333 Greenly St · Adrian, MI 49221

$89,900

4 bd · 1.5 ba · 1,740 sqft · SingleFamily · 68 Days on market

Built 1945 8,276 sqft lot Est $160k · 44% under ↓ 36% since listing

---

Why this score? — see what drove the B+ 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
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

They say to take advantage of good opportunities right? Well then don't miss out on this beautiful Dutch colonial style home located in the heart of Adrian MI. This wonderful corner lot home is a 3 minute drive from Adrian college and almost walking distance from restaurants and a grocery store. Inside your greeted with 4 bedrooms, 1.5 Baths and a big living room. Enclosed front porch gives you a great area to decompress after a long day or drink your morning coffee. This is a diamond in the rough for an investor or individual looking to turn it into their dream home! All offers subject to probate court approval.

Key facts

• Dutch colonial style
• Corner lot
• Enclosed front porch

Tags

• DUTCH COLONIAL STYLE
• CORNER LOT
• ENCLOSED FRONT PORCH

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $661 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.1% vs local median 5.6% in Adrian — 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 69/100 on livability (#342 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime F, commute F.
• Adrian School District (town): math 25% / reading 35% proficiency, ranked #370 of 540 in MI (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 212 active listings in the ZIP; 137 units permitted in Lenawee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lenawee County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $20k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.84% ✓
• Cap rate: 15.11%
• Cash-on-cash: 31.51%
• DSCR: 2.40
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $160,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
416 Allis St	0.54mi	4/2.0	1,816 (+4%)	4mo	$142,500	$78	62
443 Stockford Dr	0.28mi	3/2.0 (-1)	1,916 (+10%)	6mo	$176,600	$92	58
146 Budlong St	0.36mi	3/2.5 (-1)	1,550 (-11%)	4mo	$270,000	$174	53
229 Clinton St	0.65mi	3/1.5 (-1)	1,621 (-7%)	2mo	$76,250	$47	52
1115 W Maumee St	0.70mi	4/2.0	1,811 (+4%)	10mo	$194,000	$107	50
695 Budlong St	0.73mi	3/1.5 (-1)	1,684 (-3%)	8mo	$265,000	$157	49
376 Budlong St	0.36mi	3/1.0 (-1)	1,507 (-13%)	8mo	$135,000	$90	48
710 N Broad St	0.70mi	4/2.5	1,836 (+6%)	8mo	$188,000	$102	48
216 Budlong St	0.33mi	3/2.0 (-1)	1,480 (-15%)	10mo	$155,000	$105	44
404 S Mckenzie St S	0.69mi	3/1.5 (-1)	1,918 (+10%)	3mo	$173,000	$90	44
903 Michigan Ave	0.63mi	3/1.0 (-1)	1,551 (-11%)	6mo	$138,000	$89	40
426 State St	0.69mi	4/1.5	1,518 (-13%)	9mo	$133,000	$88	39

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.4%
• Equity multiple: 2.10×
• Total profit: $27,566
• Equity at exit: $13,404

10-year hold

• IRR: 34.1%
• Equity multiple: 4.11×
• Total profit: $78,375
• Equity at exit: $7,773

Cash invested: $25,172 (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 49221

• Active inventory: 212
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,659 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$141 /mo · $1,686/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $661

Break-even live

Break-even rent $822

Max offer price $89,900

Occupancy floor 55%

Sensitivity live

Price	-10% $712	-5% $686	+0% $661	+5% $635	+10% $610
Rent	-10% $530	-5% $595	+0% $661	+5% $726	+10% $792
Rate	-1.0pp $706	-0.5pp $684	base $661	+0.5pp $638	+1.0pp $614

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-03-28
   status Pending 620-char remark

   Show marketing remark (620 chars)

   They say to take advantage of good opportunities right? Well then don't miss out on this beautiful Dutch colonial style home located in the heart of Adrian MI. This wonderful corner lot home is a 3 minute drive from Adrian college and almost walking distance from restaurants and a grocery store. Inside your greeted with 4 bedrooms, 1.5 Baths and a big living room. Enclosed front porch gives you a great area to decompress after a long day or drink your morning coffee. This is a diamond in the rough for an investor or individual looking to turn it into their dream home! All offers subject to probate court approval.

2. 2026-03-28
   status Pending

   Show marketing remark (620 chars)

   They say to take advantage of good opportunities right? Well then don't miss out on this beautiful Dutch colonial style home located in the heart of Adrian MI. This wonderful corner lot home is a 3 minute drive from Adrian college and almost walking distance from restaurants and a grocery store. Inside your greeted with 4 bedrooms, 1.5 Baths and a big living room. Enclosed front porch gives you a great area to decompress after a long day or drink your morning coffee. This is a diamond in the rough for an investor or individual looking to turn it into their dream home! All offers subject to probate court approval.

