538 S Ashley St · Ann Arbor, MI 48103

$565,000

3 bd · 2.0 ba · 1,305 sqft · SingleFamily public records · 33 Days on market

Built 1901 Est $841k · 33% under

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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).

• ARV discount +15.0/15.0
• Schools +6.5/10.0
• Livability +4.4/5.0
• Cash flow +4.3/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.9/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent Location On Ann Arbor's Old West Side 2 Blocks From Downtown And 10 Min. Walk To Campus. Now Rented And Perfect As Turn Keyincome Property. Downstairs Open And Bright With Remodeled Kitchen And Large Bath 2004, Refinished Hardwood Floors And Coved Ceilings. Upstairs New Carpet And Vinyl Flooring 2006. Large Main Floor Mud Room/Laundry. New Roof 2000. Nicely Landscaped Lot With Private Yard, Flagstone Patio And Covered Porch. Easily Converted Back To Single Family.

Key facts

• 3 parking spots
• Built 1901
• Listed 33 days

Property features AI

Finance

• Financial info: Tax information available

Exterior

• Parking: Three parking spaces total; Concrete parking areas; Carport
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Natural gas connected; Phone available; Sewer available
• Home design: Residential income property (multi-family)
• Construction: Wood siding construction
• Exterior features: Level, wooded lot; Publicly maintained road; Other-type roof

Interior

• Bedrooms: One 1-bedroom unit (2nd floor, has A/C unit); One 2-bedroom unit (1st floor, has A/C unit)
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating (natural gas); Wall and window air conditioning units
• Interior features: Sidewalks (community feature); Partial crawl space basement
• Laundry & utility: Common area laundry room with washer hookup and sink (main level)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $565k.

Deal economics

• At list price, monthly cash flow is $-2k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $298k (47.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $334k (40.9% below list).
• Recommended offer: $298k (47.3% below list) — sets the bar for cash-flow.
• Cap rate 3.1% vs local median 2.5% in Ann Arbor — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 88/100 on livability (#10 in MI, #155 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living D.
• Ann Arbor Public Schools (urban): math 71% / reading 81% proficiency, ranked #6 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents flat; 228 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• This rent runs 35% of the median local income ($116k/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 $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($548k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $263k; list at $565k implies a 115% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $297,527 (47.3% 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. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
3. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
6. 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?
7. 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.
8. 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.
9. 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: 0.59% ✗
• Cap rate: 3.08%
• Cash-on-cash: -11.49%
• DSCR: 0.49
• GRM: 14.1

CMA / ARV

• ARV (median comp): $841,142
• List price: $565,000
• Delta: -32.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
616 S Ashley St	0.10mi	3/2.0	1,188 (-9%)	3mo	$560,000	$471	78
519 5th St	0.28mi	3/1.5	1,400 (+7%)	2mo	$645,000	$461	72
521 Pauline Blvd	0.51mi	2/2.0 (-1)	1,329 (+2%)	1mo	$585,500	$441	68
510 Miller Ave	0.66mi	3/2.0	1,298 (-0%)	2mo	$410,000	$316	66
814 W Jefferson St	0.39mi	3/3.0	1,419 (+9%)	2mo	$597,000	$421	61
608 Soule Blvd	0.72mi	3/1.0	1,301 (-0%)	3mo	$517,000	$397	59
1215 Prescott Ave	0.69mi	3/3.0	1,368 (+5%)	3mo	$515,000	$376	53
919 5th St	0.46mi	2/1.0 (-1)	1,176 (-10%)	3mo	$545,000	$463	51
1307 Lutz Ave	0.66mi	3/1.0	1,192 (-9%)	0mo	$399,000	$335	50
401 Berkley Ave	0.65mi	3/2.0	1,478 (+13%)	3mo	$785,000	$531	45
1134 Hutchins Ave	0.65mi	3/1.0	1,170 (-10%)	5mo	$525,000	$449	44
308 Snyder Ave	0.68mi	4/1.0 (+1)	1,220 (-6%)	6mo	$451,700	$370	44

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 · 0.12% rent growth · sell at horizon

5-year hold

• IRR: -40.7%
• Equity multiple: -0.25×
• Total profit: $-197,195
• Equity at exit: $84,243

10-year hold

• IRR: -89.4%
• Equity multiple: -1.10×
• Total profit: $-331,515
• Equity at exit: $48,851

Cash invested: $158,200 (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 48103

