113 W Walnut St · Albion, MI 49224

$35,000

2 bd · 2.0 ba · 2,138 sqft · SingleFamily public records · 56 Days on market

Built 1900 6,360 sqft lot $16/sqft · 75% below area ↓ 30% since listing

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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
• ARV discount +7.5/15.0
• 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

Bring your vision and unlock the full potential of this spacious 4-bedroom brick home! Featuring solid construction and timeless curb appeal, this property is primed for a complete renovation--offering the perfect opportunity to create a stunning residence or a profitable investment. The main floor includes a conveniently located primary bedroom, while three additional bedrooms upstairs provide ample space for family, guests, or flexible living arrangements. Two full bathrooms are ready for customization, allowing you to design layouts and finishes tailored to your style. Enjoy the charm of the covered front porch and the added accessibility of a wheelchair ramp at the front entrance. With the right updates, this home has the potential to truly shine. Don't miss this opportunity to transform a property with great bones into something exc

Key facts

• Covered front porch
• Wheelchair ramp
• Two full bathrooms

Tags

• COVERED FRONT PORCH
• WHEELCHAIR RAMP
• TWO FULL BATHROOMS

Property features AI

Exterior

• Utilities: Public water
• Home design: Traditional-style single family residence; Approximately 1,400 building area; Living area listed as 2,138 (per source)
• Construction: Brick construction; Composition roof; Built in 1900
• Exterior features: Sidewalk on the lot; Paved road access

Interior

• Kitchen: Primary kitchen (approx. 14.5 x 13.8); Second kitchen (approx. 12.5 x 10)
• Bedrooms: Primary bedroom (approx. 13.5 x 17.1); Bedroom 2 (approx. 13.1 x 12.1); Bedroom 3 (approx. 13 x 14.5)
• Bathrooms: 2 full bathrooms; Primary bathroom (approx. 9 x 4.5); Second bathroom (approx. 9 x 6)
• Heating & cooling: Forced air heating; Radiant heating
• Interior features: Total of 5 rooms; Full Michigan-style basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $34k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.6% vs local median 8.6% in Albion — 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 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; 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 $242 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask has dropped $10k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.4% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $33,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.21% ✓
• Cap rate: 25.56%
• Cash-on-cash: 68.81%
• DSCR: 4.06
• GRM: 2.6

CMA / ARV

• ARV (median comp): $139,351
• List price: $35,000
• Delta: -74.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 River St	0.13mi	3/1.5 (+1)	1,888 (-12%)	23mo	$45,000	$24	48
408 Washington St	0.45mi	3/1.5 (+1)	2,433 (+14%)	5mo	$230,000	$95	45
616 E Erie St	0.54mi	3/1.5 (+1)	2,011 (-6%)	16mo	$165,000	$82	45
612 Irwin Ave	0.46mi	3/2.0 (+1)	1,927 (-10%)	16mo	$160,000	$83	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: 68.3%
• Equity multiple: 4.08×
• Total profit: $30,189
• Equity at exit: $5,219

10-year hold

• IRR: 72.5%
• Equity multiple: 8.41×
• Total profit: $72,655
• Equity at exit: $3,026

Cash invested: $9,800 (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: 2.6×

Monthly cashflow live

• Estimated rent: $1,125 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$128 /mo · $1,540/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $562

Break-even live

Break-even rent $413

Max offer price $35,000

Occupancy floor 45%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-19
   days on market $35,000 Active 56 DOM
2. 2026-06-18
   days on market $35,000 Active 55 DOM
3. 2026-06-17
   days on market $35,000 Active 54 DOM
4. 2026-06-16
   days on market $35,000 Active 53 DOM
5. 2026-06-15
   days on market $35,000 Active 52 DOM
6. 2026-06-14
   days on market $35,000 Active 50 DOM
7. 2026-06-13
   days on market $35,000 Active 49 DOM
8. 2026-06-10
   days on market $35,000 Active 47 DOM
9. 2026-06-09
   days on market $35,000 Active 46 DOM
10. 2026-06-08
    days on market $35,000 Active 45 DOM
11. 2026-06-07
    days on market $35,000 Active 44 DOM
12. 2026-06-05
    days on market $35,000 Active 41 DOM
13. 2026-06-03
    days on market $35,000 Active 40 DOM
14. 2026-06-02
    days on market $35,000 Active 39 DOM
15. 2026-06-01
    days on market $35,000 Active 38 DOM
16. 2026-05-31
    days on market $35,000 Active 37 DOM
17. 2026-05-30
    days on market $35,000 Active 36 DOM
18. 2026-04-24
    listed $45,000 Active 849-char remark

