22 Ann St NW · Grand Rapids, MI 49505

$239,900

3 bd · 1.5 ba · 1,254 sqft · SingleFamily public records · 19 Days on market

Built 1890 3,311 sqft lot $191/sqft · 10% below area Est $267k · 10% under

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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).

• ARV discount +12.0/15.0
• Cash flow +11.1/30.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• 1% rule +3.5/10.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 22 Ann St NW! This 3 bed 1.5 bath home has been updated over the years and is move in ready! Offering immediate possession this home is a must see! The main level features a spacious living area, dining space, kitchen, bedroom, half bath, and laundry! The upper level offers two spacious bedrooms and a full bath for comfort and convenience! The property offers a two stall detached garage and a large deck perfect for relaxing in the warm summer months ahead! Conveniently located, you are just minutes from Downtown Grand Rapids, US131 access, and Riverside Park! Schedule your showing today!

Key facts

• Large deck
• Us131 access
• Spacious living area

Tags

• MOVE IN READY
• SPACIOUS LIVING AREA
• LARGE DECK
• US131 ACCESS
• RIVERSIDE PARK

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Electricity available; Natural gas connected
• Home design: Traditional single-family residence; Built in 1890
• Construction: Vinyl siding; Composition roof; Built in 1890
• Exterior features: Sidewalk; Paved road access

Interior

• Kitchen: Dishwasher; Microwave; Oven; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating
• Interior features: 9 total rooms; Michigan-style basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-97 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $223k (7.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (15.4% below list).
• Recommended offer: $203k (15.4% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.5% in Grand Rapids — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 83/100 on livability (#44 in MI, #939 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment C-, crime F.
• Grand Rapids Public Schools (urban): math 15% / reading 29% proficiency, ranked #451 of 540 in MI (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Palmer School (math 5% / reading 15%, grade F, #1,230 of 1,397 statewide, top 91%, 178 students, 85% FRL); Riverside Middle School (math 8% / reading 17%, grade F, #466 of 493 statewide, top 95%, 248 students, 89% FRL); Union High School (math 2% / reading 12%, grade F, #699 of 713 statewide, top 99%, 922 students, 88% FRL).
• Zoned-school proficiency averages 10% at this address vs 22% district-wide (-12 pts) — the specific schools serving this property underperform the Grand Rapids Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.5%/yr); 149 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• This rent runs 33% of the median local income ($75k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 37y 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 $112k; list at $240k implies a 113% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $202,914 (15.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1890 — 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: 0.85% ✗
• Cap rate: 5.81%
• Cash-on-cash: -1.73%
• DSCR: 0.92
• GRM: 9.9

CMA / ARV

• ARV (median comp): $266,849
• List price: $239,900
• Delta: -10.10%
• Verdict: UNDERPRICED
• Comps: 20 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.55% rent growth · sell at horizon

5-year hold

• IRR: -17.4%
• Equity multiple: 0.38×
• Total profit: $-41,776
• Equity at exit: $35,770

10-year hold

• IRR: -6.6%
• Equity multiple: 0.55×
• Total profit: $-30,486
• Equity at exit: $20,742

Cash invested: $67,172 (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 49505

• Rents YoY: 4.5%
• Active inventory: 149
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,029 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$342 /mo · $4,103/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $-97

Break-even live

Break-even rent $2,152

Max offer price $222,782

Occupancy floor 100%

Sensitivity live

Price	-10% $39	-5% $-29	+0% $-97	+5% $-165	+10% $-233
Rent	-10% $-257	-5% $-177	+0% $-97	+5% $-17	+10% $63
Rate	-1.0pp $24	-0.5pp $-36	base $-97	+0.5pp $-159	+1.0pp $-222

