206 S Berrien St · Albion, MI 49224

$45,000

4 bd · 2.0 ba · 1,608 sqft · SingleFamily public records · 37 Days on market

Built 1890 3,964 sqft lot $28/sqft · 69% below area ↓ 25% 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

Spacious 5 bed home needing rehab but would be a great investment opportunity. Walking distance to collage would make a good rental property as well. Make an offer and make it a great home again.

Key facts

• Rental property
• 3,964 sq ft lot
• Built 1890

Tags

• INVESTMENT OPPORTUNITY
• WALKING DISTANCE TO COLLEGE
• RENTAL PROPERTY

Property features AI

Exterior

• Home design: Traditional-style single family residence; Residential property
• Construction: Vinyl siding; Built in 1890
• Exterior features: Public water

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Has heating
• Interior features: 9 total rooms; Michigan-style basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $713 ($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: $44k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.3% vs local median 8.3% 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+, crime 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.
• Zoned schools: Marshall Middle School (math 22% / reading 40%, grade F, #329 of 493 statewide, top 67%, 547 students, 50% FRL).
• Market conditions: 137 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 $311 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 5.0% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 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 1890 — 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: 3.25% ✓
• Cap rate: 25.30%
• Cash-on-cash: 67.89%
• DSCR: 4.02
• GRM: 2.6

CMA / ARV

• ARV (median comp): $143,978
• List price: $45,000
• Delta: -68.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
505 Fitch St	0.45mi	4/2.0	1,630 (+1%)	4mo	$170,000	$104	73
415 E Cass St	0.09mi	3/2.0 (-1)	1,494 (-7%)	9mo	$179,000	$120	71
511 Perry St	0.18mi	4/2.0	1,416 (-12%)	10mo	$221,000	$156	63
704 E Erie St	0.31mi	3/1.5 (-1)	1,680 (+4%)	10mo	$165,900	$99	63
212 W Ash St	0.38mi	3/1.0 (-1)	1,564 (-3%)	8mo	$47,000	$30	62
410 Elizabeth St	0.23mi	4/2.0	1,803 (+12%)	11mo	$225,000	$125	60
105 S Eaton St	0.36mi	3/2.0 (-1)	1,440 (-10%)	8mo	$36,000	$25	54
706 N Monroe St	0.40mi	3/2.5 (-1)	1,416 (-12%)	3mo	$25,000	$18	52
418 Darrow St	0.29mi	3/1.5 (-1)	1,800 (+12%)	10mo	$180,000	$100	52
614 N Ann St	0.62mi	3/1.5 (-1)	1,500 (-7%)	4mo	$89,000	$59	50
501 W Cass St	0.52mi	4/2.0	1,820 (+13%)	7mo	$124,900	$69	48
517 Mechanic St	0.71mi	3/1.0 (-1)	1,424 (-11%)	10mo	$70,000	$49	30

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: 67.4%
• Equity multiple: 4.03×
• Total profit: $38,214
• Equity at exit: $6,710

10-year hold

• IRR: 71.6%
• Equity multiple: 8.31×
• Total profit: $92,156
• Equity at exit: $3,891

Cash invested: $12,600 (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: 137
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,462 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$187 /mo · $2,244/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $713

Break-even live

Break-even rent $559

Max offer price $45,000

Occupancy floor 46%

Sensitivity live

Price	-10% $875	-5% $859	+0% $713	+5% $700	+10% $687
Rent	-10% $597	-5% $655	+0% $713	+5% $771	+10% $828
Rate	-1.0pp $736	-0.5pp $724	base $713	+0.5pp $701	+1.0pp $689

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-22
   days on market $45,000 Active 37 DOM
2. 2026-06-19
   days on market $45,000 Active 35 DOM
3. 2026-06-18
   days on market $45,000 Active 34 DOM
4. 2026-06-17
   days on market $45,000 Active 33 DOM
5. 2026-06-16
   days on market $45,000 Active 32 DOM

   Show marketing remark (195 chars)

   Spacious 5 bed home needing rehab but would be a great investment opportunity. Walking distance to collage would make a good rental property as well. Make an offer and make it a great home again.

