602 Chicago Ave · Kalamazoo, MI 49048

$80,000

3 bd · 1.0 ba · 872 sqft · SingleFamily public records · 19 Days on market

Built 1900 Good condition 2,475 sqft lot $92/sqft · 43% below area Est $151k · 47% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.2/10.0
• Rent growth +4.5/5.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 2-bedroom, 1-bath home conveniently located in Kalamazoo Township near East Main. Perfect for a first-time buyer or investor looking to flip, rent, or build a short- or long-term rental portfolio. Just minutes from Downtown Kalamazoo, WMU, and Kalamazoo College. Features include a main-floor office, two upstairs bedrooms, new carpet throughout, a corner lot, fenced backyard, and attached 1-car garage. A great opportunity for buyers and investors alike in a convenient Kalamazoo location.

Key facts

• Main-floor office
• Fenced backyard
• Corner lot

Tags

• MAIN-FLOOR OFFICE
• CORNER LOT
• FENCED BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 4.3% in Kalamazoo — 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 76/100 on livability (#141 in MI, #3,492 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Kalamazoo Public Schools (urban): math 43% / reading 72% proficiency, ranked #71 of 540 in MI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Northeastern Elementary School (212 students, 92% FRL); Linden Grove Middle School (math 30% / reading 70%, grade C, #125 of 493 statewide, top 25%, 705 students, 69% FRL); Kalamazoo Central High School (math 42% / reading 67%, grade C-, #109 of 713 statewide, top 17%, 1,612 students, 64% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 251 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 28y ago; this cycle's ask has dropped $15k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $80k implies a 441% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,800 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.68% ✓
• Cap rate: 12.44%
• Cash-on-cash: 21.97%
• DSCR: 1.98
• GRM: 5.0

CMA / ARV

• ARV (median comp): $151,392
• List price: $80,000
• Delta: -47.16%
• 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
521 Gayle Ave	0.32mi	2/1.0 (-1)	864 (-1%)	0mo	$133,000	$154	78
715 Lum Ave	0.26mi	2/1.0 (-1)	912 (+5%)	2mo	$160,000	$175	73
514 Chicago Ave	0.10mi	2/1.0 (-1)	782 (-10%)	0mo	$120,100	$154	73
812 Washburn Ave	0.20mi	2/1.0 (-1)	935 (+7%)	3mo	$160,000	$171	71
324 Trimble Ave	0.32mi	2/1.0 (-1)	906 (+4%)	4mo	$159,900	$176	70
708 Gayle Ave	0.34mi	4/1.5 (+1)	910 (+4%)	4mo	$90,000	$99	67
1516 Charles Ave	0.45mi	3/1.0	924 (+6%)	4mo	$160,000	$173	66
2726 E Main St	0.51mi	2/1.0 (-1)	824 (-6%)	0mo	$111,000	$135	62
1308 Colgrove Ave	0.47mi	2/1.0 (-1)	912 (+5%)	6mo	$85,000	$93	61
1117 Dayton Ave	0.49mi	2/1.0 (-1)	956 (+10%)	0mo	$170,000	$178	56
1008 Cooper Ave	0.26mi	2/1.0 (-1)	748 (-14%)	4mo	$147,890	$198	56
1332 Colgrove Ave	0.52mi	2/1.0 (-1)	976 (+12%)	2mo	$125,000	$128	49

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 · 7.88% rent growth · sell at horizon

5-year hold

• IRR: 20.7%
• Equity multiple: 1.90×
• Total profit: $20,160
• Equity at exit: $11,928

10-year hold

• IRR: 32.2%
• Equity multiple: 4.70×
• Total profit: $82,958
• Equity at exit: $6,917

Cash invested: $22,400 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 10 active · 19 under contract
• Months of supply: 2.7 mo (37%/mo absorbed)
• Median asking: $167,499 ($194/sqft)
• Median days on market: 27 d
• This list price: 10% of active listings are priced below it
• ARV vs active asking: -10.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 49048

• Rents YoY: 7.9%
• Active inventory: 251
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,344 high
• Mortgage (P&I): −$420
• Tax from tax record: −$199 /mo · $2,390/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $410

