38983 County Road 215 · Bangor, MI 49013

$175,000

3 bd · 1.0 ba · 1,497 sqft · SingleFamily public records · 138 Days on market

Built 1946 0.70 ac lot $117/sqft · 60% below area ↓ 5% since listing

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Why this score? — see what drove the D- 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 +12.8/30.0
• ARV discount +7.5/15.0
• DSCR +3.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This cozy country home has charming details throughout including archways and a farmhouse sink. Wood floors in the downstairs bedrooms and new vinyl plank flooring was added to the bedroom upstairs in 2024. An enclosed porch on the front can be used in all seasons. Fiber internet is available in the area. Outside, the nearly one acre has flower gardens and room to add your own touches. There is also an old chicken coop/storage building and one car garage. Square footage from public records. Buyer to verify.

Key facts

• Wood floors
• Fiber internet
• Farmhouse sink

Tags

• FARMHOUSE SINK
• WOOD FLOORS
• VINYL PLANK FLOORING
• ENCLOSED PORCH
• FIBER INTERNET
• FLOWER GARDENS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-17 ($-205/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (26.3% below list).
• Recommended offer: $129k (26.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.0% in Bangor — 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 62/100 on livability (#551 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: commute D+, employment D, crime F.
• Bangor Public Schools (Van Buren) (rural): math 14% / reading 26% proficiency, ranked #472 of 540 in MI (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: South Walnut Elementary School (math 22% / reading 22%, grade F, #1,035 of 1,397 statewide, top 77%, 335 students, 79% FRL); Bangor Middle School (math 11% / reading 25%, grade F, #433 of 493 statewide, top 88%, 285 students, 70% FRL); Bangor High School (math 12% / reading 37%, grade F, #481 of 713 statewide, top 81%, 276 students, 64% FRL) — zoned schools at 71% FRL track the district average.
• Market conditions: 58 active listings in the ZIP; 165 units permitted in Van Buren 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 $5k of value loss. Plan a longer hold.
• Van Buren County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 2y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,910 (26.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.74% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.42%
• DSCR: 0.98
• GRM: 11.3

CMA / ARV

• ARV (median comp): $432,115
• List price: $175,000
• Delta: -59.50%
• 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: -17.1%
• Equity multiple: 0.40×
• Total profit: $-29,533
• Equity at exit: $26,093

10-year hold

• IRR: -9.1%
• Equity multiple: 0.44×
• Total profit: $-27,473
• Equity at exit: $15,131

Cash invested: $49,000 (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 49013

• Active inventory: 58
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,289 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$45 /mo · $538/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $-17

Break-even live

Break-even rent $1,311

Max offer price $171,982

Occupancy floor 96%

Sensitivity live

Price	-10% $82	-5% $32	+0% $-17	+5% $-67	+10% $-116
Rent	-10% $-119	-5% $-68	+0% $-17	+5% $34	+10% $85
Rate	-1.0pp $71	-0.5pp $27	base $-17	+0.5pp $-62	+1.0pp $-109

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-22
   days on market $175,000 Active 138 DOM
2. 2026-06-21
   days on market $175,000 Active 137 DOM
3. 2026-06-21
   days on market $175,000 Active 136 DOM
4. 2026-06-18
   days on market $175,000 Active 134 DOM
5. 2026-06-17
   days on market $175,000 Active 133 DOM
6. 2026-06-16
   days on market $175,000 Active 132 DOM
7. 2026-06-15
   days on market $175,000 Active 131 DOM
8. 2026-06-13
   days on market $175,000 Active 129 DOM
9. 2026-06-12
   days on market $175,000 Active 128 DOM
10. 2026-06-09
    days on market $175,000 Active 125 DOM
11. 2026-06-08
    days on market $175,000 Active 124 DOM
12. 2026-06-07
    days on market $175,000 Active 123 DOM
13. 2026-06-05
    days on market $175,000 Active 121 DOM
14. 2026-06-04
    days on market $175,000 Active 119 DOM
15. 2026-06-02
    days on market $175,000 Active 118 DOM
16. 2026-06-01
    days on market $175,000 Active 117 DOM
17. 2026-05-31
    days on market $175,000 Active 116 DOM
18. 2026-05-31
    days on market $175,000 Active 115 DOM
19. 2026-03-19
    price $175,000 512-char remark

    Show marketing remark (512 chars)

    This cozy country home has charming details throughout including archways and a farmhouse sink. Wood floors in the downstairs bedrooms and new vinyl plank flooring was added to the bedroom upstairs in 2024. An enclosed porch on the front can be used in all seasons. Fiber internet is available in the area. Outside, the nearly one acre has flower gardens and room to add your own touches. There is also an old chicken coop/storage building and one car garage. Square footage from public records. Buyer to verify.

