21339 County Road 687 · Bangor, MI 49013

$159,900

5 bd · 1.0 ba · 2,940 sqft · SingleFamily public records · 24 Days on market

Built 1940 1.07 ac lot

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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 +18.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +3.7/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 5 bedroom, 2 bath home offering 2,940 sq ft on 1 acre just outside Bangor and less than 9 miles from South Haven and the sandy shores of Lake Michigan. This home features a main floor bedroom, main floor laundry, and a second living room upstairs, providing flexible space for larger households, guests, hobbies, or future improvements. The property is in need of updating and repairs and has been priced accordingly, creating a great opportunity for buyers looking to build equity, renovate, or invest. Enjoy the space, setting, and convenient location with room to bring your vision to life.

Key facts

• 1.07 acre lot
• Built 1940
• Listed 24 days

Property features AI

Exterior

• Utilities: Well water; Electric service available
• Home design: Single-family residence; Residential property; Built in 1940
• Construction: Vinyl siding; Composition roof
• Exterior features: Wooded lot; Paved road access

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Electricity available
• Interior features: 11 total rooms; Crawl space basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $153 ($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 $139k (13.2% below list).
• Recommended offer: $139k (13.2% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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 24 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 18y 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 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $138,751 (13.2% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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: 0.87% ✗
• Cap rate: 7.44%
• Cash-on-cash: 4.10%
• DSCR: 1.18
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.9%
• Equity multiple: 0.64×
• Total profit: $-16,240
• Equity at exit: $23,842

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-1,907
• Equity at exit: $13,825

Cash invested: $44,772 (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: 9.6×

Monthly cashflow live

• Estimated rent: $1,388 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$38 /mo · $455/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $153

Break-even live

Break-even rent $1,194

Max offer price $159,900

Occupancy floor 84%

Sensitivity live

Price	-10% $244	-5% $198	+0% $153	+5% $108	+10% $63
Rent	-10% $43	-5% $98	+0% $153	+5% $208	+10% $263
Rate	-1.0pp $234	-0.5pp $194	base $153	+0.5pp $112	+1.0pp $69

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-21
   statusdays on market $159,900 Pending 24 DOM
2. 2026-06-21
   days on market $159,900 Active 23 DOM
3. 2026-06-18
   days on market $159,900 Active 21 DOM
4. 2026-06-17
   days on market $159,900 Active 20 DOM
5. 2026-06-17
   status $159,900 Active 19 DOM
6. 2026-06-12
   statusdays on market $159,900 Pending 19 DOM
7. 2026-06-09
   days on market $159,900 Active 18 DOM
8. 2026-06-08
   days on market $159,900 Active 17 DOM
9. 2026-06-07
   days on market $159,900 Active 16 DOM
10. 2026-06-05
    days on market $159,900 Active 14 DOM
11. 2026-06-04
    status $159,900 Active 12 DOM
12. 2026-05-20
    status Active 602-char remark

    Show marketing remark (602 chars)

    Spacious 5 bedroom, 2 bath home offering 2,940 sq ft on 1 acre just outside Bangor and less than 9 miles from South Haven and the sandy shores of Lake Michigan. This home features a main floor bedroom, main floor laundry, and a second living room upstairs, providing flexible space for larger households, guests, hobbies, or future improvements. The property is in need of updating and repairs and has been priced accordingly, creating a great opportunity for buyers looking to build equity, renovate, or invest. Enjoy the space, setting, and convenient location with room to bring your vision to life.

13. 2026-05-20
    status Active 602-char remark

    Show marketing remark (602 chars)

    Spacious 5 bedroom, 2 bath home offering 2,940 sq ft on 1 acre just outside Bangor and less than 9 miles from South Haven and the sandy shores of Lake Michigan. This home features a main floor bedroom, main floor laundry, and a second living room upstairs, providing flexible space for larger households, guests, hobbies, or future improvements. The property is in need of updating and repairs and has been priced accordingly, creating a great opportunity for buyers looking to build equity, renovate, or invest. Enjoy the space, setting, and convenient location with room to bring your vision to life.

14. 2026-05-20
    status Active

    Show marketing remark (602 chars)

    Spacious 5 bedroom, 2 bath home offering 2,940 sq ft on 1 acre just outside Bangor and less than 9 miles from South Haven and the sandy shores of Lake Michigan. This home features a main floor bedroom, main floor laundry, and a second living room upstairs, providing flexible space for larger households, guests, hobbies, or future improvements. The property is in need of updating and repairs and has been priced accordingly, creating a great opportunity for buyers looking to build equity, renovate, or invest. Enjoy the space, setting, and convenient location with room to bring your vision to life.

15. 2026-05-12
    status Pending 602-char remark

    Show marketing remark (602 chars)

    Spacious 5 bedroom, 2 bath home offering 2,940 sq ft on 1 acre just outside Bangor and less than 9 miles from South Haven and the sandy shores of Lake Michigan. This home features a main floor bedroom, main floor laundry, and a second living room upstairs, providing flexible space for larger households, guests, hobbies, or future improvements. The property is in need of updating and repairs and has been priced accordingly, creating a great opportunity for buyers looking to build equity, renovate, or invest. Enjoy the space, setting, and convenient location with room to bring your vision to life.

16. 2026-05-12
    status Pending 602-char remark

    Show marketing remark (602 chars)

    Spacious 5 bedroom, 2 bath home offering 2,940 sq ft on 1 acre just outside Bangor and less than 9 miles from South Haven and the sandy shores of Lake Michigan. This home features a main floor bedroom, main floor laundry, and a second living room upstairs, providing flexible space for larger households, guests, hobbies, or future improvements. The property is in need of updating and repairs and has been priced accordingly, creating a great opportunity for buyers looking to build equity, renovate, or invest. Enjoy the space, setting, and convenient location with room to bring your vision to life.

