29 E Vesey St · Petersburg, MI 49270

$155,000

3 bd · 1.5 ba · 1,550 sqft · SingleFamily public records · 226 Days on market

Built 1955 0.45 ac lot $100/sqft · 34% below area Est $233k · 34% 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 +15.0/15.0
• Cash flow +13.8/30.0
• DSCR +4.2/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICE REDUCED! SPRAWING BROADFRONT BRICK RANCH 1550 SQ FT-4 BEDROOMS & 2 FULL BATHS, CORNER DOUBLE LOT(. 9 ACRE), BREEZEWAY TO LARGE 2 CAR GARAGE. DECORATE-- YOUR DREAM-YOUR WAY! SCHOOL, PARKS, TOWN JUST A FEW BLOCKS AWAY-- PRICED TO SELL! SELLING AS IS -CASH OR CONVENTIONAL OFFERS. LICENSED AGENT WITH ALL PREAPPROVED BUYER PLEASE. SELLER WILL MAKE NO REPAIRS/NO LANDCONTRACT OFFERED BATVAI CURRENT TAXES ARE NON-HOMSTEAD

Key facts

• Corner double lot
• Breezeway to garage
• 0.45 acre lot

Tags

• CORNER DOUBLE LOT
• BREEZEWAY TO GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $15 ($180/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 $128k (17.1% below list).
• Recommended offer: $128k (17.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#286 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, health & safety C-, amenities F.
• Summerfield Schools (rural): math 39% / reading 49% proficiency, ranked #144 of 540 in MI (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 226 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $44k; list at $155k implies a 252% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,500 (17.1% below list)

Questions for the listing agent

1. It's been on market 226 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.83% ✗
• Cap rate: 6.41%
• Cash-on-cash: 0.41%
• DSCR: 1.02
• GRM: 10.1

CMA / ARV

• ARV (median comp): $233,339
• List price: $155,000
• Delta: -33.57%
• 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
40 W Elm St	0.20mi	3/2.0	1,594 (+3%)	14mo	$180,000	$113	72
519 Wood St	0.09mi	3/1.5	1,484 (-4%)	20mo	$288,000	$194	72
114 Cass St	0.17mi	3/1.0	1,700 (+10%)	10mo	$256,500	$151	66
666 Saline Street Rd	0.14mi	3/1.0	1,448 (-7%)	18mo	$105,000	$73	66
126 E Vesey St	0.11mi	2/2.0 (-1)	1,662 (+7%)	12mo	$181,000	$109	66
138 W Madison St	0.17mi	3/2.0	1,740 (+12%)	7mo	$245,000	$141	64
314 Saline St	0.11mi	3/2.5	1,704 (+10%)	17mo	$245,000	$144	61
3825 Mcneil Dr	0.24mi	3/2.0	1,700 (+10%)	18mo	$239,900	$141	55
355 E Railroad St	0.52mi	3/2.0	1,600 (+3%)	18mo	$300,000	$188	53
149 Petersburg Rd	0.63mi	3/1.5	1,709 (+10%)	3mo	$210,000	$123	51
3983 Mcneil Dr	0.41mi	4/2.0 (+1)	1,704 (+10%)	8mo	$272,500	$160	51
3880 Mcneil Dr	0.34mi	3/1.0	1,380 (-11%)	16mo	$265,000	$192	50

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: -15.7%
• Equity multiple: 0.44×
• Total profit: $-24,188
• Equity at exit: $23,111

10-year hold

• IRR: -7.2%
• Equity multiple: 0.54×
• Total profit: $-19,933
• Equity at exit: $13,402

Cash invested: $43,400 (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 49270

• Active inventory: 26
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,285 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$123 /mo · $1,473/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $15

