230 S State St #15 · Zeeland, MI 49464

$152,000

2 bd · 1.0 ba · 889 sqft · Condo public records · 107 Days on market

Built 1971 $171/sqft · 9% below area Est $166k · 9% under $242/mo HOA · 15% of rent ↓ 5% 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 +17.6/30.0
• ARV discount +11.4/15.0
• 1% rule +5.8/10.0
• DSCR +5.5/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Freshly painted condo in highly sought-after Crestwood Village within Zeeland city limits, this affordably priced two-bedroom condo offers comfortable, low-maintenance living in a wonderful community. It's the perfect place to enjoy your golden years without the burden of high taxes or costly utilities. Living room, dining and kitchen have been freshly painted. Put your finishing touches on the rest and make it your own. The over sized sliding door to the balcony has been recently replaced and slides smooth as silk. Imagine yourself unwinding on the balcony with a cup of tea and a good book (when temps rise, of course). Crestwood Village is a 55+ community

Key facts

• Freshly painted
• $242 HOA
• Garage

Tags

• LOW MAINTENANCE LIVING
• FRESHLY PAINTED
• OVER SIZED SLIDING DOOR
• RECENTLY REPLACED BALCONY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $152k.

Deal economics

• At list price, monthly cash flow is $121 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $152k).
• Recommended offer: $138k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 1.9% in Zeeland — 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 81/100 on livability (#66 in MI, #1,388 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Zeeland Public Schools (suburban): math 47% / reading 64% proficiency, ranked #66 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 146 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,237 units permitted in Ottawa County in 2024 (443 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Ottawa County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Recommended offer $138,320 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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.
9. 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.
10. 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: 1.08% ✓
• Cap rate: 7.25%
• Cash-on-cash: 3.41%
• DSCR: 1.15
• GRM: 7.7

CMA / ARV

• ARV (median comp): $166,353
• List price: $152,000
• Delta: -8.63%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.9%
• Equity multiple: 0.60×
• Total profit: $-16,832
• Equity at exit: $22,664

10-year hold

• IRR: -1.5%
• Equity multiple: 0.90×
• Total profit: $-4,342
• Equity at exit: $13,142

Cash invested: $42,560 (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 49464

• Active inventory: 146
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,635 medium
• Mortgage (P&I): −$797
• Tax from tax record: −$68 /mo · $822/yr
• Insurance: −$63
• HOA: −$242
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $121

Break-even live

Break-even rent $1,482

Max offer price $152,000

Occupancy floor 88%

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: $38,000
• Closing costs: $4,560
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
53 E Main Ave Unit B Zeeland, MI	1.0	1.0	700	$1,395	$1.99	43d	1	0.41mi
422 W Central Ave Zeeland, MI	3.0	1.0	1100	$1,845	$1.68	43d	1	0.51mi
37 W McKinley Ave Zeeland, MI	2.0	1.5	1050	$1,680	$1.60	3d	1	0.59mi
37 W McKinley Ave Zeeland, MI	2.0	1.0	1050	$1,680	$1.60	14d	1	0.59mi

HOA detail condo

• Monthly dues: $242 · $2,904/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-13
   statusdays on market $152,000 Pending 107 DOM
2. 2026-06-10
   days on market $152,000 Active 106 DOM
3. 2026-06-09
   days on market $152,000 Active 105 DOM
4. 2026-06-08
   days on market $152,000 Active 104 DOM
5. 2026-06-07
   days on market $152,000 Active 103 DOM
6. 2026-06-03
   days on market $152,000 Active 99 DOM
7. 2026-06-03
   days on market $152,000 Active 98 DOM
8. 2026-06-01
   days on market $152,000 Active 97 DOM
9. 2026-05-31
   days on market $152,000 Active 96 DOM
10. 2026-05-16
    price $152,000 664-char remark

    Show marketing remark (664 chars)

