2508 Greenings Ave NE

Grand Rapids, MI 49525

$349,900D

3 bd · 1.0 ba · 1,592 sqft · Built 1976 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,569/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$320
• HOA: −$0
• Vac / Maint / Mgmt: −$539
• Net cashflow: $-126/mo
• Annual: $-1,512/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.54%
• DSCR: 0.93
• 1% rule: 0.73%
• Cash to close: $97,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $-126 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $328k (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $257k (26.6% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $257k (26.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• 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.
• Forest Hills Public Schools (suburban): math 65% / reading 74% proficiency, ranked #11 of 540 in MI (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.2%/yr); 164 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 7y 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 $216k; list at $350k implies a 62% gain — meaningful room to come down on a strong offer.
• Cap rate 5.9% 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.
• This rent runs 33% of the median local income ($94k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.