214 E Walnut St · Albion, MI 49224

$78,900

2 bd · 1.0 ba · 952 sqft · SingleFamily public records · 98 Days on market

Built 1963 10,629 sqft lot $83/sqft · 21% below area Est $100k · 21% under

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Why this score? — see what drove the B- 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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +6.2/10.0
• Livability +3.5/5.0
• 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

This 2-bedroom, 1-bath home is a true blank canvas needing significant work throughout and is being sold as-is. It is an ideal project for those looking to build immediate sweat equity or add to a rental portfolio. The location offers practical convenience, situated near a local park and within walking distance to the downtown Albion business district. The property includes a small storage shed for tools or equipment. Whether you are looking for a renovation project or a deep-discount entry point into the market, this home is priced to move. Bring your contractor and your vision--this one is ready for a complete overhaul!

Key facts

• Small storage shed
• 0.24 acre lot
• Built 1963

Tags

• WALKING DISTANCE TO DOWNTOWN
• SMALL STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $79k.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($886 rent vs $79k).
• Recommended offer: $72k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#328 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute C-, amenities D+, schools 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: 134 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $545 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $22k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 14y 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 $38k; list at $79k implies a 108% gain — meaningful room to come down on a strong offer.

Recommended offer $71,799 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-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. 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?
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: 1.12% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.16%
• DSCR: 1.50
• GRM: 7.4

CMA / ARV

• ARV (median comp): $100,049
• List price: $78,900
• Delta: -21.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1105 S Eaton St	0.38mi	2/1.0	864 (-9%)	4mo	$155,000	$179	63
204 W Walnut St	0.23mi	3/1.0 (+1)	840 (-12%)	2mo	$100,000	$119	62
811 S Clinton St	0.21mi	3/1.0 (+1)	912 (-4%)	20mo	$112,000	$123	61
812 S Clinton St	0.24mi	2/1.0	842 (-12%)	12mo	$75,000	$89	60
509 Irwin Ave	0.52mi	2/1.5	896 (-6%)	7mo	$89,900	$100	58
306 W Erie St	0.37mi	3/1.0 (+1)	864 (-9%)	21mo	$140,000	$162	45
710 N Ionia St	0.72mi	2/1.0	1,008 (+6%)	22mo	$115,000	$114	39

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: 0.3%
• Equity multiple: 1.01×
• Total profit: $288
• Equity at exit: $11,764

10-year hold

• IRR: 10.0%
• Equity multiple: 1.77×
• Total profit: $17,035
• Equity at exit: $6,822

Cash invested: $22,092 (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 49224

• Home prices YoY: -24.9%
• Active inventory: 134
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $886 medium
• Mortgage (P&I): −$414
• Tax from tax record: −$48 /mo · $577/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $206

Break-even live

Break-even rent $626

Max offer price $78,900

Occupancy floor 72%

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: $19,725
• Closing costs: $2,367
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
313 E North St Albion, MI	2.0	1.0	820	$895	$1.09	44d	1	1.00mi
205 E Watson St Albion, MI	1.0	1.0	825	$875	$1.06	44d	1	1.33mi

Listing history 45 events

1. 2026-06-19
   days on market $78,900 Active 98 DOM
2. 2026-06-18
   days on market $78,900 Active 97 DOM
3. 2026-06-17
   days on market $78,900 Active 96 DOM
4. 2026-06-16
   days on market $78,900 Active 95 DOM
5. 2026-06-15
   days on market $78,900 Active 94 DOM
6. 2026-06-14
   days on market $78,900 Active 92 DOM
7. 2026-06-13
   days on market $78,900 Active 91 DOM
8. 2026-06-10
   days on market $78,900 Active 89 DOM
9. 2026-06-09
   days on market $78,900 Active 88 DOM
10. 2026-06-08
    days on market $78,900 Active 87 DOM
11. 2026-06-07
    days on market $78,900 Active 86 DOM
12. 2026-06-05
    days on market $78,900 Active 83 DOM
13. 2026-06-03
    days on market $78,900 Active 82 DOM
14. 2026-06-02
    days on market $78,900 Active 81 DOM
15. 2026-06-01
    days on market $78,900 Active 80 DOM
16. 2026-05-31
    days on market $78,900 Active 79 DOM
17. 2026-05-30
    days on market $78,900 Active 78 DOM
18. 2026-03-13
    listed $78,900 Active 632-char remark

    Show marketing remark (629 chars)

    This 2-bedroom, 1-bath home is a true blank canvas needing significant work throughout and is being sold as-is. It is an ideal project for those looking to build immediate sweat equity or add to a rental portfolio. The location offers practical convenience, situated near a local park and within walking distance to the downtown Albion business district. The property includes a small storage shed for tools or equipment. Whether you are looking for a renovation project or a deep-discount entry point into the market, this home is priced to move. Bring your contractor and your vision--this one is ready for a complete overhaul!