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1844 Monroe Ave NW Grand Rapids, MI	2.0	1.0	1000	$2,050	$2.05	45d	1	0.13mi
138 Travis St NE Grand Rapids, MI	4.0	2.0	1800	$2,395	$1.33	13d	1	0.24mi
239 Ann St NE Unit 1 Grand Rapids, MI	2.0	1.0	928	$1,300	$1.40	45d	1	0.35mi
50 Mathews Ct NE Grand Rapids, MI	3.0	1.5	1100	$1,850	$1.68	45d	1	0.38mi
1359 Plainfield Ave NE Grand Rapids, MI	2.0	1.0–2.0	720	$2,325	$3.23	5d	9	0.52mi
135 Page St NE Grand Rapids, MI	3.0	2.0	1100	$3,100	$2.82	45d	1	0.63mi
1429 Quarry Ave NW Unit 1 Grand Rapids, MI	3.0	1.5	1200	$1,800	$1.50	45d	1	0.71mi
1335 Hamilton Ave NW Unit 2 Grand Rapids, MI	3.0	1.0	1124	$1,395	$1.24	45d	1	0.73mi
2317 Coit Ave NE Grand Rapids, MI	2.0	1.0	1087	$1,700	$1.56	45d	1	0.76mi
202 Leonard St NE Grand Rapids, MI	2.0	1.0	950	$1,200	$1.26	45d	1	0.79mi
1001 Monroe Ave NW #202 Grand Rapids, MI	2.0	2.0	1333	$2,645	$1.98	45d	1	1.01mi
734 Crosby St NW Unit 1 Grand Rapids, MI	3.0	1.0	1057	$1,800	$1.70	45d	1	1.04mi
1044 Muskegon Ave NW Unit 2 Grand Rapids, MI	3.0	1.0	1100	$1,800	$1.64	45d	1	1.10mi
1314 Portland Ave NE Grand Rapids, MI	2.0	1.0	908	$1,425	$1.57	45d	1	1.15mi
1756 Tamarack Ave NW Grand Rapids, MI	3.0	2.0	1700	$2,195	$1.29	45d	1	1.17mi
927 Arianna St NW Grand Rapids, MI	4.0	3.0	1500	$3,000	$2.00	45d	1	1.20mi
2449 Hillside Dr NW Grand Rapids, MI	2.0	1.0	900	$1,495	$1.66	16d	1	1.22mi
900 Leonard St NW Grand Rapids, MI	2.0	1.0–2.0	720	$2,850	$3.96	4d	10	1.28mi
733 Livingston Ave NE Grand Rapids, MI	2.0	1.0	900	$1,245	$1.38	45d	1	1.31mi
1004 Jennette Ave NW Grand Rapids, MI	3.0	1.0	1000	$1,025	$1.02	45d	1	1.32mi
700 Broadway Ave NW Unit 1 Grand Rapids, MI	4.0	2.0	1450	$2,795	$1.93	45d	1	1.39mi
1046 Courtney St NW Unit 2 Grand Rapids, MI	2.0	1.0	895	$2,497	$2.79	45d	1	1.40mi
1019 Widdicomb Ave NW Unit 2 Grand Rapids, MI	2.0	1.0	1000	$1,575	$1.57	45d	1	1.42mi
601 Bond Ave NW Grand Rapids, MI	1.0–2.0	1.0–2.0	853	$2,565	$3.01	45d	10	1.46mi
873 McCarty St NW Grand Rapids, MI	3.0	2.0	1492	$2,100	$1.41	4d	1	1.49mi

Listing history 8 events

1. 2026-06-01
   statusdays on market $239,900 Pending 19 DOM

   Show marketing remark (605 chars)

   Welcome to 22 Ann St NW! This 3 bed 1.5 bath home has been updated over the years and is move in ready! Offering immediate possession this home is a must see! The main level features a spacious living area, dining space, kitchen, bedroom, half bath, and laundry! The upper level offers two spacious bedrooms and a full bath for comfort and convenience! The property offers a two stall detached garage and a large deck perfect for relaxing in the warm summer months ahead! Conveniently located, you are just minutes from Downtown Grand Rapids, US131 access, and Riverside Park! Schedule your showing today!

2. 2026-05-31
   days on market $239,900 Active 18 DOM
3. 2026-05-13
   listed $249,900 Active 605-char remark

   Show marketing remark (605 chars)

   Welcome to 22 Ann St NW! This 3 bed 1.5 bath home has been updated over the years and is move in ready! Offering immediate possession this home is a must see! The main level features a spacious living area, dining space, kitchen, bedroom, half bath, and laundry! The upper level offers two spacious bedrooms and a full bath for comfort and convenience! The property offers a two stall detached garage and a large deck perfect for relaxing in the warm summer months ahead! Conveniently located, you are just minutes from Downtown Grand Rapids, US131 access, and Riverside Park! Schedule your showing today!

