2021 Adelpha Ave · Delhi, MI 48842

$149,900

3 bd · 1.0 ba · 1,237 sqft · SingleFamily public records · 86 Days on market

Built 1954 0.30 ac lot $121/sqft · 17% below area Est $180k · 17% under ↓ 6% since listing

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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 +22.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +6.4/10.0
• Rent growth +4.5/5.0
• Schools +3.3/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 2021 Adelpha Avenue. This adorable ranch style home is located in a cute subdivision, walking distance to stores, restaurants and schools. This home features a large, partially, fenced back yard with a storage shed. The extra large living room is perfect for family gatherings and room for activities. With a little TLC this could be an ideal home for you. New FHA financing available.

Key facts

• 0.3 acre lot
• Garage
• Built 1954

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $257 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Holt Public Schools (suburban): math 28% / reading 46% proficiency, ranked #236 of 540 in MI (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+8.0%/yr); 75 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 350 units permitted in Ingham County in 2024 (186 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.
• Ingham County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 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 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.14% ✓
• Cap rate: 8.35%
• Cash-on-cash: 7.35%
• DSCR: 1.33
• GRM: 7.3

CMA / ARV

• ARV (median comp): $180,071
• List price: $149,900
• Delta: -16.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1880 Phillips Ave	0.26mi	3/1.0	1,183 (-4%)	6mo	$145,000	$123	75
4604 Kathy Ct	0.16mi	3/1.5	1,155 (-7%)	7mo	$170,000	$147	74
4621 Sycamore St	0.33mi	3/1.0	1,292 (+4%)	8mo	$170,000	$132	71
1942 Walnut St	0.50mi	3/1.0	1,213 (-2%)	4mo	$188,250	$155	70
4568 Grove St	0.16mi	2/2.0 (-1)	1,328 (+7%)	8mo	$205,000	$154	65
4461 Holt Rd	0.26mi	4/2.0 (+1)	1,367 (+10%)	1mo	$210,000	$154	61
1951 Cromwell St	0.28mi	2/1.0 (-1)	1,080 (-13%)	3mo	$160,000	$148	58
1910 Phillips	0.21mi	4/1.0 (+1)	1,392 (+12%)	8mo	$170,000	$122	58
4295 Bond Ave	0.61mi	3/1.5	1,192 (-4%)	9mo	$189,900	$159	56
4439 Keller Rd	0.53mi	4/1.0 (+1)	1,344 (+9%)	1mo	$235,000	$175	55
2058 Park Ln	0.68mi	4/2.0 (+1)	1,228 (-1%)	5mo	$202,000	$164	54
1858 Hall St	0.67mi	3/2.0	1,120 (-10%)	6mo	$200,000	$179	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 0.7%
• Equity multiple: 1.03×
• Total profit: $1,184
• Equity at exit: $22,351

10-year hold

• IRR: 15.0%
• Equity multiple: 2.51×
• Total profit: $63,516
• Equity at exit: $12,961

Cash invested: $41,972 (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 48842

• Rents YoY: 8.0%
• Active inventory: 75
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,711 high
• Mortgage (P&I): −$786
• Tax from tax record: −$246 /mo · $2,954/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $257

Break-even live

Break-even rent $1,386

Max offer price $149,900

Occupancy floor 80%

Sensitivity live

Price	-10% $342	-5% $299	+0% $257	+5% $215	+10% $172
Rent	-10% $122	-5% $189	+0% $257	+5% $325	+10% $392
Rate	-1.0pp $333	-0.5pp $295	base $257	+0.5pp $218	+1.0pp $179

