2219/2221 Dexter Ave · Ann Arbor, MI 48103

$375,000

2 bd · 1.0 ba · 1,040 sqft · MultiFamily public records · 342 Days on market

Built 1954 7,841 sqft lot Est $463k · 19% 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 +16.1/30.0
• ARV discount +15.0/15.0
• Schools +6.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Incredible turn-key investment opportunity within walking distance of downtown Ann Arbor and several parks and nature areas! This well-maintained duplex offers two 1-bedroom, 1-bathroom units, off-street parking, and a manageable yard. Each unit has its own living room and eat-in kitchen. Both units are rented for $1050/month to long-term tenants - 2219 Dexter until 7/31/2026 and 2221 Dexter until 6/30/2026. Landlord pays water/sewer. Tenants pay electric/gas and cable/internet. Certificate of Occupancy expires 9/14/2026. Quick to The Ride lines 31 and 34, which will take you to Maple Village Shopping Center and Plum Market to the west and downtown Ann Arbor to the east. Easy access to I-94 for commuters. 48-hour notice required for showings. Lots of possibilities and tons of potential -

Key facts

• Manageable yard
• Easy access to i-94
• Eat-in kitchen

Tags

• WALKING DISTANCE TO DOWNTOWN
• OFF-STREET PARKING
• MANAGEABLE YARD
• EAT-IN KITCHEN
• EASY ACCESS TO I-94

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $190 ($2k/yr) — positive. Per door: $95/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $375k).
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 2.5% in Ann Arbor — 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 88/100 on livability (#10 in MI, #155 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living D.
• Ann Arbor Public Schools (urban): math 71% / reading 81% proficiency, ranked #6 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents flat; 228 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• This rent runs 39% of the median local income ($116k/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 $3k of loan paydown is wiped out by about $11k 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 342 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 12y 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.
• Current owner paid $285k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $330,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 342 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.00% ✓
• Cap rate: 6.90%
• Cash-on-cash: 2.17%
• DSCR: 1.10
• GRM: 8.3

CMA / ARV

• ARV (median comp): $463,362
• List price: $375,000
• Delta: -19.07%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.12% rent growth · sell at horizon

5-year hold

• IRR: -16.3%
• Equity multiple: 0.44×
• Total profit: $-59,099
• Equity at exit: $55,914

10-year hold

• IRR: -14.8%
• Equity multiple: 0.27×
• Total profit: $-76,232
• Equity at exit: $32,423

Cash invested: $105,000 (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 48103

• Rents YoY: 0.1%
• Active inventory: 228
• Price-to-rent: 16.6×

Monthly cashflow live

• Estimated rent: $3,761 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$659 /mo · $7,903/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$790
• Net cashflow: $190

Break-even live

Break-even rent $3,521

Max offer price $375,000

Occupancy floor 90%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,762
Total (2 units)			$3,761

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2319 Walter Dr Ann Arbor, MI	3.0	1.5	1047	$2,600	$2.48	43d	1	0.35mi
1716 Jackson Ave Ann Arbor, MI	2.0	1.0	950	$2,500	$2.63	43d	1	0.36mi
2546 Pamela Ave Ann Arbor, MI	3.0	1.0	1050	$2,300	$2.19	43d	1	0.61mi
1730 W Liberty St Ann Arbor, MI	3.0	1.5	1080	$2,800	$2.59	43d	1	0.61mi
714 Pomona Rd Ann Arbor, MI	3.0	1.0	864	$3,000	$3.47	13d	1	0.71mi
1649 N Maple Rd Ann Arbor, MI	1.0–2.0	1.0	942	$1,995	$2.12	12d	1	0.95mi
854 W Summerfield Glen Cir Unit 2 Ann Arbor, MI	3.0	2.0	1412	$2,200	$1.56	43d	1	1.04mi
856 W Summerfield Glen Cir Unit 2 Ann Arbor, MI	3.0	2.0	1412	$2,200	$1.56	43d	1	1.04mi
930 W Summerfield Glen Cir Ann Arbor, MI	2.0	2.0	1227	$1,900	$1.55	43d	1	1.06mi
1980 Pauline Blvd Ann Arbor, MI	1.0–2.0	1.0	718	$1,549	$2.16	43d	6	1.07mi
65 Westover St Ann Arbor, MI	2.0	1.0	975	$1,950	$2.00	13d	1	1.18mi
2114 Pauline Blvd Unit 102 Ann Arbor, MI	2.0	1.0	950	$1,995	$2.10	43d	1	1.20mi
315 2nd St #305 Ann Arbor, MI	1.0	1.0	807	$2,995	$3.71	43d	1	1.26mi
2845 Sagebrush Cir Ann Arbor, MI	1.0–3.0	1.0–2.0	964	$1,949	$2.02	13d	5	1.26mi
311 W William St Unit 2 Ann Arbor, MI	3.0	1.0	1200	$2,700	$2.25	21d	1	1.26mi
2150 Pauline Blvd #203 Ann Arbor, MI	2.0	2.0	1173	$1,500	$1.28	21d	1	1.27mi
201 S 1st St Unit 1364138P Ann Arbor, MI	2.0	2.0	1097	$4,493	$4.10	13d	1	1.27mi
111 N Ashley St Ann Arbor, MI	1.0–2.0	1.0–2.0	803	$4,000	$4.98	43d	3	1.29mi
441 S 1st St Ann Arbor, MI	2.0–3.0	1.0–1.5	1000	$2,235	$2.23	21d	5	1.34mi
212 S 4th Ave Ann Arbor, MI	1.0–2.0	1.0–2.0	850	$3,167	$3.73	13d	1	1.43mi
1137 S 7th St Ann Arbor, MI	2.0	1.0	725	$3,250	$4.48	13d	1	1.47mi
618 S Main St Ann Arbor, MI	2.0	1.0–2.0	740	$3,550	$4.80	13d	33	1.49mi

