1236 Alpine Ave NW · Grand Rapids, MI 49504

$225,000

4 bd · 2.0 ba · 1,745 sqft · SingleFamily public records · 4 Days on market

Built 1890 6,534 sqft lot

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Why this score? — see what drove the D+ 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 +19.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +4.7/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Add to your investment portfolio with this duplex, offered as part of a larger multifamily package on Alpine Avenue. Each unit features 2 bedrooms and 1 bathroom, providing a desirable floor plan that appeals to a wide range of tenants. The property offers consistent rental income, separate living spaces, and strong long-term investment potential in one of Grand Rapids' established rental corridors. Conveniently located near downtown Grand Rapids, major employers, shopping, dining, and public transportation, this duplex benefits from continued tenant demand and easy access to everyday amenities. There is room to increase rents through unit improvement. Purchase individually or combine with the neighboring multifamily properties for a rare opportunity to acquire multiple income-producing units in a contiguous portfolio.

Key facts

• 6,534 sq ft lot
• 4 parking spots
• Built 1890

Tags

• NEAR DOWNTOWN GRAND RAPIDS

Property features AI

Finance

• Other: Zoned residential; Lot frontage 49'; Lot size about 0.15 acres
• Financial info: Two-unit building; One unit listed as occupied; other unit not occupied; Reported rent for one unit: $995
• HOA & community: Landlord/association pays trash removal and water/sewer

Exterior

• Utilities: Natural gas
• Home design: Multi-family property; Built in 1890
• Construction: Basement foundation
• Exterior features: Vinyl siding

Interior

• Heating & cooling: Forced air heating
• Interior features: Basement (Mi Basement)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (3.1% below list).
• Recommended offer: $218k (3.1% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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 (+2.6%/yr); 153 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 92% 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).
• This rent runs 37% of the median local income ($70k/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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $218,121 (3.1% below list)

Questions for the listing agent

1. Built in 1890 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.97% ✗
• Cap rate: 7.64%
• Cash-on-cash: 4.79%
• DSCR: 1.21
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.64% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.66×
• Total profit: $-21,233
• Equity at exit: $33,548

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-1,127
• Equity at exit: $19,454

Cash invested: $63,000 (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 49504

• Rents YoY: 2.6%
• Active inventory: 153
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,181 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$198 /mo · $2,373/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $252

Break-even live

Break-even rent $1,863

Max offer price $225,000

Occupancy floor 83%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
734 Crosby St NW Unit 1 Grand Rapids, MI	3.0	1.0	1057	$1,800	$1.70	44d	1	0.07mi
927 Arianna St NW Grand Rapids, MI	4.0	3.0	1500	$3,000	$2.00	44d	1	0.25mi
1044 Muskegon Ave NW Unit 2 Grand Rapids, MI	3.0	1.0	1100	$1,800	$1.64	44d	1	0.30mi
523 Crosby St NW Grand Rapids, MI	5.0	2.0	1701	$2,200	$1.29	44d	1	0.36mi
1429 Quarry Ave NW Unit 1 Grand Rapids, MI	3.0	1.5	1200	$1,800	$1.50	44d	1	0.39mi
1335 Hamilton Ave NW Unit 2 Grand Rapids, MI	3.0	1.0	1124	$1,395	$1.24	44d	1	0.41mi
1756 Tamarack Ave NW Grand Rapids, MI	3.0	2.0	1700	$2,195	$1.29	44d	1	0.73mi
700 Broadway Ave NW Unit 1 Grand Rapids, MI	4.0	2.0	1450	$2,795	$1.93	44d	1	0.81mi
50 Mathews Ct NE Grand Rapids, MI	3.0	1.5	1100	$1,850	$1.68	44d	1	1.11mi
135 Page St NE Grand Rapids, MI	3.0	2.0	1100	$3,100	$2.82	44d	1	1.17mi
138 Travis St NE Grand Rapids, MI	4.0	2.0	1800	$2,395	$1.33	11d	1	1.24mi
728 Fairview Ave NE Grand Rapids, MI	4.0	2.0	2000	$2,100	$1.05	44d	1	1.27mi
200 Gold Ave NW Grand Rapids, MI	3.0	1.0	1112	$1,549	$1.39	44d	1	1.31mi

Listing history 6 events

1. 2026-06-18
   days on market $225,000 Active 4 DOM
2. 2026-06-17
   days on market $225,000 Active 3 DOM
3. 2026-06-16
   days on market $225,000 Active 2 DOM
4. 2026-06-15
   listing id $225,000 Active 1 DOM
5. 2026-06-15
   remarks 699-char remark
6. 2026-06-15
   listed $225,000 Active 1 DOM

ⓘ 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: $2,373 · $198/mo
• Projected year-2 tax: $2,919 · $243/mo
• Expected delta: +$546/yr (+$45/mo · 23.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,175
• − Mortgage interest: −$12,603
• − Property taxes: −$2,373
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,094
• − Management: −$2,094
• − Depreciation: −$6,545
• Taxable loss: −$660
• Est. tax savings @ 24.0%: +$159
• After-tax cash flow: $3,179/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: 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): 40,036
• Household income: $70,119
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 2132.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 16% Two or more races 10% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Romanian 11% Iranian 10% Lithuanian 3%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 88% English-only · Spanish 9% 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: ▼ -274.76%
• Current HPI: 313.231
• Rent YoY: ▲ 2.64%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-06-13 Listed $225,000 REALCOMP
• 2026-06-13 Listed $225,000 MiRealSource-MiMLS
• 2022-03-11 Price Changed $995 RENT.

Property tax history

+5.1%/yr

Latest (2025): $2,373 · +2.7% YoY. Source: county tax records.