924 Frank St · Adrian, MI 49221

$139,900

4 bd · 1.5 ba · 1,163 sqft · SingleFamily · 157 Days on market

Built 1900 4,792 sqft lot Est $134k · at est.

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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 +24.6/30.0
• DSCR +7.9/10.0
• 1% rule +6.0/10.0
• ARV discount +5.4/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 924 Frank St in Adrian! Located in Historic East Adrian, this charming 3–4 bedroom, 1.5-bath bungalow offers the perfect blend of character and modern updates. Recent improvements include new flooring, fresh paint, roof, windows, siding, furnace, water heater, updated kitchen and bathrooms, and newer kitchen appliances. Truly move-in ready—this home is ready to welcome its next owner.

Key facts

• Fresh paint
• Historic east adrian
• New flooring

Tags

• HISTORIC EAST ADRIAN
• NEW FLOORING
• FRESH PAINT
• UPDATED KITCHEN
• NEWER KITCHEN APPLIANCES

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two-story
• Construction: Vinyl siding; Above-grade finished area approximately 1,163 square feet
• Exterior features: Front porch; Corner lot; Publicly maintained road access; Lot dimensions approximately 52 x 90

Interior

• Kitchen: Oven, Refrigerator, Range
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Oven, Refrigerator, Range; Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $289 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 5.7% in Adrian — 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 69/100 on livability (#342 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime F, commute F.
• Adrian School District (town): math 25% / reading 35% proficiency, ranked #370 of 540 in MI (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 214 active listings in the ZIP; 137 units permitted in Lenawee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lenawee County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 157 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $140k implies a 366% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 157 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 8.77%
• Cash-on-cash: 8.85%
• DSCR: 1.39
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $133,745
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
316 S Dean St	0.17mi	3/1.0 (-1)	1,145 (-2%)	11mo	$98,900	$86	74
810 E Beecher St	0.40mi	3/2.0 (-1)	1,124 (-3%)	0mo	$155,000	$138	68
822 Elm St	0.54mi	3/1.0 (-1)	1,175 (+1%)	4mo	$135,000	$115	63
831 E Maumee St	0.15mi	3/1.0 (-1)	1,008 (-13%)	1mo	$143,900	$143	63
826 N Locust St	0.67mi	4/2.0	1,198 (+3%)	6mo	$205,000	$171	56
109 Park Place East Pl E	0.30mi	3/1.0 (-1)	1,272 (+9%)	11mo	$136,000	$107	55
910 Chestnut St	0.40mi	3/1.0 (-1)	1,275 (+10%)	7mo	$120,000	$94	53
308 Toledo St	0.51mi	3/1.0 (-1)	1,242 (+7%)	6mo	$39,900	$32	53
322 Lawrence Ave	0.60mi	3/1.0 (-1)	1,244 (+7%)	4mo	$134,900	$108	50
709 N Locust St	0.62mi	3/1.0 (-1)	1,276 (+10%)	1mo	$38,000	$30	47
821 Ormsby St	0.58mi	3/1.0 (-1)	1,271 (+9%)	7mo	$170,000	$134	45
935 Elm St	0.67mi	3/1.0 (-1)	1,297 (+12%)	8mo	$168,000	$130	36

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.9%
• Equity multiple: 0.89×
• Total profit: $-4,272
• Equity at exit: $20,860

10-year hold

• IRR: 6.8%
• Equity multiple: 1.51×
• Total profit: $19,967
• Equity at exit: $12,096

Cash invested: $39,172 (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 49221

• Active inventory: 214
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,539 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$135 /mo · $1,622/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $289

Break-even live

Break-even rent $1,174

Max offer price $139,900

Occupancy floor 76%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-18
   days on market $139,900 Active 157 DOM
2. 2026-06-17
   days on market $139,900 Active 156 DOM
3. 2026-06-16
   days on market $139,900 Active 155 DOM
4. 2026-06-15
   days on market $139,900 Active 154 DOM
5. 2026-06-13
   days on market $139,900 Active 152 DOM
6. 2026-06-12
   days on market $139,900 Active 151 DOM
7. 2026-06-09
   days on market $139,900 Active 148 DOM
8. 2026-06-08
   days on market $139,900 Active 147 DOM
9. 2026-06-07
   days on market $139,900 Active 146 DOM
10. 2026-06-07
    days on market $139,900 Active 145 DOM
11. 2026-06-04
    days on market $139,900 Active 142 DOM
12. 2026-06-02
    days on market $139,900 Active 141 DOM
13. 2026-06-01
    days on market $139,900 Active 140 DOM
14. 2026-05-31
    days on market $139,900 Active 139 DOM
15. 2026-05-31
    days on market $139,900 Active 138 DOM
16. 2026-04-30
    price $139,900 410-char remark

    Show marketing remark (410 chars)

    Welcome to 924 Frank St in Adrian! Located in Historic East Adrian, this charming 3–4 bedroom, 1.5-bath bungalow offers the perfect blend of character and modern updates. Recent improvements include new flooring, fresh paint, roof, windows, siding, furnace, water heater, updated kitchen and bathrooms, and newer kitchen appliances. Truly move-in ready—this home is ready to welcome its next owner.

