364 W Greenwood Rd · Horton, MI 48610

$85,000

3 bd · 1.0 ba · 1,010 sqft · SingleFamily public records · 48 Days on market

Built 1977 0.59 ac lot $84/sqft · 29% below area Est $120k · 29% 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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a HUD home case number 262-266863. Currently accepting Owner Occupant BIDS only. Opportunity awaits! 3-bedroom, 1-bath home with 1,010 sq ft on a . 59-acre lot in Alger. Includes a 2-car detached garage and ample outdoor space. Property needs some TLC but offers strong potential. Bring your vision and make it your own!

Key facts

• 0.59 acre lot
• 2 garage spots
• Built 1977

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Slab foundation; Built above-grade finished area: 1,010 square feet
• Exterior features: Deck; Cleared and wooded lot

Interior

• Kitchen: Microwave
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (propane); No central cooling
• Interior features: Microwave; 7 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $280 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• West Branch-Rose City Area Schools (rural): math 27% / reading 43% proficiency, ranked #306 of 540 in MI (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 66 active listings in the ZIP; 57 units permitted in Ogemaw County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Ogemaw County population projected at -26% 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 $24k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y ago; this cycle's ask has dropped $15k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 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 1977 — 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. 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: 1.28% ✓
• Cap rate: 10.24%
• Cash-on-cash: 14.11%
• DSCR: 1.63
• GRM: 6.5

CMA / ARV

• ARV (median comp): $119,550
• List price: $85,000
• Delta: -28.90%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.4%
• Equity multiple: 1.17×
• Total profit: $4,064
• Equity at exit: $12,674

10-year hold

• IRR: 13.9%
• Equity multiple: 2.12×
• Total profit: $26,543
• Equity at exit: $7,349

Cash invested: $23,800 (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 48610

• Active inventory: 66
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,090 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$100 /mo · $1,200/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $280

Break-even live

Break-even rent $736

Max offer price $85,000

Occupancy floor 69%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $85,000 Active 48 DOM
2. 2026-06-17
   days on market $85,000 Active 47 DOM
3. 2026-06-16
   days on market $85,000 Active 46 DOM
4. 2026-06-15
   days on market $85,000 Active 45 DOM
5. 2026-06-13
   days on market $85,000 Active 43 DOM
6. 2026-06-12
   days on market $85,000 Active 42 DOM
7. 2026-06-09
   days on market $85,000 Active 39 DOM
8. 2026-06-08
   days on market $85,000 Active 38 DOM
9. 2026-06-07
   days on market $85,000 Active 37 DOM
10. 2026-06-07
    days on market $85,000 Active 36 DOM
11. 2026-06-04
    days on market $85,000 Active 33 DOM
12. 2026-06-02
    pricedays on market $85,000 Active 32 DOM

    Show marketing remark (328 chars)

    This is a HUD home case number 262-266863. Currently accepting Owner Occupant BIDS only. Opportunity awaits! 3-bedroom, 1-bath home with 1,010 sq ft on a . 59-acre lot in Alger. Includes a 2-car detached garage and ample outdoor space. Property needs some TLC but offers strong potential. Bring your vision and make it your own!

13. 2026-06-01
    days on market $100,000 Active 31 DOM
14. 2026-05-31
    days on market $100,000 Active 30 DOM
15. 2026-05-31
    days on market $100,000 Active 29 DOM
16. 2026-05-01
    listed $100,000 Active 328-char remark

    Show marketing remark (328 chars)

    This is a HUD home case number 262-266863. Currently accepting Owner Occupant BIDS only. Opportunity awaits! 3-bedroom, 1-bath home with 1,010 sq ft on a . 59-acre lot in Alger. Includes a 2-car detached garage and ample outdoor space. Property needs some TLC but offers strong potential. Bring your vision and make it your own!

17. 2026-05-01
    listed $100,000 Active 328-char remark

    Show marketing remark (328 chars)

    This is a HUD home case number 262-266863. Currently accepting Owner Occupant BIDS only. Opportunity awaits! 3-bedroom, 1-bath home with 1,010 sq ft on a . 59-acre lot in Alger. Includes a 2-car detached garage and ample outdoor space. Property needs some TLC but offers strong potential. Bring your vision and make it your own!

