834 Toledo St · Adrian, MI 49221

$109,000

3 bd · 1.0 ba · 1,314 sqft · SingleFamily · 91 Days on market

Built 1900 5,663 sqft lot Est $142k · 23% under

---

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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• 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 834 Toledo St. These oversized rooms will be sure to fit your lifestyle. The main floor features large living room, dining room, kitchen, and laundry as well as the primary bedroom and bathroom. The second floor is home to 2 more bedrooms. The large back yard and deck round out this home. * * Offer Received * * The seller has received an offer and has requested any and all offers to be submitted by Saturday 4/29 8pm. Offers will be responded to by end of day Sunday.

Key facts

• 5,663 sq ft lot
• Built 1900
• Listed 91 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Recommended offer: $99k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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 $754 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago 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 $99,190 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 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 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: 1.39% ✓
• Cap rate: 11.17%
• Cash-on-cash: 17.42%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $141,912
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
709 N Locust St	0.43mi	3/1.0	1,276 (-3%)	1mo	$38,000	$30	74
530 James St	0.40mi	3/1.0	1,364 (+4%)	6mo	$130,000	$95	70
903 E Maple St	0.07mi	3/1.0	1,509 (+15%)	4mo	$52,500	$35	68
308 Toledo St	0.38mi	3/1.0	1,242 (-6%)	6mo	$39,900	$32	68
803 Ormsby St	0.36mi	3/1.0	1,441 (+10%)	2mo	$69,700	$48	65
629 James St	0.48mi	2/1.0 (-1)	1,270 (-3%)	5mo	$109,000	$86	63
822 Elm St	0.37mi	3/1.0	1,175 (-11%)	4mo	$135,000	$115	62
803 E Butler St	0.16mi	2/1.0 (-1)	1,120 (-15%)	6mo	$128,000	$114	58
322 Lawrence Ave	0.66mi	3/1.0	1,244 (-5%)	4mo	$134,900	$108	57
126 E Albert St	0.73mi	4/1.0 (+1)	1,288 (-2%)	2mo	$165,000	$128	56
136 E Chestnut St E	0.57mi	4/1.0 (+1)	1,440 (+10%)	3mo	$170,000	$118	50
810 E Beecher St	0.57mi	3/2.0	1,124 (-14%)	0mo	$155,000	$138	45

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: 8.8%
• Equity multiple: 1.35×
• Total profit: $10,570
• Equity at exit: $16,252

10-year hold

• IRR: 18.0%
• Equity multiple: 2.49×
• Total profit: $45,617
• Equity at exit: $9,424

Cash invested: $30,520 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,510 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$133 /mo · $1,596/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $443

Break-even live

Break-even rent $949

Max offer price $109,000

Occupancy floor 66%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2024-12-17
   status Pending
2. 2023-08-15
   soldstatus $109,000 Closed 483-char remark

   Show marketing remark (483 chars)

   Welcome to 834 Toledo St. These oversized rooms will be sure to fit your lifestyle. The main floor features large living room, dining room, kitchen, and laundry as well as the primary bedroom and bathroom. The second floor is home to 2 more bedrooms. The large back yard and deck round out this home. * * Offer Received * * The seller has received an offer and has requested any and all offers to be submitted by Saturday 4/29 8pm. Offers will be responded to by end of day Sunday.

3. 2023-07-25
   status Pending

   Show marketing remark (483 chars)

   Welcome to 834 Toledo St. These oversized rooms will be sure to fit your lifestyle. The main floor features large living room, dining room, kitchen, and laundry as well as the primary bedroom and bathroom. The second floor is home to 2 more bedrooms. The large back yard and deck round out this home. * * Offer Received * * The seller has received an offer and has requested any and all offers to be submitted by Saturday 4/29 8pm. Offers will be responded to by end of day Sunday.

4. 2023-07-25
   status Pending 483-char remark

   Show marketing remark (483 chars)

   Welcome to 834 Toledo St. These oversized rooms will be sure to fit your lifestyle. The main floor features large living room, dining room, kitchen, and laundry as well as the primary bedroom and bathroom. The second floor is home to 2 more bedrooms. The large back yard and deck round out this home. * * Offer Received * * The seller has received an offer and has requested any and all offers to be submitted by Saturday 4/29 8pm. Offers will be responded to by end of day Sunday.

5. 2023-04-30
   historical Contingent - Continue To Show

   Show marketing remark (483 chars)

   Welcome to 834 Toledo St. These oversized rooms will be sure to fit your lifestyle. The main floor features large living room, dining room, kitchen, and laundry as well as the primary bedroom and bathroom. The second floor is home to 2 more bedrooms. The large back yard and deck round out this home. * * Offer Received * * The seller has received an offer and has requested any and all offers to be submitted by Saturday 4/29 8pm. Offers will be responded to by end of day Sunday.

6. 2023-04-30
   historical Keep Showing-Contgcy Appl 483-char remark

   Show marketing remark (483 chars)

   Welcome to 834 Toledo St. These oversized rooms will be sure to fit your lifestyle. The main floor features large living room, dining room, kitchen, and laundry as well as the primary bedroom and bathroom. The second floor is home to 2 more bedrooms. The large back yard and deck round out this home. * * Offer Received * * The seller has received an offer and has requested any and all offers to be submitted by Saturday 4/29 8pm. Offers will be responded to by end of day Sunday.

