111 River Dr · Three Rivers, MI 49093

$122,900

4 bd · 2.5 ba · 2,119 sqft · SingleFamily public records · 5 Days on market

Built 1950 9,148 sqft lot $58/sqft · 32% below area Est $150k · 18% under

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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 +25.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.7/10.0
• 1% rule +7.1/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * * PRICE ADJUSTMENT - Motivated Sellers . Welcome to 111 River Dr, Three Rivers--a spacious and inviting 4-bedroom, 2-bathroom home offering 1,765 sq ft of comfortable living. Nestled in a peaceful neighborhood near the St. Joseph River, this property blends convenience, character, and room to grow. . Step inside to discover a well-designed layout with generous living spaces, bright natural light, and plenty of flexibility for modern living. With four full bedrooms, there's ample space for family, guests, or dedicated work-from-home needs. The two full bathrooms provide convenience for busy households. Outside, enjoy a sizable yard perfect for outdoor activities, plus a 2-car detached garage offering great storage and parking. Located just minutes from parks, schools, and downtown amenities, this home delivers both comfort and accessibility. Home needs some TLC. Interior paint in progress. Motivated seller and willing to consider all reasonable offers

Key facts

• 9,148 sq ft lot
• 2 garage spots
• Built 1950

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water
• Home design: Traditional-style single family residence; One or more stories (exact story count not provided)
• Construction: Built in 1950; Aluminum siding; Shingle roof; Total building area reported as 1,765 (unit provided by listing)
• Exterior features: Paved road access; Lot approximately 0.21 acres

Interior

• Kitchen: Range; Refrigerator; Kitchen area (approximately 13 x 11); Dining area (approximately 12 x 9)
• Bedrooms: Primary bedroom (approximately 12 x 11); Bedroom 2 (approximately 9 x 7); Bedroom 3 (approximately 9 x 11)
• Bathrooms: Two full bathrooms; Primary bathroom (approximately 10 x 8)
• Heating & cooling: Forced air heating
• Interior features: Seven total rooms; Partial Michigan-style basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $123k.

Deal economics

• At list price, monthly cash flow is $-158 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $95k (22.7% below list).
• Meets the 1% rule at list price ($1k rent vs $123k).
• Recommended offer: $95k (22.7% below list) — sets the bar for cash-flow.
• Cap rate 9.2% vs local median 5.2% in Three Rivers — 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 (#306 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Three Rivers Community Schools (town): math 37% / reading 45% proficiency, ranked #200 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Park Elementary School (math 37% / reading 42%, grade F, #606 of 1,397 statewide, top 48%, 276 students, 56% FRL); Three Rivers Middle School (math 30% / reading 40%, grade F, #283 of 493 statewide, top 58%, 537 students, 47% FRL); Three Rivers High School (math 27% / reading 57%, grade F, #264 of 713 statewide, top 41%, 653 students, 44% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: 181 active listings in the ZIP; 125 units permitted in St. Joseph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $850 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• St. Joseph County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 26 sale attempts since 23y 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.
• Current owner paid $58k; list at $123k implies a 112% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $94,972 (22.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D 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: 1.21% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.54%
• DSCR: 1.47
• GRM: 6.9

CMA / ARV

• ARV (median comp): $149,678
• List price: $122,900
• Delta: -17.89%
• 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
105 Wood St	0.20mi	4/3.0	1,868 (-12%)	0mo	$70,000	$37	68
412 6th Ave	0.53mi	4/2.0	2,088 (-2%)	4mo	$216,000	$103	68
414 8th St	0.26mi	4/2.0	2,294 (+8%)	8mo	$65,000	$28	65
611 South St	0.64mi	4/2.0	2,085 (-2%)	11mo	$170,000	$82	57
509 Madison St	0.37mi	3/2.0 (-1)	1,900 (-10%)	6mo	$155,000	$82	54
1111 S Main St	0.68mi	4/1.0	2,068 (-2%)	10mo	$92,500	$45	50
719 S Main St	0.41mi	4/2.0	1,828 (-14%)	8mo	$62,500	$34	49
109 S Hooker Ave	0.61mi	4/1.0	2,024 (-4%)	11mo	$170,300	$84	49
705 E Broadway St	0.60mi	3/1.0 (-1)	2,024 (-4%)	7mo	$158,000	$78	48
332 S Hooker Ave	0.58mi	4/1.0	1,960 (-8%)	9mo	$143,500	$73	47
1018 Fifth St	0.63mi	3/1.0 (-1)	1,950 (-8%)	10mo	$113,000	$58	38
429 Portage Ave	0.67mi	3/1.5 (-1)	2,400 (+13%)	9mo	$186,000	$78	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: -25.3%
• Equity multiple: 0.14×
• Total profit: $-29,665
• Equity at exit: $18,325

