321 Cherry St · Adrian, MI 49221

$110,000

2 bd · 1.5 ba · 912 sqft · SingleFamily · 4 Days on market

Built 1910 5,663 sqft lot Est $145k · 24% under ↓ 15% since listing

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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 +27.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +7.4/10.0
• 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

Classic charm meets endless potential! Featuring 2 bedrooms and 1.5 bathrooms, this home includes a cozy eat-in kitchen, upstairs primary with private loft space, and a unfinished basement ready for future possibilities. Enjoy the quiet backyard perfect for relaxing mornings or evening entertainment, and don't miss the attached shed, offering convenient extra storage for garden tools or seasonal decor. Not to mention it's just half a mile from Downtown Adrian- only a 15 minute walk to shops, dining, and all your local favorites. This home is ready for it's next chapter, making it a great opportunity to personalize to your taste while preserving it's original character.

Key facts

• Unfinished basement
• Eat-in kitchen
• Private loft space

Tags

• EAT-IN KITCHEN
• PRIVATE LOFT SPACE
• UNFINISHED BASEMENT
• QUIET BACKYARD
• ATTACHED SHED

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two stories; Ground-level entry with steps
• Construction: Aluminum siding; Block foundation; Built with above-grade finished area of 912 square feet
• Exterior features: Paved road access; Lot approximately 0.13 acres (50 x 115)

Interior

• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement; Six total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 9.6% vs local median 5.6% 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: 212 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $761 of loan paydown is wiped out by about $3k 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 $31k cash investment doubles in ~10 years — after that, you're playing with house money.

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 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000

Questions for the listing agent

1. Built in 1910 — 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. 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.
5. 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.
6. 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: 1.24% ✓
• Cap rate: 9.65%
• Cash-on-cash: 11.98%
• DSCR: 1.53
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $145,008
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 Cherry St	0.00mi	2/1.5	912 (0%)	1mo	$110,000	$121	99
338 Greenly St	0.09mi	2/1.0	994 (+9%)	8mo	$125,000	$126	72
640 Helme Ave	0.39mi	3/2.0 (+1)	910 (-0%)	19mo	$170,000	$187	59
559 Northwestern Dr	0.35mi	3/1.0 (+1)	1,008 (+10%)	3mo	$130,000	$129	57
528 Stockford Dr	0.35mi	3/1.0 (+1)	988 (+8%)	8mo	$170,000	$172	56
371 Riverside Ave	0.45mi	3/1.0 (+1)	988 (+8%)	3mo	$160,000	$162	55
614 Company St	0.19mi	2/1.0	784 (-14%)	20mo	$15,000	$19	49
447 Allis St	0.65mi	2/1.0	889 (-2%)	18mo	$135,000	$152	49
313 Rice St	0.66mi	2/1.0	813 (-11%)	1mo	$120,000	$148	48
925 W Maple Ave	0.50mi	2/1.0	978 (+7%)	19mo	$167,140	$171	47
531 Stockford Dr	0.37mi	3/1.0 (+1)	988 (+8%)	19mo	$156,900	$159	46
155 S Scott St	0.70mi	3/1.5 (+1)	988 (+8%)	3mo	$160,000	$162	46

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: 1.5%
• Equity multiple: 1.06×
• Total profit: $1,791
• Equity at exit: $16,401

10-year hold

• IRR: 11.1%
• Equity multiple: 1.87×
• Total profit: $26,896
• Equity at exit: $9,511

Cash invested: $30,800 (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: 212
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,368 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$150 /mo · $1,803/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $308

Break-even live

Break-even rent $978

Max offer price $110,000

Occupancy floor 73%

Sensitivity live

Price	-10% $370	-5% $339	+0% $308	+5% $276	+10% $245
Rent	-10% $199	-5% $254	+0% $308	+5% $362	+10% $416
Rate	-1.0pp $363	-0.5pp $336	base $308	+0.5pp $279	+1.0pp $250

