305 E Adams St · Homer, MI 49245

$74,500

3 bd · 1.0 ba · 1,090 sqft · SingleFamily public records · 144 Days on market

Built 1900 8,712 sqft lot Est $124k · 40% under ↓ 17% since listing

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• Appreciation +4.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0

Listing remarks MLS

Investor Special in Homer! 305 E Adams St offers a value-add opportunity for investors or skilled handypersons. The property is in need of repairs and updating and is being sold as-is. Ideal for renovation, rental, or resale. Convenient location with strong potential for the right buyer. Land Contract available with $10k down 9% Interest. Monthly payments of $654.20 for 180 Months. Agent Owned

Key facts

• 8,712 sq ft lot
• Garage
• Built 1900

Property features AI

Exterior

• Parking: Attached garage; Detached garage
• Utilities: Natural gas connected and available; Electricity available; Natural gas water heater; Public water
• Home design: Single-family residence; Residential property; Built in 1900
• Construction: Aluminum siding; Wood siding; Shingle roof; Built in 1900
• Exterior features: Paved road access; Second (additional) garage on the property; Public water

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating
• Interior features: Seven total rooms; Storm windows; Michigan-style basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $74k.

Deal economics

• At list price, monthly cash flow is $279 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($924 rent vs $74k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#343 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Homer Community School District (rural): math 18% / reading 29% proficiency, ranked #437 of 540 in MI (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 23 active listings in the ZIP; 132 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $145 of equity ($515 loan paydown + $-370 appreciation (-0.5% local appreciation)).
• Calhoun County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.5% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts; this cycle's ask has dropped $4k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.24% ✓
• Cap rate: 10.79%
• Cash-on-cash: 16.07%
• DSCR: 1.72
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $124,260
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 W Main St	0.35mi	3/2.0	1,186 (+9%)	0mo	$235,000	$198	65
214 S Webster St	0.10mi	3/2.0	1,200 (+10%)	20mo	$125,000	$104	58
219 W Main St	0.37mi	4/1.0 (+1)	1,197 (+10%)	5mo	$55,000	$46	58
224 W Main St	0.37mi	2/1.0 (-1)	1,056 (-3%)	19mo	$119,900	$114	57
309 W Main St	0.45mi	3/1.0	1,011 (-7%)	20mo	$90,000	$89	50
603 S Hillsdale St	0.40mi	3/1.0	1,233 (+13%)	16mo	$140,000	$114	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.3%
• Equity multiple: 1.66×
• Total profit: $13,870
• Equity at exit: $19,801

10-year hold

• IRR: 19.5%
• Equity multiple: 3.05×
• Total profit: $42,762
• Equity at exit: $22,385

Cash invested: $20,860 (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 49245

• Home prices YoY: -0.1%
• Active inventory: 23
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $924 medium
• Mortgage (P&I): −$391
• Tax from tax record: −$29 /mo · $350/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$194
• Net cashflow: $279

Break-even live

Break-even rent $571

Max offer price $74,500

Occupancy floor 65%

Sensitivity live

Price	-10% $322	-5% $301	+0% $279	+5% $258	+10% $237
Rent	-10% $206	-5% $243	+0% $279	+5% $316	+10% $352
Rate	-1.0pp $317	-0.5pp $298	base $279	+0.5pp $260	+1.0pp $240

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: $18,625
• Closing costs: $2,235
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-21
   days on market $74,500 Active 144 DOM
2. 2026-06-18
   days on market $74,500 Active 142 DOM
3. 2026-06-17
   days on market $74,500 Active 141 DOM
4. 2026-06-16
   days on market $74,500 Active 140 DOM
5. 2026-06-15
   days on market $74,500 Active 139 DOM
6. 2026-06-13
   days on market $74,500 Active 137 DOM
7. 2026-06-12
   days on market $74,500 Active 136 DOM
8. 2026-06-09
   days on market $74,500 Active 133 DOM
9. 2026-06-08
   days on market $74,500 Active 132 DOM
10. 2026-06-07
    days on market $74,500 Active 131 DOM
11. 2026-06-05
    days on market $74,500 Active 129 DOM
12. 2026-06-04
    days on market $74,500 Active 127 DOM
13. 2026-06-02
    days on market $74,500 Active 126 DOM
14. 2026-06-01
    days on market $74,500 Active 125 DOM
15. 2026-05-31
    days on market $74,500 Active 124 DOM
16. 2026-05-31
    days on market $74,500 Active 123 DOM
17. 2026-04-30
    price $74,500 396-char remark

