604 Smith St · Monroe, MI 48161

$109,900

3 bd · 1.0 ba · 1,326 sqft · SingleFamily public records · 6 Days on market

Built 1893 4,356 sqft lot Est $151k · 27% 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 +29.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Livability +4.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this charming and timeless front-gabled traditional home, offering a perfect blend of classic character and everyday functionality. The exterior features crisp siding complemented by sharp accent shutters and a welcoming, covered front entryway. Inside, the smart layout maximizes space, highlighted by bright, double-hung windows that flood the rooms with natural light. 3 (with room for a potential 4th) bedrooms - spacious throughout. Sold as is. Buyer and agent to verify all information. Images in this listing have been virtually staged.

Key facts

• 4,356 sq ft lot
• Built 1893
• Listed 6 days

Tags

• FRONT GABLED TRADITIONAL HOME
• COVERED FRONT ENTRYWAY
• BRIGHT DOUBLE HUNG WINDOWS

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-and-a-half story; Ground-level entry with steps
• Construction: Block construction; Block foundation
• Exterior features: Paved road access; Lot approximately 0.1 acre (75 x 57)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Unfinished basement; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $389 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 10.5% vs local median 4.0% in Monroe — 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 83/100 on livability (#51 in MI, #1,034 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D+, amenities D+.
• Monroe Public Schools (suburban): math 24% / reading 47% proficiency, ranked #278 of 540 in MI (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 142 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; 264 units permitted in Monroe County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Monroe County population projected at -20% 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 $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,900

Questions for the listing agent

1. Built in 1893 — 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 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?
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: 1.31% ✓
• Cap rate: 10.54%
• Cash-on-cash: 15.16%
• DSCR: 1.67
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $151,164
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
609 W 5th St	0.20mi	3/2.0	1,340 (+1%)	6mo	$220,000	$164	80
825 Smith St	0.21mi	3/2.0	1,389 (+5%)	5mo	$180,000	$130	74
409 Adams St	0.16mi	3/1.0	1,200 (-10%)	4mo	$172,500	$144	73
727 W 4th St	0.31mi	3/1.0	1,269 (-4%)	6mo	$135,000	$106	73
812 Bacon St	0.25mi	3/2.0	1,216 (-8%)	1mo	$95,000	$78	70
711 W 5th St	0.26mi	3/1.0	1,200 (-10%)	4mo	$117,000	$98	69
508 W Third St	0.27mi	3/1.5	1,190 (-10%)	6mo	$95,000	$80	64
725 W 6th St	0.28mi	3/2.0	1,144 (-14%)	2mo	$130,000	$114	58
527 E Fifth St	0.65mi	3/2.5	1,287 (-3%)	2mo	$195,900	$152	57
729 Union St	0.30mi	4/1.0 (+1)	1,506 (+14%)	4mo	$153,000	$102	55
405 E 5th St	0.55mi	3/1.5	1,515 (+14%)	4mo	$125,000	$83	46
312 Navarre St	0.68mi	4/2.0 (+1)	1,456 (+10%)	4mo	$189,900	$130	40

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: 5.8%
• Equity multiple: 1.23×
• Total profit: $6,969
• Equity at exit: $16,386

10-year hold

• IRR: 15.2%
• Equity multiple: 2.24×
• Total profit: $38,015
• Equity at exit: $9,502

Cash invested: $30,772 (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 48161

• Active inventory: 142
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,439 high
• Mortgage (P&I): −$576
• Tax from tax record: −$126 /mo · $1,512/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $389

Break-even live

Break-even rent $947

Max offer price $109,900

Occupancy floor 68%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
733 Smith St Monroe, MI	3.0	1.5	1000	$1,500	$1.50	43d	1	0.12mi
505 Harrison St Monroe, MI	3.0	2.0	1188	$1,600	$1.35	43d	1	0.13mi
1250 Strandwyck Dr Monroe, MI	3.0	2.0	1256	$1,274	$1.01	13d	1	1.11mi
1985 S Custer Rd Apt 3 Monroe, MI	2.0	1.0	1000	$1,200	$1.20	43d	1	1.25mi
765 N Macomb St Monroe, MI	2.0	1.0	1050	$1,150	$1.10	43d	1	1.26mi
767 N Macomb St Monroe, MI	2.0	1.0	1050	$1,150	$1.10	43d	1	1.26mi
75 Briarwood Trl Monroe, MI	3.0–4.0	2.0	1360	$1,199	$0.88	13d	1	1.47mi

