104 Hanvey St · Elsie, MI 48807

$110,000

2 bd · 1.0 ba · 1,060 sqft · SingleFamily · 3 Days on market

Built 1950 7,841 sqft lot

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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 +18.6/30.0
• Appreciation +9.2/10.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +4.0/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome home to this charming 2 bedroom, 1 bath ranch in Bannister! Offering 1,060 square feet of comfortable living space, this 1950-built home blends classic character with practical updates. The open-concept main living area creates an easy flow between the living room and kitchen, where you’ll find a convenient bar area plus space for more formal dining. The updated bathroom adds fresh functionality, while the wood floors in the bedrooms are in good overall condition and ready to be sanded and refreshed to shine again. Storage is a standout feature here, with generous closets and plenty of room to stay organized. Additional highlights include a durable metal roof, electric heat, a 1+ car attached garage, and a brand-new septic system installed in 2024. The decorative fireplace hearth adds a cozy focal point to the living area. Efficient, inviting, and full of practical features, this Bannister ranch is ready for its next chapter!

Key facts

• Durable metal roof
• Wood floors
• Generous closets

Tags

• OPEN-CONCEPT MAIN LIVING AREA
• CONVENIENT BAR AREA
• UPDATED BATHROOM
• WOOD FLOORS
• GENEROUS CLOSETS
• DURABLE METAL ROOF

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Parking: Attached 1-car garage
• Utilities: Private well water; Septic tank
• Home design: Single-family residence; One level
• Construction: Vinyl siding
• Exterior features: Front porch; Corner lot; Paved public road access

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Total rooms: 6
• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Electric heating; Radiant heating; Ceiling fan cooling
• Interior features: Pantry
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $106 ($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 $99k (10.4% below list).
• Recommended offer: $99k (10.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#498 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools C-, amenities F, commute F.
• Ovid-Elsie Area Schools (rural): math 33% / reading 46% proficiency, ranked #214 of 540 in MI (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 5 active listings in the ZIP; 47 units permitted in Gratiot County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($761 loan paydown + $9k appreciation (8.5% local appreciation)).
• Gratiot County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.5% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 14y ago 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 $31k; list at $110k implies a 255% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,599 (10.4% below list)

Questions for the listing agent

1. Built in 1950 — 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: 0.90% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.14%
• DSCR: 1.18
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.47% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.1%
• Equity multiple: 2.80×
• Total profit: $55,413
• Equity at exit: $87,150

10-year hold

• IRR: 21.7%
• Equity multiple: 6.06×
• Total profit: $155,896
• Equity at exit: $176,523

Cash invested: $30,800 (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 48807

• Home prices YoY: 5.0%
• Active inventory: 5
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $986 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$50 /mo · $599/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $106

Break-even live

Break-even rent $851

Max offer price $110,000

Occupancy floor 84%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-05-26
   listed $110,000 Active

   Show marketing remark (953 chars)

   Welcome home to this charming 2 bedroom, 1 bath ranch in Bannister! Offering 1,060 square feet of comfortable living space, this 1950-built home blends classic character with practical updates. The open-concept main living area creates an easy flow between the living room and kitchen, where you’ll find a convenient bar area plus space for more formal dining. The updated bathroom adds fresh functionality, while the wood floors in the bedrooms are in good overall condition and ready to be sanded and refreshed to shine again. Storage is a standout feature here, with generous closets and plenty of room to stay organized. Additional highlights include a durable metal roof, electric heat, a 1+ car attached garage, and a brand-new septic system installed in 2024. The decorative fireplace hearth adds a cozy focal point to the living area. Efficient, inviting, and full of practical features, this Bannister ranch is ready for its next chapter!

2. 2026-05-26
   listed $110,000 Active 953-char remark

   Show marketing remark (953 chars)

   Welcome home to this charming 2 bedroom, 1 bath ranch in Bannister! Offering 1,060 square feet of comfortable living space, this 1950-built home blends classic character with practical updates. The open-concept main living area creates an easy flow between the living room and kitchen, where you’ll find a convenient bar area plus space for more formal dining. The updated bathroom adds fresh functionality, while the wood floors in the bedrooms are in good overall condition and ready to be sanded and refreshed to shine again. Storage is a standout feature here, with generous closets and plenty of room to stay organized. Additional highlights include a durable metal roof, electric heat, a 1+ car attached garage, and a brand-new septic system installed in 2024. The decorative fireplace hearth adds a cozy focal point to the living area. Efficient, inviting, and full of practical features, this Bannister ranch is ready for its next chapter!

3. 2017-09-05
   soldstatus $31,000 631-char remark

   Show marketing remark (631 chars)

   This 2 bedroom ranch offers nice updates and retro charm in one handy ready to move in package! The open concept of the kitchen, living and dining areas will appeal to today's discerning home buyer and provide a soothing color palate and spacious feel. The bathroom has been updated with gorgeous tile accents, it's a must see! The recently added insulation and steel roof offer the promise of lower utility bills, added comfort and low maintenance for years to come. Additional special features include main level laundry, attached one car garage and an easy to maintain corner lot. Schedule your showing for this fine home today!

