2439 Airport Rd · Madison, MI 49221

$239,000

3 bd · 2.0 ba · 1,620 sqft · SingleFamily public records · 17 Days on market

Built 1949 0.36 ac lot Est $267k · 11% 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).

• Cash flow +21.0/30.0
• ARV discount +12.3/15.0
• DSCR +6.7/10.0
• 1% rule +4.4/10.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This well maintained home has 3 bedroom and 2 baths. Features include updated kitchen with quartz countertops, large living room with gas fireplace, plus newer windows, roof, and siding. All situated on large corner lot with 2 car garage in airport neighborhood.

Key facts

• 0.36 acre lot
• 2 garage spots
• Built 1949

Property features AI

Finance

• Other: Property type: Residential; Lot acreage: 0.36 acre; Roads: City/County paved street; Frontage: approximately 107 feet

Exterior

• Parking: Detached 2-car garage; Garage parking available
• Utilities: Public water; Public sanitary sewer; Natural gas; Gas water heater
• Home design: Residential 2-story home; Built in 1949; Entry level: first floor; Subdivision: Meadow Heights; Facing/municipality: Madison Twp, mail city Adrian
• Construction: Vinyl siding exterior; Block foundation; Basement
• Exterior features: Porch; Corner lot in a subdivision; Walkable to school; Frontage on road

Interior

• Kitchen: Kitchen on first floor (19 x 9); Dishwasher; Disposal; Range/Oven; Refrigerator
• Bedrooms: First-floor bedroom (13 x 11); Second-floor bedroom (12 x 14); Second-floor bedroom (approx. 14 wide)
• Bathrooms: Two full bathrooms (main floor full bathroom noted; both baths listed on first floor)
• Heating & cooling: Forced air heating; Central A/C; Natural gas heat/fuel; Gas water heater
• Interior features: Bay window; Fireplace (gas) in living room; Entry
• Laundry & utility: First-floor laundry (3 x 4); Washer included; Basement present (block foundation)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $239k.

Deal economics

• At list price, monthly cash flow is $337 ($4k/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 $225k (5.9% below list).
• Recommended offer: $225k (5.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Adrian School District (town): math 25% / reading 35% proficiency, ranked #370 of 540 in MI (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 214 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 137 units permitted in Lenawee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Lenawee County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($235k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,000 (5.9% below list)

Questions for the listing agent

1. Built in 1949 — 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. 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.
4. 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.
5. 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: 0.94% ✗
• Cap rate: 7.99%
• Cash-on-cash: 6.05%
• DSCR: 1.27
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $267,300
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2369 Linden Ct	0.26mi	3/1.0	1,647 (+2%)	1mo	$175,000	$106	80
2023 Green Acres Dr	0.30mi	3/2.5	1,636 (+1%)	6mo	$318,725	$195	78
2259 Tayer Rd	0.24mi	3/2.0	1,739 (+7%)	1mo	$260,000	$150	76
2014 Green Acres Dr	0.29mi	3/2.5	1,636 (+1%)	10mo	$299,500	$183	74
2012 Green Acres Dr	0.29mi	2/2.5 (-1)	1,636 (+1%)	5mo	$292,500	$179	73
2030 Green Acres Dr	0.33mi	3/2.5	1,636 (+1%)	10mo	$331,698	$203	73
2011 Green Acres Dr	0.29mi	3/2.5	1,712 (+6%)	10mo	$282,750	$165	66
1335 Spencer Pl	0.68mi	3/2.0	1,553 (-4%)	1mo	$215,000	$138	60
2771 Park Dr	0.32mi	3/2.0	1,843 (+14%)	11mo	$202,000	$110	53
2455 W Cadmus Rd	0.70mi	3/2.0	1,494 (-8%)	2mo	$300,000	$201	52
1555 Briarwood Dr	0.68mi	3/2.0	1,782 (+10%)	10mo	$45,000	$25	43
1062 Oram Dr	0.70mi	3/1.5	1,406 (-13%)	2mo	$150,000	$107	42

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: 0.74×
• Total profit: $-17,336
• Equity at exit: $35,636

10-year hold

• IRR: 2.5%
• Equity multiple: 1.18×
• Total profit: $12,185
• Equity at exit: $20,664

Cash invested: $66,920 (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 49221

• Active inventory: 214
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,250 medium
• Mortgage (P&I): −$1,253
• Tax from tax record: −$87 /mo · $1,046/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $337

Break-even live

Break-even rent $1,823

Max offer price $239,000

Occupancy floor 80%

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1962 W Cadmus Rd Adrian, MI	3.0	2.0	1170	$2,250	$1.92	21d	1	0.52mi

Listing history 14 events

1. 2026-06-18
   days on market $239,000 Active 17 DOM
2. 2026-06-17
   days on market $239,000 Active 16 DOM
3. 2026-06-16
   days on market $239,000 Active 15 DOM
4. 2026-06-15
   days on market $239,000 Active 14 DOM
5. 2026-06-13
   days on market $239,000 Active 12 DOM
6. 2026-06-12
   days on market $239,000 Active 11 DOM
7. 2026-06-09
   days on market $239,000 Active 8 DOM
8. 2026-06-08
   days on market $239,000 Active 7 DOM
9. 2026-06-07
   days on market $239,000 Active 6 DOM
10. 2026-06-07
    days on market $239,000 Active 5 DOM
11. 2026-06-04
    days on market $239,000 Active 2 DOM
12. 2026-06-01
    statuslisting id $239,000 Active 1 DOM
13. 2026-05-31
    remarks 262-char remark
14. 2026-05-31
    listed $239,000 Coming Soon 1 DOM

ⓘ 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: $1,046 · $87/mo
• Projected year-2 tax: $2,363 · $197/mo
• Expected delta: +$1,317/yr (+$110/mo · 125.9%)

ⓘ 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: $27,000
• − Mortgage interest: −$13,388
• − Property taxes: −$1,046
• − Insurance: −$1,195
• − Repairs & maintenance: −$2,160
• − Management: −$2,160
• − Depreciation: −$6,953
• Taxable income: $98
• Est. tax owed @ 24.0%: −$24
• After-tax cash flow: $4,025/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: Adrian School District
• NCES district ID: 2601950
• Math proficiency: 25% ▼ -1.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $41,288
• Composite: 25.33/100
• National rank: #7480
• State rank: #370 of 540 in MI

Livability — Madison

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 41,041

Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 14% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 6% Arabic 1%

Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -143.64%
• Current HPI: 237.3796
• 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

1 event — show timeline

• 2026-05-30 Coming Soon $239,000 MiRealSource-MiMLS

Property tax history

-3.9%/yr

Latest (2025): $1,046 · -40.8% YoY. Source: county tax records.