3187 2nd St · Emmett, MI 48022

$150,000

3 bd · 1.5 ba · 1,462 sqft · SingleFamily · 79 Days on market

Built 1940 1.26 ac lot $103/sqft · 40% below area Est $248k · 40% 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 +16.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• Schools +4.4/10.0
• 1% rule +3.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this fixer upper situated on over an acre. Prefect for a small homestead. So much potential. High ceilings in family room. AS IS SALE

Key facts

• Small homestead
• Over an acre
• 1.26 acre lot

Tags

• OVER AN ACRE
• SMALL HOMESTEAD
• HIGH CEILINGS IN FAMILY ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $88 ($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 $122k (18.7% below list).
• Recommended offer: $122k (18.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#561 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: crime C-, amenities F, commute F.
• Yale Public Schools (rural): math 40% / reading 62% proficiency, ranked #92 of 540 in MI (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 14 active listings in the ZIP; 232 units permitted in St. Clair County in 2024 (0 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 $4k of value loss. Plan a longer hold.
• St. Clair County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,019 (18.7% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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 B-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?
6. 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.
7. 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.
8. 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: 0.81% ✗
• Cap rate: 7.00%
• Cash-on-cash: 2.52%
• DSCR: 1.11
• GRM: 10.2

CMA / ARV

• ARV (median comp): $248,125
• List price: $150,000
• Delta: -39.55%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3195 2nd St	0.02mi	3/2.0	1,620 (+11%)	23mo	$253,000	$156	60
10676 Brandon Rd	0.56mi	3/1.0	1,296 (-11%)	2mo	$228,000	$176	52
11023 Brandon Rd	0.25mi	3/2.0	1,675 (+15%)	14mo	$405,000	$242	50

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: -12.4%
• Equity multiple: 0.55×
• Total profit: $-18,772
• Equity at exit: $22,365

10-year hold

• IRR: -3.4%
• Equity multiple: 0.78×
• Total profit: $-9,443
• Equity at exit: $12,969

Cash invested: $42,000 (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 48022

• Home prices YoY: -8.3%
• Active inventory: 14
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,220 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$27 /mo · $320/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $88

Break-even live

Break-even rent $1,109

Max offer price $150,000

Occupancy floor 88%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $150,000 Active 79 DOM
2. 2026-06-17
   days on market $150,000 Active 78 DOM
3. 2026-06-16
   days on market $150,000 Active 77 DOM
4. 2026-06-15
   days on market $150,000 Active 76 DOM
5. 2026-06-13
   days on market $150,000 Active 74 DOM
6. 2026-06-09
   days on market $150,000 Active 70 DOM
7. 2026-06-08
   days on market $150,000 Active 69 DOM
8. 2026-06-07
   days on market $150,000 Active 68 DOM
9. 2026-06-04
   days on market $150,000 Active 65 DOM
10. 2026-06-03
    days on market $150,000 Active 64 DOM
11. 2026-06-02
    days on market $150,000 Active 63 DOM
12. 2026-06-01
    days on market $150,000 Active 62 DOM
13. 2026-05-31
    days on market $150,000 Active 61 DOM
14. 2026-03-31
    listed $155,000 Active 144-char remark

    Show marketing remark (144 chars)

    Welcome to this fixer upper situated on over an acre. Prefect for a small homestead. So much potential. High ceilings in family room. AS IS SALE

15. 2026-03-31
    listed $155,000 Active 144-char remark

    Show marketing remark (144 chars)

    Welcome to this fixer upper situated on over an acre. Prefect for a small homestead. So much potential. High ceilings in family room. AS IS SALE

16. 2023-11-13
    historical
17. 2023-11-13
    historical
18. 2023-10-11
    price $139,900
19. 2023-10-11
    price $139,900
20. 2023-08-07
    listed $142,000 Active
21. 2023-08-02
    listed $142,000 Active
22. 2014-10-17
    historical
23. 2014-10-17
    historical
24. 2014-06-09
    listed $65,000
25. 2014-06-09
    listed $65,000
26. 2006-01-19
    historical
27. 2005-09-25
    listed $119,900

ⓘ 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: $320 · $27/mo
• Projected year-2 tax: $1,315 · $110/mo
• Expected delta: +$995/yr (+$83/mo · 310.8%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,642
• − Mortgage interest: −$8,402
• − Property taxes: −$320
• − Insurance: −$750
• − Repairs & maintenance: −$1,171
• − Management: −$1,171
• − Depreciation: −$4,364
• Taxable loss: −$1,537
• Est. tax savings @ 24.0%: +$369
• After-tax cash flow: $1,427/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: Yale Public Schools
• NCES district ID: 2636600
• Math proficiency: 40% ▼ -11.00%
• Reading proficiency: 62% ▼ -8.00%
• Median HH income: $53,116
• Composite: 43.83/100
• National rank: #2926
• State rank: #92 of 540 in MI

Livability — Emmett

• Score: 61/100
• State rank: #561
• US rank: #17612

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Emmett, MI
• Population (ZIP): 2,517

Population outlook (St. Clair County) Hauer SSP2

• Today (2025): 154,587 people
• By 2030: 150,031 · -2.9%
• By 2040: 138,177 · -10.6%
• By 2050: 124,390 · -19.5%
• By 2075: 95,825 · -38.0%
• By 2100: 68,672 · -55.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Romanian 13% Lithuanian 7% English 4%
• Foreign-born: 1%

Political lean MEDSL · St. Clair

• 2024 margin: Solid R (+34.6) · D 32.0% · R 66.6% · Other 1.4%
• 2008→2024 swing: -37.3pp toward R · 2008: 2.6pp · 2024: -34.6pp
• All cycles: 2024: R+34.6 2020: R+30.2 2016: R+31.4 2012: R+7.1 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -23.76%
• Current HPI: 262.9242
• 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

+29.3% since first listed

14 events — show timeline

• 2026-03-31 Listed $155,000 REALCOMP
• 2026-03-31 Listed $155,000 MiRealSource-MiMLS
• 2023-11-13 Listing Removed — MiRealSource-MiMLS
• 2023-11-13 Listing Removed — REALCOMP
• 2023-10-11 Price Changed $139,900 MiRealSource-MiMLS
• 2023-10-11 Price Changed $139,900 REALCOMP
• 2023-08-07 Listed $142,000 REALCOMP
• 2023-08-02 Listed $142,000 MiRealSource-MiMLS
• 2014-10-17 Listing Removed — MiRealSource-MiMLS
• 2014-10-17 Listing Removed — REALCOMP
• 2014-06-09 Listed $65,000 MiRealSource-MiMLS
• 2014-06-09 Listed $65,000 REALCOMP
• 2006-01-19 Listing Removed — MiRealSource-MiMLS
• 2005-09-25 Listed $119,900 MiRealSource-MiMLS

Property tax history

-17.6%/yr

Latest (2025): $320 · -85.9% YoY. Source: county tax records.