1115 Woodward Ave · Kalamazoo, MI 49007

$120,900

3 bd · 1.0 ba · 1,144 sqft · SingleFamily public records · 91 Days on market

Built 1925 4,792 sqft lot Est $108k · 12% 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 +25.1/30.0
• DSCR +8.2/10.0
• 1% rule +6.3/10.0
• Schools +4.7/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• ARV discount +1.9/15.0
• Appreciation +0.0/10.0

Key facts

• 4,792 sq ft lot
• Built 1925
• Listed 91 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $121k.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $121k).
• Recommended offer: $110k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 4.2% 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; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• This rent runs 42% of the median local income ($39k/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 $836 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

• It's been on market 91 days — a 9% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 14 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 $35k; list at $121k implies a 245% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,019 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.13% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.42%
• DSCR: 1.42
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $107,536
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1115 Woodward Ave	0.00mi	3/1.0	1,144 (0%)	1mo	$103,000	$90	99
721 Elizabeth St	0.11mi	4/1.0 (+1)	1,126 (-2%)	8mo	$126,900	$113	81
716 Elizabeth St	0.11mi	4/1.5 (+1)	1,170 (+2%)	5mo	$65,000	$56	80
625 Ada St	0.32mi	3/1.0	1,202 (+5%)	1mo	$129,000	$107	76
805 Hawley St	0.24mi	3/1.0	1,224 (+7%)	5mo	$115,000	$94	73
1212 Princeton Ave	0.41mi	3/1.0	1,200 (+5%)	6mo	$147,000	$123	68
534 Lulu St	0.37mi	4/1.0 (+1)	1,224 (+7%)	3mo	$55,000	$45	64
1809 Douglas Ave Ave	0.61mi	3/1.0	1,091 (-5%)	8mo	$100,000	$92	58
1530 N Park St	0.56mi	3/1.0	1,018 (-11%)	0mo	$110,500	$109	55
610 Bosker Ave	0.33mi	2/1.0 (-1)	1,000 (-13%)	6mo	$37,000	$37	54
2022 N Westnedge Ave	0.73mi	3/1.5	1,200 (+5%)	6mo	$105,000	$88	51
421 Hilbert St	0.74mi	3/2.0	1,241 (+8%)	1mo	$200,000	$161	46

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: -5.5%
• Equity multiple: 0.80×
• Total profit: $-6,664
• Equity at exit: $18,027

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $527
• Equity at exit: $10,453

Cash invested: $33,852 (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: 7.4×

Monthly cashflow live

• Estimated rent: $1,369 high
• Mortgage (P&I): −$634
• Tax from tax record: −$131 /mo · $1,577/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $266

Break-even live

Break-even rent $1,033

Max offer price $120,900

Occupancy floor 76%

Sensitivity live

Price	-10% $334	-5% $300	+0% $266	+5% $232	+10% $197
Rent	-10% $158	-5% $212	+0% $266	+5% $320	+10% $374
Rate	-1.0pp $327	-0.5pp $297	base $266	+0.5pp $235	+1.0pp $203

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: $30,225
• Closing costs: $3,627
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
708 Elizabeth St Kalamazoo, MI	3.0	1.5	1128	$1,250	$1.11	14d	1	0.10mi
232 Woodward Ave Unit 5 Kalamazoo, MI	2.0	1.0	1400	$999	$0.71	14d	1	0.60mi
838 W Main St Kalamazoo, MI	4.0	1.0	1470	$1,300	$0.88	22d	1	0.69mi
816 W Main St Kalamazoo, MI	3.0	1.0	1005	$1,100	$1.09	22d	1	0.70mi
815 N Pitcher St Unit 12 Kalamazoo, MI	2.0	2.0	982	$1,550	$1.58	22d	1	0.86mi
525 E Ransom St Kalamazoo, MI	1.0–2.0	1.0–2.0	807	$1,625	$2.01	22d	1	1.06mi
310 E Michigan Ave Kalamazoo, MI	2.0	2.0	1100	$1,385	$1.26	22d	1	1.06mi
136 S Berkley St Kalamazoo, MI	2.0	1.0	840	$1,195	$1.42	22d	1	1.08mi
807 Central Park Cir Kalamazoo, MI	1.0–3.0	1.0–2.0	1089	$2,345	$2.15	14d	12	1.27mi
620 Minor Ave Unit 3 Kalamazoo, MI	2.0	1.0	800	$1,075	$1.34	14d	1	1.39mi
515 Minor Ave Unit 2 Kalamazoo, MI	2.0	1.0	800	$1,125	$1.41	14d	1	1.43mi
3205 Douglas Ave Kalamazoo, MI	2.0–3.0	1.0–2.0	912	$1,379	$1.51	14d	1	1.49mi