    Show marketing remark (396 chars)

    Investor Special in Homer! 305 E Adams St offers a value-add opportunity for investors or skilled handypersons. The property is in need of repairs and updating and is being sold as-is. Ideal for renovation, rental, or resale. Convenient location with strong potential for the right buyer. Land Contract available with $10k down 9% Interest. Monthly payments of $654.20 for 180 Months. Agent Owned

18. 2026-04-30
    price $74,500 396-char remark

    Show marketing remark (396 chars)

    Investor Special in Homer! 305 E Adams St offers a value-add opportunity for investors or skilled handypersons. The property is in need of repairs and updating and is being sold as-is. Ideal for renovation, rental, or resale. Convenient location with strong potential for the right buyer. Land Contract available with $10k down 9% Interest. Monthly payments of $654.20 for 180 Months. Agent Owned

19. 2026-04-30
    price $74,500

    Show marketing remark (396 chars)

    Investor Special in Homer! 305 E Adams St offers a value-add opportunity for investors or skilled handypersons. The property is in need of repairs and updating and is being sold as-is. Ideal for renovation, rental, or resale. Convenient location with strong potential for the right buyer. Land Contract available with $10k down 9% Interest. Monthly payments of $654.20 for 180 Months. Agent Owned

20. 2026-01-29
    status Active 396-char remark

    Show marketing remark (396 chars)

    Investor Special in Homer! 305 E Adams St offers a value-add opportunity for investors or skilled handypersons. The property is in need of repairs and updating and is being sold as-is. Ideal for renovation, rental, or resale. Convenient location with strong potential for the right buyer. Land Contract available with $10k down 9% Interest. Monthly payments of $654.20 for 180 Months. Agent Owned

21. 2026-01-29
    status Active 396-char remark

    Show marketing remark (396 chars)

    Investor Special in Homer! 305 E Adams St offers a value-add opportunity for investors or skilled handypersons. The property is in need of repairs and updating and is being sold as-is. Ideal for renovation, rental, or resale. Convenient location with strong potential for the right buyer. Land Contract available with $10k down 9% Interest. Monthly payments of $654.20 for 180 Months. Agent Owned

22. 2026-01-29
    status Active

    Show marketing remark (396 chars)

    Investor Special in Homer! 305 E Adams St offers a value-add opportunity for investors or skilled handypersons. The property is in need of repairs and updating and is being sold as-is. Ideal for renovation, rental, or resale. Convenient location with strong potential for the right buyer. Land Contract available with $10k down 9% Interest. Monthly payments of $654.20 for 180 Months. Agent Owned

23. 2026-01-10
    status Pending 396-char remark

    Show marketing remark (396 chars)

    Investor Special in Homer! 305 E Adams St offers a value-add opportunity for investors or skilled handypersons. The property is in need of repairs and updating and is being sold as-is. Ideal for renovation, rental, or resale. Convenient location with strong potential for the right buyer. Land Contract available with $10k down 9% Interest. Monthly payments of $654.20 for 180 Months. Agent Owned

24. 2026-01-10
    status Pending 396-char remark

    Show marketing remark (396 chars)

    Investor Special in Homer! 305 E Adams St offers a value-add opportunity for investors or skilled handypersons. The property is in need of repairs and updating and is being sold as-is. Ideal for renovation, rental, or resale. Convenient location with strong potential for the right buyer. Land Contract available with $10k down 9% Interest. Monthly payments of $654.20 for 180 Months. Agent Owned

25. 2026-01-10
    status Pending

    Show marketing remark (396 chars)

    Investor Special in Homer! 305 E Adams St offers a value-add opportunity for investors or skilled handypersons. The property is in need of repairs and updating and is being sold as-is. Ideal for renovation, rental, or resale. Convenient location with strong potential for the right buyer. Land Contract available with $10k down 9% Interest. Monthly payments of $654.20 for 180 Months. Agent Owned

26. 2026-01-07
    listed $79,000 Active 396-char remark

    Show marketing remark (396 chars)

