820-822 Wallace Ave · Kalamazoo, MI 49048

$174,900

4 bd · 2.0 ba · 1,986 sqft · SingleFamily public records · 65 Days on market

Built 1900 10,454 sqft lot Est $187k · 6% under

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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 +17.8/30.0
• ARV discount +10.3/15.0
• DSCR +5.6/10.0
• 1% rule +5.1/10.0
• Schools +4.7/10.0
• Rent growth +4.5/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this fantastic investment opportunity! This duplex features a 2-bedroom, 1-bath unit currently rented for $990/month to month, its neighboring unit is a 1-bedroom, 1-bath unit renting for $925/month . The property offers a spacious basement for additional storage and a large backyard area. What a great choice for any investor looking to get started! Call or text for more information.

Key facts

• Large backyard area
• Spacious basement
• 0.24 acre lot

Tags

• SPACIOUS BASEMENT
• LARGE BACKYARD AREA

Property features AI

Finance

• Financial info: Unit rents listed: 2-bed unit $990, 1-bed unit $925

Exterior

• Parking: Unpaved parking
• Utilities: Public water; Public sewer / sewer available; Natural gas connected; Cable connected; Phone connected
• Home design: Multi-family residential income property
• Construction: Brick construction; Composition roof
• Exterior features: Level lot; Paved road access

Interior

• Bedrooms: Two 2-bedroom units; One 1-bedroom unit
• Bathrooms: Two 1-bath units
• Heating & cooling: Forced air heating (natural gas); Window air conditioning units
• Interior features: Full basement; Accessible entrance; Accessible electrical and environmental controls

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $143 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 4.1% in Kalamazoo — 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 76/100 on livability (#141 in MI, #3,492 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Kalamazoo Public Schools (urban): math 43% / reading 72% proficiency, ranked #71 of 540 in MI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.9%/yr); 154 active listings in the ZIP; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• This rent runs 35% of the median local income ($60k/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 $5k of value loss. Plan a longer hold.
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $49k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y ago 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.
• Current owner paid $129k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 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. 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: 1.01% ✓
• Cap rate: 7.28%
• Cash-on-cash: 3.51%
• DSCR: 1.16
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $186,684
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2402 E Main St	0.34mi	5/2.0 (+1)	1,996 (+0%)	11mo	$225,000	$113	69
601 Chicago Ave	0.18mi	4/2.5	1,750 (-12%)	2mo	$218,000	$125	68
903 Southworth Ter	0.26mi	4/2.0	1,722 (-13%)	3mo	$179,900	$104	63
1403 Center St	0.38mi	4/1.5	2,036 (+2%)	16mo	$205,000	$101	63
2434 E Main St	0.38mi	3/2.5 (-1)	2,004 (+1%)	15mo	$183,000	$91	61
2036 Gull Rd	0.53mi	4/2.0	2,058 (+4%)	12mo	$186,000	$90	59
620 Ira Ave	0.37mi	4/1.0	1,771 (-11%)	6mo	$114,000	$64	56
1312 Sunnyside Dr	0.70mi	3/2.0 (-1)	2,009 (+1%)	7mo	$140,000	$70	54
917 Southworth Ter	0.26mi	3/2.0 (-1)	1,788 (-10%)	16mo	$45,000	$25	53
907 Southworth Ter	0.26mi	3/2.0 (-1)	1,782 (-10%)	16mo	$167,000	$94	53
2425 Schippers Ln	0.59mi	5/3.0 (+1)	1,750 (-12%)	16mo	$107,749	$62	31
912 Dwillard Dr	0.67mi	3/1.5 (-1)	1,698 (-14%)	10mo	$249,700	$147	29

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 · 7.88% rent growth · sell at horizon

5-year hold

• IRR: -5.3%
• Equity multiple: 0.79×
• Total profit: $-10,091
• Equity at exit: $26,078

10-year hold

• IRR: 9.6%
• Equity multiple: 1.91×
• Total profit: $44,385
• Equity at exit: $15,122

Cash invested: $48,972 (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 49048

• Rents YoY: 7.9%
• Active inventory: 154
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,762 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$259 /mo · $3,109/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $143

Break-even live

Break-even rent $1,581

Max offer price $174,900

Occupancy floor 87%

Sensitivity live

Price	-10% $242	-5% $193	+0% $143	+5% $94	+10% $44
Rent	-10% $4	-5% $74	+0% $143	+5% $213	+10% $282
Rate	-1.0pp $231	-0.5pp $188	base $143	+0.5pp $98	+1.0pp $52

