230 S State St #31 · Zeeland, MI 49464

$174,900

2 bd · 1.0 ba · 889 sqft · Condo public records · 2 Days on market

Built 1971 $242/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 +13.0/30.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• 1% rule +4.3/10.0
• Livability +4.0/5.0
• DSCR +3.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to easy, maintenance-free living in desirable Crestwood Village, a 55+ community ideally located near downtown Zeeland with convenient access to highways and surrounding communities. This charming 2-bedroom condo offers a peaceful, private setting with a park bordering the backyard, creating a serene, sanctuary-like feel to enjoy your morning coffee or relax at the end of the day. Inside, you'll find thoughtful updates throughout, including updated flooring across most of the main living area, fresh paint complemented by crisp white trim, and an updated bathroom featuring a barrier-free shower and new vanity for added convenience and accessibility. Whether you are looking to simplify life, enjoy low-maintenance living, or settle into a quiet community close to shopping, dining, and everyday amenities, this well-kept condo offers comfort, convenience, and a peaceful setting all in one.

Key facts

• Fresh paint
• Barrier-free shower
• Updated flooring

Tags

• PRIVATE SETTING
• PARK BORDERING BACKYARD
• UPDATED FLOORING
• FRESH PAINT
• UPDATED BATHROOM
• BARRIER-FREE SHOWER

Property features AI

Finance

• Other: Directions: Chicago Dr east to State St north to home
• HOA & community: Monthly association fee of $242; Association covers water, sewer, trash, snow removal, lawn/yard care and heat; Has association

Exterior

• Parking: Detached garage (1 space)
• Utilities: Public water; Public sewer
• Home design: Traditional-style condominium; Built in 1971
• Construction: Brick construction; Composition roof; 889 total building area
• Exterior features: Paved road access; Public water

Interior

• Kitchen: Microwave; Range; Refrigerator; Kitchen (8 x 10)
• Bedrooms: Primary bedroom (10 x 13); Second bedroom (10 x 13)
• Bathrooms: 1 full bathroom (8 x 8)
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Window treatments; 6 total rooms
• Laundry & utility: Slab basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $-10 ($-115/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (6.5% below list).
• Recommended offer: $164k (6.5% below list) — sets the bar for 1% rule.
• 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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.

Recommended offer $163,519 (6.5% 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. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.93% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.23%
• DSCR: 0.99
• 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: -16.6%
• Equity multiple: 0.41×
• Total profit: $-28,870
• Equity at exit: $26,078

10-year hold

• IRR: -8.3%
• Equity multiple: 0.48×
• Total profit: $-25,594
• Equity at exit: $15,122

Cash invested: $48,972 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,635 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$69 /mo · $832/yr
• Insurance: −$73
• HOA: −$242
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $-10

Break-even live

Break-even rent $1,647

Max offer price $173,206

Occupancy floor 96%

Sensitivity live

Price	-10% $89	-5% $40	+0% $-10	+5% $-59	+10% $-109
Rent	-10% $-139	-5% $-74	+0% $-10	+5% $55	+10% $120
Rate	-1.0pp $78	-0.5pp $35	base $-10	+0.5pp $-55	+1.0pp $-101

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: $43,725
• Closing costs: $5,247
• 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: $242 · $2,904/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-05-28
   listed $174,900 Active

   Show marketing remark (905 chars)

   Welcome to easy, maintenance-free living in desirable Crestwood Village, a 55+ community ideally located near downtown Zeeland with convenient access to highways and surrounding communities. This charming 2-bedroom condo offers a peaceful, private setting with a park bordering the backyard, creating a serene, sanctuary-like feel to enjoy your morning coffee or relax at the end of the day. Inside, you'll find thoughtful updates throughout, including updated flooring across most of the main living area, fresh paint complemented by crisp white trim, and an updated bathroom featuring a barrier-free shower and new vanity for added convenience and accessibility. Whether you are looking to simplify life, enjoy low-maintenance living, or settle into a quiet community close to shopping, dining, and everyday amenities, this well-kept condo offers comfort, convenience, and a peaceful setting all in one.

2. 2026-05-28
   listed $174,900 Active 905-char remark

   Show marketing remark (905 chars)

   Welcome to easy, maintenance-free living in desirable Crestwood Village, a 55+ community ideally located near downtown Zeeland with convenient access to highways and surrounding communities. This charming 2-bedroom condo offers a peaceful, private setting with a park bordering the backyard, creating a serene, sanctuary-like feel to enjoy your morning coffee or relax at the end of the day. Inside, you'll find thoughtful updates throughout, including updated flooring across most of the main living area, fresh paint complemented by crisp white trim, and an updated bathroom featuring a barrier-free shower and new vanity for added convenience and accessibility. Whether you are looking to simplify life, enjoy low-maintenance living, or settle into a quiet community close to shopping, dining, and everyday amenities, this well-kept condo offers comfort, convenience, and a peaceful setting all in one.

3. 2026-05-28
   listed $174,900 Active 905-char remark

   Show marketing remark (905 chars)

   Welcome to easy, maintenance-free living in desirable Crestwood Village, a 55+ community ideally located near downtown Zeeland with convenient access to highways and surrounding communities. This charming 2-bedroom condo offers a peaceful, private setting with a park bordering the backyard, creating a serene, sanctuary-like feel to enjoy your morning coffee or relax at the end of the day. Inside, you'll find thoughtful updates throughout, including updated flooring across most of the main living area, fresh paint complemented by crisp white trim, and an updated bathroom featuring a barrier-free shower and new vanity for added convenience and accessibility. Whether you are looking to simplify life, enjoy low-maintenance living, or settle into a quiet community close to shopping, dining, and everyday amenities, this well-kept condo offers comfort, convenience, and a peaceful setting all in one.

ⓘ 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: $832 · $69/mo
• Projected year-2 tax: $1,763 · $147/mo
• Expected delta: +$931/yr (+$78/mo · 111.9%)

ⓘ 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: $19,622
• − Mortgage interest: −$9,797
• − Property taxes: −$832
• − Insurance: −$874
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − HOA: −$2,904
• − Depreciation: −$5,088
• Taxable loss: −$3,013
• Est. tax savings @ 24.0%: +$723
• After-tax cash flow: $608/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

+0.0% since first listed

3 events — show timeline

• 2026-05-28 Listed $174,900 MiRealSource-MiMLS
• 2026-05-28 Listed $174,900 REALCOMP
• 2026-05-28 Listed $174,900 SW Michigan MLS

Property tax history

+3.3%/yr

Latest (2025): $832 · +3.6% YoY. Source: county tax records.