422 May Dr · Adrian, MI 49221

$155,000

3 bd · 1.0 ba · 2,042 sqft · SingleFamily · 7 Days on market

Built 1959 7,841 sqft lot Est $265k · 42% under

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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 +19.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +5.1/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 422 May Dr in Adrian, MI! This well-maintained 3-bedroom ranch offers comfortable, open-concept main floor living with the added convenience of a spacious walk-in closet in the primary bedroom. A rear mudroom creates the perfect everyday drop zone. The finished lower level expands your living space with a generous family room, a 4th non-conforming bedroom or home office, and an additional flex room to fit your needs. Enjoy multiple areas to relax and entertain, including a welcoming front porch, back deck, and a cozy sunroom off the 2-car garage.

Key facts

• Rear mudroom
• Walk-in closet
• Front porch

Tags

• WALK-IN CLOSET
• REAR MUDROOM
• FINISHED LOWER LEVEL
• HOME OFFICE
• FLEX ROOM
• FRONT PORCH

Property features AI

Finance

• Other: Residential zoning; Cross streets: July & Division
• HOA & community: Homeowners association present

Exterior

• Parking: Detached garage with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Above-grade finished area and additional finished space below grade
• Exterior features: Public maintained road; Lot dimensions approximately 60 x 128 (0.18 acres); Subdivision: SPRINGTIME ACRES; No pool

Interior

• Kitchen: Dishwasher
• Bedrooms: Total rooms: 6
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Walk-in closet(s); Finished full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $184 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Cap rate 7.7% 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.
• Madison School District (Lenawee) (town): math 34% / reading 51% proficiency, ranked #195 of 540 in MI (top 36%) — 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 $1k of loan paydown is wiped out by about $5k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 6y 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 $81k; list at $155k implies a 91% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,000

Questions for the listing agent

1. Built in 1959 — 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: 1.01% ✓
• Cap rate: 7.72%
• Cash-on-cash: 5.09%
• DSCR: 1.23
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $265,460
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
422 May Dr	0.00mi	3/1.0	2,042 (0%)	1mo	$162,000	$79	100
1151 July Dr	0.08mi	3/1.0	1,850 (-9%)	10mo	$164,800	$89	73
750 Dennis St	0.69mi	3/2.0	2,050 (+0%)	11mo	$146,260	$71	54
1955 Harold St	0.68mi	4/3.0 (+1)	2,120 (+4%)	1mo	$275,000	$130	48
1872 Allan St	0.68mi	4/2.5 (+1)	1,904 (-7%)	11mo	$334,000	$175	37
1931 Harold St	0.67mi	4/2.5 (+1)	1,822 (-11%)	10mo	$330,000	$181	32
1942 Harold St	0.65mi	4/2.5 (+1)	1,830 (-10%)	22mo	$289,900	$158	24

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: -8.4%
• Equity multiple: 0.69×
• Total profit: $-13,371
• Equity at exit: $23,111

10-year hold

• IRR: 1.1%
• Equity multiple: 1.08×
• Total profit: $3,515
• Equity at exit: $13,402

Cash invested: $43,400 (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: 8.3×

Monthly cashflow live

• Estimated rent: $1,565 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$175 /mo · $2,100/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $184

Break-even live

Break-even rent $1,332

Max offer price $155,000

Occupancy floor 83%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-04
   status Pending

   Show marketing remark (563 chars)

   Welcome to 422 May Dr in Adrian, MI! This well-maintained 3-bedroom ranch offers comfortable, open-concept main floor living with the added convenience of a spacious walk-in closet in the primary bedroom. A rear mudroom creates the perfect everyday drop zone. The finished lower level expands your living space with a generous family room, a 4th non-conforming bedroom or home office, and an additional flex room to fit your needs. Enjoy multiple areas to relax and entertain, including a welcoming front porch, back deck, and a cozy sunroom off the 2-car garage.

2. 2026-05-04
   status Pending 563-char remark

   Show marketing remark (563 chars)

   Welcome to 422 May Dr in Adrian, MI! This well-maintained 3-bedroom ranch offers comfortable, open-concept main floor living with the added convenience of a spacious walk-in closet in the primary bedroom. A rear mudroom creates the perfect everyday drop zone. The finished lower level expands your living space with a generous family room, a 4th non-conforming bedroom or home office, and an additional flex room to fit your needs. Enjoy multiple areas to relax and entertain, including a welcoming front porch, back deck, and a cozy sunroom off the 2-car garage.

3. 2026-04-27
   listed $155,000 Active

   Show marketing remark (563 chars)

   Welcome to 422 May Dr in Adrian, MI! This well-maintained 3-bedroom ranch offers comfortable, open-concept main floor living with the added convenience of a spacious walk-in closet in the primary bedroom. A rear mudroom creates the perfect everyday drop zone. The finished lower level expands your living space with a generous family room, a 4th non-conforming bedroom or home office, and an additional flex room to fit your needs. Enjoy multiple areas to relax and entertain, including a welcoming front porch, back deck, and a cozy sunroom off the 2-car garage.

4. 2026-04-27
   listed $155,000 Active 563-char remark

   Show marketing remark (563 chars)

   Welcome to 422 May Dr in Adrian, MI! This well-maintained 3-bedroom ranch offers comfortable, open-concept main floor living with the added convenience of a spacious walk-in closet in the primary bedroom. A rear mudroom creates the perfect everyday drop zone. The finished lower level expands your living space with a generous family room, a 4th non-conforming bedroom or home office, and an additional flex room to fit your needs. Enjoy multiple areas to relax and entertain, including a welcoming front porch, back deck, and a cozy sunroom off the 2-car garage.