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-18
   days on market $174,900 Active 65 DOM
2. 2026-06-17
   days on market $174,900 Active 64 DOM
3. 2026-06-16
   days on market $174,900 Active 63 DOM
4. 2026-06-15
   days on market $174,900 Active 62 DOM
5. 2026-06-14
   days on market $174,900 Active 60 DOM
6. 2026-06-13
   days on market $174,900 Active 59 DOM
7. 2026-06-10
   days on market $174,900 Active 57 DOM
8. 2026-06-09
   days on market $174,900 Active 56 DOM
9. 2026-06-08
   days on market $174,900 Active 55 DOM
10. 2026-06-07
    days on market $174,900 Active 54 DOM
11. 2026-06-05
    days on market $174,900 Active 51 DOM
12. 2026-06-03
    days on market $174,900 Active 50 DOM
13. 2026-06-02
    days on market $174,900 Active 49 DOM
14. 2026-06-01
    days on market $174,900 Active 48 DOM
15. 2026-05-31
    days on market $174,900 Active 47 DOM
16. 2026-05-30
    days on market $174,900 Active 46 DOM
17. 2026-04-14
    listed $174,900 Active 397-char remark

    Show marketing remark (397 chars)

    Don't miss this fantastic investment opportunity! This duplex features a 2-bedroom, 1-bath unit currently rented for $990/month to month, its neighboring unit is a 1-bedroom, 1-bath unit renting for $925/month . The property offers a spacious basement for additional storage and a large backyard area. What a great choice for any investor looking to get started! Call or text for more information.

18. 2026-04-14
    listed $174,900 Active

    Show marketing remark (397 chars)

    Don't miss this fantastic investment opportunity! This duplex features a 2-bedroom, 1-bath unit currently rented for $990/month to month, its neighboring unit is a 1-bedroom, 1-bath unit renting for $925/month . The property offers a spacious basement for additional storage and a large backyard area. What a great choice for any investor looking to get started! Call or text for more information.

19. 2025-03-26
    soldstatus $128,750
20. 2025-03-19
    soldstatus $128,750 Closed 416-char remark

    Show marketing remark (416 chars)

    Don't miss this fantastic investment opportunity! This duplex features a 2-bedroom, 1-bath unit currently rented for $835/month to month, its neighboring unit is a 1-bedroom, 1-bath unit renting for $930/month until fall of 2025. The property offers a spacious basement for additional storage and a large backyard area. What a great choice for any investor looking to get started! Call or text for more information.

21. 2025-03-19
    soldstatus $128,750 Closed

    Show marketing remark (416 chars)

    Don't miss this fantastic investment opportunity! This duplex features a 2-bedroom, 1-bath unit currently rented for $835/month to month, its neighboring unit is a 1-bedroom, 1-bath unit renting for $930/month until fall of 2025. The property offers a spacious basement for additional storage and a large backyard area. What a great choice for any investor looking to get started! Call or text for more information.

22. 2025-01-07
    status Pending 416-char remark

    Show marketing remark (416 chars)

    Don't miss this fantastic investment opportunity! This duplex features a 2-bedroom, 1-bath unit currently rented for $835/month to month, its neighboring unit is a 1-bedroom, 1-bath unit renting for $930/month until fall of 2025. The property offers a spacious basement for additional storage and a large backyard area. What a great choice for any investor looking to get started! Call or text for more information.

23. 2025-01-07
    status Pending

    Show marketing remark (416 chars)

    Don't miss this fantastic investment opportunity! This duplex features a 2-bedroom, 1-bath unit currently rented for $835/month to month, its neighboring unit is a 1-bedroom, 1-bath unit renting for $930/month until fall of 2025. The property offers a spacious basement for additional storage and a large backyard area. What a great choice for any investor looking to get started! Call or text for more information.

24. 2024-12-06
    price $135,000

    Show marketing remark (416 chars)

    Don't miss this fantastic investment opportunity! This duplex features a 2-bedroom, 1-bath unit currently rented for $835/month to month, its neighboring unit is a 1-bedroom, 1-bath unit renting for $930/month until fall of 2025. The property offers a spacious basement for additional storage and a large backyard area. What a great choice for any investor looking to get started! Call or text for more information.

25. 2024-12-06
    price $135,000 416-char remark

    Show marketing remark (416 chars)

    Don't miss this fantastic investment opportunity! This duplex features a 2-bedroom, 1-bath unit currently rented for $835/month to month, its neighboring unit is a 1-bedroom, 1-bath unit renting for $930/month until fall of 2025. The property offers a spacious basement for additional storage and a large backyard area. What a great choice for any investor looking to get started! Call or text for more information.

