1129 Mills St · Kalamazoo, MI 49001

$99,000

4 bd · 2.0 ba · 1,936 sqft · SingleFamily public records · 98 Days on market

Built 1936 6,534 sqft lot Est $157k · 37% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Wonderful Upper and Lower Duplex offering two separate, Spacious 2 bedroom 1 bath units. Split utilities. Immediate occupancy. Ample off street parking. Directly on municipal bus route. Seller has relocated and is very motivated.

Key facts

• Municipal bus route
• Off street parking
• 6,534 sq ft lot

Tags

• OFF STREET PARKING
• MUNICIPAL BUS ROUTE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $488 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.2% 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 rising fast (+6.4%/yr); 109 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• This rent runs 37% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 18y ago; this cycle's ask has dropped $25k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 4.0% of price; built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.76% ✓
• Cap rate: 12.20%
• Cash-on-cash: 21.10%
• DSCR: 1.94
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $156,816
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1002 Egleston Ave	0.27mi	3/2.0 (-1)	1,978 (+2%)	8mo	$130,000	$66	73
1518 Fair St	0.43mi	4/1.5	1,922 (-1%)	12mo	$200,000	$104	67
1122 Egleston Ave	0.26mi	4/2.5	1,800 (-7%)	9mo	$150,000	$83	66
1109 Hays Park Ave	0.35mi	4/2.0	1,760 (-9%)	7mo	$75,000	$43	63
822 Lake St	0.19mi	5/1.5 (+1)	1,690 (-13%)	12mo	$140,000	$83	52
1414 Portage St	0.29mi	3/2.0 (-1)	1,774 (-8%)	19mo	$70,000	$39	52
920 Hays Park Ave	0.38mi	5/1.0 (+1)	1,753 (-10%)	11mo	$66,000	$38	48
1326 Cameron St	0.32mi	5/2.0 (+1)	2,146 (+11%)	22mo	$145,000	$68	44
827 Reed St	0.43mi	4/2.0	1,694 (-12%)	22mo	$145,000	$86	41
1612 Egleston Ave	0.42mi	3/1.5 (-1)	1,715 (-11%)	20mo	$160,000	$93	38
822 Gibson St	0.71mi	4/2.0	1,806 (-7%)	23mo	$147,000	$81	36
826 Reed St	0.46mi	4/1.0	1,648 (-15%)	20mo	$100,000	$61	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 · 6.41% rent growth · sell at horizon

5-year hold

• IRR: 18.1%
• Equity multiple: 1.77×
• Total profit: $21,362
• Equity at exit: $14,761

10-year hold

• IRR: 29.2%
• Equity multiple: 4.12×
• Total profit: $86,500
• Equity at exit: $8,560

Cash invested: $27,720 (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 49001

• Rents YoY: 6.4%
• Active inventory: 109
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,747 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$332 /mo · $3,988/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $488

Break-even live

Break-even rent $1,130

Max offer price $99,000

Occupancy floor 67%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
807 Central Park Cir Kalamazoo, MI	1.0–3.0	1.0–2.0	1089	$2,345	$2.15	13d	12	1.30mi

Listing history 46 events

1. 2025-12-23
   status Pending 229-char remark

   Show marketing remark (229 chars)

   Wonderful Upper and Lower Duplex offering two separate, Spacious 2 bedroom 1 bath units. Split utilities. Immediate occupancy. Ample off street parking. Directly on municipal bus route. Seller has relocated and is very motivated.

2. 2025-12-23
   status Pending

   Show marketing remark (229 chars)

   Wonderful Upper and Lower Duplex offering two separate, Spacious 2 bedroom 1 bath units. Split utilities. Immediate occupancy. Ample off street parking. Directly on municipal bus route. Seller has relocated and is very motivated.

3. 2025-11-25
   price $99,000 229-char remark

   Show marketing remark (229 chars)

   Wonderful Upper and Lower Duplex offering two separate, Spacious 2 bedroom 1 bath units. Split utilities. Immediate occupancy. Ample off street parking. Directly on municipal bus route. Seller has relocated and is very motivated.

4. 2025-11-24
   price $99,000
5. 2025-11-16
   price $109,000 229-char remark

   Show marketing remark (229 chars)

   Wonderful Upper and Lower Duplex offering two separate, Spacious 2 bedroom 1 bath units. Split utilities. Immediate occupancy. Ample off street parking. Directly on municipal bus route. Seller has relocated and is very motivated.

6. 2025-11-15
   price $109,000
7. 2025-10-30
   price $114,000 229-char remark

   Show marketing remark (229 chars)

   Wonderful Upper and Lower Duplex offering two separate, Spacious 2 bedroom 1 bath units. Split utilities. Immediate occupancy. Ample off street parking. Directly on municipal bus route. Seller has relocated and is very motivated.

8. 2025-10-29
   price $114,000
9. 2025-10-04
   price $119,000 229-char remark

   Show marketing remark (229 chars)

   Wonderful Upper and Lower Duplex offering two separate, Spacious 2 bedroom 1 bath units. Split utilities. Immediate occupancy. Ample off street parking. Directly on municipal bus route. Seller has relocated and is very motivated.

10. 2025-10-03
    price $119,000
11. 2025-09-16
    listed $124,000 Active

    Show marketing remark (229 chars)

    Wonderful Upper and Lower Duplex offering two separate, Spacious 2 bedroom 1 bath units. Split utilities. Immediate occupancy. Ample off street parking. Directly on municipal bus route. Seller has relocated and is very motivated.

12. 2025-09-16
    listed $124,000 Active 229-char remark

    Show marketing remark (229 chars)

    Wonderful Upper and Lower Duplex offering two separate, Spacious 2 bedroom 1 bath units. Split utilities. Immediate occupancy. Ample off street parking. Directly on municipal bus route. Seller has relocated and is very motivated.

