3917 Spielman Rd · Adrian, MI 49221

$275,000

4 bd · 2.0 ba · 1,440 sqft · MultiFamily public records · 117 Days on market

Built 1965 0.29 ac lot

---

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 +16.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• Livability +3.5/5.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

New Price! Private, Low-Maintenance Living with Built-In Income in Adrian Township This side-by-side duplex offers the rare feel of two separate homes, each with its own driveway and utilities—perfect for owner-occupants or investors looking for flexibility and long-term value. One unit is currently rented at $950/month, with room to increase based on comparable two-bedroom rentals in the area. Thoughtfully updated for peace of mind, major improvements include PVC plumbing, updated sewer lines, a newer roof, separate furnaces and water heaters, and central A/C in both units. Inside, you’ll find refreshed kitchens with dishwashers, new windows and exterior doors, along with updated flooring featuring fresh carpet and tile. Each unit also includes convenient in-building laundry. Set on a spacious lot just minutes from town, this property blends privacy with everyday convenience. Whether you’re looking to live in one unit and rent the other or expand your investment portfolio, this move-in ready duplex is positioned for both immediate income and future growth. Schedule your showing today!

Key facts

• New kitchens
• New retaining wall
• Side by side duplex

Tags

• SIDE BY SIDE DUPLEX
• NEW KITCHENS
• IN BUILDING LAUNDRY
• MAJOR MECHANICAL IMPROVEMENTS
• NEW DECK
• NEW RETAINING WALL

Property features AI

Finance

• Other: Annual tax amount reported (verify for accuracy)
• Financial info: Current unit actual rent listed at $950

Exterior

• Utilities: Private well water; Public sewer
• Home design: Multi-family residential property; One story
• Construction: Above-grade finished living area (1,440 square feet)
• Exterior features: Deck; Lot dimensions approximately 80 x 159 x 80 x 159; 0.29-acre lot; Zoned for multifamily/residential

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating; Separate meters for heating
• Interior features: Water softener (owned); Crawl space basement
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $178 ($2k/yr) — positive. Per door: $89/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (16.0% below list).
• Recommended offer: $231k (16.0% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 5.6% in Adrian — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Zoned schools: Alexander Elementary School (math 32% / reading 42%, grade F, #685 of 1,397 statewide, top 51%, 472 students, 63% FRL); Springbrook Middle School (math 29% / reading 38%, grade F, #303 of 493 statewide, top 62%, 641 students, 71% FRL); Adrian High School (math 22% / reading 42%, grade F, #405 of 713 statewide, top 59%, 781 students, 63% FRL).
• Market conditions: 212 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 $2k of loan paydown is wiped out by about $8k 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 117 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $24k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $275k implies a 323% gain — meaningful room to come down on a strong offer.

Recommended offer $231,000 (16.0% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 16% 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 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 0.84% ✗
• Cap rate: 7.07%
• Cash-on-cash: 2.78%
• DSCR: 1.12
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -12.0%
• Equity multiple: 0.57×
• Total profit: $-33,328
• Equity at exit: $41,003

10-year hold

• IRR: -2.9%
• Equity multiple: 0.81×
• Total profit: $-14,892
• Equity at exit: $23,777

Cash invested: $77,000 (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: 212
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $2,310 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$90 /mo · $1,079/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$485
• Net cashflow: $178

Break-even live

Break-even rent $2,084

Max offer price $275,000

Occupancy floor 87%

Sensitivity live

Price	-10% $334	-5% $256	+0% $178	+5% $100	+10% $23
Rent	-10% $-4	-5% $87	+0% $178	+5% $270	+10% $361
Rate	-1.0pp $317	-0.5pp $248	base $178	+0.5pp $107	+1.0pp $35

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,310
Total (2 units)			$2,310

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-02
   days on market $275,000 Active 117 DOM
2. 2026-06-01
   days on market $275,000 Active 116 DOM
3. 2026-05-31
   days on market $275,000 Active 115 DOM
4. 2026-05-31
   days on market $275,000 Active 114 DOM
5. 2026-03-30
   price $275,000 1121-char remark

   Show marketing remark (1121 chars)

