402 Shirley St NE · Grand Rapids, MI 49503

$169,900

3 bd · 1.0 ba · 972 sqft · SingleFamily public records · 6 Days on market

Built 1957 0.28 ac lot

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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 +23.3/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tons of potential in this 3 bedroom, 1 bathroom ranch-style home on the desirable Northeast side of Grand Rapids on a large lot with woods behind! Here's a great opportunity to own a property near downtown for a very reasonable price. The main floor features a living room, kitchen, 3 bedrooms, and a full bathroom. The lower level has some finished areas and a laundry/storage space. The property will likely need a new roof and some work in the basement, but is priced accordingly. Furnace and water heater have been replaced in the last 10 years. Open house is 4/25 from 10-11:30am. Seller has delayed review of offers until 4/27 at 7:00pm. Call for your private showing today!

Key facts

• Woods behind
• Finished areas
• Near downtown

Tags

• NORTHEAST SIDE OF GRAND RAPIDS
• LARGE LOT
• WOODS BEHIND
• NEAR DOWNTOWN
• FINISHED AREAS
• LAUNDRY STORAGE SPACE

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Natural gas available and connected; Electricity available; Cable connected; High-speed internet
• Home design: Ranch-style single family home; One-story; Public water
• Construction: Built in 1957; Shingle roof; Other construction materials
• Exterior features: Paved road access; Lot approximately 0.28 acres

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Has heating
• Interior features: 5 total rooms; Full basement
• Laundry & utility: Washer; Dryer; Natural gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $312 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 8.5% vs local median 4.5% in Grand Rapids — 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 83/100 on livability (#44 in MI, #939 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment C-, crime F.
• Grand Rapids Public Schools (urban): math 15% / reading 29% proficiency, ranked #451 of 540 in MI (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.8%/yr); 185 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 94% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• This rent runs 33% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Kent County population projected at +22% 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.
• 3 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 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,900

Questions for the listing agent

1. Built in 1957 — 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: 1.03% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.87%
• DSCR: 1.35
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.82% rent growth · sell at horizon

5-year hold

• IRR: -4.5%
• Equity multiple: 0.83×
• Total profit: $-8,010
• Equity at exit: $25,333

10-year hold

• IRR: 4.9%
• Equity multiple: 1.36×
• Total profit: $17,178
• Equity at exit: $14,690

Cash invested: $47,572 (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 49503

• Rents YoY: 2.8%
• Active inventory: 185
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,757 high
• Mortgage (P&I): −$891
• Tax from tax record: −$114 /mo · $1,369/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $312

Break-even live

Break-even rent $1,362

Max offer price $169,900

Occupancy floor 77%

Sensitivity live

Price	-10% $408	-5% $360	+0% $312	+5% $264	+10% $216
Rent	-10% $173	-5% $243	+0% $312	+5% $381	+10% $451
Rate	-1.0pp $398	-0.5pp $355	base $312	+0.5pp $268	+1.0pp $223

