2975 Englewood Ave SE · Grand Rapids, MI 49508

$195,000

6 bd · 4.0 ba · 3,348 sqft · SingleFamily public records · 8 Days on market

Built 1988 0.56 ac lot $170/mo HOA · 7% of rent

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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 +20.4/30.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

An exciting opportunity for affordable homeownership awaits at Englewood Condominiums! This beautifully renovated three-bedroom, two-bathroom duplex-style condo offers approximately 1,600 square feet, washer and dryer hookups, backyard space and convenient garage parking. Enjoy a location close to 28th Street, public transportation, restaurants and major shopping destinations, including Meijer, Aldi and Woodland Mall. Offered through the Dwelling Place Community Land Trust, this home provides qualified buyers with the opportunity to purchase at a reduced price, build equity and enjoy long-term housing stability. The land is retained by the Community Land Trust and conveyed through a ground lease. Buyers must satisfy income and program eligibility requirements, complete approved homebuyer education, obtain mortgage preapproval and receive Community Land Trust approval.

Key facts

• Backyard space
• Restaurants
• $170 HOA

Tags

• BACKYARD SPACE
• CONVENIENT GARAGE PARKING
• LOCATION CLOSE TO 28TH STREET
• PUBLIC TRANSPORTATION
• RESTAURANTS
• MAJOR SHOPPING DESTINATIONS

Property features AI

Finance

• HOA & community: Association fee of $170 monthly; Association covers snow removal and lawn/yard care

Exterior

• Parking: Attached garage (1 car)
• Utilities: Natural gas available
• Home design: Ranch-style condominium; Single-story design
• Construction: Built in 1988; Stone and vinyl siding exterior
• Exterior features: Paved road access; Lot is approximately 0.57 acres; Public water

Interior

• Kitchen: Range; Microwave; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Total of 4 rooms; Full basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $254 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Cap rate 7.9% 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.
• Market conditions: Rents rising fast (+5.6%/yr); 155 active listings in the ZIP; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• This rent runs 44% of the median local income ($70k/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 $1k of loan paydown is wiped out by about $6k 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 + 5.6% rent growth), your $55k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 3.1% of price.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $195,000

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.31% ✓
• Cap rate: 7.85%
• Cash-on-cash: 5.58%
• DSCR: 1.25
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.64% rent growth · sell at horizon

5-year hold

• IRR: -3.8%
• Equity multiple: 0.85×
• Total profit: $-8,150
• Equity at exit: $29,075

10-year hold

• IRR: 9.3%
• Equity multiple: 1.83×
• Total profit: $45,191
• Equity at exit: $16,860

Cash invested: $54,600 (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 49508

• Rents YoY: 5.6%
• Active inventory: 155
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $2,562 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$497 /mo · $5,959/yr
• Insurance: −$81
• HOA: −$170
• Vacancy / Maint / Mgmt: −$538
• Net cashflow: $254

Break-even live

Break-even rent $2,241

Max offer price $195,000

Occupancy floor 85%

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $170 · $2,040/yr

Listing history 7 events

1. 2026-06-18
   days on market $195,000 Active 8 DOM
2. 2026-06-17
   days on market $195,000 Active 7 DOM
3. 2026-06-16
   days on market $195,000 Active 6 DOM
4. 2026-06-15
   days on market $195,000 Active 5 DOM
5. 2026-06-14
   days on market $195,000 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $195,000 Active 2 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: $5,959 · $497/mo
• Projected year-2 tax: $5,959 · $497/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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $30,748
• − Mortgage interest: −$10,923
• − Property taxes: −$5,959
• − Insurance: −$975
• − Repairs & maintenance: −$2,460
• − Management: −$2,460
• − HOA: −$2,040
• − Depreciation: −$5,673
• Taxable income: $258
• Est. tax owed @ 24.0%: −$62
• After-tax cash flow: $2,984/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): 42,720
• Household income: $70,120
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 1358.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 48% Black 24% Two or more races 12% Hispanic / Latino 11% Asian 10%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Iranian 15% Romanian 3% Swiss 3%
• Foreign-born: 19% · Canada, Philippines, India
• Languages at home: 75% English-only · Spanish 7% Other Indo-European 4% Other Asian/Pacific 3%

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: ▼ -153.47%
• Current HPI: 274.2591
• Rent YoY: ▲ 5.64%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-06-08 Listed $195,000 MiRealSource-MiMLS
• 2026-06-08 Listed $195,000 REALCOMP
• 2026-06-08 Listed $195,000 SW Michigan MLS

Property tax history

+4.1%/yr

Latest (2025): $5,959 · +2.7% YoY. Source: county tax records.