717 Bristol St · Adrian, MI 49221

$40,000

3 bd · 2.0 ba · 1,488 sqft · SingleFamily · 13 Days on market

Built 1920 8,712 sqft lot

---

Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Nicely renovated 3 bedroom 2 full bath home. Brand new kitchen, siding, water heater, electrical panel, switches and plugs, flooring, paint thoughout the whole house. Brand new oven and refrigerator. Newer windows. Nice sized bedrooms. First floor laundry plus a large back yard. This home is move in ready.

Key facts

• 8,712 sq ft lot
• Built 1920
• Listed 13 days

Property features AI

Exterior

• Utilities: Public water; Natural gas water heater
• Home design: Traditional single-family home; Residential property
• Construction: Built in 1920; Vinyl siding; Shingle roof
• Exterior features: Paved road access; Lot approximately 0.2 acres

Interior

• Kitchen: Oven; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Replacement insulated windows with screens; Full basement; Total of 9 rooms
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $823 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Cap rate 31.0% vs local median 5.7% 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.
• Market conditions: 214 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 $277 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 sale attempts since 4y ago; this cycle's ask has dropped $120k (75%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.8% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 3.83% ✓
• Cap rate: 30.99%
• Cash-on-cash: 88.20%
• DSCR: 4.92
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $126,480
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
803 Ormsby St	0.05mi	3/1.0	1,441 (-3%)	2mo	$69,700	$48	86
903 E Maple St	0.28mi	3/1.0	1,509 (+1%)	4mo	$52,500	$35	77
136 E Chestnut St E	0.42mi	4/1.0 (+1)	1,440 (-3%)	3mo	$170,000	$118	63
229 Clinton St	0.46mi	3/1.5	1,621 (+9%)	1mo	$76,250	$47	60
910 Chestnut St	0.14mi	3/1.0	1,275 (-14%)	7mo	$120,000	$94	60
709 N Locust St	0.24mi	3/1.0	1,276 (-14%)	1mo	$38,000	$30	60
604 Comstock St	0.19mi	4/1.5 (+1)	1,676 (+13%)	6mo	$135,000	$81	58
817 N Locust St	0.23mi	2/1.5 (-1)	1,293 (-13%)	6mo	$160,000	$124	55
1023 E Church St	0.45mi	3/1.0	1,354 (-9%)	7mo	$113,000	$83	54
512 French St	0.72mi	4/1.5 (+1)	1,564 (+5%)	6mo	$133,000	$85	46
126 E Albert St	0.47mi	4/1.0 (+1)	1,288 (-13%)	2mo	$165,000	$128	45
530 James St	0.75mi	3/1.0	1,364 (-8%)	6mo	$130,000	$95	42

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: 88.8%
• Equity multiple: 5.11×
• Total profit: $46,038
• Equity at exit: $5,964

10-year hold

• IRR: 91.9%
• Equity multiple: 10.64×
• Total profit: $107,969
• Equity at exit: $3,458

Cash invested: $11,200 (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: 214
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,532 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$161 /mo · $1,930/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $823

Break-even live

Break-even rent $490

Max offer price $40,000

Occupancy floor 41%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-09
   pricestatusdays on marketlisting id $40,000 Pending 13 DOM
2. 2026-06-08
   days on market $159,900 Active - Contingent 59 DOM
3. 2026-06-07
   days on market $159,900 Active - Contingent 58 DOM
4. 2026-06-07
   days on market $159,900 Active - Contingent 57 DOM
5. 2026-06-04
   days on market $159,900 Active - Contingent 54 DOM
6. 2026-06-02
   days on market $159,900 Active - Contingent 53 DOM
7. 2026-06-01
   days on market $159,900 Active - Contingent 52 DOM
8. 2026-05-31
   days on market $159,900 Active - Contingent 51 DOM
9. 2026-05-31
   days on market $159,900 Active - Contingent 50 DOM
10. 2026-05-07
    historical Active Under Contract 307-char remark

    Show marketing remark (307 chars)

    Nicely renovated 3 bedroom 2 full bath home. Brand new kitchen, siding, water heater, electrical panel, switches and plugs, flooring, paint thoughout the whole house. Brand new oven and refrigerator. Newer windows. Nice sized bedrooms. First floor laundry plus a large back yard. This home is move in ready.

11. 2026-05-07
    historical Keep Showing-Contgcy Appl 307-char remark

    Show marketing remark (307 chars)

    Nicely renovated 3 bedroom 2 full bath home. Brand new kitchen, siding, water heater, electrical panel, switches and plugs, flooring, paint thoughout the whole house. Brand new oven and refrigerator. Newer windows. Nice sized bedrooms. First floor laundry plus a large back yard. This home is move in ready.