Listing history 47 events

1. 2026-06-18
   days on market $375,000 Active 342 DOM
2. 2026-06-17
   days on market $375,000 Active 341 DOM
3. 2026-06-16
   days on market $375,000 Active 340 DOM
4. 2026-06-15
   days on market $375,000 Active 339 DOM
5. 2026-06-14
   days on market $375,000 Active 337 DOM
6. 2026-06-10
   days on market $375,000 Active 334 DOM
7. 2026-06-09
   days on market $375,000 Active 333 DOM
8. 2026-06-08
   days on market $375,000 Active 332 DOM
9. 2026-06-07
   days on market $375,000 Active 331 DOM
10. 2026-06-03
    days on market $375,000 Active 327 DOM
11. 2026-06-02
    days on market $375,000 Active 326 DOM
12. 2026-06-01
    days on market $375,000 Active 325 DOM
13. 2026-05-31
    days on market $375,000 Active 324 DOM
14. 2026-05-30
    days on market $375,000 Active 323 DOM
15. 2025-07-11
    listed $375,000 Active 798-char remark

    Show marketing remark (918 chars)

    Incredible turn-key investment opportunity within walking distance of downtown Ann Arbor and several parks and nature areas! This well-maintained duplex offers two 1-bedroom, 1-bathroom units, off-street parking, and a manageable yard. Each unit has its own living room and eat-in kitchen. Both units are rented for $1050/month to long-term tenants - 2219 Dexter until 7/31/2026 and 2221 Dexter until 6/30/2026. Landlord pays water/sewer. Tenants pay electric/gas and cable/internet. Certificate of Occupancy expires 9/14/2026. Quick to The Ride lines 31 and 34, which will take you to Maple Village Shopping Center and Plum Market to the west and downtown Ann Arbor to the east. Easy access to I-94 for commuters. 48-hour notice required for showings. Lots of possibilities and tons of potential -don't miss this one! Sale is subject to tenants' rights. Home Energy Score of 3. Download report at osi. a2gov.org/herd.

16. 2025-07-11
    listed $375,000 Active 918-char remark

    Show marketing remark (918 chars)

    Incredible turn-key investment opportunity within walking distance of downtown Ann Arbor and several parks and nature areas! This well-maintained duplex offers two 1-bedroom, 1-bathroom units, off-street parking, and a manageable yard. Each unit has its own living room and eat-in kitchen. Both units are rented for $1050/month to long-term tenants - 2219 Dexter until 7/31/2026 and 2221 Dexter until 6/30/2026. Landlord pays water/sewer. Tenants pay electric/gas and cable/internet. Certificate of Occupancy expires 9/14/2026. Quick to The Ride lines 31 and 34, which will take you to Maple Village Shopping Center and Plum Market to the west and downtown Ann Arbor to the east. Easy access to I-94 for commuters. 48-hour notice required for showings. Lots of possibilities and tons of potential -don't miss this one! Sale is subject to tenants' rights. Home Energy Score of 3. Download report at osi. a2gov.org/herd.

