3503 3 Mile Rd NE · Grand Rapids, MI 49525

$230,000

3 bd · 1.0 ba · 1,298 sqft · SingleFamily · 2 Days on market

Built 1890 1.00 ac lot Est $314k · 27% under ↓ 16% since listing

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Why this score? — see what drove the B+ 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 +28.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.6/10.0
• Schools +6.3/10.0
• Livability +4.2/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This wooded one-acre lot in the highly sought-after Forest Hills School District offers potential for your next project. Conveniently located near shopping, schools, restaurants and entertainment. . The existing home was affected by fire and is being sold as-is--the value is in the land. Bring your plans and create something exceptional in this desirable location!

Key facts

• One-acre lot
• Wooded setting
• Convenient location

Tags

• ONE-ACRE LOT
• WOODED SETTING
• CONVENIENT LOCATION

Property features AI

Exterior

• Utilities: Well water (private)
• Home design: Single Family Residence; Residential property; Built in 1890
• Construction: Other construction materials; 1,298 total building area
• Exterior features: 1.0 acre lot; Well water

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating
• Interior features: Seven total rooms; Michigan-style basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $742 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Cap rate 10.2% 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.
• Forest Hills Public Schools (suburban): math 65% / reading 74% proficiency, ranked #11 of 540 in MI (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.2%/yr); 164 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• This rent runs 34% of the median local income ($94k/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 $2k of loan paydown is wiped out by about $7k 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 + 2.2% rent growth), your $64k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 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: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $230,000

Questions for the listing agent

1. Built in 1890 — 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: 1.16% ✓
• Cap rate: 10.16%
• Cash-on-cash: 13.82%
• DSCR: 1.61
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $314,116
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3503 3 Mile Rd NE	0.00mi	3/1.0	1,298 (0%)	0mo	$215,000	$166	100
3540 3 Mile Rd NE	0.08mi	3/1.0	1,249 (-4%)	13mo	$229,000	$183	79
2698 Dunnigan Ave NE	0.17mi	4/2.0 (+1)	1,478 (+14%)	11mo	$357,000	$242	51
2491 Dunnigan Ave NE	0.44mi	3/1.5	1,466 (+13%)	14mo	$377,500	$258	44
3136 3 Mile Rd NE	0.45mi	3/1.5	1,446 (+11%)	21mo	$382,500	$265	40
2500 Appleton Dr NE	0.68mi	3/2.0	1,415 (+9%)	22mo	$340,000	$240	31

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 · 2.21% rent growth · sell at horizon

5-year hold

• IRR: 3.2%
• Equity multiple: 1.12×
• Total profit: $7,759
• Equity at exit: $34,294

10-year hold

• IRR: 12.0%
• Equity multiple: 1.91×
• Total profit: $58,678
• Equity at exit: $19,886

Cash invested: $64,400 (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 49525

• Rents YoY: 2.2%
• Active inventory: 164
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,672 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$67 /mo · $804/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$561
• Net cashflow: $742

Break-even live

Break-even rent $1,733

Max offer price $230,000

Occupancy floor 67%

Sensitivity live

Price	-10% $872	-5% $807	+0% $742	+5% $676	+10% $611
Rent	-10% $531	-5% $636	+0% $742	+5% $847	+10% $953
Rate	-1.0pp $857	-0.5pp $800	base $742	+0.5pp $682	+1.0pp $621

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3300 E Beltline Ave NE Grand Rapids, MI	2.0–3.0	2.5	1446	$2,945	$2.04	3d	3	0.73mi
3240 Killian St Grand Rapids Twp, MI	1.0–3.0	1.0–2.0	1143	$3,090	$2.70	44d	17	0.97mi
3240 Killian St Grand Rapids Twp, MI	1.0–3.0	1.0–2.0	1145	$3,055	$2.67	3d	13	0.97mi
3000 Knapp St NE Grand Rapids, MI	1.0–2.0	1.0–2.0	903	$2,185	$2.42	3d	16	1.24mi

Listing history 24 events

1. 2026-05-22
   status Pending 366-char remark

   Show marketing remark (394 chars)

   Prime opportunity for builders, investors, or visionaries! Situated on a one-acre lot in the desirable Forest Hills School District, this property offers great potential. The existing structure was impacted by fire. Rehab or rebuild to suit your plans. Enjoy the wooded setting and convenient location close to shopping, schools, restaurants and entertainment. The property is being sold as-is.