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
413 E Maple Ave Unit 1 Adrian, MI	2.0	1.0	826	$1,500	$1.82	24d	1	0.71mi
413 E Maple Ave Unit 2 Adrian, MI	2.0	1.0	652	$1,200	$1.84	24d	1	0.71mi

Listing history 5 events

1. 2026-05-05
   status Pending 677-char remark

   Show marketing remark (677 chars)

   Classic charm meets endless potential! Featuring 2 bedrooms and 1.5 bathrooms, this home includes a cozy eat-in kitchen, upstairs primary with private loft space, and a unfinished basement ready for future possibilities. Enjoy the quiet backyard perfect for relaxing mornings or evening entertainment, and don't miss the attached shed, offering convenient extra storage for garden tools or seasonal decor. Not to mention it's just half a mile from Downtown Adrian- only a 15 minute walk to shops, dining, and all your local favorites. This home is ready for it's next chapter, making it a great opportunity to personalize to your taste while preserving it's original character.

2. 2026-05-05
   status Pending

   Show marketing remark (677 chars)

   Classic charm meets endless potential! Featuring 2 bedrooms and 1.5 bathrooms, this home includes a cozy eat-in kitchen, upstairs primary with private loft space, and a unfinished basement ready for future possibilities. Enjoy the quiet backyard perfect for relaxing mornings or evening entertainment, and don't miss the attached shed, offering convenient extra storage for garden tools or seasonal decor. Not to mention it's just half a mile from Downtown Adrian- only a 15 minute walk to shops, dining, and all your local favorites. This home is ready for it's next chapter, making it a great opportunity to personalize to your taste while preserving it's original character.

3. 2026-05-01
   listed $110,000 Active 677-char remark

   Show marketing remark (677 chars)

   Classic charm meets endless potential! Featuring 2 bedrooms and 1.5 bathrooms, this home includes a cozy eat-in kitchen, upstairs primary with private loft space, and a unfinished basement ready for future possibilities. Enjoy the quiet backyard perfect for relaxing mornings or evening entertainment, and don't miss the attached shed, offering convenient extra storage for garden tools or seasonal decor. Not to mention it's just half a mile from Downtown Adrian- only a 15 minute walk to shops, dining, and all your local favorites. This home is ready for it's next chapter, making it a great opportunity to personalize to your taste while preserving it's original character.

4. 2026-05-01
   listed $110,000 Active

   Show marketing remark (677 chars)

   Classic charm meets endless potential! Featuring 2 bedrooms and 1.5 bathrooms, this home includes a cozy eat-in kitchen, upstairs primary with private loft space, and a unfinished basement ready for future possibilities. Enjoy the quiet backyard perfect for relaxing mornings or evening entertainment, and don't miss the attached shed, offering convenient extra storage for garden tools or seasonal decor. Not to mention it's just half a mile from Downtown Adrian- only a 15 minute walk to shops, dining, and all your local favorites. This home is ready for it's next chapter, making it a great opportunity to personalize to your taste while preserving it's original character.

5. 2025-02-21
   soldstatus $130,000

ⓘ 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: $1,803 · $150/mo
• Projected year-2 tax: $1,803 · $150/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 ≥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: $16,412
• − Mortgage interest: −$6,162
• − Property taxes: −$1,803
• − Insurance: −$550
• − Repairs & maintenance: −$1,313
• − Management: −$1,313
• − Depreciation: −$3,200
• Taxable income: $2,072
• Est. tax owed @ 24.0%: −$497
• After-tax cash flow: $3,193/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
• 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

-15.4% since first listed

5 events — show timeline

• 2026-05-05 Pending — MiRealSource-MiMLS
• 2026-05-05 Pending — REALCOMP
• 2026-05-01 Listed $110,000 REALCOMP
• 2026-05-01 Listed $110,000 MiRealSource-MiMLS
• 2025-02-21 Sold (Public Records) $130,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $1,803 · -22.3% YoY. Source: county tax records.