502 Locust St · Kalamazoo, MI 49007

$220,000

6 bd · 2.0 ba · 1,269 sqft · SingleFamily public records · 42 Days on market

Built 1865 5,663 sqft lot

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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 +13.8/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• DSCR +4.2/10.0
• Livability +3.8/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Own and occupy this completely remodeled side-by-side duplex with 2 BR available August 1 and 1 BR rented through 7.2027. comes with 3 car garage for parking and storage, garden space and small yard for minimal care. Since 2010, the 2BR bath was expanded to accommodate a walk in shower, laundry and storage, a new roof was added, Aluminum siding painted, porch steps and railings replaced, 2 new furnaces and water heaters, updated electrical panels, lighting, kitchens and baths. Hardwood floors and open floorplan

Key facts

• Walk in shower
• New roof
• Garden space

Tags

• REMODELED SIDE BY SIDE DUPLEX
• WALK IN SHOWER
• GARDEN SPACE
• SMALL YARD
• NEW ROOF
• ALUMINUM SIDING PAINTED

Property features AI

Finance

• Financial info: Unit rents reported: 2-bed unit $890, 1-bed unit $790

Exterior

• Parking: Garage parking; Concrete and paved parking; Total of 3 parking spaces
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Natural gas connected
• Home design: Residential income property (multi-family)
• Construction: Aluminum siding; Wood siding; Composition roof; Built on foundation (basement present)
• Exterior features: Corner lot; Paved road access; Publicly maintained road

Interior

• Bedrooms: One unit with 2 bedrooms; One unit with 1 bedroom
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Basement present; Separate heating systems for units
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $20 ($241/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 $185k (16.1% below list).
• Recommended offer: $185k (16.1% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.1% in Kalamazoo — 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 76/100 on livability (#141 in MI, #3,492 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Kalamazoo Public Schools (urban): math 43% / reading 72% proficiency, ranked #71 of 540 in MI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.8%/yr); 77 active listings in the ZIP; lower-income renter base — watch delinquency; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• At $1,845/mo this rent would consume 56% of the median local household income ($39k/yr) (locally 816% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y 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 $65k; list at $220k implies a 238% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1865 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,545 (16.1% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1865 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is F 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.84% ✗
• Cap rate: 6.40%
• Cash-on-cash: 0.39%
• DSCR: 1.02
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $124,362
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 Ingleside Ter	0.53mi	5/2.0 (-1)	1,318 (+4%)	11mo	$147,500	$112	54
941 Austin St	0.32mi	5/1.0 (-1)	1,352 (+6%)	16mo	$133,000	$98	51
415 Ranney St	0.41mi	6/2.0	1,454 (+15%)	16mo	$128,000	$88	43

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -18.9%
• Equity multiple: 0.35×
• Total profit: $-39,799
• Equity at exit: $32,803

10-year hold

• IRR: -18.7%
• Equity multiple: 0.12×
• Total profit: $-54,000
• Equity at exit: $19,022

Cash invested: $61,600 (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 49007

• Rents YoY: -0.8%
• Active inventory: 77
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,845 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$192 /mo · $2,309/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $20

Break-even live

Break-even rent $1,820

Max offer price $220,000

Occupancy floor 94%

Sensitivity live

Price	-10% $145	-5% $82	+0% $20	+5% $-42	+10% $-104
Rent	-10% $-126	-5% $-53	+0% $20	+5% $93	+10% $166
Rate	-1.0pp $131	-0.5pp $76	base $20	+0.5pp $-37	+1.0pp $-95

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $220,000 Active 42 DOM
2. 2026-06-17
   days on market $220,000 Active 41 DOM
3. 2026-06-16
   days on market $220,000 Active 40 DOM
4. 2026-06-15
   days on market $220,000 Active 39 DOM
5. 2026-06-14
   days on market $220,000 Active 37 DOM
6. 2026-06-13
   days on market $220,000 Active 36 DOM
7. 2026-06-10
   days on market $220,000 Active 34 DOM
8. 2026-06-09
   days on market $220,000 Active 33 DOM
9. 2026-06-08
   days on market $220,000 Active 32 DOM
10. 2026-06-07
    days on market $220,000 Active 31 DOM
11. 2026-06-05
    days on market $220,000 Active 28 DOM
12. 2026-06-03
    days on market $220,000 Active 27 DOM
13. 2026-06-02
    days on market $220,000 Active 26 DOM
14. 2026-06-01
    days on market $220,000 Active 25 DOM
15. 2026-05-31
    days on market $220,000 Active 24 DOM
16. 2026-05-30
    days on market $220,000 Active 23 DOM
17. 2026-05-07
    listed $220,000 Active 516-char remark

