306 Summer St. St · Adrian, MI 49221

$134,900

4 bd · 1.5 ba · 1,080 sqft · SingleFamily · 371 Days on market

Built 1890 6,534 sqft lot Est $161k · 16% under ↓ 16% since listing

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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 +23.9/30.0
• ARV discount +14.8/15.0
• DSCR +7.7/10.0
• 1% rule +6.4/10.0
• 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

Charming City Corner Lot with Great Potential. This solidly built home is bursting with potential for the right buyer! Situated on a spacious corner lot in a convenient city location, this property features durable vinyl siding, a detached garage, and "good bones" that offer a strong foundation for your personal touch. Inside you'll find a home that's ready for transformation. While it could benefit from some repairs, cleaning, and decluttering, it offers a great opportunity to build equity and customize the space to your taste. A new roof is needed, but with the right vision this home could truly shine. Whether you're an investor, flipper, or a buyer looking for a starter home.

Key facts

• Durable vinyl siding
• Strong foundation
• Detached garage

Tags

• DETACHED GARAGE
• DURABLE VINYL SIDING
• STRONG FOUNDATION

Property features AI

Finance

• Financial info: Annual property tax listed (amount not included per instructions)
• HOA & community: Homeowners association present

Exterior

• Parking: Detached 1-car garage; Additional garage structures on property
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding; Block foundation; Built area above grade: 1,080 (units in square feet)
• Exterior features: Front porch; Public maintained road; Lot roughly 86 x 75 (about 0.15 acres)

Interior

• Bedrooms: Total of 8 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Electric fireplace; Block basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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; 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 $933 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 371 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $25k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 371 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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: 1.14% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.35%
• DSCR: 1.37
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $160,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
218 Greenly St	0.18mi	3/1.0 (-1)	1,080 (0%)	1mo	$163,000	$151	84
631 St Joseph St	0.24mi	3/1.0 (-1)	1,100 (+2%)	9mo	$135,000	$123	71
547 Riverside Ave	0.52mi	4/1.0	1,090 (+1%)	3mo	$145,500	$133	70
905 Sheffield Ave St	0.55mi	4/1.0	1,102 (+2%)	0mo	$166,500	$151	69
559 Northwestern Dr	0.33mi	3/1.0 (-1)	1,008 (-7%)	3mo	$130,000	$129	64
703 Company St	0.21mi	3/1.0 (-1)	1,189 (+10%)	3mo	$165,000	$139	64
565 Riverside Ave	0.54mi	4/3.0	1,131 (+5%)	0mo	$168,500	$149	61
528 Stockford Dr	0.32mi	3/1.0 (-1)	988 (-8%)	8mo	$170,000	$172	57
371 Riverside Ave	0.46mi	3/1.0 (-1)	988 (-8%)	3mo	$160,000	$162	55
453 Riverside Ave	0.49mi	3/1.0 (-1)	1,161 (+8%)	4mo	$150,000	$129	55
155 S Scott St	0.67mi	3/1.5 (-1)	988 (-8%)	3mo	$160,000	$162	47
308 Toledo St	0.64mi	3/1.0 (-1)	1,242 (+15%)	6mo	$39,900	$32	33

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: -3.6%
• Equity multiple: 0.87×
• Total profit: $-5,089
• Equity at exit: $20,114

10-year hold

• IRR: 6.1%
• Equity multiple: 1.46×
• Total profit: $17,269
• Equity at exit: $11,664

Cash invested: $37,772 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,543 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$192 /mo · $2,307/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $263

Break-even live

Break-even rent $1,210

Max offer price $134,900

Occupancy floor 78%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $134,900 Active 371 DOM
2. 2026-06-17
   days on market $134,900 Active 370 DOM
3. 2026-06-16
   days on market $134,900 Active 369 DOM
4. 2026-06-15
   days on market $134,900 Active 368 DOM
5. 2026-06-13
   days on market $134,900 Active 366 DOM
6. 2026-06-12
   days on market $134,900 Active 365 DOM
7. 2026-06-09
   days on market $134,900 Active 362 DOM
8. 2026-06-08
   days on market $134,900 Active 361 DOM
9. 2026-06-07
   days on market $134,900 Active 360 DOM
10. 2026-06-07
    days on market $134,900 Active 359 DOM
11. 2026-06-04
    days on market $134,900 Active 356 DOM
12. 2026-06-02
    days on market $134,900 Active 355 DOM
13. 2026-06-01
    days on market $134,900 Active 354 DOM
14. 2026-05-31
    days on market $134,900 Active 353 DOM
15. 2026-05-31
    days on market $134,900 Active 352 DOM
16. 2026-01-30
    price $134,900 697-char remark

