203 E Delaware St · Decatur, MI 49045

$140,000

3 bd · 2.0 ba · 1,736 sqft · SingleFamily public records · 96 Days on market

Built 1900 8,276 sqft lot $81/sqft · 76% above area Est $97k · 44% over ↓ 7% since listing

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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 +17.7/30.0
• DSCR +5.5/10.0
• 1% rule +3.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment opportunity. 2 unit (up & down) located in the Village of Decatur, MI. Units are currently vacant for market availability. Utilities are separately metered. The property is being sold in ''as is'' condition.

Key facts

• 8,276 sq ft lot
• 4 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $112 ($1k/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 $121k (13.4% below list).
• Recommended offer: $121k (13.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#437 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime C-, schools D-, amenities F.
• Decatur Public Schools (rural): math 21% / reading 37% proficiency, ranked #381 of 540 in MI (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 35 active listings in the ZIP; 165 units permitted in Van Buren County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Van Buren County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $10k (7%) 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 $121,280 (13.4% below list)

Questions for the listing agent

1. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 13% 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. 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 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: 0.87% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.44%
• DSCR: 1.15
• GRM: 9.6

CMA / ARV

• ARV (median comp): $97,000
• List price: $140,000
• Delta: 44.33%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 W Delaware St	0.39mi	3/1.5	1,600 (-8%)	3mo	$129,500	$81	64
202 Cedar St	0.45mi	3/2.5	1,624 (-6%)	4mo	$210,000	$129	63
210 W Saint Marys St	0.39mi	3/2.0	1,712 (-1%)	21mo	$99,000	$58	62
319 Clark St	0.58mi	3/2.0	1,710 (-2%)	13mo	$289,500	$169	60
44714 County Road 352	0.69mi	3/2.0	1,724 (-1%)	13mo	$255,000	$148	56
309 E Delaware St	0.18mi	2/2.0 (-1)	1,512 (-13%)	11mo	$170,000	$112	56
307 Pine St	0.56mi	3/2.0	1,576 (-9%)	4mo	$220,000	$140	55
315 E St Marys St	0.24mi	3/1.0	1,500 (-14%)	9mo	$115,000	$77	54
115 W Delaware St	0.26mi	4/2.0 (+1)	1,556 (-10%)	15mo	$99,000	$64	53
109 Cedar St	0.36mi	4/1.0 (+1)	1,552 (-11%)	10mo	$188,000	$121	48
545 Cherry Ln	0.64mi	3/1.5	1,495 (-14%)	21mo	$210,000	$140	28

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: -10.9%
• Equity multiple: 0.60×
• Total profit: $-15,595
• Equity at exit: $20,874

10-year hold

• IRR: -1.7%
• Equity multiple: 0.88×
• Total profit: $-4,605
• Equity at exit: $12,105

Cash invested: $39,200 (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 49045

• Home prices YoY: -25.1%
• Active inventory: 35
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,213 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$53 /mo · $641/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $112

Break-even live

Break-even rent $1,071

Max offer price $140,000

Occupancy floor 86%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $140,000 Active 96 DOM
2. 2026-06-17
   days on market $140,000 Active 95 DOM
3. 2026-06-16
   days on market $140,000 Active 94 DOM
4. 2026-06-15
   days on market $140,000 Active 93 DOM
5. 2026-06-13
   days on market $140,000 Active 91 DOM
6. 2026-06-12
   days on market $140,000 Active 90 DOM
7. 2026-06-09
   days on market $140,000 Active 87 DOM
8. 2026-06-08
   days on market $140,000 Active 86 DOM
9. 2026-06-07
   days on market $140,000 Active 85 DOM
10. 2026-06-07
    days on market $140,000 Active 84 DOM
11. 2026-06-04
    days on market $140,000 Active 81 DOM
12. 2026-06-02
    days on market $140,000 Active 80 DOM
13. 2026-06-01
    days on market $140,000 Active 79 DOM
14. 2026-05-31
    days on market $140,000 Active 78 DOM
15. 2026-05-31
    days on market $140,000 Active 77 DOM
16. 2026-04-16
    status Active 224-char remark

    Show marketing remark (224 chars)

    Investment opportunity. 2 unit (up & down) located in the Village of Decatur, MI. Units are currently vacant for market availability. Utilities are separately metered. The property is being sold in ''as is'' condition.