   New Price! Private, Low-Maintenance Living with Built-In Income in Adrian Township This side-by-side duplex offers the rare feel of two separate homes, each with its own driveway and utilities—perfect for owner-occupants or investors looking for flexibility and long-term value. One unit is currently rented at $950/month, with room to increase based on comparable two-bedroom rentals in the area. Thoughtfully updated for peace of mind, major improvements include PVC plumbing, updated sewer lines, a newer roof, separate furnaces and water heaters, and central A/C in both units. Inside, you’ll find refreshed kitchens with dishwashers, new windows and exterior doors, along with updated flooring featuring fresh carpet and tile. Each unit also includes convenient in-building laundry. Set on a spacious lot just minutes from town, this property blends privacy with everyday convenience. Whether you’re looking to live in one unit and rent the other or expand your investment portfolio, this move-in ready duplex is positioned for both immediate income and future growth. Schedule your showing today!

6. 2026-03-30
   price $275,000

   Show marketing remark (1121 chars)

   New Price! Private, Low-Maintenance Living with Built-In Income in Adrian Township This side-by-side duplex offers the rare feel of two separate homes, each with its own driveway and utilities—perfect for owner-occupants or investors looking for flexibility and long-term value. One unit is currently rented at $950/month, with room to increase based on comparable two-bedroom rentals in the area. Thoughtfully updated for peace of mind, major improvements include PVC plumbing, updated sewer lines, a newer roof, separate furnaces and water heaters, and central A/C in both units. Inside, you’ll find refreshed kitchens with dishwashers, new windows and exterior doors, along with updated flooring featuring fresh carpet and tile. Each unit also includes convenient in-building laundry. Set on a spacious lot just minutes from town, this property blends privacy with everyday convenience. Whether you’re looking to live in one unit and rent the other or expand your investment portfolio, this move-in ready duplex is positioned for both immediate income and future growth. Schedule your showing today!

7. 2026-02-19
   price $285,000 1121-char remark

   Show marketing remark (1121 chars)

   New Price! Private, Low-Maintenance Living with Built-In Income in Adrian Township This side-by-side duplex offers the rare feel of two separate homes, each with its own driveway and utilities—perfect for owner-occupants or investors looking for flexibility and long-term value. One unit is currently rented at $950/month, with room to increase based on comparable two-bedroom rentals in the area. Thoughtfully updated for peace of mind, major improvements include PVC plumbing, updated sewer lines, a newer roof, separate furnaces and water heaters, and central A/C in both units. Inside, you’ll find refreshed kitchens with dishwashers, new windows and exterior doors, along with updated flooring featuring fresh carpet and tile. Each unit also includes convenient in-building laundry. Set on a spacious lot just minutes from town, this property blends privacy with everyday convenience. Whether you’re looking to live in one unit and rent the other or expand your investment portfolio, this move-in ready duplex is positioned for both immediate income and future growth. Schedule your showing today!

8. 2026-02-19
   price $285,000

   Show marketing remark (1121 chars)

   New Price! Private, Low-Maintenance Living with Built-In Income in Adrian Township This side-by-side duplex offers the rare feel of two separate homes, each with its own driveway and utilities—perfect for owner-occupants or investors looking for flexibility and long-term value. One unit is currently rented at $950/month, with room to increase based on comparable two-bedroom rentals in the area. Thoughtfully updated for peace of mind, major improvements include PVC plumbing, updated sewer lines, a newer roof, separate furnaces and water heaters, and central A/C in both units. Inside, you’ll find refreshed kitchens with dishwashers, new windows and exterior doors, along with updated flooring featuring fresh carpet and tile. Each unit also includes convenient in-building laundry. Set on a spacious lot just minutes from town, this property blends privacy with everyday convenience. Whether you’re looking to live in one unit and rent the other or expand your investment portfolio, this move-in ready duplex is positioned for both immediate income and future growth. Schedule your showing today!

9. 2026-02-05
   listed $299,000 Active

   Show marketing remark (1121 chars)

   New Price! Private, Low-Maintenance Living with Built-In Income in Adrian Township This side-by-side duplex offers the rare feel of two separate homes, each with its own driveway and utilities—perfect for owner-occupants or investors looking for flexibility and long-term value. One unit is currently rented at $950/month, with room to increase based on comparable two-bedroom rentals in the area. Thoughtfully updated for peace of mind, major improvements include PVC plumbing, updated sewer lines, a newer roof, separate furnaces and water heaters, and central A/C in both units. Inside, you’ll find refreshed kitchens with dishwashers, new windows and exterior doors, along with updated flooring featuring fresh carpet and tile. Each unit also includes convenient in-building laundry. Set on a spacious lot just minutes from town, this property blends privacy with everyday convenience. Whether you’re looking to live in one unit and rent the other or expand your investment portfolio, this move-in ready duplex is positioned for both immediate income and future growth. Schedule your showing today!