    Show marketing remark (697 chars)

    Charming City Corner Lot with Great Potential. This solidly built home is bursting with potential for the right buyer! Situated on a spacious corner lot in a convenient city location, this property features durable vinyl siding, a detached garage, and "good bones" that offer a strong foundation for your personal touch. Inside you'll find a home that's ready for transformation. While it could benefit from some repairs, cleaning, and decluttering, it offers a great opportunity to build equity and customize the space to your taste. A new roof is needed, but with the right vision this home could truly shine. Whether you're an investor, flipper, or a buyer looking for a starter home.

17. 2026-01-30
    price $134,900

    Show marketing remark (697 chars)

    Charming City Corner Lot with Great Potential. This solidly built home is bursting with potential for the right buyer! Situated on a spacious corner lot in a convenient city location, this property features durable vinyl siding, a detached garage, and "good bones" that offer a strong foundation for your personal touch. Inside you'll find a home that's ready for transformation. While it could benefit from some repairs, cleaning, and decluttering, it offers a great opportunity to build equity and customize the space to your taste. A new roof is needed, but with the right vision this home could truly shine. Whether you're an investor, flipper, or a buyer looking for a starter home.

18. 2025-12-20
    price $139,900 697-char remark

    Show marketing remark (697 chars)

    Charming City Corner Lot with Great Potential. This solidly built home is bursting with potential for the right buyer! Situated on a spacious corner lot in a convenient city location, this property features durable vinyl siding, a detached garage, and "good bones" that offer a strong foundation for your personal touch. Inside you'll find a home that's ready for transformation. While it could benefit from some repairs, cleaning, and decluttering, it offers a great opportunity to build equity and customize the space to your taste. A new roof is needed, but with the right vision this home could truly shine. Whether you're an investor, flipper, or a buyer looking for a starter home.

19. 2025-12-19
    status Active

    Show marketing remark (697 chars)

    Charming City Corner Lot with Great Potential. This solidly built home is bursting with potential for the right buyer! Situated on a spacious corner lot in a convenient city location, this property features durable vinyl siding, a detached garage, and "good bones" that offer a strong foundation for your personal touch. Inside you'll find a home that's ready for transformation. While it could benefit from some repairs, cleaning, and decluttering, it offers a great opportunity to build equity and customize the space to your taste. A new roof is needed, but with the right vision this home could truly shine. Whether you're an investor, flipper, or a buyer looking for a starter home.

20. 2025-12-19
    price $139,900

    Show marketing remark (697 chars)

    Charming City Corner Lot with Great Potential. This solidly built home is bursting with potential for the right buyer! Situated on a spacious corner lot in a convenient city location, this property features durable vinyl siding, a detached garage, and "good bones" that offer a strong foundation for your personal touch. Inside you'll find a home that's ready for transformation. While it could benefit from some repairs, cleaning, and decluttering, it offers a great opportunity to build equity and customize the space to your taste. A new roof is needed, but with the right vision this home could truly shine. Whether you're an investor, flipper, or a buyer looking for a starter home.

21. 2025-12-19
    status Active 697-char remark

    Show marketing remark (697 chars)

    Charming City Corner Lot with Great Potential. This solidly built home is bursting with potential for the right buyer! Situated on a spacious corner lot in a convenient city location, this property features durable vinyl siding, a detached garage, and "good bones" that offer a strong foundation for your personal touch. Inside you'll find a home that's ready for transformation. While it could benefit from some repairs, cleaning, and decluttering, it offers a great opportunity to build equity and customize the space to your taste. A new roof is needed, but with the right vision this home could truly shine. Whether you're an investor, flipper, or a buyer looking for a starter home.

