1117 Martin Luther King Jr St SE · Grand Rapids, MI 49507

$180,000

2 bd · 2.0 ba · 1,681 sqft · SingleFamily public records · 101 Days on market

Built 1940 5,445 sqft lot $107/sqft · 64% below area

---

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 +21.7/30.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• DSCR +6.9/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located on Grand Rapids' Southeast side near the newly renovated MLK Park, this 3-bedroom, 2-bath home presents an exciting opportunity for buyers ready to add value through updates and improvements. With a convenient location close to downtown Grand Rapids and surrounding amenities, this property offers strong potential for equity growth. The home is being sold as-is.

Key facts

• 5,445 sq ft lot
• Garage
• Built 1940

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $164k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 fast (+4.7%/yr); 178 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% 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 43% of the median local income ($61k/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

• It's been on market 101 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 38y 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 $13k; list at $180k implies a 1285% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $163,800 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.23% ✓
• Cap rate: 8.13%
• Cash-on-cash: 6.57%
• DSCR: 1.29
• GRM: 6.8

CMA / ARV

• ARV (median comp): $499,391
• List price: $180,000
• Delta: -63.96%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
709 Gladstone Dr SE	0.61mi	3/1.5 (+1)	1,574 (-6%)	8mo	$455,000	$289	47

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 · 4.74% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-7,480
• Equity at exit: $26,839

10-year hold

• IRR: 8.0%
• Equity multiple: 1.67×
• Total profit: $33,540
• Equity at exit: $15,563

Cash invested: $50,400 (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 49507

• Rents YoY: 4.7%
• Active inventory: 178
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,207 high
• Mortgage (P&I): −$944
• Tax from tax record: −$449 /mo · $5,382/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $276

Break-even live

Break-even rent $1,858

Max offer price $180,000

Occupancy floor 82%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1333 Wealthy St SE Unit 2 Grand Rapids, MI	2.0	1.0	1113	$1,900	$1.71	43d	1	0.54mi
258 Orchard Hill St SE Grand Rapids, MI	3.0	1.0	1300	$1,900	$1.46	43d	1	0.60mi
550 Union Ave SE Grand Rapids, MI	3.0	1.5	1743	$2,800	$1.61	43d	1	0.70mi
325 Norwood Ave SE Grand Rapids, MI	3.0	1.5	1398	$2,700	$1.93	23d	1	0.74mi
414 Paris Ave SE Grand Rapids, MI	3.0	1.5	1700	$2,850	$1.68	43d	1	0.83mi
1400 Rossman Ave SE Grand Rapids, MI	3.0	1.0	1400	$2,200	$1.57	43d	1	0.91mi
345 State St SE Grand Rapids, MI	2.0	2.0	1107	$1,280	$1.16	43d	2	1.22mi
1057 Griggs St SE Grand Rapids, MI	2.0	1.0	1100	$1,550	$1.41	43d	1	1.24mi
17 Lafayette Ave SE Grand Rapids, MI	2.0	1.0–2.0	720	$2,125	$2.95	43d	7	1.42mi
1353 Pinecrest Ave SE Grand Rapids, MI	3.0	1.5	1866	$3,500	$1.88	14d	1	1.49mi

Listing history 17 events

1. 2026-02-11
   listed $180,000 Active 371-char remark

   Show marketing remark (371 chars)

   Located on Grand Rapids' Southeast side near the newly renovated MLK Park, this 3-bedroom, 2-bath home presents an exciting opportunity for buyers ready to add value through updates and improvements. With a convenient location close to downtown Grand Rapids and surrounding amenities, this property offers strong potential for equity growth. The home is being sold as-is.

2. 2026-02-11
   listed $180,000 Active 371-char remark

   Show marketing remark (371 chars)

   Located on Grand Rapids' Southeast side near the newly renovated MLK Park, this 3-bedroom, 2-bath home presents an exciting opportunity for buyers ready to add value through updates and improvements. With a convenient location close to downtown Grand Rapids and surrounding amenities, this property offers strong potential for equity growth. The home is being sold as-is.

3. 2026-02-11
   listed $180,000 Active

   Show marketing remark (371 chars)

   Located on Grand Rapids' Southeast side near the newly renovated MLK Park, this 3-bedroom, 2-bath home presents an exciting opportunity for buyers ready to add value through updates and improvements. With a convenient location close to downtown Grand Rapids and surrounding amenities, this property offers strong potential for equity growth. The home is being sold as-is.

4. 2026-02-05
   historical
5. 2026-02-04
   historical
6. 2026-01-09
   listed $180,000 Active
7. 2026-01-09
   listed $180,000 Active
8. 2015-01-28
   historical
9. 2015-01-28
   historical
10. 1991-01-27
    soldstatus $13,000
11. 1991-01-27
    soldstatus $13,000
12. 1990-08-22
    listed $23,000
13. 1990-08-22
    listed $23,000
14. 1989-03-14
    listed $24,000
15. 1989-03-14
    listed $24,000
16. 1988-10-10
    listed $27,900
17. 1988-10-10
    listed $27,900

ⓘ 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: $5,382 · $449/mo
• Projected year-2 tax: $5,382 · $449/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 ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,485
• − Mortgage interest: −$10,083
• − Property taxes: −$5,382
• − Insurance: −$900
• − Repairs & maintenance: −$2,119
• − Management: −$2,119
• − Depreciation: −$5,236
• Taxable income: $646
• Est. tax owed @ 24.0%: −$155
• After-tax cash flow: $3,158/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): 38,487
• Household income: $61,461
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 1625.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Hispanic / Latino 31% Black 31% White 30% Two or more races 21%
• Hispanic origin (detail): Mexican 18% Puerto Rican 3% Dominican 1%
• Common ancestry: Iranian 8% Romanian 2% Lithuanian 1%
• Foreign-born: 18% · Canada
• Languages at home: 71% English-only · Spanish 23% Arabic 1% Other Indo-European 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: ▼ -301.99%
• Current HPI: 325.3878
• Rent YoY: ▲ 4.74%
• 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

+545.2% since first listed

17 events — show timeline

• 2026-02-11 Listed $180,000 REALCOMP
• 2026-02-11 Listed $180,000 SW Michigan MLS
• 2026-02-11 Listed $180,000 MiRealSource-MiMLS
• 2026-02-05 Listing Removed — MiRealSource-MiMLS
• 2026-02-04 Listing Removed — REALCOMP
• 2026-01-09 Listed $180,000 REALCOMP
• 2026-01-09 Listed $180,000 MiRealSource-MiMLS
• 2015-01-28 Listing Removed — SW Michigan MLS
• 2015-01-28 Listing Removed — SW Michigan MLS
• 1991-01-27 Sold (MLS) $13,000 REALCOMP
• 1991-01-27 Sold (MLS) $13,000 SW Michigan MLS
• 1990-08-22 Listed $23,000 REALCOMP
• 1990-08-22 Listed $23,000 SW Michigan MLS
• 1989-03-14 Listed $24,000 REALCOMP
• 1989-03-14 Listed $24,000 SW Michigan MLS
• 1988-10-10 Listed $27,900 REALCOMP
• 1988-10-10 Listed $27,900 SW Michigan MLS

Property tax history

+11.7%/yr

Latest (2025): $5,382 · -9.5% YoY. Source: county tax records.