Break-even live

Break-even rent $825

Max offer price $80,000

Occupancy floor 64%

Sensitivity live

Price	-10% $455	-5% $433	+0% $410	+5% $387	+10% $365
Rent	-10% $304	-5% $357	+0% $410	+5% $463	+10% $516
Rate	-1.0pp $450	-0.5pp $430	base $410	+0.5pp $389	+1.0pp $368

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: $20,000
• Closing costs: $2,400
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
621 Washburn Ave Kalamazoo, MI	2.0	1.0	720	$1,300	$1.81	116d	1	0.14mi
414 Trimble Ave Kalamazoo, MI	2.0	1.0	764	$1,300	$1.70	109d	1	0.29mi
539 Gayle Ave Kalamazoo, MI	2.0	1.0	873	$1,300	$1.49	6d	1	0.33mi
630 Dayton Ave Kalamazoo, MI	2.0	1.0	832	$1,399	$1.68	4d	1	0.42mi
1242 Wayside Rd Kalamazoo, MI	2.0	1.0	900	$1,400	$1.56	3d	1	0.45mi
1403 Sherwood Ave Unit 2 Kalamazoo, MI	2.0	1.0	1000	$750	$0.75	6d	1	0.49mi
1536 Henson Ave Unit 4 Kalamazoo, MI	2.0	1.0	575	$995	$1.73	116d	1	0.63mi
1928 Colgrove Ave Kalamazoo, MI	1.0–3.0	1.0–2.0	912	$1,350	$1.48	0d	28	0.86mi
1924 Sunnyside Dr Kalamazoo, MI	2.0	1.0	1020	$1,180	$1.16	4d	1	0.99mi
1926 Sunnyside Dr Kalamazoo, MI	2.0	1.5	1020	$1,200	$1.18	116d	1	0.99mi
1329 Huntington Ave Apt 3 Kalamazoo, MI	2.0	1.0	846	$950	$1.12	0d	1	1.10mi
1405 Huntington Ave Apt 3 Kalamazoo, MI	2.0	1.0	950	$950	$1.00	0d	1	1.10mi
2024 Sunnyside Dr Kalamazoo, MI	1.0–2.0	1.0	740	$1,050	$1.42	0d	6	1.13mi
2301 Mount Olivet Rd Kalamazoo, MI	2.0	1.0	588	$1,000	$1.70	0d	1	1.20mi
525 E Ransom St Kalamazoo, MI	1.0–2.0	1.0–2.0	807	$1,625	$2.01	116d	1	1.20mi
1028 Jackson St Kalamazoo, MI	2.0	1.0	880	$1,095	$1.24	6d	1	1.27mi
815 N Pitcher St Unit 12 Kalamazoo, MI	2.0	2.0	982	$1,550	$1.58	116d	1	1.37mi
215 E North St Kalamazoo, MI	4.0	1.0	726	$1,650	$2.27	3d	1	1.43mi
310 E Michigan Ave Kalamazoo, MI	2.0	2.0	1100	$1,385	$1.26	116d	1	1.43mi
2420 Upper Riverview Dr Kalamazoo, MI	3.0	1.0	925	$1,300	$1.41	116d	1	1.50mi

Listing history 23 events

1. 2026-06-09
   days on market $80,000 Active 19 DOM
2. 2026-06-08
   days on market $80,000 Active 18 DOM
3. 2026-06-07
   pricedays on market $80,000 Active 17 DOM
4. 2026-06-05
   days on market $85,000 Active 14 DOM
5. 2026-06-03
   days on market $85,000 Active 13 DOM
6. 2026-06-03
   price $85,000 Active 12 DOM
7. 2026-06-02
   days on market $95,000 Active 12 DOM
8. 2026-06-01
   days on market $95,000 Active 11 DOM
9. 2026-05-31
   days on market $95,000 Active 10 DOM
10. 2026-05-30
    days on market $95,000 Active 9 DOM
11. 2026-05-21
    listed $95,000 Active 500-char remark
12. 2026-05-21
    listed $95,000 Active 500-char remark
13. 2026-05-21
    listed $95,000 Active
14. 2017-11-10
    soldstatus $14,800
15. 2017-11-10
    soldstatus $14,800 Sold
16. 2017-11-08
    status Pending
17. 2017-10-27
    listed $14,900 Active
18. 2017-10-27
    listed $14,900
19. 2014-08-26
    historical
20. 2009-06-03
    soldstatus $12,000
21. 2009-04-23
    listed $19,000
22. 1999-08-26
    listed $47,900
23. 1998-04-27
    listed $46,900

