10159 S Pheasant Run · Portage, MI 49024

$212,000

3 bd · 2.0 ba · 1,900 sqft · SingleFamily · 31 Days on market

Built 1974 Est $296k · 28% under $280/mo HOA · 12% of rent

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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 +18.3/30.0
• ARV discount +15.0/15.0
• 1% rule +6.4/10.0
• DSCR +5.7/10.0
• Schools +4.8/10.0
• Rent growth +4.1/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a wonderful place to call home. Call for an appointment to see. Owner of Condo Mary Botsis is a Licensed Realtor in the state of michigan.

Key facts

• $280 HOA
• Garage
• Built 1974

Property features AI

Finance

• Financial info: Home warranty included
• HOA & community: Monthly association fee ($280) covering water, sewer, trash, snow removal, and lawn/yard care; Community clubhouse; Association present

Exterior

• Parking: Attached garage (1 space)
• Utilities: Public water; Natural gas available and connected; Electricity available; Natural gas water heater; Public sewer
• Home design: Ranch-style condominium; Built in 1974
• Construction: Vinyl siding
• Exterior features: Sidewalk; Wooded site; Site condominium; Paved road access; Composition roof

Interior

• Kitchen: Bar fridge; Dishwasher; Disposal; Microwave; Oven; Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Cooling (central)
• Interior features: Garage door opener; Wet bar; Pantry; Insulated windows
• Laundry & utility: Washer; Dryer; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $212k.

Deal economics

• At list price, monthly cash flow is $193 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $212k).
• Recommended offer: $206k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 3.3% in Portage — 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 79/100 on livability (#90 in MI, #2,044 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities D-, commute F.
• Portage Public Schools (urban): math 48% / reading 63% proficiency, ranked #67 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.4%/yr); 185 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• This rent runs 32% of the median local income ($91k/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 $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 ($206k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y ago; this cycle's ask has dropped $13k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $212k implies a 205% gain — meaningful room to come down on a strong offer.

Recommended offer $205,640 (3.0% 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 3% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is D 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?
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 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: 1.14% ✓
• Cap rate: 7.39%
• Cash-on-cash: 3.91%
• DSCR: 1.17
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $296,400
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9426 S Westnedge Ave	0.70mi	4/1.5 (+1)	1,944 (+2%)	9mo	$355,000	$183	49
420 Montague Dr	0.40mi	3/2.5	2,122 (+12%)	14mo	$330,000	$156	48
220 E Osterhout Ave	0.43mi	4/2.0 (+1)	2,032 (+7%)	22mo	$299,900	$148	44
1017 Karendale Ave	0.69mi	3/2.0	1,733 (-9%)	14mo	$302,000	$174	42
225 E Osterhout Ave	0.39mi	3/1.0	1,656 (-13%)	19mo	$245,000	$148	41

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 · 6.36% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.77×
• Total profit: $-13,421
• Equity at exit: $31,610

10-year hold

• IRR: 7.9%
• Equity multiple: 1.71×
• Total profit: $41,980
• Equity at exit: $18,330

Cash invested: $59,360 (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 49024

• Rents YoY: 6.4%
• Active inventory: 185
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,410 medium
• Mortgage (P&I): −$1,112
• Tax from tax record: −$231 /mo · $2,768/yr
• Insurance: −$88
• HOA: −$280
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $193

Break-even live

Break-even rent $2,166

Max offer price $212,000

Occupancy floor 87%

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: $53,000
• Closing costs: $6,360
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10328 Pennridge Dr Portage, MI	3.0	2.0	1530	$2,295	$1.50	43d	1	1.05mi
10240 Pennridge Dr Portage, MI	3.0	2.0	1530	$2,395	$1.57	43d	1	1.06mi
1847 Bluff Ridge Ct Portage, MI	3.0	2.0	1610	$2,995	$1.86	20d	1	1.41mi

