502 S Broad St · Harrison, MI 48625

$145,000

4 bd · 1.0 ba · 1,248 sqft · SingleFamily public records · 215 Days on market

Built 1971 0.38 ac lot $116/sqft · 14% below area Est $195k · 26% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.9/30.0
• DSCR +3.5/10.0
• 1% rule +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this inviting home offering a comfortable and functional layout. The main level features ample sized living room, kitchen and dining area, a spacious primary bedroom with its own private bath, along with two additional bedrooms and a second full bathroom. The lower level expands your possibilities with a fourth bedroom and generous unfinished areas ideal for creating additional living space - whether you envision a family room, home office, fitness area, or hobby space. Enjoy the convenience of an attached 1-car garage and a fully fenced yard, perfect for pets, play, or outdoor gatherings. A great opportunity with plenty of room to grow!

Key facts

• Kitchen
• Private bath
• Living room

Tags

• LIVING ROOM
• KITCHEN
• DINING AREA
• PRIVATE BATH
• FOURTH BEDROOM
• UNFINISHED AREAS

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $-36 ($-433/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (15.8% below list).
• Recommended offer: $122k (15.8% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.5% in Harrison — 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 65/100 on livability (#471 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A, crime A-; Watch: amenities F, commute F, employment F.
• Harrison Community Schools (town): math 17% / reading 28% proficiency, ranked #457 of 540 in MI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Robert M Larson Elementary School (606 students, 85% FRL); Harrison Middle School (math 21% / reading 34%, grade F, #363 of 493 statewide, top 75%, 282 students, 81% FRL); Harrison Community High School (math 12% / reading 37%, grade F, #481 of 713 statewide, top 81%, 341 students, 73% FRL).
• Market conditions: 247 active listings in the ZIP; 77 units permitted in Clare 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 $4k of value loss. Plan a longer hold.
• Clare County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 215 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $32k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $145k implies a 61% gain — meaningful room to come down on a strong offer.

Recommended offer $122,081 (15.8% 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 215 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Built in 1971 — 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. 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?
8. 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.
9. 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.
10. 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: 0.84% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.07%
• DSCR: 0.95
• GRM: 9.9

CMA / ARV

• ARV (median comp): $194,737
• List price: $145,000
• Delta: -25.54%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
621 S 4th St	0.22mi	3/2.0 (-1)	1,248 (0%)	13mo	$200,000	$160	70
185 N Lake St	0.47mi	4/1.0	1,324 (+6%)	5mo	$195,000	$147	64
287 E Oak St	0.40mi	3/2.0 (-1)	1,188 (-5%)	1mo	$210,000	$177	64
125 W Oak St	0.22mi	3/2.5 (-1)	1,365 (+9%)	3mo	$207,896	$152	60
526 E Park St	0.56mi	3/2.0 (-1)	1,254 (+0%)	12mo	$165,000	$132	54
832 Oaklawn St	0.71mi	3/1.5 (-1)	1,200 (-4%)	8mo	$175,000	$146	47
246 W Maple St	0.55mi	4/1.5	1,354 (+8%)	14mo	$200,000	$148	47
727 Old County Farm Rd	0.38mi	3/2.0 (-1)	1,378 (+10%)	12mo	$165,000	$120	46
433 N Lake St	0.55mi	4/2.0	1,400 (+12%)	7mo	$75,000	$54	44
375 WESTLAWN St	0.58mi	3/1.5 (-1)	1,328 (+6%)	16mo	$185,000	$139	42

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: -18.0%
• Equity multiple: 0.37×
• Total profit: $-25,774
• Equity at exit: $21,620

10-year hold

• IRR: -10.2%
• Equity multiple: 0.38×
• Total profit: $-25,329
• Equity at exit: $12,537

Cash invested: $40,600 (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 48625

• Home prices YoY: -25.5%
• Active inventory: 247
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,221 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$180 /mo · $2,156/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $-36

Break-even live

Break-even rent $1,266

Max offer price $138,633

Occupancy floor 98%

Sensitivity live

Price	-10% $46	-5% $5	+0% $-36	+5% $-77	+10% $-118
Rent	-10% $-132	-5% $-84	+0% $-36	+5% $12	+10% $60
Rate	-1.0pp $37	-0.5pp $1	base $-36	+0.5pp $-74	+1.0pp $-112

