203 Alger St SE · Grand Rapids, MI 49507

$275,000

5 bd · 1.0 ba · 1,869 sqft · SingleFamily public records · 5 Days on market

Built 1962 8,276 sqft lot $147/sqft · 17% above area Est $281k · at est.

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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 +13.7/30.0
• ARV discount +8.5/15.0
• Livability +4.2/5.0
• DSCR +4.1/10.0
• 1% rule +3.7/10.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

OPEN HOUSE: Saturday, May 9 (12-2) * Whether you are a home buyer or investor, you don't want to miss the potential of this all brick ranch. Located walking distance to the quaint town of Alger Heights, suburb of Grand Rapids, to restaurants, stores, and library. 2 stall finished garage with epoxy floor. Lower level has potential to be inlaw apartment. Hardwood floors. All appliances to remain. Side yard with Zen garden area. New windows throughout. Roof approx. 5 yrs old. Central Air. Underground sprinkling. Offer deadline: Tuesday, May 12, 2025 @ 2:00 * Main: LR, KT/DA, MFU, Bath, BR, BR, BR/Den Down: 2 BRS, KT, Laundry, RecRm. * solar panels are paid for.

Key facts

• 8,276 sq ft lot
• 2 garage spots
• Built 1962

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Natural gas connected; Cable connected; High-speed internet available; Public water
• Home design: Ranch-style single family residence; Built in 1962
• Construction: Brick construction; Composition roof; Built in 1962
• Exterior features: Corner lot with sidewalk; Paved road access; Public water

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4; Bedroom 5
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Central cooling
• Interior features: Garage door opener; Screens, replacement windows and window treatments; Daylight full basement; Five total rooms
• Laundry & utility: Washer; Dryer; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $20 ($245/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 $241k (12.5% below list).
• Recommended offer: $241k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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.
• Zoned schools: Brookside Elementary (math 2% / reading 8%, grade F, #1,325 of 1,397 statewide, top 99%, 280 students, 85% FRL); Alger Middle School (math 2% / reading 12%, grade F, #481 of 493 statewide, top 98%, 342 students, 95% FRL); City Middlehigh (math 65% / reading 88%, grade A-, #16 of 713 statewide, top 2%, 908 students, 40% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 178 active listings in the ZIP; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• At $2,406/mo this rent would consume 47% of the median local household income ($61k/yr) (locally 1625% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 19 sale attempts since 33y 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 $132k; list at $275k implies a 108% gain — meaningful room to come down on a strong offer.

Recommended offer $240,558 (12.5% below list)

Questions for the listing agent

1. Built in 1962 — 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. 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?
5. 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.
6. 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.
7. 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: 0.87% ✗
• Cap rate: 6.38%
• Cash-on-cash: 0.32%
• DSCR: 1.01
• GRM: 9.5

CMA / ARV

• ARV (median comp): $281,361
• List price: $275,000
• Delta: -2.26%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
44 Honeoye St SW	0.65mi	4/2.0 (-1)	1,866 (-0%)	2mo	$285,000	$153	59

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 · 4.74% rent growth · sell at horizon

5-year hold

• IRR: -13.9%
• Equity multiple: 0.49×
• Total profit: $-38,951
• Equity at exit: $41,003

10-year hold

• IRR: -2.5%
• Equity multiple: 0.82×
• Total profit: $-13,927
• 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 49507

• Rents YoY: 4.7%
• Active inventory: 178
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,406 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$323 /mo · $3,879/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $20

Break-even live

Break-even rent $2,380

Max offer price $275,000

Occupancy floor 94%

Sensitivity live

Price	-10% $176	-5% $98	+0% $20	+5% $-57	+10% $-135
Rent	-10% $-170	-5% $-75	+0% $20	+5% $115	+10% $210
Rate	-1.0pp $159	-0.5pp $90	base $20	+0.5pp $-51	+1.0pp $-123

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 41 events

1. 2026-06-18
   listing id $275,000 Pending 5 DOM
2. 2026-05-13
   status Pending 670-char remark

   Show marketing remark (672 chars)

   OPEN HOUSE: Saturday, May 9 (12-2) * Whether you are a home buyer or investor, you don't want to miss the potential of this all brick ranch. Located walking distance to the quaint town of Alger Heights, suburb of Grand Rapids, to restaurants, stores, and library. 2 stall finished garage with epoxy floor. Lower level has potential to be inlaw apartment. Hardwood floors. All appliances to remain. Side yard with Zen garden area. New windows throughout. Roof approx. 5 yrs old. Central Air. Underground sprinkling. Offer deadline: Tuesday, May 12, 2025 @ 2:00 * Main: LR, KT/DA, MFU, Bath, BR, BR, BR/Den Down: 2 BRS, KT, Laundry, RecRm. * solar panels are paid for.