ⓘ 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: $2,390 · $199/mo
• Projected year-2 tax: $2,390 · $199/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 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,133
• − Mortgage interest: −$4,481
• − Property taxes: −$2,390
• − Insurance: −$400
• − Repairs & maintenance: −$1,291
• − Management: −$1,291
• − Depreciation: −$2,327
• Taxable income: $3,953
• Est. tax owed @ 24.0%: −$949
• After-tax cash flow: $3,972/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.

Condition & rehab AI · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $4,360–$13,080 screening

This charming 2-bedroom home in Kalamazoo Township is in good condition with recent updates, making it a great opportunity for investors or first-time buyers.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Landscaping — Improves curb appeal and rental appeal ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 52/100

Zoned Schools

Elementary Northeastern Elementary School Middle Linden Grove Middle School C MI #125/493 Nat'l #3,558/14,009 High Kalamazoo Central High School C- MI #109/713 Nat'l #4,461/17,239

Schools (NCES district)

• District: Kalamazoo Public Schools
• NCES district ID: 2619950
• Math proficiency: 43% ▲ 13.00%
• Reading proficiency: 72% ▲ 33.00%
• Median HH income: $35,291
• Composite: 47.48/100
• National rank: #2275
• State rank: #71 of 540 in MI

B Composite livability gradescore 76/100

Livability — Kalamazoo

• Score: 76/100
• State rank: #141
• US rank: #3492

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eastwood, MI
• County: Kalamazoo County · 280,982 people
• City population: 121,397
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 22,791
• Household income: $60,454
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 12% of renters

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Population outlook (Kalamazoo County) Hauer SSP2

• Today (2025): 280,982 people
• By 2030: 292,068 · +3.9%
• By 2040: 312,191 · +11.1%
• By 2050: 331,196 · +17.9%
• By 2075: 379,021 · +34.9%
• By 2100: 396,579 · +41.1%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 20% Hispanic / Latino 7% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Iranian 6% Romanian 4% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1%

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Political lean MEDSL · Kalamazoo

• 2024 margin: D (+17.7) · D 58.0% · R 40.3% · Other 1.7%
• 2008→2024 swing: -1.8pp toward R · 2008: 19.5pp · 2024: 17.7pp
• All cycles: 2024: D+17.7 2020: D+18.7 2016: D+12.8 2012: D+13.3 2008: D+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -205.26%
• Current HPI: 180.4766
• Rent YoY: ▲ 7.88%
• Metro: Kalamazoo-Portage, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

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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

+70.6% since first listed

20 events — show timeline

• 2026-06-09 Listing Removed — Greater Lansing AoR
• 2026-06-09 Listing Removed — MiRealSource-MiMLS
• 2026-06-05 Price Changed $80,000 MiRealSource-MiMLS
• 2026-06-05 Price Changed $80,000 REALCOMP
• 2026-06-05 Price Changed $80,000 SW Michigan MLS
• 2026-06-02 Price Changed $85,000 MiRealSource-MiMLS
• 2026-06-02 Price Changed $85,000 REALCOMP
• 2026-06-02 Price Changed $85,000 SW Michigan MLS
• 2026-05-21 Listed $95,000 MiRealSource-MiMLS
• 2026-05-21 Listed $95,000 REALCOMP
• 2017-11-10 Sold (MLS) $14,800 SW Michigan MLS
• 2017-11-10 Sold (MLS) $14,800 REALCOMP
• 2017-11-08 Pending — SW Michigan MLS
• 2017-10-27 Listed $14,900 SW Michigan MLS
• 2017-10-27 Listed $14,900 REALCOMP
• 2014-08-26 Listing Removed — SW Michigan MLS
• 2009-06-03 Sold (MLS) $12,000 SW Michigan MLS
• 2009-04-23 Listed $19,000 SW Michigan MLS
• 1999-08-26 Listed $47,900 SW Michigan MLS
• 1998-04-27 Listed $46,900 SW Michigan MLS

Property tax history

+11.7%/yr

Latest (2025): $2,390 · +58.5% YoY. Source: county tax records.