900 Watkins St SE · Grand Rapids, MI 49507

$229,900

4 bd · 2.0 ba · 1,715 sqft · SingleFamily public records · 97 Days on market

Built 1910 3,964 sqft lot $134/sqft · 54% below area

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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 +23.8/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• 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

Calling first time buyers and first time investors! This four bedroom 1 1/2 bath home is waiting for you. Wood floors, formal dining room, fireplace, and spacious kitchen. Off street parking with a one stall detached garage. Large porch and a corner lot. This a great entry into rentals or a way to build sweat equity

Key facts

• Formal dining room
• Off street parking
• Wood floors

Tags

• WOOD FLOORS
• FORMAL DINING ROOM
• FIREPLACE
• SPACIOUS KITCHEN
• OFF STREET PARKING
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Recommended offer: $209k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.
• Zoned schools: Campus Elementary (math 2% / reading 2%, grade F, #1,384 of 1,397 statewide, top 100%, 266 students, 97% FRL); Alger Middle School (math 2% / reading 12%, grade F, #481 of 493 statewide, top 98%, 342 students, 95% FRL); City Middlehigh (math 65% / reading 88%, grade A-, #16 of 713 statewide, top 2%, 908 students, 40% FRL) — zoned schools at 77% FRL track the district average.
• Market conditions: Rents rising fast (+4.7%/yr); 178 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% 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).
• At $2,368/mo this rent would consume 46% of the median local household income ($61k/yr) (locally 1625% 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 $7k 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.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $64k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $40k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; list at $230k implies a 303% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $209,209 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 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 1910 — 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. 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?
6. 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.
7. 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.
8. 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: 8.59%
• Cash-on-cash: 8.20%
• DSCR: 1.36
• GRM: 8.1

CMA / ARV

• ARV (median comp): $499,548
• List price: $229,900
• Delta: -53.98%
• Verdict: UNDERPRICED
• Comps: 20 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.74% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.92×
• Total profit: $-5,072
• Equity at exit: $34,279

10-year hold

• IRR: 9.3%
• Equity multiple: 1.77×
• Total profit: $49,356
• Equity at exit: $19,878

Cash invested: $64,372 (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: 8.1×

Monthly cashflow live

• Estimated rent: $2,368 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$130 /mo · $1,556/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$497
• Net cashflow: $440

Break-even live

Break-even rent $1,811

Max offer price $229,900

Occupancy floor 76%

Sensitivity live

Price	-10% $570	-5% $505	+0% $440	+5% $375	+10% $310
Rent	-10% $253	-5% $346	+0% $440	+5% $534	+10% $627
Rate	-1.0pp $556	-0.5pp $498	base $440	+0.5pp $380	+1.0pp $320

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
729 Bates St SE Unit 1 Grand Rapids, MI	4.0	3.5	1576	$2,395	$1.52	45d	1	0.38mi
1027 Underwood Ave SE Grand Rapids, MI	4.0	2.0	1600	$2,300	$1.44	16d	1	0.39mi
425 Woodlawn St SE Grand Rapids, MI	4.0	1.0	2072	$2,200	$1.06	45d	1	0.62mi
550 Union Ave SE Grand Rapids, MI	3.0	1.5	1743	$2,800	$1.61	45d	1	0.66mi
1154 Prospect Ave SE Grand Rapids, MI	5.0	2.0	1800	$2,300	$1.28	45d	1	0.74mi
414 Paris Ave SE Grand Rapids, MI	3.0	1.5	1700	$2,850	$1.68	45d	1	0.84mi
1400 Rossman Ave SE Grand Rapids, MI	3.0	1.0	1400	$2,200	$1.57	45d	1	0.89mi
258 Orchard Hill St SE Grand Rapids, MI	3.0	1.0	1300	$1,900	$1.46	45d	1	0.92mi
325 Norwood Ave SE Grand Rapids, MI	3.0	1.5	1398	$2,700	$1.93	25d	1	1.11mi
1031 Merrifield St SE Grand Rapids, MI	3.0	2.0	1238	$2,300	$1.86	16d	1	1.41mi
350 Ionia Ave SW Grand Rapids, MI	2.0–3.0	2.0–3.0	1400	$1,350	$0.96	13d	2	1.45mi
209 Division Ave S Grand Rapids, MI	1.0–3.0	1.0–2.0	1180	$1,495	$1.27	23d	2	1.49mi

