4328 Norman Dr SE #3 · Grand Rapids, MI 49508

$147,000

2 bd · 1.5 ba · 801 sqft · Condo · 4 Days on market

Built 1984 Good condition $180/mo HOA · 13% of rent

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Why this score? — see what drove the D 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 +10.6/30.0
• ARV discount +7.5/15.0
• 1% rule +4.7/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +3.8/5.0
• Schools +3.4/10.0
• DSCR +3.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy easy, low-maintenance living in this well-maintained 2-bedroom, 1.5-bath condo located in the Kentwood School District. Offering approximately 800 square feet of comfortable living space, this home features a functional floor plan designed for everyday convenience. Recent updates include a new furnace, water heater, and kitchen sink, providing added value and peace of mind. The kitchen and living areas flow seamlessly to a private patio, creating the perfect space to relax, entertain, or enjoy your morning coffee. Additional conveniences include in-unit washer and dryer, a dedicated carport for covered parking, and easy access to shopping, dining, parks, and major commuter routes. Whether you're a first-time homebuyer, downsizer, or investor, this move-in-ready condo offers an excellent opportunity to own in a desirable location. HOA covers snow/ landscaping, trash and water.

Key facts

• Private patio
• Dedicated carport
• $180 HOA

Tags

• PRIVATE PATIO
• IN UNIT WASHER AND DRYER
• DEDICATED CARPORT

Property features AI

Finance

• HOA & community: Association with monthly fee; Monthly association fee of $180; Association fee covers water, trash, snow removal, sewer, and lawn/yard care

Exterior

• Parking: Detached parking; Carport
• Utilities: Public water; Natural gas connected; Cable connected; Sewer (included in association fee)
• Home design: Residential condominium; Built in 1984
• Construction: Vinyl siding; Wood siding; Composition roof; Slab foundation
• Exterior features: Paved road access; Storage (association amenity)

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Eat-in kitchen
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4; Bedroom 5
• Bathrooms: 1 full bathroom; 1 half bathroom; Primary bathroom
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Eat-in kitchen; Replacement windows with window treatments; Fireplace (other)
• Laundry & utility: Washer; Dryer; Laundry room; Natural gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $147k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-71 ($-857/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (7.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (3.2% below list).
• Recommended offer: $137k (7.0% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 4.5% in Grand Rapids — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Kentwood Public Schools (suburban): math 34% / reading 46% proficiency, ranked #206 of 540 in MI (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.6%/yr); 155 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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).

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.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Recommended offer $136,665 (7.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 5.71%
• Cash-on-cash: -2.08%
• DSCR: 0.91
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.64% rent growth · sell at horizon

5-year hold

• IRR: -16.2%
• Equity multiple: 0.41×
• Total profit: $-24,357
• Equity at exit: $21,918

10-year hold

• IRR: -3.1%
• Equity multiple: 0.76×
• Total profit: $-9,720
• Equity at exit: $12,710

Cash invested: $41,160 (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 49508

• Rents YoY: 5.6%
• Active inventory: 155
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,423 high
• Mortgage (P&I): −$771
• Tax est. 1.5%: −$184 /mo · $2,205/yr
• Insurance: −$61
• HOA: −$180
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $-71

Break-even live

Break-even rent $1,514

Max offer price $136,665

Occupancy floor —

Sensitivity live

Price	-10% $30	-5% $-21	+0% $-71	+5% $-122	+10% $-173
Rent	-10% $-184	-5% $-128	+0% $-71	+5% $-15	+10% $41
Rate	-1.0pp $3	-0.5pp $-34	base $-71	+0.5pp $-110	+1.0pp $-148

