4450 22 Mile Rd · Homer, MI 49245

$45,500

2 bd · 1.5 ba · 1,152 sqft · SingleFamily public records · 33 Days on market

Built 1998 0.50 ac lot ↓ 22% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Key facts

• 0.5 acre lot
• Built 1998
• Listed 33 days

Property features AI

Exterior

• Utilities: Well water
• Home design: Residential property; Other architectural style
• Construction: Built in 1998; Aluminum siding
• Exterior features: Half-acre lot

Interior

• Kitchen: Kitchen about 10 x 10
• Bedrooms: Primary bedroom about 12 x 12; Primary bedroom about 10 x 9
• Bathrooms: 2 full bathrooms; Primary bathroom about 8 x 5; Bathroom about 7 x 5
• Heating & cooling: Forced air heating; Has central cooling
• Interior features: Total of 5 rooms; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $46k.

Deal economics

• At list price, monthly cash flow is $416 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($925 rent vs $46k).
• Recommended offer: $44k (3.0% 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: amenities F, commute F, employment 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.
• Zoned schools: Lillian Fletcher Elem School (math 22% / reading 37%, grade F, #866 of 1,397 statewide, top 65%, 356 students, 65% FRL); Homer Middle School (math 16% / reading 25%, grade F, #418 of 493 statewide, top 85%, 264 students, 57% FRL); Homer Community High School (math 22% / reading 32%, grade F, #462 of 713 statewide, top 66%, 290 students, 54% FRL).
• Market conditions: 24 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 $89 of equity ($315 loan paydown + $-226 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 6y ago; this cycle's ask has dropped $18k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $44,135 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.03% ✓
• Cap rate: 17.27%
• Cash-on-cash: 39.19%
• DSCR: 2.74
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $153,216
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22457 P Dr S	0.58mi	3/1.0 (+1)	1,203 (+4%)	18mo	$160,000	$133	44

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: 39.4%
• Equity multiple: 2.89×
• Total profit: $24,133
• Equity at exit: $12,093

10-year hold

• IRR: 43.1%
• Equity multiple: 5.71×
• Total profit: $60,003
• Equity at exit: $13,671

Cash invested: $12,740 (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: 24
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $925 medium
• Mortgage (P&I): −$239
• Tax est. 1.5%: −$57 /mo · $682/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$194
• Net cashflow: $416

Break-even live

Break-even rent $398

Max offer price $45,500

Occupancy floor 50%

Sensitivity live

Price	-10% $448	-5% $432	+0% $416	+5% $400	+10% $385
Rent	-10% $343	-5% $380	+0% $416	+5% $453	+10% $489
Rate	-1.0pp $439	-0.5pp $428	base $416	+0.5pp $404	+1.0pp $392

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: $11,375
• Closing costs: $1,365
• Reserves months: —
• Total cash needed: —

Listing history 46 events

1. 2026-06-07
   statusdays on market $45,500 Pending 33 DOM
2. 2026-06-05
   days on market $45,500 Active 31 DOM
3. 2026-06-04
   days on market $45,500 Active 29 DOM
4. 2026-06-02
   days on market $45,500 Active 28 DOM
5. 2026-06-01
   days on market $45,500 Active 27 DOM
6. 2026-05-31
   days on market $45,500 Active 26 DOM
7. 2026-05-31
   days on market $45,500 Active 25 DOM
8. 2026-05-22
   price $47,000
9. 2026-05-21
   price $47,000
10. 2026-05-21
    price $47,000
11. 2026-05-05
    price $49,000
12. 2026-05-05
    listed $49,000 Active
13. 2026-05-05
    listed $49,000 Active
14. 2026-05-05
    listed $63,500 Active
15. 2026-04-30
    historical
16. 2026-04-29
    historical
17. 2026-04-23
    price $63,500
18. 2026-04-23
    price $63,500
19. 2026-04-23
    price $63,500
20. 2026-04-17
    price $64,000
21. 2026-04-16
    price $64,000
22. 2026-04-16
    price $64,000
23. 2026-04-10
    price $65,000
24. 2026-04-09
    price $65,000
25. 2026-04-09
    price $65,000
26. 2026-04-02
    price $67,000
27. 2026-04-01
    price $67,000
28. 2026-04-01
    price $67,000
29. 2026-03-25
    price $70,000
30. 2026-03-24
    price $70,000
31. 2026-03-24
    price $70,000
32. 2026-03-19
    price $72,000
33. 2026-03-18
    price $72,000
34. 2026-03-18
    price $72,000
35. 2026-03-04
    price $77,000
36. 2026-03-03
    price $77,000
37. 2026-03-03
    price $77,000
38. 2026-02-18
    listed $79,000 Active
39. 2026-02-18
    listed $79,000 Active
40. 2020-12-23
    soldstatus $45,000 Sold
41. 2020-12-23
    soldstatus $45,000 Sold
42. 2020-12-11
    status Pending
43. 2020-12-11
    historical
44. 2020-11-30
    listed $59,900
45. 2020-11-30
    listed $59,900 Active
46. 2020-11-30
    listed $59,900