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4612 Tolland Ave Unit 4612 Holt, MI	2.0	1.0	927	$1,325	$1.43	15d	1	0.51mi
2030 N Cedar St Holt, MI	1.0–2.0	1.0–2.0	930	$1,679	$1.81	15d	6	0.56mi
2294 Main St Holt, MI	2.0	1.0	869	$999	$1.15	15d	1	0.62mi
4330 Keller Rd Holt, MI	1.0–2.0	1.0	462	$1,150	$2.49	15d	1	0.81mi
4075 Holt Rd Holt, MI	1.0–3.0	1.0–2.0	1000	$1,239	$1.24	15d	1	1.09mi
5031 W Willoughby Rd Unit 5031 Holt, MI	2.0	1.0	1200	$1,550	$1.29	15d	1	1.27mi
900 Long Blvd Lansing, MI	1.0–3.0	1.0–1.5	1013	$1,495	$1.48	15d	21	1.41mi

Listing history 24 events

1. 2026-06-18
   price $149,900 Active 86 DOM
2. 2026-06-18
   days on market $152,900 Active 86 DOM
3. 2026-06-17
   days on market $152,900 Active 85 DOM
4. 2026-06-16
   days on market $152,900 Active 84 DOM
5. 2026-06-15
   days on market $152,900 Active 83 DOM
6. 2026-06-14
   days on market $152,900 Active 81 DOM
7. 2026-06-10
   days on market $152,900 Active 78 DOM
8. 2026-06-09
   days on market $152,900 Active 77 DOM
9. 2026-06-08
   days on market $152,900 Active 76 DOM
10. 2026-06-07
    days on market $152,900 Active 75 DOM
11. 2026-06-05
    days on market $152,900 Active 72 DOM
12. 2026-06-03
    days on market $152,900 Active 71 DOM
13. 2026-06-02
    days on market $152,900 Active 70 DOM
14. 2026-06-01
    days on market $152,900 Active 69 DOM
15. 2026-05-31
    days on market $152,900 Active 68 DOM
16. 2026-05-30
    days on market $152,900 Active 67 DOM
17. 2026-05-07
    price $159,900 396-char remark

    Show marketing remark (398 chars)

    Welcome to 2021 Adelpha Avenue. This adorable ranch style home is located in a cute subdivision, walking distance to stores, restaurants and schools. This home features a large, partially, fenced back yard with a storage shed. The extra large living room is perfect for family gatherings and room for activities. With a little TLC this could be an ideal home for you. New FHA financing available.

18. 2026-05-07
    price $159,900 398-char remark

    Show marketing remark (398 chars)

    Welcome to 2021 Adelpha Avenue. This adorable ranch style home is located in a cute subdivision, walking distance to stores, restaurants and schools. This home features a large, partially, fenced back yard with a storage shed. The extra large living room is perfect for family gatherings and room for activities. With a little TLC this could be an ideal home for you. New FHA financing available.

19. 2026-04-23
    price $160,000 396-char remark

    Show marketing remark (398 chars)

    Welcome to 2021 Adelpha Avenue. This adorable ranch style home is located in a cute subdivision, walking distance to stores, restaurants and schools. This home features a large, partially, fenced back yard with a storage shed. The extra large living room is perfect for family gatherings and room for activities. With a little TLC this could be an ideal home for you. New FHA financing available.

20. 2026-04-23
    price $160,000 398-char remark

    Show marketing remark (398 chars)

    Welcome to 2021 Adelpha Avenue. This adorable ranch style home is located in a cute subdivision, walking distance to stores, restaurants and schools. This home features a large, partially, fenced back yard with a storage shed. The extra large living room is perfect for family gatherings and room for activities. With a little TLC this could be an ideal home for you. New FHA financing available.

21. 2026-04-03
    price $165,000 396-char remark

    Show marketing remark (398 chars)

    Welcome to 2021 Adelpha Avenue. This adorable ranch style home is located in a cute subdivision, walking distance to stores, restaurants and schools. This home features a large, partially, fenced back yard with a storage shed. The extra large living room is perfect for family gatherings and room for activities. With a little TLC this could be an ideal home for you. New FHA financing available.

22. 2026-04-03
    price $165,000 398-char remark

    Show marketing remark (398 chars)

    Welcome to 2021 Adelpha Avenue. This adorable ranch style home is located in a cute subdivision, walking distance to stores, restaurants and schools. This home features a large, partially, fenced back yard with a storage shed. The extra large living room is perfect for family gatherings and room for activities. With a little TLC this could be an ideal home for you. New FHA financing available.

