418-420 Elm St · Kalamazoo, MI 49007

$189,900

4 bd · 2.5 ba · 2,380 sqft · SingleFamily public records · 31 Days on market

Built 1913 9,148 sqft lot Est $245k · 23% 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).

• ARV discount +15.0/15.0
• Cash flow +14.9/30.0
• Schools +4.7/10.0
• DSCR +4.6/10.0
• 1% rule +4.4/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Key facts

• 9,148 sq ft lot
• 3 parking spots
• Built 1913

Property features AI

Finance

• Other: Zoning: Other
• Financial info: Unit rents: 2-bedroom unit $850, 3-bedroom unit $1,150; Annual tax amount reported

Exterior

• Parking: 3 paved parking spaces
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: Multi-family residential income property
• Construction: Wood siding; Composition roof; Built on a foundation (basement present)
• Exterior features: Paved road access; Publicly maintained road

Interior

• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Bathrooms: One 1-bath unit; One 2-bath unit
• Heating & cooling: Natural gas forced air heating
• Interior features: Basement present; Forced air heating (natural gas)

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $56 ($674/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 $178k (6.3% below list).
• Recommended offer: $178k (6.3% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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.
• Zoned schools: Woodward School For Technology And Research (206 students, 95% FRL); Linden Grove Middle School (math 30% / reading 70%, grade C, #125 of 493 statewide, top 25%, 705 students, 69% FRL); Kalamazoo Central High School (math 42% / reading 67%, grade C-, #109 of 713 statewide, top 17%, 1,612 students, 64% FRL).
• Market conditions: Rents soft (-0.8%/yr); 77 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• At $1,780/mo this rent would consume 54% of the median local household income ($39k/yr) (locally 816% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y 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.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $177,991 (6.3% below list)

Questions for the listing agent

1. It's been on market 31 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 1913 — 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. 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: 0.94% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.27%
• DSCR: 1.06
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $245,140
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 Woodward Ave	0.14mi	4/2.0	2,352 (-1%)	7mo	$265,000	$113	84
628 W Kalamazoo Ave	0.08mi	4/1.5	2,220 (-7%)	16mo	$126,500	$57	67
512 Douglas Ave	0.27mi	4/3.0	2,166 (-9%)	12mo	$65,000	$30	60
214 Douglas Ave	0.31mi	5/2.0 (+1)	2,465 (+4%)	18mo	$199,900	$81	58
200 Stuart Ave	0.26mi	4/1.5	2,616 (+10%)	13mo	$385,000	$147	56
214 Douglas Ave	0.31mi	5/2.0 (+1)	2,248 (-6%)	18mo	$199,900	$89	54
1209 Grand Ave	0.42mi	4/2.5	2,086 (-12%)	8mo	$324,000	$155	53
1504 W Main St	0.69mi	4/3.5	2,331 (-2%)	15mo	$230,000	$99	48
1415 Henderson Dr	0.63mi	3/2.0 (-1)	2,570 (+8%)	5mo	$270,000	$105	46
1509 Academy St	0.70mi	4/1.5	2,128 (-11%)	9mo	$377,500	$177	38
303 W Walnut St	0.73mi	3/2.0 (-1)	2,472 (+4%)	19mo	$254,900	$103	36
809 Denner St	0.63mi	4/1.0	2,120 (-11%)	22mo	$157,500	$74	28

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -17.8%
• Equity multiple: 0.39×
• Total profit: $-32,360
• Equity at exit: $28,315

10-year hold

• IRR: -17.3%
• Equity multiple: 0.18×
• Total profit: $-43,527
• Equity at exit: $16,419

Cash invested: $53,172 (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 49007

• Rents YoY: -0.8%
• Active inventory: 77
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,780 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$275 /mo · $3,300/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $56

Break-even live

Break-even rent $1,709

Max offer price $189,900

Occupancy floor 92%

Sensitivity live

Price	-10% $164	-5% $110	+0% $56	+5% $2	+10% $-51
Rent	-10% $-84	-5% $-14	+0% $56	+5% $126	+10% $197
Rate	-1.0pp $152	-0.5pp $104	base $56	+0.5pp $7	+1.0pp $-43

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
722 W Kalamazoo Ave Unit 2 Kalamazoo, MI	3.0	1.0	1800	$1,600	$0.89	23d	1	0.04mi
2004 Woodward Ave Kalamazoo, MI	4.0	2.0	1710	$1,500	$0.88	15d	1	1.10mi

Listing history 23 events

1. 2026-06-21
   days on market $189,900 Active 31 DOM
2. 2026-06-18
   days on market $189,900 Active 28 DOM
3. 2026-06-17
   days on market $189,900 Active 27 DOM
4. 2026-06-16
   days on market $189,900 Active 26 DOM
5. 2026-06-15
   days on market $189,900 Active 25 DOM
6. 2026-06-14
   days on market $189,900 Active 23 DOM
7. 2026-06-13
   days on market $189,900 Active 22 DOM
8. 2026-06-10
   days on market $189,900 Active 20 DOM
9. 2026-06-09
   days on market $189,900 Active 19 DOM
10. 2026-06-08
    days on market $189,900 Active 18 DOM
11. 2026-06-07
    days on market $189,900 Active 17 DOM
12. 2026-06-05
    days on market $189,900 Active 14 DOM
13. 2026-06-03
    days on market $189,900 Active 13 DOM
14. 2026-06-02
    days on market $189,900 Active 12 DOM
15. 2026-06-01
    days on market $189,900 Active 11 DOM
16. 2026-05-31
    days on market $189,900 Active 10 DOM
17. 2026-05-30
    days on market $189,900 Active 9 DOM
18. 2026-05-21
    listed $189,900 Active
19. 2026-05-21
    listed $189,900 Active
20. 2010-10-07
    historical
21. 2010-05-11
    listed $19,900
22. 2009-09-03
    historical
23. 2009-03-17
    listed $74,900

ⓘ 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: $3,300 · $275/mo
• Projected year-2 tax: $3,300 · $275/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 3/10 Moderate 7 d/yr ≥100°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: $21,359
• − Mortgage interest: −$10,637
• − Property taxes: −$3,300
• − Insurance: −$950
• − Repairs & maintenance: −$1,709
• − Management: −$1,709
• − Depreciation: −$5,524
• Taxable loss: −$2,469
• Est. tax savings @ 24.0%: +$593
• After-tax cash flow: $1,267/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: Kalamazoo, MI
• County: Kalamazoo County · 224,317 people
• City population: 121,397
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 9,836
• Household income: $39,344
• Rent vs Own: 75.8% rent · 24.2% own
• Severe rent burden: 816.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 44% Black 44% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% French/Haitian/Cajun 1% Arabic 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: ▼ -68.80%
• Current HPI: 112.4973
• Rent YoY: ▼ -0.85%
• 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

+153.5% since first listed

6 events — show timeline

• 2026-05-21 Listed $189,900 MiRealSource-MiMLS
• 2026-05-21 Listed $189,900 REALCOMP
• 2010-10-07 Listing Removed — SW Michigan MLS
• 2010-05-11 Listed $19,900 SW Michigan MLS
• 2009-09-03 Listing Removed — SW Michigan MLS
• 2009-03-17 Listed $74,900 SW Michigan MLS

Property tax history

+3.7%/yr

Latest (2025): $3,300 · +3.0% YoY. Source: county tax records.