230 S State St #84 · Zeeland, MI 49464

$167,900

2 bd · 1.0 ba · 992 sqft · Condo public records · 245 Days on market

Built 1983 $169/sqft · at area comps Est $163k · at est. $255/mo HOA · 15% of rent

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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 +12.7/30.0
• ARV discount +6.0/15.0
• 1% rule +4.8/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• DSCR +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Desirable top story end unit. Recently painted and new carpeting. 55+ community. Walk to town and Zeeland Bowl. Move in ready. Great location. Laundry in building. Lots of storage. Enjoy the good life at Crestwood Village Condominiums!

Key facts

• Lots of storage
• Top story end unit
• Laundry in building

Tags

• TOP STORY END UNIT
• WALK TO TOWN
• LAUNDRY IN BUILDING
• LOTS OF STORAGE
• CRESTWOOD VILLAGE CONDOMINIUMS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $168k.

Deal economics

• At list price, monthly cash flow is $-19 ($-230/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (1.7% below list).
• Recommended offer: $148k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 1.9% in Zeeland — 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 81/100 on livability (#66 in MI, #1,388 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Zeeland Public Schools (suburban): math 47% / reading 64% proficiency, ranked #66 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Lincoln Elementary School (math 52% / reading 57%, grade C, #276 of 1,397 statewide, top 22%, 385 students, 23% FRL); Cityside Middle School (math 38% / reading 62%, grade C, #117 of 493 statewide, top 25%, 736 students, 24% FRL); Zeeland East High School (math 45% / reading 63%, grade C-, #123 of 713 statewide, top 17%, 973 students, 22% FRL) — zoned schools at 23% FRL track the district average.
• Market conditions: 151 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,237 units permitted in Ottawa County in 2024 (443 in 5+ unit buildings).

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.
• Ottawa County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 245 days — a 12% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 31y 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 $52k; list at $168k implies a 223% gain — meaningful room to come down on a strong offer.

Recommended offer $147,752 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 245 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. 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: 0.98% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.49%
• DSCR: 0.98
• GRM: 8.5

CMA / ARV

• ARV (median comp): $162,626
• List price: $167,900
• Delta: 3.24%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -17.0%
• Equity multiple: 0.40×
• Total profit: $-28,302
• Equity at exit: $25,034

10-year hold

• IRR: -8.8%
• Equity multiple: 0.45×
• Total profit: $-25,709
• Equity at exit: $14,517

Cash invested: $47,012 (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 49464

• Active inventory: 151
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,650 medium
• Mortgage (P&I): −$880
• Tax from tax record: −$117 /mo · $1,409/yr
• Insurance: −$70
• HOA: −$255
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $-19

Break-even live

Break-even rent $1,675

Max offer price $164,516

Occupancy floor 96%

Sensitivity live

Price	-10% $76	-5% $28	+0% $-19	+5% $-67	+10% $-114
Rent	-10% $-150	-5% $-84	+0% $-19	+5% $46	+10% $111
Rate	-1.0pp $65	-0.5pp $24	base $-19	+0.5pp $-63	+1.0pp $-107

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: $41,975
• Closing costs: $5,037
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
53 E Main Ave Unit B Zeeland, MI	1.0	1.0	700	$1,395	$1.99	45d	1	0.41mi
422 W Central Ave Zeeland, MI	3.0	1.0	1100	$1,845	$1.68	45d	1	0.51mi
37 W McKinley Ave Zeeland, MI	2.0	1.5	1050	$1,680	$1.60	5d	1	0.59mi
37 W McKinley Ave Zeeland, MI	2.0	1.0	1050	$1,680	$1.60	16d	1	0.59mi

HOA detail condo

• Monthly dues: $255 · $3,060/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-05-20
   historical Keep Showing-Contgcy Appl 235-char remark

   Show marketing remark (235 chars)

   Desirable top story end unit. Recently painted and new carpeting. 55+ community. Walk to town and Zeeland Bowl. Move in ready. Great location. Laundry in building. Lots of storage. Enjoy the good life at Crestwood Village Condominiums!

2. 2026-05-20
   historical Active Under Contract 235-char remark

   Show marketing remark (235 chars)

   Desirable top story end unit. Recently painted and new carpeting. 55+ community. Walk to town and Zeeland Bowl. Move in ready. Great location. Laundry in building. Lots of storage. Enjoy the good life at Crestwood Village Condominiums!

3. 2026-05-20
   historical Active - Contingent

   Show marketing remark (235 chars)

   Desirable top story end unit. Recently painted and new carpeting. 55+ community. Walk to town and Zeeland Bowl. Move in ready. Great location. Laundry in building. Lots of storage. Enjoy the good life at Crestwood Village Condominiums!

4. 2026-03-12
   price $167,900 235-char remark

   Show marketing remark (235 chars)

   Desirable top story end unit. Recently painted and new carpeting. 55+ community. Walk to town and Zeeland Bowl. Move in ready. Great location. Laundry in building. Lots of storage. Enjoy the good life at Crestwood Village Condominiums!

