105 Wood St · Three Rivers, MI 49093

$99,000

3 bd · 1.0 ba · 1,608 sqft · SingleFamily public records · 12 Days on market

Built 1960 8,712 sqft lot $62/sqft · 26% below area Est $156k · 37% under ↓ 30% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Unique opportunity to own a 2-unit property along the scenic St. Joseph River! The lower-level unit features the main residence plus a separate mother-in-law apartment, offering a combined total of 2 bedrooms, 2 bathrooms, and 1,133 sq ft of living space. The upper-level unit includes 2 bedrooms, 1 bathroom, and 735 sq ft, with its own private entrance and separate driveway. This unit is completely independent and cannot be accessed from the lower-level residence, providing excellent privacy for occupants. Ideally located for outdoor enthusiasts, the property sits directly on the St. Joseph River and is just around the corner from Marina Park and the Jefferson boat launch (approximately a 2-minute drive). Additional nearby access points include Noah Lake and Stump Bay public boat launches only 6 minutes away, and Hidden Marsh Sanctuary less than 5 minutes from the property.

Key facts

• 8,712 sq ft lot
• 2 garage spots
• Built 1960

Property features AI

Finance

• Other: Cross streets: Wood St & 2nd Ave
• Financial info: No investor or rental income details provided
• HOA & community: No HOA details provided

Exterior

• Parking: Attached garage with 2 parking spaces
• Security: No security details provided
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2-story home; Residential zoning
• Construction: Vinyl siding construction; Built-in foundation (year built not provided)
• Exterior features: Riverfront / lake waterfront on the Saint Joseph River; Property has a view; Lot dimensions approximately 99 x 147 x 33 x 132

Interior

• Kitchen: No appliance details provided
• Bedrooms: Total of 7 rooms (includes bedrooms and living spaces); Laundry on main level
• Flooring: No flooring details provided
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating with natural gas
• Interior features: Wood-burning fireplace in the living room; Basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $457 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Cap rate 11.8% vs local median 5.2% in Three Rivers — 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 (#306 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D, amenities F.
• Three Rivers Community Schools (town): math 37% / reading 45% proficiency, ranked #200 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 178 active listings in the ZIP; 125 units permitted in St. Joseph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• St. Joseph 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 $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 27y 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 $70k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $99,000

Questions for the listing agent

1. Built in 1960 — 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. Crime grade is D 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?
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: 1.42% ✓
• Cap rate: 11.83%
• Cash-on-cash: 19.79%
• DSCR: 1.88
• GRM: 5.9

CMA / ARV

• ARV (median comp): $156,359
• List price: $99,000
• Delta: -36.68%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
247 E Michigan Ave	0.12mi	3/1.0	1,450 (-10%)	11mo	$172,500	$119	69
210 Middle St	0.15mi	3/1.5	1,399 (-13%)	6mo	$69,500	$50	64
300 E Bennett St	0.62mi	3/2.0	1,600 (-0%)	7mo	$200,000	$125	60
424 Fourth Ave	0.27mi	3/1.0	1,407 (-12%)	10mo	$185,000	$131	58
1300 River St	0.35mi	4/1.0 (+1)	1,732 (+8%)	12mo	$245,900	$142	56
809 State St	0.61mi	3/1.0	1,500 (-7%)	9mo	$165,000	$110	52
310 West St	0.75mi	4/1.5 (+1)	1,608 (0%)	9mo	$194,000	$121	51
111 W Kelsey St	0.69mi	3/2.0	1,539 (-4%)	7mo	$135,000	$88	50
1006 Madison St	0.47mi	4/1.5 (+1)	1,400 (-13%)	9mo	$162,000	$116	42
416 Tenth Ave	0.59mi	4/2.0 (+1)	1,768 (+10%)	8mo	$175,000	$99	40
719 S Main St	0.54mi	4/2.0 (+1)	1,828 (+14%)	8mo	$62,500	$34	37
902 4th St	0.66mi	2/1.0 (-1)	1,410 (-12%)	9mo	$30,000	$21	36

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: 11.9%
• Equity multiple: 1.47×
• Total profit: $13,074
• Equity at exit: $14,761

10-year hold

• IRR: 20.8%
• Equity multiple: 2.76×
• Total profit: $48,882
• Equity at exit: $8,560

Cash invested: $27,720 (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 49093

• Active inventory: 178
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,405 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$92 /mo · $1,105/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $457

Break-even live

Break-even rent $826

Max offer price $99,000

Occupancy floor 62%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-09
   listing id $99,000 Pending 12 DOM
2. 2026-05-07
   listed $99,000 Active 1242-char remark

   Show marketing remark (1243 chars)

   Unique opportunity to own a 2-unit property along the scenic St. Joseph River! The lower-level unit features the main residence plus a separate mother-in-law apartment, offering a combined total of 2 bedrooms, 2 bathrooms, and 1,133 sq ft of living space. The upper-level unit includes 2 bedrooms, 1 bathroom, and 735 sq ft, with its own private entrance and separate driveway. This unit is completely independent and cannot be accessed from the lower-level residence, providing excellent privacy for occupants. Ideally located for outdoor enthusiasts, the property sits directly on the St. Joseph River and is just around the corner from Marina Park and the Jefferson boat launch (approximately a 2-minute drive). Additional nearby access points include Noah Lake and Stump Bay public boat launches only 6 minutes away, and Hidden Marsh Sanctuary less than 5 minutes from the property. Whether you're looking for a multi-generational living setup, a rental income opportunity, or a property that places you close to nature and water recreation, this versatile property offers exceptional potential! Property sustained damage to deck and stairs to second floor unit from tornado in March. Second floor unit currently inaccessible. Sold as-is.