26. 2024-11-21
    listed $140,000 Active 416-char remark

    Show marketing remark (416 chars)

    Don't miss this fantastic investment opportunity! This duplex features a 2-bedroom, 1-bath unit currently rented for $835/month to month, its neighboring unit is a 1-bedroom, 1-bath unit renting for $930/month until fall of 2025. The property offers a spacious basement for additional storage and a large backyard area. What a great choice for any investor looking to get started! Call or text for more information.

27. 2024-11-21
    listed $140,000 Active

    Show marketing remark (416 chars)

    Don't miss this fantastic investment opportunity! This duplex features a 2-bedroom, 1-bath unit currently rented for $835/month to month, its neighboring unit is a 1-bedroom, 1-bath unit renting for $930/month until fall of 2025. The property offers a spacious basement for additional storage and a large backyard area. What a great choice for any investor looking to get started! Call or text for more information.

28. 2021-03-30
    soldstatus $103,000
29. 2021-03-17
    soldstatus $103,000 Sold
30. 2021-03-17
    soldstatus $103,000
31. 2021-03-10
    status Pending
32. 2021-03-05
    soldstatus $103,000 Sold
33. 2021-02-14
    status Pending
34. 2020-10-30
    listed $109,500 Active
35. 2020-10-30
    listed $109,500

ⓘ 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: $3,109 · $259/mo
• Projected year-2 tax: $3,109 · $259/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 2/10 Low 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,149
• − Mortgage interest: −$9,797
• − Property taxes: −$3,109
• − Insurance: −$874
• − Repairs & maintenance: −$1,692
• − Management: −$1,692
• − Depreciation: −$5,088
• Taxable loss: −$1,103
• Est. tax savings @ 24.0%: +$265
• After-tax cash flow: $1,983/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: Kalamazoo Public Schools
• NCES district ID: 2619950
• Math proficiency: 43% ▲ 13.00%
• Reading proficiency: 72% ▲ 33.00%
• Median HH income: $35,291
• Composite: 47.48/100
• National rank: #2275
• State rank: #71 of 540 in MI

Livability — Kalamazoo

• Score: 76/100
• State rank: #141
• US rank: #3492

Category grades

Amenities C+ Commute A+ Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eastwood, MI
• County: Kalamazoo County · 224,317 people
• City population: 121,397
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 22,791
• Household income: $60,454
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 835.0

Population outlook (Kalamazoo County) Hauer SSP2

• Today (2025): 280,982 people
• By 2030: 292,068 · +3.9%
• By 2040: 312,191 · +11.1%
• By 2050: 331,196 · +17.9%
• By 2075: 379,021 · +34.9%
• By 2100: 396,579 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 20% Hispanic / Latino 7% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Iranian 6% Romanian 4% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Kalamazoo

• 2024 margin: D (+17.7) · D 58.0% · R 40.3% · Other 1.7%
• 2008→2024 swing: -1.8pp toward R · 2008: 19.5pp · 2024: 17.7pp
• All cycles: 2024: D+17.7 2020: D+18.7 2016: D+12.8 2012: D+13.3 2008: D+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -205.26%
• Current HPI: 180.4766
• Rent YoY: ▲ 7.88%
• Metro: Kalamazoo-Portage, 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

+59.7% since first listed

19 events — show timeline

• 2026-04-14 Listed $174,900 REALCOMP
• 2026-04-14 Listed $174,900 MiRealSource-MiMLS
• 2025-03-26 Sold (Public Records) $128,750 Public Records
• 2025-03-19 Sold (MLS) $128,750 MiRealSource-MiMLS
• 2025-03-19 Sold (MLS) $128,750 REALCOMP
• 2025-01-07 Pending — REALCOMP
• 2025-01-07 Pending — MiRealSource-MiMLS
• 2024-12-06 Price Changed $135,000 MiRealSource-MiMLS
• 2024-12-06 Price Changed $135,000 REALCOMP
• 2024-11-21 Listed $140,000 MiRealSource-MiMLS
• 2024-11-21 Listed $140,000 REALCOMP
• 2021-03-30 Sold (Public Records) $103,000 Public Records
• 2021-03-17 Sold (MLS) $103,000 MiRealSource-MiMLS
• 2021-03-17 Sold (MLS) $103,000 REALCOMP
• 2021-03-10 Pending — REALCOMP
• 2021-03-05 Sold (MLS) $103,000 REALCOMP
• 2021-02-14 Pending — REALCOMP
• 2020-10-30 Listed $109,500 MiRealSource-MiMLS
• 2020-10-30 Listed $109,500 REALCOMP

Property tax history

+6.4%/yr

Latest (2025): $3,109 · -8.6% YoY. Source: county tax records.