1923 Pleasant Dr · Portage, MI 49002

$135,000

1 bd · 1.0 ba · 640 sqft · SingleFamily · 4 Days on market

Built 1955 0.46 ac lot $211/sqft · 18% below area Est $164k · 18% under

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Why this score? — see what drove the C- 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
• Cash flow +14.2/30.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• DSCR +4.3/10.0
• 1% rule +4.2/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great buy on a possible flip in Portage!Portage home has one bedroom, one bath, one and a half garage on a beautiful lot. Enter through the breezeway. The breezeway makes for easy access to the backyard and garage. The kitchen is centrally located, and the kitchen has access to the main floor laundry making multitasking a breeze. Living room is at the front of the home and large enough for entertaining small gatherings. The backyard is deep and a private retreat. Backyard is also partially fenced. Hurry at this price. This home won't last long. Being sold as is.

Key facts

• Partially fenced
• Main floor laundry
• Private retreat

Tags

• KITCHEN ACCESS
• MAIN FLOOR LAUNDRY
• PRIVATE RETREAT
• PARTIALLY FENCED

Property features AI

Exterior

• Parking: Attached garage; Garage with 112 parking spaces
• Utilities: Public water
• Home design: Ranch style single-family residence; Residential property
• Construction: Built in 1955; Wood siding; Composition roof; Slab foundation
• Exterior features: Paved road access; Storage shed(s)

Interior

• Kitchen: Range; Microwave; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall furnace heating
• Interior features: 3 total rooms; Basement is slab
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $21 ($254/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 $124k (8.0% below list).
• Recommended offer: $124k (8.0% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.5% in Portage — 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 79/100 on livability (#90 in MI, #2,044 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities D-, commute F.
• Portage Public Schools (urban): math 48% / reading 63% proficiency, ranked #67 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+11.3%/yr); 127 active listings in the ZIP; 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 $933 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts; this cycle's ask is 99900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $50k; list at $135k implies a 170% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $124,175 (8.0% below list)

Questions for the listing agent

1. Built in 1955 — 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 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?
4. Crime grade is D 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: 0.92% ✗
• Cap rate: 6.48%
• Cash-on-cash: 0.67%
• DSCR: 1.03
• GRM: 9.1

CMA / ARV

• ARV (median comp): $164,433
• List price: $135,000
• Delta: -17.90%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1903 Pleasant Dr	0.04mi	1/1.0	624 (-2%)	12mo	$159,900	$256	84

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -9.6%
• Equity multiple: 0.63×
• Total profit: $-13,932
• Equity at exit: $20,129

10-year hold

• IRR: 5.7%
• Equity multiple: 1.52×
• Total profit: $19,612
• Equity at exit: $11,672

Cash invested: $37,800 (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 49002

• Rents YoY: 11.3%
• Active inventory: 127
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,242 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$196 /mo · $2,348/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $21

Break-even live

Break-even rent $1,215

Max offer price $135,000

Occupancy floor 93%

Sensitivity live

Price	-10% $98	-5% $59	+0% $21	+5% $-17	+10% $-55
Rent	-10% $-77	-5% $-28	+0% $21	+5% $70	+10% $119
Rate	-1.0pp $89	-0.5pp $55	base $21	+0.5pp $-14	+1.0pp $-49

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-18
   status Pending 568-char remark

   Show marketing remark (568 chars)

   Great buy on a possible flip in Portage!Portage home has one bedroom, one bath, one and a half garage on a beautiful lot. Enter through the breezeway. The breezeway makes for easy access to the backyard and garage. The kitchen is centrally located, and the kitchen has access to the main floor laundry making multitasking a breeze. Living room is at the front of the home and large enough for entertaining small gatherings. The backyard is deep and a private retreat. Backyard is also partially fenced. Hurry at this price. This home won't last long. Being sold as is.

2. 2026-05-18
   status Pending 568-char remark

   Show marketing remark (568 chars)

   Great buy on a possible flip in Portage!Portage home has one bedroom, one bath, one and a half garage on a beautiful lot. Enter through the breezeway. The breezeway makes for easy access to the backyard and garage. The kitchen is centrally located, and the kitchen has access to the main floor laundry making multitasking a breeze. Living room is at the front of the home and large enough for entertaining small gatherings. The backyard is deep and a private retreat. Backyard is also partially fenced. Hurry at this price. This home won't last long. Being sold as is.

3. 2026-05-18
   status Pending

   Show marketing remark (568 chars)

   Great buy on a possible flip in Portage!Portage home has one bedroom, one bath, one and a half garage on a beautiful lot. Enter through the breezeway. The breezeway makes for easy access to the backyard and garage. The kitchen is centrally located, and the kitchen has access to the main floor laundry making multitasking a breeze. Living room is at the front of the home and large enough for entertaining small gatherings. The backyard is deep and a private retreat. Backyard is also partially fenced. Hurry at this price. This home won't last long. Being sold as is.

