549 Academy St · Allegan, MI 49010

$249,000

3 bd · 2.0 ba · 1,512 sqft · Land · 5 Days on market

Built 1912 0.25 ac lot $165/sqft · 16% above area Est $215k · 16% over

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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 +16.2/30.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.4/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

''Discover the perfect blend of city living and expansive outdoor space at 549 Academy Street. This charming 2-story home sits on a rare double lot totaling . 75 acres right within the Allegan city limits!Inside, you'll find a thoughtful layout featuring a spacious kitchen and a large living room perfect for gatherings. Convenience is key with a main-level primary bedroom and a main-level laundry room. Upstairs, two additional bedrooms offer plenty of space for family or guests. The exterior is built for relaxation and hobbies alike. Enjoy your morning coffee on the classic covered front porch, or head back to the impressive two-stall garage which features a dedicated woodworking room for the craftsman at heart. With an additional storage shed and nearly an acre of land just a short walk from the elementary school, this property offers a lifestyle that is hard to find in town. Schedule your showing today!''

Key facts

• 0.25 acre lot
• 2 garage spots
• Built 1912

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Natural gas available and connected; Electricity available; Cable connected; High-speed internet; Natural gas water heater
• Home design: Single family residence; Residential property; Built in 1912
• Construction: Vinyl siding; Shingle roof; Crawl space and Michigan-style basement
• Exterior features: Paved road access; Approximately 0.75-acre lot

Interior

• Kitchen: Range; Refrigerator; Eat-in kitchen
• Bedrooms: Primary bedroom (approximately 13 x 13); Bedroom 2 (approximately 9 x 13); Bedroom 3 (approximately 13 x 10); Bedroom 4; Bedroom 5
• Bathrooms: 2 full bathrooms; Primary bathroom (approximately 6 x 7); Bathroom 2 (approximately 7 x 7)
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Garage door opener; Sauna; Eat-in kitchen; Gas log fireplace; Replacement windows; Total of 9 rooms
• Laundry & utility: Washer; Dryer; Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $249k.

Deal economics

• At list price, monthly cash flow is $131 ($2k/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 (5.9% below list).
• Recommended offer: $234k (5.9% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 4.7% in Allegan — 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 70/100 on livability (#318 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Allegan Public Schools (town): math 26% / reading 37% proficiency, ranked #338 of 540 in MI (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Ward Elementary School (math 37% / reading 37%, grade F, #685 of 1,397 statewide, top 51%, 246 students, 66% FRL); Le White Middle School (math 23% / reading 37%, grade F, #337 of 493 statewide, top 69%, 447 students, 69% FRL); Allegan High School (math 22% / reading 42%, grade F, #405 of 713 statewide, top 59%, 648 students, 55% FRL) — zoned schools average 63% FRL vs 44% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 185 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 419 units permitted in Allegan 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 26y 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 $129k; list at $249k implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $234,359 (5.9% below list)

Questions for the listing agent

1. Built in 1912 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.94% ✗
• Cap rate: 6.92%
• Cash-on-cash: 2.25%
• DSCR: 1.10
• GRM: 8.9

CMA / ARV

• ARV (median comp): $215,225
• List price: $249,000
• Delta: 15.69%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -12.7%
• Equity multiple: 0.54×
• Total profit: $-31,992
• Equity at exit: $37,127

10-year hold

• IRR: -3.7%
• Equity multiple: 0.76×
• Total profit: $-16,999
• Equity at exit: $21,529

Cash invested: $69,720 (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 49010

• Home prices YoY: -34.3%
• Active inventory: 185
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,344 high
• Mortgage (P&I): −$1,306
• Tax est. 1.5%: −$311 /mo · $3,735/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $131

Break-even live

Break-even rent $2,178

Max offer price $249,000

Occupancy floor 89%

Sensitivity live

Price	-10% $303	-5% $217	+0% $131	+5% $45	+10% $-41
Rent	-10% $-54	-5% $38	+0% $131	+5% $223	+10% $316
Rate	-1.0pp $256	-0.5pp $194	base $131	+0.5pp $66	+1.0pp $0

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 Monroe St Unit 1 Allegan, MI	3.0	2.0	1700	$2,000	$1.18	22d	1	0.63mi
364 Sherman St Allegan, MI	3.0	2.5	1800	$2,795	$1.55	45d	1	0.73mi
364 Sherman St Allegan, MI	3.0	2.5	1800	$2,495	$1.39	22d	1	0.73mi
366 Sherman St Allegan, MI	4.0	2.5	1910	$2,295	$1.20	45d	1	0.73mi
366 Sherman St Allegan, MI	4.0	2.5	1910	$2,195	$1.15	22d	1	0.73mi

