825 Crosby St NW · Grand Rapids, MI 49504

$235,000

6 bd · 2.0 ba · 1,448 sqft · SingleFamily public records · 6 Days on market

Built 1890 5,319 sqft lot $162/sqft · 13% above area Est $340k · 31% under

---

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 +21.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +4.9/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained NW side duplex offering convenient access to downtown Grand Rapids, major highways, and nearby shopping, dining, and grocery options. This versatile property is ideal for both investors and future owner-occupants. The lower unit features 2 bedrooms, 1 full bath, plus an additional bonus room perfect for a home office. Enjoy a spacious living room, kitchen, and eat-in dining area, along with access to a full basement offering abundant storage and in-unit washer and dryer. The lower unit also includes access to a fully fenced backyard with a storage shed and a driveway for off-street parking. The upper unit offers 1 bedroom, 1 full bath, a generously sized living room, and a functional kitchen with dining space. Both units are currently occupied on MTM leases, providing immediate rental income with flexibility for future occupancy or rent adjustments. A great opportunity in a desirable location! No showings. Open houses Thurs 5:00-7:00, Sat 12:00-1:30, Sun 1:00-3:00.

Key facts

• Storage shed
• 5,319 sq ft lot
• Parking

Tags

• CONVENIENT ACCESS TO DOWNTOWN
• ACCESS TO A FULL BASEMENT
• FULLY FENCED BACKYARD
• STORAGE SHED

Property features AI

Finance

• Other: Zoned residential
• Financial info: Lower unit rent: $940; Upper unit rent: $725

Exterior

• Parking: Paved parking; 1 parking space total
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Cable connected; Phone available/connected
• Home design: Multi-family residential income property
• Construction: Vinyl siding; Composition roof
• Exterior features: Paved road access; Deck/Patio (both units mentioned in descriptions)

Interior

• Bedrooms: Lower unit: 2 bedrooms; Upper unit: 1 bedroom
• Bathrooms: Lower unit: 1 bathroom; Upper unit: 1 bathroom
• Heating & cooling: Central air; Forced air heating; Natural gas heating
• Interior features: Full basement
• Laundry & utility: Laundry in basement; In-unit laundry (see remarks)

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $345 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $234k (0.6% below list).
• Recommended offer: $234k (0.6% below list) — sets the bar for 1% rule.
• Cap rate 8.1% 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 (+2.6%/yr); 154 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• This rent runs 40% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 16y 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.

Risks & watch-outs

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

Recommended offer $233,513 (0.6% below list)

Questions for the listing agent

1. Built in 1890 — 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: 0.99% ✗
• Cap rate: 8.06%
• Cash-on-cash: 6.30%
• DSCR: 1.28
• GRM: 8.4

CMA / ARV

• ARV (median comp): $339,601
• List price: $235,000
• Delta: -30.80%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.64% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.74×
• Total profit: $-16,964
• Equity at exit: $35,039

10-year hold

• IRR: 2.2%
• Equity multiple: 1.15×
• Total profit: $9,954
• Equity at exit: $20,319

Cash invested: $65,800 (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 49504

• Rents YoY: 2.6%
• Active inventory: 154
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,335 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$169 /mo · $2,029/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $345

Break-even live

Break-even rent $1,898

Max offer price $235,000

Occupancy floor 80%

Sensitivity live

Price	-10% $478	-5% $412	+0% $345	+5% $279	+10% $212
Rent	-10% $161	-5% $253	+0% $345	+5% $438	+10% $530
Rate	-1.0pp $464	-0.5pp $405	base $345	+0.5pp $285	+1.0pp $223

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
523 Crosby St NW Grand Rapids, MI	5.0	2.0	1701	$2,200	$1.29	44d	1	0.41mi

Listing history 9 events

1. 2026-05-05
   status Pending 995-char remark

   Show marketing remark (995 chars)

   Well-maintained NW side duplex offering convenient access to downtown Grand Rapids, major highways, and nearby shopping, dining, and grocery options. This versatile property is ideal for both investors and future owner-occupants. The lower unit features 2 bedrooms, 1 full bath, plus an additional bonus room perfect for a home office. Enjoy a spacious living room, kitchen, and eat-in dining area, along with access to a full basement offering abundant storage and in-unit washer and dryer. The lower unit also includes access to a fully fenced backyard with a storage shed and a driveway for off-street parking. The upper unit offers 1 bedroom, 1 full bath, a generously sized living room, and a functional kitchen with dining space. Both units are currently occupied on MTM leases, providing immediate rental income with flexibility for future occupancy or rent adjustments. A great opportunity in a desirable location! No showings. Open houses Thurs 5:00-7:00, Sat 12:00-1:30, Sun 1:00-3:00.

