164 Pleasant Knoll Dr · Adrian, MI 49221

$140,000

4 bd · 1.5 ba · 2,131 sqft · SingleFamily · 10 Days on market

Built 1973 0.38 ac lot ↓ 7% 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 +25.8/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Pleasant Knoll! This 4-bedroom, 1.5-bath home offers comfortable living with a 2-car attached garage and a partially finished basement, providing additional space for recreation, a home office, or storage. Conveniently located near shopping, dining, parks, and other local amenities, this property combines neighborhood charm with everyday convenience. Situated within the Adrian Public Schools district, this home is ready for its next owner to make it their own.

Key facts

• Near dining
• Near shopping
• Near parks

Tags

• PARTIALLY FINISHED BASEMENT
• NEAR SHOPPING
• NEAR DINING
• NEAR PARKS
• ADRIAN PUBLIC SCHOOLS DISTRICT

Property features AI

Finance

• Other: Above-grade finished area listed (1,131); Below-grade finished area listed (1,000); Residential zoning; Subdivision: Pleasant Knoll; Cross street: US 223 / Pleasant Knoll
• Financial info: No investor or income/expense details provided
• HOA & community: Homeowners association present

Exterior

• Parking: Attached 2-car garage
• Security: No security features provided
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level
• Construction: Brick and vinyl siding exterior
• Exterior features: Shed(s); Publicly maintained road; Lot dimensions approximately 76 x 215; Lot size about 0.38 acres

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: 6 total rooms (bedroom count not specified)
• Flooring: No flooring details provided
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Gas water heater; Full, partially finished basement
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $341 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 9.2% vs local median 5.6% in Adrian — 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 69/100 on livability (#342 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime F, commute F.
• Adrian School District (town): math 25% / reading 35% proficiency, ranked #370 of 540 in MI (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Alexander Elementary School (math 32% / reading 42%, grade F, #685 of 1,397 statewide, top 51%, 472 students, 63% FRL); Springbrook Middle School (math 29% / reading 38%, grade F, #303 of 493 statewide, top 62%, 641 students, 71% FRL); Adrian High School (math 22% / reading 42%, grade F, #405 of 713 statewide, top 59%, 781 students, 63% FRL).
• Market conditions: 212 active listings in the ZIP; 137 units permitted in Lenawee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lenawee County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 7y 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.

Recommended offer $140,000

Questions for the listing agent

1. Built in 1973 — 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: 1.21% ✓
• Cap rate: 9.21%
• Cash-on-cash: 10.44%
• DSCR: 1.46
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $338,829
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
145 Pleasant Knoll Dr	0.04mi	3/2.0 (-1)	1,989 (-7%)	22mo	$200,000	$101	62
431 Meadowbrook Dr	0.47mi	4/2.5	2,176 (+2%)	12mo	$349,900	$161	60
1544 Brookfield Ct	0.52mi	4/3.5	2,064 (-3%)	3mo	$308,000	$149	60
4189 Evergreen Rd	0.41mi	3/2.0 (-1)	2,205 (+4%)	12mo	$375,500	$170	58
4419 Evergreen Dr	0.46mi	3/2.5 (-1)	2,070 (-3%)	12mo	$285,000	$138	55
208 Joy Rd	0.55mi	3/3.0 (-1)	2,129 (-0%)	12mo	$442,990	$208	53
250 Joy Rd	0.65mi	4/2.0	2,072 (-3%)	22mo	$284,900	$138	45
257 Renfrew Ct	0.50mi	3/1.0 (-1)	2,250 (+6%)	21mo	$199,000	$88	43
482 Wolf Ridge Ct	0.39mi	4/2.5	1,822 (-14%)	18mo	$294,900	$162	39
503 Wolf Ridge Ct	0.42mi	4/2.5	1,830 (-14%)	22mo	$299,900	$164	35
203 Canterbury St	0.54mi	3/1.0 (-1)	1,914 (-10%)	22mo	$206,000	$108	32
185 Melrose Ave	0.54mi	4/2.5	1,822 (-14%)	22mo	$289,900	$159	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.6%
• Equity multiple: 0.98×
• Total profit: $-932
• Equity at exit: $20,874