3. 2026-02-17
   price $89,900 620-char remark

   Show marketing remark (620 chars)

   They say to take advantage of good opportunities right? Well then don't miss out on this beautiful Dutch colonial style home located in the heart of Adrian MI. This wonderful corner lot home is a 3 minute drive from Adrian college and almost walking distance from restaurants and a grocery store. Inside your greeted with 4 bedrooms, 1.5 Baths and a big living room. Enclosed front porch gives you a great area to decompress after a long day or drink your morning coffee. This is a diamond in the rough for an investor or individual looking to turn it into their dream home! All offers subject to probate court approval.

4. 2026-02-17
   price $89,900

   Show marketing remark (620 chars)

   They say to take advantage of good opportunities right? Well then don't miss out on this beautiful Dutch colonial style home located in the heart of Adrian MI. This wonderful corner lot home is a 3 minute drive from Adrian college and almost walking distance from restaurants and a grocery store. Inside your greeted with 4 bedrooms, 1.5 Baths and a big living room. Enclosed front porch gives you a great area to decompress after a long day or drink your morning coffee. This is a diamond in the rough for an investor or individual looking to turn it into their dream home! All offers subject to probate court approval.

5. 2026-01-23
   price $100,000 620-char remark

   Show marketing remark (620 chars)

   They say to take advantage of good opportunities right? Well then don't miss out on this beautiful Dutch colonial style home located in the heart of Adrian MI. This wonderful corner lot home is a 3 minute drive from Adrian college and almost walking distance from restaurants and a grocery store. Inside your greeted with 4 bedrooms, 1.5 Baths and a big living room. Enclosed front porch gives you a great area to decompress after a long day or drink your morning coffee. This is a diamond in the rough for an investor or individual looking to turn it into their dream home! All offers subject to probate court approval.

6. 2026-01-22
   price $100,000
7. 2026-01-20
   listed $110,000 Active
8. 2026-01-19
   listed $110,000 Active 620-char remark

   Show marketing remark (620 chars)

   They say to take advantage of good opportunities right? Well then don't miss out on this beautiful Dutch colonial style home located in the heart of Adrian MI. This wonderful corner lot home is a 3 minute drive from Adrian college and almost walking distance from restaurants and a grocery store. Inside your greeted with 4 bedrooms, 1.5 Baths and a big living room. Enclosed front porch gives you a great area to decompress after a long day or drink your morning coffee. This is a diamond in the rough for an investor or individual looking to turn it into their dream home! All offers subject to probate court approval.

9. 2026-01-01
   historical
10. 2026-01-01
    historical
11. 2025-11-21
    price $110,000
12. 2025-11-20
    price $110,000
13. 2025-11-08
    price $130,000
14. 2025-11-08
    price $130,000
15. 2025-10-01
    listed $140,000 Active
16. 2025-10-01
    listed $140,000 Active

ⓘ 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: $1,686 · $141/mo
• Projected year-2 tax: $1,686 · $141/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 · 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: $19,903
• − Mortgage interest: −$5,036
• − Property taxes: −$1,686
• − Insurance: −$450
• − Repairs & maintenance: −$1,592
• − Management: −$1,592
• − Depreciation: −$2,615
• Taxable income: $6,932
• Est. tax owed @ 24.0%: −$1,664
• After-tax cash flow: $6,267/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: Adrian School District
• NCES district ID: 2601950
• Math proficiency: 25% ▼ -1.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $41,288
• Composite: 25.33/100
• National rank: #7480
• State rank: #370 of 540 in MI

Livability — Adrian

• Score: 69/100
• State rank: #342
• US rank: #8722

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Adrian, MI
• City population: 41,041
• Population (ZIP): 41,041

Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 14% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 6% Arabic 1%

Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -143.64%
• Current HPI: 237.3796
• 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

-35.8% since first listed

16 events — show timeline

• 2026-03-28 Pending — MiRealSource-MiMLS
• 2026-03-28 Pending — REALCOMP
• 2026-02-17 Price Changed $89,900 MiRealSource-MiMLS
• 2026-02-17 Price Changed $89,900 REALCOMP
• 2026-01-23 Price Changed $100,000 MiRealSource-MiMLS
• 2026-01-22 Price Changed $100,000 REALCOMP
• 2026-01-20 Listed $110,000 REALCOMP
• 2026-01-19 Listed $110,000 MiRealSource-MiMLS
• 2026-01-01 Listing Removed — MiRealSource-MiMLS
• 2026-01-01 Listing Removed — REALCOMP
• 2025-11-21 Price Changed $110,000 MiRealSource-MiMLS
• 2025-11-20 Price Changed $110,000 REALCOMP
• 2025-11-08 Price Changed $130,000 MiRealSource-MiMLS
• 2025-11-08 Price Changed $130,000 REALCOMP
• 2025-10-01 Listed $140,000 REALCOMP
• 2025-10-01 Listed $140,000 MiRealSource-MiMLS

Property tax history

+2.1%/yr

Latest (2025): $1,686 · -12.9% YoY. Source: county tax records.