10-year hold

• IRR: -20.5%
• Equity multiple: -0.09×
• Total profit: $-37,502
• Equity at exit: $10,626

Cash invested: $34,412 (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 49093

• Active inventory: 181
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,486 medium
• Mortgage (P&I): −$645
• Tax from tax record: −$176 /mo · $2,109/yr
• Insurance: −$51
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $-158

Break-even live

Break-even rent $1,686

Max offer price $94,972

Occupancy floor —

Sensitivity live

Price	-10% $-89	-5% $-123	+0% $-158	+5% $-193	+10% $-228
Rent	-10% $-275	-5% $-217	+0% $-158	+5% $-99	+10% $-41
Rate	-1.0pp $-96	-0.5pp $-127	base $-158	+0.5pp $-190	+1.0pp $-222

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: $30,725
• Closing costs: $3,687
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $122,900 Active 5 DOM
2. 2026-06-18
   days on market $122,900 Active 2 DOM
3. 2026-06-17
   status $122,900 Active 1 DOM

   Show marketing remark (971 chars)

   * * * PRICE ADJUSTMENT - Motivated Sellers . Welcome to 111 River Dr, Three Rivers--a spacious and inviting 4-bedroom, 2-bathroom home offering 1,765 sq ft of comfortable living. Nestled in a peaceful neighborhood near the St. Joseph River, this property blends convenience, character, and room to grow. . Step inside to discover a well-designed layout with generous living spaces, bright natural light, and plenty of flexibility for modern living. With four full bedrooms, there's ample space for family, guests, or dedicated work-from-home needs. The two full bathrooms provide convenience for busy households. Outside, enjoy a sizable yard perfect for outdoor activities, plus a 2-car detached garage offering great storage and parking. Located just minutes from parks, schools, and downtown amenities, this home delivers both comfort and accessibility. Home needs some TLC. Interior paint in progress. Motivated seller and willing to consider all reasonable offers

4. 2026-05-01
   listed $122,900 Active 971-char remark
5. 2026-05-01
   listed $122,900 Active 978-char remark
6. 2026-05-01
   listed $122,900 Active
7. 2026-05-01
   historical
8. 2026-04-30
   historical
9. 2026-03-21
   price $122,900
10. 2026-03-20
    price $122,900
11. 2026-03-20
    price $122,900
12. 2026-02-14
    price $132,900
13. 2026-02-14
    price $132,900
14. 2026-02-14
    price $132,900
15. 2025-11-16
    listed $139,900 Active
16. 2025-11-16
    listed $139,900 Active
17. 2021-11-09
    soldstatus $58,000
18. 2021-11-08
    historical
19. 2021-11-05
    soldstatus $58,000 Sold
20. 2021-11-05
    soldstatus $58,000 Sold
21. 2021-11-05
    soldstatus $58,000
22. 2021-10-04
    status Pending
23. 2021-10-04
    status Pending
24. 2021-09-09
    status Active
25. 2021-09-09
    status Active
26. 2021-09-03
    status Pending
27. 2021-09-03
    status Pending
28. 2021-08-31
    listed $64,444 Active
29. 2021-08-31
    listed $64,444 Active
30. 2021-08-31
    listed $64,444
31. 2014-09-25
    historical
32. 2014-09-15
    historical
33. 2010-01-21
    soldstatus $17,500
34. 2010-01-21
    soldstatus $17,500
35. 2009-10-01
    listed $18,900
36. 2009-10-01
    listed $18,900
37. 2008-12-31
    historical
38. 2008-09-17
    listed $65,000
39. 2008-09-17
    listed $65,000
40. 2007-12-07
    soldstatus $32,000
41. 2007-12-07
    soldstatus $32,000
42. 2007-10-12
    listed $32,000
43. 2007-10-12
    listed $32,000
44. 2007-01-25
    historical
45. 2007-01-25
    historical
46. 2006-06-05
    listed $89,000
47. 2006-06-05
    listed $89,000
48. 2004-06-08
    historical
49. 2004-03-08
    listed $79,900
50. 2004-03-08
    listed $79,900

ⓘ 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: $2,109 · $176/mo
• Projected year-2 tax: $2,109 · $176/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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°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: $17,829
• − Mortgage interest: −$6,884
• − Property taxes: −$2,109
• − Insurance: −$6,140
• − Repairs & maintenance: −$1,426
• − Management: −$1,426
• − Depreciation: −$3,575
• Taxable loss: −$3,731
• Est. tax savings @ 24.0%: +$895
• After-tax cash flow: $-1,002/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: Three Rivers Community Schools
• NCES district ID: 2633840
• Math proficiency: 37% ▲ 1.00%
• Reading proficiency: 45% ▼ -3.00%
• Median HH income: $46,576
• Composite: 34.97/100
• National rank: #5058
• State rank: #200 of 540 in MI

