228 W Church St · Adrian, MI 49221

$125,000

15 bd · 9.0 ba · 2,526 sqft · MultiFamily · 187 Days on market

Built 1880 5,227 sqft lot ↓ 14% since listing

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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

This 2500 sq/ft +triplex is now available for the first time in 37 years! One 3 bed, one 1 bed and 1 efficiency ready for new investors. Updated bathroom, fresh exterior paint and a detached garage for all of your yard equipment and storage!

Key facts

• Fresh exterior paint
• Updated bathroom
• Detached garage

Tags

• UPDATED BATHROOM
• FRESH EXTERIOR PAINT
• DETACHED GARAGE

Property features AI

Finance

• Financial info: Unit rents listed: $950, $475, $425
• HOA & community: Community has curbs and sidewalks

Exterior

• Parking: Assigned garage; One garage space; Additional garage structures (second garage)
• Utilities: Public water; Public sewer
• Home design: Multi-family residential property; Two-story building; Approximately 2,526 above-grade square feet
• Construction: Wood siding exterior; Block foundation
• Exterior features: Front porch; Curbs and sidewalks in the community

Interior

• Kitchen: Oven; Refrigerator; Range
• Bathrooms: Three full bathrooms
• Heating & cooling: Natural gas heating; Steam heating; Ceiling fans for cooling
• Interior features: Gas water heater; Oven; Refrigerator; Range; Full basement with block construction and exterior entry

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $905/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 32.4% 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.
• 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 187 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 187 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.63% ✓
• Cap rate: 32.37%
• Cash-on-cash: 93.13%
• DSCR: 5.14
• GRM: 2.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 93.9%
• Equity multiple: 5.37×
• Total profit: $152,824
• Equity at exit: $18,638

10-year hold

• IRR: 96.7%
• Equity multiple: 11.18×
• Total profit: $356,134
• Equity at exit: $10,808

Cash invested: $35,000 (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: 6.9×

Monthly cashflow live

• Estimated rent: $4,532 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$952
• Net cashflow: $2,716

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 35%

Sensitivity live

Price	-10% $2,803	-5% $2,760	+0% $2,716	+5% $2,673	+10% $2,630
Rent	-10% $2,358	-5% $2,537	+0% $2,716	+5% $2,895	+10% $3,074
Rate	-1.0pp $2,779	-0.5pp $2,748	base $2,716	+0.5pp $2,684	+1.0pp $2,651

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$4,533
Total (3 units)			$4,532

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-19
   price $125,000 242-char remark

   Show marketing remark (242 chars)

   This 2500 sq/ft +triplex is now available for the first time in 37 years! One 3 bed, one 1 bed and 1 efficiency ready for new investors. Updated bathroom, fresh exterior paint and a detached garage for all of your yard equipment and storage!

2. 2026-05-19
   price $125,000

   Show marketing remark (242 chars)

   This 2500 sq/ft +triplex is now available for the first time in 37 years! One 3 bed, one 1 bed and 1 efficiency ready for new investors. Updated bathroom, fresh exterior paint and a detached garage for all of your yard equipment and storage!

3. 2025-11-21
   listed $145,000 Active 242-char remark

   Show marketing remark (242 chars)

   This 2500 sq/ft +triplex is now available for the first time in 37 years! One 3 bed, one 1 bed and 1 efficiency ready for new investors. Updated bathroom, fresh exterior paint and a detached garage for all of your yard equipment and storage!

4. 2025-11-21
   listed $145,000 Active

   Show marketing remark (242 chars)

   This 2500 sq/ft +triplex is now available for the first time in 37 years! One 3 bed, one 1 bed and 1 efficiency ready for new investors. Updated bathroom, fresh exterior paint and a detached garage for all of your yard equipment and storage!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥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: $54,384
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$4,351
• − Management: −$4,351
• − Depreciation: −$3,636
• Taxable income: $32,544
• Est. tax owed @ 24.0%: −$7,811
• After-tax cash flow: $24,787/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

-13.8% since first listed

4 events — show timeline

• 2026-05-19 Price Changed $125,000 MiRealSource-MiMLS
• 2026-05-19 Price Changed $125,000 REALCOMP
• 2025-11-21 Listed $145,000 REALCOMP
• 2025-11-21 Listed $145,000 MiRealSource-MiMLS