3. 2026-05-13
   status Pending 672-char remark

   Show marketing remark (672 chars)

   OPEN HOUSE: Saturday, May 9 (12-2) * Whether you are a home buyer or investor, you don't want to miss the potential of this all brick ranch. Located walking distance to the quaint town of Alger Heights, suburb of Grand Rapids, to restaurants, stores, and library. 2 stall finished garage with epoxy floor. Lower level has potential to be inlaw apartment. Hardwood floors. All appliances to remain. Side yard with Zen garden area. New windows throughout. Roof approx. 5 yrs old. Central Air. Underground sprinkling. Offer deadline: Tuesday, May 12, 2025 @ 2:00 * Main: LR, KT/DA, MFU, Bath, BR, BR, BR/Den Down: 2 BRS, KT, Laundry, RecRm. * solar panels are paid for.

4. 2026-05-13
   status Pending

   Show marketing remark (672 chars)

   OPEN HOUSE: Saturday, May 9 (12-2) * Whether you are a home buyer or investor, you don't want to miss the potential of this all brick ranch. Located walking distance to the quaint town of Alger Heights, suburb of Grand Rapids, to restaurants, stores, and library. 2 stall finished garage with epoxy floor. Lower level has potential to be inlaw apartment. Hardwood floors. All appliances to remain. Side yard with Zen garden area. New windows throughout. Roof approx. 5 yrs old. Central Air. Underground sprinkling. Offer deadline: Tuesday, May 12, 2025 @ 2:00 * Main: LR, KT/DA, MFU, Bath, BR, BR, BR/Den Down: 2 BRS, KT, Laundry, RecRm. * solar panels are paid for.

5. 2026-05-07
   listed $275,000 Active 670-char remark

   Show marketing remark (672 chars)

   OPEN HOUSE: Saturday, May 9 (12-2) * Whether you are a home buyer or investor, you don't want to miss the potential of this all brick ranch. Located walking distance to the quaint town of Alger Heights, suburb of Grand Rapids, to restaurants, stores, and library. 2 stall finished garage with epoxy floor. Lower level has potential to be inlaw apartment. Hardwood floors. All appliances to remain. Side yard with Zen garden area. New windows throughout. Roof approx. 5 yrs old. Central Air. Underground sprinkling. Offer deadline: Tuesday, May 12, 2025 @ 2:00 * Main: LR, KT/DA, MFU, Bath, BR, BR, BR/Den Down: 2 BRS, KT, Laundry, RecRm. * solar panels are paid for.

6. 2026-05-07
   listed $275,000 Active 672-char remark

   Show marketing remark (672 chars)

   OPEN HOUSE: Saturday, May 9 (12-2) * Whether you are a home buyer or investor, you don't want to miss the potential of this all brick ranch. Located walking distance to the quaint town of Alger Heights, suburb of Grand Rapids, to restaurants, stores, and library. 2 stall finished garage with epoxy floor. Lower level has potential to be inlaw apartment. Hardwood floors. All appliances to remain. Side yard with Zen garden area. New windows throughout. Roof approx. 5 yrs old. Central Air. Underground sprinkling. Offer deadline: Tuesday, May 12, 2025 @ 2:00 * Main: LR, KT/DA, MFU, Bath, BR, BR, BR/Den Down: 2 BRS, KT, Laundry, RecRm. * solar panels are paid for.

7. 2026-05-07
   listed $275,000 Active

   Show marketing remark (672 chars)

   OPEN HOUSE: Saturday, May 9 (12-2) * Whether you are a home buyer or investor, you don't want to miss the potential of this all brick ranch. Located walking distance to the quaint town of Alger Heights, suburb of Grand Rapids, to restaurants, stores, and library. 2 stall finished garage with epoxy floor. Lower level has potential to be inlaw apartment. Hardwood floors. All appliances to remain. Side yard with Zen garden area. New windows throughout. Roof approx. 5 yrs old. Central Air. Underground sprinkling. Offer deadline: Tuesday, May 12, 2025 @ 2:00 * Main: LR, KT/DA, MFU, Bath, BR, BR, BR/Den Down: 2 BRS, KT, Laundry, RecRm. * solar panels are paid for.