Listing history 24 events

1. 2026-05-11
   status Pending 920-char remark

   Show marketing remark (920 chars)

   ''Discover the perfect blend of city living and expansive outdoor space at 549 Academy Street. This charming 2-story home sits on a rare double lot totaling . 75 acres right within the Allegan city limits!Inside, you'll find a thoughtful layout featuring a spacious kitchen and a large living room perfect for gatherings. Convenience is key with a main-level primary bedroom and a main-level laundry room. Upstairs, two additional bedrooms offer plenty of space for family or guests. The exterior is built for relaxation and hobbies alike. Enjoy your morning coffee on the classic covered front porch, or head back to the impressive two-stall garage which features a dedicated woodworking room for the craftsman at heart. With an additional storage shed and nearly an acre of land just a short walk from the elementary school, this property offers a lifestyle that is hard to find in town. Schedule your showing today!''

2. 2026-05-11
   status Pending 920-char remark

   Show marketing remark (920 chars)

   ''Discover the perfect blend of city living and expansive outdoor space at 549 Academy Street. This charming 2-story home sits on a rare double lot totaling . 75 acres right within the Allegan city limits!Inside, you'll find a thoughtful layout featuring a spacious kitchen and a large living room perfect for gatherings. Convenience is key with a main-level primary bedroom and a main-level laundry room. Upstairs, two additional bedrooms offer plenty of space for family or guests. The exterior is built for relaxation and hobbies alike. Enjoy your morning coffee on the classic covered front porch, or head back to the impressive two-stall garage which features a dedicated woodworking room for the craftsman at heart. With an additional storage shed and nearly an acre of land just a short walk from the elementary school, this property offers a lifestyle that is hard to find in town. Schedule your showing today!''

3. 2026-05-11
   status Pending

   Show marketing remark (920 chars)

   ''Discover the perfect blend of city living and expansive outdoor space at 549 Academy Street. This charming 2-story home sits on a rare double lot totaling . 75 acres right within the Allegan city limits!Inside, you'll find a thoughtful layout featuring a spacious kitchen and a large living room perfect for gatherings. Convenience is key with a main-level primary bedroom and a main-level laundry room. Upstairs, two additional bedrooms offer plenty of space for family or guests. The exterior is built for relaxation and hobbies alike. Enjoy your morning coffee on the classic covered front porch, or head back to the impressive two-stall garage which features a dedicated woodworking room for the craftsman at heart. With an additional storage shed and nearly an acre of land just a short walk from the elementary school, this property offers a lifestyle that is hard to find in town. Schedule your showing today!''

4. 2026-05-06
   listed $249,000 Active 920-char remark

   Show marketing remark (920 chars)

   ''Discover the perfect blend of city living and expansive outdoor space at 549 Academy Street. This charming 2-story home sits on a rare double lot totaling . 75 acres right within the Allegan city limits!Inside, you'll find a thoughtful layout featuring a spacious kitchen and a large living room perfect for gatherings. Convenience is key with a main-level primary bedroom and a main-level laundry room. Upstairs, two additional bedrooms offer plenty of space for family or guests. The exterior is built for relaxation and hobbies alike. Enjoy your morning coffee on the classic covered front porch, or head back to the impressive two-stall garage which features a dedicated woodworking room for the craftsman at heart. With an additional storage shed and nearly an acre of land just a short walk from the elementary school, this property offers a lifestyle that is hard to find in town. Schedule your showing today!''

5. 2026-05-06
   listed $249,000 Active 920-char remark

   Show marketing remark (920 chars)

   ''Discover the perfect blend of city living and expansive outdoor space at 549 Academy Street. This charming 2-story home sits on a rare double lot totaling . 75 acres right within the Allegan city limits!Inside, you'll find a thoughtful layout featuring a spacious kitchen and a large living room perfect for gatherings. Convenience is key with a main-level primary bedroom and a main-level laundry room. Upstairs, two additional bedrooms offer plenty of space for family or guests. The exterior is built for relaxation and hobbies alike. Enjoy your morning coffee on the classic covered front porch, or head back to the impressive two-stall garage which features a dedicated woodworking room for the craftsman at heart. With an additional storage shed and nearly an acre of land just a short walk from the elementary school, this property offers a lifestyle that is hard to find in town. Schedule your showing today!''

