2120 Willard Ave SE · Grand Rapids, MI 49507

$235,000

3 bd · 1.5 ba · 1,153 sqft · Condo public records · 1 Days on market

Built 2024 Good condition $204/sqft · 7% above area Est $265k · 11% under $70/mo HOA · 4% of rent ↓ 9% since listing

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Why this score? — see what drove the D- 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).

• ARV discount +12.6/15.0
• Cash flow +7.9/30.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +3.7/5.0
• 1% rule +2.8/10.0
• DSCR +2.0/10.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Own a home for less in Grand Rapids. This brand-new, thoughtfully designed home offers modern finishes, energy-efficient construction, and a rare opportunity to buy below market value (typically ~25% less). Offered through the Dwelling Place Community Land Trust (CLT):-You own the home-You build equity-You can sell in the futureThe difference? The land is leased from a nonprofit (~$50/month), keeping your purchase price significantly lower. Low down payment options available, with monthly payments often comparable to rent. When you sell, you keep your equity plus a portion of the appreciation--creating a smart, stable path to homeownership. Income-qualified buyers only. Multiple homes available. Visit www. dpclt.org for details. Photos are of a similar model. Buyer and buyer's agent to verify all information.

Key facts

• 5,742 sq ft lot
• Built 2024

Property features AI

Finance

• HOA & community: Association fee of $70.00 monthly; Has association

Exterior

• Utilities: Public water; Natural gas connected; High-speed internet
• Home design: Traditional-style single family residence; New construction (2024)
• Construction: Vinyl siding; Composition roof; Built in 2024
• Exterior features: Sidewalk; Leased land; Shed(s)

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Kitchen (9 x 10)
• Bedrooms: Primary bedroom (11 x 13); Bedroom 2 (9 x 13); Bedroom 3 (11 x 13)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Insulated windows; 8 total rooms; Full basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $235k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-252 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (15.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $183k (22.3% below list).
• Recommended offer: $183k (22.3% below list) — sets the bar for 1% rule.

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: Brookside Elementary (math 2% / reading 8%, grade F, #1,325 of 1,397 statewide, top 99%, 280 students, 85% 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).
• Market conditions: Rents rising fast (+4.7%/yr); 178 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% 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 36% 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 $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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 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.

Recommended offer $182,566 (22.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.78% ✗
• Cap rate: 5.01%
• Cash-on-cash: -4.59%
• DSCR: 0.80
• GRM: 10.7

CMA / ARV

• ARV (median comp): $265,193
• List price: $235,000
• Delta: -11.39%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -22.0%
• Equity multiple: 0.23×
• Total profit: $-50,793
• Equity at exit: $35,039

10-year hold

• IRR: -12.0%
• Equity multiple: 0.23×
• Total profit: $-50,765
• Equity at exit: $20,319

Cash invested: $65,800 (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: 10.7×

Monthly cashflow live

• Estimated rent: $1,826 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$70
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $-252

Break-even live

Break-even rent $2,144

Max offer price $198,570

Occupancy floor —

Sensitivity live

Price	-10% $-89	-5% $-171	+0% $-252	+5% $-333	+10% $-414
Rent	-10% $-396	-5% $-324	+0% $-252	+5% $-180	+10% $-108
Rate	-1.0pp $-133	-0.5pp $-192	base $-252	+0.5pp $-313	+1.0pp $-375