17. 2026-04-30
    price $139,900

    Show marketing remark (410 chars)

    Welcome to 924 Frank St in Adrian! Located in Historic East Adrian, this charming 3–4 bedroom, 1.5-bath bungalow offers the perfect blend of character and modern updates. Recent improvements include new flooring, fresh paint, roof, windows, siding, furnace, water heater, updated kitchen and bathrooms, and newer kitchen appliances. Truly move-in ready—this home is ready to welcome its next owner.

18. 2026-04-20
    status Active

    Show marketing remark (410 chars)

    Welcome to 924 Frank St in Adrian! Located in Historic East Adrian, this charming 3–4 bedroom, 1.5-bath bungalow offers the perfect blend of character and modern updates. Recent improvements include new flooring, fresh paint, roof, windows, siding, furnace, water heater, updated kitchen and bathrooms, and newer kitchen appliances. Truly move-in ready—this home is ready to welcome its next owner.

19. 2026-04-20
    status Active 410-char remark

    Show marketing remark (410 chars)

    Welcome to 924 Frank St in Adrian! Located in Historic East Adrian, this charming 3–4 bedroom, 1.5-bath bungalow offers the perfect blend of character and modern updates. Recent improvements include new flooring, fresh paint, roof, windows, siding, furnace, water heater, updated kitchen and bathrooms, and newer kitchen appliances. Truly move-in ready—this home is ready to welcome its next owner.

20. 2026-04-15
    historical Active Under Contract

    Show marketing remark (410 chars)

    Welcome to 924 Frank St in Adrian! Located in Historic East Adrian, this charming 3–4 bedroom, 1.5-bath bungalow offers the perfect blend of character and modern updates. Recent improvements include new flooring, fresh paint, roof, windows, siding, furnace, water heater, updated kitchen and bathrooms, and newer kitchen appliances. Truly move-in ready—this home is ready to welcome its next owner.

21. 2026-04-15
    historical Keep Showing-Contgcy Appl 410-char remark

    Show marketing remark (410 chars)

    Welcome to 924 Frank St in Adrian! Located in Historic East Adrian, this charming 3–4 bedroom, 1.5-bath bungalow offers the perfect blend of character and modern updates. Recent improvements include new flooring, fresh paint, roof, windows, siding, furnace, water heater, updated kitchen and bathrooms, and newer kitchen appliances. Truly move-in ready—this home is ready to welcome its next owner.

22. 2026-04-02
    price $149,900 410-char remark

    Show marketing remark (410 chars)

    Welcome to 924 Frank St in Adrian! Located in Historic East Adrian, this charming 3–4 bedroom, 1.5-bath bungalow offers the perfect blend of character and modern updates. Recent improvements include new flooring, fresh paint, roof, windows, siding, furnace, water heater, updated kitchen and bathrooms, and newer kitchen appliances. Truly move-in ready—this home is ready to welcome its next owner.

23. 2026-04-02
    price $149,900

    Show marketing remark (410 chars)

    Welcome to 924 Frank St in Adrian! Located in Historic East Adrian, this charming 3–4 bedroom, 1.5-bath bungalow offers the perfect blend of character and modern updates. Recent improvements include new flooring, fresh paint, roof, windows, siding, furnace, water heater, updated kitchen and bathrooms, and newer kitchen appliances. Truly move-in ready—this home is ready to welcome its next owner.

24. 2026-03-12
    price $155,000 410-char remark

    Show marketing remark (410 chars)

    Welcome to 924 Frank St in Adrian! Located in Historic East Adrian, this charming 3–4 bedroom, 1.5-bath bungalow offers the perfect blend of character and modern updates. Recent improvements include new flooring, fresh paint, roof, windows, siding, furnace, water heater, updated kitchen and bathrooms, and newer kitchen appliances. Truly move-in ready—this home is ready to welcome its next owner.

25. 2026-03-11
    price $155,000
26. 2026-01-12
    listed $159,900 Active

    Show marketing remark (410 chars)

    Welcome to 924 Frank St in Adrian! Located in Historic East Adrian, this charming 3–4 bedroom, 1.5-bath bungalow offers the perfect blend of character and modern updates. Recent improvements include new flooring, fresh paint, roof, windows, siding, furnace, water heater, updated kitchen and bathrooms, and newer kitchen appliances. Truly move-in ready—this home is ready to welcome its next owner.

27. 2026-01-12
    listed $159,900 Active 410-char remark

    Show marketing remark (410 chars)

    Welcome to 924 Frank St in Adrian! Located in Historic East Adrian, this charming 3–4 bedroom, 1.5-bath bungalow offers the perfect blend of character and modern updates. Recent improvements include new flooring, fresh paint, roof, windows, siding, furnace, water heater, updated kitchen and bathrooms, and newer kitchen appliances. Truly move-in ready—this home is ready to welcome its next owner.