23. 2026-03-25
    listed $170,000 Active 396-char remark

    Show marketing remark (398 chars)

    Welcome to 2021 Adelpha Avenue. This adorable ranch style home is located in a cute subdivision, walking distance to stores, restaurants and schools. This home features a large, partially, fenced back yard with a storage shed. The extra large living room is perfect for family gatherings and room for activities. With a little TLC this could be an ideal home for you. New FHA financing available.

24. 2026-03-25
    listed $170,000 Active 398-char remark

    Show marketing remark (398 chars)

    Welcome to 2021 Adelpha Avenue. This adorable ranch style home is located in a cute subdivision, walking distance to stores, restaurants and schools. This home features a large, partially, fenced back yard with a storage shed. The extra large living room is perfect for family gatherings and room for activities. With a little TLC this could be an ideal home for you. New FHA financing available.

ⓘ 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: $2,954 · $246/mo
• Projected year-2 tax: $2,954 · $246/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 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,532
• − Mortgage interest: −$8,397
• − Property taxes: −$2,954
• − Insurance: −$750
• − Repairs & maintenance: −$1,643
• − Management: −$1,643
• − Depreciation: −$4,361
• Taxable income: $786
• Est. tax owed @ 24.0%: −$189
• After-tax cash flow: $2,895/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: Holt Public Schools
• NCES district ID: 2618480
• Math proficiency: 28% ▼ -10.00%
• Reading proficiency: 46% ▼ -5.00%
• Median HH income: $57,705
• Composite: 32.68/100
• National rank: #5653
• State rank: #236 of 540 in MI

Livability — Delhi

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Holt, MI
• County: Ingham County · 237,052 people
• Metro: Lansing-East Lansing, MI
• Population (ZIP): 21,945
• Household income: $88,340
• Rent vs Own: 33.5% rent · 66.5% own
• Severe rent burden: 545.0

Population outlook (Ingham County) Hauer SSP2

• Today (2025): 300,362 people
• By 2030: 307,808 · +2.5%
• By 2040: 320,492 · +6.7%
• By 2050: 333,223 · +10.9%
• By 2075: 373,693 · +24.4%
• By 2100: 392,021 · +30.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 9% Hispanic / Latino 7% Black 6% Asian 5%
• Hispanic origin (detail): Mexican 6% Cuban 1%
• Common ancestry: Romanian 7% Lithuanian 3% Iranian 2%
• Foreign-born: 6% · Vietnam, Canada, China
• Languages at home: 94% English-only · Other Indo-European 2% Vietnamese 1% Spanish 1%

Political lean MEDSL · Ingham

• 2024 margin: Strong D (+29.7) · D 63.9% · R 34.2% · Other 2.0%
• 2008→2024 swing: -3.6pp toward R · 2008: 33.3pp · 2024: 29.7pp
• All cycles: 2024: D+29.7 2020: D+32.2 2016: D+27.6 2012: D+27.9 2008: D+33.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -184.41%
• Current HPI: 208.5101
• Rent YoY: ▲ 8.03%
• Metro: Lansing-East Lansing, 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

-5.9% since first listed

8 events — show timeline

• 2026-05-07 Price Changed $159,900 REALCOMP
• 2026-05-07 Price Changed $159,900 Greater Lansing AoR
• 2026-04-23 Price Changed $160,000 REALCOMP
• 2026-04-23 Price Changed $160,000 Greater Lansing AoR
• 2026-04-03 Price Changed $165,000 REALCOMP
• 2026-04-03 Price Changed $165,000 Greater Lansing AoR
• 2026-03-25 Listed $170,000 Greater Lansing AoR
• 2026-03-25 Listed $170,000 REALCOMP

Property tax history

+2.5%/yr

Latest (2025): $2,954 · +2.9% YoY. Source: county tax records.