407 Chestnut St · Reading, MI 49274

$74,837

3 bd · 1.5 ba · 1,875 sqft · SingleFamily public records · 50 Days on market

Built 1900 9,496 sqft lot $40/sqft · 52% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bed, 2 bath fixer upper in the heart of Reading! This home features a 1-car garage and is just steps from Reading Schools, downtown, restaurants, and shopping. Bring your ideas and make it your own. .. tons of potential in a great location. Home is being sold AS IS. Call today for your own viewing! This company makes no warranty or representations about the contents of this data. It is the responsibility of the parties looking at the property to satisfy themselves as to the accuracy of this information. Taxes were obtained from the local assessor and the taxes could change for the buyer after a closed transaction.

Key facts

• 9,496 sq ft lot
• Garage
• Built 1900

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Natural gas connected; Natural gas water heater; Public water
• Home design: Traditional single-family residence; Approximately 1,875 total building area; Built in 1900; Composition roof
• Construction: Vinyl siding
• Exterior features: 0.21-acre lot; Public water

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bedrooms: Primary bedroom (approx. 11 x 14); Bedroom 2 (approx. 16 x 15); Bedroom 3 (approx. 14 x 10); Bedroom 4; Bedroom 5
• Bathrooms: 2 full bathrooms; Primary bathroom
• Heating & cooling: Forced air heating
• Interior features: Eat-in kitchen; Window treatments; Michigan-style basement; 10 total rooms; Formal dining room; Dining area adjacent to kitchen
• Laundry & utility: Washer; Dryer; Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $664 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#352 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D-, amenities F.
• Reading Community Schools (rural): math 27% / reading 36% proficiency, ranked #350 of 540 in MI (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 31 active listings in the ZIP; 72 units permitted in Hillsdale County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Hillsdale County population projected at -22% 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 $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 7y ago; this cycle's ask has dropped $24k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $72,591 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.96% ✓
• Cap rate: 16.94%
• Cash-on-cash: 38.01%
• DSCR: 2.69
• GRM: 4.3

CMA / ARV

• ARV (median comp): $154,747
• List price: $74,837
• Delta: -51.64%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 Lynn St	0.18mi	3/0.5	1,860 (-1%)	3mo	$175,000	$94	84
115 East St	0.22mi	4/2.0 (+1)	2,001 (+7%)	1mo	$195,000	$97	70
305 E Michigan St	0.21mi	3/2.0	2,020 (+8%)	14mo	$189,900	$94	64
129 W Silver St	0.21mi	4/2.0 (+1)	1,638 (-13%)	8mo	$141,000	$86	55

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: 34.1%
• Equity multiple: 2.44×
• Total profit: $30,159
• Equity at exit: $11,158

10-year hold

• IRR: 41.0%
• Equity multiple: 4.85×
• Total profit: $80,736
• Equity at exit: $6,471

Cash invested: $20,954 (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 49274

• Active inventory: 31
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,467 medium
• Mortgage (P&I): −$392
• Tax from tax record: −$71 /mo · $854/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $664

Break-even live

Break-even rent $626

Max offer price $74,837

Occupancy floor 50%

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: $18,709
• Closing costs: $2,245
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-19
   days on market $74,837 Active 50 DOM
2. 2026-06-18
   days on market $74,837 Active 49 DOM
3. 2026-06-17
   days on market $74,837 Active 48 DOM
4. 2026-06-16
   days on market $74,837 Active 47 DOM
5. 2026-06-15
   days on market $74,837 Active 46 DOM
6. 2026-06-14
   days on market $74,837 Active 44 DOM
7. 2026-06-12
   pricedays on market $74,837 Active 43 DOM

   Show marketing remark (623 chars)

   3 bed, 2 bath fixer upper in the heart of Reading! This home features a 1-car garage and is just steps from Reading Schools, downtown, restaurants, and shopping. Bring your ideas and make it your own. .. tons of potential in a great location. Home is being sold AS IS. Call today for your own viewing! This company makes no warranty or representations about the contents of this data. It is the responsibility of the parties looking at the property to satisfy themselves as to the accuracy of this information. Taxes were obtained from the local assessor and the taxes could change for the buyer after a closed transaction.

