140 Greenly St · Adrian, MI 49221

$89,900

2 bd · 1.0 ba · 1,499 sqft · SingleFamily · 89 Days on market

Built 1900 0.26 ac lot Est $162k · 44% under

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Why this score? — see what drove the B 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 +28.8/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Charming Brick Home with Great Potential! Don’t miss this opportunity to own a 2-bedroom, 1-bath brick 1.5-story home full of character and possibility! Located in the city, this home features an open floor plan that creates a spacious feel—perfect for entertaining or everyday living. Relax on the inviting front porch, ideal for morning coffee or winding down in the evening. Inside, you’ll find a solid layout ready for your personal touch. This home needs some TLC, making it a fantastic opportunity for investors, flippers, or buyers looking to build equity and customize a space to their taste. Highlights: 2 Bedrooms / 1 Bath Classic brick exterior 1.5-story layout Open concept living area Covered front porch City location close to amenities Bring your vision and make this home shine! Great potential at an affordable price. ?? Schedule your showing today!

Key facts

• Open floor plan
• Brick exterior
• Front porch

Tags

• OPEN FLOOR PLAN
• FRONT PORCH
• BRICK EXTERIOR
• 1.5 STORY LAYOUT
• CITY LOCATION

Property features AI

Finance

• Other: Zoned residential; Subdivision: None; Cross street: St Joesph / Company
• HOA & community: Homeowners association present

Exterior

• Parking: Assigned parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half story; Brick construction
• Construction: Brick construction
• Exterior features: Front porch; Public maintained road; Lot is approximately 0.26 acres (66 x 173)

Interior

• Bedrooms: Total of 6 rooms (bedrooms and living spaces combined)
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Steam heating; No cooling
• Interior features: Gas water heater; Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $302 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 5.7% 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.
• Market conditions: 214 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $20k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.50% ✓
• Cap rate: 10.32%
• Cash-on-cash: 14.39%
• DSCR: 1.64
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $161,892
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
603 Company St	0.16mi	3/2.0 (+1)	1,466 (-2%)	4mo	$170,000	$116	76
376 Budlong St	0.46mi	3/1.0 (+1)	1,507 (+0%)	7mo	$135,000	$90	66
146 Budlong St	0.37mi	3/2.5 (+1)	1,550 (+3%)	4mo	$270,000	$174	63
216 Budlong St	0.38mi	3/2.0 (+1)	1,480 (-1%)	10mo	$155,000	$105	63
714 Michigan Ave	0.38mi	3/1.0 (+1)	1,478 (-1%)	17mo	$160,000	$108	60
903 Michigan Ave	0.54mi	3/1.0 (+1)	1,551 (+4%)	6mo	$138,000	$89	59
226 E Butler St	0.64mi	2/1.0	1,442 (-4%)	10mo	$175,000	$121	56
345 Alexander Dr	0.33mi	3/1.0 (+1)	1,364 (-9%)	12mo	$185,000	$136	55
425 Cherry St	0.30mi	3/2.0 (+1)	1,352 (-10%)	10mo	$165,000	$122	52
229 Clinton St	0.58mi	3/1.5 (+1)	1,621 (+8%)	1mo	$76,250	$47	51
412 Merrick St	0.51mi	3/1.0 (+1)	1,581 (+6%)	14mo	$130,000	$82	51
334 Erie St	0.70mi	3/1.0 (+1)	1,375 (-8%)	10mo	$85,000	$62	40

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: 4.9%
• Equity multiple: 1.19×
• Total profit: $4,760
• Equity at exit: $13,404

10-year hold

• IRR: 14.4%
• Equity multiple: 2.17×
• Total profit: $29,330
• Equity at exit: $7,773

Cash invested: $25,172 (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: 214
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,348 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$254 /mo · $3,053/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $302

Break-even live

Break-even rent $966

Max offer price $89,900

Occupancy floor 73%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-18
   days on market $89,900 Active 89 DOM
2. 2026-06-17
   days on market $89,900 Active 88 DOM
3. 2026-06-16
   days on market $89,900 Active 87 DOM
4. 2026-06-15
   days on market $89,900 Active 86 DOM
5. 2026-06-13
   days on market $89,900 Active 84 DOM
6. 2026-06-12
   days on market $89,900 Active 83 DOM
7. 2026-06-09
   days on market $89,900 Active 80 DOM
8. 2026-06-08
   days on market $89,900 Active 79 DOM
9. 2026-06-07
   days on market $89,900 Active 78 DOM
10. 2026-06-07
    days on market $89,900 Active 77 DOM
11. 2026-06-04
    days on market $89,900 Active 74 DOM
12. 2026-06-02
    days on market $89,900 Active 73 DOM
13. 2026-06-01
    days on market $89,900 Active 72 DOM
14. 2026-05-31
    days on market $89,900 Active 71 DOM
15. 2026-05-31
    days on market $89,900 Active 70 DOM
16. 2026-05-20
    price $89,900 884-char remark

