1059 Sherman St SE · Grand Rapids, MI 49506

$153,000

3 bd · 1.0 ba · 650 sqft · SingleFamily public records · 61 Days on market

Built 1880 5,140 sqft lot $235/sqft · 42% below area

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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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Get it while it's hot!! This home is being used as a current rental and is ready for it the next owner. With a little love this place would make a great starter home. Home offers 3 bedrooms and 1 full bathroom, has off street parking and a basement. Tenant Occupied, the home is being sold 'as is' will no repairs from the seller.

Key facts

• 5,140 sq ft lot
• Built 1880
• Listed 60 days

🏷️ Possibly a rental listed for sale. The $153,000 price doesn't fit this home's estimated sale value (~$331,837) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $153k.

Deal economics

• At list price, monthly cash flow is $336 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $153k).
• Recommended offer: $144k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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 fast (+6.9%/yr); 209 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• This rent is only 18% of the median local income ($118k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 + 6.9% rent growth), your $43k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• 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 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $143,820 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 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 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.15% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.42%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (median comp): $331,837
• List price: $153,000
• Delta: -53.89%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.92% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $3,877
• Equity at exit: $22,813

10-year hold

• IRR: 15.4%
• Equity multiple: 2.48×
• Total profit: $63,227
• Equity at exit: $13,229

Cash invested: $42,840 (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 49506

• Rents YoY: 6.9%
• Active inventory: 209
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,764 high
• Mortgage (P&I): −$802
• Tax est. 1.5%: −$191 /mo · $2,295/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $336

Break-even live

Break-even rent $1,338

Max offer price $153,000

Occupancy floor 76%

Sensitivity live

Price	-10% $442	-5% $389	+0% $336	+5% $283	+10% $230
Rent	-10% $197	-5% $267	+0% $336	+5% $406	+10% $476
Rate	-1.0pp $413	-0.5pp $375	base $336	+0.5pp $297	+1.0pp $256

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: $38,250
• Closing costs: $4,590
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
547 Cherry St SE Grand Rapids, MI	2.0	1.0	521	$1,250	$2.40	45d	1	0.85mi
1222 Eastern Ave SE Unit 2 Grand Rapids, MI	2.0	1.0	460	$1,295	$2.82	45d	1	0.87mi
357 Madison Ave SE Grand Rapids, MI	1.0–2.0	1.0–2.0	692	$1,595	$2.30	45d	4	0.92mi
17 Lafayette Ave SE Grand Rapids, MI	2.0	1.0–2.0	720	$2,125	$2.95	45d	7	1.25mi
1309 Madison Ave SE Grand Rapids, MI	1.0–2.0	1.0	775	$1,560	$2.01	4d	1	1.26mi
90 Wealthy St SE Grand Rapids, MI	2.0	1.0–2.0	602	$1,850	$3.07	4d	10	1.28mi
1542 Michigan St NE Grand Rapids, MI	3.0	1.0–2.0	836	$1,895	$2.27	4d	6	1.33mi
507 Eastern Ave NE #2 Grand Rapids, MI	2.0	1.0	710	$1,495	$2.11	45d	1	1.41mi
209 Division Ave S Grand Rapids, MI	1.0–3.0	1.0–2.0	1180	$1,495	$1.27	22d	2	1.42mi
414 Benson Ave NE Grand Rapids, MI	1.0–3.0	1.0–2.0	1110	$2,673	$2.41	45d	14	1.44mi
26 Cherry St SW Grand Rapids, MI	1.0–2.0	1.0–2.0	878	$1,275	$1.45	45d	2	1.44mi
240 Ionia Ave SW Grand Rapids, MI	1.0–2.0	1.0–2.0	922	$1,280	$1.39	45d	2	1.48mi

Listing history 19 events

1. 2026-06-21
   days on market $153,000 Active 61 DOM
2. 2026-06-18
   days on market $153,000 Active 58 DOM
3. 2026-06-17
   days on market $153,000 Active 57 DOM
4. 2026-06-16
   days on market $153,000 Active 56 DOM
5. 2026-06-15
   days on market $153,000 Active 55 DOM
6. 2026-06-14
   days on market $153,000 Active 53 DOM
7. 2026-06-13
   days on market $153,000 Active 52 DOM
8. 2026-06-10
   days on market $153,000 Active 50 DOM
9. 2026-06-09
   days on market $153,000 Active 49 DOM
10. 2026-06-08
    days on market $153,000 Active 48 DOM
11. 2026-06-07
    days on market $153,000 Active 47 DOM
12. 2026-06-05
    days on market $153,000 Active 44 DOM
13. 2026-06-03
    days on market $153,000 Active 43 DOM
14. 2026-06-03
    days on market $153,000 Active 42 DOM
15. 2026-06-01
    days on market $153,000 Active 41 DOM
16. 2026-05-31
    days on market $153,000 Active 40 DOM
17. 2026-04-21
    listed $153,000 Active 330-char remark

    Show marketing remark (330 chars)

    Get it while it's hot!! This home is being used as a current rental and is ready for it the next owner. With a little love this place would make a great starter home. Home offers 3 bedrooms and 1 full bathroom, has off street parking and a basement. Tenant Occupied, the home is being sold 'as is' will no repairs from the seller.

18. 2026-04-21
    listed $153,000 Active 330-char remark

    Show marketing remark (330 chars)

    Get it while it's hot!! This home is being used as a current rental and is ready for it the next owner. With a little love this place would make a great starter home. Home offers 3 bedrooms and 1 full bathroom, has off street parking and a basement. Tenant Occupied, the home is being sold 'as is' will no repairs from the seller.

19. 2026-04-21
    listed $153,000 Active

    Show marketing remark (330 chars)

    Get it while it's hot!! This home is being used as a current rental and is ready for it the next owner. With a little love this place would make a great starter home. Home offers 3 bedrooms and 1 full bathroom, has off street parking and a basement. Tenant Occupied, the home is being sold 'as is' will no repairs from the seller.

ⓘ 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 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: $21,168
• − Mortgage interest: −$8,570
• − Property taxes: −$2,295
• − Insurance: −$765
• − Repairs & maintenance: −$1,693
• − Management: −$1,693
• − Depreciation: −$4,451
• Taxable income: $1,699
• Est. tax owed @ 24.0%: −$408
• After-tax cash flow: $3,626/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): 34,673
• Household income: $118,131
• Rent vs Own: 24.9% rent · 75.1% own
• Severe rent burden: 544.0

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 (76%)
• Race & ethnicity: White 76% Black 11% Two or more races 7% Hispanic / Latino 4% Asian 2%
• Common ancestry: Iranian 16% Romanian 6% Italian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -367.25%
• Current HPI: 316.2553
• Rent YoY: ▲ 6.92%
• 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

3 events — show timeline

• 2026-04-21 Listed $153,000 MiRealSource-MiMLS
• 2026-04-21 Listed $153,000 REALCOMP
• 2026-04-21 Listed $153,000 SW Michigan MLS

Property tax history

-26.0%/yr

Latest (2024): $41 · -96.0% YoY. Source: county tax records.