201 S Jefferson St · Ionia, MI 48846

$97,500

3 bd · 1.0 ba · 1,170 sqft · SingleFamily public records · 4 Days on market

Built 1900 2,614 sqft lot Est $177k · 45% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Livability +3.6/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fully functional and very hard to find affordable 1200+ sq ft, 3 Bed home on a corner lot in Ionia. Main floor bedroom. All appliances including main floor washer/dryer included. Furnace, Vinyl siding and roof were replaced in 2009. Enclosed front porch with new windows and a 2 -stall attached garage complete the estate. Great location close to Meijer Trl, schools, and parks. Possession at Closing. Hurry to show!

Key facts

• Great location
• Main floor bedroom
• Corner lot

Tags

• CORNER LOT
• MAIN FLOOR BEDROOM
• ENCLOSED FRONT PORCH
• NEW WINDOWS
• 2 STALL ATTACHED GARAGE
• GREAT LOCATION

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Natural gas connected; High-speed internet
• Home design: Craftsman-style single-family home; Built in 1900
• Construction: Vinyl siding; Shingle roof; Full basement
• Exterior features: Corner lot with sidewalk; Paved road access

Interior

• Kitchen: Oven; Range; Refrigerator; No specific additional kitchen features listed
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Garage door opener; Storms, screens, replacement windows and window treatments
• Laundry & utility: Washer; Dryer; Natural gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Cap rate 10.8% vs local median 3.9% in Ionia — 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 71/100 on livability (#276 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Ionia Public Schools (town): math 23% / reading 39% proficiency, ranked #353 of 540 in MI (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 87 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 94 units permitted in Ionia County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $674 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Ionia County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 32y 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $97,500

Questions for the listing agent

1. Built in 1900 — 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 F-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. 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.
5. 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.
6. 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: 1.33% ✓
• Cap rate: 10.79%
• Cash-on-cash: 16.08%
• DSCR: 1.72
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $176,670
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
338 E Adams St	0.03mi	3/1.5	1,124 (-4%)	10mo	$140,056	$125	82
149 Lafayette St	0.36mi	3/1.0	1,156 (-1%)	0mo	$175,000	$151	81
342 Pearl St	0.40mi	3/1.0	1,140 (-3%)	5mo	$159,900	$140	73
442 E Jones St	0.46mi	3/2.0	1,176 (+0%)	2mo	$195,000	$166	72
142 Mill St	0.16mi	2/1.0 (-1)	1,056 (-10%)	4mo	$186,000	$176	68
447 E Lincoln Ave	0.33mi	3/1.5	1,282 (+10%)	1mo	$228,000	$178	66
647 E Washington St	0.39mi	2/1.0 (-1)	1,132 (-3%)	8mo	$155,000	$137	64
219 E Lincoln Ave	0.41mi	3/1.0	1,104 (-6%)	9mo	$128,000	$116	64
526 N Jackson St	0.42mi	3/1.5	1,287 (+10%)	7mo	$175,000	$136	56
614 E Washington St	0.35mi	3/2.0	1,328 (+14%)	2mo	$227,000	$171	56
132 E Lincoln Ave	0.53mi	2/1.0 (-1)	1,044 (-11%)	4mo	$182,500	$175	49
213 E Lytle St	0.52mi	3/1.0	1,345 (+15%)	3mo	$189,900	$141	48

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: 7.0%
• Equity multiple: 1.28×
• Total profit: $7,509
• Equity at exit: $14,538

10-year hold

• IRR: 16.4%
• Equity multiple: 2.34×
• Total profit: $36,585
• Equity at exit: $8,430

Cash invested: $27,300 (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 48846

• Active inventory: 87
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,300 medium
• Mortgage (P&I): −$511
• Tax from tax record: −$109 /mo · $1,312/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $366

Break-even live

Break-even rent $837

Max offer price $97,500

Occupancy floor 67%

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: $24,375
• Closing costs: $2,925
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
508 Jones St Ionia, MI	2.0	1.0	950	$1,300	$1.37	43d	1	0.53mi

Listing history 7 events

1. 2026-05-19
   listed $97,500 Active

   Show marketing remark (416 chars)

   Fully functional and very hard to find affordable 1200+ sq ft, 3 Bed home on a corner lot in Ionia. Main floor bedroom. All appliances including main floor washer/dryer included. Furnace, Vinyl siding and roof were replaced in 2009. Enclosed front porch with new windows and a 2 -stall attached garage complete the estate. Great location close to Meijer Trl, schools, and parks. Possession at Closing. Hurry to show!

