843 Prince St SE #845 · Grand Rapids, MI 49507

$274,900

6 bd · 3.0 ba · 2,587 sqft · SingleFamily · 7 Days on market

Built 1905 6,534 sqft lot $106/sqft · 44% below area Est $487k · 44% under

---

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 +23.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +6.0/10.0
• 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

Two homes on one parcel Rare opportunity to own two single-family homes on one parcel--perfect for investors or owner-occupants looking to offset their mortgage with rental income. The front home is currently occupied and offers 4 spacious bedrooms and 1.5 bathrooms. This large residence features beautiful hardwood floors throughout, main-floor laundry hookups for added convenience, and off-street parking. Tucked behind, the second home is a 2-bedroom, 1.5-bath property . It boasts hardwood flooring, an open-concept layout, and generously sized rooms, making it highly desirable and easy to rent.

Key facts

• 6,534 sq ft lot
• 4 parking spots
• Built 1905

Property features AI

Finance

• Other: Zoning listed as 'Other'
• Financial info: Property used for residential income (multi-family); Listed rents: approximately $1,395 for the 2-bedroom unit and $1,695 for the 4+-bedroom unit

Exterior

• Parking: Four parking spaces
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: Multi-family residential income property
• Construction: Shingle siding and wood siding exterior; Composition roof
• Exterior features: Paved driveway/parking area; Paved road access; 50 ft x 130 ft lot (approximately 0.15 acres)

Interior

• Kitchen: Kitchens in each unit (standard appliance details not provided)
• Bedrooms: One unit with 2 bedrooms (upper unit described as '843 Back'); One unit with 4 bedrooms (lower/front unit described as '845 Front')
• Bathrooms: One bathroom in the 2-bedroom unit; Two bathrooms in the 4-bedroom unit
• Heating & cooling: Forced air heating; Natural gas heating; Separate heat systems for each unit
• Interior features: Full basement; Separate heating systems for units
• Laundry & utility: Washer hookup in each unit; Gas dryer hookup in at least one location; Washer/dryer hookup noted in unit descriptions

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Cap rate 8.4% 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 (+4.7%/yr); 178 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 $3,030/mo this rent would consume 59% 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 $8k 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 $77k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 sale attempts since 31y ago 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.
• Current owner paid $160k; list at $275k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $274,900

Questions for the listing agent

1. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.10% ✓
• Cap rate: 8.45%
• Cash-on-cash: 7.70%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

• ARV (median comp): $486,667
• List price: $274,900
• Delta: -43.51%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-7,664
• Equity at exit: $40,988

10-year hold

• IRR: 8.9%
• Equity multiple: 1.74×
• Total profit: $56,940
• Equity at exit: $23,768

Cash invested: $76,972 (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 49507

• Rents YoY: 4.7%
• Active inventory: 178
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $3,030 medium
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,124/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$636
• Net cashflow: $494

Break-even live

Break-even rent $2,405

Max offer price $274,900

Occupancy floor 79%

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: $68,725
• Closing costs: $8,247
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1219 Thomas St SE Grand Rapids, MI	6.0	3.5	3400	$3,600	$1.06	43d	1	0.48mi
1154 Prospect Ave SE Grand Rapids, MI	5.0	2.0	1800	$2,300	$1.28	43d	1	0.74mi
117 Fuller Ave NE Grand Rapids, MI	6.0	2.5	2160	$3,150	$1.46	43d	1	1.33mi

Listing history 27 events

1. 2026-05-14
   status Pending 602-char remark

   Show marketing remark (602 chars)

   Two homes on one parcel Rare opportunity to own two single-family homes on one parcel--perfect for investors or owner-occupants looking to offset their mortgage with rental income. The front home is currently occupied and offers 4 spacious bedrooms and 1.5 bathrooms. This large residence features beautiful hardwood floors throughout, main-floor laundry hookups for added convenience, and off-street parking. Tucked behind, the second home is a 2-bedroom, 1.5-bath property . It boasts hardwood flooring, an open-concept layout, and generously sized rooms, making it highly desirable and easy to rent.

2. 2026-05-14
   status Pending 602-char remark

   Show marketing remark (602 chars)

   Two homes on one parcel Rare opportunity to own two single-family homes on one parcel--perfect for investors or owner-occupants looking to offset their mortgage with rental income. The front home is currently occupied and offers 4 spacious bedrooms and 1.5 bathrooms. This large residence features beautiful hardwood floors throughout, main-floor laundry hookups for added convenience, and off-street parking. Tucked behind, the second home is a 2-bedroom, 1.5-bath property . It boasts hardwood flooring, an open-concept layout, and generously sized rooms, making it highly desirable and easy to rent.

3. 2026-05-06
   listed $274,900 Active 602-char remark

   Show marketing remark (602 chars)

   Two homes on one parcel Rare opportunity to own two single-family homes on one parcel--perfect for investors or owner-occupants looking to offset their mortgage with rental income. The front home is currently occupied and offers 4 spacious bedrooms and 1.5 bathrooms. This large residence features beautiful hardwood floors throughout, main-floor laundry hookups for added convenience, and off-street parking. Tucked behind, the second home is a 2-bedroom, 1.5-bath property . It boasts hardwood flooring, an open-concept layout, and generously sized rooms, making it highly desirable and easy to rent.

4. 2026-05-06
   listed $274,900 Active 602-char remark

   Show marketing remark (602 chars)

   Two homes on one parcel Rare opportunity to own two single-family homes on one parcel--perfect for investors or owner-occupants looking to offset their mortgage with rental income. The front home is currently occupied and offers 4 spacious bedrooms and 1.5 bathrooms. This large residence features beautiful hardwood floors throughout, main-floor laundry hookups for added convenience, and off-street parking. Tucked behind, the second home is a 2-bedroom, 1.5-bath property . It boasts hardwood flooring, an open-concept layout, and generously sized rooms, making it highly desirable and easy to rent.

