450 1st Ave · Ypsilanti, MI 48197

$144,900

2 bd · 1.0 ba · 1,000 sqft · SingleFamily public records · 21 Days on market

Built 1925 0.44 ac lot Est $216k · 33% 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 +16.7/30.0
• ARV discount +15.0/15.0
• DSCR +5.2/10.0
• 1% rule +4.2/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Major improvements completed! Welcome to 450 1st Avenue, a move-in-ready Ypsilanti home offering the rare combination of affordability, updated mechanicals, and nearly half an acre of land within city limits. Situated on a spacious 0.44-acre double lot, this 2-bedroom, 1-bath home provides approximately 1,000 square feet of comfortable living space with many of the major-ticket improvements already completed. Recent updates include a newer roof (2025), furnace, water heater, sewer line replacement, and radon mitigation system—providing added confidence and peace of mind for future homeowners. Inside, you'll find updated flooring, fresh interior paint, replacement vinyl windows, and a

Key facts

• 0.44 acre lot
• Built 1925
• Listed 21 days

Property features AI

Finance

• Other: Pets allowed

Exterior

• Utilities: Public water; Natural gas; Gas water heater
• Home design: Residential, 1-story; Built in 1925; Entry-level living
• Construction: Crawl foundation
• Exterior features: Fenced yard; Shed/outbuilding; Paved street access

Interior

• Kitchen: Kitchen on entry level (approx. 15 x 13); Refrigerator
• Bedrooms: Bedroom 1 on entry level (14 x 10); Bedroom 2 on entry level (13 x 8)
• Bathrooms: 1 full bathroom on entry level (approx. 7 x 7)
• Heating & cooling: Forced air heating; Ceiling fan(s) for cooling; Natural gas fuel
• Interior features: Total of 5 rooms; Ceiling fan(s)
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $91 ($1k/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 $133k (8.3% below list).
• Recommended offer: $133k (8.3% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 3.8% in Ypsilanti — 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 81/100 on livability (#71 in MI, #1,539 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment D-.
• Ypsilanti Community Schools (suburban): math 11% / reading 20% proficiency, ranked #501 of 540 in MI (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.4%/yr); 245 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 996 units permitted in Washtenaw County in 2024 (492 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.
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,806 (8.3% below list)

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.92% ✗
• Cap rate: 7.05%
• Cash-on-cash: 2.69%
• DSCR: 1.12
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $216,000
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
370 First Ave	0.14mi	3/1.0 (+1)	1,092 (+9%)	3mo	$79,900	$73	70
755 1st Ave	0.34mi	2/1.0	1,000 (0%)	22mo	$97,000	$97	66
260 S Mansfield St	0.42mi	2/1.0	1,059 (+6%)	11mo	$310,000	$293	61
436 Ainsworth Cir	0.43mi	2/1.0	872 (-13%)	1mo	$145,000	$166	57
173 Elder St	0.25mi	2/1.0	864 (-14%)	17mo	$186,500	$216	52
485 Jefferson St	0.50mi	3/1.0 (+1)	1,092 (+9%)	7mo	$179,900	$165	50
1386 W Michigan Ave	0.33mi	3/1.5 (+1)	1,075 (+8%)	22mo	$265,000	$247	47
18 W Warner Ave	0.29mi	3/1.0 (+1)	1,101 (+10%)	24mo	$264,000	$240	45
432 Ainsworth Cir	0.41mi	2/1.5	882 (-12%)	18mo	$200,000	$227	44

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 · 3.36% rent growth · sell at horizon

5-year hold

• IRR: -11.7%
• Equity multiple: 0.58×
• Total profit: $-17,215
• Equity at exit: $21,605

10-year hold

• IRR: -2.0%
• Equity multiple: 0.86×
• Total profit: $-5,566
• Equity at exit: $12,528

Cash invested: $40,572 (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 48197

• Rents YoY: 3.4%
• Active inventory: 245
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,328 high
• Mortgage (P&I): −$760
• Tax from tax record: −$138 /mo · $1,656/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $91

Break-even live

Break-even rent $1,213

Max offer price $144,900

Occupancy floor 88%

Sensitivity live

Price	-10% $173	-5% $132	+0% $91	+5% $50	+10% $9
Rent	-10% $-14	-5% $38	+0% $91	+5% $143	+10% $196
Rate	-1.0pp $164	-0.5pp $128	base $91	+0.5pp $53	+1.0pp $15