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
711 Clancy Ave NE Grand Rapids, MI	2.0	1.0	837	$1,345	$1.61	44d	1	0.32mi
818 Grand Ave NE Apt D Grand Rapids, MI	2.0	1.0	850	$1,400	$1.65	44d	1	0.39mi
733 Livingston Ave NE Grand Rapids, MI	2.0	1.0	900	$1,245	$1.38	44d	1	0.42mi
202 Leonard St NE Grand Rapids, MI	2.0	1.0	950	$1,200	$1.26	44d	1	0.46mi
120 Leonard St NE Unit 2 Grand Rapids, MI	2.0	1.0	750	$1,275	$1.70	44d	1	0.48mi
135 Page St NE Grand Rapids, MI	3.0	2.0	1100	$3,100	$2.82	44d	1	0.61mi
414 Benson Ave NE Grand Rapids, MI	1.0–3.0	1.0–2.0	1110	$2,673	$2.41	44d	14	0.62mi
1349 Maude Ave NE Grand Rapids, MI	2.0	1.0	600	$1,145	$1.91	44d	1	0.62mi
1314 Portland Ave NE Grand Rapids, MI	2.0	1.0	908	$1,425	$1.57	44d	1	0.69mi
507 Eastern Ave NE #2 Grand Rapids, MI	2.0	1.0	710	$1,495	$2.11	44d	1	0.69mi
1359 Plainfield Ave NE Grand Rapids, MI	2.0	1.0–2.0	720	$2,325	$3.23	4d	9	0.71mi
601 Bond Ave NW Grand Rapids, MI	1.0–2.0	1.0–2.0	853	$2,565	$3.01	44d	10	0.73mi
41 Caledonia St NE Unit 1 Grand Rapids, MI	2.0	1.0	800	$1,395	$1.74	44d	1	0.79mi
855 Michigan St NE Unit 205 Grand Rapids, MI	2.0	1.0	813	$1,575	$1.94	44d	1	0.82mi
50 Mathews Ct NE Grand Rapids, MI	3.0	1.5	1100	$1,850	$1.68	44d	1	0.85mi
201 Michigan St NW Grand Rapids, MI	1.0–2.0	1.0–2.0	981	$2,800	$2.85	44d	10	0.90mi
200 Ionia Ave NW Grand Rapids, MI	1.0–2.0	1.0	500	$1,246	$2.49	44d	3	0.94mi
407 11th St NW Unit C Grand Rapids, MI	2.0	1.0	772	$1,500	$1.94	44d	1	1.00mi
417 6th St NW Unit 1346768P Grand Rapids, MI	2.0	1.0	742	$2,794	$3.77	44d	1	1.03mi
139 Pearl St NW Unit 201 Grand Rapids, MI	2.0	1.0	769	$1,650	$2.15	44d	1	1.07mi
27 Library St NE #501 Grand Rapids, MI	2.0	2.0	1109	$2,925	$2.64	44d	1	1.07mi
138 Fulton St E Unit 2 Grand Rapids, MI	2.0	1.0	800	$1,800	$2.25	44d	1	1.14mi
17 Lafayette Ave SE Grand Rapids, MI	2.0	1.0–2.0	720	$2,125	$2.95	44d	7	1.15mi
239 Ann St NE Unit 1 Grand Rapids, MI	2.0	1.0	928	$1,300	$1.40	44d	1	1.17mi
555 7th St NW Grand Rapids, MI	2.0–4.0	2.0	547	$795	$1.45	44d	6	1.20mi
1335 Hamilton Ave NW Unit 2 Grand Rapids, MI	3.0	1.0	1124	$1,395	$1.24	44d	1	1.23mi
1044 Muskegon Ave NW Unit 2 Grand Rapids, MI	3.0	1.0	1100	$1,800	$1.64	44d	1	1.30mi
345 State St SE Grand Rapids, MI	2.0	2.0	1107	$1,280	$1.16	44d	2	1.31mi
547 Cherry St SE Grand Rapids, MI	2.0	1.0	521	$1,250	$2.40	44d	1	1.33mi
1844 Monroe Ave NW Grand Rapids, MI	2.0	1.0	1000	$2,050	$2.05	44d	1	1.35mi
608 Bridge St NW Grand Rapids, MI	2.0	1.0	1100	$1,595	$1.45	44d	1	1.36mi
216 Lafayette Ave SE Grand Rapids, MI	2.0	1.5	1000	$1,395	$1.40	44d	1	1.42mi
26 Cherry St SW Grand Rapids, MI	1.0–2.0	1.0–2.0	878	$1,275	$1.45	44d	2	1.44mi
209 Division Ave S Grand Rapids, MI	1.0–3.0	1.0–2.0	1180	$1,495	$1.27	22d	2	1.44mi

Listing history 6 events

1. 2026-04-29
   status Pending 680-char remark

   Show marketing remark (680 chars)

   Tons of potential in this 3 bedroom, 1 bathroom ranch-style home on the desirable Northeast side of Grand Rapids on a large lot with woods behind! Here's a great opportunity to own a property near downtown for a very reasonable price. The main floor features a living room, kitchen, 3 bedrooms, and a full bathroom. The lower level has some finished areas and a laundry/storage space. The property will likely need a new roof and some work in the basement, but is priced accordingly. Furnace and water heater have been replaced in the last 10 years. Open house is 4/25 from 10-11:30am. Seller has delayed review of offers until 4/27 at 7:00pm. Call for your private showing today!

2. 2026-04-29
   status Pending 680-char remark

   Show marketing remark (680 chars)

   Tons of potential in this 3 bedroom, 1 bathroom ranch-style home on the desirable Northeast side of Grand Rapids on a large lot with woods behind! Here's a great opportunity to own a property near downtown for a very reasonable price. The main floor features a living room, kitchen, 3 bedrooms, and a full bathroom. The lower level has some finished areas and a laundry/storage space. The property will likely need a new roof and some work in the basement, but is priced accordingly. Furnace and water heater have been replaced in the last 10 years. Open house is 4/25 from 10-11:30am. Seller has delayed review of offers until 4/27 at 7:00pm. Call for your private showing today!

3. 2026-04-29
   status Pending

   Show marketing remark (680 chars)

   Tons of potential in this 3 bedroom, 1 bathroom ranch-style home on the desirable Northeast side of Grand Rapids on a large lot with woods behind! Here's a great opportunity to own a property near downtown for a very reasonable price. The main floor features a living room, kitchen, 3 bedrooms, and a full bathroom. The lower level has some finished areas and a laundry/storage space. The property will likely need a new roof and some work in the basement, but is priced accordingly. Furnace and water heater have been replaced in the last 10 years. Open house is 4/25 from 10-11:30am. Seller has delayed review of offers until 4/27 at 7:00pm. Call for your private showing today!

