10688 Velma Dr · Greenville, MI 48838

$265,000

5 bd · 1.0 ba · 1,800 sqft · SingleFamily · 2 Days on market

Built 1977 3.50 ac lot Est $292k · 9% under

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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 +19.5/30.0
• ARV discount +11.6/15.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Schools +3.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

One-of-a kind home nestled deep in the woods on over 3 acres in Greenville school district. Main level offers open kitchen, living and dining room. 3 bedrooms and one full bathroom. Lower walk-out level is fully finished with 2nd family room, 2 additional bedrooms, laundry room and workshop. Outside you will find a private yard with a small creek running through. Wildlife galore. Nice back deck overlooking the private, wooded back yard with a fenced in area and blueberry bushes. Updates include new well and pump in 2024, kitchen appliances in 2019, roof 2024. Hot tub to stay! Great location, only minutes from town, but feels like you're in the country. Sale includes two parcels. Scheduled your private showing today!

Key facts

• Fenced in area
• Blueberry bushes
• New well

Tags

• OPEN KITCHEN
• PRIVATE YARD
• SMALL CREEK
• FENCED IN AREA
• BLUEBERRY BUSHES
• NEW WELL

Property features AI

Exterior

• Utilities: Well water
• Home design: Single-family residence; Residential property; Built in 1977
• Construction: Vinyl siding; Living area approximately 1,800
• Exterior features: Wooded lot; Approximately 3.5 acres

Interior

• Kitchen: Oven, Range, Refrigerator, Dishwasher not listed
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating
• Interior features: Seven total rooms; Dryer, Oven, Range, Refrigerator, Washer
• Laundry & utility: Washer and Dryer; Well water source

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Cap rate 7.6% vs local median 4.2% in Greenville — 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 66/100 on livability (#426 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D, crime F, amenities F.
• Greenville Public Schools (town): math 35% / reading 52% proficiency, ranked #167 of 540 in MI (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 192 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 273 units permitted in Montcalm County in 2024 (5 in 5+ unit buildings).
• At $2,697/mo this rent would consume 46% of the median local household income ($70k/yr) (locally 365% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Montcalm County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Current owner paid $220k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $265,000

Questions for the listing agent

1. Built in 1977 — 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 D-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. 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?
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: 1.02% ✓
• Cap rate: 7.65%
• Cash-on-cash: 4.84%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $291,600
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10767 Green Timber Dr	0.23mi	4/2.0 (-1)	1,975 (+10%)	8mo	$319,900	$162	58
7436 High Timber Dr	0.66mi	5/2.0	1,817 (+1%)	8mo	$324,900	$179	57
10811 Timberline Dr	0.37mi	4/2.0 (-1)	2,051 (+14%)	6mo	$333,000	$162	45

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: -8.7%
• Equity multiple: 0.68×
• Total profit: $-23,826
• Equity at exit: $39,512

10-year hold

• IRR: 0.8%
• Equity multiple: 1.05×
• Total profit: $3,979
• Equity at exit: $22,912

Cash invested: $74,200 (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 48838

• Home prices YoY: -30.2%
• Active inventory: 192
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,697 medium
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$566
• Net cashflow: $299

Break-even live

Break-even rent $2,318

Max offer price $265,000

Occupancy floor 84%

Sensitivity live

Price	-10% $483	-5% $391	+0% $299	+5% $208	+10% $116
Rent	-10% $86	-5% $193	+0% $299	+5% $406	+10% $513
Rate	-1.0pp $433	-0.5pp $367	base $299	+0.5pp $231	+1.0pp $161

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1403 Forest View Dr Greenville, MI	5.0	2.5	2085	$2,695	$1.29	3d	1	0.53mi
1405 Ridgeview Dr Greenville, MI	4.0	3.0	1640	$2,495	$1.52	3d	1	0.55mi
1316 Forest View Dr Greenville, MI	4.0	2.5	1910	$2,395	$1.25	24d	1	0.57mi
1316 Forest View Dr Greenville, MI	4.0	2.5	1910	$2,595	$1.36	44d	1	0.57mi

Listing history 7 events

1. 2026-05-29
   status Pending 725-char remark

   Show marketing remark (725 chars)

   One-of-a kind home nestled deep in the woods on over 3 acres in Greenville school district. Main level offers open kitchen, living and dining room. 3 bedrooms and one full bathroom. Lower walk-out level is fully finished with 2nd family room, 2 additional bedrooms, laundry room and workshop. Outside you will find a private yard with a small creek running through. Wildlife galore. Nice back deck overlooking the private, wooded back yard with a fenced in area and blueberry bushes. Updates include new well and pump in 2024, kitchen appliances in 2019, roof 2024. Hot tub to stay! Great location, only minutes from town, but feels like you're in the country. Sale includes two parcels. Scheduled your private showing today!