5. 2026-03-12
   price $167,900 235-char remark

   Show marketing remark (235 chars)

   Desirable top story end unit. Recently painted and new carpeting. 55+ community. Walk to town and Zeeland Bowl. Move in ready. Great location. Laundry in building. Lots of storage. Enjoy the good life at Crestwood Village Condominiums!

6. 2026-03-12
   price $167,900

   Show marketing remark (235 chars)

   Desirable top story end unit. Recently painted and new carpeting. 55+ community. Walk to town and Zeeland Bowl. Move in ready. Great location. Laundry in building. Lots of storage. Enjoy the good life at Crestwood Village Condominiums!

7. 2025-09-26
   listed $169,900 Active 235-char remark

   Show marketing remark (235 chars)

   Desirable top story end unit. Recently painted and new carpeting. 55+ community. Walk to town and Zeeland Bowl. Move in ready. Great location. Laundry in building. Lots of storage. Enjoy the good life at Crestwood Village Condominiums!

8. 2025-09-26
   listed $169,900 Active

   Show marketing remark (235 chars)

   Desirable top story end unit. Recently painted and new carpeting. 55+ community. Walk to town and Zeeland Bowl. Move in ready. Great location. Laundry in building. Lots of storage. Enjoy the good life at Crestwood Village Condominiums!

9. 2025-09-26
   historical $169,900

   Show marketing remark (235 chars)

   Desirable top story end unit. Recently painted and new carpeting. 55+ community. Walk to town and Zeeland Bowl. Move in ready. Great location. Laundry in building. Lots of storage. Enjoy the good life at Crestwood Village Condominiums!

10. 2025-09-26
    listed $169,900 Active 235-char remark

    Show marketing remark (235 chars)

    Desirable top story end unit. Recently painted and new carpeting. 55+ community. Walk to town and Zeeland Bowl. Move in ready. Great location. Laundry in building. Lots of storage. Enjoy the good life at Crestwood Village Condominiums!

11. 1995-12-01
    soldstatus $52,000
12. 1995-12-01
    soldstatus $52,000
13. 1995-08-10
    listed $54,900
14. 1995-08-10
    listed $54,900

ⓘ 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: $1,409 · $117/mo
• Projected year-2 tax: $1,997 · $166/mo
• Expected delta: +$588/yr (+$49/mo · 41.7%)

ⓘ 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 ≥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: $19,803
• − Mortgage interest: −$9,405
• − Property taxes: −$1,409
• − Insurance: −$840
• − Repairs & maintenance: −$1,584
• − Management: −$1,584
• − HOA: −$3,060
• − Depreciation: −$4,884
• Taxable loss: −$2,963
• Est. tax savings @ 24.0%: +$711
• After-tax cash flow: $481/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: Zeeland Public Schools
• NCES district ID: 2636660
• Math proficiency: 47% ▼ -8.00%
• Reading proficiency: 64% ▼ -2.00%
• Median HH income: $62,464
• Composite: 48.47/100
• National rank: #2126
• State rank: #66 of 540 in MI

Livability — Zeeland

• Score: 81/100
• State rank: #66
• US rank: #1388

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Zeeland, MI
• Population (ZIP): 29,738

Population outlook (Ottawa County) Hauer SSP2

• Today (2025): 313,561 people
• By 2030: 330,027 · +5.3%
• By 2040: 361,118 · +15.2%
• By 2050: 388,414 · +23.9%
• By 2075: 452,175 · +44.2%
• By 2100: 473,041 · +50.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 9% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 39% Romanian 3% Italian 2%
• Foreign-born: 5% · Canada, South Korea, Vietnam
• Languages at home: 93% English-only · Spanish 3% Other Asian/Pacific 2% German/W. Germanic 1%

Political lean MEDSL · Ottawa

• 2024 margin: Strong R (+20.4) · D 39.0% · R 59.5% · Other 1.5%
• 2008→2024 swing: +3.4pp toward D · 2008: -23.9pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+21.5 2016: R+30.4 2012: R+34.2 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -244.78%
• Current HPI: 266.7136
• 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

+205.8% since first listed

14 events — show timeline

• 2026-05-20 Contingent — MiRealSource-MiMLS
• 2026-05-20 Contingent — REALCOMP
• 2026-05-20 Contingent — SW Michigan MLS
• 2026-03-12 Price Changed $167,900 MiRealSource-MiMLS
• 2026-03-12 Price Changed $167,900 REALCOMP
• 2026-03-12 Price Changed $167,900 SW Michigan MLS
• 2025-09-26 Listed $169,900 REALCOMP
• 2025-09-26 Listed $169,900 SW Michigan MLS
• 2025-09-26 Coming Soon $169,900 SW Michigan MLS
• 2025-09-26 Listed $169,900 MiRealSource-MiMLS
• 1995-12-01 Sold (MLS) $52,000 REALCOMP
• 1995-12-01 Sold (MLS) $52,000 SW Michigan MLS
• 1995-08-10 Listed $54,900 REALCOMP
• 1995-08-10 Listed $54,900 SW Michigan MLS

Property tax history

+3.3%/yr

Latest (2025): $1,409 · +3.5% YoY. Source: county tax records.