• Rents YoY: 0.1%
• Active inventory: 228
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $3,341 high
• Mortgage (P&I): −$2,963
• Tax from tax record: −$955 /mo · $11,460/yr
• Insurance: −$235
• HOA: −$0
• Vacancy / Maint / Mgmt: −$702
• Net cashflow: $-1,514

Break-even live

Break-even rent $5,257

Max offer price $297,527

Occupancy floor —

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: $141,250
• Closing costs: $16,950
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
600 S Main St Ann Arbor, MI	4.0	2.0	1455	$5,030	$3.46	13d	3	0.08mi
618 S Main St Ann Arbor, MI	2.0	1.0–2.0	740	$3,550	$4.80	13d	33	0.11mi
441 S 1st St Ann Arbor, MI	2.0–3.0	1.0–1.5	1000	$2,995	$3.00	21d	5	0.12mi
720 S Main St Ann Arbor, MI	4.0	1.0	1800	$3,550	$1.97	43d	1	0.20mi
311 W William St Unit 2 Ann Arbor, MI	3.0	1.0	1200	$2,700	$2.25	21d	1	0.22mi
212 S 4th Ave Ann Arbor, MI	1.0–2.0	1.0–2.0	850	$3,167	$3.73	13d	1	0.36mi
201 S 1st St Unit 1364138P Ann Arbor, MI	2.0	2.0	1097	$4,493	$4.10	13d	1	0.36mi
320 S Division St Ann Arbor, MI	2.0	1.0	1000	$2,200	$2.20	21d	1	0.38mi
514 Pauline Blvd Ann Arbor, MI	2.0	1.0	900	$2,150	$2.39	21d	1	0.48mi
921 Mary St Ann Arbor, MI	2.0	1.0	1000	$2,000	$2.00	21d	1	0.54mi
921 Mary St Ann Arbor, MI	3.0	1.5	1300	$3,600	$2.77	43d	1	0.54mi
404 N Thayer St Ann Arbor, MI	3.0	1.0	1200	$2,100	$1.75	21d	1	0.83mi
404 N Thayer St Ann Arbor, MI	3.0	1.0	1200	$2,950	$2.46	43d	1	0.83mi
912 S Forest Ave Ann Arbor, MI	2.0	1.5	900	$2,500	$2.78	21d	1	0.89mi
1335 S University Ave Unit 1335-B Ann Arbor, MI	3.0	2.0	1354	$3,939	$2.91	43d	1	0.93mi
120 Depot St Ann Arbor, MI	4.0	3.0	1404	$3,800	$2.71	21d	1	0.95mi
1730 W Liberty St Ann Arbor, MI	3.0	1.5	1080	$2,800	$2.59	43d	1	0.98mi
1716 Jackson Ave Ann Arbor, MI	2.0	1.0	950	$2,500	$2.63	43d	1	1.06mi
253 Brookridge Ct #1 Ann Arbor, MI	2.0	1.0	1824	$1,800	$0.99	13d	1	1.09mi
1700 Geddes Ave Ann Arbor, MI	3.0–4.0	1.5–2.0	936	$1,099	$1.17	13d	4	1.19mi
831 Loyola Dr Ann Arbor, MI	3.0	2.0	1813	$3,250	$1.79	43d	1	1.20mi
1200 Broadway St Ann Arbor, MI	2.0	1.0–2.0	785	$3,650	$4.65	10d	76	1.26mi
2237 S Main St Ann Arbor, MI	2.0	2.0	1086	$1,900	$1.75	43d	1	1.45mi

Listing history 28 events

1. 2026-06-16
   days on market $565,000 Active 33 DOM
2. 2026-06-15
   days on market $565,000 Active 32 DOM
3. 2026-06-14
   days on market $565,000 Active 30 DOM
4. 2026-06-10
   days on market $565,000 Active 27 DOM
5. 2026-06-09
   days on market $565,000 Active 26 DOM
6. 2026-06-08
   days on market $565,000 Active 25 DOM
7. 2026-06-07
   days on market $565,000 Active 24 DOM
8. 2026-06-03
   days on market $565,000 Active 20 DOM
9. 2026-06-02
   days on market $565,000 Active 19 DOM
10. 2026-06-01
    days on market $565,000 Active 18 DOM
11. 2026-05-31
    days on market $565,000 Active 17 DOM
12. 2026-05-30
    days on market $565,000 Active 16 DOM
13. 2026-05-14
    listed $565,000 Active 1012-char remark
14. 2026-05-14
    listed $565,000 Active 1642-char remark
15. 2026-05-11
    historical $565,000 1012-char remark
16. 2013-04-26
    soldstatus $263,000
17. 2006-10-02
    soldstatus $250,000
18. 2006-09-21
    soldstatus $250,000