22. 2025-12-19
    historical 697-char remark

    Show marketing remark (697 chars)

    Charming City Corner Lot with Great Potential. This solidly built home is bursting with potential for the right buyer! Situated on a spacious corner lot in a convenient city location, this property features durable vinyl siding, a detached garage, and "good bones" that offer a strong foundation for your personal touch. Inside you'll find a home that's ready for transformation. While it could benefit from some repairs, cleaning, and decluttering, it offers a great opportunity to build equity and customize the space to your taste. A new roof is needed, but with the right vision this home could truly shine. Whether you're an investor, flipper, or a buyer looking for a starter home.

23. 2025-12-19
    historical

    Show marketing remark (697 chars)

    Charming City Corner Lot with Great Potential. This solidly built home is bursting with potential for the right buyer! Situated on a spacious corner lot in a convenient city location, this property features durable vinyl siding, a detached garage, and "good bones" that offer a strong foundation for your personal touch. Inside you'll find a home that's ready for transformation. While it could benefit from some repairs, cleaning, and decluttering, it offers a great opportunity to build equity and customize the space to your taste. A new roof is needed, but with the right vision this home could truly shine. Whether you're an investor, flipper, or a buyer looking for a starter home.

24. 2025-12-09
    price $149,900 697-char remark

    Show marketing remark (697 chars)

    Charming City Corner Lot with Great Potential. This solidly built home is bursting with potential for the right buyer! Situated on a spacious corner lot in a convenient city location, this property features durable vinyl siding, a detached garage, and "good bones" that offer a strong foundation for your personal touch. Inside you'll find a home that's ready for transformation. While it could benefit from some repairs, cleaning, and decluttering, it offers a great opportunity to build equity and customize the space to your taste. A new roof is needed, but with the right vision this home could truly shine. Whether you're an investor, flipper, or a buyer looking for a starter home.

25. 2025-12-08
    price $149,900
26. 2025-06-12
    listed $160,000 Active 697-char remark

    Show marketing remark (697 chars)

    Charming City Corner Lot with Great Potential. This solidly built home is bursting with potential for the right buyer! Situated on a spacious corner lot in a convenient city location, this property features durable vinyl siding, a detached garage, and "good bones" that offer a strong foundation for your personal touch. Inside you'll find a home that's ready for transformation. While it could benefit from some repairs, cleaning, and decluttering, it offers a great opportunity to build equity and customize the space to your taste. A new roof is needed, but with the right vision this home could truly shine. Whether you're an investor, flipper, or a buyer looking for a starter home.

27. 2025-06-12
    listed $160,000 Active

    Show marketing remark (697 chars)

    Charming City Corner Lot with Great Potential. This solidly built home is bursting with potential for the right buyer! Situated on a spacious corner lot in a convenient city location, this property features durable vinyl siding, a detached garage, and "good bones" that offer a strong foundation for your personal touch. Inside you'll find a home that's ready for transformation. While it could benefit from some repairs, cleaning, and decluttering, it offers a great opportunity to build equity and customize the space to your taste. A new roof is needed, but with the right vision this home could truly shine. Whether you're an investor, flipper, or a buyer looking for a starter home.

ⓘ 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: $2,307 · $192/mo
• Projected year-2 tax: $2,307 · $192/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 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,510
• − Mortgage interest: −$7,556
• − Property taxes: −$2,307
• − Insurance: −$674
• − Repairs & maintenance: −$1,481
• − Management: −$1,481
• − Depreciation: −$3,924
• Taxable income: $1,086
• Est. tax owed @ 24.0%: −$261
• After-tax cash flow: $2,892/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

-15.7% since first listed

12 events — show timeline

• 2026-01-30 Price Changed $134,900 MiRealSource-MiMLS
• 2026-01-30 Price Changed $134,900 REALCOMP
• 2025-12-20 Price Changed $139,900 MiRealSource-MiMLS
• 2025-12-19 Relisted — REALCOMP
• 2025-12-19 Price Changed $139,900 REALCOMP
• 2025-12-19 Relisted — MiRealSource-MiMLS
• 2025-12-19 Listing Removed — REALCOMP
• 2025-12-19 Listing Removed — MiRealSource-MiMLS
• 2025-12-09 Price Changed $149,900 MiRealSource-MiMLS
• 2025-12-08 Price Changed $149,900 REALCOMP
• 2025-06-12 Listed $160,000 REALCOMP
• 2025-06-12 Listed $160,000 MiRealSource-MiMLS

Property tax history

+6.5%/yr

Latest (2025): $2,307 · -17.6% YoY. Source: county tax records.