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
950 Merritt St SE Grand Rapids, MI	3.0	1.0	1000	$2,100	$2.10	45d	1	0.40mi
1031 Merrifield St SE Grand Rapids, MI	3.0	2.0	1238	$2,300	$1.86	16d	1	0.47mi
459 Dickinson St SE Grand Rapids, MI	2.0	1.0	731	$1,195	$1.63	45d	1	0.60mi
1057 Griggs St SE Grand Rapids, MI	2.0	1.0	1100	$1,550	$1.41	45d	1	0.64mi
1220 Ottillia St SE Unit D Grand Rapids, MI	2.0	1.0	750	$1,150	$1.53	45d	1	0.75mi
2040 Division Ave S Unit 207 Grand Rapids, MI	2.0	1.0	768	$1,703	$2.22	4d	1	0.78mi
1309 Madison Ave SE Grand Rapids, MI	1.0–2.0	1.0	775	$1,560	$2.01	4d	1	1.05mi
1555 Margaret Ave SE Grand Rapids, MI	2.0	1.0	900	$1,500	$1.67	16d	1	1.16mi
242 Elm St SW Grand Rapids, MI	2.0	1.5	1100	$3,200	$2.91	4d	1	1.20mi
19 La Belle St SE Grand Rapids, MI	2.0	1.0	846	$1,045	$1.24	45d	1	1.24mi
1400 Rossman Ave SE Grand Rapids, MI	3.0	1.0	1400	$2,200	$1.57	45d	1	1.33mi
2928 Vineland Ave SE Unit 2928 Grand Rapids, MI	2.0	1.0	1000	$1,450	$1.45	25d	1	1.35mi
3202 Marshall Ave SE Grand Rapids, MI	2.0	1.0	850	$1,095	$1.29	45d	1	1.38mi
143 Exchange St SE Unit D Grand Rapids, MI	2.0	1.0	920	$1,295	$1.41	45d	1	1.47mi
143 Exchange St SE Apt B Grand Rapids, MI	2.0	1.0	920	$1,195	$1.30	16d	1	1.47mi

HOA detail condo

• Monthly dues: $70 · $840/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-05-07
   status Pending 820-char remark

   Show marketing remark (820 chars)

   Own a home for less in Grand Rapids. This brand-new, thoughtfully designed home offers modern finishes, energy-efficient construction, and a rare opportunity to buy below market value (typically ~25% less). Offered through the Dwelling Place Community Land Trust (CLT):-You own the home-You build equity-You can sell in the futureThe difference? The land is leased from a nonprofit (~$50/month), keeping your purchase price significantly lower. Low down payment options available, with monthly payments often comparable to rent. When you sell, you keep your equity plus a portion of the appreciation--creating a smart, stable path to homeownership. Income-qualified buyers only. Multiple homes available. Visit www. dpclt.org for details. Photos are of a similar model. Buyer and buyer's agent to verify all information.

2. 2026-05-07
   status Pending 820-char remark

   Show marketing remark (820 chars)

   Own a home for less in Grand Rapids. This brand-new, thoughtfully designed home offers modern finishes, energy-efficient construction, and a rare opportunity to buy below market value (typically ~25% less). Offered through the Dwelling Place Community Land Trust (CLT):-You own the home-You build equity-You can sell in the futureThe difference? The land is leased from a nonprofit (~$50/month), keeping your purchase price significantly lower. Low down payment options available, with monthly payments often comparable to rent. When you sell, you keep your equity plus a portion of the appreciation--creating a smart, stable path to homeownership. Income-qualified buyers only. Multiple homes available. Visit www. dpclt.org for details. Photos are of a similar model. Buyer and buyer's agent to verify all information.

3. 2026-05-07
   status Pending

   Show marketing remark (820 chars)

   Own a home for less in Grand Rapids. This brand-new, thoughtfully designed home offers modern finishes, energy-efficient construction, and a rare opportunity to buy below market value (typically ~25% less). Offered through the Dwelling Place Community Land Trust (CLT):-You own the home-You build equity-You can sell in the futureThe difference? The land is leased from a nonprofit (~$50/month), keeping your purchase price significantly lower. Low down payment options available, with monthly payments often comparable to rent. When you sell, you keep your equity plus a portion of the appreciation--creating a smart, stable path to homeownership. Income-qualified buyers only. Multiple homes available. Visit www. dpclt.org for details. Photos are of a similar model. Buyer and buyer's agent to verify all information.