    Investor Special in Homer! 305 E Adams St offers a value-add opportunity for investors or skilled handypersons. The property is in need of repairs and updating and is being sold as-is. Ideal for renovation, rental, or resale. Convenient location with strong potential for the right buyer. Land Contract available with $10k down 9% Interest. Monthly payments of $654.20 for 180 Months. Agent Owned

27. 2026-01-07
    listed $79,000 Active 396-char remark

    Show marketing remark (396 chars)

    Investor Special in Homer! 305 E Adams St offers a value-add opportunity for investors or skilled handypersons. The property is in need of repairs and updating and is being sold as-is. Ideal for renovation, rental, or resale. Convenient location with strong potential for the right buyer. Land Contract available with $10k down 9% Interest. Monthly payments of $654.20 for 180 Months. Agent Owned

28. 2026-01-07
    listed $79,000 Active

    Show marketing remark (396 chars)

    Investor Special in Homer! 305 E Adams St offers a value-add opportunity for investors or skilled handypersons. The property is in need of repairs and updating and is being sold as-is. Ideal for renovation, rental, or resale. Convenient location with strong potential for the right buyer. Land Contract available with $10k down 9% Interest. Monthly payments of $654.20 for 180 Months. Agent Owned

29. 2026-01-01
    historical
30. 2025-12-31
    historical
31. 2025-08-19
    listed $89,500 Active
32. 2025-08-18
    listed $89,500 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: $350 · $29/mo
• Projected year-2 tax: $749 · $62/mo
• Expected delta: +$398/yr (+$33/mo · 113.7%)

ⓘ 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 3/10 Moderate 7 d/yr ≥97°F today · 16 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: $11,094
• − Mortgage interest: −$4,173
• − Property taxes: −$350
• − Insurance: −$372
• − Repairs & maintenance: −$888
• − Management: −$888
• − Depreciation: −$2,167
• Taxable income: $2,256
• Est. tax owed @ 24.0%: −$541
• After-tax cash flow: $2,812/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: Homer Community School District
• NCES district ID: 2618540
• Math proficiency: 18% ▼ -3.00%
• Reading proficiency: 29% ▼ -3.00%
• Median HH income: $42,922
• Composite: 20.1/100
• National rank: #8646
• State rank: #437 of 540 in MI

Livability — Homer

• Score: 69/100
• State rank: #343
• US rank: #8726

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homer, MI
• City population: 4,472
• Population (ZIP): 4,472

Population outlook (Calhoun County) Hauer SSP2

• Today (2025): 130,157 people
• By 2030: 126,691 · -2.7%
• By 2040: 118,517 · -8.9%
• By 2050: 109,855 · -15.6%
• By 2075: 90,486 · -30.5%
• By 2100: 70,766 · -45.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Romanian 4% Slovak 2% Iranian 2%
• Foreign-born: 0%
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Calhoun

• 2024 margin: R (+14.1) · D 42.3% · R 56.4% · Other 1.3%
• 2008→2024 swing: -23.4pp toward R · 2008: 9.4pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+11.1 2016: R+12.5 2012: D+1.6 2008: D+9.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.50%
• Current HPI: 325.4541
• 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

-16.8% since first listed

16 events — show timeline

• 2026-04-30 Price Changed $74,500 MiRealSource-MiMLS
• 2026-04-30 Price Changed $74,500 REALCOMP
• 2026-04-30 Price Changed $74,500 SW Michigan MLS
• 2026-01-29 Relisted — REALCOMP
• 2026-01-29 Relisted — MiRealSource-MiMLS
• 2026-01-29 Relisted — SW Michigan MLS
• 2026-01-10 Pending — REALCOMP
• 2026-01-10 Pending — MiRealSource-MiMLS
• 2026-01-10 Pending — SW Michigan MLS
• 2026-01-07 Listed $79,000 SW Michigan MLS
• 2026-01-07 Listed $79,000 REALCOMP
• 2026-01-07 Listed $79,000 MiRealSource-MiMLS
• 2026-01-01 Listing Removed — MiRealSource-MiMLS
• 2025-12-31 Listing Removed — REALCOMP
• 2025-08-19 Listed $89,500 REALCOMP
• 2025-08-18 Listed $89,500 MiRealSource-MiMLS

Property tax history

-30.4%/yr

Latest (2022): $350 · -51.5% YoY. Source: county tax records.