2269 S Circle Dr · Ann Arbor, MI 48103

$325,000

3 bd · 1.0 ba · 920 sqft · SingleFamily public records · 6 Days on market

Built 1956 6,098 sqft lot $353/sqft · 17% below area Est $392k · 17% under

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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).

• ARV discount +15.0/15.0
• Schools +6.5/10.0
• Cash flow +6.2/30.0
• Livability +4.4/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 2269 S Circle Dr, a beautifully maintained 3-bedroom, 1 bath ranch offering 900+ sq feet. Step inside to a bright and inviting living area, highlighted by large windows that fill the space with warm natural light. The kitchen offers ample cabinet storage and a functional layout, perfect for everyday cooking or entertaining. All three bedrooms are generously sized and designed for comfort. Full bath located between bedrooms. Unfinished basement provides the option to expand your living options featuring excellent storage and versatile space. Outside, enjoy a large fenced-in backyard complete with a nice sized deck. Conveniently located near parks, schools, shopping, and major freeways, this move-in-ready home combines comfort, functionality, and accessibility. Don't miss your chance to make it yours! Minutes away from U of M campus and hospital!

Key facts

• Large windows
• Unfinished basement
• Nice sized deck

Tags

• LARGE WINDOWS
• AMPLE CABINET STORAGE
• UNFINISHED BASEMENT
• LARGE FENCED-IN BACKYARD
• NICE SIZED DECK
• MINUTES AWAY FROM HOSPITAL

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Ground-level entry
• Construction: Wood siding exterior
• Exterior features: Paved road access; Lot roughly 60 x 100 (0.14 acre)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No cooling
• Interior features: Total of 5 rooms; Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $325k.

Deal economics

• At list price, monthly cash flow is $-591 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $221k (32.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $256k (21.3% below list).
• Recommended offer: $221k (32.1% below list) — sets the bar for cash-flow.
• Cap rate 4.1% vs local median 2.4% 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: amenities A+, commute A+, employment 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.
• Zoned schools: Ann Arbor Open At Mack School (math 74% / reading 84%, grade A, #21 of 1,397 statewide, top 2%, 517 students, 11% FRL); Slauson Middle School (math 67% / reading 87%, grade A, #7 of 493 statewide, top 1%, 736 students, 21% FRL); Skyline High School (math 77% / reading 87%, grade A, #4 of 713 statewide, top 1%, 1,315 students, 20% FRL) — zoned schools at 17% FRL track the district average.
• Market conditions: Rents flat; 238 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 3y ago; this cycle's ask is 14030% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $220,610 (32.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.79% ✗
• Cap rate: 4.11%
• Cash-on-cash: -7.79%
• DSCR: 0.65
• GRM: 10.6

CMA / ARV

• ARV (median comp): $392,126
• List price: $325,000
• Delta: -17.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2269 S Circle Dr	0.00mi	3/1.0	920 (0%)	0mo	$327,500	$356	100
1114 N Maple Rd	0.23mi	3/1.5	975 (+6%)	1mo	$325,000	$333	77
2344 S Circle Dr	0.10mi	3/1.0	1,025 (+11%)	3mo	$415,000	$405	74
1420 Hatcher Crescent Cres	0.24mi	3/1.0	988 (+7%)	7mo	$340,000	$344	71
1322 Miller Ave	0.71mi	3/1.0	936 (+2%)	2mo	$310,000	$331	63
635 Dellwood Dr	0.52mi	3/1.5	1,008 (+10%)	2mo	$307,500	$305	56
1043 Pine Tree Dr	0.52mi	3/1.0	1,025 (+11%)	2mo	$399,900	$390	55
701 Pomona Rd	0.74mi	2/1.0 (-1)	944 (+3%)	5mo	$365,000	$387	52
110 Fairview Dr	0.61mi	2/1.0 (-1)	984 (+7%)	10mo	$376,000	$382	46
117 Longman Ln	0.57mi	3/1.5	1,008 (+10%)	13mo	$478,000	$474	45
597 Kuehnle Ave	0.63mi	3/2.0	1,044 (+14%)	1mo	$466,400	$447	43
1848 Calvin St	0.66mi	2/2.0 (-1)	816 (-11%)	7mo	$235,000	$288	35

