1320 Winters Dr · Portage, MI 49002

$274,000

6 bd · 3.9 ba · — sqft · SingleFamily · 90 Days on market

Built 1952 7,405 sqft lot Est $211k · 30% over

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Why this score? — see what drove the C 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 +25.3/30.0
• DSCR +8.3/10.0
• 1% rule +7.6/10.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity meets prime location with this well-positioned 3-unit investment property in the highly desirable Portage School district. Major groundwork has already been completed, including new separate electrical service panels with drop meter and extensive tree removal--setting the stage for a smooth and profitable investment. The main floor unit features comfortable, convenient living with 2 bedrooms, a cozy fireplace, in-unit laundry, and separately metered utilities. Upstairs, you'll find two additional 2-bedroom units--each offering sought-after amenities like bright sunrooms and attached garage parking, a rare find that attracts and retains quality tenants. One upper unit has been refreshed with new flooring and paint, while the other presents a value-add opportunity for customization and increased rental potential. Whether you're expanding your portfolio or entering the multi-family market, this property delivers immediate income potential with room to increase returns.

Key facts

• New flooring
• In-unit laundry
• Bright sunrooms

Tags

• PORTAGE SCHOOL DISTRICT
• IN-UNIT LAUNDRY
• SEPARATELY METERED UTILITIES
• BRIGHT SUNROOMS
• ATTACHED GARAGE PARKING
• NEW FLOORING

What this means for you Summary

Snapshot

• This is a 6-bed/3.9-bath single-family listed at $274k.

Deal economics

• At list price, monthly cash flow is $624 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $274k).
• Recommended offer: $258k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.3% in Portage — 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 79/100 on livability (#90 in MI, #2,044 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities D-, commute F.
• Portage Public Schools (urban): math 48% / reading 63% proficiency, ranked #67 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+11.3%/yr); 127 active listings in the ZIP; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• At $3,454/mo this rent would consume 56% of the median local household income ($74k/yr) (locally 462% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $77k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($258k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 36y ago; this cycle's ask has dropped $18k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $257,559 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. Crime grade is D 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?
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: 1.26% ✓
• Cap rate: 9.02%
• Cash-on-cash: 9.76%
• DSCR: 1.43
• GRM: 6.6

CMA / ARV

• ARV (median comp): $211,227
• List price: $274,000
• Delta: 29.72%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5228 Ridgebrook Dr	0.55mi	5/3.5 (-1)	4,793	1mo	$765,500	$160	54
2010 Winters Dr	0.43mi	5/3.5 (-1)	3,210	11mo	$345,000	$107	52
5359 Woodmont Dr	0.44mi	5/4.0 (-1)	4,194	12mo	$450,000	$107	52
1423 Hamelink Dr	0.11mi	5/2.0 (-1)	1,953	24mo	$350,000	$179	50

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 4.4%
• Equity multiple: 1.18×
• Total profit: $13,763
• Equity at exit: $40,854

10-year hold

• IRR: 18.3%
• Equity multiple: 2.92×
• Total profit: $146,951
• Equity at exit: $23,691

Cash invested: $76,720 (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 49002

• Rents YoY: 11.3%
• Active inventory: 127
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $3,454 medium
• Mortgage (P&I): −$1,437
• Tax from tax record: −$553 /mo · $6,641/yr
• Insurance: −$114
• HOA: −$0
• Vacancy / Maint / Mgmt: −$725
• Net cashflow: $624

Break-even live

Break-even rent $2,664

Max offer price $274,000

Occupancy floor 77%

Sensitivity live

Price	-10% $779	-5% $701	+0% $624	+5% $546	+10% $469
Rent	-10% $351	-5% $487	+0% $624	+5% $760	+10% $897
Rate	-1.0pp $762	-0.5pp $693	base $624	+0.5pp $553	+1.0pp $481

