1920 Porter St SW · Wyoming, MI 49519

$690,000

48 bd · 36.0 ba · 5,112 sqft · MultiFamily · 116 Days on market

Built 1964 Average condition 0.28 ac lot $135/sqft · 26% above area Est $550k · 26% over ↓ 4% since listing

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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 +24.7/30.0
• DSCR +8.0/10.0
• 1% rule +6.4/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Condition / age +2.8/5.0
• Schools +2.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

6 unit apartment building located in Wyoming, 1 mile north of 28th St. The building contains 4 - 1 bedroom units and 2 -2 bedroom units. Three apartments were remodeled in 2025 featuring new doors, trim, flooring, granite countertops, recessed lighting, stainless steel appliances and remodeled bathrooms. 6 carports and a storage room are located at the rear of the property. A coin operated laundry room is on the main floor next to a separate mechanicals room. The upper 4 units have balconies and AC. All listing information to be verified by Buyer. Buyer and Seller to close at ATA Title.

Key facts

• Balconies
• Remodeled apartments
• Granite countertops

Tags

• REMODELED APARTMENTS
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• REMODELED BATHROOMS
• COIN OPERATED LAUNDRY
• BALCONIES

What this means for you Summary

Snapshot

• This is a 4×1bd/1.0ba + 2×2bd/1.0ba units multifamily listed at $690k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $240/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $690k).
• Recommended offer: $628k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 3.8% in Wyoming — 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 77/100 on livability (#126 in MI, #3,095 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D-, amenities F.
• Wyoming Public Schools (urban): math 16% / reading 39% proficiency, ranked #394 of 540 in MI (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+10.5%/yr); 92 active listings in the ZIP; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• At $7,856/mo this rent would consume 128% of the median local household income ($74k/yr) (locally 847% 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 $5k of loan paydown is wiped out by about $21k 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 + 8.0% rent growth), your $193k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($628k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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.

Recommended offer $627,900 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 1.14% ✓
• Cap rate: 8.79%
• Cash-on-cash: 8.93%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

• ARV (median comp): $549,638
• List price: $690,000
• Delta: 25.54%
• Verdict: OVERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.11×
• Total profit: $21,401
• Equity at exit: $102,881

10-year hold

• IRR: 16.6%
• Equity multiple: 2.69×
• Total profit: $325,995
• Equity at exit: $59,659

Cash invested: $193,200 (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 49519

• Rents YoY: 10.5%
• Active inventory: 92
• Price-to-rent: 45.0×

Monthly cashflow live

• Estimated rent: $7,856 high
• Mortgage (P&I): −$3,618
• Tax est. 1.5%: −$862 /mo · $10,350/yr
• Insurance: −$288
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,650
• Net cashflow: $1,438

Break-even live

Break-even rent $6,036

Max offer price $690,000

Occupancy floor 77%

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,116
▸ 2× units	2	1	$2,742
Total (6 units)			$7,856

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: $172,500
• Closing costs: $20,700
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $690,000 Active 116 DOM
2. 2026-06-17
   days on market $690,000 Active 115 DOM
3. 2026-06-16
   days on market $690,000 Active 114 DOM
4. 2026-06-15
   days on market $690,000 Active 113 DOM
5. 2026-06-14
   days on market $690,000 Active 111 DOM
6. 2026-06-13
   days on market $690,000 Active 110 DOM
7. 2026-06-10
   days on market $690,000 Active 108 DOM
8. 2026-06-09
   days on market $690,000 Active 107 DOM
9. 2026-06-08
   days on market $690,000 Active 106 DOM
10. 2026-06-07
    days on market $690,000 Active 105 DOM
11. 2026-06-05
    days on market $690,000 Active 102 DOM
12. 2026-06-03
    days on market $690,000 Active 101 DOM
13. 2026-06-03
    days on market $690,000 Active 100 DOM
14. 2026-06-01
    days on market $690,000 Active 99 DOM
15. 2026-05-31
    days on market $690,000 Active 98 DOM
16. 2026-04-24
    price $690,000 593-char remark

    Show marketing remark (593 chars)

    6 unit apartment building located in Wyoming, 1 mile north of 28th St. The building contains 4 - 1 bedroom units and 2 -2 bedroom units. Three apartments were remodeled in 2025 featuring new doors, trim, flooring, granite countertops, recessed lighting, stainless steel appliances and remodeled bathrooms. 6 carports and a storage room are located at the rear of the property. A coin operated laundry room is on the main floor next to a separate mechanicals room. The upper 4 units have balconies and AC. All listing information to be verified by Buyer. Buyer and Seller to close at ATA Title.