    Show marketing remark (849 chars)

    Bring your vision and unlock the full potential of this spacious 4-bedroom brick home! Featuring solid construction and timeless curb appeal, this property is primed for a complete renovation--offering the perfect opportunity to create a stunning residence or a profitable investment. The main floor includes a conveniently located primary bedroom, while three additional bedrooms upstairs provide ample space for family, guests, or flexible living arrangements. Two full bathrooms are ready for customization, allowing you to design layouts and finishes tailored to your style. Enjoy the charm of the covered front porch and the added accessibility of a wheelchair ramp at the front entrance. With the right updates, this home has the potential to truly shine. Don't miss this opportunity to transform a property with great bones into something exc

19. 2026-04-24
    listed $45,000 Active 849-char remark

    Show marketing remark (849 chars)

    Bring your vision and unlock the full potential of this spacious 4-bedroom brick home! Featuring solid construction and timeless curb appeal, this property is primed for a complete renovation--offering the perfect opportunity to create a stunning residence or a profitable investment. The main floor includes a conveniently located primary bedroom, while three additional bedrooms upstairs provide ample space for family, guests, or flexible living arrangements. Two full bathrooms are ready for customization, allowing you to design layouts and finishes tailored to your style. Enjoy the charm of the covered front porch and the added accessibility of a wheelchair ramp at the front entrance. With the right updates, this home has the potential to truly shine. Don't miss this opportunity to transform a property with great bones into something exc

20. 2026-04-24
    listed $45,000 Active

    Show marketing remark (849 chars)

    Bring your vision and unlock the full potential of this spacious 4-bedroom brick home! Featuring solid construction and timeless curb appeal, this property is primed for a complete renovation--offering the perfect opportunity to create a stunning residence or a profitable investment. The main floor includes a conveniently located primary bedroom, while three additional bedrooms upstairs provide ample space for family, guests, or flexible living arrangements. Two full bathrooms are ready for customization, allowing you to design layouts and finishes tailored to your style. Enjoy the charm of the covered front porch and the added accessibility of a wheelchair ramp at the front entrance. With the right updates, this home has the potential to truly shine. Don't miss this opportunity to transform a property with great bones into something exc

21. 2026-01-04
    status Pending
22. 2026-01-04
    status Pending
23. 2026-01-01
    historical
24. 2026-01-01
    historical
25. 2025-11-15
    price $40,000
26. 2025-11-15
    price $40,000
27. 2025-11-15
    price $40,000
28. 2025-11-05
    listed $50,000 Active
29. 2025-11-05
    listed $50,000 Active

ⓘ 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: $1,540 · $128/mo
• Projected year-2 tax: $1,540 · $128/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low 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: $13,495
• − Mortgage interest: −$1,961
• − Property taxes: −$1,540
• − Insurance: −$175
• − Repairs & maintenance: −$1,080
• − Management: −$1,080
• − Depreciation: −$1,018
• Taxable income: $6,642
• Est. tax owed @ 24.0%: −$1,594
• After-tax cash flow: $5,149/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

-30.0% since first listed

15 events — show timeline

• 2026-05-24 Price Changed $35,000 MiRealSource-MiMLS
• 2026-05-23 Price Changed $35,000 REALCOMP
• 2026-05-23 Price Changed $35,000 SW Michigan MLS
• 2026-04-24 Listed $45,000 SW Michigan MLS
• 2026-04-24 Listed $45,000 REALCOMP
• 2026-04-24 Listed $45,000 MiRealSource-MiMLS
• 2026-01-04 Pending — REALCOMP
• 2026-01-04 Pending — MiRealSource-MiMLS
• 2026-01-01 Listing Removed — MiRealSource-MiMLS
• 2026-01-01 Listing Removed — REALCOMP
• 2025-11-15 Price Changed $40,000 MiRealSource-MiMLS
• 2025-11-15 Price Changed $40,000 REALCOMP
• 2025-11-15 Price Changed $40,000 SW Michigan MLS
• 2025-11-05 Listed $50,000 REALCOMP
• 2025-11-05 Listed $50,000 MiRealSource-MiMLS

Property tax history

+8.7%/yr

Latest (2025): $1,540 · -6.2% YoY. Source: county tax records.