4. 2026-05-14
   price $135,000

   Show marketing remark (568 chars)

   Great buy on a possible flip in Portage!Portage home has one bedroom, one bath, one and a half garage on a beautiful lot. Enter through the breezeway. The breezeway makes for easy access to the backyard and garage. The kitchen is centrally located, and the kitchen has access to the main floor laundry making multitasking a breeze. Living room is at the front of the home and large enough for entertaining small gatherings. The backyard is deep and a private retreat. Backyard is also partially fenced. Hurry at this price. This home won't last long. Being sold as is.

5. 2026-05-14
   listed $135,000 Active 568-char remark

   Show marketing remark (568 chars)

   Great buy on a possible flip in Portage!Portage home has one bedroom, one bath, one and a half garage on a beautiful lot. Enter through the breezeway. The breezeway makes for easy access to the backyard and garage. The kitchen is centrally located, and the kitchen has access to the main floor laundry making multitasking a breeze. Living room is at the front of the home and large enough for entertaining small gatherings. The backyard is deep and a private retreat. Backyard is also partially fenced. Hurry at this price. This home won't last long. Being sold as is.

6. 2026-05-14
   listed $135,000 Active 568-char remark

   Show marketing remark (568 chars)

   Great buy on a possible flip in Portage!Portage home has one bedroom, one bath, one and a half garage on a beautiful lot. Enter through the breezeway. The breezeway makes for easy access to the backyard and garage. The kitchen is centrally located, and the kitchen has access to the main floor laundry making multitasking a breeze. Living room is at the front of the home and large enough for entertaining small gatherings. The backyard is deep and a private retreat. Backyard is also partially fenced. Hurry at this price. This home won't last long. Being sold as is.

7. 2026-05-14
   listed $135 Active

   Show marketing remark (568 chars)

   Great buy on a possible flip in Portage!Portage home has one bedroom, one bath, one and a half garage on a beautiful lot. Enter through the breezeway. The breezeway makes for easy access to the backyard and garage. The kitchen is centrally located, and the kitchen has access to the main floor laundry making multitasking a breeze. Living room is at the front of the home and large enough for entertaining small gatherings. The backyard is deep and a private retreat. Backyard is also partially fenced. Hurry at this price. This home won't last long. Being sold as is.

8. 2020-03-03
   soldstatus $50,000
9. 2005-09-23
   soldstatus $50,000

ⓘ 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: $2,348 · $196/mo
• Projected year-2 tax: $2,348 · $196/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 · 15 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: $14,901
• − Mortgage interest: −$7,562
• − Property taxes: −$2,348
• − Insurance: −$675
• − Repairs & maintenance: −$1,192
• − Management: −$1,192
• − Depreciation: −$3,927
• Taxable loss: −$1,995
• Est. tax savings @ 24.0%: +$479
• After-tax cash flow: $732/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: Portage Public Schools
• NCES district ID: 2628950
• Math proficiency: 48% ▼ -9.00%
• Reading proficiency: 63% ▼ -2.00%
• Median HH income: $61,322
• Composite: 48.37/100
• National rank: #2142
• State rank: #67 of 540 in MI

Livability — Portage

• Score: 79/100
• State rank: #90
• US rank: #2044

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portage, MI
• County: Kalamazoo County · 224,317 people
• City population: 50,560
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 19,737
• Household income: $73,647
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 462.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 8% Hispanic / Latino 5% Black 4%
• Common ancestry: Iranian 9% Romanian 6% Portuguese 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1%

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: ▼ -319.17%
• Current HPI: 219.4489
• Rent YoY: ▲ 11.29%
• Metro: Kalamazoo-Portage, 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

+170.0% since first listed

9 events — show timeline

• 2026-05-18 Pending — REALCOMP
• 2026-05-18 Pending — MiRealSource-MiMLS
• 2026-05-18 Pending — SW Michigan MLS
• 2026-05-14 Price Changed $135,000 SW Michigan MLS
• 2026-05-14 Listed $135 SW Michigan MLS
• 2026-05-14 Listed $135,000 MiRealSource-MiMLS
• 2026-05-14 Listed $135,000 REALCOMP
• 2020-03-03 Sold (Public Records) $50,000 Public Records
• 2005-09-23 Sold (Public Records) $50,000 Public Records

Property tax history

+56.8%/yr

Latest (2025): $2,348 · +3.0% YoY. Source: county tax records.