426 S East St · Morenci, MI 49256

$178,000

3 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 32 Days on market

Built 1900 10,019 sqft lot

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Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +4.5/30.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Welcome to this completely renovated 3-bedroom, 1.5-bath home in the heart of Morenci! The main level features a spacious living and dining combination with an open-concept kitchen, perfect for everyday living and entertaining. You'll also find a convenient half bath and a dedicated laundry area with added closet storage. Upstairs offers three comfortable bedrooms and a beautifully updated full bath, along with access to additional attic storage space. The unfinished basement provides great potential for future finishing or extra storage. Enjoy outdoor living with a fully redone covered front porch and back deck, plus a 1-car detached garage for added convenience. Major updates include a newer roof (2017), furnace (2023), along with all new electrical, plumbing, and water meter, giving peace of mind for years to come. Move-in ready and waiting for its next owner. Schedule your showing today!

Key facts

• Covered front porch
• Renovated home
• Open-concept kitchen

Tags

• RENOVATED HOME
• OPEN-CONCEPT KITCHEN
• DEDICATED LAUNDRY AREA
• ATTIC STORAGE SPACE
• COVERED FRONT PORCH
• BACK DECK

Property features AI

Exterior

• Parking: Detached 1-car garage; Paved driveway
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Vinyl siding exterior
• Construction: Metal roof; Block foundation
• Exterior features: Covered porch; Patio

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No central air
• Interior features: 7 total rooms; Unfinished basement; Ground-level entry
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $178k.

Deal economics

• At list price, monthly cash flow is $-456 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $97k (45.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $79k (55.4% below list).
• Recommended offer: $79k (55.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 74/100 on livability (#167 in MI, #4,401 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Morenci Area Schools (rural): math 28% / reading 43% proficiency, ranked #283 of 540 in MI (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Morenci Elementary School (math 32% / reading 37%, grade F, #744 of 1,397 statewide, top 57%, 243 students, 58% FRL); Morenci Middle And High School (math 27% / reading 47%, grade F, #334 of 713 statewide, top 51%, 289 students, 52% FRL).
• Market conditions: 19 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 137 units permitted in Lenawee County in 2024 (0 in 5+ unit buildings).
• This rent is only 16% of the median local income ($61k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Lenawee County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 17y 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 $59k; list at $178k implies a 200% 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 $79,409 (55.4% 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 32 days. Have you received any prior offers? Is the seller open to a 55% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.45% ✗
• Cap rate: 3.22%
• Cash-on-cash: -10.98%
• DSCR: 0.51
• GRM: 18.7

CMA / ARV

• ARV (on-the-fly): $104,832
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
402 Pearl St	0.12mi	3/1.0	1,150 (+5%)	1mo	$100,000	$87	85
234 E Union St	0.38mi	3/1.0	1,132 (+4%)	4mo	$114,000	$101	73
120 E Union St	0.40mi	3/1.5	1,120 (+3%)	5mo	$55,000	$49	71
134 W Lagrange St	0.31mi	2/1.0 (-1)	1,097 (+0%)	11mo	$105,000	$96	70
136 Orchard St	0.33mi	2/1.0 (-1)	1,165 (+7%)	3mo	$99,000	$85	66
440 Whitney Ave	0.21mi	3/1.5	1,237 (+13%)	2mo	$179,900	$145	65
414 Centre St	0.07mi	3/1.0	1,249 (+14%)	13mo	$75,900	$61	62
714 North St	0.71mi	3/1.0	1,094 (+0%)	6mo	$68,500	$63	62
223 Page St	0.40mi	2/1.0 (-1)	1,010 (-8%)	5mo	$106,000	$105	60
402 North St	0.55mi	2/1.0 (-1)	1,096 (+0%)	17mo	$135,000	$123	54
124 W Walnut Rd	0.58mi	2/1.0 (-1)	942 (-14%)	2mo	$123,500	$131	43
201 E Locust St	0.35mi	2/2.0 (-1)	1,232 (+13%)	16mo	$79,900	$65	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.6%
• Equity multiple: 2.36×
• Total profit: $67,828
• Equity at exit: $160,357

10-year hold

• IRR: 15.8%
• Equity multiple: 5.46×
• Total profit: $222,421
• Equity at exit: $345,815

