1202 Jerome St · Midland, MI 48640

$197,000

5 bd · 1.5 ba · 1,170 sqft · SingleFamily public records · 2 Days on market

Built 1935 10,019 sqft lot Est $187k · 5% over

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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 +18.8/30.0
• DSCR +5.9/10.0
• ARV discount +5.1/15.0
• Schools +4.9/10.0
• 1% rule +4.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

HIGHEST AND BEST OFFERS DUE BY 5:30 PM 05/28/2026 Step into elegance with this beautifully updated 5 bedroom 1.5 Bathroom Timeless Craftsman style home, Perfectly blending historic architecture with Modern touches. Featuring a bright open living space with abundant natural light while showcasing the original natural woodwork and gleaming hardwood floors. Tastefully updated with modern kitchen cabinetry and new countertops. 5 Generously sized bedrooms, 2 of them on the first floor, offer versatile space for a growing family or working from home! A detached 2.5 car garage provides excellent storage and vehicle protection complemented by a full basement offering endless possibilities for workshop, gym or rec room! Enjoy the best of Midland Living close to all the shopping and within walking distance to downtown or center for the arts.

Key facts

• Full basement
• Detached garage
• 0.23 acre lot

Tags

• UPDATED KITCHEN CABINETRY
• GLEAMING HARDWOOD FLOORS
• ORIGINAL NATURAL WOODWORK
• DETACHED GARAGE
• FULL BASEMENT
• WALKING DISTANCE TO DOWNTOWN

Property features AI

Finance

• HOA & community: Homeowners association exists

Exterior

• Parking: Detached garage with garage door opener; Approximately 2.5 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories
• Construction: Vinyl siding; Block foundation; Built with above-grade finished living area of approximately 1,342
• Exterior features: Front porch; City lot; Lot dimensions approximately 60 x 163 (0.23 acre)

Interior

• Kitchen: Dishwasher; Microwave; Oven; Refrigerator; Range
• Bedrooms: Total rooms: 7
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Gas water heater; Dishwasher; Microwave; Oven; Refrigerator; Range; Full, unfinished block basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $197k.

Deal economics

• At list price, monthly cash flow is $197 ($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 $191k (3.1% below list).
• Recommended offer: $191k (3.1% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 4.4% in Midland — 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 85/100 on livability (#28 in MI, #578 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Midland Public Schools (urban): math 49% / reading 64% proficiency, ranked #62 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 110 active listings in the ZIP; solid renter incomes; 320 units permitted in Midland County in 2024 (204 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 $6k of value loss. Plan a longer hold.
• Midland County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $190,927 (3.1% below list)

Questions for the listing agent

1. Built in 1935 — 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 A-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?
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: 0.97% ✗
• Cap rate: 7.49%
• Cash-on-cash: 4.29%
• DSCR: 1.19
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $187,200
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1202 Jerome St	0.00mi	5/1.5	1,342 (+15%)	0mo	$215,000	$160	75

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: -9.6%
• Equity multiple: 0.65×
• Total profit: $-19,357
• Equity at exit: $29,373

10-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-681
• Equity at exit: $17,033

Cash invested: $55,160 (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 48640

• Home prices YoY: -21.7%
• Active inventory: 110
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,909 medium
• Mortgage (P&I): −$1,033
• Tax from tax record: −$196 /mo · $2,350/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $197

Break-even live

Break-even rent $1,659

Max offer price $197,000

Occupancy floor 85%

Sensitivity live

Price	-10% $309	-5% $253	+0% $197	+5% $142	+10% $86
Rent	-10% $46	-5% $122	+0% $197	+5% $273	+10% $348
Rate	-1.0pp $297	-0.5pp $247	base $197	+0.5pp $146	+1.0pp $94

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: $49,250
• Closing costs: $5,910
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-29
   status Pending

   Show marketing remark (843 chars)

   HIGHEST AND BEST OFFERS DUE BY 5:30 PM 05/28/2026 Step into elegance with this beautifully updated 5 bedroom 1.5 Bathroom Timeless Craftsman style home, Perfectly blending historic architecture with Modern touches. Featuring a bright open living space with abundant natural light while showcasing the original natural woodwork and gleaming hardwood floors. Tastefully updated with modern kitchen cabinetry and new countertops. 5 Generously sized bedrooms, 2 of them on the first floor, offer versatile space for a growing family or working from home! A detached 2.5 car garage provides excellent storage and vehicle protection complemented by a full basement offering endless possibilities for workshop, gym or rec room! Enjoy the best of Midland Living close to all the shopping and within walking distance to downtown or center for the arts.