4. 2026-05-13
   listed $249,900 Active 605-char remark

   Show marketing remark (605 chars)

   Welcome to 22 Ann St NW! This 3 bed 1.5 bath home has been updated over the years and is move in ready! Offering immediate possession this home is a must see! The main level features a spacious living area, dining space, kitchen, bedroom, half bath, and laundry! The upper level offers two spacious bedrooms and a full bath for comfort and convenience! The property offers a two stall detached garage and a large deck perfect for relaxing in the warm summer months ahead! Conveniently located, you are just minutes from Downtown Grand Rapids, US131 access, and Riverside Park! Schedule your showing today!

5. 2026-05-13
   listed $249,900 Active

   Show marketing remark (605 chars)

   Welcome to 22 Ann St NW! This 3 bed 1.5 bath home has been updated over the years and is move in ready! Offering immediate possession this home is a must see! The main level features a spacious living area, dining space, kitchen, bedroom, half bath, and laundry! The upper level offers two spacious bedrooms and a full bath for comfort and convenience! The property offers a two stall detached garage and a large deck perfect for relaxing in the warm summer months ahead! Conveniently located, you are just minutes from Downtown Grand Rapids, US131 access, and Riverside Park! Schedule your showing today!

6. 2021-09-01
   soldstatus $112,500
7. 1989-01-19
   listed $29,900
8. 1989-01-19
   listed $29,900

ⓘ 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: $4,103 · $342/mo
• Projected year-2 tax: $4,103 · $342/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 2/10 Low 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,350
• − Mortgage interest: −$13,438
• − Property taxes: −$4,103
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,948
• − Management: −$1,948
• − Depreciation: −$6,979
• Taxable loss: −$5,266
• Est. tax savings @ 24.0%: +$1,264
• After-tax cash flow: $101/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: Grand Rapids Public Schools
• NCES district ID: 2616440
• Math proficiency: 15% ▼ -5.00%
• Reading proficiency: 29% ▼ -1.00%
• Median HH income: $40,612
• Composite: 18.62/100
• National rank: #8899
• State rank: #451 of 540 in MI

Livability — Grand Rapids

• Score: 83/100
• State rank: #44
• US rank: #939

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grand Rapids, MI
• County: Kent County · 533,805 people
• City population: 181,325
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 32,426
• Household income: $74,906
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 1330.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 712,484 people
• By 2030: 748,618 · +5.1%
• By 2040: 814,777 · +14.4%
• By 2050: 868,556 · +21.9%
• By 2075: 966,487 · +35.7%
• By 2100: 967,975 · +35.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 14% Two or more races 11% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Iranian 12% Romanian 8% Italian 3%
• Foreign-born: 6% · Canada, China, Vietnam
• Languages at home: 92% English-only · Spanish 3% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Kent

• 2024 margin: Lean D (+5.4) · D 51.8% · R 46.5% · Other 1.7%
• 2008→2024 swing: +4.8pp toward D · 2008: 0.5pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+6.1 2016: R+3.1 2012: R+7.9 2008: D+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -324.57%
• Current HPI: 306.797
• Rent YoY: ▲ 4.55%
• 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

+702.3% since first listed

12 events — show timeline

• 2026-06-01 Pending — REALCOMP
• 2026-06-01 Pending — MiRealSource-MiMLS
• 2026-06-01 Pending — SW Michigan MLS
• 2026-05-29 Price Changed $239,900 MiRealSource-MiMLS
• 2026-05-29 Price Changed $239,900 REALCOMP
• 2026-05-29 Price Changed $239,900 SW Michigan MLS
• 2026-05-13 Listed $249,900 SW Michigan MLS
• 2026-05-13 Listed $249,900 MiRealSource-MiMLS
• 2026-05-13 Listed $249,900 REALCOMP
• 2021-09-01 Sold (Public Records) $112,500 Public Records
• 1989-01-19 Listed $29,900 REALCOMP
• 1989-01-19 Listed $29,900 SW Michigan MLS

Property tax history

+9.8%/yr

Latest (2025): $4,103 · +2.7% YoY. Source: county tax records.