645 N Cochran Ave · Charlotte, MI 48813

$175,000

4 bd · 1.0 ba · 2,007 sqft · SingleFamily public records · 67 Days on market

Built 1900 0.60 ac lot $87/sqft · at area comps Est $183k · at est. ↓ 6% since listing

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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).

• Cash flow +14.0/30.0
• ARV discount +9.4/15.0
• DSCR +4.2/10.0
• Livability +3.7/5.0
• 1% rule +3.5/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This grand Greek Revival 2-story features vinyl siding, newer style vinyl thermopile windows. Sitting high and proud, well back from the road, the wrap-around porch and corniced columns give a stately curb appeal to this grand old home. Over 2000 sq. ft. of living space on a large 1/2 acre lot with fenced back yard, a carriage house garage and an in-ground pool! The home needs some updates, but it is priced to sell!

Key facts

• 0.6 acre lot
• 2 garage spots
• Pool

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $22 ($269/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (15.3% below list).
• Recommended offer: $148k (15.3% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.9% in Charlotte — 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 73/100 on livability (#219 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime D, amenities F.
• Charlotte Public Schools (town): math 31% / reading 40% proficiency, ranked #261 of 540 in MI (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Parkview Elementary School (math 52% / reading 47%, grade D, #382 of 1,397 statewide, top 30%, 319 students, 49% FRL); Charlotte Upper Elementary School (math 31% / reading 39%, grade F, #283 of 493 statewide, top 58%, 573 students, 46% FRL); Charlotte Senior High School (math 22% / reading 57%, grade F, #304 of 713 statewide, top 46%, 698 students, 35% FRL).
• Market conditions: 98 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 $5k 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 67 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $148,179 (15.3% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.85% ✗
• Cap rate: 6.45%
• Cash-on-cash: 0.55%
• DSCR: 1.02
• GRM: 9.8

CMA / ARV

• ARV (median comp): $182,690
• List price: $175,000
• Delta: -4.21%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309 W Harris St	0.59mi	4/1.0	1,914 (-5%)	8mo	$159,900	$84	58
724 High St	0.36mi	4/1.5	1,754 (-13%)	5mo	$252,500	$144	56
222 N Cochran Ave	0.49mi	4/1.5	2,180 (+9%)	10mo	$164,900	$76	52
207 N Oliver St	0.53mi	3/1.5 (-1)	1,940 (-3%)	17mo	$174,000	$90	48
609 W Harris St	0.70mi	3/1.0 (-1)	1,898 (-5%)	9mo	$191,000	$101	46
311 N Washington St	0.42mi	4/2.5	2,262 (+13%)	9mo	$95,000	$42	46
146 Canterbury Dr	0.67mi	4/3.5	2,173 (+8%)	1mo	$360,000	$166	44
311 N Bostwick St	0.42mi	3/2.0 (-1)	1,734 (-14%)	9mo	$206,000	$119	41
721 Foote St	0.66mi	4/2.0	2,300 (+15%)	9mo	$215,000	$93	33
703 Oakwood Dr	0.54mi	3/2.5 (-1)	1,737 (-14%)	12mo	$330,000	$190	31
702 Katies Way	0.53mi	3/2.5 (-1)	1,760 (-12%)	15mo	$321,000	$182	31
621 Dellinger Dr	0.57mi	3/2.5 (-1)	1,737 (-14%)	11mo	$333,100	$192	31

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: -15.4%
• Equity multiple: 0.45×
• Total profit: $-26,946
• Equity at exit: $26,093

10-year hold

• IRR: -6.9%
• Equity multiple: 0.56×
• Total profit: $-21,689
• Equity at exit: $15,131

Cash invested: $49,000 (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 48813

• Active inventory: 98
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,482 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$158 /mo · $1,891/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $22

Break-even live

Break-even rent $1,453

Max offer price $175,000

Occupancy floor 93%

Sensitivity live

Price	-10% $121	-5% $72	+0% $22	+5% $-27	+10% $-77
Rent	-10% $-95	-5% $-36	+0% $22	+5% $81	+10% $139
Rate	-1.0pp $111	-0.5pp $67	base $22	+0.5pp $-23	+1.0pp $-69

