304 Paris Ave SE · Grand Rapids, MI 49503

$865,000

28 bd · 28.0 ba · — sqft · MultiFamily · 47 Days on market

Built 1895 Good condition 0.27 ac 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 +8.7/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +3.2/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Unique opportunity in the heart of Heritage Hill. Four unit property sitting on 2 city lots with a first floor owner's unit (currently combined with the 2nd unit) with 2 other rental units for income potential. Historic charm with original woodwork, leaded windows and hardwood floors. Owner's unit has a completely remodeled kitchen. The third unit was updated during the most recent vacancy. Enjoy the inground pool - a rare find in this neighborhood. Oversized garage. Minutes to downtown Grand Rapids, steps from Wealthy and Cherry Street districts for shopping and dining.

Key facts

• Inground pool
• Oversized garage
• 0.27 acre lot

Tags

• FIRST FLOOR OWNER'S UNIT
• COMPLETELY REMODELED KITCHEN
• INGROUND POOL
• OVERSIZED GARAGE

Property features AI

Finance

• Other: Lot dimensions approximately 85 x 140 (about 0.27 acres); Zoned residential
• Financial info: Income noted for some units (example: one unit rent listed as $1,200; another as $850); Property marketed as residential income / multi-family
• HOA & community: Community pool

Exterior

• Parking: 3 parking spaces
• Security: No security details provided
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Natural gas connected; Sewer available
• Home design: Residential income property (multi-family)
• Construction: Wood siding; Composition roof
• Exterior features: Community pool

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Two 2-bedroom units; One 1-bedroom unit
• Flooring: No flooring details provided
• Bathrooms: Unit mix includes 3 bathrooms, 2 bathrooms, and 1 bathroom across units
• Heating & cooling: Hot water heating; Natural gas heating; Steam heating; Window air conditioning units
• Interior features: Full basement; Fireplaces in some units
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/7.0-bath units multifamily listed at $865k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $853/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $865k).
• Recommended offer: $839k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 (+2.8%/yr); 181 active listings in the ZIP; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• At $11,884/mo this rent would consume 221% of the median local household income ($65k/yr) (locally 1891% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k 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 + 2.8% rent growth), your $242k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($839k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y 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 $400k; list at $865k implies a 116% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $839,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.37% ✓
• Cap rate: 11.02%
• Cash-on-cash: 16.90%
• DSCR: 1.75
• GRM: 6.1

CMA / ARV

• ARV (median comp): $486,667
• List price: $865,000
• Delta: 77.74%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.82% rent growth · sell at horizon

5-year hold

• IRR: 7.9%
• Equity multiple: 1.31×
• Total profit: $75,083
• Equity at exit: $128,974

10-year hold

• IRR: 17.0%
• Equity multiple: 2.39×
• Total profit: $337,029
• Equity at exit: $74,789

Cash invested: $242,200 (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 49503

• Rents YoY: 2.8%
• Active inventory: 181
• Price-to-rent: 24.3×

Monthly cashflow live

• Estimated rent: $11,884 medium
• Mortgage (P&I): −$4,536
• Tax est. 1.5%: −$1,081 /mo · $12,975/yr
• Insurance: −$360
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,496
• Net cashflow: $3,411

Break-even live

Break-even rent $7,567

Max offer price $865,000

Occupancy floor 66%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	7	7	$11,884
Total (4 units)			$11,884

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: $216,250
• Closing costs: $25,950
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $865,000 Active 47 DOM
2. 2026-06-17
   days on market $865,000 Active 46 DOM
3. 2026-06-16
   days on market $865,000 Active 45 DOM
4. 2026-06-15
   days on market $865,000 Active 44 DOM
5. 2026-06-14
   days on market $865,000 Active 42 DOM
6. 2026-06-13
   days on market $865,000 Active 41 DOM
7. 2026-06-10
   days on market $865,000 Active 39 DOM
8. 2026-06-09
   days on market $865,000 Active 38 DOM

   Show marketing remark (577 chars)

   Unique opportunity in the heart of Heritage Hill. Four unit property sitting on 2 city lots with a first floor owner's unit (currently combined with the 2nd unit) with 2 other rental units for income potential. Historic charm with original woodwork, leaded windows and hardwood floors. Owner's unit has a completely remodeled kitchen. The third unit was updated during the most recent vacancy. Enjoy the inground pool - a rare find in this neighborhood. Oversized garage. Minutes to downtown Grand Rapids, steps from Wealthy and Cherry Street districts for shopping and dining.

