939 Field Ave · Kalamazoo, MI 49048

$67,000

3 bd · 1.0 ba · 1,151 sqft · SingleFamily public records · 33 Days on market

Built 1949 6,098 sqft lot Est $109k · 39% 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 +4.7/10.0
• Rent growth +4.5/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover a package deal at 939 Field Ave, Kalamazoo, MI 49048 and Lot 97, Kalamazoo, MI 49048. This property offers 5 bedrooms and 1 bathroom across approx. 1,500 sq ft. Ideal for investors seeking value-add potential in a convenient location. Generous layout ready for updates and your vision. Great opportunity to maximize returns or create a dream home. Property sold AS-IS

Key facts

• 6,098 sq ft lot
• Garage
• Built 1949

Property features AI

Finance

• Other: Property listed by Joseph Walter Realty LLC
• HOA & community: Homeowners association present

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Shared septic sewer
• Home design: Single-family residence; Two-story
• Construction: Wood siding; 1,500 above-grade finished area; Built with crawl space foundation
• Exterior features: Lot in FIELD ADD subdivision; Cross streets: Field Avenue and Dupon Avenue

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Crawl space basement; 8 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $67k.

Deal economics

• At list price, monthly cash flow is $96 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• Recommended offer: $65k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 3.5% 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.
• Market conditions: Rents rising fast (+7.9%/yr); 155 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $463 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 $19k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $64,990 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.94% ✓
• Cap rate: 16.27%
• Cash-on-cash: 35.62%
• DSCR: 2.58
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $109,345
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1116 Surprise Ave	0.39mi	3/1.5	1,200 (+4%)	8mo	$165,000	$138	66
1721 Egleston Ave	0.53mi	3/1.5	1,186 (+3%)	2mo	$115,000	$97	66
1519 E Stockbridge Ave	0.60mi	3/1.5	1,121 (-3%)	4mo	$95,000	$85	62
1310 Lake St	0.68mi	3/1.5	1,150 (-0%)	11mo	$105,000	$91	57
1908 E Stockbridge Ave	0.40mi	3/1.0	1,000 (-13%)	3mo	$136,038	$136	57
1715 Reed Ave	0.65mi	3/1.0	1,056 (-8%)	10mo	$100,000	$95	48
1312 March St	0.69mi	3/1.0	1,250 (+9%)	7mo	$54,000	$43	47
1612 Reed Ave	0.72mi	2/1.0 (-1)	1,184 (+3%)	12mo	$90,000	$76	47
1612 E Stockbridge Ave	0.57mi	3/1.5	1,301 (+13%)	4mo	$156,500	$120	46
1718 Egleston Ave	0.56mi	3/1.0	1,288 (+12%)	14mo	$84,000	$65	42
1228 Wells Pl	0.72mi	3/1.0	1,036 (-10%)	10mo	$83,000	$80	42
817 Clarence St	0.60mi	4/2.0 (+1)	1,312 (+14%)	13mo	$138,000	$105	29

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: 2.9%
• Equity multiple: 1.12×
• Total profit: $2,297
• Equity at exit: $9,990

10-year hold

• IRR: 19.1%
• Equity multiple: 3.22×
• Total profit: $41,596
• Equity at exit: $5,793

Cash invested: $18,760 (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 49048

• Rents YoY: 7.9%
• Active inventory: 155
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,301 medium
• Mortgage (P&I): −$351
• Tax from tax record: −$92 /mo · $1,104/yr
• Insurance: −$28
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $96

Break-even live

Break-even rent $1,179

Max offer price $67,000

Occupancy floor 88%

Sensitivity live

Price	-10% $134	-5% $115	+0% $96	+5% $77	+10% $59
Rent	-10% $-6	-5% $45	+0% $96	+5% $148	+10% $199
Rate	-1.0pp $130	-0.5pp $113	base $96	+0.5pp $79	+1.0pp $61

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: $16,750
• Closing costs: $2,010
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1315 Race St Kalamazoo, MI	2.0	1.0	826	$950	$1.15	14d	1	0.92mi
414 Trimble Ave Kalamazoo, MI	2.0	1.0	764	$1,300	$1.70	14d	1	1.05mi
621 Washburn Ave Kalamazoo, MI	2.0	1.0	720	$1,300	$1.81	22d	1	1.20mi
1403 Sherwood Ave Unit 2 Kalamazoo, MI	2.0	1.0	900	$1,000	$1.11	22d	1	1.30mi

Listing history 19 events

1. 2026-06-21
   days on market $67,000 Active 33 DOM
2. 2026-06-18
   days on market $67,000 Active 30 DOM
3. 2026-06-17
   days on market $67,000 Active 29 DOM
4. 2026-06-16
   days on market $67,000 Active 28 DOM
5. 2026-06-15
   days on market $67,000 Active 27 DOM
6. 2026-06-14
   days on market $67,000 Active 25 DOM
7. 2026-06-13
   days on market $67,000 Active 24 DOM
8. 2026-06-10
   days on market $67,000 Active 22 DOM
9. 2026-06-09
   days on market $67,000 Active 21 DOM
10. 2026-06-08
    days on market $67,000 Active 20 DOM
11. 2026-06-07
    days on market $67,000 Active 19 DOM
12. 2026-06-05
    days on market $67,000 Active 16 DOM
13. 2026-06-03
    days on market $67,000 Active 15 DOM
14. 2026-06-02
    days on market $67,000 Active 14 DOM
15. 2026-06-01
    days on market $67,000 Active 13 DOM
16. 2026-05-31
    days on market $67,000 Active 12 DOM
17. 2026-05-30
    pricedays on market $67,000 Active 11 DOM
18. 2026-05-19
    listed $70,000 Active 376-char remark

    Show marketing remark (376 chars)

    Discover a package deal at 939 Field Ave, Kalamazoo, MI 49048 and Lot 97, Kalamazoo, MI 49048. This property offers 5 bedrooms and 1 bathroom across approx. 1,500 sq ft. Ideal for investors seeking value-add potential in a convenient location. Generous layout ready for updates and your vision. Great opportunity to maximize returns or create a dream home. Property sold AS-IS

19. 2026-05-19
    listed $70,000 Active

    Show marketing remark (376 chars)

    Discover a package deal at 939 Field Ave, Kalamazoo, MI 49048 and Lot 97, Kalamazoo, MI 49048. This property offers 5 bedrooms and 1 bathroom across approx. 1,500 sq ft. Ideal for investors seeking value-add potential in a convenient location. Generous layout ready for updates and your vision. Great opportunity to maximize returns or create a dream home. Property sold AS-IS

ⓘ 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: $1,104 · $92/mo
• Projected year-2 tax: $1,104 · $92/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 9/10 Extreme FEMA zone AE · 99% 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,617
• − Mortgage interest: −$3,753
• − Property taxes: −$1,104
• − Insurance: −$5,860
• − Repairs & maintenance: −$1,249
• − Management: −$1,249
• − Depreciation: −$1,949
• Taxable income: $452
• Est. tax owed @ 24.0%: −$109
• After-tax cash flow: $1,049/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: 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

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

• County: Kalamazoo County · 224,317 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: 835.0

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 (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%

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

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

+0.0% since first listed

2 events — show timeline

• 2026-05-19 Listed $70,000 REALCOMP
• 2026-05-19 Listed $70,000 MiRealSource-MiMLS

Property tax history

+8.9%/yr

Latest (2025): $1,104 · +34.4% YoY. Source: county tax records.