116 W Main St SE · Caledonia, MI 49316

$175,000

2 bd · 1.0 ba · 3,792 sqft · SingleFamily · 5 Days on market

Built 1878 Fair condition 5,344 sqft 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 +24.0/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +5.6/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits in this landmark location, formerly a church and then the Masonic Hall! Bring your imagination and discover the possibilities this 3792sqft building offers with open spaces and tall ceilings. There's potential here for a spacious single-family home or perhaps even two-family. Well equipped kitchen offers tons of storage and counter space, walk-in pantry, and wet bar. Backyard can accommodate future parking spaces and street parking is available. Conveniently close to restaurants and shops in downtown Caledonia, Lakeside Park, Cal-plex, YMCA, & the Paul Henry trail system connecting you to schools and beyond!

Key facts

• Open spaces
• Wet bar
• Tall ceilings

Tags

• OPEN SPACES
• TALL CEILINGS
• WELL EQUIPPED KITCHEN
• WALK-IN PANTRY
• WET BAR
• BACKYARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $175k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $343 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 8.6% vs local median 2.5% in Caledonia — 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 78/100 on livability (#101 in MI, #2,449 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Caledonia Community Schools (suburban): math 58% / reading 68% proficiency, ranked #26 of 540 in MI (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: 257 active listings in the ZIP; solid renter incomes; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).

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 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 2y 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 $115k; list at $175k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1878 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1878 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.12% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.40%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -3.5%
• Equity multiple: 0.87×
• Total profit: $-6,492
• Equity at exit: $26,093

10-year hold

• IRR: 6.2%
• Equity multiple: 1.46×
• Total profit: $22,584
• Equity at exit: $15,131

Cash invested: $49,000 (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 49316

• Home prices YoY: -33.4%
• Active inventory: 257
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,965 medium
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $343

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 78%

Sensitivity live

Price	-10% $464	-5% $403	+0% $343	+5% $282	+10% $222
Rent	-10% $188	-5% $265	+0% $343	+5% $420	+10% $498
Rate	-1.0pp $431	-0.5pp $387	base $343	+0.5pp $297	+1.0pp $251

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-04-21
   status Pending 639-char remark

   Show marketing remark (639 chars)

   Opportunity awaits in this landmark location, formerly a church and then the Masonic Hall! Bring your imagination and discover the possibilities this 3792sqft building offers with open spaces and tall ceilings. There's potential here for a spacious single-family home or perhaps even two-family. Well equipped kitchen offers tons of storage and counter space, walk-in pantry, and wet bar. Backyard can accommodate future parking spaces and street parking is available. Conveniently close to restaurants and shops in downtown Caledonia, Lakeside Park, Cal-plex, YMCA, & the Paul Henry trail system connecting you to schools and beyond!

2. 2026-04-21
   status Pending 639-char remark

   Show marketing remark (639 chars)

   Opportunity awaits in this landmark location, formerly a church and then the Masonic Hall! Bring your imagination and discover the possibilities this 3792sqft building offers with open spaces and tall ceilings. There's potential here for a spacious single-family home or perhaps even two-family. Well equipped kitchen offers tons of storage and counter space, walk-in pantry, and wet bar. Backyard can accommodate future parking spaces and street parking is available. Conveniently close to restaurants and shops in downtown Caledonia, Lakeside Park, Cal-plex, YMCA, & the Paul Henry trail system connecting you to schools and beyond!

3. 2026-04-21
   status Pending

   Show marketing remark (639 chars)

   Opportunity awaits in this landmark location, formerly a church and then the Masonic Hall! Bring your imagination and discover the possibilities this 3792sqft building offers with open spaces and tall ceilings. There's potential here for a spacious single-family home or perhaps even two-family. Well equipped kitchen offers tons of storage and counter space, walk-in pantry, and wet bar. Backyard can accommodate future parking spaces and street parking is available. Conveniently close to restaurants and shops in downtown Caledonia, Lakeside Park, Cal-plex, YMCA, & the Paul Henry trail system connecting you to schools and beyond!

4. 2026-04-16
   listed $175,000 Active 639-char remark

   Show marketing remark (639 chars)

   Opportunity awaits in this landmark location, formerly a church and then the Masonic Hall! Bring your imagination and discover the possibilities this 3792sqft building offers with open spaces and tall ceilings. There's potential here for a spacious single-family home or perhaps even two-family. Well equipped kitchen offers tons of storage and counter space, walk-in pantry, and wet bar. Backyard can accommodate future parking spaces and street parking is available. Conveniently close to restaurants and shops in downtown Caledonia, Lakeside Park, Cal-plex, YMCA, & the Paul Henry trail system connecting you to schools and beyond!