3. 2026-05-07
   listed $99,000 Active 1243-char remark

   Show marketing remark (1243 chars)

   Unique opportunity to own a 2-unit property along the scenic St. Joseph River! The lower-level unit features the main residence plus a separate mother-in-law apartment, offering a combined total of 2 bedrooms, 2 bathrooms, and 1,133 sq ft of living space. The upper-level unit includes 2 bedrooms, 1 bathroom, and 735 sq ft, with its own private entrance and separate driveway. This unit is completely independent and cannot be accessed from the lower-level residence, providing excellent privacy for occupants. Ideally located for outdoor enthusiasts, the property sits directly on the St. Joseph River and is just around the corner from Marina Park and the Jefferson boat launch (approximately a 2-minute drive). Additional nearby access points include Noah Lake and Stump Bay public boat launches only 6 minutes away, and Hidden Marsh Sanctuary less than 5 minutes from the property. Whether you're looking for a multi-generational living setup, a rental income opportunity, or a property that places you close to nature and water recreation, this versatile property offers exceptional potential! Property sustained damage to deck and stairs to second floor unit from tornado in March. Second floor unit currently inaccessible. Sold as-is.

4. 2026-05-07
   listed $99,000 Active

   Show marketing remark (1243 chars)

   Unique opportunity to own a 2-unit property along the scenic St. Joseph River! The lower-level unit features the main residence plus a separate mother-in-law apartment, offering a combined total of 2 bedrooms, 2 bathrooms, and 1,133 sq ft of living space. The upper-level unit includes 2 bedrooms, 1 bathroom, and 735 sq ft, with its own private entrance and separate driveway. This unit is completely independent and cannot be accessed from the lower-level residence, providing excellent privacy for occupants. Ideally located for outdoor enthusiasts, the property sits directly on the St. Joseph River and is just around the corner from Marina Park and the Jefferson boat launch (approximately a 2-minute drive). Additional nearby access points include Noah Lake and Stump Bay public boat launches only 6 minutes away, and Hidden Marsh Sanctuary less than 5 minutes from the property. Whether you're looking for a multi-generational living setup, a rental income opportunity, or a property that places you close to nature and water recreation, this versatile property offers exceptional potential! Property sustained damage to deck and stairs to second floor unit from tornado in March. Second floor unit currently inaccessible. Sold as-is.

5. 2015-01-24
   historical
6. 2000-08-31
   soldstatus $75,000
7. 2000-08-31
   soldstatus $75,000
8. 2000-04-04
   listed $79,500
9. 2000-04-04
   listed $79,500
10. 2000-02-08
    historical
11. 1999-08-08
    listed $99,500
12. 1999-08-08
    listed $99,500

ⓘ 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: $1,105 · $92/mo
• Projected year-2 tax: $1,315 · $110/mo
• Expected delta: +$210/yr (+$18/mo · 19.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,855
• − Mortgage interest: −$5,546
• − Property taxes: −$1,105
• − Insurance: −$495
• − Repairs & maintenance: −$1,348
• − Management: −$1,348
• − Depreciation: −$2,880
• Taxable income: $4,133
• Est. tax owed @ 24.0%: −$992
• After-tax cash flow: $4,494/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: Three Rivers Community Schools
• NCES district ID: 2633840
• Math proficiency: 37% ▲ 1.00%
• Reading proficiency: 45% ▼ -3.00%
• Median HH income: $46,576
• Composite: 34.97/100
• National rank: #5058
• State rank: #200 of 540 in MI

Livability — Three Rivers

• Score: 70/100
• State rank: #306
• US rank: #7604

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Three Rivers, MI
• Population (ZIP): 18,439

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 58,726 people
• By 2030: 57,030 · -2.9%
• By 2040: 53,266 · -9.3%
• By 2050: 49,343 · -16.0%
• By 2075: 40,441 · -31.1%
• By 2100: 31,981 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 5% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 11% Iranian 5% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Solid R (+34.0) · D 32.2% · R 66.2% · Other 1.5%
• 2008→2024 swing: -31.8pp toward R · 2008: -2.2pp · 2024: -34.0pp
• All cycles: 2024: R+34.0 2020: R+31.7 2016: R+31.0 2012: R+12.3 2008: R+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.07%
• Current HPI: 226.5079
• 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

-29.6% since first listed

17 events — show timeline

• 2026-06-08 Sold (MLS) $70,000 SW Michigan MLS
• 2026-06-08 Sold (MLS) $70,000 REALCOMP
• 2026-06-08 Sold (MLS) $70,000 MiRealSource-MiMLS
• 2026-05-19 Pending — REALCOMP
• 2026-05-19 Pending — MiRealSource-MiMLS
• 2026-05-19 Pending — SW Michigan MLS
• 2026-05-07 Listed $99,000 SW Michigan MLS
• 2026-05-07 Listed $99,000 REALCOMP
• 2026-05-07 Listed $99,000 MiRealSource-MiMLS
• 2015-01-24 Listing Removed — SW Michigan MLS
• 2000-08-31 Sold (MLS) $75,000 REALCOMP
• 2000-08-31 Sold (MLS) $75,000 SW Michigan MLS
• 2000-04-04 Listed $79,500 REALCOMP
• 2000-04-04 Listed $79,500 SW Michigan MLS
• 2000-02-08 Listing Removed — REALCOMP
• 1999-08-08 Listed $99,500 REALCOMP
• 1999-08-08 Listed $99,500 SW Michigan MLS

Property tax history

+2.2%/yr

Latest (2025): $1,105 · -32.2% YoY. Source: county tax records.