17. 2026-04-23
    price $690,000 593-char remark

    Show marketing remark (593 chars)

    6 unit apartment building located in Wyoming, 1 mile north of 28th St. The building contains 4 - 1 bedroom units and 2 -2 bedroom units. Three apartments were remodeled in 2025 featuring new doors, trim, flooring, granite countertops, recessed lighting, stainless steel appliances and remodeled bathrooms. 6 carports and a storage room are located at the rear of the property. A coin operated laundry room is on the main floor next to a separate mechanicals room. The upper 4 units have balconies and AC. All listing information to be verified by Buyer. Buyer and Seller to close at ATA Title.

18. 2026-02-25
    status Active 593-char remark

    Show marketing remark (593 chars)

    6 unit apartment building located in Wyoming, 1 mile north of 28th St. The building contains 4 - 1 bedroom units and 2 -2 bedroom units. Three apartments were remodeled in 2025 featuring new doors, trim, flooring, granite countertops, recessed lighting, stainless steel appliances and remodeled bathrooms. 6 carports and a storage room are located at the rear of the property. A coin operated laundry room is on the main floor next to a separate mechanicals room. The upper 4 units have balconies and AC. All listing information to be verified by Buyer. Buyer and Seller to close at ATA Title.

19. 2026-02-25
    status Active 593-char remark

    Show marketing remark (593 chars)

    6 unit apartment building located in Wyoming, 1 mile north of 28th St. The building contains 4 - 1 bedroom units and 2 -2 bedroom units. Three apartments were remodeled in 2025 featuring new doors, trim, flooring, granite countertops, recessed lighting, stainless steel appliances and remodeled bathrooms. 6 carports and a storage room are located at the rear of the property. A coin operated laundry room is on the main floor next to a separate mechanicals room. The upper 4 units have balconies and AC. All listing information to be verified by Buyer. Buyer and Seller to close at ATA Title.

20. 2026-02-23
    status Pending 593-char remark

    Show marketing remark (593 chars)

    6 unit apartment building located in Wyoming, 1 mile north of 28th St. The building contains 4 - 1 bedroom units and 2 -2 bedroom units. Three apartments were remodeled in 2025 featuring new doors, trim, flooring, granite countertops, recessed lighting, stainless steel appliances and remodeled bathrooms. 6 carports and a storage room are located at the rear of the property. A coin operated laundry room is on the main floor next to a separate mechanicals room. The upper 4 units have balconies and AC. All listing information to be verified by Buyer. Buyer and Seller to close at ATA Title.

21. 2026-02-23
    status Pending 593-char remark

    Show marketing remark (593 chars)

    6 unit apartment building located in Wyoming, 1 mile north of 28th St. The building contains 4 - 1 bedroom units and 2 -2 bedroom units. Three apartments were remodeled in 2025 featuring new doors, trim, flooring, granite countertops, recessed lighting, stainless steel appliances and remodeled bathrooms. 6 carports and a storage room are located at the rear of the property. A coin operated laundry room is on the main floor next to a separate mechanicals room. The upper 4 units have balconies and AC. All listing information to be verified by Buyer. Buyer and Seller to close at ATA Title.

22. 2026-02-20
    listed $720,000 Active 593-char remark

    Show marketing remark (593 chars)

    6 unit apartment building located in Wyoming, 1 mile north of 28th St. The building contains 4 - 1 bedroom units and 2 -2 bedroom units. Three apartments were remodeled in 2025 featuring new doors, trim, flooring, granite countertops, recessed lighting, stainless steel appliances and remodeled bathrooms. 6 carports and a storage room are located at the rear of the property. A coin operated laundry room is on the main floor next to a separate mechanicals room. The upper 4 units have balconies and AC. All listing information to be verified by Buyer. Buyer and Seller to close at ATA Title.

