5265 E Michigan Ave · Comstock, MI 49048

$115,000

2 bd · 1.5 ba · 1,110 sqft · SingleFamily public records · 88 Days on market

Built 1949 0.41 ac lot $104/sqft · 13% below area Est $167k · 31% 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).

• Cash flow +19.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +5.6/10.0
• Rent growth +4.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home sits off the road - which is nice. It has newer painted white kitchen cupboards. Home also has a walk-up attic the seller believes could be turned into a third bedroom. The home is full of large furniture stacked on top of each other with just a path to walk through. The seller has told me the home was properly winterized a year ago. No utilities are currently turned on.

Key facts

• Walk-up attic
• 0.41 acre lot
• 2 garage spots

Tags

• WALK-UP ATTIC

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $137 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Comstock Public Schools (suburban): math 18% / reading 32% proficiency, ranked #428 of 540 in MI (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Comstock Elementary School (math 8% / reading 12%, grade F, #1,277 of 1,397 statewide, top 93%, 577 students, 79% FRL); Comstock Middle School (math 2% / reading 17%, grade F, #476 of 493 statewide, top 97%, 302 students, 80% FRL); Comstock High School (math 12% / reading 42%, grade F, #462 of 713 statewide, top 66%, 378 students, 57% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 156 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $795 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 26y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $59k; list at $115k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 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 1949 — 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. 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: 1.06% ✓
• Cap rate: 7.73%
• Cash-on-cash: 5.12%
• DSCR: 1.23
• GRM: 7.8

CMA / ARV

• ARV (median comp): $166,751
• List price: $115,000
• Delta: -31.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
233 Leenhouts St	0.16mi	2/1.0	1,065 (-4%)	6mo	$167,000	$157	79
5324 Comstock Ave	0.44mi	3/1.5 (+1)	954 (-14%)	3mo	$220,000	$231	49
84 Henning St	0.56mi	2/1.0	1,008 (-9%)	20mo	$76,000	$75	40
5783 Neal St	0.60mi	3/2.0 (+1)	1,248 (+12%)	6mo	$179,500	$144	39
778 Ferris St	0.63mi	3/1.5 (+1)	1,059 (-5%)	23mo	$145,000	$137	38
717 Pingree St	0.72mi	3/2.0 (+1)	1,056 (-5%)	20mo	$110,000	$104	34
3706 Lake St	0.67mi	2/1.0	976 (-12%)	18mo	$70,000	$72	31

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: -2.8%
• Equity multiple: 0.89×
• Total profit: $-3,540
• Equity at exit: $17,147

10-year hold

• IRR: 11.8%
• Equity multiple: 2.15×
• Total profit: $36,959
• Equity at exit: $9,943

Cash invested: $32,200 (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: 156
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,223 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$178 /mo · $2,135/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $137

Break-even live

Break-even rent $1,049

Max offer price $115,000

Occupancy floor 84%

Sensitivity live

Price	-10% $203	-5% $170	+0% $137	+5% $105	+10% $72
Rent	-10% $41	-5% $89	+0% $137	+5% $186	+10% $234
Rate	-1.0pp $195	-0.5pp $167	base $137	+0.5pp $108	+1.0pp $77

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6314 E Jk Ave Kalamazoo, MI	2.0	1.0	760	$950	$1.25	23d	1	1.10mi
621 Washburn Ave Kalamazoo, MI	2.0	1.0	720	$1,300	$1.81	23d	1	1.37mi

Listing history 33 events

1. 2026-06-21
   days on market $115,000 Active 88 DOM
2. 2026-06-18
   days on market $115,000 Active 85 DOM
3. 2026-06-17
   days on market $115,000 Active 84 DOM
4. 2026-06-16
   days on market $115,000 Active 83 DOM
5. 2026-06-15
   days on market $115,000 Active 82 DOM
6. 2026-06-14
   days on market $115,000 Active 80 DOM
7. 2026-06-13
   days on market $115,000 Active 79 DOM
8. 2026-06-10
   days on market $115,000 Active 77 DOM
9. 2026-06-09
   days on market $115,000 Active 76 DOM
10. 2026-06-08
    days on market $115,000 Active 75 DOM
11. 2026-06-07
    days on market $115,000 Active 74 DOM
12. 2026-06-05
    days on market $115,000 Active 71 DOM
13. 2026-06-03
    days on market $115,000 Active 70 DOM
14. 2026-06-03
    remarks 444-char remark
15. 2026-06-02
    remarks 435-char remark
16. 2026-06-02
    pricedays on market $115,000 Active 69 DOM
17. 2026-06-01
    days on market $124,900 Active 68 DOM
18. 2026-05-31
    days on market $124,900 Active 67 DOM
19. 2026-05-30
    days on market $124,900 Active 66 DOM
20. 2026-03-25
    listed $124,900 Active 383-char remark