Break-even live

Break-even rent $1,266

Max offer price $155,000

Occupancy floor 94%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $155,000 Active 226 DOM
2. 2026-06-17
   days on market $155,000 Active 225 DOM
3. 2026-06-16
   days on market $155,000 Active 224 DOM
4. 2026-06-15
   days on market $155,000 Active 223 DOM
5. 2026-06-13
   days on market $155,000 Active 221 DOM
6. 2026-06-12
   days on market $155,000 Active 220 DOM
7. 2026-06-09
   days on market $155,000 Active 217 DOM
8. 2026-06-08
   days on market $155,000 Active 216 DOM
9. 2026-06-07
   days on market $155,000 Active 215 DOM
10. 2026-06-05
    days on market $155,000 Active 213 DOM
11. 2026-06-04
    days on market $155,000 Active 211 DOM
12. 2026-06-02
    days on market $155,000 Active 210 DOM
13. 2026-06-01
    days on market $155,000 Active 209 DOM
14. 2026-05-31
    days on market $155,000 Active 208 DOM
15. 2026-05-31
    days on market $155,000 Active 207 DOM
16. 2026-02-25
    price $165,900 430-char remark

    Show marketing remark (430 chars)

    PRICE REDUCED! SPRAWING BROADFRONT BRICK RANCH 1550 SQ FT-4 BEDROOMS & 2 FULL BATHS, CORNER DOUBLE LOT(. 9 ACRE), BREEZEWAY TO LARGE 2 CAR GARAGE. DECORATE-- YOUR DREAM-YOUR WAY! SCHOOL, PARKS, TOWN JUST A FEW BLOCKS AWAY-- PRICED TO SELL! SELLING AS IS -CASH OR CONVENTIONAL OFFERS. LICENSED AGENT WITH ALL PREAPPROVED BUYER PLEASE. SELLER WILL MAKE NO REPAIRS/NO LANDCONTRACT OFFERED BATVAI CURRENT TAXES ARE NON-HOMSTEAD

17. 2026-02-25
    price $165,900 430-char remark

    Show marketing remark (430 chars)

    PRICE REDUCED! SPRAWING BROADFRONT BRICK RANCH 1550 SQ FT-4 BEDROOMS & 2 FULL BATHS, CORNER DOUBLE LOT(. 9 ACRE), BREEZEWAY TO LARGE 2 CAR GARAGE. DECORATE-- YOUR DREAM-YOUR WAY! SCHOOL, PARKS, TOWN JUST A FEW BLOCKS AWAY-- PRICED TO SELL! SELLING AS IS -CASH OR CONVENTIONAL OFFERS. LICENSED AGENT WITH ALL PREAPPROVED BUYER PLEASE. SELLER WILL MAKE NO REPAIRS/NO LANDCONTRACT OFFERED BATVAI CURRENT TAXES ARE NON-HOMSTEAD

18. 2025-12-04
    price $175,000 430-char remark

    Show marketing remark (430 chars)

    PRICE REDUCED! SPRAWING BROADFRONT BRICK RANCH 1550 SQ FT-4 BEDROOMS & 2 FULL BATHS, CORNER DOUBLE LOT(. 9 ACRE), BREEZEWAY TO LARGE 2 CAR GARAGE. DECORATE-- YOUR DREAM-YOUR WAY! SCHOOL, PARKS, TOWN JUST A FEW BLOCKS AWAY-- PRICED TO SELL! SELLING AS IS -CASH OR CONVENTIONAL OFFERS. LICENSED AGENT WITH ALL PREAPPROVED BUYER PLEASE. SELLER WILL MAKE NO REPAIRS/NO LANDCONTRACT OFFERED BATVAI CURRENT TAXES ARE NON-HOMSTEAD

19. 2025-12-04
    price $175,000 430-char remark

    Show marketing remark (430 chars)

    PRICE REDUCED! SPRAWING BROADFRONT BRICK RANCH 1550 SQ FT-4 BEDROOMS & 2 FULL BATHS, CORNER DOUBLE LOT(. 9 ACRE), BREEZEWAY TO LARGE 2 CAR GARAGE. DECORATE-- YOUR DREAM-YOUR WAY! SCHOOL, PARKS, TOWN JUST A FEW BLOCKS AWAY-- PRICED TO SELL! SELLING AS IS -CASH OR CONVENTIONAL OFFERS. LICENSED AGENT WITH ALL PREAPPROVED BUYER PLEASE. SELLER WILL MAKE NO REPAIRS/NO LANDCONTRACT OFFERED BATVAI CURRENT TAXES ARE NON-HOMSTEAD