6. 2026-05-06
   listed $249,000 Active

   Show marketing remark (920 chars)

   ''Discover the perfect blend of city living and expansive outdoor space at 549 Academy Street. This charming 2-story home sits on a rare double lot totaling . 75 acres right within the Allegan city limits!Inside, you'll find a thoughtful layout featuring a spacious kitchen and a large living room perfect for gatherings. Convenience is key with a main-level primary bedroom and a main-level laundry room. Upstairs, two additional bedrooms offer plenty of space for family or guests. The exterior is built for relaxation and hobbies alike. Enjoy your morning coffee on the classic covered front porch, or head back to the impressive two-stall garage which features a dedicated woodworking room for the craftsman at heart. With an additional storage shed and nearly an acre of land just a short walk from the elementary school, this property offers a lifestyle that is hard to find in town. Schedule your showing today!''

7. 2022-05-25
   historical
8. 2016-07-21
   soldstatus $129,000
9. 2016-07-11
   soldstatus $129,000
10. 2016-07-11
    soldstatus $129,000 Sold
11. 2016-05-03
    status Pending
12. 2016-04-26
    listed $129,000 Active
13. 2016-04-25
    listed $129,000
14. 2014-09-25
    historical
15. 2007-01-04
    listed $19,000
16. 2006-07-07
    historical
17. 2006-07-07
    historical
18. 2006-03-30
    listed $20,000
19. 2005-08-08
    listed $129,900
20. 2005-08-08
    listed $129,900
21. 2001-08-08
    soldstatus $106,000
22. 2001-08-08
    soldstatus $106,000
23. 2000-07-15
    listed $109,900
24. 2000-07-15
    listed $109,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥97°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: $28,123
• − Mortgage interest: −$13,948
• − Property taxes: −$3,735
• − Insurance: −$1,245
• − Repairs & maintenance: −$2,250
• − Management: −$2,250
• − Depreciation: −$7,244
• Taxable loss: −$2,548
• Est. tax savings @ 24.0%: +$612
• After-tax cash flow: $2,179/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: Allegan Public Schools
• NCES district ID: 2602220
• Math proficiency: 26% ▼ -8.00%
• Reading proficiency: 37% ▼ -7.00%
• Median HH income: $48,602
• Composite: 27.27/100
• National rank: #7008
• State rank: #338 of 540 in MI

Livability — Allegan

• Score: 70/100
• State rank: #318
• US rank: #7767

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D+ Housing A+ Health & safety F User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Allegan, MI
• Population (ZIP): 18,394

Population outlook (Allegan County) Hauer SSP2

• Today (2025): 120,251 people
• By 2030: 122,204 · +1.6%
• By 2040: 123,979 · +3.1%
• By 2050: 122,340 · +1.7%
• By 2075: 116,088 · -3.5%
• By 2100: 98,461 · -18.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 8% Hispanic / Latino 5% Black 1%
• Common ancestry: Iranian 10% Romanian 4% Italian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Allegan

• 2024 margin: Strong R (+27.2) · D 35.7% · R 62.9% · Other 1.5%
• 2008→2024 swing: -16.5pp toward R · 2008: -10.7pp · 2024: -27.2pp
• All cycles: 2024: R+27.2 2020: R+25.2 2016: R+28.8 2012: R+19.2 2008: R+10.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -136.08%
• Current HPI: 260.4976
• 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

+126.6% since first listed

24 events — show timeline

• 2026-05-11 Pending — REALCOMP
• 2026-05-11 Pending — MiRealSource-MiMLS
• 2026-05-11 Pending — SW Michigan MLS
• 2026-05-06 Listed $249,000 REALCOMP
• 2026-05-06 Listed $249,000 SW Michigan MLS
• 2026-05-06 Listed $249,000 MiRealSource-MiMLS
• 2022-05-25 Listing Removed — REALCOMP
• 2016-07-21 Sold (Public Records) $129,000 Public Records
• 2016-07-11 Sold (MLS) $129,000 SW Michigan MLS
• 2016-07-11 Sold (MLS) $129,000 REALCOMP
• 2016-05-03 Pending — SW Michigan MLS
• 2016-04-26 Listed $129,000 SW Michigan MLS
• 2016-04-25 Listed $129,000 REALCOMP
• 2014-09-25 Listing Removed — SW Michigan MLS
• 2007-01-04 Listed $19,000 SW Michigan MLS
• 2006-07-07 Listing Removed — SW Michigan MLS
• 2006-07-07 Listing Removed — SW Michigan MLS
• 2006-03-30 Listed $20,000 SW Michigan MLS
• 2005-08-08 Listed $129,900 SW Michigan MLS
• 2005-08-08 Listed $129,900 REALCOMP
• 2001-08-08 Sold (MLS) $106,000 REALCOMP
• 2001-08-08 Sold (MLS) $106,000 SW Michigan MLS
• 2000-07-15 Listed $109,900 REALCOMP
• 2000-07-15 Listed $109,900 SW Michigan MLS