5. 2019-12-16
   soldstatus $159,900

   Show marketing remark (305 chars)

   2 homes on one lot. The front house 845, has 4 bedrooms, 1.5 baths, laundry hook up on the main floor. The back home 843 has 2 bedrooms and 1 bath up, kitchen, dining and living room on main floor. Washer and dryer hook ups in the basement. Rents total $2550/MO. All tenants are on month to month leases.

6. 2019-12-16
   soldstatus $159,900 Sold

   Show marketing remark (305 chars)

   2 homes on one lot. The front house 845, has 4 bedrooms, 1.5 baths, laundry hook up on the main floor. The back home 843 has 2 bedrooms and 1 bath up, kitchen, dining and living room on main floor. Washer and dryer hook ups in the basement. Rents total $2550/MO. All tenants are on month to month leases.

7. 2019-12-16
   soldstatus $159,900

   Show marketing remark (305 chars)

   2 homes on one lot. The front house 845, has 4 bedrooms, 1.5 baths, laundry hook up on the main floor. The back home 843 has 2 bedrooms and 1 bath up, kitchen, dining and living room on main floor. Washer and dryer hook ups in the basement. Rents total $2550/MO. All tenants are on month to month leases.

8. 2019-11-18
   status Pending
9. 2019-11-15
   listed $159,900

   Show marketing remark (305 chars)

   2 homes on one lot. The front house 845, has 4 bedrooms, 1.5 baths, laundry hook up on the main floor. The back home 843 has 2 bedrooms and 1 bath up, kitchen, dining and living room on main floor. Washer and dryer hook ups in the basement. Rents total $2550/MO. All tenants are on month to month leases.

10. 2019-11-15
    listed $159,900 Active

    Show marketing remark (305 chars)

    2 homes on one lot. The front house 845, has 4 bedrooms, 1.5 baths, laundry hook up on the main floor. The back home 843 has 2 bedrooms and 1 bath up, kitchen, dining and living room on main floor. Washer and dryer hook ups in the basement. Rents total $2550/MO. All tenants are on month to month leases.

11. 2019-11-15
    listed $159,900

    Show marketing remark (305 chars)

    2 homes on one lot. The front house 845, has 4 bedrooms, 1.5 baths, laundry hook up on the main floor. The back home 843 has 2 bedrooms and 1 bath up, kitchen, dining and living room on main floor. Washer and dryer hook ups in the basement. Rents total $2550/MO. All tenants are on month to month leases.

12. 2015-02-12
    historical
13. 2015-02-03
    historical
14. 2015-02-03
    historical
15. 2002-01-18
    soldstatus $73,000
16. 2002-01-18
    soldstatus $73,000
17. 2002-01-18
    soldstatus $73,000
18. 2001-12-05
    listed $84,900
19. 2001-06-05
    listed $84,900
20. 2001-06-05
    listed $84,900
21. 2000-09-16
    historical
22. 2000-06-23
    listed $84,900
23. 2000-06-23
    listed $84,900
24. 1999-10-29
    historical
25. 1999-08-20
    listed $84,900
26. 1999-08-20
    listed $84,900
27. 1995-08-30
    listed $70,000

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 67% 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: $36,356
• − Mortgage interest: −$15,399
• − Property taxes: −$4,124
• − Insurance: −$1,374
• − Repairs & maintenance: −$2,908
• − Management: −$2,908
• − Depreciation: −$7,997
• Taxable income: $1,645
• Est. tax owed @ 24.0%: −$395
• After-tax cash flow: $5,529/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

+292.7% since first listed

27 events — show timeline

• 2026-05-14 Pending — REALCOMP
• 2026-05-14 Pending — MiRealSource-MiMLS
• 2026-05-06 Listed $274,900 MiRealSource-MiMLS
• 2026-05-06 Listed $274,900 REALCOMP
• 2019-12-16 Sold (MLS) $159,900 MiRealSource-MiMLS
• 2019-12-16 Sold (MLS) $159,900 SW Michigan MLS
• 2019-12-16 Sold (MLS) $159,900 REALCOMP
• 2019-11-18 Pending — SW Michigan MLS
• 2019-11-15 Listed $159,900 MiRealSource-MiMLS
• 2019-11-15 Listed $159,900 SW Michigan MLS
• 2019-11-15 Listed $159,900 REALCOMP
• 2015-02-12 Listing Removed — SW Michigan MLS
• 2015-02-03 Listing Removed — SW Michigan MLS
• 2015-02-03 Listing Removed — SW Michigan MLS
• 2002-01-18 Sold (MLS) $73,000 REALCOMP
• 2002-01-18 Sold (MLS) $73,000 SW Michigan MLS
• 2002-01-18 Sold (MLS) $73,000 SW Michigan MLS
• 2001-12-05 Listed $84,900 SW Michigan MLS
• 2001-06-05 Listed $84,900 REALCOMP
• 2001-06-05 Listed $84,900 SW Michigan MLS
• 2000-09-16 Listing Removed — REALCOMP
• 2000-06-23 Listed $84,900 REALCOMP
• 2000-06-23 Listed $84,900 SW Michigan MLS
• 1999-10-29 Listing Removed — REALCOMP
• 1999-08-20 Listed $84,900 REALCOMP
• 1999-08-20 Listed $84,900 SW Michigan MLS
• 1995-08-30 Listed $70,000 SW Michigan MLS