505 N Ionia St · Albion, MI 49224

$139,900

3 bd · 1.0 ba · 1,449 sqft · SingleFamily public records · 51 Days on market

Built 1910 5,924 sqft lot $97/sqft · 18% above area Est $137k · at est.

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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 +21.1/30.0
• DSCR +6.7/10.0
• ARV discount +6.6/15.0
• 1% rule +4.9/10.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Motivated seller, motivated seller, motivated seller! This 3-bedroom, 1.5-bath home offers over 1,600 square feet of living space and is full of potential for the right buyer. Located on a corner lot in Albion, this home features a spacious main floor with a large living room, formal dining area, and a functional kitchen layout. Upstairs you'll find three bedrooms and a half bath, giving you a solid layout to work with. Whether you're a first-time homebuyer looking to get into a home at an affordable price or an investor looking for your next opportunity, this property has the space and structure to make it your own. * Seller is requesting 3-4 Week post-close occupancy, making this a great option for buyers with flexible timelines.

Key facts

• 5,924 sq ft lot
• Built 1910
• Listed 51 days

Property features AI

Exterior

• Utilities: Public water; Natural gas connected
• Home design: Traditional single-family home; Approximately 1,679 total building area
• Construction: Built in 1910; Vinyl siding; Composition roof; Full foundation (basement)
• Exterior features: Corner lot with sidewalk; Paved road access

Interior

• Kitchen: Oven; Refrigerator
• Bedrooms: Primary bedroom (13 x 13); Bedroom 2 (14 x 7); Bedroom 3 (14 x 7)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating
• Interior features: 9 total rooms; Full Michigan-style basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $199 ($2k/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 $138k (1.4% below list).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#328 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute C-, amenities D+, schools F.
• Marshall Public Schools (town): math 28% / reading 44% proficiency, ranked #268 of 540 in MI (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 134 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 132 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Calhoun County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 20 sale attempts since 7y 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 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.99% ✗
• Cap rate: 8.00%
• Cash-on-cash: 6.10%
• DSCR: 1.27
• GRM: 8.5

CMA / ARV

• ARV (median comp): $137,253
• List price: $139,900
• Delta: 1.93%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
706 N Monroe St	0.14mi	3/2.5	1,416 (-2%)	3mo	$25,000	$18	81
614 N Ann St	0.36mi	3/1.5	1,500 (+4%)	4mo	$89,000	$59	72
105 S Eaton St	0.34mi	3/2.0	1,440 (-1%)	8mo	$36,000	$25	72
415 E Cass St	0.30mi	3/2.0	1,494 (+3%)	9mo	$179,000	$120	69
604 Burr Oak St	0.45mi	3/1.0	1,304 (-10%)	2mo	$105,000	$81	61
806 N Eaton St	0.32mi	3/1.0	1,248 (-14%)	3mo	$125,000	$100	60
212 W Ash St	0.48mi	3/1.0	1,564 (+8%)	8mo	$47,000	$30	58
512 Austin Ave	0.51mi	4/1.5 (+1)	1,344 (-7%)	1mo	$95,000	$71	57
508 Linden Ave	0.59mi	3/1.0	1,300 (-10%)	6mo	$135,000	$104	50
310 Fitch St	0.52mi	3/1.5	1,232 (-15%)	4mo	$200,000	$162	46
1302 Barnes St	0.72mi	3/2.0	1,360 (-6%)	9mo	$176,000	$129	45
505 Fitch St	0.48mi	4/2.0 (+1)	1,630 (+12%)	4mo	$170,000	$104	44

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: -6.9%
• Equity multiple: 0.74×
• Total profit: $-10,006
• Equity at exit: $20,860

10-year hold

• IRR: 2.7%
• Equity multiple: 1.19×
• Total profit: $7,520
• Equity at exit: $12,096

Cash invested: $39,172 (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 49224

• Home prices YoY: -24.9%
• Active inventory: 134
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,379 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$98 /mo · $1,179/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $199