8. 2017-03-30
   soldstatus $132,000
9. 2015-04-01
   historical
10. 2015-02-07
    historical
11. 2015-02-05
    historical
12. 2009-04-20
    soldstatus $49,900
13. 2009-04-20
    soldstatus $49,900
14. 2009-03-23
    listed $49,900
15. 2009-03-23
    listed $49,900
16. 2009-03-01
    historical
17. 2008-10-20
    listed $59,900
18. 2008-10-20
    listed $59,900
19. 2006-07-17
    soldstatus $127,900
20. 2006-02-16
    soldstatus $127,900
21. 2006-02-16
    soldstatus $127,900
22. 2006-01-01
    listed $125,900
23. 2006-01-01
    listed $125,900
24. 2005-12-30
    historical
25. 2005-11-08
    listed $125,900
26. 2005-11-08
    listed $125,900
27. 2005-11-07
    historical
28. 2005-04-21
    listed $129,900
29. 2005-04-21
    listed $129,900
30. 2004-01-12
    soldstatus $109,900
31. 2004-01-12
    soldstatus $109,900
32. 2003-09-22
    listed $108,900
33. 2003-09-22
    listed $108,900
34. 1998-07-13
    soldstatus $87,500
35. 1998-07-13
    soldstatus $87,500
36. 1998-05-04
    listed $89,900
37. 1998-05-04
    listed $89,900
38. 1993-11-08
    soldstatus $73,500
39. 1993-11-08
    soldstatus $73,500
40. 1993-04-21
    listed $74,999
41. 1993-04-21
    listed $74,999

ⓘ 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: $3,879 · $323/mo
• Projected year-2 tax: $4,057 · $338/mo
• Expected delta: +$178/yr (+$15/mo · 4.6%)

ⓘ 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 ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,867
• − Mortgage interest: −$15,404
• − Property taxes: −$3,879
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,309
• − Management: −$2,309
• − Depreciation: −$8,000
• Taxable loss: −$4,410
• Est. tax savings @ 24.0%: +$1,058
• After-tax cash flow: $1,304/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): 38,487
• Household income: $61,461
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 1625.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Hispanic / Latino 31% Black 31% White 30% Two or more races 21%
• Hispanic origin (detail): Mexican 18% Puerto Rican 3% Dominican 1%
• Common ancestry: Iranian 8% Romanian 2% Lithuanian 1%
• Foreign-born: 18% · Canada
• Languages at home: 71% English-only · Spanish 23% Arabic 1% 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: ▼ -301.99%
• Current HPI: 325.3878
• Rent YoY: ▲ 4.74%
• 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

+266.7% since first listed

40 events — show timeline

• 2026-05-13 Pending — MiRealSource-MiMLS
• 2026-05-13 Pending — REALCOMP
• 2026-05-13 Pending — SW Michigan MLS
• 2026-05-07 Listed $275,000 SW Michigan MLS
• 2026-05-07 Listed $275,000 REALCOMP
• 2026-05-07 Listed $275,000 MiRealSource-MiMLS
• 2017-03-30 Sold (Public Records) $132,000 Public Records
• 2015-04-01 Listing Removed — SW Michigan MLS
• 2015-02-07 Listing Removed — SW Michigan MLS
• 2015-02-05 Listing Removed — SW Michigan MLS
• 2009-04-20 Sold (MLS) $49,900 REALCOMP
• 2009-04-20 Sold (MLS) $49,900 SW Michigan MLS
• 2009-03-23 Listed $49,900 REALCOMP
• 2009-03-23 Listed $49,900 SW Michigan MLS
• 2009-03-01 Listing Removed — REALCOMP
• 2008-10-20 Listed $59,900 REALCOMP
• 2008-10-20 Listed $59,900 SW Michigan MLS
• 2006-07-17 Sold (Public Records) $127,900 Public Records
• 2006-02-16 Sold (MLS) $127,900 REALCOMP
• 2006-02-16 Sold (MLS) $127,900 SW Michigan MLS
• 2006-01-01 Listed $125,900 REALCOMP
• 2006-01-01 Listed $125,900 SW Michigan MLS
• 2005-12-30 Listing Removed — REALCOMP
• 2005-11-08 Listed $125,900 REALCOMP
• 2005-11-08 Listed $125,900 SW Michigan MLS
• 2005-11-07 Listing Removed — REALCOMP
• 2005-04-21 Listed $129,900 REALCOMP
• 2005-04-21 Listed $129,900 SW Michigan MLS
• 2004-01-12 Sold (MLS) $109,900 REALCOMP
• 2004-01-12 Sold (MLS) $109,900 SW Michigan MLS
• 2003-09-22 Listed $108,900 REALCOMP
• 2003-09-22 Listed $108,900 SW Michigan MLS
• 1998-07-13 Sold (MLS) $87,500 REALCOMP
• 1998-07-13 Sold (MLS) $87,500 SW Michigan MLS
• 1998-05-04 Listed $89,900 REALCOMP
• 1998-05-04 Listed $89,900 SW Michigan MLS
• 1993-11-08 Sold (MLS) $73,500 REALCOMP
• 1993-11-08 Sold (MLS) $73,500 SW Michigan MLS
• 1993-04-21 Listed $74,999 REALCOMP
• 1993-04-21 Listed $74,999 SW Michigan MLS

Property tax history

+7.9%/yr

Latest (2025): $3,879 · +67.9% YoY. Source: county tax records.