215 Garfield Ave NW · Grand Rapids, MI 49504

$145,000

3 bd · 1.5 ba · 1,300 sqft · SingleFamily public records · 14 Days on market

Built 1925 4,925 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• 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

3 bed 1 bath home. Enclosed porch and deck. Home is being sold as-is. Sale is subject to Probate Court Approval. Offers will be reviewed February 19 at 8:00 am.

Key facts

• 4,925 sq ft lot
• Garage
• Built 1925

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $456 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Cap rate 11.7% 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; 22 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 77% 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 34% 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 $4k 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 $41k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 14 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: flood insurance adds $198/mo; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,000

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 1.38% ✓
• Cap rate: 11.70%
• Cash-on-cash: 19.32%
• DSCR: 1.86
• GRM: 6.0

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: 3.2%
• Equity multiple: 1.12×
• Total profit: $4,918
• Equity at exit: $21,620

10-year hold

• IRR: 12.4%
• Equity multiple: 1.96×
• Total profit: $39,150
• Equity at exit: $12,537

Cash invested: $40,600 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,999 high
• Mortgage (P&I): −$760
• Tax from tax record: −$105 /mo · $1,256/yr
• Insurance: −$60
• Flood insurance flood zone: −$198 /mo · $2,376/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $456

Break-even live

Break-even rent $1,422

Max offer price $145,000

Occupancy floor 72%

Sensitivity live

Price	-10% $538	-5% $497	+0% $456	+5% $415	+10% $374
Rent	-10% $298	-5% $377	+0% $456	+5% $535	+10% $614
Rate	-1.0pp $529	-0.5pp $493	base $456	+0.5pp $418	+1.0pp $380

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
149 Valley Ave NW Unit 1346766P Grand Rapids, MI	2.0	1.0	893	$2,566	$2.87	24d	1	0.08mi
921 Watson St SW Unit 1 Grand Rapids, MI	2.0	1.0	880	$1,250	$1.42	44d	1	0.56mi
1047 Park St SW Unit 1 Grand Rapids, MI	2.0	1.0	950	$1,325	$1.39	44d	1	0.57mi
18 Indiana Ave SW Unit 2 Grand Rapids, MI	3.0	1.0	1000	$1,295	$1.29	44d	1	0.59mi
18 Indiana Ave SW Grand Rapids, MI	2.0	1.0	1100	$1,395	$1.27	44d	1	0.59mi
200 Gold Ave NW Grand Rapids, MI	3.0	1.0	1112	$1,549	$1.39	44d	1	0.67mi
601 Lake Michigan Dr NW Unit 601-403 Grand Rapids, MI	2.0	1.0	1100	$2,150	$1.95	44d	1	0.76mi
745 Stocking Ave NW Grand Rapids, MI	1.0–2.0	1.0	879	$1,541	$1.75	15d	3	0.76mi
608 Bridge St NW Grand Rapids, MI	2.0	1.0	1100	$1,595	$1.45	44d	1	0.77mi
1019 Widdicomb Ave NW Unit 2 Grand Rapids, MI	2.0	1.0	1000	$1,575	$1.57	44d	1	1.04mi
1004 Jennette Ave NW Grand Rapids, MI	3.0	1.0	1000	$1,025	$1.02	44d	1	1.06mi
700 Broadway Ave NW Unit 1 Grand Rapids, MI	4.0	2.0	1450	$2,795	$1.93	44d	1	1.09mi
900 Leonard St NW Grand Rapids, MI	2.0	1.0–2.0	720	$2,850	$3.96	3d	10	1.22mi
1044 Muskegon Ave NW Unit 2 Grand Rapids, MI	3.0	1.0	1100	$1,800	$1.64	44d	1	1.24mi
470 Market Ave SW Grand Rapids, MI	2.0	1.0–2.0	622	$2,090	$3.36	3d	17	1.25mi
1046 Courtney St NW Unit 2 Grand Rapids, MI	2.0	1.0	895	$2,497	$2.79	44d	1	1.26mi
201 Michigan St NW Grand Rapids, MI	1.0–2.0	1.0–2.0	981	$2,800	$2.85	44d	10	1.30mi
120 Monroe Center St NW Grand Rapids, MI	2.0	2.0	1225	$1,695	$1.38	44d	1	1.39mi
601 Bond Ave NW Grand Rapids, MI	1.0–2.0	1.0–2.0	853	$2,565	$3.01	44d	10	1.40mi
734 Crosby St NW Unit 1 Grand Rapids, MI	3.0	1.0	1057	$1,800	$1.70	44d	1	1.41mi
927 Arianna St NW Grand Rapids, MI	4.0	3.0	1500	$3,000	$2.00	44d	1	1.43mi
816 Kensington Ave SW Grand Rapids, MI	3.0	1.0	1600	$1,750	$1.09	22d	1	1.44mi

Listing history 6 events

1. 2026-02-19
   status Pending 160-char remark

   Show marketing remark (160 chars)

   3 bed 1 bath home. Enclosed porch and deck. Home is being sold as-is. Sale is subject to Probate Court Approval. Offers will be reviewed February 19 at 8:00 am.

2. 2026-02-19
   status Pending 160-char remark

   Show marketing remark (160 chars)

   3 bed 1 bath home. Enclosed porch and deck. Home is being sold as-is. Sale is subject to Probate Court Approval. Offers will be reviewed February 19 at 8:00 am.

3. 2026-02-19
   status Pending

   Show marketing remark (160 chars)

   3 bed 1 bath home. Enclosed porch and deck. Home is being sold as-is. Sale is subject to Probate Court Approval. Offers will be reviewed February 19 at 8:00 am.

4. 2026-02-05
   listed $145,000 Active 160-char remark

   Show marketing remark (160 chars)

   3 bed 1 bath home. Enclosed porch and deck. Home is being sold as-is. Sale is subject to Probate Court Approval. Offers will be reviewed February 19 at 8:00 am.

5. 2026-02-05
   listed $145,000 Active 160-char remark

   Show marketing remark (160 chars)

   3 bed 1 bath home. Enclosed porch and deck. Home is being sold as-is. Sale is subject to Probate Court Approval. Offers will be reviewed February 19 at 8:00 am.

6. 2026-02-05
   listed $145,000 Active

   Show marketing remark (160 chars)

   3 bed 1 bath home. Enclosed porch and deck. Home is being sold as-is. Sale is subject to Probate Court Approval. Offers will be reviewed February 19 at 8:00 am.

ⓘ 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: $1,256 · $105/mo
• Projected year-2 tax: $1,745 · $145/mo
• Expected delta: +$488/yr (+$41/mo · 38.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone D · 75% 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: $23,989
• − Mortgage interest: −$8,122
• − Property taxes: −$1,256
• − Insurance: −$3,101
• − Repairs & maintenance: −$1,919
• − Management: −$1,919
• − Depreciation: −$4,218
• Taxable income: $3,453
• Est. tax owed @ 24.0%: −$829
• After-tax cash flow: $4,641/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

• 2026-02-19 Pending — REALCOMP
• 2026-02-19 Pending — MiRealSource-MiMLS
• 2026-02-19 Pending — SW Michigan MLS
• 2026-02-05 Listed $145,000 REALCOMP
• 2026-02-05 Listed $145,000 SW Michigan MLS
• 2026-02-05 Listed $145,000 MiRealSource-MiMLS

Property tax history

+2.4%/yr

Latest (2025): $1,256 · -3.6% YoY. Source: county tax records.