853 Addison · Adrian, MI 49221

$119,500

2 bd · 1.0 ba · 745 sqft · SingleFamily · 3 Days on market

Built 1950 8,276 sqft lot Est $115k · at est.

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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 +19.9/30.0
• DSCR +6.3/10.0
• ARV discount +5.9/15.0
• 1% rule +4.9/10.0
• 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

Updated and move-in ready 2-bedroom home in the heart of Adrian! This charming property features numerous newer upgrades throughout, offering the perfect blend of character and modern convenience. Recent improvements include updated flooring, fresh paint, remodeled kitchen and bath updates, newer fixtures, and additional cosmetic enhancements that make this home feel fresh and inviting. The functional layout offers comfortable living spaces filled with natural light, while the basement provides extra storage potential. Outside, enjoy a spacious yard, detached garage, and convenient location close to parks, schools, shopping, and downtown Adrian amenities. Perfect for first-time buyers, downsizers, or investors seeking a turnkey opportunity.

Key facts

• Spacious yard
• Remodeled kitchen
• Bath updates

Tags

• UPDATED FLOORING
• REMODELED KITCHEN
• BATH UPDATES
• DETACHED GARAGE
• SPACIOUS YARD
• CONVENIENT LOCATION

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Natural gas available and connected; Electricity available; Natural gas water heater
• Home design: Traditional single-family residence; One-story entry (single family); Living room (11 x 18)
• Construction: Built in 1950; Aluminum siding; Asphalt shingle roof
• Exterior features: Paved road access; Lot approximately 0.19 acres; Public water

Interior

• Kitchen: Range / Oven; Refrigerator
• Bedrooms: Primary bedroom (11 x 12); Second bedroom (8 x 11)
• Bathrooms: One full bathroom (5 x 8)
• Heating & cooling: Forced air heating
• Interior features: Garage door opener; Storm windows and screens; Full basement; Six total rooms
• Laundry & utility: In-home laundry room (8 x 11); Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $143 ($2k/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 $118k (1.2% below list).
• Recommended offer: $118k (1.2% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $826 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 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 9y 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 $45k; list at $120k implies a 166% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,067 (1.2% below list)

Questions for the listing agent

1. Built in 1950 — 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: 0.99% ✗
• Cap rate: 7.73%
• Cash-on-cash: 5.14%
• DSCR: 1.23
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $115,475
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
841 Addison St	0.03mi	2/2.0	807 (+8%)	7mo	$124,900	$155	75
825 Ormsby St	0.25mi	2/1.0	780 (+5%)	14mo	$70,000	$90	69
912 N Locust St	0.40mi	2/1.0	676 (-9%)	14mo	$98,000	$145	54
1592 Taylor Ave	0.68mi	3/1.0 (+1)	832 (+12%)	17mo	$145,000	$174	29

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: -8.3%
• Equity multiple: 0.69×
• Total profit: $-10,244
• Equity at exit: $17,818

10-year hold

• IRR: 1.2%
• Equity multiple: 1.08×
• Total profit: $2,811
• Equity at exit: $10,332

Cash invested: $33,460 (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: 8.4×

Monthly cashflow live

• Estimated rent: $1,181 medium
• Mortgage (P&I): −$627
• Tax from tax record: −$113 /mo · $1,356/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $143

Break-even live

Break-even rent $999

Max offer price $119,500

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: $29,875
• Closing costs: $3,585
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
413 E Maple Ave Unit 2 Adrian, MI	2.0	1.0	652	$1,200	$1.84	23d	1	0.50mi
133 N Locust St Apt 1 Adrian, MI	2.0	1.0	500	$1,350	$2.70	21d	1	0.67mi
349 E Church St Unit 351 1/2 Adrian, MI	1.0	1.0	400	$895	$2.24	13d	1	0.75mi

Listing history 10 events

1. 2026-05-23
   status Pending 750-char remark

   Show marketing remark (750 chars)

   Updated and move-in ready 2-bedroom home in the heart of Adrian! This charming property features numerous newer upgrades throughout, offering the perfect blend of character and modern convenience. Recent improvements include updated flooring, fresh paint, remodeled kitchen and bath updates, newer fixtures, and additional cosmetic enhancements that make this home feel fresh and inviting. The functional layout offers comfortable living spaces filled with natural light, while the basement provides extra storage potential. Outside, enjoy a spacious yard, detached garage, and convenient location close to parks, schools, shopping, and downtown Adrian amenities. Perfect for first-time buyers, downsizers, or investors seeking a turnkey opportunity.