2. 2026-05-22
   status Pending 394-char remark

   Show marketing remark (394 chars)

   Prime opportunity for builders, investors, or visionaries! Situated on a one-acre lot in the desirable Forest Hills School District, this property offers great potential. The existing structure was impacted by fire. Rehab or rebuild to suit your plans. Enjoy the wooded setting and convenient location close to shopping, schools, restaurants and entertainment. The property is being sold as-is.

3. 2026-05-22
   status Pending

   Show marketing remark (394 chars)

   Prime opportunity for builders, investors, or visionaries! Situated on a one-acre lot in the desirable Forest Hills School District, this property offers great potential. The existing structure was impacted by fire. Rehab or rebuild to suit your plans. Enjoy the wooded setting and convenient location close to shopping, schools, restaurants and entertainment. The property is being sold as-is.

4. 2026-05-22
   status Pending

   Show marketing remark (394 chars)

   Prime opportunity for builders, investors, or visionaries! Situated on a one-acre lot in the desirable Forest Hills School District, this property offers great potential. The existing structure was impacted by fire. Rehab or rebuild to suit your plans. Enjoy the wooded setting and convenient location close to shopping, schools, restaurants and entertainment. The property is being sold as-is.

5. 2026-05-22
   status Pending

   Show marketing remark (394 chars)

   Prime opportunity for builders, investors, or visionaries! Situated on a one-acre lot in the desirable Forest Hills School District, this property offers great potential. The existing structure was impacted by fire. Rehab or rebuild to suit your plans. Enjoy the wooded setting and convenient location close to shopping, schools, restaurants and entertainment. The property is being sold as-is.

6. 2026-05-22
   status Pending

   Show marketing remark (394 chars)

   Prime opportunity for builders, investors, or visionaries! Situated on a one-acre lot in the desirable Forest Hills School District, this property offers great potential. The existing structure was impacted by fire. Rehab or rebuild to suit your plans. Enjoy the wooded setting and convenient location close to shopping, schools, restaurants and entertainment. The property is being sold as-is.

7. 2026-05-20
   listed $230,000 Active 366-char remark

   Show marketing remark (394 chars)

   Prime opportunity for builders, investors, or visionaries! Situated on a one-acre lot in the desirable Forest Hills School District, this property offers great potential. The existing structure was impacted by fire. Rehab or rebuild to suit your plans. Enjoy the wooded setting and convenient location close to shopping, schools, restaurants and entertainment. The property is being sold as-is.

8. 2026-05-20
   listed $230,000 Active 394-char remark

   Show marketing remark (394 chars)

   Prime opportunity for builders, investors, or visionaries! Situated on a one-acre lot in the desirable Forest Hills School District, this property offers great potential. The existing structure was impacted by fire. Rehab or rebuild to suit your plans. Enjoy the wooded setting and convenient location close to shopping, schools, restaurants and entertainment. The property is being sold as-is.

9. 2026-05-20
   listed $230,000 Active

   Show marketing remark (394 chars)

   Prime opportunity for builders, investors, or visionaries! Situated on a one-acre lot in the desirable Forest Hills School District, this property offers great potential. The existing structure was impacted by fire. Rehab or rebuild to suit your plans. Enjoy the wooded setting and convenient location close to shopping, schools, restaurants and entertainment. The property is being sold as-is.

10. 2026-05-20
    listed $230,000 Active

    Show marketing remark (394 chars)

    Prime opportunity for builders, investors, or visionaries! Situated on a one-acre lot in the desirable Forest Hills School District, this property offers great potential. The existing structure was impacted by fire. Rehab or rebuild to suit your plans. Enjoy the wooded setting and convenient location close to shopping, schools, restaurants and entertainment. The property is being sold as-is.

