301 Waldo Ave · Midland, MI 48642

$137,900

2 bd · 1.0 ba · 1,368 sqft · SingleFamily public records · 6 Days on market

Built 1937 0.44 ac lot $101/sqft · 35% below area Est $142k · at est.

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Why this score? — see what drove the C 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 +22.8/30.0
• ARV discount +8.7/15.0
• DSCR +7.3/10.0
• 1% rule +5.4/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Update: Seller is asking for highest and best offers by Wednesday, May 6th at 8:00 pm. Traditional bungalow situated on a deep double lot is ready for a new owner. This is a two bedroom, one bath solid house that is waiting for your special touches. Hardwood floors under carpet, condition unknown. It is conveniently located to shopping, restaurants and within 10 minutes of downtown Midland. Schedule your private showing today.

Key facts

• Deep double lot
• Hardwood floors
• Conveniently located

Tags

• DEEP DOUBLE LOT
• HARDWOOD FLOORS
• CONVENIENTLY LOCATED

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Parking: Detached 2-car garage with garage door opener; Paved parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level
• Construction: Aluminum siding; Crawl space foundation
• Exterior features: Fenced yard; City lot; Publicly maintained road

Interior

• Kitchen: Oven; Range; Refrigerator; Gas water heater
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Gas water heater; Oven; Range; Refrigerator
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $241 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $138k).
• Cap rate 8.4% vs local median 4.4% in Midland — 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 85/100 on livability (#28 in MI, #578 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Midland Public Schools (urban): math 49% / reading 64% proficiency, ranked #62 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 95 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 320 units permitted in Midland County in 2024 (204 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $953 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Midland County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $137,900

Questions for the listing agent

1. Built in 1937 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 1.04% ✓
• Cap rate: 8.39%
• Cash-on-cash: 7.48%
• DSCR: 1.33
• GRM: 8.1

CMA / ARV

• ARV (median comp): $141,547
• List price: $137,900
• Delta: -2.58%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 Cottonwood St	0.16mi	3/1.5 (+1)	1,400 (+2%)	20mo	$205,000	$146	66
3416 Cobb St	0.14mi	3/2.0 (+1)	1,200 (-12%)	14mo	$212,000	$177	52
3500 Bay City Rd	0.27mi	3/1.5 (+1)	1,167 (-15%)	16mo	$135,000	$116	42

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 · 0.6% rent growth · sell at horizon

5-year hold

• IRR: -7.5%
• Equity multiple: 0.73×
• Total profit: $-10,400
• Equity at exit: $20,561

10-year hold

• IRR: -1.1%
• Equity multiple: 0.93×
• Total profit: $-2,556
• Equity at exit: $11,923

Cash invested: $38,612 (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 48642

• Home prices YoY: -31.4%
• Rents YoY: 0.6%
• Active inventory: 95
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,427 medium
• Mortgage (P&I): −$723
• Tax from tax record: −$106 /mo · $1,275/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $241

Break-even live

Break-even rent $1,123

Max offer price $137,900

Occupancy floor 78%

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: $34,475
• Closing costs: $4,137
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2211 Eastlawn Dr Midland, MI	1.0–2.0	1.0	690	$880	$1.28	43d	1	1.39mi

Listing history 4 events

1. 2026-05-08
   status Pending 430-char remark

   Show marketing remark (430 chars)

   Update: Seller is asking for highest and best offers by Wednesday, May 6th at 8:00 pm. Traditional bungalow situated on a deep double lot is ready for a new owner. This is a two bedroom, one bath solid house that is waiting for your special touches. Hardwood floors under carpet, condition unknown. It is conveniently located to shopping, restaurants and within 10 minutes of downtown Midland. Schedule your private showing today.