Cash invested: $49,840 (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 49256

• Home prices YoY: 8.7%
• Active inventory: 19
• Price-to-rent: 18.7×

Monthly cashflow live

• Estimated rent: $794 medium
• Mortgage (P&I): −$933
• Tax from tax record: −$76 /mo · $908/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$167
• Net cashflow: $-456

Break-even live

Break-even rent $1,371

Max offer price $97,460

Occupancy floor —

Sensitivity live

Price	-10% $-355	-5% $-406	+0% $-456	+5% $-506	+10% $-557
Rent	-10% $-519	-5% $-487	+0% $-456	+5% $-425	+10% $-393
Rate	-1.0pp $-366	-0.5pp $-411	base $-456	+0.5pp $-502	+1.0pp $-549

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: $44,500
• Closing costs: $5,340
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
126 N Washington St Unit 4 Morenci, MI	2.0	1.0	700	$750	$1.07	23d	1	0.41mi
240 Gorham St Morenci, MI	1.0–2.0	1.0	662	$875	$1.32	25d	1	0.72mi

Listing history 24 events

1. 2026-04-29
   historical Accepting Backup Offers 904-char remark

   Show marketing remark (904 chars)

   Welcome to this completely renovated 3-bedroom, 1.5-bath home in the heart of Morenci! The main level features a spacious living and dining combination with an open-concept kitchen, perfect for everyday living and entertaining. You'll also find a convenient half bath and a dedicated laundry area with added closet storage. Upstairs offers three comfortable bedrooms and a beautifully updated full bath, along with access to additional attic storage space. The unfinished basement provides great potential for future finishing or extra storage. Enjoy outdoor living with a fully redone covered front porch and back deck, plus a 1-car detached garage for added convenience. Major updates include a newer roof (2017), furnace (2023), along with all new electrical, plumbing, and water meter, giving peace of mind for years to come. Move-in ready and waiting for its next owner. Schedule your showing today!

2. 2026-04-29
   historical Active Under Contract

   Show marketing remark (904 chars)

   Welcome to this completely renovated 3-bedroom, 1.5-bath home in the heart of Morenci! The main level features a spacious living and dining combination with an open-concept kitchen, perfect for everyday living and entertaining. You'll also find a convenient half bath and a dedicated laundry area with added closet storage. Upstairs offers three comfortable bedrooms and a beautifully updated full bath, along with access to additional attic storage space. The unfinished basement provides great potential for future finishing or extra storage. Enjoy outdoor living with a fully redone covered front porch and back deck, plus a 1-car detached garage for added convenience. Major updates include a newer roof (2017), furnace (2023), along with all new electrical, plumbing, and water meter, giving peace of mind for years to come. Move-in ready and waiting for its next owner. Schedule your showing today!

3. 2026-04-26
   listed $178,000 Active

   Show marketing remark (904 chars)

   Welcome to this completely renovated 3-bedroom, 1.5-bath home in the heart of Morenci! The main level features a spacious living and dining combination with an open-concept kitchen, perfect for everyday living and entertaining. You'll also find a convenient half bath and a dedicated laundry area with added closet storage. Upstairs offers three comfortable bedrooms and a beautifully updated full bath, along with access to additional attic storage space. The unfinished basement provides great potential for future finishing or extra storage. Enjoy outdoor living with a fully redone covered front porch and back deck, plus a 1-car detached garage for added convenience. Major updates include a newer roof (2017), furnace (2023), along with all new electrical, plumbing, and water meter, giving peace of mind for years to come. Move-in ready and waiting for its next owner. Schedule your showing today!

4. 2026-04-26
   listed $178,000 Active 904-char remark

   Show marketing remark (904 chars)

   Welcome to this completely renovated 3-bedroom, 1.5-bath home in the heart of Morenci! The main level features a spacious living and dining combination with an open-concept kitchen, perfect for everyday living and entertaining. You'll also find a convenient half bath and a dedicated laundry area with added closet storage. Upstairs offers three comfortable bedrooms and a beautifully updated full bath, along with access to additional attic storage space. The unfinished basement provides great potential for future finishing or extra storage. Enjoy outdoor living with a fully redone covered front porch and back deck, plus a 1-car detached garage for added convenience. Major updates include a newer roof (2017), furnace (2023), along with all new electrical, plumbing, and water meter, giving peace of mind for years to come. Move-in ready and waiting for its next owner. Schedule your showing today!

