816 Richmond St NW · Grand Rapids, MI 49504

$159,900

3 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 2 Days on market

Built 1922 5,292 sqft lot

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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 +27.7/30.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Handyman Special. What a find! This home has some great bones and is waiting for your personal touches. Three bedrooms on the main floor. Full Bath with a soaker tub. Plank hardwood floors throughout main level. Formal dining room with French Doors (currently stored in the basement). Woodwork has not be all painted. Screened in front porch. Basement has finishing potential. Upstairs you will be amazed there is a full attic with HUGE finishing potential. Two stall detached garage with EDO with driveway. two additional parking spots off the alley. Central Air, New furnace, Updated electrical service. This is a diamond in the rough. 1/4 of the roof has been replaced.

Key facts

• Formal dining room
• Full attic
• 5,292 sq ft lot

Tags

• PLANK HARDWOOD FLOORS
• FORMAL DINING ROOM
• SCREENED IN FRONT PORCH
• FULL ATTIC
• TWO STALL DETACHED GARAGE
• UPDATED ELECTRICAL SERVICE

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Natural gas water heater
• Home design: Single-family residence; Residential property; Built in 1922
• Construction: Aluminum siding; Composition roof; Built in 1922
• Exterior features: Sidewalk

Interior

• Kitchen: Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central cooling
• Interior features: Replacement windows; 6 total rooms; Full basement
• Laundry & utility: Natural gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $482 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 9.9% vs local median 4.5% in Grand Rapids — 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 83/100 on livability (#44 in MI, #939 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment C-, crime F.
• Grand Rapids Public Schools (urban): math 15% / reading 29% proficiency, ranked #451 of 540 in MI (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.6%/yr); 153 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• This rent runs 33% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $45k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,900

Questions for the listing agent

1. Built in 1922 — 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. 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?
4. 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.
5. 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.
6. 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: 1.19% ✓
• Cap rate: 9.91%
• Cash-on-cash: 12.91%
• DSCR: 1.57
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.64% rent growth · sell at horizon

5-year hold

• IRR: 2.4%
• Equity multiple: 1.09×
• Total profit: $4,059
• Equity at exit: $23,842

10-year hold

• IRR: 11.6%
• Equity multiple: 1.90×
• Total profit: $40,147
• Equity at exit: $13,825

Cash invested: $44,772 (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 49504

• Rents YoY: 2.6%
• Active inventory: 153
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,900 high
• Mortgage (P&I): −$839
• Tax from tax record: −$114 /mo · $1,367/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $482