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-22
   days on market $145,000 Active 215 DOM
2. 2026-06-21
   days on market $145,000 Active 214 DOM
3. 2026-06-21
   days on market $145,000 Active 213 DOM
4. 2026-06-18
   days on market $145,000 Active 211 DOM
5. 2026-06-17
   days on market $145,000 Active 210 DOM
6. 2026-06-17
   price $145,000 Active 209 DOM
7. 2026-06-16
   days on market $149,000 Active 209 DOM
8. 2026-06-15
   days on market $149,000 Active 208 DOM
9. 2026-06-13
   days on market $149,000 Active 206 DOM
10. 2026-06-12
    days on market $149,000 Active 205 DOM
11. 2026-06-09
    days on market $149,000 Active 202 DOM
12. 2026-06-08
    days on market $149,000 Active 201 DOM
13. 2026-06-07
    days on market $149,000 Active 200 DOM
14. 2026-06-07
    days on market $149,000 Active 199 DOM
15. 2026-06-04
    days on market $149,000 Active 196 DOM
16. 2026-06-02
    days on market $149,000 Active 195 DOM
17. 2026-06-01
    days on market $149,000 Active 194 DOM
18. 2026-05-31
    days on market $149,000 Active 193 DOM
19. 2026-05-31
    days on market $149,000 Active 192 DOM
20. 2026-05-20
    price $149,000 657-char remark

    Show marketing remark (657 chars)

    Welcome to this inviting home offering a comfortable and functional layout. The main level features ample sized living room, kitchen and dining area, a spacious primary bedroom with its own private bath, along with two additional bedrooms and a second full bathroom. The lower level expands your possibilities with a fourth bedroom and generous unfinished areas ideal for creating additional living space - whether you envision a family room, home office, fitness area, or hobby space. Enjoy the convenience of an attached 1-car garage and a fully fenced yard, perfect for pets, play, or outdoor gatherings. A great opportunity with plenty of room to grow!

21. 2026-04-13
    price $155,000 657-char remark

    Show marketing remark (657 chars)

    Welcome to this inviting home offering a comfortable and functional layout. The main level features ample sized living room, kitchen and dining area, a spacious primary bedroom with its own private bath, along with two additional bedrooms and a second full bathroom. The lower level expands your possibilities with a fourth bedroom and generous unfinished areas ideal for creating additional living space - whether you envision a family room, home office, fitness area, or hobby space. Enjoy the convenience of an attached 1-car garage and a fully fenced yard, perfect for pets, play, or outdoor gatherings. A great opportunity with plenty of room to grow!

22. 2026-03-11
    price $160,000 657-char remark

    Show marketing remark (657 chars)

    Welcome to this inviting home offering a comfortable and functional layout. The main level features ample sized living room, kitchen and dining area, a spacious primary bedroom with its own private bath, along with two additional bedrooms and a second full bathroom. The lower level expands your possibilities with a fourth bedroom and generous unfinished areas ideal for creating additional living space - whether you envision a family room, home office, fitness area, or hobby space. Enjoy the convenience of an attached 1-car garage and a fully fenced yard, perfect for pets, play, or outdoor gatherings. A great opportunity with plenty of room to grow!

23. 2026-01-23
    price $165,000 657-char remark

    Show marketing remark (657 chars)

    Welcome to this inviting home offering a comfortable and functional layout. The main level features ample sized living room, kitchen and dining area, a spacious primary bedroom with its own private bath, along with two additional bedrooms and a second full bathroom. The lower level expands your possibilities with a fourth bedroom and generous unfinished areas ideal for creating additional living space - whether you envision a family room, home office, fitness area, or hobby space. Enjoy the convenience of an attached 1-car garage and a fully fenced yard, perfect for pets, play, or outdoor gatherings. A great opportunity with plenty of room to grow!

24. 2025-12-23
    price $172,000 657-char remark

    Show marketing remark (657 chars)

    Welcome to this inviting home offering a comfortable and functional layout. The main level features ample sized living room, kitchen and dining area, a spacious primary bedroom with its own private bath, along with two additional bedrooms and a second full bathroom. The lower level expands your possibilities with a fourth bedroom and generous unfinished areas ideal for creating additional living space - whether you envision a family room, home office, fitness area, or hobby space. Enjoy the convenience of an attached 1-car garage and a fully fenced yard, perfect for pets, play, or outdoor gatherings. A great opportunity with plenty of room to grow!

25. 2025-11-19
    listed $177,000 Active 657-char remark

    Show marketing remark (657 chars)

    Welcome to this inviting home offering a comfortable and functional layout. The main level features ample sized living room, kitchen and dining area, a spacious primary bedroom with its own private bath, along with two additional bedrooms and a second full bathroom. The lower level expands your possibilities with a fourth bedroom and generous unfinished areas ideal for creating additional living space - whether you envision a family room, home office, fitness area, or hobby space. Enjoy the convenience of an attached 1-car garage and a fully fenced yard, perfect for pets, play, or outdoor gatherings. A great opportunity with plenty of room to grow!

