306 W Russell St · North Plains, MI 48845

$275,000

9 bd · 6.9 ba · 15,225 sqft · MultiFamily · 376 Days on market

Built 1973 1.59 ac lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Appreciation +6.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

One of a kind extremely solid investment opportunity. Huge 15,000+ sq ft building started its life out as a school but now offers 5 x 2 Bed residential apartments, multiple office spaces, multiple bathrooms, full kitchen, 42x65 gym, and tons of bonus space. Entire building including all apartments are zero grade. Wide open floor plans. Gym is currently being converted into 11+ 10x10 climate-controlled storage units. Building is built like a tank and is mechanically sound. New roof approx 7 years ago. 1.5 Acre site offers plenty of parking and large greenspace including playground area. Absolutely unlimited possibilities and potential. Hurry to get this one working for you!

Key facts

• Large greenspace
• Full kitchen
• Playground area

Tags

• MULTIPLE OFFICE SPACES
• FULL KITCHEN
• LARGE GREENSPACE
• PLAYGROUND AREA

Property features AI

Finance

• Other: Zoning listed as Other
• Financial info: Mixed rental income across units (examples: offices with nominal rents; apartments range around $1,100–$1,200 per unit; listed smaller office rents shown separately)
• HOA & community: Community amenities include sidewalks and other shared features

Exterior

• Parking: Total 38 parking spaces; Concrete parking surfaces
• Utilities: Private well water; Septic system; Electricity connected; Natural gas connected
• Home design: Residential income property; Multifamily building; Irregular lot dimensions; Property faces unspecified direction
• Construction: Block construction; Slab foundation; Composition roof; Rubber roof
• Exterior features: Corner lot; Level lot; Other lot features; Paved road access; Publicly maintained road; Sidewalks

Interior

• Bedrooms: Multiple 2-bedroom apartment units (several units listed as 2-bedroom apartments)
• Bathrooms: Multiple units with 1 bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Storage
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $363/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $242k (12.0% 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.
• Carson City-Crystal Area Schools (rural): math 17% / reading 27% proficiency, ranked #449 of 540 in MI (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 4 active listings in the ZIP; 94 units permitted in Ionia County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($2k loan paydown + $6k appreciation (2.0% local appreciation)).
• Ionia County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.0% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 376 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $275k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $275k implies a 206% gain — meaningful room to come down on a strong offer.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 376 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.38% ✓
• Cap rate: 11.05%
• Cash-on-cash: 16.99%
• DSCR: 1.76
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.01% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.3%
• Equity multiple: 2.15×
• Total profit: $88,484
• Equity at exit: $108,594

10-year hold

• IRR: 23.3%
• Equity multiple: 4.07×
• Total profit: $236,125
• Equity at exit: $156,475

Cash invested: $77,000 (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 48845

• Home prices YoY: 0.8%
• Active inventory: 4
• Price-to-rent: 18.2×

Monthly cashflow live

• Estimated rent: $3,786 medium
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$795
• Net cashflow: $1,090

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,281	-5% $1,185	+0% $1,090	+5% $995	+10% $900
Rent	-10% $791	-5% $941	+0% $1,090	+5% $1,240	+10% $1,390
Rate	-1.0pp $1,229	-0.5pp $1,160	base $1,090	+0.5pp $1,019	+1.0pp $947

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$3,786
Total (3 units)			$3,786

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-21
   days on market $275,000 Active 376 DOM
2. 2026-06-18
   days on market $275,000 Active 374 DOM
3. 2026-06-17
   days on market $275,000 Active 373 DOM
4. 2026-06-16
   days on market $275,000 Active 372 DOM
5. 2026-06-15
   days on market $275,000 Active 371 DOM
6. 2026-06-13
   days on market $275,000 Active 369 DOM
7. 2026-06-12
   days on market $275,000 Active 368 DOM
8. 2026-06-09
   days on market $275,000 Active 365 DOM
9. 2026-06-08
   days on market $275,000 Active 364 DOM
10. 2026-06-07
    days on market $275,000 Active 363 DOM
11. 2026-06-07
    days on market $275,000 Active 362 DOM
12. 2026-06-04
    days on market $275,000 Active 359 DOM
13. 2026-06-02
    days on market $275,000 Active 358 DOM
14. 2026-06-01
    days on market $275,000 Active 357 DOM
15. 2026-05-31
    days on market $275,000 Active 356 DOM
16. 2026-05-31
    days on market $275,000 Active 355 DOM
17. 2026-01-05
    price $275,000

    Show marketing remark (681 chars)

    One of a kind extremely solid investment opportunity. Huge 15,000+ sq ft building started its life out as a school but now offers 5 x 2 Bed residential apartments, multiple office spaces, multiple bathrooms, full kitchen, 42x65 gym, and tons of bonus space. Entire building including all apartments are zero grade. Wide open floor plans. Gym is currently being converted into 11+ 10x10 climate-controlled storage units. Building is built like a tank and is mechanically sound. New roof approx 7 years ago. 1.5 Acre site offers plenty of parking and large greenspace including playground area. Absolutely unlimited possibilities and potential. Hurry to get this one working for you!

