877 Oakland Ave SW · Grand Rapids, MI 49503

$109,900

4 bd · 1.0 ba · 1,043 sqft · SingleFamily public records · 15 Days on market

Built 1900 3,833 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Property is subject to an active condemnation notice issued by the City of Grand Rapids and is not currently habitable. Sold strictly as-is. Cash sale only. Buyer to assume all responsibility for any and all work required by the City of Grand Rapids to bring the property into compliance, including cleanup, remediation, permits, inspections, and reinspections. Seller will make no repairs or improvements and offers no warranties or representations regarding condition. Buyer to verify all information including square footage.

Key facts

• 3,833 sq ft lot
• Built 1900
• Listed 15 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $669 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.6% 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 (+2.8%/yr); 181 active listings in the ZIP; 6 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; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• This rent runs 32% of the median local income ($65k/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 $760 of loan paydown is wiped out by about $3k 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 + 2.8% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($108k) 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.

Risks & watch-outs

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

Recommended offer $108,251 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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: 1.59% ✓
• Cap rate: 13.60%
• Cash-on-cash: 26.09%
• DSCR: 2.16
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.82% rent growth · sell at horizon

5-year hold

• IRR: 19.6%
• Equity multiple: 1.80×
• Total profit: $24,476
• Equity at exit: $16,386

10-year hold

• IRR: 27.8%
• Equity multiple: 3.43×
• Total profit: $74,864
• Equity at exit: $9,502

Cash invested: $30,772 (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 49503

• Rents YoY: 2.8%
• Active inventory: 181
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,743 high
• Mortgage (P&I): −$576
• Tax from tax record: −$86 /mo · $1,030/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $669

Break-even live

Break-even rent $896

Max offer price $109,900

Occupancy floor 57%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1019 Norwich Ave SW Grand Rapids, MI	3.0	1.0	1214	$1,595	$1.31	3d	1	0.37mi
350 Ionia Ave SW Grand Rapids, MI	2.0–3.0	2.0–3.0	1400	$1,350	$0.96	11d	2	0.87mi
840 Lafayette Ave SE Unit 2 Grand Rapids, MI	3.0	1.0	950	$1,600	$1.68	44d	1	1.00mi
209 Division Ave S Grand Rapids, MI	1.0–3.0	1.0–2.0	1180	$1,495	$1.27	21d	2	1.07mi
18 Indiana Ave SW Unit 2 Grand Rapids, MI	3.0	1.0	1000	$1,295	$1.29	44d	1	1.17mi
200 Gold Ave NW Grand Rapids, MI	3.0	1.0	1112	$1,549	$1.39	44d	1	1.41mi

Listing history 6 events

1. 2025-12-27
   status Pending 528-char remark

   Show marketing remark (528 chars)

   Property is subject to an active condemnation notice issued by the City of Grand Rapids and is not currently habitable. Sold strictly as-is. Cash sale only. Buyer to assume all responsibility for any and all work required by the City of Grand Rapids to bring the property into compliance, including cleanup, remediation, permits, inspections, and reinspections. Seller will make no repairs or improvements and offers no warranties or representations regarding condition. Buyer to verify all information including square footage.

2. 2025-12-27
   status Pending 528-char remark

   Show marketing remark (528 chars)

   Property is subject to an active condemnation notice issued by the City of Grand Rapids and is not currently habitable. Sold strictly as-is. Cash sale only. Buyer to assume all responsibility for any and all work required by the City of Grand Rapids to bring the property into compliance, including cleanup, remediation, permits, inspections, and reinspections. Seller will make no repairs or improvements and offers no warranties or representations regarding condition. Buyer to verify all information including square footage.

3. 2025-12-27
   status Pending

   Show marketing remark (528 chars)

   Property is subject to an active condemnation notice issued by the City of Grand Rapids and is not currently habitable. Sold strictly as-is. Cash sale only. Buyer to assume all responsibility for any and all work required by the City of Grand Rapids to bring the property into compliance, including cleanup, remediation, permits, inspections, and reinspections. Seller will make no repairs or improvements and offers no warranties or representations regarding condition. Buyer to verify all information including square footage.

4. 2025-12-12
   listed $109,900 Active 528-char remark

   Show marketing remark (528 chars)

   Property is subject to an active condemnation notice issued by the City of Grand Rapids and is not currently habitable. Sold strictly as-is. Cash sale only. Buyer to assume all responsibility for any and all work required by the City of Grand Rapids to bring the property into compliance, including cleanup, remediation, permits, inspections, and reinspections. Seller will make no repairs or improvements and offers no warranties or representations regarding condition. Buyer to verify all information including square footage.

5. 2025-12-12
   listed $109,900 Active 528-char remark

   Show marketing remark (528 chars)

   Property is subject to an active condemnation notice issued by the City of Grand Rapids and is not currently habitable. Sold strictly as-is. Cash sale only. Buyer to assume all responsibility for any and all work required by the City of Grand Rapids to bring the property into compliance, including cleanup, remediation, permits, inspections, and reinspections. Seller will make no repairs or improvements and offers no warranties or representations regarding condition. Buyer to verify all information including square footage.

6. 2025-12-12
   listed $109,900 Active

   Show marketing remark (528 chars)

   Property is subject to an active condemnation notice issued by the City of Grand Rapids and is not currently habitable. Sold strictly as-is. Cash sale only. Buyer to assume all responsibility for any and all work required by the City of Grand Rapids to bring the property into compliance, including cleanup, remediation, permits, inspections, and reinspections. Seller will make no repairs or improvements and offers no warranties or representations regarding condition. Buyer to verify all information including square footage.

ⓘ 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: $1,030 · $86/mo
• Projected year-2 tax: $1,361 · $113/mo
• Expected delta: +$331/yr (+$28/mo · 32.1%)

ⓘ 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 · 15 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: $20,915
• − Mortgage interest: −$6,156
• − Property taxes: −$1,030
• − Insurance: −$550
• − Repairs & maintenance: −$1,673
• − Management: −$1,673
• − Depreciation: −$3,197
• Taxable income: $6,636
• Est. tax owed @ 24.0%: −$1,593
• After-tax cash flow: $6,435/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): 39,489
• Household income: $64,661
• Rent vs Own: 63.8% rent · 36.2% own
• Severe rent burden: 1891.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 59% Hispanic / Latino 19% Two or more races 14% Black 14% Asian 3%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Iranian 10% Romanian 7% Slovak 2%
• Foreign-born: 11% · Canada, South Korea, China
• Languages at home: 82% English-only · Spanish 15% Chinese 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: ▼ -347.22%
• Current HPI: 312.3878
• Rent YoY: ▲ 2.82%
• 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

+0.0% since first listed

6 events — show timeline

• 2025-12-27 Pending — REALCOMP
• 2025-12-27 Pending — MiRealSource-MiMLS
• 2025-12-27 Pending — SW Michigan MLS
• 2025-12-12 Listed $109,900 SW Michigan MLS
• 2025-12-12 Listed $109,900 MiRealSource-MiMLS
• 2025-12-12 Listed $109,900 REALCOMP

Property tax history

-1.8%/yr

Latest (2025): $1,030 · -1.2% YoY. Source: county tax records.