6. 2026-06-15
   price $45,000 Active 31 DOM

   Show marketing remark (196 chars)

   Spacious 5 bed home needing rehab but would be a great investment opportunity. Walking distance to collage would make a good rental property as well. Make an offer and make it a great home again.

7. 2026-06-15
   days on market $52,000 Active 31 DOM

   Show marketing remark (196 chars)

   Spacious 5 bed home needing rehab but would be a great investment opportunity. Walking distance to collage would make a good rental property as well. Make an offer and make it a great home again.

8. 2026-06-14
   days on market $52,000 Active 29 DOM
9. 2026-06-13
   days on market $52,000 Active 28 DOM
10. 2026-06-10
    days on market $52,000 Active 26 DOM
11. 2026-06-09
    days on market $52,000 Active 25 DOM
12. 2026-06-08
    days on market $52,000 Active 24 DOM
13. 2026-06-07
    days on market $52,000 Active 23 DOM
14. 2026-06-05
    days on market $52,000 Active 20 DOM
15. 2026-06-03
    pricedays on market $52,000 Active 19 DOM

    Show marketing remark (196 chars)

    Spacious 5 bed home needing rehab but would be a great investment opportunity. Walking distance to collage would make a good rental property as well. Make an offer and make it a great home again.

16. 2026-06-02
    days on market $59,900 Active 18 DOM
17. 2026-06-01
    days on market $59,900 Active 17 DOM
18. 2026-05-31
    days on market $59,900 Active 16 DOM
19. 2026-05-30
    days on market $59,900 Active 15 DOM
20. 2026-05-13
    listed $59,900 Active 196-char remark

    Show marketing remark (196 chars)

    Spacious 5 bed home needing rehab but would be a great investment opportunity. Walking distance to collage would make a good rental property as well. Make an offer and make it a great home again.

21. 2026-05-13
    listed $59,900 Active 196-char remark

    Show marketing remark (196 chars)

    Spacious 5 bed home needing rehab but would be a great investment opportunity. Walking distance to collage would make a good rental property as well. Make an offer and make it a great home again.

22. 2026-05-13
    listed $59,900 Active

    Show marketing remark (196 chars)

    Spacious 5 bed home needing rehab but would be a great investment opportunity. Walking distance to collage would make a good rental property as well. Make an offer and make it a great home again.

ⓘ 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: $2,244 · $187/mo
• Projected year-2 tax: $2,244 · $187/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 2/10 Low FEMA zone X (unshaded) · 9% 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: $17,539
• − Mortgage interest: −$2,521
• − Property taxes: −$2,244
• − Insurance: −$225
• − Repairs & maintenance: −$1,403
• − Management: −$1,403
• − Depreciation: −$1,309
• Taxable income: $8,433
• Est. tax owed @ 24.0%: −$2,024
• After-tax cash flow: $6,530/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

-24.9% since first listed

9 events — show timeline

• 2026-06-16 Price Changed $45,000 MiRealSource-MiMLS
• 2026-06-15 Price Changed $45,000 REALCOMP
• 2026-06-15 Price Changed $45,000 SW Michigan MLS
• 2026-06-03 Price Changed $52,000 MiRealSource-MiMLS
• 2026-06-03 Price Changed $52,000 REALCOMP
• 2026-06-03 Price Changed $52,000 SW Michigan MLS
• 2026-05-13 Listed $59,900 SW Michigan MLS
• 2026-05-13 Listed $59,900 REALCOMP
• 2026-05-13 Listed $59,900 MiRealSource-MiMLS

Property tax history

+27.0%/yr

Latest (2025): $2,244 · +175.5% YoY. Source: county tax records.