Break-even live

Break-even rent $1,127

Max offer price $139,900

Occupancy floor 81%

Sensitivity live

Price	-10% $278	-5% $239	+0% $199	+5% $160	+10% $120
Rent	-10% $90	-5% $145	+0% $199	+5% $254	+10% $308
Rate	-1.0pp $270	-0.5pp $235	base $199	+0.5pp $163	+1.0pp $126

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1200 Westover Blvd Albion, MI	3.0–4.0	2.0	1456	$1,379	$0.95	44d	4	1.47mi

Listing history 50 events

1. 2026-06-19
   days on market $139,900 Active 51 DOM
2. 2026-06-18
   days on market $139,900 Active 50 DOM
3. 2026-06-17
   days on market $139,900 Active 49 DOM
4. 2026-06-16
   days on market $139,900 Active 48 DOM
5. 2026-06-15
   days on market $139,900 Active 47 DOM
6. 2026-06-14
   days on market $139,900 Active 45 DOM
7. 2026-06-13
   days on market $139,900 Active 44 DOM
8. 2026-06-10
   days on market $139,900 Active 42 DOM
9. 2026-06-09
   days on market $139,900 Active 41 DOM
10. 2026-06-08
    days on market $139,900 Active 40 DOM
11. 2026-06-07
    pricedays on market $139,900 Active 39 DOM

    Show marketing remark (741 chars)

    Motivated seller, motivated seller, motivated seller! This 3-bedroom, 1.5-bath home offers over 1,600 square feet of living space and is full of potential for the right buyer. Located on a corner lot in Albion, this home features a spacious main floor with a large living room, formal dining area, and a functional kitchen layout. Upstairs you'll find three bedrooms and a half bath, giving you a solid layout to work with. Whether you're a first-time homebuyer looking to get into a home at an affordable price or an investor looking for your next opportunity, this property has the space and structure to make it your own. * Seller is requesting 3-4 Week post-close occupancy, making this a great option for buyers with flexible timelines.

12. 2026-06-05
    days on market $144,900 Active 36 DOM
13. 2026-06-03
    days on market $144,900 Active 35 DOM
14. 2026-06-02
    days on market $144,900 Active 34 DOM
15. 2026-06-01
    days on market $144,900 Active 33 DOM
16. 2026-05-31
    days on market $144,900 Active 32 DOM
17. 2026-05-30
    days on market $144,900 Active 31 DOM
18. 2026-04-29
    listed $144,900 Active 741-char remark

    Show marketing remark (741 chars)

    Motivated seller, motivated seller, motivated seller! This 3-bedroom, 1.5-bath home offers over 1,600 square feet of living space and is full of potential for the right buyer. Located on a corner lot in Albion, this home features a spacious main floor with a large living room, formal dining area, and a functional kitchen layout. Upstairs you'll find three bedrooms and a half bath, giving you a solid layout to work with. Whether you're a first-time homebuyer looking to get into a home at an affordable price or an investor looking for your next opportunity, this property has the space and structure to make it your own. * Seller is requesting 3-4 Week post-close occupancy, making this a great option for buyers with flexible timelines.

19. 2026-04-29
    listed $144,900 Active 749-char remark

    Show marketing remark (741 chars)

    Motivated seller, motivated seller, motivated seller! This 3-bedroom, 1.5-bath home offers over 1,600 square feet of living space and is full of potential for the right buyer. Located on a corner lot in Albion, this home features a spacious main floor with a large living room, formal dining area, and a functional kitchen layout. Upstairs you'll find three bedrooms and a half bath, giving you a solid layout to work with. Whether you're a first-time homebuyer looking to get into a home at an affordable price or an investor looking for your next opportunity, this property has the space and structure to make it your own. * Seller is requesting 3-4 Week post-close occupancy, making this a great option for buyers with flexible timelines.

