2335 Holmes Rd · Ypsilanti, MI 48198

$139,000

2 bd · 1.0 ba · 648 sqft · SingleFamily · 43 Days on market

Built 1950 0.34 ac lot $215/sqft · 21% below area Est $175k · 21% under

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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 +15.2/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• Livability +4.0/5.0
• 1% rule +3.6/10.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2 bedroom, 1 bath home with a nice yard and great potential. Featuring a functional layout, bright living space, and an eat-in kitchen with ample cabinet storage, this home offers comfort and simplicity. The spacious yard provides plenty of room to enjoy the outdoors, along with a shed for added storage. A great opportunity for a first-time buyer, downsizer, or investor looking for value and potential.

Key facts

• Bright living space
• Spacious yard
• Eat-in kitchen

Tags

• FUNCTIONAL LAYOUT
• BRIGHT LIVING SPACE
• EAT-IN KITCHEN
• AMPLE CABINET STORAGE
• SPACIOUS YARD
• SHED FOR ADDED STORAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $48 ($581/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (14.0% below list).
• Recommended offer: $119k (14.0% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.0% in Ypsilanti — 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 81/100 on livability (#71 in MI, #1,539 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment D-.
• Ypsilanti Community Schools (suburban): math 11% / reading 20% proficiency, ranked #501 of 540 in MI (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.4%/yr); 166 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• 5 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 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,478 (14.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.86% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.49%
• DSCR: 1.07
• GRM: 9.7

CMA / ARV

• ARV (median comp): $174,909
• List price: $139,000
• Delta: -20.53%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
230 Emerson Ave	0.15mi	2/1.0	600 (-7%)	20mo	$145,000	$242	64

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 · 4.38% rent growth · sell at horizon

5-year hold

• IRR: -12.5%
• Equity multiple: 0.54×
• Total profit: $-17,779
• Equity at exit: $20,725

10-year hold

• IRR: -1.6%
• Equity multiple: 0.88×
• Total profit: $-4,500
• Equity at exit: $12,018

Cash invested: $38,920 (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 48198

• Rents YoY: 4.4%
• Active inventory: 166
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,195 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$109 /mo · $1,303/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $48

Break-even live

Break-even rent $1,133

Max offer price $139,000

Occupancy floor 91%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
62 Harvey Pl Superior Township, MI	2.0	1.0	692	$945	$1.37	44d	1	0.35mi
72 Harvey Pl Superior Township, MI	2.0	1.0	692	$1,100	$1.59	44d	1	0.36mi
82 Harvey Pl Superior Township, MI	2.0	1.0	692	$1,100	$1.59	24d	1	0.39mi
506 N Miami Ave Ypsilanti, MI	1.0	1.0	600	$966	$1.61	44d	1	1.07mi

Listing history 16 events

1. 2026-05-14
   status Pending 414-char remark

   Show marketing remark (414 chars)

   Charming 2 bedroom, 1 bath home with a nice yard and great potential. Featuring a functional layout, bright living space, and an eat-in kitchen with ample cabinet storage, this home offers comfort and simplicity. The spacious yard provides plenty of room to enjoy the outdoors, along with a shed for added storage. A great opportunity for a first-time buyer, downsizer, or investor looking for value and potential.

2. 2026-05-14
   status Pending 414-char remark

   Show marketing remark (414 chars)

   Charming 2 bedroom, 1 bath home with a nice yard and great potential. Featuring a functional layout, bright living space, and an eat-in kitchen with ample cabinet storage, this home offers comfort and simplicity. The spacious yard provides plenty of room to enjoy the outdoors, along with a shed for added storage. A great opportunity for a first-time buyer, downsizer, or investor looking for value and potential.

3. 2026-04-24
   price $139,000 414-char remark

   Show marketing remark (414 chars)

   Charming 2 bedroom, 1 bath home with a nice yard and great potential. Featuring a functional layout, bright living space, and an eat-in kitchen with ample cabinet storage, this home offers comfort and simplicity. The spacious yard provides plenty of room to enjoy the outdoors, along with a shed for added storage. A great opportunity for a first-time buyer, downsizer, or investor looking for value and potential.

4. 2026-04-24
   price $139,000 414-char remark

   Show marketing remark (414 chars)

   Charming 2 bedroom, 1 bath home with a nice yard and great potential. Featuring a functional layout, bright living space, and an eat-in kitchen with ample cabinet storage, this home offers comfort and simplicity. The spacious yard provides plenty of room to enjoy the outdoors, along with a shed for added storage. A great opportunity for a first-time buyer, downsizer, or investor looking for value and potential.