10-year hold

• IRR: 9.1%
• Equity multiple: 1.70×
• Total profit: $27,318
• Equity at exit: $12,105

Cash invested: $39,200 (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 49221

• Active inventory: 212
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,692 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$203 /mo · $2,436/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $341

Break-even live

Break-even rent $1,260

Max offer price $140,000

Occupancy floor 75%

Sensitivity live

Price	-10% $420	-5% $381	+0% $341	+5% $301	+10% $262
Rent	-10% $207	-5% $274	+0% $341	+5% $408	+10% $475
Rate	-1.0pp $411	-0.5pp $376	base $341	+0.5pp $305	+1.0pp $268

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-12
   statusdays on market $140,000 Pending 10 DOM
2. 2026-06-09
   days on market $140,000 Active 8 DOM
3. 2026-06-08
   days on market $140,000 Active 7 DOM
4. 2026-06-07
   days on market $140,000 Active 6 DOM
5. 2026-06-07
   days on market $140,000 Active 5 DOM
6. 2026-06-04
   days on market $140,000 Active 2 DOM
7. 2026-06-01
   remarks 475-char remark

   Show marketing remark (475 chars)

   Welcome to Pleasant Knoll! This 4-bedroom, 1.5-bath home offers comfortable living with a 2-car attached garage and a partially finished basement, providing additional space for recreation, a home office, or storage. Conveniently located near shopping, dining, parks, and other local amenities, this property combines neighborhood charm with everyday convenience. Situated within the Adrian Public Schools district, this home is ready for its next owner to make it their own.

8. 2026-06-01
   listed $140,000 Active 1 DOM

   Show marketing remark (475 chars)

   Welcome to Pleasant Knoll! This 4-bedroom, 1.5-bath home offers comfortable living with a 2-car attached garage and a partially finished basement, providing additional space for recreation, a home office, or storage. Conveniently located near shopping, dining, parks, and other local amenities, this property combines neighborhood charm with everyday convenience. Situated within the Adrian Public Schools district, this home is ready for its next owner to make it their own.

ⓘ 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: $2,436 · $203/mo
• Projected year-2 tax: $2,436 · $203/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 ≥99°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: $20,300
• − Mortgage interest: −$7,842
• − Property taxes: −$2,436
• − Insurance: −$700
• − Repairs & maintenance: −$1,624
• − Management: −$1,624
• − Depreciation: −$4,073
• Taxable income: $2,001
• Est. tax owed @ 24.0%: −$480
• After-tax cash flow: $3,610/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: Adrian School District
• NCES district ID: 2601950
• Math proficiency: 25% ▼ -1.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $41,288
• Composite: 25.33/100
• National rank: #7480
• State rank: #370 of 540 in MI

Livability — Adrian

• Score: 69/100
• State rank: #342
• US rank: #8722

Category grades

Amenities D Commute F 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: Adrian, MI
• City population: 41,041
• Population (ZIP): 41,041

Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 14% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 6% Arabic 1%

Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -143.64%
• Current HPI: 237.3796
• Rent YoY: —
• Metro: —
• 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

-6.6% since first listed

13 events — show timeline

• 2026-06-01 Listed $140,000 REALCOMP
• 2026-06-01 Listed $140,000 MiRealSource-MiMLS
• 2019-10-14 Sold (Public Records) $153,000 Public Records
• 2019-10-10 Sold (MLS) $153,000 MiRealSource-MiMLS
• 2019-10-10 Sold (MLS) $153,000 REALCOMP
• 2019-10-03 Pending — REALCOMP
• 2019-10-03 Pending — MiRealSource-MiMLS
• 2019-08-30 Contingent — REALCOMP
• 2019-08-30 Contingent — MiRealSource-MiMLS
• 2019-08-27 Price Changed $147,900 MiRealSource-MiMLS
• 2019-08-26 Price Changed $147,900 REALCOMP
• 2019-08-09 Listed $149,900 MiRealSource-MiMLS
• 2019-08-09 Listed $149,900 REALCOMP

Property tax history

+3.1%/yr

Latest (2025): $2,436 · -15.0% YoY. Source: county tax records.