2. 2026-05-23
   status Pending 750-char remark

   Show marketing remark (750 chars)

   Updated and move-in ready 2-bedroom home in the heart of Adrian! This charming property features numerous newer upgrades throughout, offering the perfect blend of character and modern convenience. Recent improvements include updated flooring, fresh paint, remodeled kitchen and bath updates, newer fixtures, and additional cosmetic enhancements that make this home feel fresh and inviting. The functional layout offers comfortable living spaces filled with natural light, while the basement provides extra storage potential. Outside, enjoy a spacious yard, detached garage, and convenient location close to parks, schools, shopping, and downtown Adrian amenities. Perfect for first-time buyers, downsizers, or investors seeking a turnkey opportunity.

3. 2026-05-23
   status Pending

   Show marketing remark (750 chars)

   Updated and move-in ready 2-bedroom home in the heart of Adrian! This charming property features numerous newer upgrades throughout, offering the perfect blend of character and modern convenience. Recent improvements include updated flooring, fresh paint, remodeled kitchen and bath updates, newer fixtures, and additional cosmetic enhancements that make this home feel fresh and inviting. The functional layout offers comfortable living spaces filled with natural light, while the basement provides extra storage potential. Outside, enjoy a spacious yard, detached garage, and convenient location close to parks, schools, shopping, and downtown Adrian amenities. Perfect for first-time buyers, downsizers, or investors seeking a turnkey opportunity.

4. 2026-05-20
   listed $119,500 Active 750-char remark

   Show marketing remark (750 chars)

   Updated and move-in ready 2-bedroom home in the heart of Adrian! This charming property features numerous newer upgrades throughout, offering the perfect blend of character and modern convenience. Recent improvements include updated flooring, fresh paint, remodeled kitchen and bath updates, newer fixtures, and additional cosmetic enhancements that make this home feel fresh and inviting. The functional layout offers comfortable living spaces filled with natural light, while the basement provides extra storage potential. Outside, enjoy a spacious yard, detached garage, and convenient location close to parks, schools, shopping, and downtown Adrian amenities. Perfect for first-time buyers, downsizers, or investors seeking a turnkey opportunity.

5. 2026-05-20
   listed $119,500 Active 750-char remark

   Show marketing remark (750 chars)

   Updated and move-in ready 2-bedroom home in the heart of Adrian! This charming property features numerous newer upgrades throughout, offering the perfect blend of character and modern convenience. Recent improvements include updated flooring, fresh paint, remodeled kitchen and bath updates, newer fixtures, and additional cosmetic enhancements that make this home feel fresh and inviting. The functional layout offers comfortable living spaces filled with natural light, while the basement provides extra storage potential. Outside, enjoy a spacious yard, detached garage, and convenient location close to parks, schools, shopping, and downtown Adrian amenities. Perfect for first-time buyers, downsizers, or investors seeking a turnkey opportunity.

6. 2026-05-20
   listed $119,500 Active

   Show marketing remark (750 chars)

   Updated and move-in ready 2-bedroom home in the heart of Adrian! This charming property features numerous newer upgrades throughout, offering the perfect blend of character and modern convenience. Recent improvements include updated flooring, fresh paint, remodeled kitchen and bath updates, newer fixtures, and additional cosmetic enhancements that make this home feel fresh and inviting. The functional layout offers comfortable living spaces filled with natural light, while the basement provides extra storage potential. Outside, enjoy a spacious yard, detached garage, and convenient location close to parks, schools, shopping, and downtown Adrian amenities. Perfect for first-time buyers, downsizers, or investors seeking a turnkey opportunity.

7. 2017-09-22
   soldstatus $45,000
8. 2017-09-22
   soldstatus $39,000
9. 2017-09-22
   listed $49,000
10. 2017-07-21
    listed $49,900

ⓘ 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: $1,356 · $113/mo
• Projected year-2 tax: $1,598 · $133/mo
• Expected delta: +$242/yr (+$20/mo · 17.9%)

ⓘ 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 ≥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: $14,168
• − Mortgage interest: −$6,694
• − Property taxes: −$1,356
• − Insurance: −$598
• − Repairs & maintenance: −$1,133
• − Management: −$1,133
• − Depreciation: −$3,476
• Taxable loss: −$223
• Est. tax savings @ 24.0%: +$53
• After-tax cash flow: $1,773/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

+139.5% since first listed

10 events — show timeline

• 2026-05-23 Pending — REALCOMP
• 2026-05-23 Pending — MiRealSource-MiMLS
• 2026-05-23 Pending — SW Michigan MLS
• 2026-05-20 Listed $119,500 SW Michigan MLS
• 2026-05-20 Listed $119,500 MiRealSource-MiMLS
• 2026-05-20 Listed $119,500 REALCOMP
• 2017-09-22 Listed $49,000 REALCOMP
• 2017-09-22 Sold (MLS) $39,000 REALCOMP
• 2017-09-22 Sold (MLS) $45,000 REALCOMP
• 2017-07-21 Listed $49,900 REALCOMP

Property tax history

+1.0%/yr

Latest (2025): $1,356 · -21.4% YoY. Source: county tax records.