HOA detail

• Monthly dues: $280 · $3,360/yr

Listing history 27 events

1. 2026-06-19
   status $212,000 Pending 31 DOM
2. 2026-06-18
   days on market $212,000 Active 31 DOM
3. 2026-06-17
   days on market $212,000 Active 30 DOM
4. 2026-06-16
   days on market $212,000 Active 29 DOM
5. 2026-06-15
   days on market $212,000 Active 28 DOM
6. 2026-06-14
   days on market $212,000 Active 26 DOM
7. 2026-06-13
   days on market $212,000 Active 25 DOM
8. 2026-06-10
   remarks 230-char remark
9. 2026-06-10
   days on market $212,000 Active 23 DOM
10. 2026-06-09
    days on market $212,000 Active 22 DOM
11. 2026-06-09
    price $212,000 Active 21 DOM
12. 2026-06-08
    days on market $225,000 Active 21 DOM
13. 2026-06-07
    days on market $225,000 Active 20 DOM
14. 2026-06-05
    days on market $225,000 Active 17 DOM
15. 2026-06-03
    days on market $225,000 Active 16 DOM
16. 2026-06-02
    days on market $225,000 Active 15 DOM
17. 2026-06-01
    days on market $225,000 Active 14 DOM
18. 2026-05-31
    days on market $225,000 Active 13 DOM
19. 2026-05-30
    days on market $225,000 Active 12 DOM
20. 2026-05-18
    listed $225,000 Active 146-char remark

    Show marketing remark (146 chars)

    This is a wonderful place to call home. Call for an appointment to see. Owner of Condo Mary Botsis is a Licensed Realtor in the state of michigan.

21. 2026-05-18
    listed $225,000 Active

    Show marketing remark (146 chars)

    This is a wonderful place to call home. Call for an appointment to see. Owner of Condo Mary Botsis is a Licensed Realtor in the state of michigan.

22. 2026-05-18
    listed $225,000 Active 146-char remark

    Show marketing remark (146 chars)

    This is a wonderful place to call home. Call for an appointment to see. Owner of Condo Mary Botsis is a Licensed Realtor in the state of michigan.

23. 2013-05-01
    soldstatus $69,600
24. 2013-04-25
    soldstatus $69,600
25. 2013-04-25
    soldstatus $69,600
26. 2013-03-16
    listed $75,000
27. 2013-03-16
    listed $75,000

ⓘ 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: $2,768 · $231/mo
• Projected year-2 tax: $3,017 · $251/mo
• Expected delta: +$248/yr (+$21/mo · 9.0%)

ⓘ 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 2/10 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,925
• − Mortgage interest: −$11,875
• − Property taxes: −$2,768
• − Insurance: −$1,060
• − Repairs & maintenance: −$2,314
• − Management: −$2,314
• − HOA: −$3,360
• − Depreciation: −$6,167
• Taxable loss: −$934
• Est. tax savings @ 24.0%: +$224
• After-tax cash flow: $2,546/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: Portage Public Schools
• NCES district ID: 2628950
• Math proficiency: 48% ▼ -9.00%
• Reading proficiency: 63% ▼ -2.00%
• Median HH income: $61,322
• Composite: 48.37/100
• National rank: #2142
• State rank: #67 of 540 in MI

Livability — Portage

• Score: 79/100
• State rank: #90
• US rank: #2044

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portage, MI
• County: Kalamazoo County · 224,317 people
• City population: 50,560
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 30,823
• Household income: $91,105
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 698.0

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 (78%)
• Race & ethnicity: White 78% Black 7% Two or more races 7% Hispanic / Latino 6% Asian 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Iranian 9% Romanian 5% Italian 3%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 2% Other Asian/Pacific 2%

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: ▼ -239.74%
• Current HPI: 215.2275
• Rent YoY: ▲ 6.36%
• 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

+200.0% since first listed

8 events — show timeline

• 2026-05-18 Listed $225,000 REALCOMP
• 2026-05-18 Listed $225,000 MiRealSource-MiMLS
• 2026-05-18 Listed $225,000 SW Michigan MLS
• 2013-05-01 Sold (Public Records) $69,600 Public Records
• 2013-04-25 Sold (MLS) $69,600 REALCOMP
• 2013-04-25 Sold (MLS) $69,600 SW Michigan MLS
• 2013-03-16 Listed $75,000 REALCOMP
• 2013-03-16 Listed $75,000 SW Michigan MLS

Property tax history

+64.4%/yr

Latest (2025): $2,768 · +12.7% YoY. Source: county tax records.