    Show marketing remark (383 chars)

    This home sits off the road - which is nice. It has newer painted white kitchen cupboards. Home also has a walk-up attic the seller believes could be turned into a third bedroom. The home is full of large furniture stacked on top of each other with just a path to walk through. The seller has told me the home was properly winterized a year ago. No utilities are currently turned on.

21. 2026-03-25
    listed $124,900 Active 383-char remark

    Show marketing remark (383 chars)

    This home sits off the road - which is nice. It has newer painted white kitchen cupboards. Home also has a walk-up attic the seller believes could be turned into a third bedroom. The home is full of large furniture stacked on top of each other with just a path to walk through. The seller has told me the home was properly winterized a year ago. No utilities are currently turned on.

22. 2026-03-25
    listed $124,900 Active

    Show marketing remark (383 chars)

    This home sits off the road - which is nice. It has newer painted white kitchen cupboards. Home also has a walk-up attic the seller believes could be turned into a third bedroom. The home is full of large furniture stacked on top of each other with just a path to walk through. The seller has told me the home was properly winterized a year ago. No utilities are currently turned on.

23. 2014-09-16
    historical
24. 2013-10-02
    soldstatus $59,000
25. 2013-08-23
    historical
26. 2013-02-25
    listed $59,900
27. 2013-02-25
    listed $59,900
28. 2010-06-10
    soldstatus $14,860
29. 2010-06-10
    soldstatus $14,860
30. 2010-04-09
    listed $20,000
31. 2010-04-09
    listed $20,000
32. 2000-08-04
    soldstatus $72,500
33. 2000-05-24
    listed $74,900

ⓘ 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: $2,135 · $178/mo
• Projected year-2 tax: $2,135 · $178/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 5/10 Major FEMA zone X (unshaded) · 50% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $14,678
• − Mortgage interest: −$6,442
• − Property taxes: −$2,135
• − Insurance: −$575
• − Repairs & maintenance: −$1,174
• − Management: −$1,174
• − Depreciation: −$3,345
• Taxable loss: −$167
• Est. tax savings @ 24.0%: +$40
• After-tax cash flow: $1,689/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: Comstock Public Schools
• NCES district ID: 2610590
• Math proficiency: 18% ▼ -2.00%
• Reading proficiency: 32% ▼ -1.00%
• Median HH income: $41,293
• Composite: 21.17/100
• National rank: #8423
• State rank: #428 of 540 in MI

Livability — Comstock

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Kalamazoo County · 224,317 people
• City population: 22,791
• 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

+66.8% since first listed

14 events — show timeline

• 2026-03-25 Listed $124,900 REALCOMP
• 2026-03-25 Listed $124,900 MiRealSource-MiMLS
• 2026-03-25 Listed $124,900 SW Michigan MLS
• 2014-09-16 Listing Removed — SW Michigan MLS
• 2013-10-02 Sold (Public Records) $59,000 Public Records
• 2013-08-23 Listing Removed — REALCOMP
• 2013-02-25 Listed $59,900 REALCOMP
• 2013-02-25 Listed $59,900 SW Michigan MLS
• 2010-06-10 Sold (MLS) $14,860 REALCOMP
• 2010-06-10 Sold (MLS) $14,860 SW Michigan MLS
• 2010-04-09 Listed $20,000 REALCOMP
• 2010-04-09 Listed $20,000 SW Michigan MLS
• 2000-08-04 Sold (MLS) $72,500 SW Michigan MLS
• 2000-05-24 Listed $74,900 SW Michigan MLS

Property tax history

+7.1%/yr

Latest (2025): $2,135 · +4.7% YoY. Source: county tax records.