4. 2026-05-07
   listed $235,000 Active 820-char remark

   Show marketing remark (820 chars)

   Own a home for less in Grand Rapids. This brand-new, thoughtfully designed home offers modern finishes, energy-efficient construction, and a rare opportunity to buy below market value (typically ~25% less). Offered through the Dwelling Place Community Land Trust (CLT):-You own the home-You build equity-You can sell in the futureThe difference? The land is leased from a nonprofit (~$50/month), keeping your purchase price significantly lower. Low down payment options available, with monthly payments often comparable to rent. When you sell, you keep your equity plus a portion of the appreciation--creating a smart, stable path to homeownership. Income-qualified buyers only. Multiple homes available. Visit www. dpclt.org for details. Photos are of a similar model. Buyer and buyer's agent to verify all information.

5. 2026-05-07
   listed $235,000 Active 820-char remark

   Show marketing remark (820 chars)

   Own a home for less in Grand Rapids. This brand-new, thoughtfully designed home offers modern finishes, energy-efficient construction, and a rare opportunity to buy below market value (typically ~25% less). Offered through the Dwelling Place Community Land Trust (CLT):-You own the home-You build equity-You can sell in the futureThe difference? The land is leased from a nonprofit (~$50/month), keeping your purchase price significantly lower. Low down payment options available, with monthly payments often comparable to rent. When you sell, you keep your equity plus a portion of the appreciation--creating a smart, stable path to homeownership. Income-qualified buyers only. Multiple homes available. Visit www. dpclt.org for details. Photos are of a similar model. Buyer and buyer's agent to verify all information.

6. 2026-05-07
   listed $235,000 Active

   Show marketing remark (820 chars)

   Own a home for less in Grand Rapids. This brand-new, thoughtfully designed home offers modern finishes, energy-efficient construction, and a rare opportunity to buy below market value (typically ~25% less). Offered through the Dwelling Place Community Land Trust (CLT):-You own the home-You build equity-You can sell in the futureThe difference? The land is leased from a nonprofit (~$50/month), keeping your purchase price significantly lower. Low down payment options available, with monthly payments often comparable to rent. When you sell, you keep your equity plus a portion of the appreciation--creating a smart, stable path to homeownership. Income-qualified buyers only. Multiple homes available. Visit www. dpclt.org for details. Photos are of a similar model. Buyer and buyer's agent to verify all information.

7. 2026-01-27
   historical
8. 2025-05-28
   status Active
9. 2025-05-28
   status Active
10. 2025-04-04
    status Pending
11. 2025-04-04
    status Pending
12. 2025-03-04
    listed $257,250 Active
13. 2025-03-03
    listed $257,250 Active

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

Taxation est. · year 1

• Rental income: $21,908
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,753
• − Management: −$1,753
• − HOA: −$840
• − Depreciation: −$6,836
• Taxable loss: −$7,137
• Est. tax savings @ 24.0%: +$1,713
• After-tax cash flow: $-1,308/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

Good 80/100 Cosmetic rehab

This modern, well-maintained home offers a great opportunity for investors with its excellent condition and low down payment options.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and can increase both resale and rental value.
• Both Clean gutters — Keeps the home looking well-maintained and can attract potential buyers or renters.
• Both Install smart home features — Can increase both resale and rental value by adding modern conveniences and energy efficiency features.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Clean gutters — Keeps the home looking well-maintained and can attract potential buyers or renters. ↑
• Both Install smart home features — Can increase both resale and rental value by adding modern conveniences and energy efficiency features. ↑

ⓘ 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: 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

-8.6% since first listed

13 events — show timeline

• 2026-05-07 Pending — REALCOMP
• 2026-05-07 Pending — MiRealSource-MiMLS
• 2026-05-07 Pending — SW Michigan MLS
• 2026-05-07 Listed $235,000 SW Michigan MLS
• 2026-05-07 Listed $235,000 MiRealSource-MiMLS
• 2026-05-07 Listed $235,000 REALCOMP
• 2026-01-27 Listing Removed — MiRealSource-MiMLS
• 2025-05-28 Relisted — REALCOMP
• 2025-05-28 Relisted — MiRealSource-MiMLS
• 2025-04-04 Pending — MiRealSource-MiMLS
• 2025-04-04 Pending — REALCOMP
• 2025-03-04 Listed $257,250 REALCOMP
• 2025-03-03 Listed $257,250 MiRealSource-MiMLS