122 & 124 E Mill St · Bellevue, MI 49021

$149,900

3 bd · 1.0 ba · 1,014 sqft · SingleFamily public records · 36 Days on market

Built 1890 4,181 sqft lot $148/sqft · 63% above area Est $167k · 10% under

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Why this score? — see what drove the D- 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).

• ARV discount +12.0/15.0
• Cash flow +10.3/30.0
• Livability +3.5/5.0
• DSCR +2.9/10.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

BUY ONE, GET ONE FREE! Two fully functional houses on one lot in downtown Bellevue. This is a rare opportunity to own two separate homes on the same property perfect for house hacking, rental income, multi-generational living, or expanding your investment portfolio. Live in one and rent the other, rent both, or create a flexible living setup right in the heart of town. Located in downtown Bellevue with convenient access to local shops, restaurants, and amenities.

Key facts

• Separate homes
• Convenient access
• Downtown bellevue

Tags

• TWO FULLY FUNCTIONAL HOUSES
• SEPARATE HOMES
• DOWNTOWN BELLEVUE
• CONVENIENT ACCESS

Property features AI

Exterior

• Parking: Driveway (no garage)
• Utilities: Public sewer
• Home design: Two levels; Built in 1890
• Construction: Vinyl siding; Hardboard exterior
• Exterior features: City lot; Paved road access; Guest house on the property; Shingle roof

Interior

• Kitchen: Kitchen(s) present; Refrigerator included
• Bedrooms: 5 bedrooms (includes primary bedrooms and additional bedrooms across the property)
• Flooring: Carpet; Vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating; No cooling
• Interior features: 14 total rooms; Basement: Michigan; Laundry room; Dryer, Washer, Refrigerator
• Laundry & utility: Laundry room; Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $-83 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (22.9% below list).
• Recommended offer: $116k (22.9% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.3% in Bellevue — 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 69/100 on livability (#355 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety D-.
• Bellevue Community Schools (rural): math 14% / reading 30% proficiency, ranked #445 of 540 in MI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Bellevue Elementary School (math 17% / reading 27%, grade F, #1,035 of 1,397 statewide, top 77%, 317 students, 67% FRL) — zoned schools average 67% FRL vs 50% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 56 active listings in the ZIP; 98 units permitted in Eaton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Eaton County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,526 (22.9% 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. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.77% ✗
• Cap rate: 5.62%
• Cash-on-cash: -2.39%
• DSCR: 0.89
• GRM: 10.8

CMA / ARV

• ARV (median comp): $166,644
• List price: $149,900
• Delta: -10.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
324 Madison St	0.15mi	3/2.0	1,092 (+8%)	12mo	$202,000	$185	66
118 E Mill St	0.02mi	2/1.0 (-1)	1,162 (+15%)	7mo	$147,000	$127	64
629 Madison St	0.28mi	2/1.0 (-1)	960 (-5%)	11mo	$170,000	$177	64
207 N Adams St	0.07mi	3/1.0	1,127 (+11%)	21mo	$124,000	$110	61
124 S Elizabeth St	0.23mi	2/2.0 (-1)	988 (-3%)	21mo	$142,500	$144	58
710 Madison St	0.36mi	3/1.5	1,144 (+13%)	2mo	$195,000	$170	58
423 Sherwood Rd	0.29mi	3/2.0	1,113 (+10%)	18mo	$223,000	$200	52
630 N Main St	0.25mi	2/1.0 (-1)	1,140 (+12%)	16mo	$133,500	$117	49

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: -20.3%
• Equity multiple: 0.29×
• Total profit: $-29,612
• Equity at exit: $22,351

10-year hold

• IRR: -13.4%
• Equity multiple: 0.22×
• Total profit: $-32,658
• Equity at exit: $12,961

Cash invested: $41,972 (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 49021

• Home prices YoY: -10.1%
• Active inventory: 56
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,155 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$148 /mo · $1,771/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $-83