Break-even live

Break-even rent $1,290

Max offer price $159,900

Occupancy floor 70%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
927 Arianna St NW Grand Rapids, MI	4.0	3.0	1500	$3,000	$2.00	43d	1	0.30mi
734 Crosby St NW Unit 1 Grand Rapids, MI	3.0	1.0	1057	$1,800	$1.70	43d	1	0.37mi
1429 Quarry Ave NW Unit 1 Grand Rapids, MI	3.0	1.5	1200	$1,800	$1.50	43d	1	0.43mi
900 Leonard St NW Grand Rapids, MI	2.0	1.0–2.0	720	$2,850	$3.96	2d	10	0.50mi
1046 Courtney St NW Unit 2 Grand Rapids, MI	2.0	1.0	895	$2,497	$2.79	43d	1	0.50mi
1335 Hamilton Ave NW Unit 2 Grand Rapids, MI	3.0	1.0	1124	$1,395	$1.24	43d	1	0.53mi
1044 Muskegon Ave NW Unit 2 Grand Rapids, MI	3.0	1.0	1100	$1,800	$1.64	43d	1	0.68mi
1019 Widdicomb Ave NW Unit 2 Grand Rapids, MI	2.0	1.0	1000	$1,575	$1.57	43d	1	0.68mi
1011 Jennette Ave NW Unit 2 Grand Rapids, MI	2.0	1.0	720	$1,450	$2.01	43d	1	0.69mi
1004 Jennette Ave NW Grand Rapids, MI	3.0	1.0	1000	$1,025	$1.02	43d	1	0.69mi
407 11th St NW Unit C Grand Rapids, MI	2.0	1.0	772	$1,500	$1.94	43d	1	0.90mi
1844 Monroe Ave NW Grand Rapids, MI	2.0	1.0	1000	$2,050	$2.05	43d	1	1.01mi
745 Stocking Ave NW Grand Rapids, MI	1.0–2.0	1.0	879	$1,541	$1.75	14d	3	1.02mi
2449 Hillside Dr NW Grand Rapids, MI	2.0	1.0	900	$1,495	$1.66	14d	1	1.09mi
50 Mathews Ct NE Grand Rapids, MI	3.0	1.5	1100	$1,850	$1.68	43d	1	1.13mi
41 Caledonia St NE Unit 1 Grand Rapids, MI	2.0	1.0	800	$1,395	$1.74	43d	1	1.13mi
417 6th St NW Unit 1346768P Grand Rapids, MI	2.0	1.0	742	$2,794	$3.77	43d	1	1.14mi
1001 Monroe Ave NW #202 Grand Rapids, MI	2.0	2.0	1333	$2,645	$1.98	43d	1	1.17mi
700 Broadway Ave NW Unit 1 Grand Rapids, MI	4.0	2.0	1450	$2,795	$1.93	43d	1	1.20mi
1359 Plainfield Ave NE Grand Rapids, MI	2.0	1.0–2.0	720	$2,325	$3.23	3d	9	1.21mi
1038 Glenaire Dr NW Apt B Grand Rapids, MI	2.0	1.0	855	$1,375	$1.61	14d	1	1.23mi
873 McCarty St NW Grand Rapids, MI	3.0	2.0	1492	$2,100	$1.41	2d	1	1.26mi
135 Page St NE Grand Rapids, MI	3.0	2.0	1100	$3,100	$2.82	43d	1	1.27mi
971 McCarty St NW Walker, MI	2.0	1.0	755	$1,050	$1.39	43d	1	1.30mi
120 Leonard St NE Unit 2 Grand Rapids, MI	2.0	1.0	750	$1,275	$1.70	43d	1	1.32mi
239 Ann St NE Unit 1 Grand Rapids, MI	2.0	1.0	928	$1,300	$1.40	43d	1	1.34mi
202 Leonard St NE Grand Rapids, MI	2.0	1.0	950	$1,200	$1.26	43d	1	1.36mi

Listing history 6 events

1. 2026-05-14
   status Pending 674-char remark

   Show marketing remark (672 chars)

   Handyman Special. What a find! This home has some great bones and is waiting for your personal touches. Three bedrooms on the main floor. Full Bath with a soaker tub. Plank hardwood floors throughout main level. Formal dining room with French Doors (currently stored in the basement). Woodwork has not be all painted. Screened in front porch. Basement has finishing potential. Upstairs you will be amazed there is a full attic with HUGE finishing potential. Two stall detached garage with EDO with driveway. two additional parking spots off the alley. Central Air, New furnace, Updated electrical service. This is a diamond in the rough. 1/4 of the roof has been replaced.

2. 2026-05-14
   status Pending 672-char remark

   Show marketing remark (672 chars)

   Handyman Special. What a find! This home has some great bones and is waiting for your personal touches. Three bedrooms on the main floor. Full Bath with a soaker tub. Plank hardwood floors throughout main level. Formal dining room with French Doors (currently stored in the basement). Woodwork has not be all painted. Screened in front porch. Basement has finishing potential. Upstairs you will be amazed there is a full attic with HUGE finishing potential. Two stall detached garage with EDO with driveway. two additional parking spots off the alley. Central Air, New furnace, Updated electrical service. This is a diamond in the rough. 1/4 of the roof has been replaced.

3. 2026-05-14
   status Pending

   Show marketing remark (672 chars)

   Handyman Special. What a find! This home has some great bones and is waiting for your personal touches. Three bedrooms on the main floor. Full Bath with a soaker tub. Plank hardwood floors throughout main level. Formal dining room with French Doors (currently stored in the basement). Woodwork has not be all painted. Screened in front porch. Basement has finishing potential. Upstairs you will be amazed there is a full attic with HUGE finishing potential. Two stall detached garage with EDO with driveway. two additional parking spots off the alley. Central Air, New furnace, Updated electrical service. This is a diamond in the rough. 1/4 of the roof has been replaced.