Listing history 7 events

1. 2026-06-05
   statusdays on market $109,900 Pending 6 DOM
2. 2026-06-02
   days on market $109,900 Active 5 DOM
3. 2026-06-01
   days on market $109,900 Active 4 DOM
4. 2026-05-31
   days on market $109,900 Active 3 DOM
5. 2026-05-30
   days on market $109,900 Active 2 DOM
6. 2026-05-28
   listed $109,900 Active

   Show marketing remark (559 chars)

   Welcome home to this charming and timeless front-gabled traditional home, offering a perfect blend of classic character and everyday functionality. The exterior features crisp siding complemented by sharp accent shutters and a welcoming, covered front entryway. Inside, the smart layout maximizes space, highlighted by bright, double-hung windows that flood the rooms with natural light. 3 (with room for a potential 4th) bedrooms - spacious throughout. Sold as is. Buyer and agent to verify all information. Images in this listing have been virtually staged.

7. 2026-05-28
   listed $109,900 Active 559-char remark

   Show marketing remark (559 chars)

   Welcome home to this charming and timeless front-gabled traditional home, offering a perfect blend of classic character and everyday functionality. The exterior features crisp siding complemented by sharp accent shutters and a welcoming, covered front entryway. Inside, the smart layout maximizes space, highlighted by bright, double-hung windows that flood the rooms with natural light. 3 (with room for a potential 4th) bedrooms - spacious throughout. Sold as is. Buyer and agent to verify all information. Images in this listing have been virtually staged.

ⓘ 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: $1,512 · $126/mo
• Projected year-2 tax: $1,602 · $134/mo
• Expected delta: +$90/yr (+$8/mo · 6.0%)

ⓘ 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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,269
• − Mortgage interest: −$6,156
• − Property taxes: −$1,512
• − Insurance: −$550
• − Repairs & maintenance: −$1,382
• − Management: −$1,382
• − Depreciation: −$3,197
• Taxable income: $3,092
• Est. tax owed @ 24.0%: −$742
• After-tax cash flow: $3,924/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: Monroe Public Schools
• NCES district ID: 2624150
• Math proficiency: 24% ▲ 3.00%
• Reading proficiency: 47% ▲ 12.00%
• Median HH income: $46,437
• Composite: 30.33/100
• National rank: #6269
• State rank: #278 of 540 in MI

Livability — Monroe

• Score: 83/100
• State rank: #51
• US rank: #1034

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Monroe, MI
• County: Monroe County · 54,460 people
• City population: 54,460
• Metro: Monroe, MI
• Population (ZIP): 26,304
• Household income: $67,414
• Rent vs Own: 23.6% rent · 76.4% own
• Severe rent burden: 733.0

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 144,439 people
• By 2030: 140,033 · -3.1%
• By 2040: 128,408 · -11.1%
• By 2050: 115,024 · -20.4%
• By 2075: 87,273 · -39.6%
• By 2100: 63,110 · -56.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 7% Black 5% Hispanic / Latino 5%
• Common ancestry: Lithuanian 10% Romanian 8% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1% Arabic 1%

Political lean MEDSL · Monroe

• 2024 margin: Strong R (+27.1) · D 35.7% · R 62.9% · Other 1.4%
• 2008→2024 swing: -31.5pp toward R · 2008: 4.3pp · 2024: -27.1pp
• All cycles: 2024: R+27.1 2020: R+22.6 2016: R+22.1 2012: D+1.0 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -178.99%
• Current HPI: 126.2638
• Rent YoY: —
• Metro: Monroe, 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

+0.0% since first listed

2 events — show timeline

• 2026-05-28 Listed $109,900 MiRealSource-MiMLS
• 2026-05-28 Listed $109,900 REALCOMP

Property tax history

+7.7%/yr

Latest (2025): $1,512 · -46.9% YoY. Source: county tax records.