2503 Lakewood Dr · Madison, MI 49221

$239,875

2 bd · 2.0 ba · 1,243 sqft · Condo public records · 8 Days on market

Built 1999 $330/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 +11.9/30.0
• ARV discount +7.5/15.0
• 1% rule +4.4/10.0
• DSCR +3.5/10.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 2503 Lakewood Drive in Adrian! This well-maintained 2-bedroom, 2-bath home offers comfortable living with thoughtful features throughout. The bright white kitchen creates a fresh, inviting space with ample cabinetry and workspace for everyday cooking and entertaining. Both bedrooms are generously sized and feature large closets, providing exceptional storage. The functional floor plan offers comfortable living spaces and the convenience of two full bathrooms. An oversized garage provides plenty of room for vehicles, tools, and hobbies, complete with a built-in workbench that's perfect for projects, crafts, or additional storage. Whether you're looking for your first home, downsizing, or seeking low-maintenance living, this property offers the space and functionality buyers are looking for. Conveniently located near shopping, dining, parks, and other Adrian amenities, you'll enjoy both comfort and convenience. Schedule your private showing today!

Key facts

• Bright white kitchen
• Ample cabinetry
• Large closets

Tags

• BRIGHT WHITE KITCHEN
• AMPLE CABINETRY
• LARGE CLOSETS
• FUNCTIONAL FLOOR PLAN
• OVERSIZED GARAGE
• BUILT-IN WORKBENCH

Property features AI

Finance

• HOA & community: Monthly association fee of $330 covering trash, snow removal, and lawn/yard care

Exterior

• Parking: Attached garage (2.5 spaces)
• Utilities: High-speed internet available; Natural gas water heater
• Home design: Ranch-style condominium; Built in 1999; Asphalt roof; Public water
• Construction: Vinyl siding; Slab foundation
• Exterior features: Corner lot on a cul-de-sac; Paved road access

Interior

• Kitchen: Kitchen (13 x 12) vinyl flooring; Dishwasher; Disposal; Microwave; Oven; Range; Refrigerator
• Bedrooms: Primary bedroom (13 x 14) carpeted; Bedroom 2 (12 x 13) carpeted
• Flooring: Carpet in living areas and bedrooms; Vinyl in kitchen, bathrooms, and laundry
• Bathrooms: 2 full bathrooms (primary bathroom vinyl, second bathroom vinyl)
• Heating & cooling: Forced air heating; Central cooling
• Interior features: Pantry; 7 total rooms; Slab basement
• Laundry & utility: In-home laundry (washer and dryer); Laundry room (6 x 3) vinyl

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $240k.

Deal economics

• At list price, monthly cash flow is $-61 ($-726/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (6.2% below list).
• Recommended offer: $225k (6.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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; 1 comparable units currently listed for rent nearby; 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 $7k 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 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 10y 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 $110k; list at $240k implies a 118% gain — meaningful room to come down on a strong offer.

Recommended offer $225,000 (6.2% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.94% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.08%
• DSCR: 0.95
• GRM: 8.9

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: -18.0%
• Equity multiple: 0.37×
• Total profit: $-42,580
• Equity at exit: $35,766

10-year hold

• IRR: -10.1%
• Equity multiple: 0.38×
• Total profit: $-41,454
• Equity at exit: $20,740

Cash invested: $67,165 (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: 8.9×

Monthly cashflow live

• Estimated rent: $2,250 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$150 /mo · $1,802/yr
• Insurance: −$100
• HOA: −$330
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $-61

Break-even live

Break-even rent $2,327

Max offer price $229,183

Occupancy floor 98%

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: $59,969
• Closing costs: $7,196
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1962 W Cadmus Rd Adrian, MI	3.0	2.0	1170	$2,250	$1.92	21d	1	0.28mi

HOA detail condo

• Monthly dues: $330 · $3,960/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-18
   days on market $239,875 Active 8 DOM
2. 2026-06-17
   days on market $239,875 Active 7 DOM
3. 2026-06-16
   days on market $239,875 Active 6 DOM
4. 2026-06-15
   days on market $239,875 Active 5 DOM
5. 2026-06-13
   days on market $239,875 Active 3 DOM
6. 2026-06-12
   remarks 699-char remark
7. 2026-06-12
   listed $239,875 Active 2 DOM

ⓘ 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: $1,802 · $150/mo
• Projected year-2 tax: $2,748 · $229/mo
• Expected delta: +$946/yr (+$79/mo · 52.5%)

ⓘ 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 2/10 Low
• 🌡 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,000
• − Mortgage interest: −$13,437
• − Property taxes: −$1,802
• − Insurance: −$1,199
• − Repairs & maintenance: −$2,160
• − Management: −$2,160
• − HOA: −$3,960
• − Depreciation: −$6,978
• Taxable loss: −$4,696
• Est. tax savings @ 24.0%: +$1,127
• After-tax cash flow: $401/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 — Madison

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• 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

+114.2% since first listed

6 events — show timeline

• 2026-06-10 Listed $239,875 REALCOMP
• 2026-06-10 Listed $239,875 MiRealSource-MiMLS
• 2026-06-10 Listed $239,875 SW Michigan MLS
• 2017-02-10 Sold (Public Records) $110,000 Public Records
• 2017-02-10 Sold (MLS) $110,000 REALCOMP
• 2016-10-27 Listed $112,000 REALCOMP

Property tax history

-0.8%/yr

Latest (2025): $1,802 · +3.0% YoY. Source: county tax records.