5. 2026-04-01
   listed $139,999 Active 414-char remark

   Show marketing remark (414 chars)

   Charming 2 bedroom, 1 bath home with a nice yard and great potential. Featuring a functional layout, bright living space, and an eat-in kitchen with ample cabinet storage, this home offers comfort and simplicity. The spacious yard provides plenty of room to enjoy the outdoors, along with a shed for added storage. A great opportunity for a first-time buyer, downsizer, or investor looking for value and potential.

6. 2026-04-01
   listed $139,999 Active 414-char remark

   Show marketing remark (414 chars)

   Charming 2 bedroom, 1 bath home with a nice yard and great potential. Featuring a functional layout, bright living space, and an eat-in kitchen with ample cabinet storage, this home offers comfort and simplicity. The spacious yard provides plenty of room to enjoy the outdoors, along with a shed for added storage. A great opportunity for a first-time buyer, downsizer, or investor looking for value and potential.

7. 2025-09-16
   soldstatus $135,000
8. 2025-08-04
   soldstatus $135,000 Sold
9. 2025-08-04
   soldstatus $135,000 Closed
10. 2025-08-04
    soldstatus $135,000 Closed
11. 2025-05-20
    historical Active Under Contract
12. 2025-05-20
    historical Keep Showing-Contgcy Appl
13. 2025-05-20
    historical Active - Contingent
14. 2025-05-15
    listed $135,000 Active
15. 2025-05-15
    listed $135,000 Active
16. 2025-05-15
    listed $135,000 Active

ⓘ 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: $1,303 · $109/mo
• Projected year-2 tax: $1,722 · $143/mo
• Expected delta: +$419/yr (+$35/mo · 32.1%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 15 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: $14,337
• − Mortgage interest: −$7,786
• − Property taxes: −$1,303
• − Insurance: −$695
• − Repairs & maintenance: −$1,147
• − Management: −$1,147
• − Depreciation: −$4,044
• Taxable loss: −$1,784
• Est. tax savings @ 24.0%: +$428
• After-tax cash flow: $1,010/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: Ypsilanti Community Schools
• NCES district ID: 2636630
• Math proficiency: 11% ▼ -8.00%
• Reading proficiency: 20% ▼ -3.00%
• Median HH income: $37,759
• Composite: 12.98/100
• National rank: #9572
• State rank: #501 of 540 in MI

Livability — Ypsilanti

• Score: 81/100
• State rank: #71
• US rank: #1539

Category grades

Amenities A+ Commute A+ 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

• County: Washtenaw County · 306,860 people
• City population: 105,769
• Metro: Ann Arbor, MI
• Population (ZIP): 39,244
• Household income: $63,326
• Rent vs Own: 42.5% rent · 57.5% own
• Severe rent burden: 1998.0

Population outlook (Washtenaw County) Hauer SSP2

• Today (2025): 402,878 people
• By 2030: 424,104 · +5.3%
• By 2040: 464,633 · +15.3%
• By 2050: 504,728 · +25.3%
• By 2075: 614,463 · +52.5%
• By 2100: 676,181 · +67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 48% Black 32% Two or more races 11% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 88% English-only · Spanish 7% Other Indo-European 1% Arabic 1%

Political lean MEDSL · Washtenaw

• 2024 margin: Solid D (+44.4) · D 71.0% · R 26.6% · Other 2.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 41.0pp · 2024: 44.4pp
• All cycles: 2024: D+44.4 2020: D+46.6 2016: D+41.5 2012: D+36.0 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -224.96%
• Current HPI: 204.1228
• Rent YoY: ▲ 4.38%
• Metro: Ann Arbor, 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

+3.0% since first listed

16 events — show timeline

• 2026-05-14 Pending — MiRealSource-MiMLS
• 2026-05-14 Pending — REALCOMP
• 2026-04-24 Price Changed $139,000 MiRealSource-MiMLS
• 2026-04-24 Price Changed $139,000 REALCOMP
• 2026-04-01 Listed $139,999 REALCOMP
• 2026-04-01 Listed $139,999 MiRealSource-MiMLS
• 2025-09-16 Sold (Public Records) $135,000 Public Records
• 2025-08-04 Sold (MLS) $135,000 REALCOMP
• 2025-08-04 Sold (MLS) $135,000 MiRealSource-MiMLS
• 2025-08-04 Sold (MLS) $135,000 SW Michigan MLS
• 2025-05-20 Contingent — REALCOMP
• 2025-05-20 Contingent — MiRealSource-MiMLS
• 2025-05-20 Contingent — SW Michigan MLS
• 2025-05-15 Listed $135,000 REALCOMP
• 2025-05-15 Listed $135,000 MiRealSource-MiMLS
• 2025-05-15 Listed $135,000 SW Michigan MLS

Property tax history

-2.2%/yr

Latest (2016): $1,303 · +2.4% YoY. Source: county tax records.