26. 2025-02-12
    soldstatus $90,000
27. 2022-06-30
    status Pending 282-char remark

    Show marketing remark (282 chars)

    Very nice family home right in the city! Walk to school, track/football field, church, shopping. 4 bedroom, 2 bath ranch with full basement including a 1 car garage. Well maintained home many upgrades including roof, siding, furnace w/ central air and windows. Large fenced in yard.

28. 2022-06-30
    soldstatus $135,000 Closed 282-char remark

    Show marketing remark (282 chars)

    Very nice family home right in the city! Walk to school, track/football field, church, shopping. 4 bedroom, 2 bath ranch with full basement including a 1 car garage. Well maintained home many upgrades including roof, siding, furnace w/ central air and windows. Large fenced in yard.

29. 2022-06-30
    soldstatus $135,000

    Show marketing remark (282 chars)

    Very nice family home right in the city! Walk to school, track/football field, church, shopping. 4 bedroom, 2 bath ranch with full basement including a 1 car garage. Well maintained home many upgrades including roof, siding, furnace w/ central air and windows. Large fenced in yard.

30. 2022-05-11
    historical Accepting Backup Offers 282-char remark

    Show marketing remark (282 chars)

    Very nice family home right in the city! Walk to school, track/football field, church, shopping. 4 bedroom, 2 bath ranch with full basement including a 1 car garage. Well maintained home many upgrades including roof, siding, furnace w/ central air and windows. Large fenced in yard.

31. 2022-04-21
    listed $142,500 Active 282-char remark

    Show marketing remark (282 chars)

    Very nice family home right in the city! Walk to school, track/football field, church, shopping. 4 bedroom, 2 bath ranch with full basement including a 1 car garage. Well maintained home many upgrades including roof, siding, furnace w/ central air and windows. Large fenced in yard.

32. 2020-06-25
    soldstatus $50,000
33. 2008-09-27
    historical
34. 2006-09-27
    listed $84,900

ⓘ 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: $2,156 · $180/mo
• Projected year-2 tax: $2,195 · $183/mo
• Expected delta: +$38/yr (+$3/mo · 1.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,650
• − Mortgage interest: −$8,122
• − Property taxes: −$2,156
• − Insurance: −$725
• − Repairs & maintenance: −$1,172
• − Management: −$1,172
• − Depreciation: −$4,218
• Taxable loss: −$2,916
• Est. tax savings @ 24.0%: +$700
• After-tax cash flow: $267/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: Harrison Community Schools
• NCES district ID: 2617820
• Math proficiency: 17% ▬ 0.00%
• Reading proficiency: 28% ▼ -5.00%
• Median HH income: $30,377
• Composite: 18.07/100
• National rank: #8977
• State rank: #457 of 540 in MI

Livability — Harrison

• Score: 65/100
• State rank: #471
• US rank: #13368

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harrison, MI
• Population (ZIP): 12,939

Population outlook (Clare County) Hauer SSP2

• Today (2025): 29,283 people
• By 2030: 28,199 · -3.7%
• By 2040: 25,722 · -12.2%
• By 2050: 23,372 · -20.2%
• By 2075: 18,569 · -36.6%
• By 2100: 14,320 · -51.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 6% Lithuanian 4% Scotch-Irish 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Clare

• 2024 margin: Solid R (+37.6) · D 30.5% · R 68.1% · Other 1.4%
• 2008→2024 swing: -42.4pp toward R · 2008: 4.8pp · 2024: -37.6pp
• All cycles: 2024: R+37.6 2020: R+34.8 2016: R+31.8 2012: R+4.8 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.38%
• Current HPI: 234.9586
• 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

+75.5% since first listed

15 events — show timeline

• 2026-05-20 Price Changed $149,000 REALCOMP
• 2026-04-13 Price Changed $155,000 REALCOMP
• 2026-03-11 Price Changed $160,000 REALCOMP
• 2026-01-23 Price Changed $165,000 REALCOMP
• 2025-12-23 Price Changed $172,000 REALCOMP
• 2025-11-19 Listed $177,000 REALCOMP
• 2025-02-12 Sold (Public Records) $90,000 Public Records
• 2022-06-30 Pending — MiRealSource-MiMLS
• 2022-06-30 Sold (Public Records) $135,000 Public Records
• 2022-06-30 Sold (MLS) $135,000 MiRealSource-MiMLS
• 2022-05-11 Contingent — MiRealSource-MiMLS
• 2022-04-21 Listed $142,500 MiRealSource-MiMLS
• 2020-06-25 Sold (Public Records) $50,000 Public Records
• 2008-09-27 Listing Removed — MiRealSource-MiMLS
• 2006-09-27 Listed $84,900 MiRealSource-MiMLS

Property tax history

+4.7%/yr

Latest (2025): $2,156 · +12.1% YoY. Source: county tax records.