5925 Nevada Ave · Portage, MI 49024

$149,900

2 bd · 1.0 ba · 653 sqft · SingleFamily · 68 Days on market

Built 1963 9,583 sqft lot $230/sqft · at area comps Est $155k · at est.

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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 +16.9/30.0
• ARV discount +8.9/15.0
• DSCR +5.3/10.0
• Schools +4.8/10.0
• Rent growth +4.1/5.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lovely 2 bed 1 bath home with a full basement. New luxury vinyl tile in the kitchen and refinished wood floors. Fresh paint, new furnace, water heater, along with a new roof installed this July! Located in the heart of Portage in the Portage school district with easy highway access and convenient to restaurants and shopping. Call for you showing today.

Key facts

• New furnace
• New water heater
• Full basement

Tags

• FULL BASEMENT
• NEW LUXURY VINYL TILE
• REFINISHED WOOD FLOORS
• NEW FURNACE
• NEW WATER HEATER
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $99 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (9.6% below list).
• Recommended offer: $136k (9.6% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• This rent is only 18% of the median local income ($91k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 5 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 $135,528 (9.6% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — 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. 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?
6. 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?
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: 0.90% ✗
• Cap rate: 7.08%
• Cash-on-cash: 2.83%
• DSCR: 1.13
• GRM: 9.2

CMA / ARV

• ARV (median comp): $154,850
• List price: $149,900
• Delta: -3.20%
• Verdict: FAIR
• Comps: 18 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5812 Dakota Ave	0.13mi	2/1.0	660 (+1%)	17mo	$145,000	$220	78
5903 Ohio Ave	0.23mi	2/1.0	660 (+1%)	24mo	$148,000	$224	67
1418 Alice Ave	0.59mi	2/1.0	720 (+10%)	23mo	$155,000	$215	37

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: -8.3%
• Equity multiple: 0.68×
• Total profit: $-13,273
• Equity at exit: $22,351

10-year hold

• IRR: 4.9%
• Equity multiple: 1.41×
• Total profit: $17,303
• Equity at exit: $12,961

Cash invested: $41,972 (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: 9.2×

Monthly cashflow live

• Estimated rent: $1,355 high
• Mortgage (P&I): −$786
• Tax from tax record: −$123 /mo · $1,478/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $99

Break-even live

Break-even rent $1,230

Max offer price $149,900

Occupancy floor 88%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
610 Mall Dr Portage, MI	2.0	1.0	689	$1,314	$1.91	44d	1	0.37mi
601 Alfa Ct Portage, MI	1.0–2.0	1.0–1.5	736	$1,470	$2.00	13d	30	0.70mi
6600 Constitution Blvd Portage, MI	1.0–2.0	1.0–2.0	784	$1,095	$1.40	44d	3	0.74mi
2185 Albatross Ct Portage, MI	1.0–2.0	1.0	800	$1,079	$1.35	44d	1	0.92mi
750 Pleasant Ave Unit 102 Kalamazoo, MI	1.0	1.0	500	$925	$1.85	21d	1	1.33mi
750 Pleasant Ave Unit 307 Kalamazoo, MI	2.0	1.0	650	$1,100	$1.69	21d	1	1.33mi
100 E Candlewyck Dr Kalamazoo, MI	1.0–4.0	1.0–2.0	1129	$1,171	$1.04	13d	38	1.36mi

Listing history 10 events

1. 2026-05-11
   status Pending 354-char remark

   Show marketing remark (354 chars)

   Lovely 2 bed 1 bath home with a full basement. New luxury vinyl tile in the kitchen and refinished wood floors. Fresh paint, new furnace, water heater, along with a new roof installed this July! Located in the heart of Portage in the Portage school district with easy highway access and convenient to restaurants and shopping. Call for you showing today.

2. 2026-05-11
   status Pending 354-char remark

   Show marketing remark (354 chars)

   Lovely 2 bed 1 bath home with a full basement. New luxury vinyl tile in the kitchen and refinished wood floors. Fresh paint, new furnace, water heater, along with a new roof installed this July! Located in the heart of Portage in the Portage school district with easy highway access and convenient to restaurants and shopping. Call for you showing today.