20. 2026-04-29
    listed $144,900 Active

    Show marketing remark (741 chars)

    Motivated seller, motivated seller, motivated seller! This 3-bedroom, 1.5-bath home offers over 1,600 square feet of living space and is full of potential for the right buyer. Located on a corner lot in Albion, this home features a spacious main floor with a large living room, formal dining area, and a functional kitchen layout. Upstairs you'll find three bedrooms and a half bath, giving you a solid layout to work with. Whether you're a first-time homebuyer looking to get into a home at an affordable price or an investor looking for your next opportunity, this property has the space and structure to make it your own. * Seller is requesting 3-4 Week post-close occupancy, making this a great option for buyers with flexible timelines.

21. 2026-04-27
    historical $144,900

    Show marketing remark (741 chars)

    Motivated seller, motivated seller, motivated seller! This 3-bedroom, 1.5-bath home offers over 1,600 square feet of living space and is full of potential for the right buyer. Located on a corner lot in Albion, this home features a spacious main floor with a large living room, formal dining area, and a functional kitchen layout. Upstairs you'll find three bedrooms and a half bath, giving you a solid layout to work with. Whether you're a first-time homebuyer looking to get into a home at an affordable price or an investor looking for your next opportunity, this property has the space and structure to make it your own. * Seller is requesting 3-4 Week post-close occupancy, making this a great option for buyers with flexible timelines.

22. 2026-04-27
    historical $144,900 749-char remark

    Show marketing remark (741 chars)

    Motivated seller, motivated seller, motivated seller! This 3-bedroom, 1.5-bath home offers over 1,600 square feet of living space and is full of potential for the right buyer. Located on a corner lot in Albion, this home features a spacious main floor with a large living room, formal dining area, and a functional kitchen layout. Upstairs you'll find three bedrooms and a half bath, giving you a solid layout to work with. Whether you're a first-time homebuyer looking to get into a home at an affordable price or an investor looking for your next opportunity, this property has the space and structure to make it your own. * Seller is requesting 3-4 Week post-close occupancy, making this a great option for buyers with flexible timelines.

23. 2023-05-23
    soldstatus $124,000
24. 2023-05-19
    soldstatus $124,000 Sold
25. 2023-05-19
    soldstatus $124,000 Sold
26. 2023-05-19
    soldstatus $124,000 Closed
27. 2023-03-17
    status Pending
28. 2023-03-17
    status Pending
29. 2023-03-17
    status Pending
30. 2023-03-13
    status Active
31. 2023-03-13
    status Active
32. 2023-03-13
    status Active
33. 2023-02-08
    status Pending
34. 2023-02-08
    status Pending
35. 2023-02-08
    status Pending
36. 2023-02-02
    listed $114,900 Active
37. 2023-02-02
    listed $114,900 Active
38. 2023-02-02
    listed $114,900 Active
39. 2022-09-29
    soldstatus $30,000 Sold
40. 2022-09-29
    soldstatus $30,000
41. 2022-09-29
    soldstatus $30,000 Sold
42. 2022-09-07
    status Pending
43. 2022-09-07
    status Pending
44. 2022-08-24
    price $49,000
45. 2022-08-24
    price $49,000
46. 2022-08-24
    status Active
47. 2022-08-24
    status Active
48. 2022-08-08
    status Pending
49. 2022-08-08
    status Pending
50. 2022-08-01
    price $59,000

ⓘ 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: $1,179 · $98/mo
• Projected year-2 tax: $1,667 · $139/mo
• Expected delta: +$488/yr (+$41/mo · 41.4%)

ⓘ 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 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: $16,548
• − Mortgage interest: −$7,837
• − Property taxes: −$1,179
• − Insurance: −$700
• − Repairs & maintenance: −$1,324
• − Management: −$1,324
• − Depreciation: −$4,070
• Taxable income: $116
• Est. tax owed @ 24.0%: −$28
• After-tax cash flow: $2,363/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: Marshall Public Schools
• NCES district ID: 2622970
• Math proficiency: 28% ▼ -4.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $48,020
• Composite: 30.93/100
• National rank: #6112
• State rank: #268 of 540 in MI

Livability — Albion

• Score: 70/100
• State rank: #328
• US rank: #8096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albion, MI
• Population (ZIP): 13,309