2. 2026-05-29
   status Pending 843-char remark

   Show marketing remark (843 chars)

   HIGHEST AND BEST OFFERS DUE BY 5:30 PM 05/28/2026 Step into elegance with this beautifully updated 5 bedroom 1.5 Bathroom Timeless Craftsman style home, Perfectly blending historic architecture with Modern touches. Featuring a bright open living space with abundant natural light while showcasing the original natural woodwork and gleaming hardwood floors. Tastefully updated with modern kitchen cabinetry and new countertops. 5 Generously sized bedrooms, 2 of them on the first floor, offer versatile space for a growing family or working from home! A detached 2.5 car garage provides excellent storage and vehicle protection complemented by a full basement offering endless possibilities for workshop, gym or rec room! Enjoy the best of Midland Living close to all the shopping and within walking distance to downtown or center for the arts.

3. 2026-05-27
   listed $197,000 Active

   Show marketing remark (843 chars)

   HIGHEST AND BEST OFFERS DUE BY 5:30 PM 05/28/2026 Step into elegance with this beautifully updated 5 bedroom 1.5 Bathroom Timeless Craftsman style home, Perfectly blending historic architecture with Modern touches. Featuring a bright open living space with abundant natural light while showcasing the original natural woodwork and gleaming hardwood floors. Tastefully updated with modern kitchen cabinetry and new countertops. 5 Generously sized bedrooms, 2 of them on the first floor, offer versatile space for a growing family or working from home! A detached 2.5 car garage provides excellent storage and vehicle protection complemented by a full basement offering endless possibilities for workshop, gym or rec room! Enjoy the best of Midland Living close to all the shopping and within walking distance to downtown or center for the arts.

4. 2026-05-27
   listed $197,000 Active 843-char remark

   Show marketing remark (843 chars)

   HIGHEST AND BEST OFFERS DUE BY 5:30 PM 05/28/2026 Step into elegance with this beautifully updated 5 bedroom 1.5 Bathroom Timeless Craftsman style home, Perfectly blending historic architecture with Modern touches. Featuring a bright open living space with abundant natural light while showcasing the original natural woodwork and gleaming hardwood floors. Tastefully updated with modern kitchen cabinetry and new countertops. 5 Generously sized bedrooms, 2 of them on the first floor, offer versatile space for a growing family or working from home! A detached 2.5 car garage provides excellent storage and vehicle protection complemented by a full basement offering endless possibilities for workshop, gym or rec room! Enjoy the best of Midland Living close to all the shopping and within walking distance to downtown or center for the arts.

5. 2022-02-08
   soldstatus $178,000
6. 2020-12-28
   soldstatus $80,000
7. 2007-02-21
   soldstatus $89,900

ⓘ 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: $2,350 · $196/mo
• Projected year-2 tax: $2,692 · $224/mo
• Expected delta: +$342/yr (+$28/mo · 14.6%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,911
• − Mortgage interest: −$11,035
• − Property taxes: −$2,350
• − Insurance: −$985
• − Repairs & maintenance: −$1,833
• − Management: −$1,833
• − Depreciation: −$5,731
• Taxable loss: −$855
• Est. tax savings @ 24.0%: +$205
• After-tax cash flow: $2,573/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: Midland Public Schools
• NCES district ID: 2623820
• Math proficiency: 49% ▼ -6.00%
• Reading proficiency: 64% ▼ -3.00%
• Median HH income: $55,844
• Composite: 48.67/100
• National rank: #2105
• State rank: #62 of 540 in MI

Livability — Midland

• Score: 85/100
• State rank: #28
• US rank: #578

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, MI
• County: Midland County · 66,531 people
• City population: 66,531
• Metro: Midland, MI
• Population (ZIP): 32,492
• Household income: $80,574
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 939.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 83,968 people
• By 2030: 83,368 · -0.7%
• By 2040: 80,713 · -3.9%
• By 2050: 76,698 · -8.7%
• By 2075: 67,617 · -19.5%
• By 2100: 57,529 · -31.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 4% Asian 1% Black 1%
• Common ancestry: Romanian 7% Lithuanian 4% Italian 3%
• Foreign-born: 3% · Canada, South Korea, China
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Midland

• 2024 margin: R (+15.2) · D 41.6% · R 56.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: -3.6pp · 2024: -15.2pp
• All cycles: 2024: R+15.2 2020: R+14.6 2016: R+19.4 2012: R+15.5 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.88%
• Current HPI: 230.5702
• Rent YoY: —
• Metro: Midland, 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

+119.1% since first listed

7 events — show timeline

• 2026-05-29 Pending — REALCOMP
• 2026-05-29 Pending — MiRealSource-MiMLS
• 2026-05-27 Listed $197,000 REALCOMP
• 2026-05-27 Listed $197,000 MiRealSource-MiMLS
• 2022-02-08 Sold (Public Records) $178,000 Public Records
• 2020-12-28 Sold (Public Records) $80,000 Public Records
• 2007-02-21 Sold (Public Records) $89,900 Public Records

Property tax history

+5.9%/yr

Latest (2024): $2,350 · +4.9% YoY. Source: county tax records.