3. 2026-05-11
   status Pending

   Show marketing remark (354 chars)

   Lovely 2 bed 1 bath home with a full basement. New luxury vinyl tile in the kitchen and refinished wood floors. Fresh paint, new furnace, water heater, along with a new roof installed this July! Located in the heart of Portage in the Portage school district with easy highway access and convenient to restaurants and shopping. Call for you showing today.

4. 2026-03-04
   listed $149,900 Active 354-char remark

   Show marketing remark (354 chars)

   Lovely 2 bed 1 bath home with a full basement. New luxury vinyl tile in the kitchen and refinished wood floors. Fresh paint, new furnace, water heater, along with a new roof installed this July! Located in the heart of Portage in the Portage school district with easy highway access and convenient to restaurants and shopping. Call for you showing today.

5. 2026-03-04
   listed $149,900 Active 354-char remark

   Show marketing remark (354 chars)

   Lovely 2 bed 1 bath home with a full basement. New luxury vinyl tile in the kitchen and refinished wood floors. Fresh paint, new furnace, water heater, along with a new roof installed this July! Located in the heart of Portage in the Portage school district with easy highway access and convenient to restaurants and shopping. Call for you showing today.

6. 2026-03-04
   listed $149,900 Active

   Show marketing remark (354 chars)

   Lovely 2 bed 1 bath home with a full basement. New luxury vinyl tile in the kitchen and refinished wood floors. Fresh paint, new furnace, water heater, along with a new roof installed this July! Located in the heart of Portage in the Portage school district with easy highway access and convenient to restaurants and shopping. Call for you showing today.

7. 2026-03-04
   historical

   Show marketing remark (354 chars)

   Lovely 2 bed 1 bath home with a full basement. New luxury vinyl tile in the kitchen and refinished wood floors. Fresh paint, new furnace, water heater, along with a new roof installed this July! Located in the heart of Portage in the Portage school district with easy highway access and convenient to restaurants and shopping. Call for you showing today.

8. 2026-03-04
   historical

   Show marketing remark (354 chars)

   Lovely 2 bed 1 bath home with a full basement. New luxury vinyl tile in the kitchen and refinished wood floors. Fresh paint, new furnace, water heater, along with a new roof installed this July! Located in the heart of Portage in the Portage school district with easy highway access and convenient to restaurants and shopping. Call for you showing today.

9. 2025-12-19
   listed $149,900 Active
10. 2025-12-19
    listed $149,900 Active

ⓘ 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: $1,478 · $123/mo
• Projected year-2 tax: $1,893 · $158/mo
• Expected delta: +$415/yr (+$35/mo · 28.1%)

ⓘ 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 ≥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: $16,263
• − Mortgage interest: −$8,397
• − Property taxes: −$1,478
• − Insurance: −$750
• − Repairs & maintenance: −$1,301
• − Management: −$1,301
• − Depreciation: −$4,361
• Taxable loss: −$1,324
• Est. tax savings @ 24.0%: +$318
• After-tax cash flow: $1,505/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

+0.0% since first listed

10 events — show timeline

• 2026-05-11 Pending — REALCOMP
• 2026-05-11 Pending — MiRealSource-MiMLS
• 2026-05-11 Pending — SW Michigan MLS
• 2026-03-04 Listed $149,900 REALCOMP
• 2026-03-04 Listing Removed — MiRealSource-MiMLS
• 2026-03-04 Listing Removed — REALCOMP
• 2026-03-04 Listed $149,900 SW Michigan MLS
• 2026-03-04 Listed $149,900 MiRealSource-MiMLS
• 2025-12-19 Listed $149,900 MiRealSource-MiMLS
• 2025-12-19 Listed $149,900 REALCOMP

Property tax history

+60.1%/yr

Latest (2025): $1,478 · +3.0% YoY. Source: county tax records.