1138 E Hunt St · Adrian, MI 49221

$34,000

3 bd · 1.0 ba · 1,420 sqft · SingleFamily · 7 Days on market

Built 1900 4,792 sqft lot

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

2 story, 3-bedroom, 1-bath home located near the Lenawee County Fairgrounds and within the Adrian Public Schools district. This home features an attached 1-car garage with convenient rear entrance access and a kitchen offering plenty of storage space. Comfortable living in a convenient location close to local amenities, schools, and community events. Insured code UI. EHO Equal Housing Opportunity. HUD owned home

Key facts

• Attached garage
• Convenient location
• Kitchen storage

Tags

• ATTACHED GARAGE
• KITCHEN STORAGE
• CONVENIENT LOCATION

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two-story
• Construction: Vinyl siding
• Exterior features: Deck; Shed(s); Publicly maintained road

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Gas water heater; Crawl space basement; 7 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $34k.

Deal economics

• At list price, monthly cash flow is $877 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $34k).
• Cap rate 37.2% 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.
• Zoned schools: Michener Elementary School (math 17% / reading 17%, grade F, #1,149 of 1,397 statewide, top 84%, 284 students, 92% FRL); Springbrook Middle School (math 29% / reading 38%, grade F, #303 of 493 statewide, top 62%, 641 students, 71% FRL); Adrian High School (math 22% / reading 42%, grade F, #405 of 713 statewide, top 59%, 781 students, 63% FRL) — zoned schools average 75% FRL vs 58% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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 $235 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 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: property tax is 4.7% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,000

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. 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?
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: 4.48% ✓
• Cap rate: 37.24%
• Cash-on-cash: 110.54%
• DSCR: 5.92
• GRM: 1.9

CMA / ARV

• ARV (on-the-fly): $120,700
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
803 Ormsby St	0.39mi	3/1.0	1,441 (+2%)	2mo	$69,700	$48	77
1023 E Church St	0.22mi	3/1.0	1,354 (-5%)	7mo	$113,000	$83	77
903 E Maple St	0.23mi	3/1.0	1,509 (+6%)	4mo	$52,500	$35	75
910 Chestnut St	0.22mi	3/1.0	1,275 (-10%)	7mo	$120,000	$94	67
530 James St	0.57mi	3/1.0	1,364 (-4%)	6mo	$130,000	$95	62
709 N Locust St	0.55mi	3/1.0	1,276 (-10%)	1mo	$38,000	$30	56
136 E Chestnut St E	0.73mi	4/1.0 (+1)	1,440 (+1%)	3mo	$170,000	$118	56
817 N Locust St	0.57mi	2/1.5 (-1)	1,293 (-9%)	7mo	$160,000	$124	46
629 James St	0.63mi	2/1.0 (-1)	1,270 (-11%)	5mo	$109,000	$86	44
308 Toledo St	0.64mi	3/1.0	1,242 (-12%)	6mo	$39,900	$32	44
229 Clinton St	0.64mi	3/1.5	1,621 (+14%)	2mo	$76,250	$47	43
512 French St	0.61mi	4/1.5 (+1)	1,564 (+10%)	7mo	$133,000	$85	42

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: —
• Equity multiple: 6.30×
• Total profit: $50,424
• Equity at exit: $5,070

10-year hold

• IRR: —
• Equity multiple: 13.20×
• Total profit: $116,152
• Equity at exit: $2,940

Cash invested: $9,520 (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: 1.9×

Monthly cashflow live

• Estimated rent: $1,524 medium
• Mortgage (P&I): −$178
• Tax from tax record: −$134 /mo · $1,611/yr
• Insurance: −$14
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $877

Break-even live

Break-even rent $414

Max offer price $34,000

Occupancy floor 37%

Sensitivity live

Price	-10% $992	-5% $887	+0% $877	+5% $867	+10% $858
Rent	-10% $757	-5% $817	+0% $877	+5% $937	+10% $997
Rate	-1.0pp $894	-0.5pp $886	base $877	+0.5pp $868	+1.0pp $859

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: $8,500
• Closing costs: $1,020
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-15
   status Pending

   Show marketing remark (415 chars)

   2 story, 3-bedroom, 1-bath home located near the Lenawee County Fairgrounds and within the Adrian Public Schools district. This home features an attached 1-car garage with convenient rear entrance access and a kitchen offering plenty of storage space. Comfortable living in a convenient location close to local amenities, schools, and community events. Insured code UI. EHO Equal Housing Opportunity. HUD owned home

2. 2026-05-15
   status Pending 415-char remark

   Show marketing remark (415 chars)

   2 story, 3-bedroom, 1-bath home located near the Lenawee County Fairgrounds and within the Adrian Public Schools district. This home features an attached 1-car garage with convenient rear entrance access and a kitchen offering plenty of storage space. Comfortable living in a convenient location close to local amenities, schools, and community events. Insured code UI. EHO Equal Housing Opportunity. HUD owned home

3. 2026-05-08
   listed $34,000 Active

   Show marketing remark (415 chars)

   2 story, 3-bedroom, 1-bath home located near the Lenawee County Fairgrounds and within the Adrian Public Schools district. This home features an attached 1-car garage with convenient rear entrance access and a kitchen offering plenty of storage space. Comfortable living in a convenient location close to local amenities, schools, and community events. Insured code UI. EHO Equal Housing Opportunity. HUD owned home

4. 2026-05-08
   listed $34,000 Active 415-char remark

   Show marketing remark (415 chars)

   2 story, 3-bedroom, 1-bath home located near the Lenawee County Fairgrounds and within the Adrian Public Schools district. This home features an attached 1-car garage with convenient rear entrance access and a kitchen offering plenty of storage space. Comfortable living in a convenient location close to local amenities, schools, and community events. Insured code UI. EHO Equal Housing Opportunity. HUD owned home

5. 2019-12-03
   soldstatus $65,000
6. 2009-05-07
   soldstatus $112,643

ⓘ 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: $1,611 · $134/mo
• Projected year-2 tax: $1,611 · $134/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,284
• − Mortgage interest: −$1,905
• − Property taxes: −$1,611
• − Insurance: −$170
• − Repairs & maintenance: −$1,463
• − Management: −$1,463
• − Depreciation: −$989
• Taxable income: $10,684
• Est. tax owed @ 24.0%: −$2,564
• After-tax cash flow: $7,959/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
• 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

-69.8% since first listed

6 events — show timeline

• 2026-05-15 Pending — REALCOMP
• 2026-05-15 Pending — MiRealSource-MiMLS
• 2026-05-08 Listed $34,000 MiRealSource-MiMLS
• 2026-05-08 Listed $34,000 REALCOMP
• 2019-12-03 Sold (Public Records) $65,000 Public Records
• 2009-05-07 Sold (Public Records) $112,643 Public Records

Property tax history

+3.3%/yr

Latest (2025): $1,611 · -12.8% YoY. Source: county tax records.