20. 2026-03-19
    price $175,000 512-char remark

    Show marketing remark (512 chars)

    This cozy country home has charming details throughout including archways and a farmhouse sink. Wood floors in the downstairs bedrooms and new vinyl plank flooring was added to the bedroom upstairs in 2024. An enclosed porch on the front can be used in all seasons. Fiber internet is available in the area. Outside, the nearly one acre has flower gardens and room to add your own touches. There is also an old chicken coop/storage building and one car garage. Square footage from public records. Buyer to verify.

21. 2026-03-19
    price $175,000

    Show marketing remark (512 chars)

    This cozy country home has charming details throughout including archways and a farmhouse sink. Wood floors in the downstairs bedrooms and new vinyl plank flooring was added to the bedroom upstairs in 2024. An enclosed porch on the front can be used in all seasons. Fiber internet is available in the area. Outside, the nearly one acre has flower gardens and room to add your own touches. There is also an old chicken coop/storage building and one car garage. Square footage from public records. Buyer to verify.

22. 2026-02-12
    status Active 512-char remark

    Show marketing remark (512 chars)

    This cozy country home has charming details throughout including archways and a farmhouse sink. Wood floors in the downstairs bedrooms and new vinyl plank flooring was added to the bedroom upstairs in 2024. An enclosed porch on the front can be used in all seasons. Fiber internet is available in the area. Outside, the nearly one acre has flower gardens and room to add your own touches. There is also an old chicken coop/storage building and one car garage. Square footage from public records. Buyer to verify.

23. 2026-02-12
    status Active 512-char remark

    Show marketing remark (512 chars)

    This cozy country home has charming details throughout including archways and a farmhouse sink. Wood floors in the downstairs bedrooms and new vinyl plank flooring was added to the bedroom upstairs in 2024. An enclosed porch on the front can be used in all seasons. Fiber internet is available in the area. Outside, the nearly one acre has flower gardens and room to add your own touches. There is also an old chicken coop/storage building and one car garage. Square footage from public records. Buyer to verify.

24. 2026-02-11
    status Active
25. 2026-02-04
    status Pending 512-char remark

    Show marketing remark (512 chars)

    This cozy country home has charming details throughout including archways and a farmhouse sink. Wood floors in the downstairs bedrooms and new vinyl plank flooring was added to the bedroom upstairs in 2024. An enclosed porch on the front can be used in all seasons. Fiber internet is available in the area. Outside, the nearly one acre has flower gardens and room to add your own touches. There is also an old chicken coop/storage building and one car garage. Square footage from public records. Buyer to verify.

26. 2026-02-04
    status Pending 512-char remark

    Show marketing remark (512 chars)

    This cozy country home has charming details throughout including archways and a farmhouse sink. Wood floors in the downstairs bedrooms and new vinyl plank flooring was added to the bedroom upstairs in 2024. An enclosed porch on the front can be used in all seasons. Fiber internet is available in the area. Outside, the nearly one acre has flower gardens and room to add your own touches. There is also an old chicken coop/storage building and one car garage. Square footage from public records. Buyer to verify.

27. 2026-02-04
    status Pending

    Show marketing remark (512 chars)

    This cozy country home has charming details throughout including archways and a farmhouse sink. Wood floors in the downstairs bedrooms and new vinyl plank flooring was added to the bedroom upstairs in 2024. An enclosed porch on the front can be used in all seasons. Fiber internet is available in the area. Outside, the nearly one acre has flower gardens and room to add your own touches. There is also an old chicken coop/storage building and one car garage. Square footage from public records. Buyer to verify.

28. 2026-01-25
    listed $189,900 Active 512-char remark

    Show marketing remark (512 chars)

    This cozy country home has charming details throughout including archways and a farmhouse sink. Wood floors in the downstairs bedrooms and new vinyl plank flooring was added to the bedroom upstairs in 2024. An enclosed porch on the front can be used in all seasons. Fiber internet is available in the area. Outside, the nearly one acre has flower gardens and room to add your own touches. There is also an old chicken coop/storage building and one car garage. Square footage from public records. Buyer to verify.

29. 2026-01-25
    listed $189,900 Active 512-char remark

    Show marketing remark (512 chars)

    This cozy country home has charming details throughout including archways and a farmhouse sink. Wood floors in the downstairs bedrooms and new vinyl plank flooring was added to the bedroom upstairs in 2024. An enclosed porch on the front can be used in all seasons. Fiber internet is available in the area. Outside, the nearly one acre has flower gardens and room to add your own touches. There is also an old chicken coop/storage building and one car garage. Square footage from public records. Buyer to verify.