    Freshly painted condo in highly sought-after Crestwood Village within Zeeland city limits, this affordably priced two-bedroom condo offers comfortable, low-maintenance living in a wonderful community. It's the perfect place to enjoy your golden years without the burden of high taxes or costly utilities. Living room, dining and kitchen have been freshly painted. Put your finishing touches on the rest and make it your own. The over sized sliding door to the balcony has been recently replaced and slides smooth as silk. Imagine yourself unwinding on the balcony with a cup of tea and a good book (when temps rise, of course). Crestwood Village is a 55+ community

11. 2026-05-15
    price $152,000 665-char remark

    Show marketing remark (665 chars)

    Freshly painted condo in highly sought-after Crestwood Village within Zeeland city limits, this affordably priced two-bedroom condo offers comfortable, low-maintenance living in a wonderful community. It's the perfect place to enjoy your golden years without the burden of high taxes or costly utilities. Living room, dining and kitchen have been freshly painted. Put your finishing touches on the rest and make it your own. The over sized sliding door to the balcony has been recently replaced and slides smooth as silk. Imagine yourself unwinding on the balcony with a cup of tea and a good book (when temps rise, of course). Crestwood Village is a 55+ community

12. 2026-05-15
    price $152,000

    Show marketing remark (665 chars)

    Freshly painted condo in highly sought-after Crestwood Village within Zeeland city limits, this affordably priced two-bedroom condo offers comfortable, low-maintenance living in a wonderful community. It's the perfect place to enjoy your golden years without the burden of high taxes or costly utilities. Living room, dining and kitchen have been freshly painted. Put your finishing touches on the rest and make it your own. The over sized sliding door to the balcony has been recently replaced and slides smooth as silk. Imagine yourself unwinding on the balcony with a cup of tea and a good book (when temps rise, of course). Crestwood Village is a 55+ community

13. 2026-03-10
    price $154,900 664-char remark

    Show marketing remark (664 chars)

    Freshly painted condo in highly sought-after Crestwood Village within Zeeland city limits, this affordably priced two-bedroom condo offers comfortable, low-maintenance living in a wonderful community. It's the perfect place to enjoy your golden years without the burden of high taxes or costly utilities. Living room, dining and kitchen have been freshly painted. Put your finishing touches on the rest and make it your own. The over sized sliding door to the balcony has been recently replaced and slides smooth as silk. Imagine yourself unwinding on the balcony with a cup of tea and a good book (when temps rise, of course). Crestwood Village is a 55+ community

14. 2026-03-09
    price $154,900 665-char remark

    Show marketing remark (665 chars)

    Freshly painted condo in highly sought-after Crestwood Village within Zeeland city limits, this affordably priced two-bedroom condo offers comfortable, low-maintenance living in a wonderful community. It's the perfect place to enjoy your golden years without the burden of high taxes or costly utilities. Living room, dining and kitchen have been freshly painted. Put your finishing touches on the rest and make it your own. The over sized sliding door to the balcony has been recently replaced and slides smooth as silk. Imagine yourself unwinding on the balcony with a cup of tea and a good book (when temps rise, of course). Crestwood Village is a 55+ community

15. 2026-03-09
    price $154,900

    Show marketing remark (665 chars)

    Freshly painted condo in highly sought-after Crestwood Village within Zeeland city limits, this affordably priced two-bedroom condo offers comfortable, low-maintenance living in a wonderful community. It's the perfect place to enjoy your golden years without the burden of high taxes or costly utilities. Living room, dining and kitchen have been freshly painted. Put your finishing touches on the rest and make it your own. The over sized sliding door to the balcony has been recently replaced and slides smooth as silk. Imagine yourself unwinding on the balcony with a cup of tea and a good book (when temps rise, of course). Crestwood Village is a 55+ community

16. 2026-02-24
    listed $159,900 Active 664-char remark

    Show marketing remark (665 chars)

    Freshly painted condo in highly sought-after Crestwood Village within Zeeland city limits, this affordably priced two-bedroom condo offers comfortable, low-maintenance living in a wonderful community. It's the perfect place to enjoy your golden years without the burden of high taxes or costly utilities. Living room, dining and kitchen have been freshly painted. Put your finishing touches on the rest and make it your own. The over sized sliding door to the balcony has been recently replaced and slides smooth as silk. Imagine yourself unwinding on the balcony with a cup of tea and a good book (when temps rise, of course). Crestwood Village is a 55+ community