20. 2025-11-04
    listed $195,000 Active 430-char remark

    Show marketing remark (430 chars)

    PRICE REDUCED! SPRAWING BROADFRONT BRICK RANCH 1550 SQ FT-4 BEDROOMS & 2 FULL BATHS, CORNER DOUBLE LOT(. 9 ACRE), BREEZEWAY TO LARGE 2 CAR GARAGE. DECORATE-- YOUR DREAM-YOUR WAY! SCHOOL, PARKS, TOWN JUST A FEW BLOCKS AWAY-- PRICED TO SELL! SELLING AS IS -CASH OR CONVENTIONAL OFFERS. LICENSED AGENT WITH ALL PREAPPROVED BUYER PLEASE. SELLER WILL MAKE NO REPAIRS/NO LANDCONTRACT OFFERED BATVAI CURRENT TAXES ARE NON-HOMSTEAD

21. 2025-11-04
    listed $195,000 Active 430-char remark

    Show marketing remark (430 chars)

    PRICE REDUCED! SPRAWING BROADFRONT BRICK RANCH 1550 SQ FT-4 BEDROOMS & 2 FULL BATHS, CORNER DOUBLE LOT(. 9 ACRE), BREEZEWAY TO LARGE 2 CAR GARAGE. DECORATE-- YOUR DREAM-YOUR WAY! SCHOOL, PARKS, TOWN JUST A FEW BLOCKS AWAY-- PRICED TO SELL! SELLING AS IS -CASH OR CONVENTIONAL OFFERS. LICENSED AGENT WITH ALL PREAPPROVED BUYER PLEASE. SELLER WILL MAKE NO REPAIRS/NO LANDCONTRACT OFFERED BATVAI CURRENT TAXES ARE NON-HOMSTEAD

22. 1992-02-07
    soldstatus $44,000

ⓘ 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: $1,473 · $123/mo
• Projected year-2 tax: $1,930 · $161/mo
• Expected delta: +$457/yr (+$38/mo · 31.0%)

ⓘ 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 ≥98°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: $15,420
• − Mortgage interest: −$8,682
• − Property taxes: −$1,473
• − Insurance: −$775
• − Repairs & maintenance: −$1,234
• − Management: −$1,234
• − Depreciation: −$4,509
• Taxable loss: −$2,487
• Est. tax savings @ 24.0%: +$597
• After-tax cash flow: $776/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: Summerfield Schools
• NCES district ID: 2633120
• Math proficiency: 39% ▼ -7.00%
• Reading proficiency: 49% ▼ -6.00%
• Median HH income: $58,989
• Composite: 38.63/100
• National rank: #4155
• State rank: #144 of 540 in MI

Livability — Petersburg

• Score: 71/100
• State rank: #286
• US rank: #7094

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Petersburg, MI
• Population (ZIP): 5,728

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 (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 12% Romanian 9% Slovak 3%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 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: ▼ -161.87%
• Current HPI: 176.6547
• 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

+277.0% since first listed

7 events — show timeline

• 2026-02-25 Price Changed $165,900 MiRealSource-MiMLS
• 2026-02-25 Price Changed $165,900 REALCOMP
• 2025-12-04 Price Changed $175,000 MiRealSource-MiMLS
• 2025-12-04 Price Changed $175,000 REALCOMP
• 2025-11-04 Listed $195,000 REALCOMP
• 2025-11-04 Listed $195,000 MiRealSource-MiMLS
• 1992-02-07 Sold (Public Records) $44,000 Public Records

Property tax history

-6.1%/yr

Latest (2024): $1,473 · +4.3% YoY. Source: county tax records.