Listing history 32 events

1. 2026-04-14
   status Pending
2. 2026-04-14
   status Pending
3. 2026-04-14
   status Pending
4. 2026-04-01
   price $120,900
5. 2026-03-31
   price $120,900
6. 2026-03-31
   price $120,900
7. 2026-01-13
   listed $121,900 Active
8. 2026-01-12
   listed $121,900 Active
9. 2026-01-12
   listed $121,900 Active
10. 2024-12-01
    historical
11. 2024-11-30
    historical
12. 2024-03-08
    listed $121,900 Active
13. 2024-03-08
    listed $121,900 Active
14. 2018-05-29
    soldstatus $35,000
15. 2018-05-29
    soldstatus $35,000 Sold
16. 2018-05-10
    status Pending
17. 2018-05-07
    listed $35,000
18. 2018-05-07
    listed $35,000 Active
19. 2018-05-07
    listed $35,000
20. 2015-08-24
    soldstatus $20,000
21. 2015-07-24
    soldstatus $20,000
22. 2015-07-24
    soldstatus $20,000
23. 2014-11-09
    listed $29,953
24. 2014-11-09
    listed $29,953
25. 2014-09-15
    historical
26. 2008-11-07
    soldstatus $25,000
27. 2008-11-07
    soldstatus $25,000
28. 2008-03-25
    listed $22,900
29. 2008-03-25
    listed $22,900
30. 2008-03-25
    historical
31. 2007-05-08
    listed $22,900
32. 2007-05-08
    listed $22,900

ⓘ 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: $1,577 · $131/mo
• Projected year-2 tax: $1,719 · $143/mo
• Expected delta: +$143/yr (+$12/mo · 9.0%)

ⓘ 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: $16,429
• − Mortgage interest: −$6,772
• − Property taxes: −$1,577
• − Insurance: −$604
• − Repairs & maintenance: −$1,314
• − Management: −$1,314
• − Depreciation: −$3,517
• Taxable income: $1,330
• Est. tax owed @ 24.0%: −$319
• After-tax cash flow: $2,871/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

+427.9% since first listed

32 events — show timeline

• 2026-04-14 Pending — REALCOMP
• 2026-04-14 Pending — MiRealSource-MiMLS
• 2026-04-14 Pending — SW Michigan MLS
• 2026-04-01 Price Changed $120,900 MiRealSource-MiMLS
• 2026-03-31 Price Changed $120,900 REALCOMP
• 2026-03-31 Price Changed $120,900 SW Michigan MLS
• 2026-01-13 Listed $121,900 REALCOMP
• 2026-01-12 Listed $121,900 SW Michigan MLS
• 2026-01-12 Listed $121,900 MiRealSource-MiMLS
• 2024-12-01 Listing Removed — MiRealSource-MiMLS
• 2024-11-30 Listing Removed — REALCOMP
• 2024-03-08 Listed $121,900 MiRealSource-MiMLS
• 2024-03-08 Listed $121,900 REALCOMP
• 2018-05-29 Sold (MLS) $35,000 SW Michigan MLS
• 2018-05-29 Sold (MLS) $35,000 REALCOMP
• 2018-05-10 Pending — SW Michigan MLS
• 2018-05-07 Listed $35,000 MiRealSource-MiMLS
• 2018-05-07 Listed $35,000 SW Michigan MLS
• 2018-05-07 Listed $35,000 REALCOMP
• 2015-08-24 Sold (Public Records) $20,000 Public Records
• 2015-07-24 Sold (MLS) $20,000 SW Michigan MLS
• 2015-07-24 Sold (MLS) $20,000 REALCOMP
• 2014-11-09 Listed $29,953 SW Michigan MLS
• 2014-11-09 Listed $29,953 REALCOMP
• 2014-09-15 Listing Removed — SW Michigan MLS
• 2008-11-07 Sold (MLS) $25,000 REALCOMP
• 2008-11-07 Sold (MLS) $25,000 SW Michigan MLS
• 2008-03-25 Listing Removed — REALCOMP
• 2008-03-25 Listed $22,900 REALCOMP
• 2008-03-25 Listed $22,900 SW Michigan MLS
• 2007-05-08 Listed $22,900 REALCOMP
• 2007-05-08 Listed $22,900 SW Michigan MLS

Property tax history

+3.7%/yr

Latest (2025): $1,577 · -1.8% YoY. Source: county tax records.