855 Adams St SE · Grand Rapids, MI 49507

$265,000

4 bd · 2.0 ba · 1,552 sqft · MultiFamily · 41 Days on market

Built 1915 Fair condition 4,356 sqft lot ↓ 9% since listing

---

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 +25.3/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.2/5.0
• Schools +1.9/10.0
• 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

SE Duplex. Upper unit is 2 bedrooms, 1 bath, currently unfinished. Lower unit is 2 bedrooms and 1 bath and occupied. Ample parking spaces, detached garage, corner lot. Great investment opportunity or owner occupied duplex!

Key facts

• 4,356 sq ft lot
• 8 parking spots
• Built 1915

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $265k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $605 ($7k/yr) — positive. Per door: $303/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $257k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 4.5% in Grand Rapids — 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 83/100 on livability (#44 in MI, #939 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment C-, crime F.
• Grand Rapids Public Schools (urban): math 15% / reading 29% proficiency, ranked #451 of 540 in MI (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.7%/yr); 178 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• At $3,084/mo this rent would consume 60% of the median local household income ($61k/yr) (locally 1625% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $74k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $257,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.16% ✓
• Cap rate: 9.03%
• Cash-on-cash: 9.78%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.74% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $1,131
• Equity at exit: $39,512

10-year hold

• IRR: 11.8%
• Equity multiple: 2.00×
• Total profit: $74,146
• Equity at exit: $22,912

Cash invested: $74,200 (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 49507

• Rents YoY: 4.7%
• Active inventory: 178
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $3,084 high
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$648
• Net cashflow: $605

Break-even live

Break-even rent $2,318

Max offer price $265,000

Occupancy floor 75%

Sensitivity live

Price	-10% $788	-5% $697	+0% $605	+5% $513	+10% $422
Rent	-10% $361	-5% $483	+0% $605	+5% $727	+10% $849
Rate	-1.0pp $738	-0.5pp $672	base $605	+0.5pp $536	+1.0pp $466

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,084
Total (2 units)			$3,084

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1027 Underwood Ave SE Grand Rapids, MI	4.0	2.0	1600	$2,300	$1.44	15d	1	0.59mi
425 Woodlawn St SE Grand Rapids, MI	4.0	1.0	2072	$2,200	$1.06	44d	1	0.65mi
1154 Prospect Ave SE Grand Rapids, MI	5.0	2.0	1800	$2,300	$1.28	44d	1	0.72mi
1400 Rossman Ave SE Grand Rapids, MI	3.0	1.0	1400	$2,200	$1.57	44d	1	0.79mi
729 Bates St SE Unit 1 Grand Rapids, MI	4.0	3.5	1576	$2,395	$1.52	44d	1	0.81mi
1031 Merrifield St SE Grand Rapids, MI	3.0	2.0	1238	$2,300	$1.86	15d	1	0.95mi
550 Union Ave SE Grand Rapids, MI	3.0	1.5	1743	$2,800	$1.61	44d	1	1.06mi
414 Paris Ave SE Grand Rapids, MI	3.0	1.5	1700	$2,850	$1.68	44d	1	1.26mi
258 Orchard Hill St SE Grand Rapids, MI	3.0	1.0	1300	$1,900	$1.46	44d	1	1.40mi
2551 Eastern Ave SE Unit 1 Grand Rapids, MI	3.0	2.0	1600	$2,100	$1.31	44d	1	1.45mi

Listing history 18 events

1. 2026-06-03
   days on market $265,000 Active 41 DOM
2. 2026-06-01
   days on market $265,000 Active 40 DOM
3. 2026-05-31
   days on market $265,000 Active 39 DOM
4. 2026-04-22
   status Active 222-char remark

   Show marketing remark (222 chars)

   SE Duplex. Upper unit is 2 bedrooms, 1 bath, currently unfinished. Lower unit is 2 bedrooms and 1 bath and occupied. Ample parking spaces, detached garage, corner lot. Great investment opportunity or owner occupied duplex!

5. 2026-04-22
   status Active 222-char remark

   Show marketing remark (222 chars)

   SE Duplex. Upper unit is 2 bedrooms, 1 bath, currently unfinished. Lower unit is 2 bedrooms and 1 bath and occupied. Ample parking spaces, detached garage, corner lot. Great investment opportunity or owner occupied duplex!

6. 2026-04-02
   listed $265,000 222-char remark

   Show marketing remark (222 chars)

   SE Duplex. Upper unit is 2 bedrooms, 1 bath, currently unfinished. Lower unit is 2 bedrooms and 1 bath and occupied. Ample parking spaces, detached garage, corner lot. Great investment opportunity or owner occupied duplex!

7. 2026-04-02
   historical 222-char remark

   Show marketing remark (222 chars)

   SE Duplex. Upper unit is 2 bedrooms, 1 bath, currently unfinished. Lower unit is 2 bedrooms and 1 bath and occupied. Ample parking spaces, detached garage, corner lot. Great investment opportunity or owner occupied duplex!

