1124 Baldwin St SE · Grand Rapids, MI 49506

$265,000

5 bd · 1.0 ba · 1,958 sqft · SingleFamily public records · 4 Days on market

Built 1902 4,356 sqft lot

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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 +25.3/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This spacious 5-bed, 2 full bath home offers endless potential in one of the city's most desirable neighborhoods. Step outside your front door and enjoy walkability to the Farmer's Market, local shops, and all the vibrance Eastown has to offer. With its generous living space, massive kitchen, and sizable bedrooms, the home is nearly 3,000 sq ft. Outdoors you will enjoy and deep lot with fully fenced in yard. Whether you are looking restore or reimagine the home with modern updates the price point is ideal. Needs work, but has tremendous potential. Furnace and water heater new in 2025.

Key facts

• Deep lot
• Fully fenced in yard
• Local shops

Tags

• LOCAL SHOPS
• FULLY FENCED IN YARD
• DEEP LOT

Property features AI

Exterior

• Utilities: Public water; Natural gas water heater
• Home design: Historic single-family residence; Public water
• Construction: Built in 1902; Wood siding; Shingle roof
• Exterior features: Sidewalk

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4
• Bathrooms: 2 full bathrooms; Primary bathroom
• Heating & cooling: Forced air heating
• Interior features: Eat-in kitchen; Michigan basement; 10 total rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $601 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Cap rate 9.0% 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 (+6.9%/yr); 202 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).

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 + 6.9% rent growth), your $74k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 30y ago; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $100k; list at $265k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $265,000

Questions for the listing agent

1. Built in 1902 — 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: 1.08% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.72%
• DSCR: 1.43
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.92% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $6,947
• Equity at exit: $39,512

10-year hold

• IRR: 15.2%
• Equity multiple: 2.44×
• Total profit: $107,052
• Equity at exit: $22,912

Cash invested: $74,200 (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 49506

• Rents YoY: 6.9%
• Active inventory: 202
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,851 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$151 /mo · $1,817/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$599
• Net cashflow: $601

Break-even live

Break-even rent $2,091

Max offer price $265,000

Occupancy floor 74%

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 Fuller Ave NE Grand Rapids, MI	6.0	2.5	2160	$3,150	$1.46	43d	1	0.26mi
1321 Bemis St SE Grand Rapids, MI	4.0	2.5	2367	$2,700	$1.14	3d	1	0.67mi
541 Eastern Ave NE Grand Rapids, MI	4.0	2.0	1600	$2,300	$1.44	43d	1	0.85mi
130 Plymouth Ave NE Grand Rapids, MI	4.0	2.0	2116	$2,750	$1.30	2d	1	0.86mi
728 Fuller Ave SE Grand Rapids, MI	4.0	2.0	2500	$2,200	$0.88	43d	1	0.88mi
729 Bates St SE Unit 1 Grand Rapids, MI	4.0	3.5	1576	$2,395	$1.52	43d	1	0.99mi
1027 Underwood Ave SE Grand Rapids, MI	4.0	2.0	1600	$2,300	$1.44	14d	1	1.26mi

Listing history 22 events

1. 2026-05-23
   status Pending 591-char remark

   Show marketing remark (591 chars)

   This spacious 5-bed, 2 full bath home offers endless potential in one of the city's most desirable neighborhoods. Step outside your front door and enjoy walkability to the Farmer's Market, local shops, and all the vibrance Eastown has to offer. With its generous living space, massive kitchen, and sizable bedrooms, the home is nearly 3,000 sq ft. Outdoors you will enjoy and deep lot with fully fenced in yard. Whether you are looking restore or reimagine the home with modern updates the price point is ideal. Needs work, but has tremendous potential. Furnace and water heater new in 2025.

2. 2026-05-23
   status Pending 591-char remark

   Show marketing remark (591 chars)

   This spacious 5-bed, 2 full bath home offers endless potential in one of the city's most desirable neighborhoods. Step outside your front door and enjoy walkability to the Farmer's Market, local shops, and all the vibrance Eastown has to offer. With its generous living space, massive kitchen, and sizable bedrooms, the home is nearly 3,000 sq ft. Outdoors you will enjoy and deep lot with fully fenced in yard. Whether you are looking restore or reimagine the home with modern updates the price point is ideal. Needs work, but has tremendous potential. Furnace and water heater new in 2025.

3. 2026-05-23
   status Pending

   Show marketing remark (591 chars)

   This spacious 5-bed, 2 full bath home offers endless potential in one of the city's most desirable neighborhoods. Step outside your front door and enjoy walkability to the Farmer's Market, local shops, and all the vibrance Eastown has to offer. With its generous living space, massive kitchen, and sizable bedrooms, the home is nearly 3,000 sq ft. Outdoors you will enjoy and deep lot with fully fenced in yard. Whether you are looking restore or reimagine the home with modern updates the price point is ideal. Needs work, but has tremendous potential. Furnace and water heater new in 2025.

4. 2026-05-18
   price $265,000

   Show marketing remark (591 chars)

   This spacious 5-bed, 2 full bath home offers endless potential in one of the city's most desirable neighborhoods. Step outside your front door and enjoy walkability to the Farmer's Market, local shops, and all the vibrance Eastown has to offer. With its generous living space, massive kitchen, and sizable bedrooms, the home is nearly 3,000 sq ft. Outdoors you will enjoy and deep lot with fully fenced in yard. Whether you are looking restore or reimagine the home with modern updates the price point is ideal. Needs work, but has tremendous potential. Furnace and water heater new in 2025.