    Show marketing remark (478 chars)

    Excellent Location On Ann Arbor's Old West Side 2 Blocks From Downtown And 10 Min. Walk To Campus. Now Rented And Perfect As Turn Keyincome Property. Downstairs Open And Bright With Remodeled Kitchen And Large Bath 2004, Refinished Hardwood Floors And Coved Ceilings. Upstairs New Carpet And Vinyl Flooring 2006. Large Main Floor Mud Room/Laundry. New Roof 2000. Nicely Landscaped Lot With Private Yard, Flagstone Patio And Covered Porch. Easily Converted Back To Single Family.

19. 2006-09-21
    soldstatus $250,000

    Show marketing remark (478 chars)

    Excellent Location On Ann Arbor's Old West Side 2 Blocks From Downtown And 10 Min. Walk To Campus. Now Rented And Perfect As Turn Keyincome Property. Downstairs Open And Bright With Remodeled Kitchen And Large Bath 2004, Refinished Hardwood Floors And Coved Ceilings. Upstairs New Carpet And Vinyl Flooring 2006. Large Main Floor Mud Room/Laundry. New Roof 2000. Nicely Landscaped Lot With Private Yard, Flagstone Patio And Covered Porch. Easily Converted Back To Single Family.

20. 2006-09-21
    soldstatus $250,000

    Show marketing remark (478 chars)

    Excellent Location On Ann Arbor's Old West Side 2 Blocks From Downtown And 10 Min. Walk To Campus. Now Rented And Perfect As Turn Keyincome Property. Downstairs Open And Bright With Remodeled Kitchen And Large Bath 2004, Refinished Hardwood Floors And Coved Ceilings. Upstairs New Carpet And Vinyl Flooring 2006. Large Main Floor Mud Room/Laundry. New Roof 2000. Nicely Landscaped Lot With Private Yard, Flagstone Patio And Covered Porch. Easily Converted Back To Single Family.

21. 2006-08-20
    historical

    Show marketing remark (478 chars)

    Excellent Location On Ann Arbor's Old West Side 2 Blocks From Downtown And 10 Min. Walk To Campus. Now Rented And Perfect As Turn Keyincome Property. Downstairs Open And Bright With Remodeled Kitchen And Large Bath 2004, Refinished Hardwood Floors And Coved Ceilings. Upstairs New Carpet And Vinyl Flooring 2006. Large Main Floor Mud Room/Laundry. New Roof 2000. Nicely Landscaped Lot With Private Yard, Flagstone Patio And Covered Porch. Easily Converted Back To Single Family.

22. 2006-08-20
    historical

    Show marketing remark (478 chars)

    Excellent Location On Ann Arbor's Old West Side 2 Blocks From Downtown And 10 Min. Walk To Campus. Now Rented And Perfect As Turn Keyincome Property. Downstairs Open And Bright With Remodeled Kitchen And Large Bath 2004, Refinished Hardwood Floors And Coved Ceilings. Upstairs New Carpet And Vinyl Flooring 2006. Large Main Floor Mud Room/Laundry. New Roof 2000. Nicely Landscaped Lot With Private Yard, Flagstone Patio And Covered Porch. Easily Converted Back To Single Family.

23. 2006-04-17
    listed $257,500

    Show marketing remark (478 chars)

    Excellent Location On Ann Arbor's Old West Side 2 Blocks From Downtown And 10 Min. Walk To Campus. Now Rented And Perfect As Turn Keyincome Property. Downstairs Open And Bright With Remodeled Kitchen And Large Bath 2004, Refinished Hardwood Floors And Coved Ceilings. Upstairs New Carpet And Vinyl Flooring 2006. Large Main Floor Mud Room/Laundry. New Roof 2000. Nicely Landscaped Lot With Private Yard, Flagstone Patio And Covered Porch. Easily Converted Back To Single Family.

24. 2006-04-17
    listed $257,500

    Show marketing remark (478 chars)

    Excellent Location On Ann Arbor's Old West Side 2 Blocks From Downtown And 10 Min. Walk To Campus. Now Rented And Perfect As Turn Keyincome Property. Downstairs Open And Bright With Remodeled Kitchen And Large Bath 2004, Refinished Hardwood Floors And Coved Ceilings. Upstairs New Carpet And Vinyl Flooring 2006. Large Main Floor Mud Room/Laundry. New Roof 2000. Nicely Landscaped Lot With Private Yard, Flagstone Patio And Covered Porch. Easily Converted Back To Single Family.