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 (69%)
• Race & ethnicity: White 69% Black 20% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Romanian 3% Lithuanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% Arabic 1% German/W. Germanic 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: ▼ -67.85%
• Current HPI: 205.078
• 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

+459.6% since first listed

54 events — show timeline

• 2026-06-07 Price Changed $139,900 MiRealSource-MiMLS
• 2026-06-07 Price Changed $139,900 REALCOMP
• 2026-06-07 Price Changed $139,900 SW Michigan MLS
• 2026-04-29 Listed $144,900 REALCOMP
• 2026-04-29 Listed $144,900 SW Michigan MLS
• 2026-04-29 Listed $144,900 MiRealSource-MiMLS
• 2026-04-27 Coming Soon $144,900 MiRealSource-MiMLS
• 2026-04-27 Coming Soon $144,900 SW Michigan MLS
• 2023-05-23 Sold (Public Records) $124,000 Public Records
• 2023-05-19 Sold (MLS) $124,000 MiRealSource-MiMLS
• 2023-05-19 Sold (MLS) $124,000 SW Michigan MLS
• 2023-05-19 Sold (MLS) $124,000 REALCOMP
• 2023-03-17 Pending — REALCOMP
• 2023-03-17 Pending — MiRealSource-MiMLS
• 2023-03-17 Pending — SW Michigan MLS
• 2023-03-13 Relisted — REALCOMP
• 2023-03-13 Relisted — MiRealSource-MiMLS
• 2023-03-13 Relisted — SW Michigan MLS
• 2023-02-08 Pending — MiRealSource-MiMLS
• 2023-02-08 Pending — REALCOMP
• 2023-02-08 Pending — SW Michigan MLS
• 2023-02-02 Listed $114,900 MiRealSource-MiMLS
• 2023-02-02 Listed $114,900 SW Michigan MLS
• 2023-02-02 Listed $114,900 REALCOMP
• 2022-09-29 Sold (MLS) $30,000 SW Michigan MLS
• 2022-09-29 Sold (MLS) $30,000 MiRealSource-MiMLS
• 2022-09-29 Sold (MLS) $30,000 REALCOMP
• 2022-09-07 Pending — REALCOMP
• 2022-09-07 Pending — SW Michigan MLS
• 2022-08-24 Price Changed $49,000 REALCOMP
• 2022-08-24 Price Changed $49,000 SW Michigan MLS
• 2022-08-24 Relisted — SW Michigan MLS
• 2022-08-24 Relisted — REALCOMP
• 2022-08-08 Pending — SW Michigan MLS
• 2022-08-08 Pending — REALCOMP
• 2022-08-01 Price Changed $59,000 REALCOMP
• 2022-08-01 Price Changed $59,000 SW Michigan MLS
• 2022-07-12 Listed $67,000 SW Michigan MLS
• 2022-07-12 Listed $49,000 MiRealSource-MiMLS
• 2022-07-12 Listed $67,000 REALCOMP
• 2019-08-10 Sold (MLS) $17,000 Greater Lansing AoR
• 2019-08-10 Sold (MLS) $17,000 REALCOMP
• 2019-08-09 Sold (MLS) $17,000 MiRealSource-MiMLS
• 2019-08-09 Sold (MLS) $17,000 SW Michigan MLS
• 2019-08-09 Sold (MLS) $17,000 REALCOMP
• 2019-05-31 Pending — MiRealSource-MiMLS
• 2019-05-31 Pending — REALCOMP
• 2019-05-31 Pending — SW Michigan MLS
• 2019-05-09 Listed $25,000 Greater Lansing AoR
• 2019-05-09 Listed $25,000 REALCOMP
• 2019-01-21 Listed $25,000 MiRealSource-MiMLS
• 2019-01-21 Listed $25,000 MiRealSource-MiMLS
• 2019-01-21 Listed $25,000 SW Michigan MLS
• 2019-01-21 Listed $25,000 REALCOMP

Property tax history

+5.3%/yr

Latest (2025): $1,179 · -32.6% YoY. Source: county tax records.