978 Division St · Adrian, MI 49221

$99,900

2 bd · 1.0 ba · 819 sqft · SingleFamily · 4 Days on market

Built 1945 10,019 sqft lot Est $79k · 26% over

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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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable Adrian home with flexible appeal for both owner-occupants and investors! This 2 bedroom, 1 bath home offers a practical one-level layout, updated flooring, a vaulted living area, functional kitchen and a newer metal roof. The HVAC was replaced in 2023. Previously rented for $1,125/month, this property also offers income-producing potential for investors. Whether you are looking for a manageable first home, a lower-maintenance alternative to renting, or an addition to your rental portfolio, this property is worth a look. Situated on a 0.23 acre lot and conveniently located near schools, shopping, restaurants and everyday amenities. Schedule your showing today!

Key facts

• Functional kitchen
• One level layout
• Vaulted living area

Tags

• ONE LEVEL LAYOUT
• UPDATED FLOORING
• VAULTED LIVING AREA
• FUNCTIONAL KITCHEN
• NEWER METAL ROOF
• INCOME PRODUCING POTENTIAL

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Parking: Paved parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Shallow crawl space foundation; Built area above grade: 819 (square feet)
• Exterior features: Shed(s); Public maintained road

Interior

• Kitchen: Microwave; Oven; Refrigerator; Range
• Bedrooms: Total of 5 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No cooling
• Interior features: Gas water heater; Microwave; Oven; Refrigerator; Range; Crawl space basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $353 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 10.5% vs local median 5.6% in Adrian — 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 69/100 on livability (#342 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime F, commute F.
• 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: 212 active listings in the ZIP; 2 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 $691 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k 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.
• 19 sale attempts since 11y 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 $78k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,900

Questions for the listing agent

1. Built in 1945 — 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: 1.37% ✓
• Cap rate: 10.54%
• Cash-on-cash: 15.16%
• DSCR: 1.67
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $79,443
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
995 State St	0.06mi	3/1.0 (+1)	811 (-1%)	19mo	$93,000	$115	75
839 Dennis St	0.24mi	2/1.0	938 (+14%)	3mo	$90,000	$96	62
741 Dennis St	0.33mi	2/1.0	721 (-12%)	10mo	$155,500	$216	57
939 State St	0.09mi	3/1.0 (+1)	897 (+10%)	22mo	$110,000	$123	56
825 James St	0.51mi	2/1.0	777 (-5%)	17mo	$75,000	$97	53
603 S Center St	0.58mi	2/1.0	727 (-11%)	2mo	$129,900	$179	52
721 Caton Ave	0.53mi	2/1.0	860 (+5%)	20mo	$49,000	$57	50
511 French St	0.69mi	2/1.0	902 (+10%)	14mo	$65,000	$72	39
741 Oak St	0.58mi	1/1.0 (-1)	725 (-12%)	20mo	$15,000	$21	33

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: 5.8%
• Equity multiple: 1.23×
• Total profit: $6,359
• Equity at exit: $14,895

10-year hold

• IRR: 15.3%
• Equity multiple: 2.24×
• Total profit: $34,688
• Equity at exit: $8,638

Cash invested: $27,972 (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: 212
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,366 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$161 /mo · $1,927/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $353

Break-even live

Break-even rent $919

Max offer price $99,900

Occupancy floor 69%

Sensitivity live

Price	-10% $410	-5% $382	+0% $353	+5% $325	+10% $297
Rent	-10% $245	-5% $299	+0% $353	+5% $407	+10% $461
Rate	-1.0pp $404	-0.5pp $379	base $353	+0.5pp $327	+1.0pp $301

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
413 E Maple Ave Unit 2 Adrian, MI	2.0	1.0	652	$1,200	$1.84	24d	1	1.16mi
413 E Maple Ave Unit 1 Adrian, MI	2.0	1.0	826	$1,500	$1.82	24d	1	1.16mi

Listing history 4 events

1. 2026-06-21
   days on market $99,900 Active Under Contract 4 DOM
2. 2026-06-21
   statusdays on market $99,900 Active Under Contract 3 DOM
3. 2026-06-18
   remarks 678-char remark
4. 2026-06-18
   listed $99,900 Active 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: $1,927 · $161/mo
• Projected year-2 tax: $1,927 · $161/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,397
• − Mortgage interest: −$5,596
• − Property taxes: −$1,927
• − Insurance: −$500
• − Repairs & maintenance: −$1,312
• − Management: −$1,312
• − Depreciation: −$2,906
• Taxable income: $2,844
• Est. tax owed @ 24.0%: −$683
• After-tax cash flow: $3,557/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 — Adrian