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
739 Harriet St Unit 1 2 Ypsilanti, MI	1.0	1.0	900	$1,100	$1.22	45d	1	0.21mi
1100 W Michigan Ave Unit 38 Ypsilanti, MI	1.0	1.0	700	$1,095	$1.56	45d	1	0.22mi
1117 Lathers Ave Unit 15 Ypsilanti, MI	2.0	1.0	850	$1,225	$1.44	16d	1	0.25mi
303 W Ainsworth St Ypsilanti, MI	3.0	1.0	1221	$1,900	$1.56	45d	1	0.30mi
804 W Michigan Ave Ypsilanti, MI	3.0	1.0	1375	$1,650	$1.20	3d	1	0.35mi
701 Pearl St Ypsilanti, MI	2.0	1.0	700	$1,100	$1.57	45d	1	0.58mi
1305 S Congress St Ypsilanti, MI	2.0	1.0	800	$1,175	$1.47	14d	1	0.61mi
1305 S Congress St Ypsilanti, MI	2.0	1.0	800	$1,175	$1.47	45d	1	0.61mi
212 Stevens Dr Ypsilanti, MI	1.0–2.0	1.0	693	$1,359	$1.96	45d	1	0.61mi
111 N Normal St Ypsilanti, MI	1.0	1.0	750	$1,100	$1.47	45d	1	0.61mi
111 N Normal St Unit 4 Ypsilanti, MI	1.0	1.0	750	$1,100	$1.47	6d	1	0.61mi
212 Ferris St Unit 214 Ypsilanti, MI	2.0	1.0	1016	$1,400	$1.38	18d	1	0.68mi
212 Ferris St Unit 212 Ypsilanti, MI	2.0	1.0	840	$1,300	$1.55	18d	1	0.68mi
212 Ferris St Unit 2125 Ypsilanti, MI	1.0	1.0	726	$1,095	$1.51	26d	1	0.68mi
125 Bell St Unit b Ypsilanti, MI	2.0	1.0	812	$1,100	$1.35	26d	1	0.71mi
701 Washtenaw Ave Unit 1 Ypsilanti, MI	3.0	1.0	1350	$2,400	$1.78	13d	1	0.72mi
701 Washtenaw Ave Unit : 2 Ypsilanti, MI	3.0	1.0	1350	$2,400	$1.78	4d	1	0.72mi
701 Washtenaw Ave Unit 1 Ypsilanti, MI	3.0	1.0	1350	$2,500	$1.85	26d	1	0.72mi
512 Washtenaw Ave Ypsilanti, MI	2.0	1.0	800	$1,100	$1.38	45d	1	0.75mi
410 Washtenaw Ave Unit 1 Ypsilanti, MI	3.0	1.0	1200	$695	$0.58	45d	1	0.79mi
2 N Huron St Unit 4-1 Ypsilanti, MI	3.0	1.0	800	$1,840	$2.30	45d	1	0.84mi
30 N Huron St Ypsilanti, MI	1.0	1.0	900	$850	$0.94	45d	1	0.85mi
509 W Forest Ave Unit 210 Ypsilanti, MI	2.0	1.0	785	$1,250	$1.59	45d	1	0.99mi
422 N Hamilton St Unit 2 Ypsilanti, MI	2.0	1.0	950	$1,100	$1.16	21d	1	1.00mi
422 N Hamilton St Unit 2 Ypsilanti, MI	2.0	1.0	950	$1,100	$1.16	45d	1	1.00mi
1304 Washtenaw Rd Ypsilanti, MI	3.0	1.0	946	$1,400	$1.48	19d	1	1.01mi
410 Olive St Unit 2 Ypsilanti, MI	3.0	1.0	872	$1,349	$1.55	25d	1	1.02mi
1616 Washtenaw Rd Ypsilanti, MI	2.0	1.5	1006	$1,850	$1.84	26d	1	1.14mi
329 Jarvis St Ypsilanti, MI	1.0–2.0	1.0	1000	$1,295	$1.29	45d	5	1.16mi
201 N Park St Unit H Ypsilanti, MI	1.0	1.0	890	$1,400	$1.57	26d	1	1.19mi
120 S Prospect St Ypsilanti, MI	1.0	1.0	830	$1,195	$1.44	4d	1	1.25mi
120 S Prospect St Apt 6 Ypsilanti, MI	1.0	1.0	830	$925	$1.11	45d	1	1.26mi
120 S Prospect St Unit 1 Ypsilanti, MI	1.0	1.0	830	$1,195	$1.44	3d	1	1.26mi
1932 Washtenaw Ave Ypsilanti, MI	2.0	2.0	980	$1,250	$1.28	45d	1	1.32mi
219 N Prospect Rd Unit 2 Ypsilanti, MI	2.0	1.0	800	$1,200	$1.50	45d	1	1.37mi
208 N Prospect Rd Ypsilanti, MI	2.0	1.0	750	$1,200	$1.60	45d	1	1.39mi

