124 Washington St · Sparta, MI 49345

$180,000

4 bd · 1.0 ba · 1,547 sqft · SingleFamily · 7 Days on market

Built 1875 6,665 sqft lot $116/sqft · 21% below area Est $229k · 21% under

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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 +23.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +5.7/10.0
• Livability +4.0/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 124 Washington Street in downtown Sparta! This 4-bedroom, 1-bath home offers a great opportunity for buyers looking to build sweat equity or investors searching for their next renovation project. With solid bones, a functional layout, and a convenient location near local shops, restaurants, and downtown amenities, there is plenty of potential to bring this property back to life. Currently one of the only single-family homes in Sparta priced under $200K, this is a rare opportunity at an approachable price point. Schedule your showing today!

Key facts

• Downtown sparta
• Single-family homes
• Convenient location

Tags

• DOWNTOWN SPARTA
• CONVENIENT LOCATION
• LOCAL SHOPS
• RESTAURANTS
• SINGLE-FAMILY HOMES
• RENOVATION PROJECT

Property features AI

Exterior

• Utilities: Public water
• Home design: Traditional-style single family residence; Residential property
• Construction: Built in 1875; Structured insulated panel construction; Composition roof
• Exterior features: Paved road access; 0.15-acre lot

Interior

• Kitchen: Range; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: 9 total rooms; Michigan-style basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $343 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Cap rate 8.6% vs local median 4.5% in Sparta — 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 80/100 on livability (#83 in MI, #1,786 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, employment D, commute F.
• Sparta Area Schools (town): math 33% / reading 47% proficiency, ranked #201 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 100 active listings in the ZIP; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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.
• Current owner paid $130k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $180,000

Questions for the listing agent

1. Built in 1875 — 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. 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.
4. 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.
5. 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: 1.07% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.16%
• DSCR: 1.36
• GRM: 7.8

CMA / ARV

• ARV (median comp): $228,503
• List price: $180,000
• Delta: -19.04%
• 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
187 Centennial St	0.06mi	3/1.5 (-1)	1,480 (-4%)	2mo	$212,500	$144	82
84 W Division St	0.35mi	4/1.0	1,562 (+1%)	5mo	$226,000	$145	78
265 N Union St	0.49mi	3/1.5 (-1)	1,566 (+1%)	1mo	$269,000	$172	67
91 Prospect St NW	0.17mi	4/1.0	1,320 (-15%)	7mo	$169,900	$129	62
109 Pleasant St NW	0.38mi	3/1.0 (-1)	1,415 (-8%)	1mo	$250,500	$177	62
120 S Union St NW	0.06mi	3/1.5 (-1)	1,770 (+14%)	7mo	$275,000	$155	60
230 S Union St	0.15mi	4/2.0	1,344 (-13%)	9mo	$270,000	$201	60
332 Grove St	0.44mi	3/2.0 (-1)	1,499 (-3%)	12mo	$263,000	$175	55
82 W Averill St	0.38mi	3/1.5 (-1)	1,408 (-9%)	7mo	$327,900	$233	54
160 Orchard Dr	0.54mi	3/2.5 (-1)	1,582 (+2%)	11mo	$343,000	$217	51
533 S Union St	0.68mi	3/1.0 (-1)	1,600 (+3%)	12mo	$300,000	$188	48
137 Ida Red Ave	0.59mi	3/2.0 (-1)	1,344 (-13%)	8mo	$293,550	$218	35

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: -3.9%
• Equity multiple: 0.85×
• Total profit: $-7,345
• Equity at exit: $26,839

10-year hold

• IRR: 5.8%
• Equity multiple: 1.43×
• Total profit: $21,682
• Equity at exit: $15,563

Cash invested: $50,400 (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 49345

• Home prices YoY: -27.3%
• Active inventory: 100
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,931 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$164 /mo · $1,967/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $343

Break-even live

Break-even rent $1,497

Max offer price $180,000

Occupancy floor 77%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $180,000 Active 7 DOM
2. 2026-06-17
   days on market $180,000 Active 6 DOM
3. 2026-06-16
   days on market $180,000 Active 5 DOM
4. 2026-06-15
   days on market $180,000 Active 4 DOM
5. 2026-06-14
   days on market $180,000 Active 2 DOM
6. 2026-06-13
   pricedays on marketlisting id $180,000 Active 1 DOM
7. 2026-06-10
   days on market $185,000 Active 34 DOM
8. 2026-06-09
   days on market $185,000 Active 33 DOM
9. 2026-06-08
   days on market $185,000 Active 32 DOM
10. 2026-06-07
    days on market $185,000 Active 31 DOM
11. 2026-06-03
    days on market $185,000 Active 27 DOM
12. 2026-06-03
    days on market $185,000 Active 26 DOM
13. 2026-06-01
    days on market $185,000 Active 25 DOM
14. 2026-05-31
    days on market $185,000 Active 24 DOM
15. 2026-05-07
    listed $195,000 Active 556-char remark
16. 2026-05-07
    listed $195,000 Active 556-char remark
17. 2026-05-07
    listed $195,000 Active

ⓘ 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: $1,967 · $164/mo
• Projected year-2 tax: $2,369 · $197/mo
• Expected delta: +$403/yr (+$34/mo · 20.5%)

ⓘ 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) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°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: $23,174
• − Mortgage interest: −$10,083
• − Property taxes: −$1,967
• − Insurance: −$900
• − Repairs & maintenance: −$1,854
• − Management: −$1,854
• − Depreciation: −$5,236
• Taxable income: $1,280
• Est. tax owed @ 24.0%: −$307
• After-tax cash flow: $3,806/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: Sparta Area Schools
• NCES district ID: 2632370
• Math proficiency: 33% ▼ -15.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $54,917
• Composite: 34.91/100
• National rank: #5074
• State rank: #201 of 540 in MI

Livability — Sparta

• Score: 80/100
• State rank: #83
• US rank: #1786

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sparta, MI
• City population: 13,189
• Population (ZIP): 13,189

Population outlook (Kent County) Hauer SSP2

• Today (2025): 712,484 people
• By 2030: 748,618 · +5.1%
• By 2040: 814,777 · +14.4%
• By 2050: 868,556 · +21.9%
• By 2075: 966,487 · +35.7%
• By 2100: 967,975 · +35.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Asian 2%
• Common ancestry: Iranian 17% Romanian 9% Lithuanian 4%
• Foreign-born: 2% · Vietnam, South Korea, Canada
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Kent

• 2024 margin: Lean D (+5.4) · D 51.8% · R 46.5% · Other 1.7%
• 2008→2024 swing: +4.8pp toward D · 2008: 0.5pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+6.1 2016: R+3.1 2012: R+7.9 2008: D+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -109.19%
• Current HPI: 290.9224
• 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

+38.5% since first listed

11 events — show timeline

• 2026-06-11 Listing Removed — MiRealSource-MiMLS
• 2026-06-11 Listed $180,000 SW Michigan MLS
• 2026-06-11 Listed $180,000 MiRealSource-MiMLS
• 2026-06-11 Listed $180,000 REALCOMP
• 2026-06-10 Listing Removed — REALCOMP
• 2026-05-23 Price Changed $185,000 MiRealSource-MiMLS
• 2026-05-22 Price Changed $185,000 REALCOMP
• 2026-05-22 Price Changed $185,000 SW Michigan MLS
• 2026-05-07 Listed $195,000 REALCOMP
• 2026-05-07 Listed $195,000 MiRealSource-MiMLS
• 2026-05-05 Sold (Public Records) $130,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $1,967 · +3.5% YoY. Source: county tax records.