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: $36,750
• Closing costs: $4,410
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4179 Oak Park Dr SE Grand Rapids, MI	2.0	1.0	850	$1,200	$1.41	44d	1	0.19mi
1680 44th St Kentwood, MI	2.0	1.0	1000	$1,200	$1.20	44d	1	0.27mi
4065 Pointe O Woods St SE Grand Rapids, MI	1.0–2.0	1.0	850	$1,549	$1.82	3d	18	0.44mi
4613 Stauffer Ave SE Grand Rapids, MI	2.0	1.0	1000	$1,425	$1.43	11d	1	0.71mi
4731 Circle Shore Dr SE Kentwood, MI	2.0	1.0	925	$1,550	$1.68	4d	1	0.80mi
2400 43rd St SE Grand Rapids, MI	1.0	1.0	683	$1,250	$1.83	11d	1	0.98mi
4742 Eastern Ave SE Unit 205 Kentwood, MI	2.0	1.5	1100	$1,295	$1.18	45d	1	0.99mi
2035 Andrew St SE Kentwood, MI	2.0	1.0	900	$1,295	$1.44	24d	1	1.04mi
2122 Sandy Shore Dr SE Kentwood, MI	1.0–2.0	1.0	880	$1,514	$1.72	3d	3	1.08mi
2075 Andrew St SE Kentwood, MI	2.0	1.0	700	$1,395	$1.99	11d	1	1.09mi
4645 Drummond Blvd SE Kentwood, MI	1.0–2.0	1.0	860	$1,498	$1.74	3d	3	1.18mi
4705 N Breton Ct SE Grand Rapids, MI	1.0	1.0	590	$1,033	$1.75	3d	1	1.30mi
4740 Breton Rd SE Kentwood, MI	1.0–2.0	1.0	560	$1,167	$2.08	44d	3	1.42mi
3980 Madison Ave SE Grand Rapids, MI	1.0	1.0	700	$1,005	$1.44	44d	1	1.42mi
900 Pastiche Dr SE Grand Rapids, MI	1.0–2.0	1.0	800	$1,095	$1.37	44d	1	1.43mi
954 33rd St SE Grand Rapids, MI	1.0	1.0	800	$995	$1.24	44d	1	1.46mi

HOA detail condo

• Monthly dues: $180 · $2,160/yr
• Likely covers: watertrashlandscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-06-17
   status $147,000 Pending 4 DOM
2. 2026-06-16
   days on market $147,000 Active 4 DOM
3. 2026-06-15
   days on market $147,000 Active 3 DOM
4. 2026-06-13
   remarks 699-char remark
5. 2026-06-13
   listed $147,000 Active 1 DOM

ⓘ 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,080
• − Mortgage interest: −$8,234
• − Property taxes: −$2,205
• − Insurance: −$735
• − Repairs & maintenance: −$1,366
• − Management: −$1,366
• − HOA: −$2,160
• − Depreciation: −$4,276
• Taxable loss: −$3,263
• Est. tax savings @ 24.0%: +$783
• After-tax cash flow: $-74/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained 2-bedroom, 1.5-bath condo is ready for a fresh coat of paint and some minor updates to the kitchen and bathroom, making it a great investment opportunity.

Repairs flagged

• Minor Kitchen cabinets — Wear and tear visible on cabinet doors.
• Minor Bathtub and sink — Aged appearance with minor scratches.
• Minor Shower curtain — Old and outdated design, may need replacement.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Replace outdated kitchen cabinets — Modern cabinets improve functionality and aesthetics.
• Both Replace shower curtain — Fresh, modern shower curtain enhances bathroom aesthetics and functionality.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Wear and tear visible on cabinet doors.	Minor	$500–3,000
Bathtub and sink · Aged appearance with minor scratches.	Minor	$500–3,000
Shower curtain · Old and outdated design, may need replacement.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace outdated kitchen cabinets — Modern cabinets improve functionality and aesthetics. ↑
• Both Replace shower curtain — Fresh, modern shower curtain enhances bathroom aesthetics and functionality. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Kentwood Public Schools
• NCES district ID: 2620340
• Math proficiency: 34% ▼ -4.00%
• Reading proficiency: 46% ▼ -3.00%
• Median HH income: $48,962
• Composite: 34.35/100
• National rank: #5226
• State rank: #206 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): 42,720
• Household income: $70,120
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 1358.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 48% Black 24% Two or more races 12% Hispanic / Latino 11% Asian 10%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Iranian 15% Romanian 3% Swiss 3%
• Foreign-born: 19% · Canada, Philippines, India
• Languages at home: 75% English-only · Spanish 7% Other Indo-European 4% Other Asian/Pacific 3%

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: ▼ -153.47%
• Current HPI: 274.2591
• Rent YoY: ▲ 5.64%
• 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

2 events — show timeline

• 2026-06-12 Listed $147,000 MiRealSource-MiMLS
• 2026-06-12 Listed $147,000 SW Michigan MLS