8. 2026-06-09
   days on market $79,000 Active 40 DOM
9. 2026-06-08
   days on market $79,000 Active 39 DOM
10. 2026-06-07
    days on market $79,000 Active 38 DOM
11. 2026-06-07
    days on market $79,000 Active 37 DOM
12. 2026-06-04
    days on market $79,000 Active 34 DOM
13. 2026-06-02
    days on market $79,000 Active 33 DOM
14. 2026-06-01
    days on market $79,000 Active 32 DOM
15. 2026-05-31
    days on market $79,000 Active 31 DOM
16. 2026-05-31
    days on market $79,000 Active 30 DOM
17. 2026-05-07
    price $92,000 623-char remark

    Show marketing remark (623 chars)

    3 bed, 2 bath fixer upper in the heart of Reading! This home features a 1-car garage and is just steps from Reading Schools, downtown, restaurants, and shopping. Bring your ideas and make it your own. .. tons of potential in a great location. Home is being sold AS IS. Call today for your own viewing! This company makes no warranty or representations about the contents of this data. It is the responsibility of the parties looking at the property to satisfy themselves as to the accuracy of this information. Taxes were obtained from the local assessor and the taxes could change for the buyer after a closed transaction.

18. 2026-05-06
    price $92,000 623-char remark

    Show marketing remark (623 chars)

    3 bed, 2 bath fixer upper in the heart of Reading! This home features a 1-car garage and is just steps from Reading Schools, downtown, restaurants, and shopping. Bring your ideas and make it your own. .. tons of potential in a great location. Home is being sold AS IS. Call today for your own viewing! This company makes no warranty or representations about the contents of this data. It is the responsibility of the parties looking at the property to satisfy themselves as to the accuracy of this information. Taxes were obtained from the local assessor and the taxes could change for the buyer after a closed transaction.

19. 2026-05-06
    price $92,000

    Show marketing remark (623 chars)

    3 bed, 2 bath fixer upper in the heart of Reading! This home features a 1-car garage and is just steps from Reading Schools, downtown, restaurants, and shopping. Bring your ideas and make it your own. .. tons of potential in a great location. Home is being sold AS IS. Call today for your own viewing! This company makes no warranty or representations about the contents of this data. It is the responsibility of the parties looking at the property to satisfy themselves as to the accuracy of this information. Taxes were obtained from the local assessor and the taxes could change for the buyer after a closed transaction.

20. 2026-04-30
    listed $99,000 Active 623-char remark

    Show marketing remark (623 chars)

    3 bed, 2 bath fixer upper in the heart of Reading! This home features a 1-car garage and is just steps from Reading Schools, downtown, restaurants, and shopping. Bring your ideas and make it your own. .. tons of potential in a great location. Home is being sold AS IS. Call today for your own viewing! This company makes no warranty or representations about the contents of this data. It is the responsibility of the parties looking at the property to satisfy themselves as to the accuracy of this information. Taxes were obtained from the local assessor and the taxes could change for the buyer after a closed transaction.

21. 2026-04-30
    listed $99,000 Active 623-char remark

    Show marketing remark (623 chars)

    3 bed, 2 bath fixer upper in the heart of Reading! This home features a 1-car garage and is just steps from Reading Schools, downtown, restaurants, and shopping. Bring your ideas and make it your own. .. tons of potential in a great location. Home is being sold AS IS. Call today for your own viewing! This company makes no warranty or representations about the contents of this data. It is the responsibility of the parties looking at the property to satisfy themselves as to the accuracy of this information. Taxes were obtained from the local assessor and the taxes could change for the buyer after a closed transaction.

22. 2026-04-30
    listed $99,000 Active

    Show marketing remark (623 chars)

    3 bed, 2 bath fixer upper in the heart of Reading! This home features a 1-car garage and is just steps from Reading Schools, downtown, restaurants, and shopping. Bring your ideas and make it your own. .. tons of potential in a great location. Home is being sold AS IS. Call today for your own viewing! This company makes no warranty or representations about the contents of this data. It is the responsibility of the parties looking at the property to satisfy themselves as to the accuracy of this information. Taxes were obtained from the local assessor and the taxes could change for the buyer after a closed transaction.

