bedrooms: Two 2-bedroom upper units; One 1-bedroom ground unit; One studio ground unit
• Bathrooms: Three 1-bath units (each unit has one bathroom)
• Heating & cooling: Natural gas heating; Radiant heating
• Interior features: Storage; Basement with crawl space, partial finish, and walk-out access

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $493 ($6k/yr) — positive. Per door: $247/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $244k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 5.2% in Battle Creek — 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 73/100 on livability (#198 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities C-, crime F.
• Battle Creek Public Schools (urban): math 8% / reading 19% proficiency, ranked #510 of 540 in MI (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+11.8%/yr); 236 active listings in the ZIP; lower-income renter base — watch delinquency; 132 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).
• At $2,899/mo this rent would consume 81% of the median local household income ($43k/yr) (locally 717% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Calhoun County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $73k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 3y 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 $215k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $244,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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.
9. 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.
10. 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: 1.11% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.13%
• DSCR: 1.36
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 1.6%
• Equity multiple: 1.06×
• Total profit: $4,659
• Equity at exit: $38,767

10-year hold

• IRR: 15.6%
• Equity multiple: 2.57×
• Total profit: $114,430
• Equity at exit: $22,480

Cash invested: $72,800 (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 49037

• Home prices YoY: -29.0%
• Rents YoY: 11.8%
• Active inventory: 236
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $2,899 medium
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,900/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$609
• Net cashflow: $493

Break-even live

Break-even rent $2,274

Max offer price $260,000

Occupancy floor 78%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	3	$2,900
Total (2 units)			$2,899

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-05-01
   status Pending

   Show marketing remark (549 chars)

   This multi-unit building offers 6 fully rented units with multiple long-term tenants who want to stay, ensuring consistent income. Less than a mile from downtown Battle Creek and walking distance to bus stops, this is a great location. This is only available due to the seller's retirement. Valid rental certificate until 7/27. Whether you are looking to start your portfolio or add 6 more great units, this is for you! Immediate cash flow, this property netted over 26.8k in 2025. Offered at only 260k with a cap rate of over 10% with room to grow.

2. 2026-05-01
   status Pending 549-char remark

   Show marketing remark (549 chars)

   This multi-unit building offers 6 fully rented units with multiple long-term tenants who want to stay, ensuring consistent income. Less than a mile from downtown Battle Creek and walking distance to bus stops, this is a great location. This is only available due to the seller's retirement. Valid rental certificate until 7/27. Whether you are looking to start your portfolio or add 6 more great units, this is for you! Immediate cash flow, this property netted over 26.8k in 2025. Offered at only 260k with a cap rate of over 10% with room to grow.

3. 2026-02-17
   listed $260,000 Active

   Show marketing remark (549 chars)

   This multi-unit building offers 6 fully rented units with multiple long-term tenants who want to stay, ensuring consistent income. Less than a mile from downtown Battle Creek and walking distance to bus stops, this is a great location. This is only available due to the seller's retirement. Valid rental certificate until 7/27. Whether you are looking to start your portfolio or add 6 more great units, this is for you! Immediate cash flow, this property netted over 26.8k in 2025. Offered at only 260k with a cap rate of over 10% with room to grow.

4. 2026-02-17
   listed $260,000 Active 549-char remark

   Show marketing remark (549 chars)

   This multi-unit building offers 6 fully rented units with multiple long-term tenants who want to stay, ensuring consistent income. Less than a mile from downtown Battle Creek and walking distance to bus stops, this is a great location. This is only available due to the seller's retirement. Valid rental certificate until 7/27. Whether you are looking to start your portfolio or add 6 more great units, this is for you! Immediate cash flow, this property netted over 26.8k in 2025. Offered at only 260k with a cap rate of over 10% with room to grow.