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: $68,500
• Closing costs: $8,220
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-18
   days on market $274,000 Active 90 DOM
2. 2026-06-17
   days on market $274,000 Active 89 DOM
3. 2026-06-16
   days on market $274,000 Active 88 DOM
4. 2026-06-15
   days on market $274,000 Active 87 DOM
5. 2026-06-14
   days on market $274,000 Active 85 DOM
6. 2026-06-13
   days on market $274,000 Active 84 DOM
7. 2026-06-10
   days on market $274,000 Active 82 DOM
8. 2026-06-09
   days on market $274,000 Active 81 DOM
9. 2026-06-08
   days on market $274,000 Active 80 DOM
10. 2026-06-07
    days on market $274,000 Active 79 DOM
11. 2026-06-05
    days on market $274,000 Active 76 DOM
12. 2026-06-03
    days on market $274,000 Active 75 DOM
13. 2026-06-02
    days on market $274,000 Active 74 DOM
14. 2026-06-01
    days on market $274,000 Active 73 DOM
15. 2026-05-31
    days on market $274,000 Active 72 DOM
16. 2026-05-30
    days on market $274,000 Active 71 DOM
17. 2026-05-08
    price $274,000 992-char remark

    Show marketing remark (992 chars)

    Opportunity meets prime location with this well-positioned 3-unit investment property in the highly desirable Portage School district. Major groundwork has already been completed, including new separate electrical service panels with drop meter and extensive tree removal--setting the stage for a smooth and profitable investment. The main floor unit features comfortable, convenient living with 2 bedrooms, a cozy fireplace, in-unit laundry, and separately metered utilities. Upstairs, you'll find two additional 2-bedroom units--each offering sought-after amenities like bright sunrooms and attached garage parking, a rare find that attracts and retains quality tenants. One upper unit has been refreshed with new flooring and paint, while the other presents a value-add opportunity for customization and increased rental potential. Whether you're expanding your portfolio or entering the multi-family market, this property delivers immediate income potential with room to increase returns.

18. 2026-05-08
    price $274,000 992-char remark

    Show marketing remark (992 chars)

    Opportunity meets prime location with this well-positioned 3-unit investment property in the highly desirable Portage School district. Major groundwork has already been completed, including new separate electrical service panels with drop meter and extensive tree removal--setting the stage for a smooth and profitable investment. The main floor unit features comfortable, convenient living with 2 bedrooms, a cozy fireplace, in-unit laundry, and separately metered utilities. Upstairs, you'll find two additional 2-bedroom units--each offering sought-after amenities like bright sunrooms and attached garage parking, a rare find that attracts and retains quality tenants. One upper unit has been refreshed with new flooring and paint, while the other presents a value-add opportunity for customization and increased rental potential. Whether you're expanding your portfolio or entering the multi-family market, this property delivers immediate income potential with room to increase returns.

19. 2026-03-20
    listed $292,000 Active 992-char remark

    Show marketing remark (992 chars)

    Opportunity meets prime location with this well-positioned 3-unit investment property in the highly desirable Portage School district. Major groundwork has already been completed, including new separate electrical service panels with drop meter and extensive tree removal--setting the stage for a smooth and profitable investment. The main floor unit features comfortable, convenient living with 2 bedrooms, a cozy fireplace, in-unit laundry, and separately metered utilities. Upstairs, you'll find two additional 2-bedroom units--each offering sought-after amenities like bright sunrooms and attached garage parking, a rare find that attracts and retains quality tenants. One upper unit has been refreshed with new flooring and paint, while the other presents a value-add opportunity for customization and increased rental potential. Whether you're expanding your portfolio or entering the multi-family market, this property delivers immediate income potential with room to increase returns.

20. 2026-03-20
    listed $292,000 Active 992-char remark

    Show marketing remark (992 chars)

    Opportunity meets prime location with this well-positioned 3-unit investment property in the highly desirable Portage School district. Major groundwork has already been completed, including new separate electrical service panels with drop meter and extensive tree removal--setting the stage for a smooth and profitable investment. The main floor unit features comfortable, convenient living with 2 bedrooms, a cozy fireplace, in-unit laundry, and separately metered utilities. Upstairs, you'll find two additional 2-bedroom units--each offering sought-after amenities like bright sunrooms and attached garage parking, a rare find that attracts and retains quality tenants. One upper unit has been refreshed with new flooring and paint, while the other presents a value-add opportunity for customization and increased rental potential. Whether you're expanding your portfolio or entering the multi-family market, this property delivers immediate income potential with room to increase returns.