• Score: 69/100
• State rank: #342
• US rank: #8722

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Adrian, MI
• City population: 41,041
• 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

+100.2% since first listed

58 events — show timeline

• 2026-06-17 Listed $99,900 REALCOMP
• 2026-06-17 Listed $99,900 MiRealSource-MiMLS
• 2024-10-25 Listing Removed — MiRealSource-MiMLS
• 2024-10-25 Listing Removed — REALCOMP
• 2024-09-27 Price Changed $99,000 MiRealSource-MiMLS
• 2024-09-26 Price Changed $99,000 REALCOMP
• 2024-08-21 Listed $109,000 MiRealSource-MiMLS
• 2024-08-21 Listed $109,000 REALCOMP
• 2023-08-11 Sold (Public Records) $78,000 Public Records
• 2023-08-09 Sold (MLS) $78,000 MiRealSource-MiMLS
• 2023-08-09 Sold (MLS) $78,000 REALCOMP
• 2023-08-03 Pending — REALCOMP
• 2023-08-03 Pending — MiRealSource-MiMLS
• 2023-07-27 Price Changed $94,000 MiRealSource-MiMLS
• 2023-07-27 Price Changed $94,000 REALCOMP
• 2023-06-13 Price Changed $99,000 MiRealSource-MiMLS
• 2023-06-12 Price Changed $99,000 REALCOMP
• 2023-05-23 Price Changed $107,500 MiRealSource-MiMLS
• 2023-05-23 Price Changed $107,500 REALCOMP
• 2023-05-02 Listed $109,900 MiRealSource-MiMLS
• 2023-05-02 Listed $109,900 REALCOMP
• 2023-04-26 Listing Removed — MiRealSource-MiMLS
• 2023-04-25 Listing Removed — REALCOMP
• 2022-11-01 Contingent — REALCOMP
• 2022-11-01 Contingent — MiRealSource-MiMLS
• 2022-10-25 Listed $109,900 MiRealSource-MiMLS
• 2022-10-25 Listed $109,900 REALCOMP
• 2022-04-27 Listing Removed — REALCOMP
• 2022-04-27 Listing Removed — SW Michigan MLS
• 2022-04-27 Listing Removed — MiRealSource-MiMLS
• 2022-04-03 Listed $39,900 SW Michigan MLS
• 2022-04-03 Listed $39,900 MiRealSource-MiMLS
• 2022-04-03 Listed $39,900 REALCOMP
• 2020-03-09 Listing Removed — REALCOMP
• 2020-03-09 Listing Removed — MiRealSource-MiMLS
• 2019-12-13 Price Changed $55,000 MiRealSource-MiMLS
• 2019-12-13 Price Changed $55,000 REALCOMP
• 2019-11-09 Price Changed $49,000 MiRealSource-MiMLS
• 2019-11-08 Price Changed $49,000 REALCOMP
• 2019-10-16 Price Changed $52,500 MiRealSource-MiMLS
• 2019-10-15 Price Changed $52,500 REALCOMP
• 2019-09-05 Relisted — REALCOMP
• 2019-09-05 Relisted — MiRealSource-MiMLS
• 2019-08-26 Pending — REALCOMP
• 2019-08-26 Pending — MiRealSource-MiMLS
• 2019-08-05 Listed $62,500 MiRealSource-MiMLS
• 2019-08-05 Listed $62,500 REALCOMP
• 2016-01-26 Sold (Public Records) $40,000 Public Records
• 2016-01-22 Sold (MLS) $40,000 MiRealSource-MiMLS
• 2016-01-22 Sold (MLS) $40,000 REALCOMP
• 2016-01-13 Pending — MiRealSource-MiMLS
• 2016-01-13 Listing Removed — REALCOMP
• 2016-01-07 Listed — MiRealSource-MiMLS
• 2015-08-20 Listed $44,000 REALCOMP
• 2015-08-13 Listing Removed — MiRealSource-MiMLS
• 2015-08-13 Listing Removed — REALCOMP
• 2015-01-28 Listed $49,900 MiRealSource-MiMLS
• 2015-01-28 Listed $49,900 REALCOMP

Property tax history

+5.2%/yr

Latest (2025): $1,927 · +2.4% YoY. Source: county tax records.