23. 2019-03-19
    soldstatus $67,900
24. 2019-03-18
    soldstatus $67,900 Sold
25. 2019-03-18
    soldstatus $67,900 Sold
26. 2019-03-18
    soldstatus $67,900 Closed
27. 2019-03-08
    listed Contingent - Continue To Show
28. 2019-02-25
    historical Keep Showing-Contgcy Appl
29. 2019-02-25
    historical Active Contingent
30. 2019-02-20
    listed $67,900
31. 2019-02-20
    listed $67,900 Active
32. 2019-02-20
    listed $67,900 Active
33. 2019-02-20
    listed $67,900

ⓘ 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: $854 · $71/mo
• Projected year-2 tax: $1,003 · $84/mo
• Expected delta: +$149/yr (+$12/mo · 17.5%)

ⓘ 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 ≥98°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: $17,599
• − Mortgage interest: −$4,192
• − Property taxes: −$854
• − Insurance: −$374
• − Repairs & maintenance: −$1,408
• − Management: −$1,408
• − Depreciation: −$2,177
• Taxable income: $7,186
• Est. tax owed @ 24.0%: −$1,725
• After-tax cash flow: $6,241/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: Reading Community Schools
• NCES district ID: 2629400
• Math proficiency: 27% ▲ 1.00%
• Reading proficiency: 36% ▲ 2.00%
• Median HH income: $39,682
• Composite: 26.43/100
• National rank: #7223
• State rank: #350 of 540 in MI

Livability — Reading

• Score: 69/100
• State rank: #352
• US rank: #8989

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Reading, MI
• Population (ZIP): 3,777

Population outlook (Hillsdale County) Hauer SSP2

• Today (2025): 43,704 people
• By 2030: 41,996 · -3.9%
• By 2040: 38,019 · -13.0%
• By 2050: 34,095 · -22.0%
• By 2075: 25,897 · -40.7%
• By 2100: 18,746 · -57.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Romanian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 90% English-only · German/W. Germanic 9%

Political lean MEDSL · Hillsdale

• 2024 margin: Solid R (+51.4) · D 23.7% · R 75.1% · Other 1.2%
• 2008→2024 swing: -39.4pp toward R · 2008: -12.0pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+47.9 2016: R+46.8 2012: R+24.2 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -173.73%
• Current HPI: 188.1608
• 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

+10.2% since first listed

23 events — show timeline

• 2026-06-12 Price Changed $74,837 MiRealSource-MiMLS
• 2026-06-11 Price Changed $74,837 REALCOMP
• 2026-06-11 Price Changed $74,837 SW Michigan MLS
• 2026-05-20 Price Changed $79,000 MiRealSource-MiMLS
• 2026-05-19 Price Changed $79,000 REALCOMP
• 2026-05-19 Price Changed $79,000 SW Michigan MLS
• 2026-05-07 Price Changed $92,000 MiRealSource-MiMLS
• 2026-05-06 Price Changed $92,000 REALCOMP
• 2026-05-06 Price Changed $92,000 SW Michigan MLS
• 2026-04-30 Listed $99,000 SW Michigan MLS
• 2026-04-30 Listed $99,000 REALCOMP
• 2026-04-30 Listed $99,000 MiRealSource-MiMLS
• 2019-03-19 Sold (Public Records) $67,900 Public Records
• 2019-03-18 Sold (MLS) $67,900 MiRealSource-MiMLS
• 2019-03-18 Sold (MLS) $67,900 SW Michigan MLS
• 2019-03-18 Sold (MLS) $67,900 REALCOMP
• 2019-03-08 Listed — REALCOMP
• 2019-02-25 Contingent — MiRealSource-MiMLS
• 2019-02-25 Contingent — SW Michigan MLS
• 2019-02-20 Listed $67,900 MiRealSource-MiMLS
• 2019-02-20 Listed $67,900 MiRealSource-MiMLS
• 2019-02-20 Listed $67,900 SW Michigan MLS
• 2019-02-20 Listed $67,900 REALCOMP

Property tax history

+3.1%/yr

Latest (2025): $854 · -36.0% YoY. Source: county tax records.