2. 2026-05-19
   listed $97,500 Active 416-char remark

   Show marketing remark (416 chars)

   Fully functional and very hard to find affordable 1200+ sq ft, 3 Bed home on a corner lot in Ionia. Main floor bedroom. All appliances including main floor washer/dryer included. Furnace, Vinyl siding and roof were replaced in 2009. Enclosed front porch with new windows and a 2 -stall attached garage complete the estate. Great location close to Meijer Trl, schools, and parks. Possession at Closing. Hurry to show!

3. 2026-05-19
   listed $97,500 Active 416-char remark

   Show marketing remark (416 chars)

   Fully functional and very hard to find affordable 1200+ sq ft, 3 Bed home on a corner lot in Ionia. Main floor bedroom. All appliances including main floor washer/dryer included. Furnace, Vinyl siding and roof were replaced in 2009. Enclosed front porch with new windows and a 2 -stall attached garage complete the estate. Great location close to Meijer Trl, schools, and parks. Possession at Closing. Hurry to show!

4. 2014-09-11
   historical
5. 1995-02-10
   historical
6. 1994-08-10
   listed $29,900
7. 1994-08-10
   listed $29,900

ⓘ 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: $1,312 · $109/mo
• Projected year-2 tax: $1,407 · $117/mo
• Expected delta: +$95/yr (+$8/mo · 7.2%)

ⓘ 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 ≥97°F today · 15 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: $15,600
• − Mortgage interest: −$5,462
• − Property taxes: −$1,312
• − Insurance: −$488
• − Repairs & maintenance: −$1,248
• − Management: −$1,248
• − Depreciation: −$2,836
• Taxable income: $3,007
• Est. tax owed @ 24.0%: −$722
• After-tax cash flow: $3,668/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: Ionia Public Schools
• NCES district ID: 2619250
• Math proficiency: 23% ▼ -11.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $41,130
• Composite: 26.12/100
• National rank: #7283
• State rank: #353 of 540 in MI

Livability — Ionia

• Score: 71/100
• State rank: #276
• US rank: #6795

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ionia, MI
• City population: 21,940
• Population (ZIP): 21,940

Population outlook (Ionia County) Hauer SSP2

• Today (2025): 63,958 people
• By 2030: 63,321 · -1.0%
• By 2040: 61,544 · -3.8%
• By 2050: 58,682 · -8.2%
• By 2075: 48,909 · -23.5%
• By 2100: 35,867 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 10% Two or more races 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Iranian 7% Romanian 3% Italian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Ionia

• 2024 margin: Solid R (+31.9) · D 33.3% · R 65.2% · Other 1.5%
• 2008→2024 swing: -26.0pp toward R · 2008: -5.8pp · 2024: -31.9pp
• All cycles: 2024: R+31.9 2020: R+30.3 2016: R+31.0 2012: R+12.8 2008: R+5.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -134.67%
• Current HPI: 247.6648
• 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

+226.1% since first listed

7 events — show timeline

• 2026-05-19 Listed $97,500 REALCOMP
• 2026-05-19 Listed $97,500 MiRealSource-MiMLS
• 2026-05-19 Listed $97,500 SW Michigan MLS
• 2014-09-11 Listing Removed — SW Michigan MLS
• 1995-02-10 Listing Removed — REALCOMP
• 1994-08-10 Listed $29,900 REALCOMP
• 1994-08-10 Listed $29,900 SW Michigan MLS

Property tax history

+1.8%/yr

Latest (2025): $1,312 · +3.0% YoY. Source: county tax records.