17. 2026-04-16
    status Active 224-char remark

    Show marketing remark (224 chars)

    Investment opportunity. 2 unit (up & down) located in the Village of Decatur, MI. Units are currently vacant for market availability. Utilities are separately metered. The property is being sold in ''as is'' condition.

18. 2025-08-16
    historical 224-char remark

    Show marketing remark (224 chars)

    Investment opportunity. 2 unit (up & down) located in the Village of Decatur, MI. Units are currently vacant for market availability. Utilities are separately metered. The property is being sold in ''as is'' condition.

19. 2025-08-12
    price $140,000 224-char remark

    Show marketing remark (224 chars)

    Investment opportunity. 2 unit (up & down) located in the Village of Decatur, MI. Units are currently vacant for market availability. Utilities are separately metered. The property is being sold in ''as is'' condition.

20. 2025-08-11
    price $140,000 224-char remark

    Show marketing remark (224 chars)

    Investment opportunity. 2 unit (up & down) located in the Village of Decatur, MI. Units are currently vacant for market availability. Utilities are separately metered. The property is being sold in ''as is'' condition.

21. 2025-06-24
    listed $150,000 Active 224-char remark

    Show marketing remark (224 chars)

    Investment opportunity. 2 unit (up & down) located in the Village of Decatur, MI. Units are currently vacant for market availability. Utilities are separately metered. The property is being sold in ''as is'' condition.

22. 2025-06-24
    listed $150,000 Active 224-char remark

    Show marketing remark (224 chars)

    Investment opportunity. 2 unit (up & down) located in the Village of Decatur, MI. Units are currently vacant for market availability. Utilities are separately metered. The property is being sold in ''as is'' condition.

ⓘ 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: $641 · $53/mo
• Projected year-2 tax: $1,398 · $117/mo
• Expected delta: +$758/yr (+$63/mo · 118.3%)

ⓘ 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 ≥99°F today · 15 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: $14,554
• − Mortgage interest: −$7,842
• − Property taxes: −$641
• − Insurance: −$700
• − Repairs & maintenance: −$1,164
• − Management: −$1,164
• − Depreciation: −$4,073
• Taxable loss: −$1,030
• Est. tax savings @ 24.0%: +$247
• After-tax cash flow: $1,594/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: Decatur Public Schools
• NCES district ID: 2611670
• Math proficiency: 21% ▼ -6.00%
• Reading proficiency: 37% ▼ -7.00%
• Median HH income: $41,230
• Composite: 24.48/100
• National rank: #7659
• State rank: #381 of 540 in MI

Livability — Decatur

• Score: 66/100
• State rank: #437
• US rank: #12164

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decatur, MI
• Population (ZIP): 5,109

Population outlook (Van Buren County) Hauer SSP2

• Today (2025): 71,479 people
• By 2030: 68,693 · -3.9%
• By 2040: 62,093 · -13.1%
• By 2050: 55,232 · -22.7%
• By 2075: 40,786 · -42.9%
• By 2100: 27,785 · -61.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 8% Two or more races 7% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 7% Romanian 6% Portuguese 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Van Buren

• 2024 margin: R (+15.1) · D 41.7% · R 56.9% · Other 1.4%
• 2008→2024 swing: -23.9pp toward R · 2008: 8.8pp · 2024: -15.1pp
• All cycles: 2024: R+15.1 2020: R+12.3 2016: R+13.9 2012: D+0.5 2008: D+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.63%
• Current HPI: 211.3353
• 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

-6.7% since first listed

7 events — show timeline

• 2026-04-16 Relisted — REALCOMP
• 2026-04-16 Relisted — MiRealSource-MiMLS
• 2025-08-16 Listing Removed — MiRealSource-MiMLS
• 2025-08-12 Price Changed $140,000 MiRealSource-MiMLS
• 2025-08-11 Price Changed $140,000 REALCOMP
• 2025-06-24 Listed $150,000 MiRealSource-MiMLS
• 2025-06-24 Listed $150,000 REALCOMP

Property tax history

-5.7%/yr

Latest (2025): $641 · -61.4% YoY. Source: county tax records.