Livability — Three Rivers

• Score: 70/100
• State rank: #306
• US rank: #7604

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Three Rivers, MI
• Population (ZIP): 18,439

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 58,726 people
• By 2030: 57,030 · -2.9%
• By 2040: 53,266 · -9.3%
• By 2050: 49,343 · -16.0%
• By 2075: 40,441 · -31.1%
• By 2100: 31,981 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 5% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 11% Iranian 5% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Solid R (+34.0) · D 32.2% · R 66.2% · Other 1.5%
• 2008→2024 swing: -31.8pp toward R · 2008: -2.2pp · 2024: -34.0pp
• All cycles: 2024: R+34.0 2020: R+31.7 2016: R+31.0 2012: R+12.3 2008: R+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.07%
• Current HPI: 226.5079
• 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

+256.2% since first listed

59 events — show timeline

• 2026-06-17 Relisted — REALCOMP
• 2026-06-17 Relisted — MiRealSource-MiMLS
• 2026-06-17 Relisted — SW Michigan MLS
• 2026-05-28 Listed $122,900 SW Michigan MLS
• 2026-05-28 Listing Removed — MiRealSource-MiMLS
• 2026-05-28 Listed $122,900 MiRealSource-MiMLS
• 2026-05-28 Pending — SW Michigan MLS
• 2026-05-26 Listing Removed — MiRealSource-MiMLS
• 2026-05-15 Listing Removed — REALCOMP
• 2026-05-01 Listing Removed — MiRealSource-MiMLS
• 2026-05-01 Listed $122,900 REALCOMP
• 2026-05-01 Listed $122,900 MiRealSource-MiMLS
• 2026-04-30 Listing Removed — REALCOMP
• 2026-03-21 Price Changed $122,900 MiRealSource-MiMLS
• 2026-03-20 Price Changed $122,900 REALCOMP
• 2026-03-20 Price Changed $122,900 SW Michigan MLS
• 2026-02-14 Price Changed $132,900 MiRealSource-MiMLS
• 2026-02-14 Price Changed $132,900 REALCOMP
• 2026-02-14 Price Changed $132,900 SW Michigan MLS
• 2025-11-16 Listed $139,900 REALCOMP
• 2025-11-16 Listed $139,900 MiRealSource-MiMLS
• 2021-11-09 Sold (Public Records) $58,000 Public Records
• 2021-11-08 Listing Removed — SW Michigan MLS
• 2021-11-05 Sold (MLS) $58,000 MiRealSource-MiMLS
• 2021-11-05 Sold (MLS) $58,000 SW Michigan MLS
• 2021-11-05 Sold (MLS) $58,000 REALCOMP
• 2021-10-04 Pending — REALCOMP
• 2021-10-04 Pending — SW Michigan MLS
• 2021-09-09 Relisted — REALCOMP
• 2021-09-09 Relisted — SW Michigan MLS
• 2021-09-03 Pending — REALCOMP
• 2021-09-03 Pending — SW Michigan MLS
• 2021-08-31 Listed $64,444 MiRealSource-MiMLS
• 2021-08-31 Listed $64,444 SW Michigan MLS
• 2021-08-31 Listed $64,444 REALCOMP
• 2014-09-25 Listing Removed — SW Michigan MLS
• 2014-09-15 Listing Removed — SW Michigan MLS
• 2010-01-21 Sold (MLS) $17,500 REALCOMP
• 2010-01-21 Sold (MLS) $17,500 SW Michigan MLS
• 2009-10-01 Listed $18,900 REALCOMP
• 2009-10-01 Listed $18,900 SW Michigan MLS
• 2008-12-31 Listing Removed — REALCOMP
• 2008-09-17 Listed $65,000 REALCOMP
• 2008-09-17 Listed $65,000 SW Michigan MLS
• 2007-12-07 Sold (MLS) $32,000 REALCOMP
• 2007-12-07 Sold (MLS) $32,000 SW Michigan MLS
• 2007-10-12 Listed $32,000 REALCOMP
• 2007-10-12 Listed $32,000 SW Michigan MLS
• 2007-01-25 Listing Removed — REALCOMP
• 2007-01-25 Listing Removed — SW Michigan MLS
• 2006-06-05 Listed $89,000 REALCOMP
• 2006-06-05 Listed $89,000 SW Michigan MLS
• 2004-06-08 Listing Removed — REALCOMP
• 2004-03-08 Listed $79,900 REALCOMP
• 2004-03-08 Listed $79,900 SW Michigan MLS
• 2003-07-31 Sold (MLS) $29,000 REALCOMP
• 2003-07-31 Sold (MLS) $29,000 SW Michigan MLS
• 2003-05-19 Listed $34,500 REALCOMP
• 2003-05-19 Listed $34,500 SW Michigan MLS

Property tax history

+9.5%/yr

Latest (2025): $2,109 · -26.3% YoY. Source: county tax records.