5. 2025-05-06
   soldstatus $59,300
6. 2025-04-22
   soldstatus $59,300 Closed 550-char remark

   Show marketing remark (550 chars)

   Discover this charming 3-bedroom, 1.5-bath fixer-upper in the heart of Morenci, brimming with potential! Featuring a newer metal roof (2017), a new furnace (2023) and original hardwood flooring, this home is ideal for the handyman ready to build equity. The kitchen boasts updated cabinets and stylish light fixtures. The spacious half bath is partially finished. Enjoy the partially finished basement, perfect for an extra living area. Outside, a detached garage and a fenced yard await, perfect for kids and pets. Don’t miss this opportunity!

7. 2025-04-22
   soldstatus $59,300 Closed

   Show marketing remark (550 chars)

   Discover this charming 3-bedroom, 1.5-bath fixer-upper in the heart of Morenci, brimming with potential! Featuring a newer metal roof (2017), a new furnace (2023) and original hardwood flooring, this home is ideal for the handyman ready to build equity. The kitchen boasts updated cabinets and stylish light fixtures. The spacious half bath is partially finished. Enjoy the partially finished basement, perfect for an extra living area. Outside, a detached garage and a fenced yard await, perfect for kids and pets. Don’t miss this opportunity!

8. 2025-02-25
   status Pending

   Show marketing remark (550 chars)

   Discover this charming 3-bedroom, 1.5-bath fixer-upper in the heart of Morenci, brimming with potential! Featuring a newer metal roof (2017), a new furnace (2023) and original hardwood flooring, this home is ideal for the handyman ready to build equity. The kitchen boasts updated cabinets and stylish light fixtures. The spacious half bath is partially finished. Enjoy the partially finished basement, perfect for an extra living area. Outside, a detached garage and a fenced yard await, perfect for kids and pets. Don’t miss this opportunity!

9. 2025-02-25
   status Pending 550-char remark

   Show marketing remark (550 chars)

   Discover this charming 3-bedroom, 1.5-bath fixer-upper in the heart of Morenci, brimming with potential! Featuring a newer metal roof (2017), a new furnace (2023) and original hardwood flooring, this home is ideal for the handyman ready to build equity. The kitchen boasts updated cabinets and stylish light fixtures. The spacious half bath is partially finished. Enjoy the partially finished basement, perfect for an extra living area. Outside, a detached garage and a fenced yard await, perfect for kids and pets. Don’t miss this opportunity!

10. 2025-01-14
    price $87,500 550-char remark

    Show marketing remark (550 chars)

    Discover this charming 3-bedroom, 1.5-bath fixer-upper in the heart of Morenci, brimming with potential! Featuring a newer metal roof (2017), a new furnace (2023) and original hardwood flooring, this home is ideal for the handyman ready to build equity. The kitchen boasts updated cabinets and stylish light fixtures. The spacious half bath is partially finished. Enjoy the partially finished basement, perfect for an extra living area. Outside, a detached garage and a fenced yard await, perfect for kids and pets. Don’t miss this opportunity!

11. 2025-01-13
    price $87,500
12. 2025-01-01
    price $95,000 550-char remark

    Show marketing remark (550 chars)

    Discover this charming 3-bedroom, 1.5-bath fixer-upper in the heart of Morenci, brimming with potential! Featuring a newer metal roof (2017), a new furnace (2023) and original hardwood flooring, this home is ideal for the handyman ready to build equity. The kitchen boasts updated cabinets and stylish light fixtures. The spacious half bath is partially finished. Enjoy the partially finished basement, perfect for an extra living area. Outside, a detached garage and a fenced yard await, perfect for kids and pets. Don’t miss this opportunity!

13. 2024-12-31
    price $95,000
14. 2024-11-18
    listed $105,000 Active 550-char remark

    Show marketing remark (550 chars)

    Discover this charming 3-bedroom, 1.5-bath fixer-upper in the heart of Morenci, brimming with potential! Featuring a newer metal roof (2017), a new furnace (2023) and original hardwood flooring, this home is ideal for the handyman ready to build equity. The kitchen boasts updated cabinets and stylish light fixtures. The spacious half bath is partially finished. Enjoy the partially finished basement, perfect for an extra living area. Outside, a detached garage and a fenced yard await, perfect for kids and pets. Don’t miss this opportunity!

