239 Laurel St · Leavitt, MI 49459

$144,900

3 bd · 1.0 ba · 1,730 sqft · SingleFamily · 82 Days on market

Built 1900 0.82 ac lot Est $142k · 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 +17.7/30.0
• Appreciation +7.9/10.0
• ARV discount +6.5/15.0
• DSCR +5.5/10.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

SELLER MOTIVATED - This 3-bedroom, 1-bath farmhouse is a great opportunity for a first-time buyer looking for something with personality that's already been updated and taken care of. Original hardwood floors, a coffered ceiling, and a flexible open layout give it a warmth that's hard to find at this price point. The major updates are already done -- new flooring, updated furnace, and updated electrical -- so you can focus on making it home instead of making repairs. Main-level laundry and a main-level bedroom add everyday convenience, and the connected living spaces give you options as your needs change over time. Outside, the property sits on a spacious lot surrounded by mature trees with a back deck and a detached garage, great for storage, a workshop, or weekend projects. You're also just minutes from fishing, boating, hiking, and snowmobiling -- some of the best outdoor recreation northern Michigan has to offer. The seller is motivated and ready to work with the right buyer. If you're looking for your first home that has real character, solid updates, and room to make it your own -- this is worth a look.

Key facts

• Updated electrical
• Flexible open layout
• New flooring

Tags

• ORIGINAL HARDWOOD FLOORS
• COFFERED CEILING
• FLEXIBLE OPEN LAYOUT
• NEW FLOORING
• UPDATED FURNACE
• UPDATED ELECTRICAL

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Natural gas available; Electricity available; Public water and well
• Home design: Single-family residence; Residential property; Built in 1900
• Construction: Vinyl siding; Shingle roof; Crawl space foundation
• Exterior features: Half-acre lot

Interior

• Kitchen: Oven
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: 8 total rooms; Crawl space basement; Oven
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $116 ($1k/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 $123k (15.0% below list).
• Recommended offer: $123k (15.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Walkerville Public Schools (rural): math 20% / reading 25% proficiency, ranked #624 of 760 in MI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 23 active listings in the ZIP; 147 units permitted in Oceana County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (5.9% local appreciation)).
• Oceana County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.9% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 21y 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,200 (15.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 15% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 0.85% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.42%
• DSCR: 1.15
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $141,860
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
239 Laurel St	0.00mi	3/1.0	1,730 (0%)	0mo	$142,000	$82	100
237 Main St	0.04mi	3/1.0	1,885 (+9%)	6mo	$150,000	$80	78

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.88% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.9%
• Equity multiple: 2.19×
• Total profit: $48,110
• Equity at exit: $89,996

10-year hold

• IRR: 17.5%
• Equity multiple: 4.35×
• Total profit: $135,877
• Equity at exit: $162,266

Cash invested: $40,572 (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 49459

• Home prices YoY: 3.7%
• Active inventory: 23
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,232 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$37 /mo · $447/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $116

Break-even live

Break-even rent $1,085

Max offer price $144,900

Occupancy floor 86%

Sensitivity live

Price	-10% $198	-5% $157	+0% $116	+5% $75	+10% $34
Rent	-10% $18	-5% $67	+0% $116	+5% $164	+10% $213
Rate	-1.0pp $189	-0.5pp $153	base $116	+0.5pp $78	+1.0pp $40

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-04
   statusdays on market $144,900 Pending 82 DOM
2. 2026-06-02
   days on market $144,900 Active - Backup Offers Accepted 81 DOM
3. 2026-06-01
   days on market $144,900 Active - Backup Offers Accepted 80 DOM
4. 2026-05-31
   days on market $144,900 Active - Backup Offers Accepted 79 DOM
5. 2026-05-31
   days on market $144,900 Active - Backup Offers Accepted 78 DOM
6. 2026-04-27
   historical Active Under Contract 1126-char remark

   Show marketing remark (994 chars)

   SELLER MOTIVATED - This 3-bedroom, 1-bath farmhouse is a great opportunity for a first-time buyer looking for something with personality that's already been updated and taken care of. Original hardwood floors, a coffered ceiling, and a flexible open layout give it a warmth that's hard to find at this price point. The major updates are already done -- new flooring, updated furnace, and updated electrical -- so you can focus on making it home instead of making repairs. Main-level laundry and a main-level bedroom add everyday convenience, and the connected living spaces give you options as your needs change over time. Outside, the property sits on a spacious lot surrounded by mature trees with a back deck and a detached garage, great for storage, a workshop, or weekend projects. You're also just minutes from fishing, boating, hiking, and snowmobiling -- some of the best outdoor recreation northern Michigan has to offer. The seller is motivated and ready to work with the right buyer.