11. 2026-05-20
    listed $230,000 Active

    Show marketing remark (394 chars)

    Prime opportunity for builders, investors, or visionaries! Situated on a one-acre lot in the desirable Forest Hills School District, this property offers great potential. The existing structure was impacted by fire. Rehab or rebuild to suit your plans. Enjoy the wooded setting and convenient location close to shopping, schools, restaurants and entertainment. The property is being sold as-is.

12. 2026-05-20
    listed $230,000 Active

    Show marketing remark (394 chars)

    Prime opportunity for builders, investors, or visionaries! Situated on a one-acre lot in the desirable Forest Hills School District, this property offers great potential. The existing structure was impacted by fire. Rehab or rebuild to suit your plans. Enjoy the wooded setting and convenient location close to shopping, schools, restaurants and entertainment. The property is being sold as-is.

13. 2025-12-17
    historical
14. 2025-12-17
    historical
15. 2025-12-03
    price $200,000
16. 2025-12-03
    price $200,000
17. 2025-12-02
    price $200,000
18. 2025-12-02
    price $200,000
19. 2025-12-02
    price $200,000
20. 2025-12-02
    price $200,000
21. 2025-11-05
    listed $275,000 Active
22. 2025-11-05
    listed $275,000 Active
23. 2025-11-05
    listed $275,000 Active
24. 2025-11-05
    listed $275,000 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: $804 · $67/mo
• Projected year-2 tax: $2,173 · $181/mo
• Expected delta: +$1,369/yr (+$114/mo · 170.2%)

ⓘ 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: $32,059
• − Mortgage interest: −$12,884
• − Property taxes: −$804
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,565
• − Management: −$2,565
• − Depreciation: −$6,691
• Taxable income: $5,401
• Est. tax owed @ 24.0%: −$1,296
• After-tax cash flow: $7,603/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: Forest Hills Public Schools
• NCES district ID: 2614610
• Math proficiency: 65% ▼ -3.00%
• Reading proficiency: 74% ▲ 1.00%
• Median HH income: $95,067
• Composite: 63.23/100
• National rank: #632
• State rank: #11 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

• County: Kent County · 533,805 people
• City population: 181,325
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 30,887
• Household income: $94,037
• Rent vs Own: 20.5% rent · 79.5% own
• Severe rent burden: 396.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 6% Hispanic / Latino 4% Black 3% Asian 2%
• Common ancestry: Iranian 16% Romanian 8% Lithuanian 2%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 1% Other Asian/Pacific 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: ▼ -195.79%
• Current HPI: 256.0731
• Rent YoY: ▲ 2.21%
• 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

-16.4% since first listed

24 events — show timeline

• 2026-05-22 Pending — MiRealSource-MiMLS
• 2026-05-22 Pending — MiRealSource-MiMLS
• 2026-05-22 Pending — REALCOMP
• 2026-05-22 Pending — REALCOMP
• 2026-05-22 Pending — SW Michigan MLS
• 2026-05-22 Pending — SW Michigan MLS
• 2026-05-20 Listed $230,000 SW Michigan MLS
• 2026-05-20 Listed $230,000 SW Michigan MLS
• 2026-05-20 Listed $230,000 REALCOMP
• 2026-05-20 Listed $230,000 REALCOMP
• 2026-05-20 Listed $230,000 MiRealSource-MiMLS
• 2026-05-20 Listed $230,000 MiRealSource-MiMLS
• 2025-12-17 Listing Removed — MiRealSource-MiMLS
• 2025-12-17 Listing Removed — MiRealSource-MiMLS
• 2025-12-03 Price Changed $200,000 MiRealSource-MiMLS
• 2025-12-03 Price Changed $200,000 MiRealSource-MiMLS
• 2025-12-02 Price Changed $200,000 REALCOMP
• 2025-12-02 Price Changed $200,000 REALCOMP
• 2025-12-02 Price Changed $200,000 SW Michigan MLS
• 2025-12-02 Price Changed $200,000 SW Michigan MLS
• 2025-11-05 Listed $275,000 REALCOMP
• 2025-11-05 Listed $275,000 REALCOMP
• 2025-11-05 Listed $275,000 MiRealSource-MiMLS
• 2025-11-05 Listed $275,000 MiRealSource-MiMLS

Property tax history

-0.6%/yr

Latest (2025): $804 · -26.2% YoY. Source: county tax records.