    Show marketing remark (516 chars)

    Own and occupy this completely remodeled side-by-side duplex with 2 BR available August 1 and 1 BR rented through 7.2027. comes with 3 car garage for parking and storage, garden space and small yard for minimal care. Since 2010, the 2BR bath was expanded to accommodate a walk in shower, laundry and storage, a new roof was added, Aluminum siding painted, porch steps and railings replaced, 2 new furnaces and water heaters, updated electrical panels, lighting, kitchens and baths. Hardwood floors and open floorplan

18. 2026-05-07
    listed $220,000 Active

    Show marketing remark (516 chars)

    Own and occupy this completely remodeled side-by-side duplex with 2 BR available August 1 and 1 BR rented through 7.2027. comes with 3 car garage for parking and storage, garden space and small yard for minimal care. Since 2010, the 2BR bath was expanded to accommodate a walk in shower, laundry and storage, a new roof was added, Aluminum siding painted, porch steps and railings replaced, 2 new furnaces and water heaters, updated electrical panels, lighting, kitchens and baths. Hardwood floors and open floorplan

19. 2024-04-10
    historical $790
20. 2024-01-18
    listed $790
21. 2022-02-13
    price $790
22. 2014-10-17
    historical
23. 2014-09-15
    historical
24. 2014-09-15
    historical
25. 2011-02-18
    listed $59,900
26. 2010-04-15
    soldstatus $65,054
27. 2008-03-04
    listed $59,000
28. 2005-09-27
    listed $69,500

ⓘ 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: $2,309 · $192/mo
• Projected year-2 tax: $2,848 · $237/mo
• Expected delta: +$540/yr (+$45/mo · 23.4%)

ⓘ 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 ≥100°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: $22,145
• − Mortgage interest: −$12,323
• − Property taxes: −$2,309
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,772
• − Management: −$1,772
• − Depreciation: −$6,400
• Taxable loss: −$3,530
• Est. tax savings @ 24.0%: +$847
• After-tax cash flow: $1,089/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: Kalamazoo Public Schools
• NCES district ID: 2619950
• Math proficiency: 43% ▲ 13.00%
• Reading proficiency: 72% ▲ 33.00%
• Median HH income: $35,291
• Composite: 47.48/100
• National rank: #2275
• State rank: #71 of 540 in MI

Livability — Kalamazoo

• Score: 76/100
• State rank: #141
• US rank: #3492

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kalamazoo, MI
• County: Kalamazoo County · 224,317 people
• City population: 121,397
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 9,836
• Household income: $39,344
• Rent vs Own: 75.8% rent · 24.2% own
• Severe rent burden: 816.0

Population outlook (Kalamazoo County) Hauer SSP2

• Today (2025): 280,982 people
• By 2030: 292,068 · +3.9%
• By 2040: 312,191 · +11.1%
• By 2050: 331,196 · +17.9%
• By 2075: 379,021 · +34.9%
• By 2100: 396,579 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 44% Black 44% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% French/Haitian/Cajun 1% Arabic 1%

Political lean MEDSL · Kalamazoo

• 2024 margin: D (+17.7) · D 58.0% · R 40.3% · Other 1.7%
• 2008→2024 swing: -1.8pp toward R · 2008: 19.5pp · 2024: 17.7pp
• All cycles: 2024: D+17.7 2020: D+18.7 2016: D+12.8 2012: D+13.3 2008: D+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.80%
• Current HPI: 112.4973
• Rent YoY: ▼ -0.85%
• Metro: Kalamazoo-Portage, MI
• 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

+216.5% since first listed

12 events — show timeline

• 2026-05-07 Listed $220,000 REALCOMP
• 2026-05-07 Listed $220,000 MiRealSource-MiMLS
• 2024-04-10 Rental Removed $790 APPFOLIO
• 2024-01-18 Listed for Rent $790 APPFOLIO
• 2022-02-13 Price Changed $790 RENT.
• 2014-10-17 Listing Removed — SW Michigan MLS
• 2014-09-15 Listing Removed — SW Michigan MLS
• 2014-09-15 Listing Removed — SW Michigan MLS
• 2011-02-18 Listed $59,900 SW Michigan MLS
• 2010-04-15 Sold (Public Records) $65,054 Public Records
• 2008-03-04 Listed $59,000 SW Michigan MLS
• 2005-09-27 Listed $69,500 SW Michigan MLS

Property tax history

+2.7%/yr

Latest (2025): $2,309 · +3.0% YoY. Source: county tax records.