2. 2026-05-05
   status Pending 1049-char remark

   Show marketing remark (995 chars)

   Well-maintained NW side duplex offering convenient access to downtown Grand Rapids, major highways, and nearby shopping, dining, and grocery options. This versatile property is ideal for both investors and future owner-occupants. The lower unit features 2 bedrooms, 1 full bath, plus an additional bonus room perfect for a home office. Enjoy a spacious living room, kitchen, and eat-in dining area, along with access to a full basement offering abundant storage and in-unit washer and dryer. The lower unit also includes access to a fully fenced backyard with a storage shed and a driveway for off-street parking. The upper unit offers 1 bedroom, 1 full bath, a generously sized living room, and a functional kitchen with dining space. Both units are currently occupied on MTM leases, providing immediate rental income with flexibility for future occupancy or rent adjustments. A great opportunity in a desirable location! No showings. Open houses Thurs 5:00-7:00, Sat 12:00-1:30, Sun 1:00-3:00.

3. 2026-04-29
   listed $235,000 Active 1049-char remark

   Show marketing remark (995 chars)

   Well-maintained NW side duplex offering convenient access to downtown Grand Rapids, major highways, and nearby shopping, dining, and grocery options. This versatile property is ideal for both investors and future owner-occupants. The lower unit features 2 bedrooms, 1 full bath, plus an additional bonus room perfect for a home office. Enjoy a spacious living room, kitchen, and eat-in dining area, along with access to a full basement offering abundant storage and in-unit washer and dryer. The lower unit also includes access to a fully fenced backyard with a storage shed and a driveway for off-street parking. The upper unit offers 1 bedroom, 1 full bath, a generously sized living room, and a functional kitchen with dining space. Both units are currently occupied on MTM leases, providing immediate rental income with flexibility for future occupancy or rent adjustments. A great opportunity in a desirable location! No showings. Open houses Thurs 5:00-7:00, Sat 12:00-1:30, Sun 1:00-3:00.

4. 2026-04-29
   listed $235,000 Active 995-char remark

   Show marketing remark (995 chars)

   Well-maintained NW side duplex offering convenient access to downtown Grand Rapids, major highways, and nearby shopping, dining, and grocery options. This versatile property is ideal for both investors and future owner-occupants. The lower unit features 2 bedrooms, 1 full bath, plus an additional bonus room perfect for a home office. Enjoy a spacious living room, kitchen, and eat-in dining area, along with access to a full basement offering abundant storage and in-unit washer and dryer. The lower unit also includes access to a fully fenced backyard with a storage shed and a driveway for off-street parking. The upper unit offers 1 bedroom, 1 full bath, a generously sized living room, and a functional kitchen with dining space. Both units are currently occupied on MTM leases, providing immediate rental income with flexibility for future occupancy or rent adjustments. A great opportunity in a desirable location! No showings. Open houses Thurs 5:00-7:00, Sat 12:00-1:30, Sun 1:00-3:00.

5. 2015-02-16
   soldstatus $68,000
6. 2015-02-13
   historical
7. 2015-02-09
   soldstatus $68,000
8. 2014-11-14
   listed $75,000
9. 2010-04-12
   listed $59,900

ⓘ 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: $2,029 · $169/mo
• Projected year-2 tax: $2,824 · $235/mo
• Expected delta: +$795/yr (+$66/mo · 39.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (shaded) · 20% 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: $28,022
• − Mortgage interest: −$13,164
• − Property taxes: −$2,029
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,242
• − Management: −$2,242
• − Depreciation: −$6,836
• Taxable income: $334
• Est. tax owed @ 24.0%: −$80
• After-tax cash flow: $4,065/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: 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): 40,036
• Household income: $70,119
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 2132.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 16% Two or more races 10% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Romanian 11% Iranian 10% Lithuanian 3%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 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: ▼ -274.76%
• Current HPI: 313.231
• Rent YoY: ▲ 2.64%
• 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

+287.3% since first listed

13 events — show timeline

• 2026-06-01 Sold (Public Records) $232,000 Public Records
• 2026-05-22 Sold (MLS) $232,000 MiRealSource-MiMLS
• 2026-05-22 Sold (MLS) $232,000 REALCOMP
• 2026-05-05 Pending — MiRealSource-MiMLS
• 2026-05-05 Pending — REALCOMP
• 2026-05-05 Listing Removed — REALCOMP
• 2026-04-29 Listed $235,000 REALCOMP
• 2026-04-29 Listed $235,000 MiRealSource-MiMLS
• 2015-02-16 Sold (Public Records) $68,000 Public Records
• 2015-02-13 Listing Removed — SW Michigan MLS
• 2015-02-09 Sold (MLS) $68,000 REALCOMP
• 2014-11-14 Listed $75,000 REALCOMP
• 2010-04-12 Listed $59,900 SW Michigan MLS

Property tax history

+3.3%/yr

Latest (2025): $2,029 · +2.7% YoY. Source: county tax records.