9. 2026-06-09
   price $865,000 Active 37 DOM

   Show marketing remark (577 chars)

   Unique opportunity in the heart of Heritage Hill. Four unit property sitting on 2 city lots with a first floor owner's unit (currently combined with the 2nd unit) with 2 other rental units for income potential. Historic charm with original woodwork, leaded windows and hardwood floors. Owner's unit has a completely remodeled kitchen. The third unit was updated during the most recent vacancy. Enjoy the inground pool - a rare find in this neighborhood. Oversized garage. Minutes to downtown Grand Rapids, steps from Wealthy and Cherry Street districts for shopping and dining.

10. 2026-06-08
    days on market $895,000 Active 37 DOM
11. 2026-06-07
    days on market $895,000 Active 36 DOM
12. 2026-06-05
    days on market $895,000 Active 33 DOM
13. 2026-06-03
    days on market $895,000 Active 32 DOM
14. 2026-06-03
    days on market $895,000 Active 31 DOM
15. 2026-06-01
    days on market $895,000 Active 30 DOM
16. 2026-05-31
    days on market $895,000 Active 29 DOM
17. 2026-05-01
    listed $895,000 Active 577-char remark

    Show marketing remark (577 chars)

    Unique opportunity in the heart of Heritage Hill. Four unit property sitting on 2 city lots with a first floor owner's unit (currently combined with the 2nd unit) with 2 other rental units for income potential. Historic charm with original woodwork, leaded windows and hardwood floors. Owner's unit has a completely remodeled kitchen. The third unit was updated during the most recent vacancy. Enjoy the inground pool - a rare find in this neighborhood. Oversized garage. Minutes to downtown Grand Rapids, steps from Wealthy and Cherry Street districts for shopping and dining.

18. 2026-05-01
    listed $895,000 Active 577-char remark

    Show marketing remark (577 chars)

    Unique opportunity in the heart of Heritage Hill. Four unit property sitting on 2 city lots with a first floor owner's unit (currently combined with the 2nd unit) with 2 other rental units for income potential. Historic charm with original woodwork, leaded windows and hardwood floors. Owner's unit has a completely remodeled kitchen. The third unit was updated during the most recent vacancy. Enjoy the inground pool - a rare find in this neighborhood. Oversized garage. Minutes to downtown Grand Rapids, steps from Wealthy and Cherry Street districts for shopping and dining.

19. 2016-08-19
    soldstatus $400,000

    Show marketing remark (796 chars)

    This Grand Rapids Historic Home in Heritage Hill is a 4 Unit sitting on 2 lots with an in-ground pool and is nicely landscaped. Built in 1895, over 5000 sq ft, with a lovely owner's unit on the 1st floor (2400 sq ft) which is being kept empty to accommodate a possible Owner-Occupant. 2 apartments on the 2nd floor (2100 sq ft total) and 1 apartment on the 3rd floor. Paris Ave is quiet and friendly -- a great place to live. Total income would be $68,700 annually if the Owner's unit is rented. Owner has moved to the 2nd floor and will rent month to month ($1400) until she buys a smaller home. We will have an Open House -- 2 days! On 06/11/16 and 06/12/16 from 2-5pm each day to see first floor and basement only. No showings until 06/11/16 during open house or 06/13/16 and later-whole house

20. 2016-08-19
    soldstatus $400,000 Sold

    Show marketing remark (796 chars)

