112 E Clay St · Kalamazoo, MI 49007

$139,900

2 bd · 2.0 ba · 1,412 sqft · SingleFamily public records · 10 Days on market

Built 1905 3,920 sqft lot Est $133k · 5% over

---

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 +23.1/30.0
• DSCR +7.4/10.0
• 1% rule +6.0/10.0
• ARV discount +5.1/15.0
• Schools +4.7/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Completely renovated from top to bottom, this three-bedroom home with one & one-half baths is like brand-new. It has a new roof, new siding, new double pane windows, new all-electric HVAC, new kitchen cabinets, and new stainless-steel appliances. This house won't need any of those expensive repairs for years! This is a must-see house on Kalamazoo's Northside. Set up a showing today! Preference is given to First-Time Homebuyers or those who have not owned a home in the past 3 years. Buyers must be under 80% of the Area Median Income.

Key facts

• 3,920 sq ft lot
• Built 1905
• Listed 10 days

Property features AI

Exterior

• Utilities: Public water; Electric power
• Home design: Traditional style; Single-family residence; Built in 1905
• Construction: Vinyl siding; Composition roof; Built in 1905
• Exterior features: Paved road access; Public water

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Insulated windows; 6 total rooms; Full basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $251 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 8.4% 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; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• At $1,541/mo this rent would consume 47% 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 $967 of loan paydown is wiped out by about $4k 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 22y 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 $7k; list at $140k implies a 1928% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,900

Questions for the listing agent

1. Built in 1905 — 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. 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?
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: 1.10% ✓
• Cap rate: 8.44%
• Cash-on-cash: 7.68%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $132,728
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
410 W Paterson St	0.28mi	3/2.0 (+1)	1,486 (+5%)	1mo	$129,900	$87	73
302 W Frank St	0.46mi	3/1.5 (+1)	1,465 (+4%)	0mo	$176,000	$120	65
1510 N Church St	0.18mi	3/1.5 (+1)	1,274 (-10%)	21mo	$120,000	$94	51
1212 Princeton Ave	0.32mi	3/1.0 (+1)	1,200 (-15%)	6mo	$147,000	$123	46
608 W Ransom St	0.72mi	3/1.0 (+1)	1,464 (+4%)	8mo	$111,900	$76	44
1324 Woodward Ave	0.66mi	3/1.0 (+1)	1,400 (-1%)	18mo	$93,000	$66	44
1111 Woodward Ave	0.72mi	3/1.0 (+1)	1,356 (-4%)	10mo	$137,000	$101	43
1406 N Church St	0.16mi	3/1.0 (+1)	1,200 (-15%)	21mo	$125,000	$104	41
2022 N Westnedge Ave	0.56mi	3/1.5 (+1)	1,200 (-15%)	6mo	$105,000	$88	37
625 Ada St	0.68mi	3/1.0 (+1)	1,202 (-15%)	1mo	$129,000	$107	34
432 W Frank St	0.52mi	3/1.0 (+1)	1,231 (-13%)	16mo	$90,000	$73	32
617 Elizabeth St	0.54mi	3/2.0 (+1)	1,205 (-15%)	20mo	$35,250	$29	29

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: -8.0%
• Equity multiple: 0.71×
• Total profit: $-11,197
• Equity at exit: $20,860

10-year hold

• IRR: -2.9%
• Equity multiple: 0.83×
• Total profit: $-6,551
• Equity at exit: $12,096

Cash invested: $39,172 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,541 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $251

Break-even live

Break-even rent $1,224

Max offer price $139,900

Occupancy floor 79%

Sensitivity live

Price	-10% $347	-5% $299	+0% $251	+5% $202	+10% $154
Rent	-10% $129	-5% $190	+0% $251	+5% $312	+10% $372
Rate	-1.0pp $321	-0.5pp $286	base $251	+0.5pp $214	+1.0pp $178

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
815 N Pitcher St Unit 12 Kalamazoo, MI	2.0	2.0	982	$1,550	$1.58	21d	1	0.41mi
708 Elizabeth St Kalamazoo, MI	3.0	1.5	1128	$1,250	$1.11	14d	1	0.61mi
525 E Ransom St Kalamazoo, MI	1.0–2.0	1.0–2.0	807	$1,625	$2.01	21d	1	0.64mi
310 E Michigan Ave Kalamazoo, MI	2.0	2.0	1100	$1,385	$1.26	21d	1	0.89mi
722 W Kalamazoo Ave Unit 2 Kalamazoo, MI	3.0	1.0	1800	$1,600	$0.89	21d	1	0.90mi
266 E Michigan Ave Unit 402 Kalamazoo, MI	1.0	1.5	900	$1,895	$2.11	21d	1	0.90mi
125 S Kalamazoo Mall Kalamazoo, MI	2.0	2.0	1833	$3,088	$1.68	14d	1	0.96mi
2420 Upper Riverview Dr Kalamazoo, MI	3.0	1.0	925	$1,300	$1.41	21d	1	0.99mi
232 Woodward Ave Unit 5 Kalamazoo, MI	2.0	1.0	1400	$999	$0.71	14d	1	1.03mi
816 W Main St Kalamazoo, MI	3.0	1.0	1005	$1,100	$1.09	21d	1	1.09mi
1403 Sherwood Ave Unit 2 Kalamazoo, MI	2.0	1.0	900	$1,000	$1.11	21d	1	1.17mi
525 S Burdick St Kalamazoo, MI	2.0	2.0	1555	$2,928	$1.88	14d	2	1.27mi
1928 Colgrove Ave Kalamazoo, MI	1.0–3.0	1.0–2.0	912	$1,182	$1.30	14d	13	1.48mi

Listing history 20 events

1. 2026-05-18
   status Pending 544-char remark

   Show marketing remark (544 chars)

   Completely renovated from top to bottom, this three-bedroom home with one & one-half baths is like brand-new. It has a new roof, new siding, new double pane windows, new all-electric HVAC, new kitchen cabinets, and new stainless-steel appliances. This house won't need any of those expensive repairs for years! This is a must-see house on Kalamazoo's Northside. Set up a showing today! Preference is given to First-Time Homebuyers or those who have not owned a home in the past 3 years. Buyers must be under 80% of the Area Median Income.

