1515 Coit Ave NE · Grand Rapids, MI 49505

$159,900

4 bd · 2.0 ba · 1,263 sqft · SingleFamily public records · 3 Days on market

Built 1900 4,356 sqft lot

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Why this score? — see what drove the B- 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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This well-kept 2-family is located in the heart of the Creston neighborhood on the SW corner of Coit and Matthews Ct. There is parking in the rear off Matthews Ct. The boiler is only 2 yrs. old. Separate electric. Nice side yard wit room for a garden. Rents are low as owner is long term. Great neighborhood. Down: LR, Kit/EA, one bedroom, bath. $500 Upper: LR, Kit/EA, one bedroom, bath. $400

Key facts

• 4,356 sq ft lot
• 4 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $604 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 10.8% vs local median 4.5% in Grand Rapids — 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 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.
• Market conditions: Rents rising fast (+4.5%/yr); 147 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 93% 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 36% 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 $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $45k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 35y 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.

Risks & watch-outs

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

Recommended offer $159,900

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. 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.
5. 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.
6. 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: 1.41% ✓
• Cap rate: 10.82%
• Cash-on-cash: 16.18%
• DSCR: 1.72
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 9.0%
• Equity multiple: 1.36×
• Total profit: $16,187
• Equity at exit: $23,842

10-year hold

• IRR: 19.5%
• Equity multiple: 2.77×
• Total profit: $79,060
• Equity at exit: $13,825

Cash invested: $44,772 (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 49505

• Rents YoY: 4.5%
• Active inventory: 147
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,257 high
• Mortgage (P&I): −$839
• Tax from tax record: −$274 /mo · $3,291/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $604

Break-even live

Break-even rent $1,493

Max offer price $159,900

Occupancy floor 68%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
50 Mathews Ct NE Grand Rapids, MI	3.0	1.5	1100	$1,850	$1.68	44d	1	0.09mi
135 Page St NE Grand Rapids, MI	3.0	2.0	1100	$3,100	$2.82	44d	1	0.23mi
138 Travis St NE Grand Rapids, MI	4.0	2.0	1800	$2,395	$1.33	11d	1	0.24mi
1335 Hamilton Ave NW Unit 2 Grand Rapids, MI	3.0	1.0	1124	$1,395	$1.24	44d	1	0.79mi
523 Crosby St NW Grand Rapids, MI	5.0	2.0	1701	$2,200	$1.29	44d	1	0.83mi
1429 Quarry Ave NW Unit 1 Grand Rapids, MI	3.0	1.5	1200	$1,800	$1.50	44d	1	0.84mi
519 Shirley St NE Grand Rapids, MI	5.0	2.0	1192	$2,045	$1.72	44d	1	0.86mi
1044 Muskegon Ave NW Unit 2 Grand Rapids, MI	3.0	1.0	1100	$1,800	$1.64	44d	1	1.09mi
734 Crosby St NW Unit 1 Grand Rapids, MI	3.0	1.0	1057	$1,800	$1.70	44d	1	1.14mi
700 Broadway Ave NW Unit 1 Grand Rapids, MI	4.0	2.0	1450	$2,795	$1.93	44d	1	1.21mi
1004 Jennette Ave NW Grand Rapids, MI	3.0	1.0	1000	$1,025	$1.02	44d	1	1.34mi
927 Arianna St NW Grand Rapids, MI	4.0	3.0	1500	$3,000	$2.00	44d	1	1.37mi
541 Eastern Ave NE Grand Rapids, MI	4.0	2.0	1600	$2,300	$1.44	44d	1	1.43mi
414 Benson Ave NE Grand Rapids, MI	1.0–3.0	1.0–2.0	1110	$2,673	$2.41	44d	14	1.43mi
1756 Tamarack Ave NW Grand Rapids, MI	3.0	2.0	1700	$2,195	$1.29	44d	1	1.48mi

Listing history 13 events

1. 2024-12-17
   status Pending
2. 2022-06-29
   soldstatus $159,900
3. 2022-06-24
   soldstatus $159,900 Sold 395-char remark

   Show marketing remark (392 chars)

   This well-kept 2-family is located in the heart of the Creston neighborhood on the SW corner of Coit and Matthews Ct. There is parking in the rear off Matthews Ct. The boiler is only 2 yrs. old. Separate electric. Nice side yard wit room for a garden. Rents are low as owner is long term. Great neighborhood. Down: LR, Kit/EA, one bedroom, bath. $500Upper: LR, Kit/EA, one bedroom, bath. $400

4. 2022-06-24
   soldstatus $159,900 392-char remark

   Show marketing remark (392 chars)