7. 2026-04-27
   historical Accepting Backup Offers 994-char remark

   Show marketing remark (994 chars)

   SELLER MOTIVATED - This 3-bedroom, 1-bath farmhouse is a great opportunity for a first-time buyer looking for something with personality that's already been updated and taken care of. Original hardwood floors, a coffered ceiling, and a flexible open layout give it a warmth that's hard to find at this price point. The major updates are already done -- new flooring, updated furnace, and updated electrical -- so you can focus on making it home instead of making repairs. Main-level laundry and a main-level bedroom add everyday convenience, and the connected living spaces give you options as your needs change over time. Outside, the property sits on a spacious lot surrounded by mature trees with a back deck and a detached garage, great for storage, a workshop, or weekend projects. You're also just minutes from fishing, boating, hiking, and snowmobiling -- some of the best outdoor recreation northern Michigan has to offer. The seller is motivated and ready to work with the right buyer.

8. 2026-04-27
   historical Active - Backup Offers Accepted

   Show marketing remark (994 chars)

   SELLER MOTIVATED - This 3-bedroom, 1-bath farmhouse is a great opportunity for a first-time buyer looking for something with personality that's already been updated and taken care of. Original hardwood floors, a coffered ceiling, and a flexible open layout give it a warmth that's hard to find at this price point. The major updates are already done -- new flooring, updated furnace, and updated electrical -- so you can focus on making it home instead of making repairs. Main-level laundry and a main-level bedroom add everyday convenience, and the connected living spaces give you options as your needs change over time. Outside, the property sits on a spacious lot surrounded by mature trees with a back deck and a detached garage, great for storage, a workshop, or weekend projects. You're also just minutes from fishing, boating, hiking, and snowmobiling -- some of the best outdoor recreation northern Michigan has to offer. The seller is motivated and ready to work with the right buyer.

9. 2026-03-12
   listed $144,900 Active 1126-char remark

   Show marketing remark (994 chars)

   SELLER MOTIVATED - This 3-bedroom, 1-bath farmhouse is a great opportunity for a first-time buyer looking for something with personality that's already been updated and taken care of. Original hardwood floors, a coffered ceiling, and a flexible open layout give it a warmth that's hard to find at this price point. The major updates are already done -- new flooring, updated furnace, and updated electrical -- so you can focus on making it home instead of making repairs. Main-level laundry and a main-level bedroom add everyday convenience, and the connected living spaces give you options as your needs change over time. Outside, the property sits on a spacious lot surrounded by mature trees with a back deck and a detached garage, great for storage, a workshop, or weekend projects. You're also just minutes from fishing, boating, hiking, and snowmobiling -- some of the best outdoor recreation northern Michigan has to offer. The seller is motivated and ready to work with the right buyer.

10. 2026-03-12
    listed $144,900 Active 994-char remark

    Show marketing remark (994 chars)

    SELLER MOTIVATED - This 3-bedroom, 1-bath farmhouse is a great opportunity for a first-time buyer looking for something with personality that's already been updated and taken care of. Original hardwood floors, a coffered ceiling, and a flexible open layout give it a warmth that's hard to find at this price point. The major updates are already done -- new flooring, updated furnace, and updated electrical -- so you can focus on making it home instead of making repairs. Main-level laundry and a main-level bedroom add everyday convenience, and the connected living spaces give you options as your needs change over time. Outside, the property sits on a spacious lot surrounded by mature trees with a back deck and a detached garage, great for storage, a workshop, or weekend projects. You're also just minutes from fishing, boating, hiking, and snowmobiling -- some of the best outdoor recreation northern Michigan has to offer. The seller is motivated and ready to work with the right buyer.

11. 2026-03-12
    listed $144,900 Active

    Show marketing remark (994 chars)

    SELLER MOTIVATED - This 3-bedroom, 1-bath farmhouse is a great opportunity for a first-time buyer looking for something with personality that's already been updated and taken care of. Original hardwood floors, a coffered ceiling, and a flexible open layout give it a warmth that's hard to find at this price point. The major updates are already done -- new flooring, updated furnace, and updated electrical -- so you can focus on making it home instead of making repairs. Main-level laundry and a main-level bedroom add everyday convenience, and the connected living spaces give you options as your needs change over time. Outside, the property sits on a spacious lot surrounded by mature trees with a back deck and a detached garage, great for storage, a workshop, or weekend projects. You're also just minutes from fishing, boating, hiking, and snowmobiling -- some of the best outdoor recreation northern Michigan has to offer. The seller is motivated and ready to work with the right buyer.

