728 E Main St · Ionia, MI 48846

$79,900

3 bd · 1.0 ba · 1,228 sqft · SingleFamily public records · 24 Days on market

Built 1920 0.40 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
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable Handyman Special! 1800+ sq ft, 4 Bed, 2 Bath, 2-story home on nearly . 4 Acre lot. Offering a large open flow kitchen and Living room area. Home also features an enclosed front porch, and a large backyard that you're sure to love! Great location close to Parks and Schools. Hurry to show. Fast Possession!

Key facts

• Large backyard
• Open flow kitchen
• Enclosed front porch

Tags

• OPEN FLOW KITCHEN
• ENCLOSED FRONT PORCH
• LARGE BACKYARD
• GREAT LOCATION CLOSE TO PARKS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $486 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.6% vs local median 3.9% in Ionia — 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 71/100 on livability (#276 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Ionia Public Schools (town): math 23% / reading 39% proficiency, ranked #353 of 540 in MI (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 87 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 94 units permitted in Ionia County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Ionia County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 3 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: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,701 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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 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?
4. 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.
5. 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.
6. 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: 1.63% ✓
• Cap rate: 13.60%
• Cash-on-cash: 26.08%
• DSCR: 2.16
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $182,972
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
614 E Washington St	0.22mi	3/2.0	1,328 (+8%)	2mo	$227,000	$171	71
447 E Lincoln Ave	0.43mi	3/1.5	1,282 (+4%)	1mo	$228,000	$178	70
514 Blanchard Ct	0.30mi	4/1.0 (+1)	1,208 (-2%)	12mo	$203,500	$168	68
647 E Washington St	0.16mi	2/1.0 (-1)	1,132 (-8%)	8mo	$155,000	$137	68
342 Pearl St	0.38mi	3/1.0	1,140 (-7%)	6mo	$159,900	$140	66
442 E Jones St	0.54mi	3/2.0	1,176 (-4%)	2mo	$195,000	$166	62
980 E Main St	0.61mi	3/1.0	1,210 (-2%)	9mo	$180,000	$149	62
142 Mill St	0.33mi	2/1.0 (-1)	1,056 (-14%)	4mo	$186,000	$176	53
338 E Adams St	0.48mi	3/1.5	1,124 (-8%)	10mo	$140,056	$125	53
526 N Jackson St	0.68mi	3/1.5	1,287 (+5%)	7mo	$175,000	$136	52
313 Morse St	0.31mi	3/1.5	1,406 (+14%)	9mo	$103,000	$73	52
310 E Adams St	0.54mi	2/1.0 (-1)	1,302 (+6%)	14mo	$160,000	$123	48

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: 19.8%
• Equity multiple: 1.81×
• Total profit: $18,037
• Equity at exit: $11,913

10-year hold

• IRR: 28.1%
• Equity multiple: 3.49×
• Total profit: $55,638
• Equity at exit: $6,908

Cash invested: $22,372 (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 48846

• Active inventory: 87
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,300 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$88 /mo · $1,061/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $486

Break-even live

Break-even rent $684

Max offer price $79,900

Occupancy floor 58%

Sensitivity live

Price	-10% $532	-5% $509	+0% $486	+5% $464	+10% $441
Rent	-10% $384	-5% $435	+0% $486	+5% $538	+10% $589
Rate	-1.0pp $527	-0.5pp $507	base $486	+0.5pp $466	+1.0pp $445

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
508 Jones St Ionia, MI	2.0	1.0	950	$1,300	$1.37	44d	1	0.47mi

Listing history 6 events

1. 2025-12-30
   status Pending 316-char remark

   Show marketing remark (316 chars)

   Affordable Handyman Special! 1800+ sq ft, 4 Bed, 2 Bath, 2-story home on nearly . 4 Acre lot. Offering a large open flow kitchen and Living room area. Home also features an enclosed front porch, and a large backyard that you're sure to love! Great location close to Parks and Schools. Hurry to show. Fast Possession!