18. 2026-01-05
    price $275,000 681-char remark

    Show marketing remark (681 chars)

    One of a kind extremely solid investment opportunity. Huge 15,000+ sq ft building started its life out as a school but now offers 5 x 2 Bed residential apartments, multiple office spaces, multiple bathrooms, full kitchen, 42x65 gym, and tons of bonus space. Entire building including all apartments are zero grade. Wide open floor plans. Gym is currently being converted into 11+ 10x10 climate-controlled storage units. Building is built like a tank and is mechanically sound. New roof approx 7 years ago. 1.5 Acre site offers plenty of parking and large greenspace including playground area. Absolutely unlimited possibilities and potential. Hurry to get this one working for you!

19. 2026-01-05
    price $275,000

    Show marketing remark (681 chars)

    One of a kind extremely solid investment opportunity. Huge 15,000+ sq ft building started its life out as a school but now offers 5 x 2 Bed residential apartments, multiple office spaces, multiple bathrooms, full kitchen, 42x65 gym, and tons of bonus space. Entire building including all apartments are zero grade. Wide open floor plans. Gym is currently being converted into 11+ 10x10 climate-controlled storage units. Building is built like a tank and is mechanically sound. New roof approx 7 years ago. 1.5 Acre site offers plenty of parking and large greenspace including playground area. Absolutely unlimited possibilities and potential. Hurry to get this one working for you!

20. 2025-08-14
    price $424,900

    Show marketing remark (681 chars)

    One of a kind extremely solid investment opportunity. Huge 15,000+ sq ft building started its life out as a school but now offers 5 x 2 Bed residential apartments, multiple office spaces, multiple bathrooms, full kitchen, 42x65 gym, and tons of bonus space. Entire building including all apartments are zero grade. Wide open floor plans. Gym is currently being converted into 11+ 10x10 climate-controlled storage units. Building is built like a tank and is mechanically sound. New roof approx 7 years ago. 1.5 Acre site offers plenty of parking and large greenspace including playground area. Absolutely unlimited possibilities and potential. Hurry to get this one working for you!

21. 2025-08-14
    price $424,900 681-char remark

    Show marketing remark (681 chars)

    One of a kind extremely solid investment opportunity. Huge 15,000+ sq ft building started its life out as a school but now offers 5 x 2 Bed residential apartments, multiple office spaces, multiple bathrooms, full kitchen, 42x65 gym, and tons of bonus space. Entire building including all apartments are zero grade. Wide open floor plans. Gym is currently being converted into 11+ 10x10 climate-controlled storage units. Building is built like a tank and is mechanically sound. New roof approx 7 years ago. 1.5 Acre site offers plenty of parking and large greenspace including playground area. Absolutely unlimited possibilities and potential. Hurry to get this one working for you!

22. 2025-08-13
    price $424,900
23. 2025-08-03
    price $474,900
24. 2025-08-02
    price $474,900 681-char remark

    Show marketing remark (681 chars)

    One of a kind extremely solid investment opportunity. Huge 15,000+ sq ft building started its life out as a school but now offers 5 x 2 Bed residential apartments, multiple office spaces, multiple bathrooms, full kitchen, 42x65 gym, and tons of bonus space. Entire building including all apartments are zero grade. Wide open floor plans. Gym is currently being converted into 11+ 10x10 climate-controlled storage units. Building is built like a tank and is mechanically sound. New roof approx 7 years ago. 1.5 Acre site offers plenty of parking and large greenspace including playground area. Absolutely unlimited possibilities and potential. Hurry to get this one working for you!

25. 2025-08-02
    price $474,900

    Show marketing remark (681 chars)

    One of a kind extremely solid investment opportunity. Huge 15,000+ sq ft building started its life out as a school but now offers 5 x 2 Bed residential apartments, multiple office spaces, multiple bathrooms, full kitchen, 42x65 gym, and tons of bonus space. Entire building including all apartments are zero grade. Wide open floor plans. Gym is currently being converted into 11+ 10x10 climate-controlled storage units. Building is built like a tank and is mechanically sound. New roof approx 7 years ago. 1.5 Acre site offers plenty of parking and large greenspace including playground area. Absolutely unlimited possibilities and potential. Hurry to get this one working for you!

26. 2025-07-12
    price $498,500
27. 2025-07-11
    price $498,500 681-char remark

    Show marketing remark (681 chars)

    One of a kind extremely solid investment opportunity. Huge 15,000+ sq ft building started its life out as a school but now offers 5 x 2 Bed residential apartments, multiple office spaces, multiple bathrooms, full kitchen, 42x65 gym, and tons of bonus space. Entire building including all apartments are zero grade. Wide open floor plans. Gym is currently being converted into 11+ 10x10 climate-controlled storage units. Building is built like a tank and is mechanically sound. New roof approx 7 years ago. 1.5 Acre site offers plenty of parking and large greenspace including playground area. Absolutely unlimited possibilities and potential. Hurry to get this one working for you!