19. 2026-03-13
    listed $78,900 Active 629-char remark

    Show marketing remark (629 chars)

    This 2-bedroom, 1-bath home is a true blank canvas needing significant work throughout and is being sold as-is. It is an ideal project for those looking to build immediate sweat equity or add to a rental portfolio. The location offers practical convenience, situated near a local park and within walking distance to the downtown Albion business district. The property includes a small storage shed for tools or equipment. Whether you are looking for a renovation project or a deep-discount entry point into the market, this home is priced to move. Bring your contractor and your vision--this one is ready for a complete overhaul!

20. 2026-03-13
    listed $78,900 Active

    Show marketing remark (629 chars)

    This 2-bedroom, 1-bath home is a true blank canvas needing significant work throughout and is being sold as-is. It is an ideal project for those looking to build immediate sweat equity or add to a rental portfolio. The location offers practical convenience, situated near a local park and within walking distance to the downtown Albion business district. The property includes a small storage shed for tools or equipment. Whether you are looking for a renovation project or a deep-discount entry point into the market, this home is priced to move. Bring your contractor and your vision--this one is ready for a complete overhaul!

21. 2021-07-23
    historical
22. 2016-11-25
    soldstatus $38,000
23. 2016-11-25
    soldstatus $38,000 Sold
24. 2016-10-27
    status Pending
25. 2016-06-14
    listed $38,900 Active
26. 2016-06-14
    listed $38,900
27. 2016-04-01
    historical
28. 2016-03-31
    historical
29. 2016-03-21
    price $38,900
30. 2016-02-26
    listed $40,900 Active
31. 2016-02-26
    listed $38,900
32. 2016-02-14
    historical
33. 2016-02-13
    historical
34. 2016-02-02
    price $40,900
35. 2015-12-30
    price $42,900
36. 2015-11-30
    price $44,900
37. 2015-11-05
    price $46,900
38. 2015-09-29
    status Active
39. 2015-09-18
    historical
40. 2015-09-04
    listed $54,900 Active
41. 2015-08-13
    listed $40,900
42. 2013-02-18
    listed $39,900
43. 2013-02-15
    historical
44. 2012-10-22
    listed $39,900
45. 2012-10-22
    listed $39,900

ⓘ 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: $577 · $48/mo
• Projected year-2 tax: $896 · $75/mo
• Expected delta: +$319/yr (+$27/mo · 55.3%)

ⓘ 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 2/10 Low 7 d/yr ≥97°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: $10,637
• − Mortgage interest: −$4,420
• − Property taxes: −$577
• − Insurance: −$394
• − Repairs & maintenance: −$851
• − Management: −$851
• − Depreciation: −$2,295
• Taxable income: $1,249
• Est. tax owed @ 24.0%: −$300
• After-tax cash flow: $2,167/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 — Albion

• Score: 70/100
• State rank: #328
• US rank: #8096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albion, MI
• Population (ZIP): 13,309

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 (69%)
• Race & ethnicity: White 69% Black 20% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Romanian 3% Lithuanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% Arabic 1% German/W. Germanic 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: ▼ -67.85%
• Current HPI: 205.078
• 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

+97.7% since first listed

28 events — show timeline

• 2026-03-13 Listed $78,900 REALCOMP
• 2026-03-13 Listed $78,900 MiRealSource-MiMLS
• 2026-03-13 Listed $78,900 SW Michigan MLS
• 2021-07-23 Listing Removed — SW Michigan MLS
• 2016-11-25 Sold (MLS) $38,000 SW Michigan MLS
• 2016-11-25 Sold (MLS) $38,000 REALCOMP
• 2016-10-27 Pending — SW Michigan MLS
• 2016-06-14 Listed $38,900 SW Michigan MLS
• 2016-06-14 Listed $38,900 REALCOMP
• 2016-04-01 Listing Removed — SW Michigan MLS
• 2016-03-31 Listing Removed — REALCOMP
• 2016-03-21 Price Changed $38,900 SW Michigan MLS
• 2016-02-26 Listed $40,900 SW Michigan MLS
• 2016-02-26 Listed $38,900 REALCOMP
• 2016-02-14 Listing Removed — SW Michigan MLS
• 2016-02-13 Listing Removed — REALCOMP
• 2016-02-02 Price Changed $40,900 SW Michigan MLS
• 2015-12-30 Price Changed $42,900 SW Michigan MLS
• 2015-11-30 Price Changed $44,900 SW Michigan MLS
• 2015-11-05 Price Changed $46,900 SW Michigan MLS
• 2015-09-29 Relisted — SW Michigan MLS
• 2015-09-18 Listing Removed — SW Michigan MLS
• 2015-09-04 Listed $54,900 SW Michigan MLS
• 2015-08-13 Listed $40,900 REALCOMP
• 2013-02-18 Listed $39,900 REALCOMP
• 2013-02-15 Listing Removed — REALCOMP
• 2012-10-22 Listed $39,900 REALCOMP
• 2012-10-22 Listed $39,900 SW Michigan MLS

Property tax history

-9.9%/yr

Latest (2025): $577 · -50.5% YoY. Source: county tax records.