5. 2026-05-18
   listed $265,000 Active 591-char remark

   Show marketing remark (591 chars)

   This spacious 5-bed, 2 full bath home offers endless potential in one of the city's most desirable neighborhoods. Step outside your front door and enjoy walkability to the Farmer's Market, local shops, and all the vibrance Eastown has to offer. With its generous living space, massive kitchen, and sizable bedrooms, the home is nearly 3,000 sq ft. Outdoors you will enjoy and deep lot with fully fenced in yard. Whether you are looking restore or reimagine the home with modern updates the price point is ideal. Needs work, but has tremendous potential. Furnace and water heater new in 2025.

6. 2026-05-18
   listed $265,000 Active 591-char remark

   Show marketing remark (591 chars)

   This spacious 5-bed, 2 full bath home offers endless potential in one of the city's most desirable neighborhoods. Step outside your front door and enjoy walkability to the Farmer's Market, local shops, and all the vibrance Eastown has to offer. With its generous living space, massive kitchen, and sizable bedrooms, the home is nearly 3,000 sq ft. Outdoors you will enjoy and deep lot with fully fenced in yard. Whether you are looking restore or reimagine the home with modern updates the price point is ideal. Needs work, but has tremendous potential. Furnace and water heater new in 2025.

7. 2026-05-18
   listed $255,000 Active

   Show marketing remark (591 chars)

   This spacious 5-bed, 2 full bath home offers endless potential in one of the city's most desirable neighborhoods. Step outside your front door and enjoy walkability to the Farmer's Market, local shops, and all the vibrance Eastown has to offer. With its generous living space, massive kitchen, and sizable bedrooms, the home is nearly 3,000 sq ft. Outdoors you will enjoy and deep lot with fully fenced in yard. Whether you are looking restore or reimagine the home with modern updates the price point is ideal. Needs work, but has tremendous potential. Furnace and water heater new in 2025.

8. 2025-11-15
   historical
9. 2025-11-14
   historical
10. 2025-11-06
    price $240,000
11. 2025-11-06
    price $240,000
12. 2025-11-06
    price $240,000
13. 2025-10-21
    listed $250,000 Active
14. 2025-10-21
    listed $250,000 Active
15. 2003-12-04
    soldstatus $100,000
16. 2003-12-04
    soldstatus $100,000
17. 2003-08-25
    listed $104,900
18. 2003-08-25
    listed $104,900
19. 1996-11-18
    soldstatus $55,000
20. 1996-11-18
    soldstatus $55,000
21. 1996-10-08
    listed $59,900
22. 1996-10-08
    listed $59,900

ⓘ 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: $1,817 · $151/mo
• Projected year-2 tax: $2,949 · $246/mo
• Expected delta: +$1,132/yr (+$94/mo · 62.3%)

ⓘ 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 ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,213
• − Mortgage interest: −$14,844
• − Property taxes: −$1,817
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,737
• − Management: −$2,737
• − Depreciation: −$7,709
• Taxable income: $3,044
• Est. tax owed @ 24.0%: −$731
• After-tax cash flow: $6,480/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): 34,673
• Household income: $118,131
• Rent vs Own: 24.9% rent · 75.1% own
• Severe rent burden: 544.0

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 (76%)
• Race & ethnicity: White 76% Black 11% Two or more races 7% Hispanic / Latino 4% Asian 2%
• Common ancestry: Iranian 16% Romanian 6% Italian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -367.25%
• Current HPI: 316.2553
• Rent YoY: ▲ 6.92%
• 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

+342.4% since first listed

22 events — show timeline

• 2026-05-23 Pending — MiRealSource-MiMLS
• 2026-05-23 Pending — REALCOMP
• 2026-05-23 Pending — SW Michigan MLS
• 2026-05-18 Price Changed $265,000 SW Michigan MLS
• 2026-05-18 Listed $255,000 SW Michigan MLS
• 2026-05-18 Listed $265,000 REALCOMP
• 2026-05-18 Listed $265,000 MiRealSource-MiMLS
• 2025-11-15 Listing Removed — MiRealSource-MiMLS
• 2025-11-14 Listing Removed — REALCOMP
• 2025-11-06 Price Changed $240,000 MiRealSource-MiMLS
• 2025-11-06 Price Changed $240,000 REALCOMP
• 2025-11-06 Price Changed $240,000 SW Michigan MLS
• 2025-10-21 Listed $250,000 REALCOMP
• 2025-10-21 Listed $250,000 MiRealSource-MiMLS
• 2003-12-04 Sold (MLS) $100,000 REALCOMP
• 2003-12-04 Sold (MLS) $100,000 SW Michigan MLS
• 2003-08-25 Listed $104,900 REALCOMP
• 2003-08-25 Listed $104,900 SW Michigan MLS
• 1996-11-18 Sold (MLS) $55,000 REALCOMP
• 1996-11-18 Sold (MLS) $55,000 SW Michigan MLS
• 1996-10-08 Listed $59,900 REALCOMP
• 1996-10-08 Listed $59,900 SW Michigan MLS

Property tax history

-1.9%/yr

Latest (2025): $1,817 · -3.6% YoY. Source: county tax records.