Break-even live

Break-even rent $1,261

Max offer price $135,158

Occupancy floor —

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $149,900 Active 36 DOM
2. 2026-06-18
   days on market $149,900 Active 35 DOM
3. 2026-06-17
   days on market $149,900 Active 34 DOM
4. 2026-06-16
   days on market $149,900 Active 33 DOM
5. 2026-06-15
   days on market $149,900 Active 32 DOM
6. 2026-06-14
   days on market $149,900 Active 30 DOM
7. 2026-06-13
   days on market $149,900 Active 29 DOM
8. 2026-06-10
   days on market $149,900 Active 27 DOM
9. 2026-06-09
   days on market $149,900 Active 26 DOM
10. 2026-06-08
    days on market $149,900 Active 25 DOM
11. 2026-06-07
    days on market $149,900 Active 24 DOM
12. 2026-06-05
    days on market $149,900 Active 21 DOM
13. 2026-06-03
    days on market $149,900 Active 20 DOM
14. 2026-06-02
    days on market $149,900 Active 19 DOM
15. 2026-06-01
    days on market $149,900 Active 18 DOM
16. 2026-05-31
    days on market $149,900 Active 17 DOM
17. 2026-05-30
    days on market $149,900 Active 16 DOM
18. 2026-05-14
    listed $149,900 Active 467-char remark

    Show marketing remark (467 chars)

    BUY ONE, GET ONE FREE! Two fully functional houses on one lot in downtown Bellevue. This is a rare opportunity to own two separate homes on the same property perfect for house hacking, rental income, multi-generational living, or expanding your investment portfolio. Live in one and rent the other, rent both, or create a flexible living setup right in the heart of town. Located in downtown Bellevue with convenient access to local shops, restaurants, and amenities.

19. 2026-05-14
    listed $149,900 Active 467-char remark

    Show marketing remark (467 chars)

    BUY ONE, GET ONE FREE! Two fully functional houses on one lot in downtown Bellevue. This is a rare opportunity to own two separate homes on the same property perfect for house hacking, rental income, multi-generational living, or expanding your investment portfolio. Live in one and rent the other, rent both, or create a flexible living setup right in the heart of town. Located in downtown Bellevue with convenient access to local shops, restaurants, and amenities.

20. 2005-09-28
    historical
21. 2005-03-28
    listed $92,500

ⓘ 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: $1,771 · $148/mo
• Projected year-2 tax: $2,040 · $170/mo
• Expected delta: +$269/yr (+$22/mo · 15.2%)

ⓘ 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 ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,863
• − Mortgage interest: −$8,397
• − Property taxes: −$1,771
• − Insurance: −$750
• − Repairs & maintenance: −$1,109
• − Management: −$1,109
• − Depreciation: −$4,361
• Taxable loss: −$3,633
• Est. tax savings @ 24.0%: +$872
• After-tax cash flow: $-130/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: Bellevue Community Schools
• NCES district ID: 2604650
• Math proficiency: 14% ▼ -5.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $50,826
• Composite: 19.59/100
• National rank: #8757
• State rank: #445 of 540 in MI

Livability — Bellevue

• Score: 69/100
• State rank: #355
• US rank: #9043

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellevue, MI
• Population (ZIP): 6,467

Population outlook (Eaton County) Hauer SSP2

• Today (2025): 110,811 people
• By 2030: 110,598 · -0.2%
• By 2040: 108,304 · -2.3%
• By 2050: 104,961 · -5.3%
• By 2075: 97,197 · -12.3%
• By 2100: 85,150 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 4% Black 2%
• Common ancestry: Iranian 4% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Eaton

• 2024 margin: Toss-up / Even · D 47.6% · R 50.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: 8.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: R+0.8 2016: R+5.5 2012: D+3.1 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.20%
• Current HPI: 267.6519
• 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

+62.1% since first listed

4 events — show timeline

• 2026-05-14 Listed $149,900 REALCOMP
• 2026-05-14 Listed $149,900 Greater Lansing AoR
• 2005-09-28 Listing Removed — REALCOMP
• 2005-03-28 Listed $92,500 REALCOMP

Property tax history

+14.2%/yr

Latest (2025): $1,771 · +3.1% YoY. Source: county tax records.