12. 2026-05-07
    historical Active - Contingent

    Show marketing remark (307 chars)

    Nicely renovated 3 bedroom 2 full bath home. Brand new kitchen, siding, water heater, electrical panel, switches and plugs, flooring, paint thoughout the whole house. Brand new oven and refrigerator. Newer windows. Nice sized bedrooms. First floor laundry plus a large back yard. This home is move in ready.

13. 2026-04-23
    price $159,900 307-char remark

    Show marketing remark (307 chars)

    Nicely renovated 3 bedroom 2 full bath home. Brand new kitchen, siding, water heater, electrical panel, switches and plugs, flooring, paint thoughout the whole house. Brand new oven and refrigerator. Newer windows. Nice sized bedrooms. First floor laundry plus a large back yard. This home is move in ready.

14. 2026-04-23
    price $159,900 307-char remark

    Show marketing remark (307 chars)

    Nicely renovated 3 bedroom 2 full bath home. Brand new kitchen, siding, water heater, electrical panel, switches and plugs, flooring, paint thoughout the whole house. Brand new oven and refrigerator. Newer windows. Nice sized bedrooms. First floor laundry plus a large back yard. This home is move in ready.

15. 2026-04-23
    price $159,900

    Show marketing remark (307 chars)

    Nicely renovated 3 bedroom 2 full bath home. Brand new kitchen, siding, water heater, electrical panel, switches and plugs, flooring, paint thoughout the whole house. Brand new oven and refrigerator. Newer windows. Nice sized bedrooms. First floor laundry plus a large back yard. This home is move in ready.

16. 2026-04-10
    price $164,900 307-char remark

    Show marketing remark (307 chars)

    Nicely renovated 3 bedroom 2 full bath home. Brand new kitchen, siding, water heater, electrical panel, switches and plugs, flooring, paint thoughout the whole house. Brand new oven and refrigerator. Newer windows. Nice sized bedrooms. First floor laundry plus a large back yard. This home is move in ready.

17. 2026-04-10
    price $164,900

    Show marketing remark (307 chars)

    Nicely renovated 3 bedroom 2 full bath home. Brand new kitchen, siding, water heater, electrical panel, switches and plugs, flooring, paint thoughout the whole house. Brand new oven and refrigerator. Newer windows. Nice sized bedrooms. First floor laundry plus a large back yard. This home is move in ready.

18. 2026-04-10
    listed $159,900 Active 307-char remark

    Show marketing remark (307 chars)

    Nicely renovated 3 bedroom 2 full bath home. Brand new kitchen, siding, water heater, electrical panel, switches and plugs, flooring, paint thoughout the whole house. Brand new oven and refrigerator. Newer windows. Nice sized bedrooms. First floor laundry plus a large back yard. This home is move in ready.

19. 2026-04-10
    listed $164,900 Active 307-char remark

    Show marketing remark (307 chars)

    Nicely renovated 3 bedroom 2 full bath home. Brand new kitchen, siding, water heater, electrical panel, switches and plugs, flooring, paint thoughout the whole house. Brand new oven and refrigerator. Newer windows. Nice sized bedrooms. First floor laundry plus a large back yard. This home is move in ready.

20. 2026-04-10
    listed $159,900 Active

    Show marketing remark (307 chars)

    Nicely renovated 3 bedroom 2 full bath home. Brand new kitchen, siding, water heater, electrical panel, switches and plugs, flooring, paint thoughout the whole house. Brand new oven and refrigerator. Newer windows. Nice sized bedrooms. First floor laundry plus a large back yard. This home is move in ready.

21. 2025-12-16
    status Pending
22. 2025-12-16
    status Pending
23. 2025-12-03
    listed $40,000 Active
24. 2025-12-03
    listed $40,000 Active
25. 2023-09-26
    soldstatus $134,900
26. 2023-09-22
    soldstatus $134,900 Sold
27. 2023-09-22
    soldstatus $134,900 Closed
28. 2023-08-17
    historical Accepting Backup Offers
29. 2023-08-17
    historical Accepting Backup Offers
30. 2023-08-15
    price $139,900
31. 2023-08-14
    price $139,900
32. 2023-07-20
    price $144,900
33. 2023-07-19
    price $144,900
34. 2023-07-19
    status Active
35. 2023-07-19
    status Active
36. 2023-07-18
    historical Contingent - Continue To Show
37. 2023-07-18
    historical Keep Showing-Contgcy Appl
38. 2023-07-11
    price $149,900
39. 2023-07-10
    price $149,900
40. 2023-07-08
    status Active
41. 2023-07-08
    status Active
42. 2023-07-06
    historical Contingent - Continue To Show
43. 2023-07-06
    historical Keep Showing-Contgcy Appl
44. 2023-06-20
    price $154,900
45. 2023-06-20
    price $154,900
46. 2023-06-15
    price $159,900
47. 2023-06-15
    price $159,900
48. 2023-06-14
    price $164,900
49. 2023-06-14
    price $164,900
50. 2023-06-08
    price $169,900