15. 2024-11-18
    listed $105,000 Active

    Show marketing remark (550 chars)

    Discover this charming 3-bedroom, 1.5-bath fixer-upper in the heart of Morenci, brimming with potential! Featuring a newer metal roof (2017), a new furnace (2023) and original hardwood flooring, this home is ideal for the handyman ready to build equity. The kitchen boasts updated cabinets and stylish light fixtures. The spacious half bath is partially finished. Enjoy the partially finished basement, perfect for an extra living area. Outside, a detached garage and a fenced yard await, perfect for kids and pets. Don’t miss this opportunity!

16. 2010-03-03
    historical
17. 2010-03-01
    soldstatus $19,500
18. 2010-03-01
    soldstatus $19,500
19. 2010-02-05
    listed $19,000
20. 2010-02-05
    listed $19,000
21. 2010-01-01
    historical
22. 2009-12-31
    historical
23. 2009-06-18
    listed $86,900
24. 2009-06-18
    listed $86,900

ⓘ 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: $908 · $76/mo
• Projected year-2 tax: $1,824 · $152/mo
• Expected delta: +$917/yr (+$76/mo · 101.0%)

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

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 ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,529
• − Mortgage interest: −$9,971
• − Property taxes: −$908
• − Insurance: −$890
• − Repairs & maintenance: −$762
• − Management: −$762
• − Depreciation: −$5,178
• Taxable loss: −$8,942
• Est. tax savings @ 24.0%: +$2,146
• After-tax cash flow: $-3,325/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: Morenci Area Schools
• NCES district ID: 2624570
• Math proficiency: 28% ▼ -5.00%
• Reading proficiency: 43% ▲ 1.00%
• Median HH income: $43,503
• Composite: 30.09/100
• National rank: #6340
• State rank: #283 of 540 in MI

Livability — Morenci

• Score: 74/100
• State rank: #167
• US rank: #4401

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morenci, MI
• County: Lenawee · 10,162 people
• Population (ZIP): 3,830
• Household income: $60,982
• Rent vs Own: 20.3% rent · 79.7% own

Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 2% Lithuanian 2% Italian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 24.27%
• Current HPI: 304.604
• 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

+104.8% since first listed

24 events — show timeline

• 2026-04-29 Contingent — MiRealSource-MiMLS
• 2026-04-29 Contingent — REALCOMP
• 2026-04-26 Listed $178,000 REALCOMP
• 2026-04-26 Listed $178,000 MiRealSource-MiMLS
• 2025-05-06 Sold (Public Records) $59,300 Public Records
• 2025-04-22 Sold (MLS) $59,300 REALCOMP
• 2025-04-22 Sold (MLS) $59,300 MiRealSource-MiMLS
• 2025-02-25 Pending — REALCOMP
• 2025-02-25 Pending — MiRealSource-MiMLS
• 2025-01-14 Price Changed $87,500 MiRealSource-MiMLS
• 2025-01-13 Price Changed $87,500 REALCOMP
• 2025-01-01 Price Changed $95,000 MiRealSource-MiMLS
• 2024-12-31 Price Changed $95,000 REALCOMP
• 2024-11-18 Listed $105,000 REALCOMP
• 2024-11-18 Listed $105,000 MiRealSource-MiMLS
• 2010-03-03 Listing Removed — MiRealSource-MiMLS
• 2010-03-01 Sold (MLS) $19,500 REALCOMP
• 2010-03-01 Sold (MLS) $19,500 MiRealSource-MiMLS
• 2010-02-05 Listed $19,000 REALCOMP
• 2010-02-05 Listed $19,000 MiRealSource-MiMLS
• 2010-01-01 Listing Removed — REALCOMP
• 2009-12-31 Listing Removed — MiRealSource-MiMLS
• 2009-06-18 Listed $86,900 MiRealSource-MiMLS
• 2009-06-18 Listed $86,900 REALCOMP

Property tax history

-1.3%/yr

Latest (2025): $908 · -64.4% YoY. Source: county tax records.