    Show marketing remark (884 chars)

    Charming Brick Home with Great Potential! Don’t miss this opportunity to own a 2-bedroom, 1-bath brick 1.5-story home full of character and possibility! Located in the city, this home features an open floor plan that creates a spacious feel—perfect for entertaining or everyday living. Relax on the inviting front porch, ideal for morning coffee or winding down in the evening. Inside, you’ll find a solid layout ready for your personal touch. This home needs some TLC, making it a fantastic opportunity for investors, flippers, or buyers looking to build equity and customize a space to their taste. Highlights: 2 Bedrooms / 1 Bath Classic brick exterior 1.5-story layout Open concept living area Covered front porch City location close to amenities Bring your vision and make this home shine! Great potential at an affordable price. ?? Schedule your showing today!

17. 2026-05-20
    price $89,900

    Show marketing remark (884 chars)

    Charming Brick Home with Great Potential! Don’t miss this opportunity to own a 2-bedroom, 1-bath brick 1.5-story home full of character and possibility! Located in the city, this home features an open floor plan that creates a spacious feel—perfect for entertaining or everyday living. Relax on the inviting front porch, ideal for morning coffee or winding down in the evening. Inside, you’ll find a solid layout ready for your personal touch. This home needs some TLC, making it a fantastic opportunity for investors, flippers, or buyers looking to build equity and customize a space to their taste. Highlights: 2 Bedrooms / 1 Bath Classic brick exterior 1.5-story layout Open concept living area Covered front porch City location close to amenities Bring your vision and make this home shine! Great potential at an affordable price. ?? Schedule your showing today!

18. 2026-04-17
    price $99,900 884-char remark

    Show marketing remark (884 chars)

    Charming Brick Home with Great Potential! Don’t miss this opportunity to own a 2-bedroom, 1-bath brick 1.5-story home full of character and possibility! Located in the city, this home features an open floor plan that creates a spacious feel—perfect for entertaining or everyday living. Relax on the inviting front porch, ideal for morning coffee or winding down in the evening. Inside, you’ll find a solid layout ready for your personal touch. This home needs some TLC, making it a fantastic opportunity for investors, flippers, or buyers looking to build equity and customize a space to their taste. Highlights: 2 Bedrooms / 1 Bath Classic brick exterior 1.5-story layout Open concept living area Covered front porch City location close to amenities Bring your vision and make this home shine! Great potential at an affordable price. ?? Schedule your showing today!

19. 2026-04-17
    price $99,900

    Show marketing remark (884 chars)

    Charming Brick Home with Great Potential! Don’t miss this opportunity to own a 2-bedroom, 1-bath brick 1.5-story home full of character and possibility! Located in the city, this home features an open floor plan that creates a spacious feel—perfect for entertaining or everyday living. Relax on the inviting front porch, ideal for morning coffee or winding down in the evening. Inside, you’ll find a solid layout ready for your personal touch. This home needs some TLC, making it a fantastic opportunity for investors, flippers, or buyers looking to build equity and customize a space to their taste. Highlights: 2 Bedrooms / 1 Bath Classic brick exterior 1.5-story layout Open concept living area Covered front porch City location close to amenities Bring your vision and make this home shine! Great potential at an affordable price. ?? Schedule your showing today!

20. 2026-03-19
    listed $109,900 Active 884-char remark

    Show marketing remark (884 chars)

    Charming Brick Home with Great Potential! Don’t miss this opportunity to own a 2-bedroom, 1-bath brick 1.5-story home full of character and possibility! Located in the city, this home features an open floor plan that creates a spacious feel—perfect for entertaining or everyday living. Relax on the inviting front porch, ideal for morning coffee or winding down in the evening. Inside, you’ll find a solid layout ready for your personal touch. This home needs some TLC, making it a fantastic opportunity for investors, flippers, or buyers looking to build equity and customize a space to their taste. Highlights: 2 Bedrooms / 1 Bath Classic brick exterior 1.5-story layout Open concept living area Covered front porch City location close to amenities Bring your vision and make this home shine! Great potential at an affordable price. ?? Schedule your showing today!

21. 2026-03-19
    listed $109,900 Active

    Show marketing remark (884 chars)

    Charming Brick Home with Great Potential! Don’t miss this opportunity to own a 2-bedroom, 1-bath brick 1.5-story home full of character and possibility! Located in the city, this home features an open floor plan that creates a spacious feel—perfect for entertaining or everyday living. Relax on the inviting front porch, ideal for morning coffee or winding down in the evening. Inside, you’ll find a solid layout ready for your personal touch. This home needs some TLC, making it a fantastic opportunity for investors, flippers, or buyers looking to build equity and customize a space to their taste. Highlights: 2 Bedrooms / 1 Bath Classic brick exterior 1.5-story layout Open concept living area Covered front porch City location close to amenities Bring your vision and make this home shine! Great potential at an affordable price. ?? Schedule your showing today!