10. 2026-02-05
    listed $299,000 Active 1121-char remark

    Show marketing remark (1121 chars)

    New Price! Private, Low-Maintenance Living with Built-In Income in Adrian Township This side-by-side duplex offers the rare feel of two separate homes, each with its own driveway and utilities—perfect for owner-occupants or investors looking for flexibility and long-term value. One unit is currently rented at $950/month, with room to increase based on comparable two-bedroom rentals in the area. Thoughtfully updated for peace of mind, major improvements include PVC plumbing, updated sewer lines, a newer roof, separate furnaces and water heaters, and central A/C in both units. Inside, you’ll find refreshed kitchens with dishwashers, new windows and exterior doors, along with updated flooring featuring fresh carpet and tile. Each unit also includes convenient in-building laundry. Set on a spacious lot just minutes from town, this property blends privacy with everyday convenience. Whether you’re looking to live in one unit and rent the other or expand your investment portfolio, this move-in ready duplex is positioned for both immediate income and future growth. Schedule your showing today!

11. 2015-01-09
    soldstatus $65,000 287-char remark

    Show marketing remark (287 chars)

    Nice duplex w/ separate utilities. Located in country setting. Live in one side and let the renter pay part of your payment or invest and have both tenants pay for the investment. Great starter home plus income. Owner pays sewer bill. All information believed correct but not guaranteed.

12. 2015-01-09
    soldstatus $65,000

    Show marketing remark (287 chars)

    Nice duplex w/ separate utilities. Located in country setting. Live in one side and let the renter pay part of your payment or invest and have both tenants pay for the investment. Great starter home plus income. Owner pays sewer bill. All information believed correct but not guaranteed.

13. 2014-11-14
    historical
14. 2014-05-29
    listed $69,900 287-char remark

    Show marketing remark (287 chars)

    Nice duplex w/ separate utilities. Located in country setting. Live in one side and let the renter pay part of your payment or invest and have both tenants pay for the investment. Great starter home plus income. Owner pays sewer bill. All information believed correct but not guaranteed.

15. 2014-05-29
    listed $69,900

    Show marketing remark (287 chars)

    Nice duplex w/ separate utilities. Located in country setting. Live in one side and let the renter pay part of your payment or invest and have both tenants pay for the investment. Great starter home plus income. Owner pays sewer bill. All information believed correct but not guaranteed.

ⓘ 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: $1,079 · $90/mo
• Projected year-2 tax: $2,657 · $221/mo
• Expected delta: +$1,578/yr (+$132/mo · 146.3%)

ⓘ 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 ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,720
• − Mortgage interest: −$15,404
• − Property taxes: −$1,079
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,218
• − Management: −$2,218
• − Depreciation: −$8,000
• Taxable loss: −$2,573
• Est. tax savings @ 24.0%: +$618
• After-tax cash flow: $2,757/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

• 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

+293.4% since first listed

11 events — show timeline

• 2026-03-30 Price Changed $275,000 MiRealSource-MiMLS
• 2026-03-30 Price Changed $275,000 REALCOMP
• 2026-02-19 Price Changed $285,000 MiRealSource-MiMLS
• 2026-02-19 Price Changed $285,000 REALCOMP
• 2026-02-05 Listed $299,000 REALCOMP
• 2026-02-05 Listed $299,000 MiRealSource-MiMLS
• 2015-01-09 Sold (MLS) $65,000 MiRealSource-MiMLS
• 2015-01-09 Sold (MLS) $65,000 REALCOMP
• 2014-11-14 Listing Removed — MiRealSource-MiMLS
• 2014-05-29 Listed $69,900 MiRealSource-MiMLS
• 2014-05-29 Listed $69,900 REALCOMP

Property tax history

-3.9%/yr

Latest (2025): $1,079 · -37.7% YoY. Source: county tax records.