2. 2025-12-30
   status Pending 316-char remark

   Show marketing remark (316 chars)

   Affordable Handyman Special! 1800+ sq ft, 4 Bed, 2 Bath, 2-story home on nearly . 4 Acre lot. Offering a large open flow kitchen and Living room area. Home also features an enclosed front porch, and a large backyard that you're sure to love! Great location close to Parks and Schools. Hurry to show. Fast Possession!

3. 2025-12-30
   status Pending

   Show marketing remark (316 chars)

   Affordable Handyman Special! 1800+ sq ft, 4 Bed, 2 Bath, 2-story home on nearly . 4 Acre lot. Offering a large open flow kitchen and Living room area. Home also features an enclosed front porch, and a large backyard that you're sure to love! Great location close to Parks and Schools. Hurry to show. Fast Possession!

4. 2025-12-05
   listed $79,900 Active 316-char remark

   Show marketing remark (316 chars)

   Affordable Handyman Special! 1800+ sq ft, 4 Bed, 2 Bath, 2-story home on nearly . 4 Acre lot. Offering a large open flow kitchen and Living room area. Home also features an enclosed front porch, and a large backyard that you're sure to love! Great location close to Parks and Schools. Hurry to show. Fast Possession!

5. 2025-12-05
   listed $79,900 Active 316-char remark

   Show marketing remark (316 chars)

   Affordable Handyman Special! 1800+ sq ft, 4 Bed, 2 Bath, 2-story home on nearly . 4 Acre lot. Offering a large open flow kitchen and Living room area. Home also features an enclosed front porch, and a large backyard that you're sure to love! Great location close to Parks and Schools. Hurry to show. Fast Possession!

6. 2025-12-05
   listed $79,900 Active

   Show marketing remark (316 chars)

   Affordable Handyman Special! 1800+ sq ft, 4 Bed, 2 Bath, 2-story home on nearly . 4 Acre lot. Offering a large open flow kitchen and Living room area. Home also features an enclosed front porch, and a large backyard that you're sure to love! Great location close to Parks and Schools. Hurry to show. Fast Possession!

ⓘ 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: $1,061 · $88/mo
• Projected year-2 tax: $1,146 · $95/mo
• Expected delta: +$85/yr (+$7/mo · 8.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥97°F today · 15 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: $15,600
• − Mortgage interest: −$4,476
• − Property taxes: −$1,061
• − Insurance: −$400
• − Repairs & maintenance: −$1,248
• − Management: −$1,248
• − Depreciation: −$2,324
• Taxable income: $4,843
• Est. tax owed @ 24.0%: −$1,162
• After-tax cash flow: $4,673/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: Ionia Public Schools
• NCES district ID: 2619250
• Math proficiency: 23% ▼ -11.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $41,130
• Composite: 26.12/100
• National rank: #7283
• State rank: #353 of 540 in MI

Livability — Ionia

• Score: 71/100
• State rank: #276
• US rank: #6795

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ionia, MI
• City population: 21,940
• Population (ZIP): 21,940

Population outlook (Ionia County) Hauer SSP2

• Today (2025): 63,958 people
• By 2030: 63,321 · -1.0%
• By 2040: 61,544 · -3.8%
• By 2050: 58,682 · -8.2%
• By 2075: 48,909 · -23.5%
• By 2100: 35,867 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 10% Two or more races 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Iranian 7% Romanian 3% Italian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Ionia

• 2024 margin: Solid R (+31.9) · D 33.3% · R 65.2% · Other 1.5%
• 2008→2024 swing: -26.0pp toward R · 2008: -5.8pp · 2024: -31.9pp
• All cycles: 2024: R+31.9 2020: R+30.3 2016: R+31.0 2012: R+12.8 2008: R+5.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -134.67%
• Current HPI: 247.6648
• 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

6 events — show timeline

• 2025-12-30 Pending — MiRealSource-MiMLS
• 2025-12-30 Pending — REALCOMP
• 2025-12-30 Pending — SW Michigan MLS
• 2025-12-05 Listed $79,900 REALCOMP
• 2025-12-05 Listed $79,900 SW Michigan MLS
• 2025-12-05 Listed $79,900 MiRealSource-MiMLS

Property tax history

+3.3%/yr

Latest (2025): $1,061 · +3.0% YoY. Source: county tax records.