2. 2026-05-29
   status Pending

   Show marketing remark (725 chars)

   One-of-a kind home nestled deep in the woods on over 3 acres in Greenville school district. Main level offers open kitchen, living and dining room. 3 bedrooms and one full bathroom. Lower walk-out level is fully finished with 2nd family room, 2 additional bedrooms, laundry room and workshop. Outside you will find a private yard with a small creek running through. Wildlife galore. Nice back deck overlooking the private, wooded back yard with a fenced in area and blueberry bushes. Updates include new well and pump in 2024, kitchen appliances in 2019, roof 2024. Hot tub to stay! Great location, only minutes from town, but feels like you're in the country. Sale includes two parcels. Scheduled your private showing today!

3. 2026-05-27
   listed $265,000 Active 725-char remark

   Show marketing remark (725 chars)

   One-of-a kind home nestled deep in the woods on over 3 acres in Greenville school district. Main level offers open kitchen, living and dining room. 3 bedrooms and one full bathroom. Lower walk-out level is fully finished with 2nd family room, 2 additional bedrooms, laundry room and workshop. Outside you will find a private yard with a small creek running through. Wildlife galore. Nice back deck overlooking the private, wooded back yard with a fenced in area and blueberry bushes. Updates include new well and pump in 2024, kitchen appliances in 2019, roof 2024. Hot tub to stay! Great location, only minutes from town, but feels like you're in the country. Sale includes two parcels. Scheduled your private showing today!

4. 2026-05-27
   listed $265,000 Active

   Show marketing remark (725 chars)

   One-of-a kind home nestled deep in the woods on over 3 acres in Greenville school district. Main level offers open kitchen, living and dining room. 3 bedrooms and one full bathroom. Lower walk-out level is fully finished with 2nd family room, 2 additional bedrooms, laundry room and workshop. Outside you will find a private yard with a small creek running through. Wildlife galore. Nice back deck overlooking the private, wooded back yard with a fenced in area and blueberry bushes. Updates include new well and pump in 2024, kitchen appliances in 2019, roof 2024. Hot tub to stay! Great location, only minutes from town, but feels like you're in the country. Sale includes two parcels. Scheduled your private showing today!

5. 2026-05-27
   listed $265,000 Active 725-char remark

   Show marketing remark (725 chars)

   One-of-a kind home nestled deep in the woods on over 3 acres in Greenville school district. Main level offers open kitchen, living and dining room. 3 bedrooms and one full bathroom. Lower walk-out level is fully finished with 2nd family room, 2 additional bedrooms, laundry room and workshop. Outside you will find a private yard with a small creek running through. Wildlife galore. Nice back deck overlooking the private, wooded back yard with a fenced in area and blueberry bushes. Updates include new well and pump in 2024, kitchen appliances in 2019, roof 2024. Hot tub to stay! Great location, only minutes from town, but feels like you're in the country. Sale includes two parcels. Scheduled your private showing today!

6. 2025-02-20
   soldstatus $220,000
7. 1992-05-29
   soldstatus $70,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°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: $32,367
• − Mortgage interest: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,589
• − Management: −$2,589
• − Depreciation: −$7,709
• Taxable loss: −$665
• Est. tax savings @ 24.0%: +$160
• After-tax cash flow: $3,753/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: Greenville Public Schools
• NCES district ID: 2617160
• Math proficiency: 35% ▼ -7.00%
• Reading proficiency: 52% ▬ 0.00%
• Median HH income: $44,624
• Composite: 36.81/100
• National rank: #4566
• State rank: #167 of 540 in MI

Livability — Greenville

• Score: 66/100
• State rank: #426
• US rank: #11581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Montcalm County · 18,212 people
• City population: 18,212
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 18,212
• Household income: $70,176
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 365.0

Population outlook (Montcalm County) Hauer SSP2

• Today (2025): 61,011 people
• By 2030: 59,467 · -2.5%
• By 2040: 55,427 · -9.2%
• By 2050: 50,517 · -17.2%
• By 2075: 38,731 · -36.5%
• By 2100: 26,770 · -56.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Iranian 5% Romanian 4% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 5% Chinese 1%

Political lean MEDSL · Montcalm

• 2024 margin: Solid R (+39.0) · D 29.8% · R 68.7% · Other 1.5%
• 2008→2024 swing: -38.7pp toward R · 2008: -0.3pp · 2024: -39.0pp
• All cycles: 2024: R+39.0 2020: R+37.7 2016: R+34.0 2012: R+8.6 2008: R+0.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.31%
• Current HPI: 249.996
• Rent YoY: —
• Metro: Grand Rapids-Kentwood, MI
• 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

+278.6% since first listed

7 events — show timeline

• 2026-05-29 Pending — REALCOMP
• 2026-05-29 Pending — SW Michigan MLS
• 2026-05-27 Listed $265,000 REALCOMP
• 2026-05-27 Listed $265,000 MiRealSource-MiMLS
• 2026-05-27 Listed $265,000 SW Michigan MLS
• 2025-02-20 Sold (Public Records) $220,000 Public Records
• 1992-05-29 Sold (Public Records) $70,000 Public Records