Listing history 20 events

1. 2026-06-21
   statusdays on market $144,900 Pending 21 DOM
2. 2026-06-18
   days on market $144,900 Active Under Contract 20 DOM
3. 2026-06-17
   days on market $144,900 Active Under Contract 19 DOM
4. 2026-06-16
   days on market $144,900 Active Under Contract 18 DOM
5. 2026-06-15
   days on market $144,900 Active Under Contract 17 DOM
6. 2026-06-13
   days on market $144,900 Active Under Contract 15 DOM
7. 2026-06-10
   status $144,900 Active Under Contract 11 DOM
8. 2026-06-09
   days on market $144,900 Active 11 DOM
9. 2026-06-08
   days on market $144,900 Active 10 DOM
10. 2026-06-07
    days on market $144,900 Active 9 DOM
11. 2026-06-04
    days on market $144,900 Active 6 DOM
12. 2026-06-03
    days on market $144,900 Active 5 DOM
13. 2026-06-02
    days on market $144,900 Active 4 DOM
14. 2026-06-01
    days on market $144,900 Active 3 DOM
15. 2026-05-31
    days on market $144,900 Active 2 DOM
16. 2026-05-28
    historical $144,900
17. 2026-04-14
    historical
18. 2026-02-19
    listed $139,900 Active
19. 2026-02-19
    listed $139,900 Active
20. 2026-02-17
    historical

ⓘ 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: $1,656 · $138/mo
• Projected year-2 tax: $1,944 · $162/mo
• Expected delta: +$288/yr (+$24/mo · 17.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 15 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: $15,937
• − Mortgage interest: −$8,117
• − Property taxes: −$1,656
• − Insurance: −$724
• − Repairs & maintenance: −$1,275
• − Management: −$1,275
• − Depreciation: −$4,215
• Taxable loss: −$1,326
• Est. tax savings @ 24.0%: +$318
• After-tax cash flow: $1,409/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: Ypsilanti Community Schools
• NCES district ID: 2636630
• Math proficiency: 11% ▼ -8.00%
• Reading proficiency: 20% ▼ -3.00%
• Median HH income: $37,759
• Composite: 12.98/100
• National rank: #9572
• State rank: #501 of 540 in MI

Livability — Ypsilanti

• Score: 81/100
• State rank: #71
• US rank: #1539

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ypsilanti, MI
• County: Washtenaw County · 306,860 people
• City population: 105,769
• Metro: Ann Arbor, MI
• Population (ZIP): 66,525
• Household income: $73,737
• Rent vs Own: 46.1% rent · 53.9% own
• Severe rent burden: 3134.0

Population outlook (Washtenaw County) Hauer SSP2

• Today (2025): 402,878 people
• By 2030: 424,104 · +5.3%
• By 2040: 464,633 · +15.3%
• By 2050: 504,728 · +25.3%
• By 2075: 614,463 · +52.5%
• By 2100: 676,181 · +67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 57% Black 23% Two or more races 9% Hispanic / Latino 8% Asian 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 5% Slovak 3% Lithuanian 3%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 84% English-only · Spanish 4% Other Indo-European 3% Arabic 3%

Political lean MEDSL · Washtenaw

• 2024 margin: Solid D (+44.4) · D 71.0% · R 26.6% · Other 2.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 41.0pp · 2024: 44.4pp
• All cycles: 2024: D+44.4 2020: D+46.6 2016: D+41.5 2012: D+36.0 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -223.94%
• Current HPI: 217.0173
• Rent YoY: ▲ 3.36%
• Metro: Ann Arbor, 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

+3.6% since first listed

5 events — show timeline

• 2026-05-28 Coming Soon $144,900 MiRealSource-MiMLS
• 2026-04-14 Listing Removed — MiRealSource-MiMLS
• 2026-02-19 Listed $139,900 MiRealSource-MiMLS
• 2026-02-19 Listed $139,900 REALCOMP
• 2026-02-17 Coming Soon — MiRealSource-MiMLS

Property tax history

+1.4%/yr

Latest (2025): $1,656 · -3.1% YoY. Source: county tax records.