5. 2026-04-16
   listed $175,000 Active 639-char remark

   Show marketing remark (639 chars)

   Opportunity awaits in this landmark location, formerly a church and then the Masonic Hall! Bring your imagination and discover the possibilities this 3792sqft building offers with open spaces and tall ceilings. There's potential here for a spacious single-family home or perhaps even two-family. Well equipped kitchen offers tons of storage and counter space, walk-in pantry, and wet bar. Backyard can accommodate future parking spaces and street parking is available. Conveniently close to restaurants and shops in downtown Caledonia, Lakeside Park, Cal-plex, YMCA, & the Paul Henry trail system connecting you to schools and beyond!

6. 2026-04-16
   listed $175,000 Active

   Show marketing remark (639 chars)

   Opportunity awaits in this landmark location, formerly a church and then the Masonic Hall! Bring your imagination and discover the possibilities this 3792sqft building offers with open spaces and tall ceilings. There's potential here for a spacious single-family home or perhaps even two-family. Well equipped kitchen offers tons of storage and counter space, walk-in pantry, and wet bar. Backyard can accommodate future parking spaces and street parking is available. Conveniently close to restaurants and shops in downtown Caledonia, Lakeside Park, Cal-plex, YMCA, & the Paul Henry trail system connecting you to schools and beyond!

7. 2025-01-31
   soldstatus $115,000 Closed
8. 2024-11-26
   historical
9. 2024-11-26
   status Pending
10. 2024-11-23
    historical
11. 2024-11-23
    status Active
12. 2024-11-21
    historical
13. 2024-11-20
    listed $125,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,578
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$1,886
• − Management: −$1,886
• − Depreciation: −$5,091
• Taxable income: $1,412
• Est. tax owed @ 24.0%: −$339
• After-tax cash flow: $3,775/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 3792 sq ft property offers open spaces and tall ceilings, but requires moderate repairs and updates to enhance its value and appeal.

Repairs flagged

• Minor exterior siding — some discoloration
• Minor interior paint — some wear

Value-add opportunities

• Both update exterior siding — enhances curb appeal and value
• Both paint interior and exterior — improves appearance and value
• Resale update kitchen cabinets — modernizes kitchen and adds value
• Resale update bathroom fixtures — modernizes bathroom and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · some discoloration	Minor	$500–3,000
interior paint · some wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both update exterior siding — enhances curb appeal and value ↑
• Both paint interior and exterior — improves appearance and value ↑
• Resale update kitchen cabinets — modernizes kitchen and adds value ↑
• Resale update bathroom fixtures — modernizes bathroom and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Caledonia Community Schools
• NCES district ID: 2607620
• Math proficiency: 58% ▲ 2.00%
• Reading proficiency: 68% ▲ 1.00%
• Median HH income: $75,649
• Composite: 55.98/100
• National rank: #1196
• State rank: #26 of 540 in MI

Livability — Caledonia

• Score: 78/100
• State rank: #101
• US rank: #2449

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Caledonia, MI
• County: Kent County · 533,805 people
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 26,427
• Household income: $103,238
• Rent vs Own: 10.1% rent · 89.9% own
• Severe rent burden: 96.0

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: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 8% Hispanic / Latino 7% Asian 5% Black 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Iranian 21% Romanian 7% Slovak 2%
• Foreign-born: 7% · Canada, Vietnam, China
• Languages at home: 92% English-only · Spanish 2% Vietnamese 2% 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: ▼ -117.75%
• Current HPI: 235.3555
• Rent YoY: —
• 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

+40.0% since first listed

13 events — show timeline

• 2026-04-21 Pending — REALCOMP
• 2026-04-21 Pending — MiRealSource-MiMLS
• 2026-04-21 Pending — SW Michigan MLS
• 2026-04-16 Listed $175,000 REALCOMP
• 2026-04-16 Listed $175,000 SW Michigan MLS
• 2026-04-16 Listed $175,000 MiRealSource-MiMLS
• 2025-01-31 Sold (MLS) $115,000 MiRealSource-MiMLS
• 2024-11-26 Listing Removed — MiRealSource-MiMLS
• 2024-11-26 Pending — MiRealSource-MiMLS
• 2024-11-23 Listing Removed — MiRealSource-MiMLS
• 2024-11-23 Relisted — MiRealSource-MiMLS
• 2024-11-21 Listing Removed — MiRealSource-MiMLS
• 2024-11-20 Listed $125,000 MiRealSource-MiMLS