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $175,000 Active 67 DOM
2. 2026-06-18
   days on market $175,000 Active 64 DOM
3. 2026-06-17
   days on market $175,000 Active 63 DOM
4. 2026-06-16
   pricedays on market $175,000 Active 62 DOM
5. 2026-06-15
   days on market $187,000 Active 61 DOM
6. 2026-06-14
   days on market $187,000 Active 59 DOM
7. 2026-06-13
   days on market $187,000 Active 58 DOM
8. 2026-06-10
   days on market $187,000 Active 56 DOM
9. 2026-06-09
   days on market $187,000 Active 55 DOM
10. 2026-06-08
    days on market $187,000 Active 54 DOM
11. 2026-06-07
    days on market $187,000 Active 53 DOM
12. 2026-06-05
    days on market $187,000 Active 50 DOM
13. 2026-06-03
    days on market $187,000 Active 49 DOM
14. 2026-06-02
    days on market $187,000 Active 48 DOM
15. 2026-06-01
    days on market $187,000 Active 47 DOM
16. 2026-05-31
    days on market $187,000 Active 46 DOM
17. 2026-05-30
    days on market $187,000 Active 45 DOM
18. 2026-05-12
    price $187,000 419-char remark

    Show marketing remark (419 chars)

    This grand Greek Revival 2-story features vinyl siding, newer style vinyl thermopile windows. Sitting high and proud, well back from the road, the wrap-around porch and corniced columns give a stately curb appeal to this grand old home. Over 2000 sq. ft. of living space on a large 1/2 acre lot with fenced back yard, a carriage house garage and an in-ground pool! The home needs some updates, but it is priced to sell!

19. 2026-05-12
    price $187,000 419-char remark

    Show marketing remark (419 chars)

    This grand Greek Revival 2-story features vinyl siding, newer style vinyl thermopile windows. Sitting high and proud, well back from the road, the wrap-around porch and corniced columns give a stately curb appeal to this grand old home. Over 2000 sq. ft. of living space on a large 1/2 acre lot with fenced back yard, a carriage house garage and an in-ground pool! The home needs some updates, but it is priced to sell!

20. 2026-04-15
    listed $199,900 Active 419-char remark

    Show marketing remark (419 chars)

    This grand Greek Revival 2-story features vinyl siding, newer style vinyl thermopile windows. Sitting high and proud, well back from the road, the wrap-around porch and corniced columns give a stately curb appeal to this grand old home. Over 2000 sq. ft. of living space on a large 1/2 acre lot with fenced back yard, a carriage house garage and an in-ground pool! The home needs some updates, but it is priced to sell!

21. 2026-04-15
    listed $199,900 Active 419-char remark

    Show marketing remark (419 chars)

    This grand Greek Revival 2-story features vinyl siding, newer style vinyl thermopile windows. Sitting high and proud, well back from the road, the wrap-around porch and corniced columns give a stately curb appeal to this grand old home. Over 2000 sq. ft. of living space on a large 1/2 acre lot with fenced back yard, a carriage house garage and an in-ground pool! The home needs some updates, but it is priced to sell!

ⓘ 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: $1,891 · $158/mo
• Projected year-2 tax: $2,293 · $191/mo
• Expected delta: +$402/yr (+$34/mo · 21.3%)

ⓘ 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 ≥96°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: $17,781
• − Mortgage interest: −$9,803
• − Property taxes: −$1,891
• − Insurance: −$875
• − Repairs & maintenance: −$1,423
• − Management: −$1,423
• − Depreciation: −$5,091
• Taxable loss: −$2,723
• Est. tax savings @ 24.0%: +$654
• After-tax cash flow: $922/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: Charlotte Public Schools
• NCES district ID: 2608770
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 40% ▼ -7.00%
• Median HH income: $54,722
• Composite: 31.18/100
• National rank: #6048
• State rank: #261 of 540 in MI

Livability — Charlotte

• Score: 73/100
• State rank: #219
• US rank: #5414

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlotte, MI
• City population: 20,263
• Population (ZIP): 20,263

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 (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 5% Black 1%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 3%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 1% German/W. Germanic 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: ▼ -194.48%
• Current HPI: 183.0171
• 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

-6.5% since first listed

4 events — show timeline

• 2026-05-12 Price Changed $187,000 REALCOMP
• 2026-05-12 Price Changed $187,000 Greater Lansing AoR
• 2026-04-15 Listed $199,900 REALCOMP
• 2026-04-15 Listed $199,900 Greater Lansing AoR

Property tax history

+0.0%/yr

Latest (2025): $1,891 · -28.0% YoY. Source: county tax records.