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,097
• − Mortgage interest: −$2,549
• − Property taxes: −$682
• − Insurance: −$228
• − Repairs & maintenance: −$888
• − Management: −$888
• − Depreciation: −$1,324
• Taxable income: $4,539
• Est. tax owed @ 24.0%: −$1,089
• After-tax cash flow: $3,904/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

• 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

-21.5% since first listed

39 events — show timeline

• 2026-05-22 Price Changed $47,000 MiRealSource-MiMLS
• 2026-05-21 Price Changed $47,000 REALCOMP
• 2026-05-21 Price Changed $47,000 SW Michigan MLS
• 2026-05-05 Price Changed $49,000 SW Michigan MLS
• 2026-05-05 Listed $63,500 SW Michigan MLS
• 2026-05-05 Listed $49,000 REALCOMP
• 2026-05-05 Listed $49,000 MiRealSource-MiMLS
• 2026-04-30 Listing Removed — MiRealSource-MiMLS
• 2026-04-29 Listing Removed — REALCOMP
• 2026-04-23 Price Changed $63,500 MiRealSource-MiMLS
• 2026-04-23 Price Changed $63,500 REALCOMP
• 2026-04-23 Price Changed $63,500 SW Michigan MLS
• 2026-04-17 Price Changed $64,000 MiRealSource-MiMLS
• 2026-04-16 Price Changed $64,000 REALCOMP
• 2026-04-16 Price Changed $64,000 SW Michigan MLS
• 2026-04-10 Price Changed $65,000 MiRealSource-MiMLS
• 2026-04-09 Price Changed $65,000 REALCOMP
• 2026-04-09 Price Changed $65,000 SW Michigan MLS
• 2026-04-02 Price Changed $67,000 MiRealSource-MiMLS
• 2026-04-01 Price Changed $67,000 REALCOMP
• 2026-04-01 Price Changed $67,000 SW Michigan MLS
• 2026-03-25 Price Changed $70,000 MiRealSource-MiMLS
• 2026-03-24 Price Changed $70,000 REALCOMP
• 2026-03-24 Price Changed $70,000 SW Michigan MLS
• 2026-03-19 Price Changed $72,000 MiRealSource-MiMLS
• 2026-03-18 Price Changed $72,000 REALCOMP
• 2026-03-18 Price Changed $72,000 SW Michigan MLS
• 2026-03-04 Price Changed $77,000 MiRealSource-MiMLS
• 2026-03-03 Price Changed $77,000 REALCOMP
• 2026-03-03 Price Changed $77,000 SW Michigan MLS
• 2026-02-18 Listed $79,000 REALCOMP
• 2026-02-18 Listed $79,000 MiRealSource-MiMLS
• 2020-12-23 Sold (MLS) $45,000 SW Michigan MLS
• 2020-12-23 Sold (MLS) $45,000 REALCOMP
• 2020-12-11 Pending — SW Michigan MLS
• 2020-12-11 Listing Removed — REALCOMP
• 2020-11-30 Listed $59,900 MiRealSource-MiMLS
• 2020-11-30 Listed $59,900 SW Michigan MLS
• 2020-11-30 Listed $59,900 REALCOMP