4. 2026-04-21
   listed $169,900 Active 680-char remark

   Show marketing remark (680 chars)

   Tons of potential in this 3 bedroom, 1 bathroom ranch-style home on the desirable Northeast side of Grand Rapids on a large lot with woods behind! Here's a great opportunity to own a property near downtown for a very reasonable price. The main floor features a living room, kitchen, 3 bedrooms, and a full bathroom. The lower level has some finished areas and a laundry/storage space. The property will likely need a new roof and some work in the basement, but is priced accordingly. Furnace and water heater have been replaced in the last 10 years. Open house is 4/25 from 10-11:30am. Seller has delayed review of offers until 4/27 at 7:00pm. Call for your private showing today!

5. 2026-04-21
   listed $169,900 Active 680-char remark

   Show marketing remark (680 chars)

   Tons of potential in this 3 bedroom, 1 bathroom ranch-style home on the desirable Northeast side of Grand Rapids on a large lot with woods behind! Here's a great opportunity to own a property near downtown for a very reasonable price. The main floor features a living room, kitchen, 3 bedrooms, and a full bathroom. The lower level has some finished areas and a laundry/storage space. The property will likely need a new roof and some work in the basement, but is priced accordingly. Furnace and water heater have been replaced in the last 10 years. Open house is 4/25 from 10-11:30am. Seller has delayed review of offers until 4/27 at 7:00pm. Call for your private showing today!

6. 2026-04-21
   listed $169,900 Active

   Show marketing remark (680 chars)

   Tons of potential in this 3 bedroom, 1 bathroom ranch-style home on the desirable Northeast side of Grand Rapids on a large lot with woods behind! Here's a great opportunity to own a property near downtown for a very reasonable price. The main floor features a living room, kitchen, 3 bedrooms, and a full bathroom. The lower level has some finished areas and a laundry/storage space. The property will likely need a new roof and some work in the basement, but is priced accordingly. Furnace and water heater have been replaced in the last 10 years. Open house is 4/25 from 10-11:30am. Seller has delayed review of offers until 4/27 at 7:00pm. Call for your private showing today!

ⓘ 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: $1,369 · $114/mo
• Projected year-2 tax: $1,993 · $166/mo
• Expected delta: +$624/yr (+$52/mo · 45.6%)

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,081
• − Mortgage interest: −$9,517
• − Property taxes: −$1,369
• − Insurance: −$850
• − Repairs & maintenance: −$1,687
• − Management: −$1,687
• − Depreciation: −$4,943
• Taxable income: $1,030
• Est. tax owed @ 24.0%: −$247
• After-tax cash flow: $3,497/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: Grand Rapids Public Schools
• NCES district ID: 2616440
• Math proficiency: 15% ▼ -5.00%
• Reading proficiency: 29% ▼ -1.00%
• Median HH income: $40,612
• Composite: 18.62/100
• National rank: #8899
• State rank: #451 of 540 in MI

Livability — Grand Rapids

• Score: 83/100
• State rank: #44
• US rank: #939

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grand Rapids, MI
• County: Kent County · 533,805 people
• City population: 181,325
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 39,489
• Household income: $64,661
• Rent vs Own: 63.8% rent · 36.2% own
• Severe rent burden: 1891.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 712,484 people
• By 2030: 748,618 · +5.1%
• By 2040: 814,777 · +14.4%
• By 2050: 868,556 · +21.9%
• By 2075: 966,487 · +35.7%
• By 2100: 967,975 · +35.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 59% Hispanic / Latino 19% Two or more races 14% Black 14% Asian 3%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Iranian 10% Romanian 7% Slovak 2%
• Foreign-born: 11% · Canada, South Korea, China
• Languages at home: 82% English-only · Spanish 15% Chinese 1%

Political lean MEDSL · Kent

• 2024 margin: Lean D (+5.4) · D 51.8% · R 46.5% · Other 1.7%
• 2008→2024 swing: +4.8pp toward D · 2008: 0.5pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+6.1 2016: R+3.1 2012: R+7.9 2008: D+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -347.22%
• Current HPI: 312.3878
• Rent YoY: ▲ 2.82%
• Metro: Grand Rapids-Kentwood, 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

+0.0% since first listed

6 events — show timeline

• 2026-04-29 Pending — REALCOMP
• 2026-04-29 Pending — MiRealSource-MiMLS
• 2026-04-29 Pending — SW Michigan MLS
• 2026-04-21 Listed $169,900 SW Michigan MLS
• 2026-04-21 Listed $169,900 MiRealSource-MiMLS
• 2026-04-21 Listed $169,900 REALCOMP

Property tax history

-3.4%/yr

Latest (2025): $1,369 · -3.6% YoY. Source: county tax records.