Listing history 26 events

1. 2026-06-21
   days on market $229,900 Active 97 DOM
2. 2026-06-18
   days on market $229,900 Active 94 DOM
3. 2026-06-17
   days on market $229,900 Active 93 DOM
4. 2026-06-16
   days on market $229,900 Active 92 DOM
5. 2026-06-15
   days on market $229,900 Active 91 DOM
6. 2026-06-14
   days on market $229,900 Active 89 DOM
7. 2026-06-13
   days on market $229,900 Active 88 DOM
8. 2026-06-10
   days on market $229,900 Active 86 DOM
9. 2026-06-09
   days on market $229,900 Active 85 DOM
10. 2026-06-08
    days on market $229,900 Active 84 DOM
11. 2026-06-07
    days on market $229,900 Active 83 DOM
12. 2026-06-05
    days on market $229,900 Active 80 DOM
13. 2026-06-03
    days on market $229,900 Active 79 DOM
14. 2026-06-03
    days on market $229,900 Active 78 DOM
15. 2026-06-01
    days on market $229,900 Active 77 DOM
16. 2026-05-31
    days on market $229,900 Active 76 DOM
17. 2026-04-13
    price $239,900 317-char remark

    Show marketing remark (317 chars)

    Calling first time buyers and first time investors! This four bedroom 1 1/2 bath home is waiting for you. Wood floors, formal dining room, fireplace, and spacious kitchen. Off street parking with a one stall detached garage. Large porch and a corner lot. This a great entry into rentals or a way to build sweat equity

18. 2026-04-13
    price $239,900 317-char remark

    Show marketing remark (317 chars)

    Calling first time buyers and first time investors! This four bedroom 1 1/2 bath home is waiting for you. Wood floors, formal dining room, fireplace, and spacious kitchen. Off street parking with a one stall detached garage. Large porch and a corner lot. This a great entry into rentals or a way to build sweat equity

19. 2026-04-13
    price $239,900

    Show marketing remark (317 chars)

    Calling first time buyers and first time investors! This four bedroom 1 1/2 bath home is waiting for you. Wood floors, formal dining room, fireplace, and spacious kitchen. Off street parking with a one stall detached garage. Large porch and a corner lot. This a great entry into rentals or a way to build sweat equity

20. 2026-03-17
    listed $269,900 Active 317-char remark

    Show marketing remark (317 chars)

    Calling first time buyers and first time investors! This four bedroom 1 1/2 bath home is waiting for you. Wood floors, formal dining room, fireplace, and spacious kitchen. Off street parking with a one stall detached garage. Large porch and a corner lot. This a great entry into rentals or a way to build sweat equity

21. 2026-03-16
    listed $269,900 Active 317-char remark

    Show marketing remark (317 chars)

    Calling first time buyers and first time investors! This four bedroom 1 1/2 bath home is waiting for you. Wood floors, formal dining room, fireplace, and spacious kitchen. Off street parking with a one stall detached garage. Large porch and a corner lot. This a great entry into rentals or a way to build sweat equity

22. 2026-03-16
    listed $269,900 Active

    Show marketing remark (317 chars)

    Calling first time buyers and first time investors! This four bedroom 1 1/2 bath home is waiting for you. Wood floors, formal dining room, fireplace, and spacious kitchen. Off street parking with a one stall detached garage. Large porch and a corner lot. This a great entry into rentals or a way to build sweat equity

23. 2002-10-21
    soldstatus $57,000
24. 2002-10-21
    soldstatus $57,000
25. 2002-03-24
    listed $50,900
26. 2002-03-24
    listed $50,900

ⓘ 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: $1,556 · $130/mo
• Projected year-2 tax: $2,548 · $212/mo
• Expected delta: +$992/yr (+$83/mo · 63.8%)

ⓘ 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: $28,421
• − Mortgage interest: −$12,878
• − Property taxes: −$1,556
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,274
• − Management: −$2,274
• − Depreciation: −$6,688
• Taxable income: $1,603
• Est. tax owed @ 24.0%: −$385
• After-tax cash flow: $4,895/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

+371.3% since first listed

10 events — show timeline

• 2026-04-13 Price Changed $239,900 MiRealSource-MiMLS
• 2026-04-13 Price Changed $239,900 REALCOMP
• 2026-04-13 Price Changed $239,900 SW Michigan MLS
• 2026-03-17 Listed $269,900 REALCOMP
• 2026-03-16 Listed $269,900 SW Michigan MLS
• 2026-03-16 Listed $269,900 MiRealSource-MiMLS
• 2002-10-21 Sold (MLS) $57,000 REALCOMP
• 2002-10-21 Sold (MLS) $57,000 SW Michigan MLS
• 2002-03-24 Listed $50,900 REALCOMP
• 2002-03-24 Listed $50,900 SW Michigan MLS

Property tax history

+0.9%/yr

Latest (2025): $1,556 · -1.2% YoY. Source: county tax records.