ⓘ 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: $1,930 · $161/mo
• Projected year-2 tax: $1,930 · $161/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,387
• − Mortgage interest: −$2,241
• − Property taxes: −$1,930
• − Insurance: −$200
• − Repairs & maintenance: −$1,471
• − Management: −$1,471
• − Depreciation: −$1,164
• Taxable income: $9,910
• Est. tax owed @ 24.0%: −$2,378
• After-tax cash flow: $7,500/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

+190.7% since first listed

52 events — show timeline

• 2026-05-07 Contingent — REALCOMP
• 2026-05-07 Contingent — MiRealSource-MiMLS
• 2026-05-07 Contingent — SW Michigan MLS
• 2026-04-23 Price Changed $159,900 MiRealSource-MiMLS
• 2026-04-23 Price Changed $159,900 REALCOMP
• 2026-04-23 Price Changed $159,900 SW Michigan MLS
• 2026-04-10 Price Changed $164,900 REALCOMP
• 2026-04-10 Price Changed $164,900 SW Michigan MLS
• 2026-04-10 Listed $159,900 REALCOMP
• 2026-04-10 Listed $159,900 SW Michigan MLS
• 2026-04-10 Listed $164,900 MiRealSource-MiMLS
• 2025-12-16 Pending — MiRealSource-MiMLS
• 2025-12-16 Pending — REALCOMP
• 2025-12-03 Listed $40,000 REALCOMP
• 2025-12-03 Listed $40,000 MiRealSource-MiMLS
• 2023-09-26 Sold (Public Records) $134,900 Public Records
• 2023-09-22 Sold (MLS) $134,900 MiRealSource-MiMLS
• 2023-09-22 Sold (MLS) $134,900 REALCOMP
• 2023-08-17 Contingent — REALCOMP
• 2023-08-17 Contingent — MiRealSource-MiMLS
• 2023-08-15 Price Changed $139,900 MiRealSource-MiMLS
• 2023-08-14 Price Changed $139,900 REALCOMP
• 2023-07-20 Price Changed $144,900 MiRealSource-MiMLS
• 2023-07-19 Price Changed $144,900 REALCOMP
• 2023-07-19 Relisted — REALCOMP
• 2023-07-19 Relisted — MiRealSource-MiMLS
• 2023-07-18 Contingent — REALCOMP
• 2023-07-18 Contingent — MiRealSource-MiMLS
• 2023-07-11 Price Changed $149,900 MiRealSource-MiMLS
• 2023-07-10 Price Changed $149,900 REALCOMP
• 2023-07-08 Relisted — REALCOMP
• 2023-07-08 Relisted — MiRealSource-MiMLS
• 2023-07-06 Contingent — REALCOMP
• 2023-07-06 Contingent — MiRealSource-MiMLS
• 2023-06-20 Price Changed $154,900 MiRealSource-MiMLS
• 2023-06-20 Price Changed $154,900 REALCOMP
• 2023-06-15 Price Changed $159,900 MiRealSource-MiMLS
• 2023-06-15 Price Changed $159,900 REALCOMP
• 2023-06-14 Price Changed $164,900 MiRealSource-MiMLS
• 2023-06-14 Price Changed $164,900 REALCOMP
• 2023-06-08 Price Changed $169,900 MiRealSource-MiMLS
• 2023-06-07 Price Changed $169,900 REALCOMP
• 2023-06-06 Listed $154,900 MiRealSource-MiMLS
• 2023-06-06 Listed $154,900 REALCOMP
• 2022-08-17 Sold (MLS) $40,000 MiRealSource-MiMLS
• 2022-08-17 Sold (MLS) $40,000 REALCOMP
• 2022-08-16 Pending — REALCOMP
• 2022-08-16 Pending — MiRealSource-MiMLS
• 2022-07-27 Contingent — REALCOMP
• 2022-07-27 Contingent — MiRealSource-MiMLS
• 2022-07-22 Listed $55,000 MiRealSource-MiMLS
• 2022-07-22 Listed $55,000 REALCOMP

Property tax history

+2.1%/yr

Latest (2025): $1,930 · -33.9% YoY. Source: county tax records.