5. 2026-01-31
   historical
6. 2026-01-30
   historical
7. 2025-12-02
   price $275,000
8. 2025-12-01
   price $275,000
9. 2025-09-26
   listed $300,000 Active
10. 2025-09-26
    listed $300,000 Active
11. 2025-09-13
    historical
12. 2025-09-12
    historical
13. 2025-06-20
    price $349,900
14. 2025-06-20
    price $349,900
15. 2024-12-06
    price $399,000
16. 2024-12-05
    price $399,000
17. 2024-09-12
    listed $450,000 Active
18. 2024-09-12
    listed $450,000 Active
19. 2023-08-11
    soldstatus $215,000 Sold
20. 2023-08-11
    soldstatus $215,000 Sold
21. 2023-08-11
    soldstatus $215,000 Closed
22. 2023-07-14
    status Pending
23. 2023-07-14
    status Pending
24. 2023-07-14
    status Pending
25. 2023-07-03
    listed $225,000 Active
26. 2023-07-03
    listed $225,000 Active
27. 2023-07-03
    listed $225,000 Active

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $34,788
• − Mortgage interest: −$14,564
• − Property taxes: −$3,900
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,783
• − Management: −$2,783
• − Depreciation: −$7,564
• Taxable income: $1,894
• Est. tax owed @ 24.0%: −$455
• After-tax cash flow: $5,466/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: Battle Creek Public Schools
• NCES district ID: 2600005
• Math proficiency: 8% ▼ -2.00%
• Reading proficiency: 19% ▬ 0.00%
• Median HH income: $31,697
• Composite: 10.73/100
• National rank: #9769
• State rank: #510 of 540 in MI

Livability — Battle Creek

• Score: 73/100
• State rank: #198
• US rank: #5031

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Battle Creek, MI
• County: Calhoun County · 91,590 people
• City population: 91,590
• Metro: Battle Creek, MI
• Population (ZIP): 20,550
• Household income: $42,690
• Rent vs Own: 40.7% rent · 59.3% own
• Severe rent burden: 717.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 58% Black 23% Two or more races 11% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 2%
• Foreign-born: 4% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 2% 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: ▼ -111.62%
• Current HPI: 273.2446
• Rent YoY: ▲ 11.76%
• Metro: Battle Creek, 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

+15.6% since first listed

27 events — show timeline

• 2026-05-01 Pending — REALCOMP
• 2026-05-01 Pending — MiRealSource-MiMLS
• 2026-02-17 Listed $260,000 REALCOMP
• 2026-02-17 Listed $260,000 MiRealSource-MiMLS
• 2026-01-31 Listing Removed — MiRealSource-MiMLS
• 2026-01-30 Listing Removed — REALCOMP
• 2025-12-02 Price Changed $275,000 MiRealSource-MiMLS
• 2025-12-01 Price Changed $275,000 REALCOMP
• 2025-09-26 Listed $300,000 REALCOMP
• 2025-09-26 Listed $300,000 MiRealSource-MiMLS
• 2025-09-13 Listing Removed — MiRealSource-MiMLS
• 2025-09-12 Listing Removed — REALCOMP
• 2025-06-20 Price Changed $349,900 MiRealSource-MiMLS
• 2025-06-20 Price Changed $349,900 REALCOMP
• 2024-12-06 Price Changed $399,000 MiRealSource-MiMLS
• 2024-12-05 Price Changed $399,000 REALCOMP
• 2024-09-12 Listed $450,000 REALCOMP
• 2024-09-12 Listed $450,000 MiRealSource-MiMLS
• 2023-08-11 Sold (MLS) $215,000 MiRealSource-MiMLS
• 2023-08-11 Sold (MLS) $215,000 SW Michigan MLS
• 2023-08-11 Sold (MLS) $215,000 REALCOMP
• 2023-07-14 Pending — MiRealSource-MiMLS
• 2023-07-14 Pending — REALCOMP
• 2023-07-14 Pending — SW Michigan MLS
• 2023-07-03 Listed $225,000 MiRealSource-MiMLS
• 2023-07-03 Listed $225,000 SW Michigan MLS
• 2023-07-03 Listed $225,000 REALCOMP