529 Ardmore St SE · Grand Rapids, MI 49507

$145,000

3 bd · 1.5 ba · 1,312 sqft · SingleFamily public records · 12 Days on market

Built 1923 5,401 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 +27.3/30.0
• 1% rule +9.5/10.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home needs some TLC. but has a bunch going for it. Nice structure, some of the rehab is done already too. In an area of much more pricier homes and is ready for your remodel work. Kitchen is missing and will need to be rehabbed, the bathroom is half finished. Won't qualify for some loans. Bank owned home and non-grar forms are required. Highest and Best requested to be inputted by April 18th 2026

Key facts

• 5,401 sq ft lot
• Built 1923
• Listed 12 days

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 $419 ($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 9.8% 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 (+4.7%/yr); 178 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% 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 41% of the median local income ($61k/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 + 4.7% rent growth), your $41k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 12 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: property tax is 3.5% of price; built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,000

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.45% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.39%
• DSCR: 1.55
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.74% rent growth · sell at horizon

5-year hold

• IRR: 4.4%
• Equity multiple: 1.18×
• Total profit: $7,125
• Equity at exit: $21,620

10-year hold

• IRR: 15.8%
• Equity multiple: 2.41×
• Total profit: $57,214
• 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 49507

• Rents YoY: 4.7%
• Active inventory: 178
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,100 high
• Mortgage (P&I): −$760
• Tax from tax record: −$419 /mo · $5,027/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $419

Break-even live

Break-even rent $1,569

Max offer price $145,000

Occupancy floor 75%

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 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
950 Merritt St SE Grand Rapids, MI	3.0	1.0	1000	$2,100	$2.10	43d	1	0.56mi
1031 Merrifield St SE Grand Rapids, MI	3.0	2.0	1238	$2,300	$1.86	14d	1	0.66mi
1057 Griggs St SE Grand Rapids, MI	2.0	1.0	1100	$1,550	$1.41	43d	1	0.67mi
2551 Eastern Ave SE Unit 1 Grand Rapids, MI	3.0	2.0	1600	$2,100	$1.31	43d	1	0.83mi
242 Elm St SW Grand Rapids, MI	2.0	1.5	1100	$3,200	$2.91	2d	1	1.00mi
1555 Margaret Ave SE Grand Rapids, MI	2.0	1.0	900	$1,500	$1.67	14d	1	1.18mi
1400 Rossman Ave SE Grand Rapids, MI	3.0	1.0	1400	$2,200	$1.57	43d	1	1.33mi
1027 Underwood Ave SE Grand Rapids, MI	4.0	2.0	1600	$2,300	$1.44	14d	1	1.35mi
434 Worden St SE Unit 2 Grand Rapids, MI	2.0	1.0	900	$1,495	$1.66	43d	1	1.36mi
840 Lafayette Ave SE Unit 2 Grand Rapids, MI	3.0	1.0	950	$1,600	$1.68	43d	1	1.39mi
729 Bates St SE Unit 1 Grand Rapids, MI	4.0	3.5	1576	$2,395	$1.52	43d	1	1.49mi

Listing history 8 events

1. 2026-04-26
   status Pending 404-char remark

   Show marketing remark (404 chars)

   This home needs some TLC. but has a bunch going for it. Nice structure, some of the rehab is done already too. In an area of much more pricier homes and is ready for your remodel work. Kitchen is missing and will need to be rehabbed, the bathroom is half finished. Won't qualify for some loans. Bank owned home and non-grar forms are required. Highest and Best requested to be inputted by April 18th 2026

2. 2026-04-26
   status Pending 404-char remark

   Show marketing remark (404 chars)

   This home needs some TLC. but has a bunch going for it. Nice structure, some of the rehab is done already too. In an area of much more pricier homes and is ready for your remodel work. Kitchen is missing and will need to be rehabbed, the bathroom is half finished. Won't qualify for some loans. Bank owned home and non-grar forms are required. Highest and Best requested to be inputted by April 18th 2026

3. 2026-04-26
   status Pending

   Show marketing remark (404 chars)

   This home needs some TLC. but has a bunch going for it. Nice structure, some of the rehab is done already too. In an area of much more pricier homes and is ready for your remodel work. Kitchen is missing and will need to be rehabbed, the bathroom is half finished. Won't qualify for some loans. Bank owned home and non-grar forms are required. Highest and Best requested to be inputted by April 18th 2026

4. 2026-04-14
   listed $145,000 Active 404-char remark

   Show marketing remark (404 chars)

   This home needs some TLC. but has a bunch going for it. Nice structure, some of the rehab is done already too. In an area of much more pricier homes and is ready for your remodel work. Kitchen is missing and will need to be rehabbed, the bathroom is half finished. Won't qualify for some loans. Bank owned home and non-grar forms are required. Highest and Best requested to be inputted by April 18th 2026

5. 2026-04-14
   listed $145,000 Active 404-char remark

   Show marketing remark (404 chars)

   This home needs some TLC. but has a bunch going for it. Nice structure, some of the rehab is done already too. In an area of much more pricier homes and is ready for your remodel work. Kitchen is missing and will need to be rehabbed, the bathroom is half finished. Won't qualify for some loans. Bank owned home and non-grar forms are required. Highest and Best requested to be inputted by April 18th 2026

6. 2026-04-14
   listed $145,000 Active

   Show marketing remark (404 chars)

   This home needs some TLC. but has a bunch going for it. Nice structure, some of the rehab is done already too. In an area of much more pricier homes and is ready for your remodel work. Kitchen is missing and will need to be rehabbed, the bathroom is half finished. Won't qualify for some loans. Bank owned home and non-grar forms are required. Highest and Best requested to be inputted by April 18th 2026

7. 2024-07-25
   soldstatus $155,000
8. 2024-07-02
   soldstatus $101,219

ⓘ 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: $5,027 · $419/mo
• Projected year-2 tax: $5,027 · $419/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,200
• − Mortgage interest: −$8,122
• − Property taxes: −$5,027
• − Insurance: −$725
• − Repairs & maintenance: −$2,016
• − Management: −$2,016
• − Depreciation: −$4,218
• Taxable income: $3,075
• Est. tax owed @ 24.0%: −$738
• After-tax cash flow: $4,293/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): 38,487
• Household income: $61,461
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 1625.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Hispanic / Latino 31% Black 31% White 30% Two or more races 21%
• Hispanic origin (detail): Mexican 18% Puerto Rican 3% Dominican 1%
• Common ancestry: Iranian 8% Romanian 2% Lithuanian 1%
• Foreign-born: 18% · Canada
• Languages at home: 71% English-only · Spanish 23% Arabic 1% 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: ▼ -301.99%
• Current HPI: 325.3878
• Rent YoY: ▲ 4.74%
• 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

+43.3% since first listed

8 events — show timeline

• 2026-04-26 Pending — REALCOMP
• 2026-04-26 Pending — MiRealSource-MiMLS
• 2026-04-26 Pending — SW Michigan MLS
• 2026-04-14 Listed $145,000 SW Michigan MLS
• 2026-04-14 Listed $145,000 MiRealSource-MiMLS
• 2026-04-14 Listed $145,000 REALCOMP
• 2024-07-25 Sold (Public Records) $155,000 Public Records
• 2024-07-02 Sold (Public Records) $101,219 Public Records

Property tax history

+14.8%/yr

Latest (2025): $5,027 · +321.5% YoY. Source: county tax records.