17. 2023-05-25
    soldstatus $285,000
18. 2023-05-24
    soldstatus $285,000 Sold
19. 2023-05-24
    soldstatus $285,000 Closed
20. 2023-05-24
    soldstatus $285,000
21. 2023-05-24
    soldstatus $285,000
22. 2023-05-24
    soldstatus $285,000
23. 2023-04-16
    historical Accepting Backup Offers
24. 2023-04-16
    historical Active - Contingent
25. 2023-04-10
    price $290,000
26. 2023-04-10
    price $290,000
27. 2023-02-16
    status Active
28. 2023-02-16
    status Active
29. 2023-02-13
    historical Accepting Backup Offers
30. 2023-02-13
    historical Active - Contingent
31. 2022-12-16
    listed $299,000 Active
32. 2022-12-16
    listed $299,000 Active
33. 2022-12-14
    historical $299,000
34. 2022-12-14
    historical $299,000
35. 2022-12-14
    listed $290,000
36. 2022-12-14
    listed $290,000
37. 2022-12-14
    listed $290,000
38. 2015-10-02
    soldstatus $170,000
39. 2015-09-25
    soldstatus $170,000 Sold
40. 2015-09-25
    soldstatus $170,000
41. 2015-08-20
    historical
42. 2015-08-20
    historical
43. 2015-08-06
    listed $180,000 Active
44. 2015-08-06
    listed $180,000
45. 2014-06-03
    historical
46. 2014-03-27
    listed $172,000
47. 1999-09-01
    soldstatus $45,000

ⓘ 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: $7,903 · $659/mo
• Projected year-2 tax: $7,903 · $659/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 ≥98°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: $45,132
• − Mortgage interest: −$21,006
• − Property taxes: −$7,903
• − Insurance: −$1,875
• − Repairs & maintenance: −$3,611
• − Management: −$3,611
• − Depreciation: −$10,909
• Taxable loss: −$3,783
• Est. tax savings @ 24.0%: +$908
• After-tax cash flow: $3,185/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: Ann Arbor Public Schools
• NCES district ID: 2602820
• Math proficiency: 71% ▲ 5.00%
• Reading proficiency: 81% ▲ 11.00%
• Median HH income: $60,768
• Composite: 65.34/100
• National rank: #487
• State rank: #6 of 540 in MI

Livability — Ann Arbor

• Score: 88/100
• State rank: #10
• US rank: #155

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ann Arbor, MI
• County: Washtenaw County · 306,860 people
• City population: 163,747
• Metro: Ann Arbor, MI
• Population (ZIP): 55,054
• Household income: $116,194
• Rent vs Own: 33.5% rent · 66.5% own
• Severe rent burden: 2033.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Asian 10% Two or more races 9% Hispanic / Latino 6% Black 6%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 6% Slovak 3% Iranian 3%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 83% English-only · Spanish 4% Chinese 3% Other Indo-European 2%

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: ▼ -472.49%
• Current HPI: 244.6891
• Rent YoY: ▲ 0.12%
• 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

+733.3% since first listed

33 events — show timeline

• 2025-07-11 Listed $375,000 REALCOMP
• 2025-07-11 Listed $375,000 MiRealSource-MiMLS
• 2023-05-25 Sold (Public Records) $285,000 Public Records
• 2023-05-24 Sold (MLS) $285,000 REALCOMP
• 2023-05-24 Sold (MLS) $285,000 MiRealSource-MiMLS
• 2023-05-24 Sold (MLS) $285,000 SW Michigan MLS
• 2023-05-24 Sold (MLS) $285,000 MiRealSource-MiMLS
• 2023-05-24 Sold (MLS) $285,000 AAMLS
• 2023-04-16 Contingent — MiRealSource-MiMLS
• 2023-04-16 Contingent — AAMLS
• 2023-04-10 Price Changed $290,000 MiRealSource-MiMLS
• 2023-04-10 Price Changed $290,000 AAMLS
• 2023-02-16 Relisted — MiRealSource-MiMLS
• 2023-02-16 Relisted — AAMLS
• 2023-02-13 Contingent — MiRealSource-MiMLS
• 2023-02-13 Contingent — AAMLS
• 2022-12-16 Listed $299,000 MiRealSource-MiMLS
• 2022-12-16 Listed $299,000 AAMLS
• 2022-12-14 Coming Soon $299,000 MiRealSource-MiMLS
• 2022-12-14 Coming Soon $299,000 AAMLS
• 2022-12-14 Listed $290,000 REALCOMP
• 2022-12-14 Listed $290,000 MiRealSource-MiMLS
• 2022-12-14 Listed $290,000 SW Michigan MLS
• 2015-10-02 Sold (Public Records) $170,000 Public Records
• 2015-09-25 Sold (MLS) $170,000 MiRealSource-MiMLS
• 2015-09-25 Sold (MLS) $170,000 REALCOMP
• 2015-08-20 Listing Removed — REALCOMP
• 2015-08-20 Listing Removed — MiRealSource-MiMLS
• 2015-08-06 Listed $180,000 REALCOMP
• 2015-08-06 Listed $180,000 MiRealSource-MiMLS
• 2014-06-03 Listing Removed — MiRealSource-MiMLS
• 2014-03-27 Listed $172,000 MiRealSource-MiMLS
• 1999-09-01 Sold (Public Records) $45,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $7,903 · -20.3% YoY. Source: county tax records.