22. 2017-01-13
    price $64,900 323-char remark

    Show marketing remark (323 chars)

    This home in a nice, quiet area of Adrian has many charming touches to make you feel welcome immediately. You will love to sit and relax in the backyard with a hilltop view of Adrian. The open kitchen and dining room has beautiful built-ins and plenty of storage. New carpet in the dual living rooms. Home is move-in ready.

23. 2016-09-12
    soldstatus $65,000
24. 2016-09-07
    soldstatus $65,000 Sold 323-char remark

    Show marketing remark (323 chars)

    This home in a nice, quiet area of Adrian has many charming touches to make you feel welcome immediately. You will love to sit and relax in the backyard with a hilltop view of Adrian. The open kitchen and dining room has beautiful built-ins and plenty of storage. New carpet in the dual living rooms. Home is move-in ready.

25. 2016-09-07
    soldstatus $65,000 Closed

    Show marketing remark (323 chars)

    This home in a nice, quiet area of Adrian has many charming touches to make you feel welcome immediately. You will love to sit and relax in the backyard with a hilltop view of Adrian. The open kitchen and dining room has beautiful built-ins and plenty of storage. New carpet in the dual living rooms. Home is move-in ready.

26. 2016-09-02
    status Pending
27. 2016-07-15
    historical Keep Showing-Contgcy Appl
28. 2016-07-15
    status Active
29. 2016-07-15
    historical Keep Showing-Contgcy Appl
30. 2016-06-25
    price $64,900
31. 2016-05-13
    price $69,900
32. 2016-05-11
    historical 323-char remark

    Show marketing remark (323 chars)

    This home in a nice, quiet area of Adrian has many charming touches to make you feel welcome immediately. You will love to sit and relax in the backyard with a hilltop view of Adrian. The open kitchen and dining room has beautiful built-ins and plenty of storage. New carpet in the dual living rooms. Home is move-in ready.

33. 2016-05-06
    listed $74,900 Active 323-char remark

    Show marketing remark (323 chars)

    This home in a nice, quiet area of Adrian has many charming touches to make you feel welcome immediately. You will love to sit and relax in the backyard with a hilltop view of Adrian. The open kitchen and dining room has beautiful built-ins and plenty of storage. New carpet in the dual living rooms. Home is move-in ready.

34. 2016-05-06
    listed $74,900 Active

    Show marketing remark (323 chars)

    This home in a nice, quiet area of Adrian has many charming touches to make you feel welcome immediately. You will love to sit and relax in the backyard with a hilltop view of Adrian. The open kitchen and dining room has beautiful built-ins and plenty of storage. New carpet in the dual living rooms. Home is move-in ready.

ⓘ 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: $3,053 · $254/mo
• Projected year-2 tax: $3,053 · $254/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 3/10 Moderate 7 d/yr ≥100°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: $16,178
• − Mortgage interest: −$5,036
• − Property taxes: −$3,053
• − Insurance: −$450
• − Repairs & maintenance: −$1,294
• − Management: −$1,294
• − Depreciation: −$2,615
• Taxable income: $2,436
• Est. tax owed @ 24.0%: −$585
• After-tax cash flow: $3,036/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
• City population: 41,041
• 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

+20.0% since first listed

19 events — show timeline

• 2026-05-20 Price Changed $89,900 MiRealSource-MiMLS
• 2026-05-20 Price Changed $89,900 REALCOMP
• 2026-04-17 Price Changed $99,900 MiRealSource-MiMLS
• 2026-04-17 Price Changed $99,900 REALCOMP
• 2026-03-19 Listed $109,900 REALCOMP
• 2026-03-19 Listed $109,900 MiRealSource-MiMLS
• 2017-01-13 Price Changed $64,900 REALCOMP
• 2016-09-12 Sold (Public Records) $65,000 Public Records
• 2016-09-07 Sold (MLS) $65,000 MiRealSource-MiMLS
• 2016-09-07 Sold (MLS) $65,000 REALCOMP
• 2016-09-02 Pending — MiRealSource-MiMLS
• 2016-07-15 Contingent — MiRealSource-MiMLS
• 2016-07-15 Relisted — MiRealSource-MiMLS
• 2016-07-15 Contingent — MiRealSource-MiMLS
• 2016-06-25 Price Changed $64,900 MiRealSource-MiMLS
• 2016-05-13 Price Changed $69,900 MiRealSource-MiMLS
• 2016-05-11 Listing Removed — REALCOMP
• 2016-05-06 Listed $74,900 REALCOMP
• 2016-05-06 Listed $74,900 MiRealSource-MiMLS

Property tax history

+4.6%/yr

Latest (2025): $3,053 · -22.3% YoY. Source: county tax records.