17. 2026-05-12
    status Pending

    Show marketing remark (602 chars)

    Spacious 5 bedroom, 2 bath home offering 2,940 sq ft on 1 acre just outside Bangor and less than 9 miles from South Haven and the sandy shores of Lake Michigan. This home features a main floor bedroom, main floor laundry, and a second living room upstairs, providing flexible space for larger households, guests, hobbies, or future improvements. The property is in need of updating and repairs and has been priced accordingly, creating a great opportunity for buyers looking to build equity, renovate, or invest. Enjoy the space, setting, and convenient location with room to bring your vision to life.

18. 2026-05-07
    listed $159,900 Active 602-char remark

    Show marketing remark (602 chars)

    Spacious 5 bedroom, 2 bath home offering 2,940 sq ft on 1 acre just outside Bangor and less than 9 miles from South Haven and the sandy shores of Lake Michigan. This home features a main floor bedroom, main floor laundry, and a second living room upstairs, providing flexible space for larger households, guests, hobbies, or future improvements. The property is in need of updating and repairs and has been priced accordingly, creating a great opportunity for buyers looking to build equity, renovate, or invest. Enjoy the space, setting, and convenient location with room to bring your vision to life.

19. 2026-05-07
    listed $159,900 Active 602-char remark

    Show marketing remark (602 chars)

    Spacious 5 bedroom, 2 bath home offering 2,940 sq ft on 1 acre just outside Bangor and less than 9 miles from South Haven and the sandy shores of Lake Michigan. This home features a main floor bedroom, main floor laundry, and a second living room upstairs, providing flexible space for larger households, guests, hobbies, or future improvements. The property is in need of updating and repairs and has been priced accordingly, creating a great opportunity for buyers looking to build equity, renovate, or invest. Enjoy the space, setting, and convenient location with room to bring your vision to life.

20. 2026-05-07
    listed $159,900 Active

    Show marketing remark (602 chars)

    Spacious 5 bedroom, 2 bath home offering 2,940 sq ft on 1 acre just outside Bangor and less than 9 miles from South Haven and the sandy shores of Lake Michigan. This home features a main floor bedroom, main floor laundry, and a second living room upstairs, providing flexible space for larger households, guests, hobbies, or future improvements. The property is in need of updating and repairs and has been priced accordingly, creating a great opportunity for buyers looking to build equity, renovate, or invest. Enjoy the space, setting, and convenient location with room to bring your vision to life.

21. 2015-06-13
    historical
22. 2014-10-06
    historical
23. 2014-09-26
    historical
24. 2014-09-25
    historical
25. 2012-05-30
    listed $89,900
26. 2012-05-30
    listed $89,900
27. 2010-05-25
    historical
28. 2010-05-25
    historical
29. 2010-01-16
    listed $134,900
30. 2010-01-16
    listed $134,900
31. 2009-07-13
    historical
32. 2009-01-12
    listed $140,000
33. 2009-01-12
    listed $140,000
34. 2008-09-09
    historical
35. 2008-03-09
    listed $150,000
36. 2008-03-09
    listed $150,000

ⓘ 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: $455 · $38/mo
• Projected year-2 tax: $1,459 · $122/mo
• Expected delta: +$1,004/yr (+$84/mo · 220.7%)

ⓘ 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 ≥98°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: $16,650
• − Mortgage interest: −$8,957
• − Property taxes: −$455
• − Insurance: −$800
• − Repairs & maintenance: −$1,332
• − Management: −$1,332
• − Depreciation: −$4,652
• Taxable loss: −$877
• Est. tax savings @ 24.0%: +$210
• After-tax cash flow: $2,047/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

+6.6% since first listed

25 events — show timeline

• 2026-05-20 Relisted — REALCOMP
• 2026-05-20 Relisted — MiRealSource-MiMLS
• 2026-05-20 Relisted — SW Michigan MLS
• 2026-05-12 Pending — MiRealSource-MiMLS
• 2026-05-12 Pending — REALCOMP
• 2026-05-12 Pending — SW Michigan MLS
• 2026-05-07 Listed $159,900 SW Michigan MLS
• 2026-05-07 Listed $159,900 MiRealSource-MiMLS
• 2026-05-07 Listed $159,900 REALCOMP
• 2015-06-13 Listing Removed — REALCOMP
• 2014-10-06 Listing Removed — SW Michigan MLS
• 2014-09-26 Listing Removed — SW Michigan MLS
• 2014-09-25 Listing Removed — SW Michigan MLS
• 2012-05-30 Listed $89,900 SW Michigan MLS
• 2012-05-30 Listed $89,900 REALCOMP
• 2010-05-25 Listing Removed — SW Michigan MLS
• 2010-05-25 Listing Removed — REALCOMP
• 2010-01-16 Listed $134,900 SW Michigan MLS
• 2010-01-16 Listed $134,900 REALCOMP
• 2009-07-13 Listing Removed — REALCOMP
• 2009-01-12 Listed $140,000 REALCOMP
• 2009-01-12 Listed $140,000 SW Michigan MLS
• 2008-09-09 Listing Removed — REALCOMP
• 2008-03-09 Listed $150,000 REALCOMP
• 2008-03-09 Listed $150,000 SW Michigan MLS

Property tax history

-7.7%/yr

Latest (2025): $455 · -66.8% YoY. Source: county tax records.