28. 2024-08-02
    soldstatus $30,000 Sold 256-char remark

    Show marketing remark (256 chars)

    Welcome to 924 Frank St, Adrian MI. This home is sure to bring you all the sweat equity you have been wanting. Much of the demo is done. New roof on back of the home, lots of new drywall. The cabinets and other building materials will remain with the home.

29. 2024-08-02
    soldstatus $30,000 Closed

    Show marketing remark (256 chars)

    Welcome to 924 Frank St, Adrian MI. This home is sure to bring you all the sweat equity you have been wanting. Much of the demo is done. New roof on back of the home, lots of new drywall. The cabinets and other building materials will remain with the home.

30. 2024-07-27
    status Pending 256-char remark

    Show marketing remark (256 chars)

    Welcome to 924 Frank St, Adrian MI. This home is sure to bring you all the sweat equity you have been wanting. Much of the demo is done. New roof on back of the home, lots of new drywall. The cabinets and other building materials will remain with the home.

31. 2024-07-27
    status Pending

    Show marketing remark (256 chars)

    Welcome to 924 Frank St, Adrian MI. This home is sure to bring you all the sweat equity you have been wanting. Much of the demo is done. New roof on back of the home, lots of new drywall. The cabinets and other building materials will remain with the home.

32. 2024-07-20
    price $35,000

    Show marketing remark (256 chars)

    Welcome to 924 Frank St, Adrian MI. This home is sure to bring you all the sweat equity you have been wanting. Much of the demo is done. New roof on back of the home, lots of new drywall. The cabinets and other building materials will remain with the home.

33. 2024-07-20
    price $35,000 256-char remark

    Show marketing remark (256 chars)

    Welcome to 924 Frank St, Adrian MI. This home is sure to bring you all the sweat equity you have been wanting. Much of the demo is done. New roof on back of the home, lots of new drywall. The cabinets and other building materials will remain with the home.

34. 2024-06-27
    listed $40,000 Active 256-char remark

    Show marketing remark (256 chars)

    Welcome to 924 Frank St, Adrian MI. This home is sure to bring you all the sweat equity you have been wanting. Much of the demo is done. New roof on back of the home, lots of new drywall. The cabinets and other building materials will remain with the home.

35. 2024-06-27
    listed $40,000 Active

    Show marketing remark (256 chars)

    Welcome to 924 Frank St, Adrian MI. This home is sure to bring you all the sweat equity you have been wanting. Much of the demo is done. New roof on back of the home, lots of new drywall. The cabinets and other building materials will remain with the home.

ⓘ 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: $1,622 · $135/mo
• Projected year-2 tax: $1,888 · $157/mo
• Expected delta: +$266/yr (+$22/mo · 16.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,470
• − Mortgage interest: −$7,837
• − Property taxes: −$1,622
• − Insurance: −$700
• − Repairs & maintenance: −$1,478
• − Management: −$1,478
• − Depreciation: −$4,070
• Taxable income: $1,287
• Est. tax owed @ 24.0%: −$309
• After-tax cash flow: $3,158/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: Adrian School District
• NCES district ID: 2601950
• Math proficiency: 25% ▼ -1.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $41,288
• Composite: 25.33/100
• National rank: #7480
• State rank: #370 of 540 in MI

Livability — Adrian

• Score: 69/100
• State rank: #342
• US rank: #8722

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Adrian, MI
• City population: 41,041
• Population (ZIP): 41,041

Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 14% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 6% Arabic 1%

Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -143.64%
• Current HPI: 237.3796
• Rent YoY: —
• Metro: —
• 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

+249.8% since first listed

20 events — show timeline

• 2026-04-30 Price Changed $139,900 MiRealSource-MiMLS
• 2026-04-30 Price Changed $139,900 REALCOMP
• 2026-04-20 Relisted — REALCOMP
• 2026-04-20 Relisted — MiRealSource-MiMLS
• 2026-04-15 Contingent — REALCOMP
• 2026-04-15 Contingent — MiRealSource-MiMLS
• 2026-04-02 Price Changed $149,900 MiRealSource-MiMLS
• 2026-04-02 Price Changed $149,900 REALCOMP
• 2026-03-12 Price Changed $155,000 MiRealSource-MiMLS
• 2026-03-11 Price Changed $155,000 REALCOMP
• 2026-01-12 Listed $159,900 REALCOMP
• 2026-01-12 Listed $159,900 MiRealSource-MiMLS
• 2024-08-02 Sold (MLS) $30,000 MiRealSource-MiMLS
• 2024-08-02 Sold (MLS) $30,000 REALCOMP
• 2024-07-27 Pending — REALCOMP
• 2024-07-27 Pending — MiRealSource-MiMLS
• 2024-07-20 Price Changed $35,000 MiRealSource-MiMLS
• 2024-07-20 Price Changed $35,000 REALCOMP
• 2024-06-27 Listed $40,000 MiRealSource-MiMLS
• 2024-06-27 Listed $40,000 REALCOMP

Property tax history

+2.6%/yr

Latest (2025): $1,622 · -22.1% YoY. Source: county tax records.