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 · 0.12% rent growth · sell at horizon

5-year hold

• IRR: -33.8%
• Equity multiple: -0.07×
• Total profit: $-97,238
• Equity at exit: $48,459

10-year hold

• IRR: -68.5%
• Equity multiple: -0.76×
• Total profit: $-159,962
• Equity at exit: $28,100

Cash invested: $91,000 (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: 238
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,556 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$771 /mo · $9,247/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$537
• Net cashflow: $-591

Break-even live

Break-even rent $3,304

Max offer price $220,610

Occupancy floor —

Sensitivity live

Price	-10% $-407	-5% $-499	+0% $-591	+5% $-683	+10% $-775
Rent	-10% $-793	-5% $-692	+0% $-591	+5% $-490	+10% $-389
Rate	-1.0pp $-427	-0.5pp $-508	base $-591	+0.5pp $-675	+1.0pp $-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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 9 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	45d	1	0.16mi
2546 Pamela Ave Ann Arbor, MI	3.0	1.0	1050	$2,300	$2.19	45d	1	0.29mi
1649 N Maple Rd Ann Arbor, MI	1.0–2.0	1.0	942	$1,995	$2.12	14d	1	0.53mi
1716 Jackson Ave Ann Arbor, MI	2.0	1.0	950	$2,500	$2.63	45d	1	0.71mi
714 Pomona Rd Ann Arbor, MI	3.0	1.0	864	$3,000	$3.47	15d	1	0.75mi
1730 W Liberty St Ann Arbor, MI	3.0	1.5	1080	$2,800	$2.59	45d	1	1.03mi
65 Westover St Ann Arbor, MI	2.0	1.0	975	$1,950	$2.00	15d	1	1.14mi
1980 Pauline Blvd Ann Arbor, MI	1.0–2.0	1.0	718	$1,549	$2.16	45d	6	1.49mi
111 N Ashley St Ann Arbor, MI	1.0–2.0	1.0–2.0	803	$4,000	$4.98	45d	3	1.50mi

Listing history 14 events

1. 2026-05-13
   historical $2,300
2. 2026-05-03
   status Pending 867-char remark

   Show marketing remark (867 chars)

   Welcome to 2269 S Circle Dr, a beautifully maintained 3-bedroom, 1 bath ranch offering 900+ sq feet. Step inside to a bright and inviting living area, highlighted by large windows that fill the space with warm natural light. The kitchen offers ample cabinet storage and a functional layout, perfect for everyday cooking or entertaining. All three bedrooms are generously sized and designed for comfort. Full bath located between bedrooms. Unfinished basement provides the option to expand your living options featuring excellent storage and versatile space. Outside, enjoy a large fenced-in backyard complete with a nice sized deck. Conveniently located near parks, schools, shopping, and major freeways, this move-in-ready home combines comfort, functionality, and accessibility. Don't miss your chance to make it yours! Minutes away from U of M campus and hospital!

3. 2026-05-03
   status Pending 873-char remark

   Show marketing remark (867 chars)

   Welcome to 2269 S Circle Dr, a beautifully maintained 3-bedroom, 1 bath ranch offering 900+ sq feet. Step inside to a bright and inviting living area, highlighted by large windows that fill the space with warm natural light. The kitchen offers ample cabinet storage and a functional layout, perfect for everyday cooking or entertaining. All three bedrooms are generously sized and designed for comfort. Full bath located between bedrooms. Unfinished basement provides the option to expand your living options featuring excellent storage and versatile space. Outside, enjoy a large fenced-in backyard complete with a nice sized deck. Conveniently located near parks, schools, shopping, and major freeways, this move-in-ready home combines comfort, functionality, and accessibility. Don't miss your chance to make it yours! Minutes away from U of M campus and hospital!

