233 S Oak St · Sheridan, MI 48884

$169,000

3 bd · 1.0 ba · 1,982 sqft · SingleFamily public records · 74 Days on market

Built 1912 0.31 ac lot $85/sqft · 30% below area Est $240k · 30% 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).

• ARV discount +15.0/15.0
• Cash flow +13.0/30.0
• Appreciation +6.0/10.0
• DSCR +3.9/10.0
• 1% rule +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Very Charming home that sits on an oversized corner lot. This quaint home has a very spacious living room and dining room that would be amazing for gatherings with guests. Boiler system was replaced in 2020 along with the hot water heater. You will find lovely wood floors as well. Come and see for yourself.

Key facts

• Oversized corner lot
• Wood floors
• Spacious dining room

Tags

• OVERSIZED CORNER LOT
• SPACIOUS LIVING ROOM
• SPACIOUS DINING ROOM
• BOILER SYSTEM REPLACED
• HOT WATER HEATER REPLACED
• WOOD FLOORS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $169k.

Deal economics

• At list price, monthly cash flow is $-11 ($-129/yr) — negative.
• To cash-flow at today's rent, offer at most $167k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (13.3% below list).
• Recommended offer: $146k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.1% in Sheridan — 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 64/100 on livability (#500 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D, crime D, amenities F.
• Central Montcalm Public Schools (rural): math 21% / reading 38% proficiency, ranked #377 of 540 in MI (top 70%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 23 active listings in the ZIP; 273 units permitted in Montcalm County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (1.9% local appreciation)).
• Montcalm County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $47k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 13y 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 $90k; list at $169k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $146,477 (13.3% 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 74 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.27%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (median comp): $240,475
• List price: $169,000
• Delta: -29.72%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
416 S Main St	0.23mi	4/2.0 (+1)	1,815 (-8%)	10mo	$407,500	$225	58

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.94% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.1%
• Equity multiple: 1.22×
• Total profit: $10,437
• Equity at exit: $66,140

10-year hold

• IRR: 7.9%
• Equity multiple: 2.06×
• Total profit: $50,205
• Equity at exit: $94,847

Cash invested: $47,320 (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 48884

• Home prices YoY: 0.7%
• Active inventory: 23
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,465 medium
• Mortgage (P&I): −$886
• Tax est. 1.5%: −$211 /mo · $2,535/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $-11

Break-even live

Break-even rent $1,478

Max offer price $167,444

Occupancy floor 96%

Sensitivity live

Price	-10% $106	-5% $48	+0% $-11	+5% $-69	+10% $-128
Rent	-10% $-126	-5% $-69	+0% $-11	+5% $47	+10% $105
Rate	-1.0pp $74	-0.5pp $32	base $-11	+0.5pp $-55	+1.0pp $-99

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-02
   status $169,000 Pending 74 DOM
2. 2026-06-01
   days on market $169,000 Active 74 DOM
3. 2026-05-31
   days on market $169,000 Active 73 DOM
4. 2026-03-20
   price $169,000 312-char remark

   Show marketing remark (312 chars)

   Very Charming home that sits on an oversized corner lot. This quaint home has a very spacious living room and dining room that would be amazing for gatherings with guests. Boiler system was replaced in 2020 along with the hot water heater. You will find lovely wood floors as well. Come and see for yourself.

5. 2026-03-19
   listed $159,000 Active 312-char remark

   Show marketing remark (308 chars)

   Very Charming home that sits on an oversized corner lot. This quaint home has a very spacious living room and dining room that would be amazing for gatherings with guests. Boiler system was replaced in 2020 along with the hot water heater. You will find lovely wood floors as well. Come and see for yourself.

6. 2026-03-19
   listed $169,000 Active 308-char remark

   Show marketing remark (308 chars)

   Very Charming home that sits on an oversized corner lot. This quaint home has a very spacious living room and dining room that would be amazing for gatherings with guests. Boiler system was replaced in 2020 along with the hot water heater. You will find lovely wood floors as well. Come and see for yourself.

7. 2026-03-19
   listed $169,000 Active

   Show marketing remark (308 chars)

   Very Charming home that sits on an oversized corner lot. This quaint home has a very spacious living room and dining room that would be amazing for gatherings with guests. Boiler system was replaced in 2020 along with the hot water heater. You will find lovely wood floors as well. Come and see for yourself.

8. 2020-12-23
   soldstatus $89,900
9. 2019-04-23
   historical
10. 2019-04-22
    historical
11. 2019-04-22
    historical
12. 2018-08-28
    price $69,900
13. 2018-07-17
    listed $69,900
14. 2018-07-17
    listed $79,900 Active
15. 2018-07-17
    listed $69,900
16. 2014-09-17
    historical
17. 2014-07-03
    historical
18. 2013-09-03
    listed $44,900
19. 2013-09-03
    listed $44,900
20. 2012-05-24
    soldstatus $41,500

ⓘ 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 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,577
• − Mortgage interest: −$9,467
• − Property taxes: −$2,535
• − Insurance: −$845
• − Repairs & maintenance: −$1,406
• − Management: −$1,406
• − Depreciation: −$4,916
• Taxable loss: −$2,998
• Est. tax savings @ 24.0%: +$720
• After-tax cash flow: $591/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: Central Montcalm Public Schools
• NCES district ID: 2608640
• Math proficiency: 21% ▼ -2.00%
• Reading proficiency: 38% ▼ -1.00%
• Median HH income: $41,682
• Composite: 24.93/100
• National rank: #7568
• State rank: #377 of 540 in MI

Livability — Sheridan

• Score: 64/100
• State rank: #500
• US rank: #14781

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheridan, MI
• Population (ZIP): 4,777

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 (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 7% Lithuanian 2% German 1%
• Foreign-born: 1% · Canada
• Languages at home: 90% English-only · German/W. Germanic 8% Spanish 2%

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: ▲ 1.94%
• Current HPI: 302.6026
• 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

+307.2% since first listed

17 events — show timeline

• 2026-03-20 Price Changed $169,000 SW Michigan MLS
• 2026-03-19 Listed $169,000 REALCOMP
• 2026-03-19 Listed $169,000 MiRealSource-MiMLS
• 2026-03-19 Listed $159,000 SW Michigan MLS
• 2020-12-23 Sold (Public Records) $89,900 Public Records
• 2019-04-23 Listing Removed — SW Michigan MLS
• 2019-04-22 Listing Removed — MiRealSource-MiMLS
• 2019-04-22 Listing Removed — REALCOMP
• 2018-08-28 Price Changed $69,900 SW Michigan MLS
• 2018-07-17 Listed $69,900 MiRealSource-MiMLS
• 2018-07-17 Listed $79,900 SW Michigan MLS
• 2018-07-17 Listed $69,900 REALCOMP
• 2014-09-17 Listing Removed — SW Michigan MLS
• 2014-07-03 Listing Removed — REALCOMP
• 2013-09-03 Listed $44,900 REALCOMP
• 2013-09-03 Listed $44,900 SW Michigan MLS
• 2012-05-24 Sold (Public Records) $41,500 Public Records