30. 2026-01-25
    listed $189,900 Active

    Show marketing remark (512 chars)

    This cozy country home has charming details throughout including archways and a farmhouse sink. Wood floors in the downstairs bedrooms and new vinyl plank flooring was added to the bedroom upstairs in 2024. An enclosed porch on the front can be used in all seasons. Fiber internet is available in the area. Outside, the nearly one acre has flower gardens and room to add your own touches. There is also an old chicken coop/storage building and one car garage. Square footage from public records. Buyer to verify.

31. 2024-08-07
    soldstatus $172,000
32. 2024-07-16
    soldstatus $172,000 Sold
33. 2024-07-16
    soldstatus $172,000 Closed
34. 2024-07-16
    soldstatus $172,000 Sold
35. 2024-05-31
    status Pending
36. 2024-05-31
    status Pending
37. 2024-05-31
    status Pending
38. 2024-05-18
    price $179,000
39. 2024-05-18
    price $179,000
40. 2024-05-17
    price $179,000
41. 2024-04-18
    listed $185,000 Active
42. 2024-04-18
    listed $185,000 Active
43. 2024-04-18
    listed $185,000 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: $538 · $45/mo
• Projected year-2 tax: $1,617 · $135/mo
• Expected delta: +$1,078/yr (+$90/mo · 200.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 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: $15,469
• − Mortgage interest: −$9,803
• − Property taxes: −$538
• − Insurance: −$875
• − Repairs & maintenance: −$1,238
• − Management: −$1,238
• − Depreciation: −$5,091
• Taxable loss: −$3,313
• Est. tax savings @ 24.0%: +$795
• After-tax cash flow: $590/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: Bangor Public Schools (Van Buren)
• NCES district ID: 2603870
• Math proficiency: 14% ▼ -2.00%
• Reading proficiency: 26% ▼ -1.00%
• Median HH income: $37,050
• Composite: 16.63/100
• National rank: #9174
• State rank: #472 of 540 in MI

Livability — Bangor

• Score: 62/100
• State rank: #551
• US rank: #17278

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,020

Population outlook (Van Buren County) Hauer SSP2

• Today (2025): 71,479 people
• By 2030: 68,693 · -3.9%
• By 2040: 62,093 · -13.1%
• By 2050: 55,232 · -22.7%
• By 2075: 40,786 · -42.9%
• By 2100: 27,785 · -61.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 31% Two or more races 18% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 26% Puerto Rican 1%
• Common ancestry: Iranian 3% Romanian 3% Italian 1%
• Foreign-born: 11% · Canada, Jamaica
• Languages at home: 77% English-only · Spanish 22%

Political lean MEDSL · Van Buren

• 2024 margin: R (+15.1) · D 41.7% · R 56.9% · Other 1.4%
• 2008→2024 swing: -23.9pp toward R · 2008: 8.8pp · 2024: -15.1pp
• All cycles: 2024: R+15.1 2020: R+12.3 2016: R+13.9 2012: D+0.5 2008: D+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -129.56%
• Current HPI: 164.8537
• 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

-5.4% since first listed

25 events — show timeline

• 2026-03-19 Price Changed $175,000 MiRealSource-MiMLS
• 2026-03-19 Price Changed $175,000 REALCOMP
• 2026-03-19 Price Changed $175,000 SW Michigan MLS
• 2026-02-12 Relisted — REALCOMP
• 2026-02-12 Relisted — MiRealSource-MiMLS
• 2026-02-11 Relisted — SW Michigan MLS
• 2026-02-04 Pending — MiRealSource-MiMLS
• 2026-02-04 Pending — REALCOMP
• 2026-02-04 Pending — SW Michigan MLS
• 2026-01-25 Listed $189,900 SW Michigan MLS
• 2026-01-25 Listed $189,900 REALCOMP
• 2026-01-25 Listed $189,900 MiRealSource-MiMLS
• 2024-08-07 Sold (Public Records) $172,000 Public Records
• 2024-07-16 Sold (MLS) $172,000 SW Michigan MLS
• 2024-07-16 Sold (MLS) $172,000 MiRealSource-MiMLS
• 2024-07-16 Sold (MLS) $172,000 REALCOMP
• 2024-05-31 Pending — REALCOMP
• 2024-05-31 Pending — MiRealSource-MiMLS
• 2024-05-31 Pending — SW Michigan MLS
• 2024-05-18 Price Changed $179,000 MiRealSource-MiMLS
• 2024-05-18 Price Changed $179,000 REALCOMP
• 2024-05-17 Price Changed $179,000 SW Michigan MLS
• 2024-04-18 Listed $185,000 SW Michigan MLS
• 2024-04-18 Listed $185,000 MiRealSource-MiMLS
• 2024-04-18 Listed $185,000 REALCOMP

Property tax history

-0.4%/yr

Latest (2025): $538 · -25.8% YoY. Source: county tax records.