13. 2024-10-30
    historical
14. 2024-10-30
    historical
15. 2024-09-06
    price $124,900
16. 2024-09-05
    price $124,900
17. 2024-09-05
    price $124,900
18. 2024-07-25
    listed $135,000 Active
19. 2024-07-25
    listed $135,000 Active
20. 2021-04-30
    historical
21. 2021-04-30
    historical
22. 2021-01-06
    soldstatus $74,900
23. 2020-11-07
    historical
24. 2020-11-07
    status Pending
25. 2020-10-17
    listed $84,900
26. 2020-10-17
    listed $84,900
27. 2020-10-17
    listed $84,900 Active
28. 2017-03-06
    soldstatus $27,500
29. 2017-03-06
    soldstatus $27,500 Sold
30. 2017-01-12
    status Pending
31. 2016-12-16
    listed $29,000 Active
32. 2016-12-16
    listed $29,000
33. 2016-12-15
    historical
34. 2016-07-21
    historical
35. 2016-07-21
    status Pending
36. 2016-06-02
    listed $35,000 Active
37. 2016-05-31
    listed $35,000
38. 2015-07-31
    historical
39. 2015-07-30
    historical
40. 2014-10-22
    listed $35,000
41. 2014-10-22
    listed $35,000
42. 2009-05-11
    soldstatus $20,000
43. 2009-03-11
    listed $19,900
44. 2008-12-16
    historical
45. 2008-01-30
    listed $49,900
46. 2005-10-03
    soldstatus $85,000

ⓘ 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: $3,988 · $332/mo
• Projected year-2 tax: $3,988 · $332/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 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: $20,966
• − Mortgage interest: −$5,546
• − Property taxes: −$3,988
• − Insurance: −$495
• − Repairs & maintenance: −$1,677
• − Management: −$1,677
• − Depreciation: −$2,880
• Taxable income: $4,703
• Est. tax owed @ 24.0%: −$1,129
• After-tax cash flow: $4,721/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): 20,946
• Household income: $56,432
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 1184.0

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 0.59)
• Race & ethnicity: White 58% Black 22% Hispanic / Latino 15% Two or more races 5% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Romanian 6% Iranian 4% Slovak 3%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 11% Arabic 2% Other Indo-European 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: ▼ -264.90%
• Current HPI: 206.9355
• Rent YoY: ▲ 6.41%
• 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

+16.5% since first listed

46 events — show timeline

• 2025-12-23 Pending — MiRealSource-MiMLS
• 2025-12-23 Pending — REALCOMP
• 2025-11-25 Price Changed $99,000 MiRealSource-MiMLS
• 2025-11-24 Price Changed $99,000 REALCOMP
• 2025-11-16 Price Changed $109,000 MiRealSource-MiMLS
• 2025-11-15 Price Changed $109,000 REALCOMP
• 2025-10-30 Price Changed $114,000 MiRealSource-MiMLS
• 2025-10-29 Price Changed $114,000 REALCOMP
• 2025-10-04 Price Changed $119,000 MiRealSource-MiMLS
• 2025-10-03 Price Changed $119,000 REALCOMP
• 2025-09-16 Listed $124,000 REALCOMP
• 2025-09-16 Listed $124,000 MiRealSource-MiMLS
• 2024-10-30 Listing Removed — MiRealSource-MiMLS
• 2024-10-30 Listing Removed — REALCOMP
• 2024-09-06 Price Changed $124,900 MiRealSource-MiMLS
• 2024-09-05 Price Changed $124,900 REALCOMP
• 2024-09-05 Price Changed $124,900 SW Michigan MLS
• 2024-07-25 Listed $135,000 MiRealSource-MiMLS
• 2024-07-25 Listed $135,000 REALCOMP
• 2021-04-30 Listing Removed — MiRealSource-MiMLS
• 2021-04-30 Listing Removed — REALCOMP
• 2021-01-06 Sold (Public Records) $74,900 Public Records
• 2020-11-07 Listing Removed — SW Michigan MLS
• 2020-11-07 Pending — SW Michigan MLS
• 2020-10-17 Listed $84,900 SW Michigan MLS
• 2020-10-17 Listed $84,900 MiRealSource-MiMLS
• 2020-10-17 Listed $84,900 REALCOMP
• 2017-03-06 Sold (MLS) $27,500 SW Michigan MLS
• 2017-03-06 Sold (MLS) $27,500 REALCOMP
• 2017-01-12 Pending — SW Michigan MLS
• 2016-12-16 Listed $29,000 SW Michigan MLS
• 2016-12-16 Listed $29,000 REALCOMP
• 2016-12-15 Listing Removed — REALCOMP
• 2016-07-21 Listing Removed — SW Michigan MLS
• 2016-07-21 Pending — SW Michigan MLS
• 2016-06-02 Listed $35,000 SW Michigan MLS
• 2016-05-31 Listed $35,000 REALCOMP
• 2015-07-31 Listing Removed — SW Michigan MLS
• 2015-07-30 Listing Removed — REALCOMP
• 2014-10-22 Listed $35,000 SW Michigan MLS
• 2014-10-22 Listed $35,000 REALCOMP
• 2009-05-11 Sold (MLS) $20,000 SW Michigan MLS
• 2009-03-11 Listed $19,900 SW Michigan MLS
• 2008-12-16 Listing Removed — SW Michigan MLS
• 2008-01-30 Listed $49,900 SW Michigan MLS
• 2005-10-03 Sold (Public Records) $85,000 Public Records

Property tax history

+10.5%/yr

Latest (2025): $3,988 · +25.0% YoY. Source: county tax records.