25. 2006-04-17
    listed $257,500

    Show marketing remark (478 chars)

    Excellent Location On Ann Arbor's Old West Side 2 Blocks From Downtown And 10 Min. Walk To Campus. Now Rented And Perfect As Turn Keyincome Property. Downstairs Open And Bright With Remodeled Kitchen And Large Bath 2004, Refinished Hardwood Floors And Coved Ceilings. Upstairs New Carpet And Vinyl Flooring 2006. Large Main Floor Mud Room/Laundry. New Roof 2000. Nicely Landscaped Lot With Private Yard, Flagstone Patio And Covered Porch. Easily Converted Back To Single Family.

26. 2000-09-07
    soldstatus $185,000
27. 1996-09-10
    soldstatus $117,500
28. 1996-08-01
    soldstatus $117,500

ⓘ 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: $11,460 · $955/mo
• Projected year-2 tax: $11,460 · $955/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥100°F today · 15 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: $40,089
• − Mortgage interest: −$31,649
• − Property taxes: −$11,460
• − Insurance: −$2,825
• − Repairs & maintenance: −$3,207
• − Management: −$3,207
• − Depreciation: −$16,436
• Taxable loss: −$28,695
• Est. tax savings @ 24.0%: +$6,887
• After-tax cash flow: $-11,282/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: Ann Arbor Public Schools
• NCES district ID: 2602820
• Math proficiency: 71% ▲ 5.00%
• Reading proficiency: 81% ▲ 11.00%
• Median HH income: $60,768
• Composite: 65.34/100
• National rank: #487
• State rank: #6 of 540 in MI

Livability — Ann Arbor

• Score: 88/100
• State rank: #10
• US rank: #155

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ann Arbor, MI
• County: Washtenaw County · 306,860 people
• City population: 163,747
• Metro: Ann Arbor, MI
• Population (ZIP): 55,054
• Household income: $116,194
• Rent vs Own: 33.5% rent · 66.5% own
• Severe rent burden: 2033.0

Population outlook (Washtenaw County) Hauer SSP2

• Today (2025): 402,878 people
• By 2030: 424,104 · +5.3%
• By 2040: 464,633 · +15.3%
• By 2050: 504,728 · +25.3%
• By 2075: 614,463 · +52.5%
• By 2100: 676,181 · +67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Asian 10% Two or more races 9% Hispanic / Latino 6% Black 6%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 6% Slovak 3% Iranian 3%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 83% English-only · Spanish 4% Chinese 3% Other Indo-European 2%

Political lean MEDSL · Washtenaw

• 2024 margin: Solid D (+44.4) · D 71.0% · R 26.6% · Other 2.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 41.0pp · 2024: 44.4pp
• All cycles: 2024: D+44.4 2020: D+46.6 2016: D+41.5 2012: D+36.0 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -472.49%
• Current HPI: 244.6891
• Rent YoY: ▲ 0.12%
• Metro: Ann Arbor, 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

+380.9% since first listed

17 events — show timeline

• 2026-06-16 Listing Removed — MiRealSource-MiMLS
• 2026-05-14 Listed $565,000 MiRealSource-MiMLS
• 2026-05-14 Listed $565,000 REALCOMP
• 2026-05-11 Coming Soon — MiRealSource-MiMLS
• 2013-04-26 Sold (Public Records) $263,000 Public Records
• 2006-10-02 Sold (Public Records) $250,000 Public Records
• 2006-09-21 Sold (MLS) $250,000 AAMLS
• 2006-09-21 Sold (MLS) $250,000 SW Michigan MLS
• 2006-09-21 Sold (MLS) $250,000 MiRealSource-MiMLS
• 2006-08-20 Delisted — AAMLS
• 2006-08-20 Listing Removed — MiRealSource-MiMLS
• 2006-04-17 Listed $257,500 AAMLS
• 2006-04-17 Listed $257,500 SW Michigan MLS
• 2006-04-17 Listed $257,500 MiRealSource-MiMLS
• 2000-09-07 Sold (Public Records) $185,000 Public Records
• 1996-09-10 Sold (Public Records) $117,500 Public Records
• 1996-08-01 Sold (Public Records) $117,500 Public Records

Property tax history

+3.7%/yr

Latest (2025): $11,460 · +2.9% YoY. Source: county tax records.