8. 2026-04-02
   historical 222-char remark

   Show marketing remark (222 chars)

   SE Duplex. Upper unit is 2 bedrooms, 1 bath, currently unfinished. Lower unit is 2 bedrooms and 1 bath and occupied. Ample parking spaces, detached garage, corner lot. Great investment opportunity or owner occupied duplex!

9. 2026-04-02
   listed $265,000 222-char remark

   Show marketing remark (222 chars)

   SE Duplex. Upper unit is 2 bedrooms, 1 bath, currently unfinished. Lower unit is 2 bedrooms and 1 bath and occupied. Ample parking spaces, detached garage, corner lot. Great investment opportunity or owner occupied duplex!

10. 2025-10-28
    historical
11. 2025-09-12
    price $265,000
12. 2025-09-11
    status Active
13. 2025-09-11
    status Active
14. 2025-09-11
    price $265,000
15. 2025-09-09
    status Pending
16. 2025-09-09
    status Pending
17. 2025-03-25
    listed $290,000 Active
18. 2025-03-25
    listed $290,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,008
• − Mortgage interest: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,961
• − Management: −$2,961
• − Depreciation: −$7,709
• Taxable income: $3,234
• Est. tax owed @ 24.0%: −$776
• After-tax cash flow: $6,484/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate repairs and maintenance to improve its condition and value. The exterior and roof show signs of wear, and the lower unit could benefit from updates to flooring and paint. With some targeted improvements, the property has significant potential for increased value.

Repairs flagged

• Moderate Exterior siding — Weathered and discolored
• Moderate Roof — Visible discoloration and wear
• Minor Lower unit flooring — Slight wear

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace roof — Improves structural integrity and aesthetic
• Both Update lower unit flooring — Enhances living space and value
• Both Paint interior walls — Freshens up the interior and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and discolored	Moderate	$3,000–15,000
Roof · Visible discoloration and wear	Moderate	$3,000–15,000
Lower unit flooring · Slight wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace roof — Improves structural integrity and aesthetic ↑
• Both Update lower unit flooring — Enhances living space and value ↑
• Both Paint interior walls — Freshens up the interior and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Grand Rapids Public Schools
• NCES district ID: 2616440
• Math proficiency: 15% ▼ -5.00%
• Reading proficiency: 29% ▼ -1.00%
• Median HH income: $40,612
• Composite: 18.62/100
• National rank: #8899
• State rank: #451 of 540 in MI

Livability — Grand Rapids

• Score: 83/100
• State rank: #44
• US rank: #939

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grand Rapids, MI
• County: Kent County · 533,805 people
• City population: 181,325
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 38,487
• Household income: $61,461
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 1625.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 712,484 people
• By 2030: 748,618 · +5.1%
• By 2040: 814,777 · +14.4%
• By 2050: 868,556 · +21.9%
• By 2075: 966,487 · +35.7%
• By 2100: 967,975 · +35.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Hispanic / Latino 31% Black 31% White 30% Two or more races 21%
• Hispanic origin (detail): Mexican 18% Puerto Rican 3% Dominican 1%
• Common ancestry: Iranian 8% Romanian 2% Lithuanian 1%
• Foreign-born: 18% · Canada
• Languages at home: 71% English-only · Spanish 23% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Kent

• 2024 margin: Lean D (+5.4) · D 51.8% · R 46.5% · Other 1.7%
• 2008→2024 swing: +4.8pp toward D · 2008: 0.5pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+6.1 2016: R+3.1 2012: R+7.9 2008: D+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -301.99%
• Current HPI: 325.3878
• Rent YoY: ▲ 4.74%
• Metro: Grand Rapids-Kentwood, 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

-8.6% since first listed

15 events — show timeline

• 2026-04-22 Relisted — REALCOMP
• 2026-04-22 Relisted — MiRealSource-MiMLS
• 2026-04-02 Listed $265,000 MiRealSource-MiMLS
• 2026-04-02 Listing Removed — MiRealSource-MiMLS
• 2026-04-02 Listing Removed — REALCOMP
• 2026-04-02 Listed $265,000 REALCOMP
• 2025-10-28 Listing Removed — MiRealSource-MiMLS
• 2025-09-12 Price Changed $265,000 MiRealSource-MiMLS
• 2025-09-11 Relisted — MiRealSource-MiMLS
• 2025-09-11 Relisted — REALCOMP
• 2025-09-11 Price Changed $265,000 REALCOMP
• 2025-09-09 Pending — REALCOMP
• 2025-09-09 Pending — MiRealSource-MiMLS
• 2025-03-25 Listed $290,000 REALCOMP
• 2025-03-25 Listed $290,000 MiRealSource-MiMLS