504 W Centre Ave · Portage, MI 49024

$115,000

5 bd · 1.0 ba · 2,060 sqft · SingleFamily · 7 Days on market

Built 1920 0.49 ac lot ↓ 36% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Rent growth +4.1/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Unmatched opportunity awaits! Welcome to 504 & 506 W. Centre, a rare & incredibly versatile real estate package located just minutes from major highways, shopping malls, grocery stores, and local dining. Boasting B-1 Commercial zoning with an established, non-conforming residential use, this property offers the ultimate blueprint for a savvy entrepreneur or investor: run a thriving retail business, boutique storefront, salon, or professional office out of one side while living in or renting out the other. The two are seamlessly connected by a central hallway, creating a massive, adaptable footprint primed for a spectacular transformation. The residential side at 504 W. Centre has 5-bedrooms, 1-bathroom, a full basement and its own dedicated furnace and electric meter. Connected just down the hall sits 506 W. Centre, a historic neighborhood storefront full of character, equipped with its own separate furnace, electric meter, and a convenient walk-out basement. This adjoining space provides unbeatable road visibility for a new business venture, but can just as easily be adapted into a secondary residential unit for a lucrative dual-income rental stream or a massive attached workshop. With separate utility meters already in place and an excellent, high-traffic location that ensures maximum exposure, this double-asset property is the ultimate canvas to launch a business, build immediate sweat equity, and unlock massive value. Note: It is Consumers Energy that uses the "two" addresses for simplicity. Taxes, Tax ID, etc are all under 504 W Centre.

Key facts

• 0.49 acre lot
• Built 1920
• Listed 7 days

Tags

• B-1 COMMERCIAL ZONING
• NON-CONFORMING RESIDENTIAL USE
• MASSIVE ADAPTABLE FOOTPRINT
• SEPARATE UTILITY METERS
• HIGH-TRAFFIC LOCATION

Property features AI

Exterior

• Utilities: Natural gas available and connected; Electricity available; Public water
• Home design: Colonial-style single-family home; Two-story (colonial) layout; Facing direction not specified; Public water
• Construction: Wood siding; Composition roof; Built in 1920; Partial foundation details (basement)
• Exterior features: Sidewalk; Wooded lot

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Natural gas available and connected; Electric service available
• Interior features: Six total rooms; Partial basement

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $810 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Cap rate 14.7% vs local median 3.3% in Portage — 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 79/100 on livability (#90 in MI, #2,044 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities D-, commute F.
• Portage Public Schools (urban): math 48% / reading 63% proficiency, ranked #67 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.4%/yr); 185 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• This rent runs 31% of the median local income ($91k/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 $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 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: property tax is 4.0% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. Crime grade is D 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: 2.03% ✓
• Cap rate: 14.75%
• Cash-on-cash: 30.20%
• DSCR: 2.34
• GRM: 4.1

CMA / ARV

• ARV (median comp): $439,068
• List price: $115,000
• Delta: -59.23%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
320 W Melody Ave	0.54mi	5/2.0	2,176 (+6%)	7mo	$228,000	$105	56
223 Schuring Rd	0.50mi	4/2.0 (-1)	1,948 (-5%)	6mo	$282,000	$145	54
1207 Hampton Oaks Dr	0.61mi	4/2.5 (-1)	1,973 (-4%)	2mo	$312,000	$158	52
8539 Dolphin St	0.60mi	4/2.5 (-1)	1,972 (-4%)	4mo	$310,000	$157	51
1112 Woodview Dr	0.50mi	4/2.5 (-1)	2,320 (+13%)	3mo	$355,000	$153	42
7610 Lake Wood Dr	0.71mi	4/2.0 (-1)	1,854 (-10%)	3mo	$315,000	$170	39
8711 Dolphin St	0.75mi	5/2.0	1,954 (-5%)	18mo	$277,000	$142	37
7721 Primrose Ln	0.75mi	4/2.0 (-1)	2,196 (+7%)	12mo	$312,000	$142	35
8038 Lake Wood Dr	0.62mi	4/2.5 (-1)	2,234 (+8%)	17mo	$330,000	$148	31
232 E Melody Ave	0.68mi	5/2.0	2,288 (+11%)	18mo	$279,000	$122	31
7602 Sandyridge St	0.73mi	4/1.5 (-1)	2,360 (+15%)	23mo	$350,000	$148	16