    This Grand Rapids Historic Home in Heritage Hill is a 4 Unit sitting on 2 lots with an in-ground pool and is nicely landscaped. Built in 1895, over 5000 sq ft, with a lovely owner's unit on the 1st floor (2400 sq ft) which is being kept empty to accommodate a possible Owner-Occupant. 2 apartments on the 2nd floor (2100 sq ft total) and 1 apartment on the 3rd floor. Paris Ave is quiet and friendly -- a great place to live. Total income would be $68,700 annually if the Owner's unit is rented. Owner has moved to the 2nd floor and will rent month to month ($1400) until she buys a smaller home. We will have an Open House -- 2 days! On 06/11/16 and 06/12/16 from 2-5pm each day to see first floor and basement only. No showings until 06/11/16 during open house or 06/13/16 and later-whole house

21. 2016-07-01
    status Pending
22. 2016-06-25
    status Active
23. 2016-06-13
    status Pending
24. 2016-06-05
    listed $549,000 Active
25. 2016-06-04
    listed $549,000

    Show marketing remark (796 chars)

    This Grand Rapids Historic Home in Heritage Hill is a 4 Unit sitting on 2 lots with an in-ground pool and is nicely landscaped. Built in 1895, over 5000 sq ft, with a lovely owner's unit on the 1st floor (2400 sq ft) which is being kept empty to accommodate a possible Owner-Occupant. 2 apartments on the 2nd floor (2100 sq ft total) and 1 apartment on the 3rd floor. Paris Ave is quiet and friendly -- a great place to live. Total income would be $68,700 annually if the Owner's unit is rented. Owner has moved to the 2nd floor and will rent month to month ($1400) until she buys a smaller home. We will have an Open House -- 2 days! On 06/11/16 and 06/12/16 from 2-5pm each day to see first floor and basement only. No showings until 06/11/16 during open house or 06/13/16 and later-whole house

ⓘ 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 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: $142,608
• − Mortgage interest: −$48,453
• − Property taxes: −$12,975
• − Insurance: −$4,325
• − Repairs & maintenance: −$11,409
• − Management: −$11,409
• − Depreciation: −$25,164
• Taxable income: $28,874
• Est. tax owed @ 24.0%: −$6,930
• After-tax cash flow: $33,997/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This multi-family property in Heritage Hill is in good condition with a good rehab level, offering a unique opportunity for investors with a prime location and potential for rental income.

Value-add opportunities

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics
• Both Replace windows — Improves energy efficiency and enhances curb appeal
• Both Upgrade HVAC system — Improves comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Replace windows — Improves energy efficiency and enhances curb appeal ↑
• Both Upgrade HVAC system — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 39,489
• Household income: $64,661
• Rent vs Own: 63.8% rent · 36.2% own
• Severe rent burden: 1891.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 59% Hispanic / Latino 19% Two or more races 14% Black 14% Asian 3%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Iranian 10% Romanian 7% Slovak 2%
• Foreign-born: 11% · Canada, South Korea, China
• Languages at home: 82% English-only · Spanish 15% Chinese 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: ▼ -347.22%
• Current HPI: 312.3878
• Rent YoY: ▲ 2.82%
• 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

+57.6% since first listed

11 events — show timeline

• 2026-06-09 Price Changed $865,000 MiRealSource-MiMLS
• 2026-06-08 Price Changed $865,000 REALCOMP
• 2026-05-01 Listed $895,000 REALCOMP
• 2026-05-01 Listed $895,000 MiRealSource-MiMLS
• 2016-08-19 Sold (MLS) $400,000 SW Michigan MLS
• 2016-08-19 Sold (MLS) $400,000 REALCOMP
• 2016-07-01 Pending — SW Michigan MLS
• 2016-06-25 Relisted — SW Michigan MLS
• 2016-06-13 Pending — SW Michigan MLS
• 2016-06-05 Listed $549,000 SW Michigan MLS
• 2016-06-04 Listed $549,000 REALCOMP