228 South St #230 · Spring Lake, MI 49456

$380,000

5 bd · 2.0 ba · 1,640 sqft · MultiFamily · 4 Days on market

Built 1961 0.31 ac lot

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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 +20.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• Schools +6.4/10.0
• 1% rule +5.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Charming walkout duplex on a spacious lot in the Village of Spring Lake. Unit 228: 3 bedrooms, 1 full bath - fully and beautifully remodeled with a 7-8 year old furnace and 2-year-old water heater. Unit 230: 2 bedrooms, 1 full bath - solid condition with a brand new furnace (6 months old) and newer water heater. Both units feature their own full bathroom. Enjoy two oversized sheds in the backyard for tenant storage. Great location - walking distance to elementary school and churches, and just a minute drive to downtown Spring Lake. Perfect for owner-occupants or investors!

Key facts

• Fully remodeled
• Oversized sheds
• Spacious lot

Tags

• WALKOUT DUPLEX
• SPACIOUS LOT
• FULLY REMODELED
• OVERSIZED SHEDS
• MINUTE DRIVE TO DOWNTOWN

Property features AI

Exterior

• Utilities: Public water; Natural gas available and connected; Electricity available; Cable connected; Natural gas water heater
• Home design: Ranch-style single family home; Built in 1961; Paved road access
• Construction: Vinyl siding; Composition roof; Full basement
• Exterior features: Sidewalk; Shed(s)

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Interior features: Fireplace; Total of 2 rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $380k.

Deal economics

• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $380k).
• Cap rate 7.8% vs local median 1.7% in Spring Lake — 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 79/100 on livability (#87 in MI, #2,003 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F.
• Spring Lake Public Schools (suburban): math 72% / reading 77% proficiency, ranked #9 of 540 in MI (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 214 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,237 units permitted in Ottawa County in 2024 (443 in 5+ unit buildings).
• At $3,923/mo this rent would consume 51% of the median local household income ($93k/yr) (locally 354% 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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Ottawa County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 19y 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 $195k; list at $380k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $380,000

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.34%
• DSCR: 1.24
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.9%
• Equity multiple: 0.67×
• Total profit: $-34,890
• Equity at exit: $56,659

10-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $4,240
• Equity at exit: $32,855

Cash invested: $106,400 (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 49456

• Active inventory: 214
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $3,923 medium
• Mortgage (P&I): −$1,993
• Tax est. 1.5%: −$475 /mo · $5,700/yr
• Insurance: −$158
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$824
• Net cashflow: $418

Break-even live

Break-even rent $3,394

Max offer price $380,000

Occupancy floor 84%

Sensitivity live

Price	-10% $680	-5% $549	+0% $418	+5% $286	+10% $155
Rent	-10% $108	-5% $263	+0% $418	+5% $572	+10% $727
Rate	-1.0pp $609	-0.5pp $514	base $418	+0.5pp $319	+1.0pp $219

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,090
1× unit	2	1	$1,833
Total (2 units)			$3,923

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: $95,000
• Closing costs: $11,400
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17543 Beechwood Ln Spring Lake, MI	5.0	3.0	2150	$2,895	$1.35	19d	1	1.21mi
17545 Beechwood Ln Spring Lake, MI	5.0	3.0	2150	$2,495	$1.16	15d	1	1.21mi
17557 Beechwood Ln Spring Lake, MI	5.0	3.0	2150	$2,695	$1.25	4d	1	1.21mi

Listing history 3 events

1. 2026-06-07
   statusdays on market $380,000 Pending 4 DOM
2. 2026-06-03
   remarks 580-char remark
3. 2026-06-03
   listed $380,000 Active 1 DOM

ⓘ 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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,076
• − Mortgage interest: −$21,286
• − Property taxes: −$5,700
• − Insurance: −$2,566
• − Repairs & maintenance: −$3,766
• − Management: −$3,766
• − Depreciation: −$11,055
• Taxable loss: −$1,063
• Est. tax savings @ 24.0%: +$255
• After-tax cash flow: $5,266/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: Spring Lake Public Schools
• NCES district ID: 2632550
• Math proficiency: 72% ▼ -5.00%
• Reading proficiency: 77% ▼ -3.00%
• Median HH income: $60,951
• Composite: 64.13/100
• National rank: #572
• State rank: #9 of 540 in MI

Livability — Spring Lake

• Score: 79/100
• State rank: #87
• US rank: #2003

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spring Lake, MI
• County: Ottawa County · 144,142 people
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 19,931
• Household income: $92,672
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 354.0

Population outlook (Ottawa County) Hauer SSP2

• Today (2025): 313,561 people
• By 2030: 330,027 · +5.3%
• By 2040: 361,118 · +15.2%
• By 2050: 388,414 · +23.9%
• By 2075: 452,175 · +44.2%
• By 2100: 473,041 · +50.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Iranian 17% Romanian 8% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Ottawa

• 2024 margin: Strong R (+20.4) · D 39.0% · R 59.5% · Other 1.5%
• 2008→2024 swing: +3.4pp toward D · 2008: -23.9pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+21.5 2016: R+30.4 2012: R+34.2 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -381.34%
• Current HPI: 391.2983
• Rent YoY: —
• Metro: Grand Rapids-Kentwood, 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

+230.7% since first listed

15 events — show timeline

• 2026-06-02 Listed $380,000 MiRealSource-MiMLS
• 2026-06-02 Listed $380,000 SW Michigan MLS
• 2026-06-02 Listed $380,000 MiRealSource-MiMLS
• 2026-06-02 Listed $380,000 REALCOMP
• 2026-06-02 Listed $380,000 REALCOMP
• 2022-03-30 Sold (MLS) $195,000 MiRealSource-MiMLS
• 2022-03-30 Sold (MLS) $195,000 SW Michigan MLS
• 2022-03-30 Sold (MLS) $195,000 REALCOMP
• 2021-04-22 Listing Removed — SW Michigan MLS
• 2021-04-22 Listing Removed — REALCOMP
• 2021-04-21 Listed $199,900 SW Michigan MLS
• 2021-04-21 Listed $199,900 REALCOMP
• 2021-04-20 Listed $199,900 MiRealSource-MiMLS
• 2007-08-30 Sold (MLS) $99,425 SW Michigan MLS
• 2007-05-22 Listed $114,900 SW Michigan MLS