18. 2022-09-21
    soldstatus $120,000

    Show marketing remark (326 chars)

    Move right in to this cozy 3 bedroom 1 bath home with a 2 car detached garage. Seller upgrades since 2015 include new well and driveway, laundry room and kitchen plumbing, remodeled kitchen, new flooring, paint and trim throughout. Immediate occupancy to call this your full time residence or weekend getaway before Labor Day!

19. 2022-09-21
    soldstatus $120,000

    Show marketing remark (326 chars)

    Move right in to this cozy 3 bedroom 1 bath home with a 2 car detached garage. Seller upgrades since 2015 include new well and driveway, laundry room and kitchen plumbing, remodeled kitchen, new flooring, paint and trim throughout. Immediate occupancy to call this your full time residence or weekend getaway before Labor Day!

20. 2022-08-16
    listed $112,000

    Show marketing remark (326 chars)

    Move right in to this cozy 3 bedroom 1 bath home with a 2 car detached garage. Seller upgrades since 2015 include new well and driveway, laundry room and kitchen plumbing, remodeled kitchen, new flooring, paint and trim throughout. Immediate occupancy to call this your full time residence or weekend getaway before Labor Day!

21. 2012-09-30
    historical
22. 2010-08-21
    listed $56,900
23. 2010-04-01
    historical
24. 2008-04-15
    listed $68,900

ⓘ 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: $1,200 · $100/mo
• Projected year-2 tax: $1,255 · $105/mo
• Expected delta: +$54/yr (+$5/mo · 4.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,079
• − Mortgage interest: −$4,761
• − Property taxes: −$1,200
• − Insurance: −$425
• − Repairs & maintenance: −$1,046
• − Management: −$1,046
• − Depreciation: −$2,473
• Taxable income: $2,127
• Est. tax owed @ 24.0%: −$511
• After-tax cash flow: $2,848/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: West Branch-Rose City Area Schools
• NCES district ID: 2635850
• Math proficiency: 27% ▼ -14.00%
• Reading proficiency: 43% ▼ -10.00%
• Median HH income: $38,145
• Composite: 29.15/100
• National rank: #6580
• State rank: #306 of 540 in MI

Livability — Horton

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 3,261

Population outlook (Ogemaw County) Hauer SSP2

• Today (2025): 19,373 people
• By 2030: 18,348 · -5.3%
• By 2040: 16,176 · -16.5%
• By 2050: 14,294 · -26.2%
• By 2075: 11,280 · -41.8%
• By 2100: 8,942 · -53.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 7% Lithuanian 4% Slovak 3%
• Foreign-born: 0%

Political lean MEDSL · Ogemaw

• 2024 margin: Solid R (+42.0) · D 28.4% · R 70.4% · Other 1.3%
• 2008→2024 swing: -44.4pp toward R · 2008: 2.4pp · 2024: -42.0pp
• All cycles: 2024: R+42.0 2020: R+40.1 2016: R+36.6 2012: R+6.2 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.02%
• Current HPI: 125.4127
• 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

+23.4% since first listed

11 events — show timeline

• 2026-06-02 Price Changed $85,000 MiRealSource-MiMLS
• 2026-06-02 Price Changed $85,000 REALCOMP
• 2026-05-01 Listed $100,000 REALCOMP
• 2026-05-01 Listed $100,000 MiRealSource-MiMLS
• 2022-09-21 Sold (Public Records) $120,000 Public Records
• 2022-09-21 Sold (MLS) $120,000 WWMLS
• 2022-08-16 Listed $112,000 WWMLS
• 2012-09-30 Listing Removed — MiRealSource-MiMLS
• 2010-08-21 Listed $56,900 MiRealSource-MiMLS
• 2010-04-01 Listing Removed — MiRealSource-MiMLS
• 2008-04-15 Listed $68,900 MiRealSource-MiMLS

Property tax history

+15.6%/yr

Latest (2024): $1,200 · +159.1% YoY. Source: county tax records.