28. 2025-07-11
    price $498,500

    Show marketing remark (681 chars)

    One of a kind extremely solid investment opportunity. Huge 15,000+ sq ft building started its life out as a school but now offers 5 x 2 Bed residential apartments, multiple office spaces, multiple bathrooms, full kitchen, 42x65 gym, and tons of bonus space. Entire building including all apartments are zero grade. Wide open floor plans. Gym is currently being converted into 11+ 10x10 climate-controlled storage units. Building is built like a tank and is mechanically sound. New roof approx 7 years ago. 1.5 Acre site offers plenty of parking and large greenspace including playground area. Absolutely unlimited possibilities and potential. Hurry to get this one working for you!

29. 2025-06-09
    listed $549,900 Active 681-char remark

    Show marketing remark (681 chars)

    One of a kind extremely solid investment opportunity. Huge 15,000+ sq ft building started its life out as a school but now offers 5 x 2 Bed residential apartments, multiple office spaces, multiple bathrooms, full kitchen, 42x65 gym, and tons of bonus space. Entire building including all apartments are zero grade. Wide open floor plans. Gym is currently being converted into 11+ 10x10 climate-controlled storage units. Building is built like a tank and is mechanically sound. New roof approx 7 years ago. 1.5 Acre site offers plenty of parking and large greenspace including playground area. Absolutely unlimited possibilities and potential. Hurry to get this one working for you!

30. 2025-06-09
    listed $549,900 Active

    Show marketing remark (681 chars)

    One of a kind extremely solid investment opportunity. Huge 15,000+ sq ft building started its life out as a school but now offers 5 x 2 Bed residential apartments, multiple office spaces, multiple bathrooms, full kitchen, 42x65 gym, and tons of bonus space. Entire building including all apartments are zero grade. Wide open floor plans. Gym is currently being converted into 11+ 10x10 climate-controlled storage units. Building is built like a tank and is mechanically sound. New roof approx 7 years ago. 1.5 Acre site offers plenty of parking and large greenspace including playground area. Absolutely unlimited possibilities and potential. Hurry to get this one working for you!

31. 2022-05-13
    soldstatus $89,900
32. 2022-04-27
    listed $89,900
33. 2021-05-31
    historical
34. 2021-04-23
    listed $89,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,432
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,635
• − Management: −$3,635
• − Depreciation: −$8,000
• Taxable income: $9,259
• Est. tax owed @ 24.0%: −$2,222
• After-tax cash flow: $10,864/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: Carson City-Crystal Area Schools
• NCES district ID: 2608130
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 27% ▼ -9.00%
• Median HH income: $42,566
• Composite: 18.83/100
• National rank: #8865
• State rank: #449 of 540 in MI

Livability — North Plains

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

Census & demographics

• Census place: Hubbardston, MI
• Population (ZIP): 1,109

Population outlook (Ionia County) Hauer SSP2

• Today (2025): 63,958 people
• By 2030: 63,321 · -1.0%
• By 2040: 61,544 · -3.8%
• By 2050: 58,682 · -8.2%
• By 2075: 48,909 · -23.5%
• By 2100: 35,867 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 6% Iranian 4% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 89% English-only · German/W. Germanic 11%

Political lean MEDSL · Ionia

• 2024 margin: Solid R (+31.9) · D 33.3% · R 65.2% · Other 1.5%
• 2008→2024 swing: -26.0pp toward R · 2008: -5.8pp · 2024: -31.9pp
• All cycles: 2024: R+31.9 2020: R+30.3 2016: R+31.0 2012: R+12.8 2008: R+5.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.01%
• Current HPI: 237.1283
• 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

+205.9% since first listed

18 events — show timeline

• 2026-01-05 Price Changed $275,000 MiRealSource-MiMLS
• 2026-01-05 Price Changed $275,000 MiRealSource-MiMLS
• 2026-01-05 Price Changed $275,000 REALCOMP
• 2025-08-14 Price Changed $424,900 MiRealSource-MiMLS
• 2025-08-14 Price Changed $424,900 MiRealSource-MiMLS
• 2025-08-13 Price Changed $424,900 REALCOMP
• 2025-08-03 Price Changed $474,900 MiRealSource-MiMLS
• 2025-08-02 Price Changed $474,900 MiRealSource-MiMLS
• 2025-08-02 Price Changed $474,900 REALCOMP
• 2025-07-12 Price Changed $498,500 MiRealSource-MiMLS
• 2025-07-11 Price Changed $498,500 MiRealSource-MiMLS
• 2025-07-11 Price Changed $498,500 REALCOMP
• 2025-06-09 Listed $549,900 REALCOMP
• 2025-06-09 Listed $549,900 MiRealSource-MiMLS
• 2022-05-13 Sold (MLS) $89,900 MiRealSource-MiMLS
• 2022-04-27 Listed $89,900 MiRealSource-MiMLS
• 2021-05-31 Listing Removed — MiRealSource-MiMLS
• 2021-04-23 Listed $89,900 MiRealSource-MiMLS