17. 2026-02-24
    listed $159,900 Active 665-char remark

    Show marketing remark (665 chars)

    Freshly painted condo in highly sought-after Crestwood Village within Zeeland city limits, this affordably priced two-bedroom condo offers comfortable, low-maintenance living in a wonderful community. It's the perfect place to enjoy your golden years without the burden of high taxes or costly utilities. Living room, dining and kitchen have been freshly painted. Put your finishing touches on the rest and make it your own. The over sized sliding door to the balcony has been recently replaced and slides smooth as silk. Imagine yourself unwinding on the balcony with a cup of tea and a good book (when temps rise, of course). Crestwood Village is a 55+ community

18. 2026-02-24
    listed $159,900 Active

    Show marketing remark (665 chars)

    Freshly painted condo in highly sought-after Crestwood Village within Zeeland city limits, this affordably priced two-bedroom condo offers comfortable, low-maintenance living in a wonderful community. It's the perfect place to enjoy your golden years without the burden of high taxes or costly utilities. Living room, dining and kitchen have been freshly painted. Put your finishing touches on the rest and make it your own. The over sized sliding door to the balcony has been recently replaced and slides smooth as silk. Imagine yourself unwinding on the balcony with a cup of tea and a good book (when temps rise, of course). Crestwood Village is a 55+ community

ⓘ 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: $822 · $68/mo
• Projected year-2 tax: $1,581 · $132/mo
• Expected delta: +$760/yr (+$63/mo · 92.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 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: $19,622
• − Mortgage interest: −$8,514
• − Property taxes: −$822
• − Insurance: −$760
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − HOA: −$2,904
• − Depreciation: −$4,422
• Taxable loss: −$939
• Est. tax savings @ 24.0%: +$225
• After-tax cash flow: $1,676/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: Zeeland Public Schools
• NCES district ID: 2636660
• Math proficiency: 47% ▼ -8.00%
• Reading proficiency: 64% ▼ -2.00%
• Median HH income: $62,464
• Composite: 48.47/100
• National rank: #2126
• State rank: #66 of 540 in MI

Livability — Zeeland

• Score: 81/100
• State rank: #66
• US rank: #1388

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Zeeland, MI
• Population (ZIP): 29,738

Population outlook (Ottawa County) Hauer SSP2

• Today (2025): 313,561 people
• By 2030: 330,027 · +5.3%
• By 2040: 361,118 · +15.2%
• By 2050: 388,414 · +23.9%
• By 2075: 452,175 · +44.2%
• By 2100: 473,041 · +50.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 9% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 39% Romanian 3% Italian 2%
• Foreign-born: 5% · Canada, South Korea, Vietnam
• Languages at home: 93% English-only · Spanish 3% Other Asian/Pacific 2% German/W. Germanic 1%

Political lean MEDSL · Ottawa

• 2024 margin: Strong R (+20.4) · D 39.0% · R 59.5% · Other 1.5%
• 2008→2024 swing: +3.4pp toward D · 2008: -23.9pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+21.5 2016: R+30.4 2012: R+34.2 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -244.78%
• Current HPI: 266.7136
• 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

-4.9% since first listed

9 events — show timeline

• 2026-05-16 Price Changed $152,000 MiRealSource-MiMLS
• 2026-05-15 Price Changed $152,000 REALCOMP
• 2026-05-15 Price Changed $152,000 SW Michigan MLS
• 2026-03-10 Price Changed $154,900 MiRealSource-MiMLS
• 2026-03-09 Price Changed $154,900 REALCOMP
• 2026-03-09 Price Changed $154,900 SW Michigan MLS
• 2026-02-24 Listed $159,900 SW Michigan MLS
• 2026-02-24 Listed $159,900 REALCOMP
• 2026-02-24 Listed $159,900 MiRealSource-MiMLS

Property tax history

+3.3%/yr

Latest (2025): $822 · +3.6% YoY. Source: county tax records.