7. 2023-04-25
   listed $109,000 Active

   Show marketing remark (483 chars)

   Welcome to 834 Toledo St. These oversized rooms will be sure to fit your lifestyle. The main floor features large living room, dining room, kitchen, and laundry as well as the primary bedroom and bathroom. The second floor is home to 2 more bedrooms. The large back yard and deck round out this home. * * Offer Received * * The seller has received an offer and has requested any and all offers to be submitted by Saturday 4/29 8pm. Offers will be responded to by end of day Sunday.

8. 2023-04-25
   listed $109,000 Active 483-char remark

   Show marketing remark (483 chars)

   Welcome to 834 Toledo St. These oversized rooms will be sure to fit your lifestyle. The main floor features large living room, dining room, kitchen, and laundry as well as the primary bedroom and bathroom. The second floor is home to 2 more bedrooms. The large back yard and deck round out this home. * * Offer Received * * The seller has received an offer and has requested any and all offers to be submitted by Saturday 4/29 8pm. Offers will be responded to by end of day Sunday.

9. 2021-12-09
   soldstatus $75,000
10. 2021-12-02
    soldstatus $75,000 Sold 288-char remark

    Show marketing remark (288 chars)

    Looking for an affordable starter home? Here it is!! The rooms are great size for you and/or your family with new carpet and paint so you can move right in! Plenty of room with three bedrooms, a large kitchen, deck and nice size backyard, make this an ideal home to begin your journey!

11. 2021-12-02
    soldstatus $75,000 Closed

    Show marketing remark (288 chars)

    Looking for an affordable starter home? Here it is!! The rooms are great size for you and/or your family with new carpet and paint so you can move right in! Plenty of room with three bedrooms, a large kitchen, deck and nice size backyard, make this an ideal home to begin your journey!

12. 2021-10-18
    historical Contingent - Continue To Show 288-char remark

    Show marketing remark (288 chars)

    Looking for an affordable starter home? Here it is!! The rooms are great size for you and/or your family with new carpet and paint so you can move right in! Plenty of room with three bedrooms, a large kitchen, deck and nice size backyard, make this an ideal home to begin your journey!

13. 2021-10-18
    historical Keep Showing-Contgcy Appl

    Show marketing remark (288 chars)

    Looking for an affordable starter home? Here it is!! The rooms are great size for you and/or your family with new carpet and paint so you can move right in! Plenty of room with three bedrooms, a large kitchen, deck and nice size backyard, make this an ideal home to begin your journey!

14. 2021-10-14
    listed $75,000 Active 288-char remark

    Show marketing remark (288 chars)

    Looking for an affordable starter home? Here it is!! The rooms are great size for you and/or your family with new carpet and paint so you can move right in! Plenty of room with three bedrooms, a large kitchen, deck and nice size backyard, make this an ideal home to begin your journey!

15. 2021-10-14
    listed $75,000 Active

    Show marketing remark (288 chars)

    Looking for an affordable starter home? Here it is!! The rooms are great size for you and/or your family with new carpet and paint so you can move right in! Plenty of room with three bedrooms, a large kitchen, deck and nice size backyard, make this an ideal home to begin your journey!

ⓘ 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: $1,596 · $133/mo
• Projected year-2 tax: $1,638 · $136/mo
• Expected delta: +$41/yr (+$3/mo · 2.6%)

ⓘ 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 2/10 Low
• 🌡 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: $18,122
• − Mortgage interest: −$6,106
• − Property taxes: −$1,596
• − Insurance: −$545
• − Repairs & maintenance: −$1,450
• − Management: −$1,450
• − Depreciation: −$3,171
• Taxable income: $3,804
• Est. tax owed @ 24.0%: −$913
• After-tax cash flow: $4,402/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

+45.3% since first listed

15 events — show timeline

• 2024-12-17 Pending — REALCOMP
• 2023-08-15 Sold (MLS) $109,000 MiRealSource-MiMLS
• 2023-07-25 Pending — REALCOMP
• 2023-07-25 Pending — MiRealSource-MiMLS
• 2023-04-30 Contingent — REALCOMP
• 2023-04-30 Contingent — MiRealSource-MiMLS
• 2023-04-25 Listed $109,000 MiRealSource-MiMLS
• 2023-04-25 Listed $109,000 REALCOMP
• 2021-12-09 Sold (Public Records) $75,000 Public Records
• 2021-12-02 Sold (MLS) $75,000 MiRealSource-MiMLS
• 2021-12-02 Sold (MLS) $75,000 REALCOMP
• 2021-10-18 Contingent — REALCOMP
• 2021-10-18 Contingent — MiRealSource-MiMLS
• 2021-10-14 Listed $75,000 MiRealSource-MiMLS
• 2021-10-14 Listed $75,000 REALCOMP

Property tax history

+4.4%/yr

Latest (2025): $1,596 · +0.9% YoY. Source: county tax records.