4. 2017-09-05
   soldstatus $31,000

   Show marketing remark (631 chars)

   This 2 bedroom ranch offers nice updates and retro charm in one handy ready to move in package! The open concept of the kitchen, living and dining areas will appeal to today's discerning home buyer and provide a soothing color palate and spacious feel. The bathroom has been updated with gorgeous tile accents, it's a must see! The recently added insulation and steel roof offer the promise of lower utility bills, added comfort and low maintenance for years to come. Additional special features include main level laundry, attached one car garage and an easy to maintain corner lot. Schedule your showing for this fine home today!

5. 2017-03-09
   listed $45,900 631-char remark

   Show marketing remark (631 chars)

   This 2 bedroom ranch offers nice updates and retro charm in one handy ready to move in package! The open concept of the kitchen, living and dining areas will appeal to today's discerning home buyer and provide a soothing color palate and spacious feel. The bathroom has been updated with gorgeous tile accents, it's a must see! The recently added insulation and steel roof offer the promise of lower utility bills, added comfort and low maintenance for years to come. Additional special features include main level laundry, attached one car garage and an easy to maintain corner lot. Schedule your showing for this fine home today!

6. 2017-03-09
   listed $45,900

   Show marketing remark (631 chars)

   This 2 bedroom ranch offers nice updates and retro charm in one handy ready to move in package! The open concept of the kitchen, living and dining areas will appeal to today's discerning home buyer and provide a soothing color palate and spacious feel. The bathroom has been updated with gorgeous tile accents, it's a must see! The recently added insulation and steel roof offer the promise of lower utility bills, added comfort and low maintenance for years to come. Additional special features include main level laundry, attached one car garage and an easy to maintain corner lot. Schedule your showing for this fine home today!

7. 2013-12-30
   soldstatus $15,000
8. 2013-12-30
   soldstatus $15,000
9. 2013-12-30
   soldstatus $15,000
10. 2013-01-31
    listed $23,500
11. 2012-01-31
    listed $23,500
12. 2012-01-31
    listed $23,500
13. 2004-03-02
    soldstatus $78,000

ⓘ 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: $599 · $50/mo
• Projected year-2 tax: $1,146 · $96/mo
• Expected delta: +$548/yr (+$46/mo · 91.4%)

ⓘ 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 ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,832
• − Mortgage interest: −$6,162
• − Property taxes: −$599
• − Insurance: −$550
• − Repairs & maintenance: −$947
• − Management: −$947
• − Depreciation: −$3,200
• Taxable loss: −$572
• Est. tax savings @ 24.0%: +$137
• After-tax cash flow: $1,413/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: Ovid-Elsie Area Schools
• NCES district ID: 2627150
• Math proficiency: 33% ▼ -16.00%
• Reading proficiency: 46% ▼ -17.00%
• Median HH income: $50,398
• Composite: 34.07/100
• National rank: #5298
• State rank: #214 of 540 in MI

Livability — Elsie

• Score: 64/100
• State rank: #498
• US rank: #14686

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 706

Population outlook (Gratiot County) Hauer SSP2

• Today (2025): 39,991 people
• By 2030: 38,944 · -2.6%
• By 2040: 36,694 · -8.2%
• By 2050: 34,314 · -14.2%
• By 2075: 27,693 · -30.8%
• By 2100: 20,809 · -48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 2%
• Common ancestry: Iranian 6% Romanian 4% Italian 2%
• Foreign-born: 1% · South Korea

Political lean MEDSL · Gratiot

• 2024 margin: Solid R (+31.3) · D 33.7% · R 65.0% · Other 1.4%
• 2008→2024 swing: -35.7pp toward R · 2008: 4.4pp · 2024: -31.3pp
• All cycles: 2024: R+31.3 2020: R+28.3 2016: R+25.6 2012: R+3.9 2008: D+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.47%
• Current HPI: 179.5532
• 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

+41.0% since first listed

13 events — show timeline

• 2026-05-26 Listed $110,000 REALCOMP
• 2026-05-26 Listed $110,000 MiRealSource-MiMLS
• 2017-09-05 Sold (MLS) $31,000 MiRealSource-MiMLS
• 2017-09-05 Sold (MLS) $31,000 REALCOMP
• 2017-03-09 Listed $45,900 MiRealSource-MiMLS
• 2017-03-09 Listed $45,900 REALCOMP
• 2013-12-30 Sold (MLS) $15,000 MiRealSource-MiMLS
• 2013-12-30 Sold (MLS) $15,000 MiRealSource-MiMLS
• 2013-12-30 Sold (MLS) $15,000 REALCOMP
• 2013-01-31 Listed $23,500 MiRealSource-MiMLS
• 2012-01-31 Listed $23,500 MiRealSource-MiMLS
• 2012-01-31 Listed $23,500 REALCOMP
• 2004-03-02 Sold (Public Records) $78,000 Public Records