21. 2025-01-10
    soldstatus $255,000 Closed
22. 2025-01-10
    soldstatus $255,000 Closed
23. 2024-12-17
    status Pending
24. 2024-12-02
    status Pending
25. 2024-12-02
    status Pending
26. 2024-11-19
    listed $250,000 Active
27. 2024-11-19
    listed $250,000 Active
28. 2022-06-14
    soldstatus $234,900
29. 2022-06-03
    soldstatus $234,900 Sold
30. 2022-06-03
    soldstatus $234,900 Sold
31. 2022-04-14
    status Pending
32. 2022-04-14
    status Pending
33. 2022-04-08
    listed $234,900 Active
34. 2022-04-08
    listed $234,900 Active
35. 2014-10-17
    historical
36. 2014-10-17
    historical
37. 1992-10-26
    soldstatus $70,913
38. 1992-07-01
    listed $72,900
39. 1991-09-19
    listed $76,000
40. 1990-10-04
    listed $74,500

ⓘ 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: $6,641 · $553/mo
• Projected year-2 tax: $6,641 · $553/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 2/10 Low 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,443
• − Mortgage interest: −$15,348
• − Property taxes: −$6,641
• − Insurance: −$1,370
• − Repairs & maintenance: −$3,315
• − Management: −$3,315
• − Depreciation: −$7,971
• Taxable income: $3,481
• Est. tax owed @ 24.0%: −$835
• After-tax cash flow: $6,650/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: Portage Public Schools
• NCES district ID: 2628950
• Math proficiency: 48% ▼ -9.00%
• Reading proficiency: 63% ▼ -2.00%
• Median HH income: $61,322
• Composite: 48.37/100
• National rank: #2142
• State rank: #67 of 540 in MI

Livability — Portage

• Score: 79/100
• State rank: #90
• US rank: #2044

Category grades

Amenities D- Commute F Cost of living A+ Crime D+ Employment C+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portage, MI
• County: Kalamazoo County · 224,317 people
• City population: 50,560
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 19,737
• Household income: $73,647
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 462.0

Population outlook (Kalamazoo County) Hauer SSP2

• Today (2025): 280,982 people
• By 2030: 292,068 · +3.9%
• By 2040: 312,191 · +11.1%
• By 2050: 331,196 · +17.9%
• By 2075: 379,021 · +34.9%
• By 2100: 396,579 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 8% Hispanic / Latino 5% Black 4%
• Common ancestry: Iranian 9% Romanian 6% Portuguese 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Kalamazoo

• 2024 margin: D (+17.7) · D 58.0% · R 40.3% · Other 1.7%
• 2008→2024 swing: -1.8pp toward R · 2008: 19.5pp · 2024: 17.7pp
• All cycles: 2024: D+17.7 2020: D+18.7 2016: D+12.8 2012: D+13.3 2008: D+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -319.17%
• Current HPI: 219.4489
• Rent YoY: ▲ 11.29%
• Metro: Kalamazoo-Portage, 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

+267.8% since first listed

24 events — show timeline

• 2026-05-08 Price Changed $274,000 MiRealSource-MiMLS
• 2026-05-08 Price Changed $274,000 REALCOMP
• 2026-03-20 Listed $292,000 REALCOMP
• 2026-03-20 Listed $292,000 MiRealSource-MiMLS
• 2025-01-10 Sold (MLS) $255,000 MiRealSource-MiMLS
• 2025-01-10 Sold (MLS) $255,000 REALCOMP
• 2024-12-17 Pending — REALCOMP
• 2024-12-02 Pending — REALCOMP
• 2024-12-02 Pending — MiRealSource-MiMLS
• 2024-11-19 Listed $250,000 MiRealSource-MiMLS
• 2024-11-19 Listed $250,000 REALCOMP
• 2022-06-14 Sold (Public Records) $234,900 Public Records
• 2022-06-03 Sold (MLS) $234,900 SW Michigan MLS
• 2022-06-03 Sold (MLS) $234,900 REALCOMP
• 2022-04-14 Pending — SW Michigan MLS
• 2022-04-14 Pending — REALCOMP
• 2022-04-08 Listed $234,900 SW Michigan MLS
• 2022-04-08 Listed $234,900 REALCOMP
• 2014-10-17 Listing Removed — SW Michigan MLS
• 2014-10-17 Listing Removed — SW Michigan MLS
• 1992-10-26 Sold (MLS) $70,913 SW Michigan MLS
• 1992-07-01 Listed $72,900 SW Michigan MLS
• 1991-09-19 Listed $76,000 SW Michigan MLS
• 1990-10-04 Listed $74,500 SW Michigan MLS

Property tax history

+5.2%/yr

Latest (2025): $6,641 · +3.0% YoY. Source: county tax records.