2. 2026-05-08
   status Pending 430-char remark

   Show marketing remark (430 chars)

   Update: Seller is asking for highest and best offers by Wednesday, May 6th at 8:00 pm. Traditional bungalow situated on a deep double lot is ready for a new owner. This is a two bedroom, one bath solid house that is waiting for your special touches. Hardwood floors under carpet, condition unknown. It is conveniently located to shopping, restaurants and within 10 minutes of downtown Midland. Schedule your private showing today.

3. 2026-04-30
   listed $137,900 Active 430-char remark

   Show marketing remark (430 chars)

   Update: Seller is asking for highest and best offers by Wednesday, May 6th at 8:00 pm. Traditional bungalow situated on a deep double lot is ready for a new owner. This is a two bedroom, one bath solid house that is waiting for your special touches. Hardwood floors under carpet, condition unknown. It is conveniently located to shopping, restaurants and within 10 minutes of downtown Midland. Schedule your private showing today.

4. 2026-04-30
   listed $137,900 Active 430-char remark

   Show marketing remark (430 chars)

   Update: Seller is asking for highest and best offers by Wednesday, May 6th at 8:00 pm. Traditional bungalow situated on a deep double lot is ready for a new owner. This is a two bedroom, one bath solid house that is waiting for your special touches. Hardwood floors under carpet, condition unknown. It is conveniently located to shopping, restaurants and within 10 minutes of downtown Midland. Schedule your private showing today.

ⓘ 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: $1,275 · $106/mo
• Projected year-2 tax: $1,699 · $142/mo
• Expected delta: +$425/yr (+$35/mo · 33.3%)

ⓘ 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 ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,127
• − Mortgage interest: −$7,725
• − Property taxes: −$1,275
• − Insurance: −$690
• − Repairs & maintenance: −$1,370
• − Management: −$1,370
• − Depreciation: −$4,012
• Taxable income: $687
• Est. tax owed @ 24.0%: −$165
• After-tax cash flow: $2,724/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: Midland Public Schools
• NCES district ID: 2623820
• Math proficiency: 49% ▼ -6.00%
• Reading proficiency: 64% ▼ -3.00%
• Median HH income: $55,844
• Composite: 48.67/100
• National rank: #2105
• State rank: #62 of 540 in MI

Livability — Midland

• Score: 85/100
• State rank: #28
• US rank: #578

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, MI
• County: Midland County · 66,531 people
• City population: 66,531
• Metro: Midland, MI
• Population (ZIP): 34,039
• Household income: $77,847
• Rent vs Own: 25.3% rent · 74.7% own
• Severe rent burden: 935.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 83,968 people
• By 2030: 83,368 · -0.7%
• By 2040: 80,713 · -3.9%
• By 2050: 76,698 · -8.7%
• By 2075: 67,617 · -19.5%
• By 2100: 57,529 · -31.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 4% Asian 4% Two or more races 3% Black 2%
• Common ancestry: Romanian 8% Lithuanian 5% Italian 3%
• Foreign-born: 5% · Canada, China, Vietnam
• Languages at home: 95% English-only · Other Indo-European 1% Spanish 1% Chinese 1%

Political lean MEDSL · Midland

• 2024 margin: R (+15.2) · D 41.6% · R 56.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: -3.6pp · 2024: -15.2pp
• All cycles: 2024: R+15.2 2020: R+14.6 2016: R+19.4 2012: R+15.5 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.89%
• Current HPI: 192.0812
• Rent YoY: ▲ 0.60%
• Metro: Midland, MI
• 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

+4.4% since first listed

6 events — show timeline

• 2026-06-12 Sold (MLS) $144,000 REALCOMP
• 2026-06-12 Sold (MLS) $144,000 MiRealSource-MiMLS
• 2026-05-08 Pending — REALCOMP
• 2026-05-08 Pending — MiRealSource-MiMLS
• 2026-04-30 Listed $137,900 REALCOMP
• 2026-04-30 Listed $137,900 MiRealSource-MiMLS

Property tax history

+3.4%/yr

Latest (2024): $1,275 · +4.9% YoY. Source: county tax records.