5. 2020-12-11
   soldstatus $81,000
6. 2020-12-08
   soldstatus $81,000 Sold 673-char remark

   Show marketing remark (673 chars)

   Calling all investors or anyone looking for a new project! Check out this ranch style home located in the heart of Adrian. This home offers 3 first level bedrooms with a long bathroom with 2 entrances for quick navigation throughout the house. First floor laundry with a finished basement featuring 2 more additional rooms, a dry bar and a separate utility room. Front and rear deck area perfect for relaxing and entertaining along with a 4 season room! 2 car garage with an awesome covered walk in area to the house. Enjoy the fenced in, low maintenance, yard on a low-traffic street. All while shopping centers, restaurants, banks, etc. are less than a minute drive away!

7. 2020-12-08
   soldstatus $81,000 Closed

   Show marketing remark (673 chars)

   Calling all investors or anyone looking for a new project! Check out this ranch style home located in the heart of Adrian. This home offers 3 first level bedrooms with a long bathroom with 2 entrances for quick navigation throughout the house. First floor laundry with a finished basement featuring 2 more additional rooms, a dry bar and a separate utility room. Front and rear deck area perfect for relaxing and entertaining along with a 4 season room! 2 car garage with an awesome covered walk in area to the house. Enjoy the fenced in, low maintenance, yard on a low-traffic street. All while shopping centers, restaurants, banks, etc. are less than a minute drive away!

8. 2020-10-19
   historical Contingent - Continue To Show 673-char remark

   Show marketing remark (673 chars)

   Calling all investors or anyone looking for a new project! Check out this ranch style home located in the heart of Adrian. This home offers 3 first level bedrooms with a long bathroom with 2 entrances for quick navigation throughout the house. First floor laundry with a finished basement featuring 2 more additional rooms, a dry bar and a separate utility room. Front and rear deck area perfect for relaxing and entertaining along with a 4 season room! 2 car garage with an awesome covered walk in area to the house. Enjoy the fenced in, low maintenance, yard on a low-traffic street. All while shopping centers, restaurants, banks, etc. are less than a minute drive away!

9. 2020-10-19
   historical Keep Showing-Contgcy Appl

   Show marketing remark (673 chars)

   Calling all investors or anyone looking for a new project! Check out this ranch style home located in the heart of Adrian. This home offers 3 first level bedrooms with a long bathroom with 2 entrances for quick navigation throughout the house. First floor laundry with a finished basement featuring 2 more additional rooms, a dry bar and a separate utility room. Front and rear deck area perfect for relaxing and entertaining along with a 4 season room! 2 car garage with an awesome covered walk in area to the house. Enjoy the fenced in, low maintenance, yard on a low-traffic street. All while shopping centers, restaurants, banks, etc. are less than a minute drive away!

10. 2020-10-09
    listed $75,900 Active 673-char remark

    Show marketing remark (673 chars)

    Calling all investors or anyone looking for a new project! Check out this ranch style home located in the heart of Adrian. This home offers 3 first level bedrooms with a long bathroom with 2 entrances for quick navigation throughout the house. First floor laundry with a finished basement featuring 2 more additional rooms, a dry bar and a separate utility room. Front and rear deck area perfect for relaxing and entertaining along with a 4 season room! 2 car garage with an awesome covered walk in area to the house. Enjoy the fenced in, low maintenance, yard on a low-traffic street. All while shopping centers, restaurants, banks, etc. are less than a minute drive away!

11. 2020-10-09
    listed $75,900 Active

    Show marketing remark (673 chars)

    Calling all investors or anyone looking for a new project! Check out this ranch style home located in the heart of Adrian. This home offers 3 first level bedrooms with a long bathroom with 2 entrances for quick navigation throughout the house. First floor laundry with a finished basement featuring 2 more additional rooms, a dry bar and a separate utility room. Front and rear deck area perfect for relaxing and entertaining along with a 4 season room! 2 car garage with an awesome covered walk in area to the house. Enjoy the fenced in, low maintenance, yard on a low-traffic street. All while shopping centers, restaurants, banks, etc. are less than a minute drive away!

ⓘ 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: $2,100 · $175/mo
• Projected year-2 tax: $2,243 · $187/mo
• Expected delta: +$144/yr (+$12/mo · 6.8%)

ⓘ 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 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: $18,784
• − Mortgage interest: −$8,682
• − Property taxes: −$2,100
• − Insurance: −$775
• − Repairs & maintenance: −$1,503
• − Management: −$1,503
• − Depreciation: −$4,509
• Taxable loss: −$288
• Est. tax savings @ 24.0%: +$69
• After-tax cash flow: $2,280/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: Madison School District (Lenawee)
• NCES district ID: 2622320
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 51% ▼ -5.00%
• Median HH income: $37,961
• Composite: 35.35/100
• National rank: #4959
• State rank: #195 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

+104.2% since first listed

11 events — show timeline

• 2026-05-04 Pending — REALCOMP
• 2026-05-04 Pending — MiRealSource-MiMLS
• 2026-04-27 Listed $155,000 REALCOMP
• 2026-04-27 Listed $155,000 MiRealSource-MiMLS
• 2020-12-11 Sold (Public Records) $81,000 Public Records
• 2020-12-08 Sold (MLS) $81,000 MiRealSource-MiMLS
• 2020-12-08 Sold (MLS) $81,000 REALCOMP
• 2020-10-19 Contingent — REALCOMP
• 2020-10-19 Contingent — MiRealSource-MiMLS
• 2020-10-09 Listed $75,900 MiRealSource-MiMLS
• 2020-10-09 Listed $75,900 REALCOMP

Property tax history

+6.0%/yr

Latest (2025): $2,100 · -11.6% YoY. Source: county tax records.