4. 2026-05-12
   listed $159,900 Active 674-char remark

   Show marketing remark (672 chars)

   Handyman Special. What a find! This home has some great bones and is waiting for your personal touches. Three bedrooms on the main floor. Full Bath with a soaker tub. Plank hardwood floors throughout main level. Formal dining room with French Doors (currently stored in the basement). Woodwork has not be all painted. Screened in front porch. Basement has finishing potential. Upstairs you will be amazed there is a full attic with HUGE finishing potential. Two stall detached garage with EDO with driveway. two additional parking spots off the alley. Central Air, New furnace, Updated electrical service. This is a diamond in the rough. 1/4 of the roof has been replaced.

5. 2026-05-12
   listed $159,900 Active 672-char remark

   Show marketing remark (672 chars)

   Handyman Special. What a find! This home has some great bones and is waiting for your personal touches. Three bedrooms on the main floor. Full Bath with a soaker tub. Plank hardwood floors throughout main level. Formal dining room with French Doors (currently stored in the basement). Woodwork has not be all painted. Screened in front porch. Basement has finishing potential. Upstairs you will be amazed there is a full attic with HUGE finishing potential. Two stall detached garage with EDO with driveway. two additional parking spots off the alley. Central Air, New furnace, Updated electrical service. This is a diamond in the rough. 1/4 of the roof has been replaced.

6. 2026-05-12
   listed $159,900 Active

   Show marketing remark (672 chars)

   Handyman Special. What a find! This home has some great bones and is waiting for your personal touches. Three bedrooms on the main floor. Full Bath with a soaker tub. Plank hardwood floors throughout main level. Formal dining room with French Doors (currently stored in the basement). Woodwork has not be all painted. Screened in front porch. Basement has finishing potential. Upstairs you will be amazed there is a full attic with HUGE finishing potential. Two stall detached garage with EDO with driveway. two additional parking spots off the alley. Central Air, New furnace, Updated electrical service. This is a diamond in the rough. 1/4 of the roof has been replaced.

ⓘ 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: $1,367 · $114/mo
• Projected year-2 tax: $1,915 · $160/mo
• Expected delta: +$548/yr (+$46/mo · 40.1%)

ⓘ 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 ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,797
• − Mortgage interest: −$8,957
• − Property taxes: −$1,367
• − Insurance: −$800
• − Repairs & maintenance: −$1,824
• − Management: −$1,824
• − Depreciation: −$4,652
• Taxable income: $3,374
• Est. tax owed @ 24.0%: −$810
• After-tax cash flow: $4,971/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: Grand Rapids Public Schools
• NCES district ID: 2616440
• Math proficiency: 15% ▼ -5.00%
• Reading proficiency: 29% ▼ -1.00%
• Median HH income: $40,612
• Composite: 18.62/100
• National rank: #8899
• State rank: #451 of 540 in MI

Livability — Grand Rapids

• Score: 83/100
• State rank: #44
• US rank: #939

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grand Rapids, MI
• County: Kent County · 533,805 people
• City population: 181,325
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 40,036
• Household income: $70,119
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 2132.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 712,484 people
• By 2030: 748,618 · +5.1%
• By 2040: 814,777 · +14.4%
• By 2050: 868,556 · +21.9%
• By 2075: 966,487 · +35.7%
• By 2100: 967,975 · +35.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 16% Two or more races 10% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Romanian 11% Iranian 10% Lithuanian 3%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 1%

Political lean MEDSL · Kent

• 2024 margin: Lean D (+5.4) · D 51.8% · R 46.5% · Other 1.7%
• 2008→2024 swing: +4.8pp toward D · 2008: 0.5pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+6.1 2016: R+3.1 2012: R+7.9 2008: D+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -274.76%
• Current HPI: 313.231
• Rent YoY: ▲ 2.64%
• Metro: Grand Rapids-Kentwood, 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

6 events — show timeline

• 2026-05-14 Pending — REALCOMP
• 2026-05-14 Pending — MiRealSource-MiMLS
• 2026-05-14 Pending — SW Michigan MLS
• 2026-05-12 Listed $159,900 SW Michigan MLS
• 2026-05-12 Listed $159,900 MiRealSource-MiMLS
• 2026-05-12 Listed $159,900 REALCOMP

Property tax history

+2.4%/yr

Latest (2025): $1,367 · -3.6% YoY. Source: county tax records.