2. 2026-05-18
   status Pending 544-char remark

   Show marketing remark (544 chars)

   Completely renovated from top to bottom, this three-bedroom home with one & one-half baths is like brand-new. It has a new roof, new siding, new double pane windows, new all-electric HVAC, new kitchen cabinets, and new stainless-steel appliances. This house won't need any of those expensive repairs for years! This is a must-see house on Kalamazoo's Northside. Set up a showing today! Preference is given to First-Time Homebuyers or those who have not owned a home in the past 3 years. Buyers must be under 80% of the Area Median Income.

3. 2026-05-18
   status Pending

   Show marketing remark (544 chars)

   Completely renovated from top to bottom, this three-bedroom home with one & one-half baths is like brand-new. It has a new roof, new siding, new double pane windows, new all-electric HVAC, new kitchen cabinets, and new stainless-steel appliances. This house won't need any of those expensive repairs for years! This is a must-see house on Kalamazoo's Northside. Set up a showing today! Preference is given to First-Time Homebuyers or those who have not owned a home in the past 3 years. Buyers must be under 80% of the Area Median Income.

4. 2026-05-08
   listed $139,900 Active 544-char remark

   Show marketing remark (544 chars)

   Completely renovated from top to bottom, this three-bedroom home with one & one-half baths is like brand-new. It has a new roof, new siding, new double pane windows, new all-electric HVAC, new kitchen cabinets, and new stainless-steel appliances. This house won't need any of those expensive repairs for years! This is a must-see house on Kalamazoo's Northside. Set up a showing today! Preference is given to First-Time Homebuyers or those who have not owned a home in the past 3 years. Buyers must be under 80% of the Area Median Income.

5. 2026-05-08
   listed $139,900 Active 544-char remark

   Show marketing remark (544 chars)

   Completely renovated from top to bottom, this three-bedroom home with one & one-half baths is like brand-new. It has a new roof, new siding, new double pane windows, new all-electric HVAC, new kitchen cabinets, and new stainless-steel appliances. This house won't need any of those expensive repairs for years! This is a must-see house on Kalamazoo's Northside. Set up a showing today! Preference is given to First-Time Homebuyers or those who have not owned a home in the past 3 years. Buyers must be under 80% of the Area Median Income.

6. 2026-05-08
   listed $139,900 Active

   Show marketing remark (544 chars)

   Completely renovated from top to bottom, this three-bedroom home with one & one-half baths is like brand-new. It has a new roof, new siding, new double pane windows, new all-electric HVAC, new kitchen cabinets, and new stainless-steel appliances. This house won't need any of those expensive repairs for years! This is a must-see house on Kalamazoo's Northside. Set up a showing today! Preference is given to First-Time Homebuyers or those who have not owned a home in the past 3 years. Buyers must be under 80% of the Area Median Income.

7. 2015-01-16
   historical
8. 2014-10-17
   historical
9. 2014-10-17
   historical
10. 2008-12-04
    soldstatus $6,900
11. 2008-11-25
    listed $6,900
12. 2008-04-21
    listed $6,900
13. 2008-04-21
    historical
14. 2007-12-10
    listed $17,900
15. 2007-06-05
    listed $19,900
16. 2006-04-13
    soldstatus $24,000
17. 2006-04-13
    soldstatus $24,000
18. 2006-03-22
    listed $29,900
19. 2006-03-22
    listed $29,900
20. 2004-12-05
    listed $67,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥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: $18,494
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$1,479
• − Management: −$1,479
• − Depreciation: −$4,070
• Taxable income: $830
• Est. tax owed @ 24.0%: −$199
• After-tax cash flow: $2,809/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

+108.8% since first listed

20 events — show timeline

• 2026-05-18 Pending — REALCOMP
• 2026-05-18 Pending — MiRealSource-MiMLS
• 2026-05-18 Pending — SW Michigan MLS
• 2026-05-08 Listed $139,900 SW Michigan MLS
• 2026-05-08 Listed $139,900 MiRealSource-MiMLS
• 2026-05-08 Listed $139,900 REALCOMP
• 2015-01-16 Listing Removed — SW Michigan MLS
• 2014-10-17 Listing Removed — SW Michigan MLS
• 2014-10-17 Listing Removed — SW Michigan MLS
• 2008-12-04 Sold (MLS) $6,900 SW Michigan MLS
• 2008-11-25 Listed $6,900 SW Michigan MLS
• 2008-04-21 Listing Removed — SW Michigan MLS
• 2008-04-21 Listed $6,900 SW Michigan MLS
• 2007-12-10 Listed $17,900 SW Michigan MLS
• 2007-06-05 Listed $19,900 SW Michigan MLS
• 2006-04-13 Sold (MLS) $24,000 REALCOMP
• 2006-04-13 Sold (MLS) $24,000 SW Michigan MLS
• 2006-03-22 Listed $29,900 REALCOMP
• 2006-03-22 Listed $29,900 SW Michigan MLS
• 2004-12-05 Listed $67,000 SW Michigan MLS

Property tax history

-41.4%/yr

Latest (2024): $77 · -96.1% YoY. Source: county tax records.