4. 2026-04-29
   listed $2,300
5. 2026-04-27
   listed $325,000 Active 873-char remark

   Show marketing remark (867 chars)

   Welcome to 2269 S Circle Dr, a beautifully maintained 3-bedroom, 1 bath ranch offering 900+ sq feet. Step inside to a bright and inviting living area, highlighted by large windows that fill the space with warm natural light. The kitchen offers ample cabinet storage and a functional layout, perfect for everyday cooking or entertaining. All three bedrooms are generously sized and designed for comfort. Full bath located between bedrooms. Unfinished basement provides the option to expand your living options featuring excellent storage and versatile space. Outside, enjoy a large fenced-in backyard complete with a nice sized deck. Conveniently located near parks, schools, shopping, and major freeways, this move-in-ready home combines comfort, functionality, and accessibility. Don't miss your chance to make it yours! Minutes away from U of M campus and hospital!

6. 2026-04-27
   listed $325,000 Active 867-char remark

   Show marketing remark (867 chars)

   Welcome to 2269 S Circle Dr, a beautifully maintained 3-bedroom, 1 bath ranch offering 900+ sq feet. Step inside to a bright and inviting living area, highlighted by large windows that fill the space with warm natural light. The kitchen offers ample cabinet storage and a functional layout, perfect for everyday cooking or entertaining. All three bedrooms are generously sized and designed for comfort. Full bath located between bedrooms. Unfinished basement provides the option to expand your living options featuring excellent storage and versatile space. Outside, enjoy a large fenced-in backyard complete with a nice sized deck. Conveniently located near parks, schools, shopping, and major freeways, this move-in-ready home combines comfort, functionality, and accessibility. Don't miss your chance to make it yours! Minutes away from U of M campus and hospital!

7. 2026-04-10
   historical $2,300
8. 2026-03-28
   price $2,300
9. 2026-03-07
   listed $2,400
10. 2026-03-07
    historical $2,400
11. 2026-03-07
    listed $2,400
12. 2024-01-27
    historical $2,250
13. 2023-11-27
    price $2,250
14. 2023-11-07
    listed $2,500

ⓘ 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: $9,247 · $771/mo
• Projected year-2 tax: $9,247 · $771/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: $30,674
• − Mortgage interest: −$18,205
• − Property taxes: −$9,247
• − Insurance: −$1,625
• − Repairs & maintenance: −$2,454
• − Management: −$2,454
• − Depreciation: −$9,455
• Taxable loss: −$12,765
• Est. tax savings @ 24.0%: +$3,064
• After-tax cash flow: $-4,028/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

+13000.0% since first listed

17 events — show timeline

• 2026-06-18 Sold (MLS) $327,500 REALCOMP
• 2026-06-18 Sold (MLS) $327,500 REALCOMP
• 2026-06-18 Sold (MLS) $327,500 MiRealSource-MiMLS
• 2026-05-13 Rental Removed $2,300 REALSOURCE
• 2026-05-03 Pending — MiRealSource-MiMLS
• 2026-05-03 Pending — REALCOMP
• 2026-04-29 Listed for Rent $2,300 REALSOURCE
• 2026-04-27 Listed $325,000 REALCOMP
• 2026-04-27 Listed $325,000 MiRealSource-MiMLS
• 2026-04-10 Rental Removed $2,300 REALSOURCE
• 2026-03-28 Price Changed $2,300 REALSOURCE
• 2026-03-07 Listed for Rent $2,400 REALSOURCE
• 2026-03-07 Rental Removed $2,400 REALCOMP
• 2026-03-07 Listed for Rent $2,400 REALCOMP
• 2024-01-27 Rental Removed $2,250 REALSOURCE
• 2023-11-27 Price Changed $2,250 REALSOURCE
• 2023-11-07 Listed for Rent $2,500 REALSOURCE

Property tax history

+10.6%/yr

Latest (2025): $9,247 · +2.9% YoY. Source: county tax records.