120 S Greenwood St · Deep River, MI 48659

$44,900

10 bd · 1.0 ba · 4,174 sqft · SingleFamily public records · 73 Days on market

Built 1900 0.47 ac lot

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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
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Giant home in need of extensive work. Was previously used as a retirement home. This property needs a new roof and every single room touched. The roof is leaking. This would be a cash only deal. No utilities are on and all mechanicals need replaced.

Key facts

• 0.47 acre lot
• Built 1900
• Listed 72 days

Property features AI

Finance

• Financial info: Annual property tax: $1,505
• HOA & community: Homeowners association present

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two-story
• Construction: Wood siding exterior
• Exterior features: Lot approximately 0.47 acres; Lot dimensions: 20473

Interior

• Bathrooms: 8 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; No central cooling
• Interior features: 7 total rooms; Basement

What this means for you Summary

Snapshot

• This is a 10-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $791 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $42k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Standish-Sterling Community Schools (rural): math 37% / reading 51% proficiency, ranked #168 of 540 in MI (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 13 active listings in the ZIP; 30 units permitted in Arenac County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($310 loan paydown + $3k appreciation (6.7% local appreciation)).
• Arenac County population projected at -32% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: property tax is 3.4% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $42,206 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 3.30% ✓
• Cap rate: 27.45%
• Cash-on-cash: 75.55%
• DSCR: 4.36
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.71% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 83.2%
• Equity multiple: 6.20×
• Total profit: $65,342
• Equity at exit: $30,250

10-year hold

• IRR: 80.1%
• Equity multiple: 13.13×
• Total profit: $152,438
• Equity at exit: $56,695

Cash invested: $12,572 (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 48659

• Home prices YoY: 3.5%
• Active inventory: 13
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,482 medium
• Mortgage (P&I): −$235
• Tax from tax record: −$125 /mo · $1,505/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $791

Break-even live

Break-even rent $480

Max offer price $44,900

Occupancy floor 42%

Sensitivity live

Price	-10% $817	-5% $804	+0% $791	+5% $779	+10% $766
Rent	-10% $674	-5% $733	+0% $791	+5% $850	+10% $909
Rate	-1.0pp $814	-0.5pp $803	base $791	+0.5pp $780	+1.0pp $768

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $44,900 Active 73 DOM
2. 2026-06-17
   days on market $44,900 Active 72 DOM
3. 2026-06-16
   days on market $44,900 Active 71 DOM
4. 2026-06-15
   days on market $44,900 Active 70 DOM
5. 2026-06-13
   days on market $44,900 Active 68 DOM
6. 2026-06-12
   days on market $44,900 Active 67 DOM
7. 2026-06-09
   days on market $44,900 Active 64 DOM
8. 2026-06-08
   days on market $44,900 Active 63 DOM
9. 2026-06-07
   days on market $44,900 Active 62 DOM
10. 2026-06-07
    days on market $44,900 Active 61 DOM
11. 2026-06-04
    days on market $44,900 Active 58 DOM
12. 2026-06-02
    days on market $44,900 Active 57 DOM
13. 2026-06-01
    days on market $44,900 Active 56 DOM
14. 2026-05-31
    days on market $44,900 Active 55 DOM
15. 2026-05-31
    days on market $44,900 Active 54 DOM
16. 2026-04-07
    listed $44,900 Active
17. 2026-04-06
    listed $44,900 Active 249-char remark

    Show marketing remark (249 chars)

    Giant home in need of extensive work. Was previously used as a retirement home. This property needs a new roof and every single room touched. The roof is leaking. This would be a cash only deal. No utilities are on and all mechanicals need replaced.

ⓘ 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: $1,505 · $125/mo
• Projected year-2 tax: $1,505 · $125/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $17,788
• − Mortgage interest: −$2,515
• − Property taxes: −$1,505
• − Insurance: −$224
• − Repairs & maintenance: −$1,423
• − Management: −$1,423
• − Depreciation: −$1,306
• Taxable income: $9,392
• Est. tax owed @ 24.0%: −$2,254
• After-tax cash flow: $7,244/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: Standish-Sterling Community Schools
• NCES district ID: 2632940
• Math proficiency: 37% ▼ -6.00%
• Reading proficiency: 51% ▼ -3.00%
• Median HH income: $39,526
• Composite: 36.76/100
• National rank: #4573
• State rank: #168 of 540 in MI

Livability — Deep River

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Sterling, MI
• Population (ZIP): 2,740

Population outlook (Arenac County) Hauer SSP2

• Today (2025): 14,036 people
• By 2030: 13,189 · -6.0%
• By 2040: 11,309 · -19.4%
• By 2050: 9,616 · -31.5%
• By 2075: 6,776 · -51.7%
• By 2100: 4,997 · -64.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 4%
• Common ancestry: Romanian 18% Lithuanian 9% Slovak 5%
• Foreign-born: 0%
• Languages at home: 96% English-only · German/W. Germanic 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Arenac

• 2024 margin: Solid R (+40.6) · D 29.1% · R 69.7% · Other 1.3%
• 2008→2024 swing: -44.9pp toward R · 2008: 4.3pp · 2024: -40.6pp
• All cycles: 2024: R+40.6 2020: R+35.7 2016: R+33.1 2012: R+4.9 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.71%
• Current HPI: 200.245
• 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

+0.0% since first listed

2 events — show timeline

• 2026-04-07 Listed $44,900 REALCOMP
• 2026-04-06 Listed $44,900 MiRealSource-MiMLS

Property tax history

+2.1%/yr

Latest (2024): $1,505 · -16.2% YoY. Source: county tax records.