12. 2025-09-22
    historical
13. 2025-07-25
    price $135,500
14. 2025-07-24
    price $135,500
15. 2025-07-24
    price $135,500
16. 2025-06-11
    status Active
17. 2025-06-11
    status Active
18. 2025-04-23
    status Pending
19. 2025-04-23
    status Pending
20. 2025-02-20
    historical Active Under Contract
21. 2025-02-20
    historical Accepting Backup Offers
22. 2025-02-01
    listed $137,500 Active
23. 2025-02-01
    listed $137,500 Active
24. 2016-03-09
    historical
25. 2016-03-09
    historical
26. 2015-09-04
    listed $44,900 Active
27. 2014-09-15
    historical
28. 2014-03-28
    listed $44,900
29. 2008-10-01
    historical
30. 2005-08-16
    listed $64,900
31. 2005-08-16
    listed $64,900

ⓘ 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: $447 · $37/mo
• Projected year-2 tax: $1,339 · $112/mo
• Expected delta: +$892/yr (+$74/mo · 199.4%)

ⓘ 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 1/10 Low 7 d/yr ≥95°F today · 15 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: $14,784
• − Mortgage interest: −$8,117
• − Property taxes: −$447
• − Insurance: −$724
• − Repairs & maintenance: −$1,183
• − Management: −$1,183
• − Depreciation: −$4,215
• Taxable loss: −$1,085
• Est. tax savings @ 24.0%: +$260
• After-tax cash flow: $1,650/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: Walkerville Public Schools
• NCES district ID: 2635130
• Math proficiency: 20% ▲ 5.00%
• Reading proficiency: 25% ▲ 10.00%
• Median HH income: $36,426
• Composite: 21.82/100
• National rank: #13574
• State rank: #624 of 760 in MI

Livability — Leavitt

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

Census & demographics

• Census place: Walkerville, MI
• Population (ZIP): 1,551

Population outlook (Oceana County) Hauer SSP2

• Today (2025): 25,141 people
• By 2030: 24,324 · -3.2%
• By 2040: 22,484 · -10.6%
• By 2050: 20,561 · -18.2%
• By 2075: 16,280 · -35.2%
• By 2100: 11,376 · -54.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 17% Two or more races 15% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Iranian 2% Romanian 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 87% English-only · Spanish 12% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Oceana

• 2024 margin: Solid R (+30.0) · D 34.2% · R 64.2% · Other 1.6%
• 2008→2024 swing: -34.4pp toward R · 2008: 4.3pp · 2024: -30.0pp
• All cycles: 2024: R+30.0 2020: R+28.1 2016: R+27.3 2012: R+10.3 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.88%
• Current HPI: 165.4039
• 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

+123.3% since first listed

26 events — show timeline

• 2026-04-27 Contingent — REALCOMP
• 2026-04-27 Contingent — MiRealSource-MiMLS
• 2026-04-27 Contingent — SW Michigan MLS
• 2026-03-12 Listed $144,900 SW Michigan MLS
• 2026-03-12 Listed $144,900 MiRealSource-MiMLS
• 2026-03-12 Listed $144,900 REALCOMP
• 2025-09-22 Listing Removed — MiRealSource-MiMLS
• 2025-07-25 Price Changed $135,500 MiRealSource-MiMLS
• 2025-07-24 Price Changed $135,500 REALCOMP
• 2025-07-24 Price Changed $135,500 SW Michigan MLS
• 2025-06-11 Relisted — REALCOMP
• 2025-06-11 Relisted — MiRealSource-MiMLS
• 2025-04-23 Pending — MiRealSource-MiMLS
• 2025-04-23 Pending — REALCOMP
• 2025-02-20 Contingent — REALCOMP
• 2025-02-20 Contingent — MiRealSource-MiMLS
• 2025-02-01 Listed $137,500 REALCOMP
• 2025-02-01 Listed $137,500 MiRealSource-MiMLS
• 2016-03-09 Listing Removed — SW Michigan MLS
• 2016-03-09 Listing Removed — REALCOMP
• 2015-09-04 Listed $44,900 SW Michigan MLS
• 2014-09-15 Listing Removed — SW Michigan MLS
• 2014-03-28 Listed $44,900 REALCOMP
• 2008-10-01 Listing Removed — REALCOMP
• 2005-08-16 Listed $64,900 REALCOMP
• 2005-08-16 Listed $64,900 SW Michigan MLS

Property tax history

-11.2%/yr

Latest (2025): $447 · -76.1% YoY. Source: county tax records.