   This well-kept 2-family is located in the heart of the Creston neighborhood on the SW corner of Coit and Matthews Ct. There is parking in the rear off Matthews Ct. The boiler is only 2 yrs. old. Separate electric. Nice side yard wit room for a garden. Rents are low as owner is long term. Great neighborhood. Down: LR, Kit/EA, one bedroom, bath. $500Upper: LR, Kit/EA, one bedroom, bath. $400

5. 2022-06-13
   status Pending
6. 2022-06-10
   historical
7. 2022-06-09
   status Pending 395-char remark

   Show marketing remark (395 chars)

   This well-kept 2-family is located in the heart of the Creston neighborhood on the SW corner of Coit and Matthews Ct. There is parking in the rear off Matthews Ct. The boiler is only 2 yrs. old. Separate electric. Nice side yard wit room for a garden. Rents are low as owner is long term. Great neighborhood. Down: LR, Kit/EA, one bedroom, bath. $500 Upper: LR, Kit/EA, one bedroom, bath. $400

8. 2022-06-09
   status Pending

   Show marketing remark (395 chars)

   This well-kept 2-family is located in the heart of the Creston neighborhood on the SW corner of Coit and Matthews Ct. There is parking in the rear off Matthews Ct. The boiler is only 2 yrs. old. Separate electric. Nice side yard wit room for a garden. Rents are low as owner is long term. Great neighborhood. Down: LR, Kit/EA, one bedroom, bath. $500 Upper: LR, Kit/EA, one bedroom, bath. $400

9. 2022-06-03
   listed $159,900 Active

   Show marketing remark (392 chars)

   This well-kept 2-family is located in the heart of the Creston neighborhood on the SW corner of Coit and Matthews Ct. There is parking in the rear off Matthews Ct. The boiler is only 2 yrs. old. Separate electric. Nice side yard wit room for a garden. Rents are low as owner is long term. Great neighborhood. Down: LR, Kit/EA, one bedroom, bath. $500Upper: LR, Kit/EA, one bedroom, bath. $400

10. 2022-06-03
    listed $159,900 Active 395-char remark

    Show marketing remark (392 chars)

    This well-kept 2-family is located in the heart of the Creston neighborhood on the SW corner of Coit and Matthews Ct. There is parking in the rear off Matthews Ct. The boiler is only 2 yrs. old. Separate electric. Nice side yard wit room for a garden. Rents are low as owner is long term. Great neighborhood. Down: LR, Kit/EA, one bedroom, bath. $500Upper: LR, Kit/EA, one bedroom, bath. $400

11. 2022-06-03
    listed $159,900 392-char remark

    Show marketing remark (392 chars)

    This well-kept 2-family is located in the heart of the Creston neighborhood on the SW corner of Coit and Matthews Ct. There is parking in the rear off Matthews Ct. The boiler is only 2 yrs. old. Separate electric. Nice side yard wit room for a garden. Rents are low as owner is long term. Great neighborhood. Down: LR, Kit/EA, one bedroom, bath. $500Upper: LR, Kit/EA, one bedroom, bath. $400

12. 2015-02-12
    historical
13. 1991-05-20
    listed $39,900

ⓘ 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: $3,291 · $274/mo
• Projected year-2 tax: $3,291 · $274/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: $27,084
• − Mortgage interest: −$8,957
• − Property taxes: −$3,291
• − Insurance: −$800
• − Repairs & maintenance: −$2,167
• − Management: −$2,167
• − Depreciation: −$4,652
• Taxable income: $5,051
• Est. tax owed @ 24.0%: −$1,212
• After-tax cash flow: $6,031/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

+300.8% since first listed

13 events — show timeline

• 2024-12-17 Pending — REALCOMP
• 2022-06-29 Sold (Public Records) $159,900 Public Records
• 2022-06-24 Sold (MLS) $159,900 MiRealSource-MiMLS
• 2022-06-24 Sold (MLS) $159,900 SW Michigan MLS
• 2022-06-13 Pending — REALCOMP
• 2022-06-10 Listing Removed — REALCOMP
• 2022-06-09 Pending — SW Michigan MLS
• 2022-06-09 Pending — REALCOMP
• 2022-06-03 Listed $159,900 MiRealSource-MiMLS
• 2022-06-03 Listed $159,900 SW Michigan MLS
• 2022-06-03 Listed $159,900 REALCOMP
• 2015-02-12 Listing Removed — SW Michigan MLS
• 1991-05-20 Listed $39,900 SW Michigan MLS

Property tax history

+8.4%/yr

Latest (2025): $3,291 · +2.7% YoY. Source: county tax records.