641 Gulf St · Adrian, MI 49221

$9,900

1 bd · 1.0 ba · 772 sqft · SingleFamily · 9 Days on market

Built 1900 4,356 sqft lot

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor/builder special! At an unbeatable price, this cute fixer upper nestled in the heart of Adrian is full of potential and awaiting your creativity! After some TLC, this house can be brought back to it's former glory once more. Priced to sell, act fast before it's gone! Sold AS-IS.

Key facts

• 4,356 sq ft lot
• Built 1900
• Listed 9 days

Property features AI

Finance

• Other: Pets allowed; Level, paved lot (approx. 0.1 acre; dimensions 38 x 60); Subdivision: LOWS ADD OF ADRIAN CITY; Cross street: Lowe Ave; Directions: Drive southeast on East Maumee St, turn right onto Gulf St — property is on the left

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Ground-level entry
• Construction: Shingle siding; Slab foundation
• Exterior features: Awnings

Interior

• Kitchen: Built-in gas range
• Bedrooms: Total of 3 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Other interior features; Built-in gas range

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $10k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $10k).
• Cap rate 128.0% vs local median 5.7% in Adrian — 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 69/100 on livability (#342 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime F, commute F.
• Adrian School District (town): math 25% / reading 35% proficiency, ranked #370 of 540 in MI (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 214 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 137 units permitted in Lenawee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $68 of loan paydown is wiped out by about $297 of value loss. Plan a longer hold.
• Lenawee County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $9,900

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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 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: 13.71% ✓
• Cap rate: 128.00%
• Cash-on-cash: 434.67%
• DSCR: 20.34
• GRM: 0.6

CMA / ARV

• ARV (on-the-fly): $74,884
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
825 James St	0.43mi	2/1.0 (+1)	777 (+1%)	17mo	$75,000	$97	60
741 Oak St	0.36mi	1/1.0	725 (-6%)	19mo	$15,000	$21	57
603 S Center St	0.58mi	2/1.0 (+1)	727 (-6%)	2mo	$129,900	$179	57

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 23.50×
• Total profit: $62,367
• Equity at exit: $1,476

10-year hold

• IRR: —
• Equity multiple: 50.33×
• Total profit: $136,737
• Equity at exit: $856

Cash invested: $2,772 (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 49221

• Active inventory: 214
• Price-to-rent: 0.6×

Monthly cashflow live

• Estimated rent: $1,358 medium
• Mortgage (P&I): −$52
• Tax est. 1.5%: −$12 /mo · $148/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $1,004

Break-even live

Break-even rent $87

Max offer price $9,900

Occupancy floor 21%

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: $2,475
• Closing costs: $297
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
413 E Maple Ave Unit 2 Adrian, MI	2.0	1.0	652	$1,200	$1.84	23d	1	0.92mi
413 E Maple Ave Unit 1 Adrian, MI	2.0	1.0	826	$1,500	$1.82	23d	1	0.92mi

Listing history 8 events

1. 2026-06-18
   days on market $9,900 Active 9 DOM
2. 2026-06-17
   days on market $9,900 Active 8 DOM
3. 2026-06-16
   days on market $9,900 Active 7 DOM
4. 2026-06-15
   days on market $9,900 Active 6 DOM
5. 2026-06-13
   days on market $9,900 Active 4 DOM
6. 2026-06-12
   days on market $9,900 Active 3 DOM
7. 2026-06-09
   remarks 287-char remark

   Show marketing remark (287 chars)

   Investor/builder special! At an unbeatable price, this cute fixer upper nestled in the heart of Adrian is full of potential and awaiting your creativity! After some TLC, this house can be brought back to it's former glory once more. Priced to sell, act fast before it's gone! Sold AS-IS.

8. 2026-06-09
   listed $9,900 Active 1 DOM

   Show marketing remark (287 chars)

   Investor/builder special! At an unbeatable price, this cute fixer upper nestled in the heart of Adrian is full of potential and awaiting your creativity! After some TLC, this house can be brought back to it's former glory once more. Priced to sell, act fast before it's gone! Sold AS-IS.

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,291
• − Mortgage interest: −$555
• − Property taxes: −$148
• − Insurance: −$50
• − Repairs & maintenance: −$1,303
• − Management: −$1,303
• − Depreciation: −$288
• Taxable income: $12,644
• Est. tax owed @ 24.0%: −$3,035
• After-tax cash flow: $9,014/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: Adrian School District
• NCES district ID: 2601950
• Math proficiency: 25% ▼ -1.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $41,288
• Composite: 25.33/100
• National rank: #7480
• State rank: #370 of 540 in MI

Livability — Adrian

• Score: 69/100
• State rank: #342
• US rank: #8722

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Adrian, MI
• City population: 41,041
• Population (ZIP): 41,041

Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 14% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 6% Arabic 1%

Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -143.64%
• Current HPI: 237.3796
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

2 events — show timeline

• 2026-06-09 Listed $9,900 MiRealSource-MiMLS
• 2026-06-09 Listed $9,900 REALCOMP

Property tax history

+3.3%/yr

Latest (2025): $719 · -10.3% YoY. Source: county tax records.