23. 2026-02-20
    listed $720,000 Active 593-char remark

    Show marketing remark (593 chars)

    6 unit apartment building located in Wyoming, 1 mile north of 28th St. The building contains 4 - 1 bedroom units and 2 -2 bedroom units. Three apartments were remodeled in 2025 featuring new doors, trim, flooring, granite countertops, recessed lighting, stainless steel appliances and remodeled bathrooms. 6 carports and a storage room are located at the rear of the property. A coin operated laundry room is on the main floor next to a separate mechanicals room. The upper 4 units have balconies and AC. All listing information to be verified by Buyer. Buyer and Seller to close at ATA Title.

24. 2024-03-24
    historical $895
25. 2024-03-13
    listed $895

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°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: $94,272
• − Mortgage interest: −$38,651
• − Property taxes: −$10,350
• − Insurance: −$3,450
• − Repairs & maintenance: −$7,542
• − Management: −$7,542
• − Depreciation: −$20,073
• Taxable income: $6,665
• Est. tax owed @ 24.0%: −$1,600
• After-tax cash flow: $15,654/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

Average 55/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and appeal to buyers and renters. Upgrading the kitchen, HVAC system, and exterior will significantly increase its value.

Repairs flagged

• Moderate kitchen cabinets — Older cabinets need updating.
• Moderate bathroom fixtures — Outdated fixtures need replacement.
• Moderate HVAC system — May need inspection and possible upgrades.
• Moderate exterior paint — Paint appears worn and may need repainting.
• Moderate landscaping — Overgrown areas need trimming and landscaping improvements.

Value-add opportunities

• Resale New kitchen cabinets and countertops — Modern kitchen will attract more buyers.
• Both New HVAC system — Improved comfort and energy efficiency.
• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value.
• Resale New bathroom fixtures — Modern bathrooms will appeal to more buyers.
• Both New flooring in living areas — Fresh flooring improves aesthetics and value.
• Both New paint job — Fresh paint enhances curb appeal and interior aesthetics.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Older cabinets need updating.	Moderate	$3,000–15,000
bathroom fixtures · Outdated fixtures need replacement.	Moderate	$3,000–15,000
HVAC system · May need inspection and possible upgrades.	Moderate	$3,000–15,000
exterior paint · Paint appears worn and may need repainting.	Moderate	$3,000–15,000
landscaping · Overgrown areas need trimming and landscaping improvements.	Moderate	$3,000–15,000
Total estimated repair cost · 5 items		$15,000–75,000

Value-add ROI direction

• Resale New kitchen cabinets and countertops — Modern kitchen will attract more buyers. ↑
• Both New HVAC system — Improved comfort and energy efficiency. ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value. ↑
• Resale New bathroom fixtures — Modern bathrooms will appeal to more buyers. ↑
• Both New flooring in living areas — Fresh flooring improves aesthetics and value. ↑
• Both New paint job — Fresh paint enhances curb appeal and interior aesthetics. ↑

ⓘ 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: Wyoming Public Schools
• NCES district ID: 2636570
• Math proficiency: 16% ▼ -8.00%
• Reading proficiency: 39% ▲ 4.00%
• Median HH income: $46,299
• Composite: 23.69/100
• National rank: #7835
• State rank: #394 of 540 in MI

Livability — Wyoming

• Score: 77/100
• State rank: #126
• US rank: #3095

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wyoming, MI
• County: Kent County · 533,805 people
• City population: 56,117
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 27,965
• Household income: $73,762
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 847.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 18% Two or more races 14% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 13% Puerto Rican 2%
• Common ancestry: Iranian 18% Romanian 5% Slovak 2%
• Foreign-born: 8% · Canada
• Languages at home: 85% English-only · Spanish 12% 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: ▼ -244.17%
• Current HPI: 274.6556
• Rent YoY: ▲ 10.46%
• 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

-4.2% since first listed

10 events — show timeline

• 2026-04-24 Price Changed $690,000 MiRealSource-MiMLS
• 2026-04-23 Price Changed $690,000 REALCOMP
• 2026-02-25 Relisted — REALCOMP
• 2026-02-25 Relisted — MiRealSource-MiMLS
• 2026-02-23 Pending — REALCOMP
• 2026-02-23 Pending — MiRealSource-MiMLS
• 2026-02-20 Listed $720,000 REALCOMP
• 2026-02-20 Listed $720,000 MiRealSource-MiMLS
• 2024-03-24 Rental Removed $895 APPFOLIO
• 2024-03-13 Listed for Rent $895 APPFOLIO