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 · 6.36% rent growth · sell at horizon

5-year hold

• IRR: 29.2%
• Equity multiple: 2.28×
• Total profit: $41,304
• Equity at exit: $17,147

10-year hold

• IRR: 38.7%
• Equity multiple: 5.32×
• Total profit: $138,963
• Equity at exit: $9,943

Cash invested: $32,200 (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 49024

• Rents YoY: 6.4%
• Active inventory: 185
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $2,330 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$379 /mo · $4,549/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$489
• Net cashflow: $810

Break-even live

Break-even rent $1,304

Max offer price $115,000

Occupancy floor 60%

Sensitivity live

Price	-10% $876	-5% $843	+0% $810	+5% $778	+10% $745
Rent	-10% $626	-5% $718	+0% $810	+5% $902	+10% $994
Rate	-1.0pp $868	-0.5pp $840	base $810	+0.5pp $781	+1.0pp $750

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7741 Walcott St Portage, MI	4.0	1.5	1800	$2,200	$1.22	44d	1	1.09mi

Listing history 7 events

1. 2026-06-18
   days on market $115,000 Active 7 DOM
2. 2026-06-17
   days on market $115,000 Active 6 DOM
3. 2026-06-16
   days on market $115,000 Active 5 DOM
4. 2026-06-15
   days on market $115,000 Active 4 DOM
5. 2026-06-14
   days on market $115,000 Active 2 DOM
6. 2026-06-13
   remarks 691-char remark
7. 2026-06-13
   pricestatusdays on marketlisting id $115,000 Active 1 DOM

ⓘ 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: $4,549 · $379/mo
• Projected year-2 tax: $4,549 · $379/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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°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: $27,958
• − Mortgage interest: −$6,442
• − Property taxes: −$4,549
• − Insurance: −$575
• − Repairs & maintenance: −$2,237
• − Management: −$2,237
• − Depreciation: −$3,345
• Taxable income: $8,573
• Est. tax owed @ 24.0%: −$2,057
• After-tax cash flow: $7,668/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: Portage Public Schools
• NCES district ID: 2628950
• Math proficiency: 48% ▼ -9.00%
• Reading proficiency: 63% ▼ -2.00%
• Median HH income: $61,322
• Composite: 48.37/100
• National rank: #2142
• State rank: #67 of 540 in MI

Livability — Portage

• Score: 79/100
• State rank: #90
• US rank: #2044

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portage, MI
• County: Kalamazoo County · 224,317 people
• City population: 50,560
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 30,823
• Household income: $91,105
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 698.0

Population outlook (Kalamazoo County) Hauer SSP2

• Today (2025): 280,982 people
• By 2030: 292,068 · +3.9%
• By 2040: 312,191 · +11.1%
• By 2050: 331,196 · +17.9%
• By 2075: 379,021 · +34.9%
• By 2100: 396,579 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 7% Two or more races 7% Hispanic / Latino 6% Asian 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Iranian 9% Romanian 5% Italian 3%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 2% Other Asian/Pacific 2%

Political lean MEDSL · Kalamazoo

• 2024 margin: D (+17.7) · D 58.0% · R 40.3% · Other 1.7%
• 2008→2024 swing: -1.8pp toward R · 2008: 19.5pp · 2024: 17.7pp
• All cycles: 2024: D+17.7 2020: D+18.7 2016: D+12.8 2012: D+13.3 2008: D+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -239.74%
• Current HPI: 215.2275
• Rent YoY: ▲ 6.36%
• Metro: Kalamazoo-Portage, 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

-35.8% since first listed

9 events — show timeline

• 2026-06-09 Listed $115,000 SW Michigan MLS
• 2026-06-09 Listed $115,000 MiRealSource-MiMLS
• 2026-06-09 Listed $115,000 REALCOMP
• 2026-05-02 Listing Removed — MiRealSource-MiMLS
• 2026-05-02 Listing Removed — REALCOMP
• 2025-10-02 Relisted — REALCOMP
• 2025-10-02 Listing Removed — REALCOMP
• 2025-05-20 Listed $179,000 REALCOMP
• 2025-05-20 Listed $179,000 MiRealSource-MiMLS

Property tax history

+62.7%/yr

Latest (2025): $4,549 · +3.0% YoY. Source: county tax records.