935 Osborne St · Kalamazoo, MI 49001

$149,000

3 bd · 2.5 ba · 2,305 sqft · SingleFamily public records · 210 Days on market

Built 1885 5,663 sqft lot Est $244k · 39% under ↓ 17% since listing

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Why this score? — see what drove the A- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2305 sqft house a detached mother-in-law suite. The property was never rented before, family members lived on the property. FURNACE 2021 WINDOWS 2018. 5 BEDROOM, 1 OFFICE ROOM, LIVING-ROOM, Family -room, 2 KITCHEN, DECK. Great potencial, house need TLC. 2 DIFERENTS ELECTRIC METERS. The house need TLC, AS IS. QUITE ST, WALKING DISTANCE TO WESTNEGDE PARK.

Key facts

• 2 kitchens
• 5,663 sq ft lot
• Built 1885

Tags

• DETACHED MOTHER-IN-LAW SUITE
• 2 KITCHENS

Property features AI

Exterior

• Utilities: Electric service available
• Home design: Historic single-family residence; Residential property
• Construction: Wood siding; Composition roof; Built in 1885
• Exterior features: Located on a cul-de-sac; Public water

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Electricity available
• Interior features: Michigan-style basement; Total of 2 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $767 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 4.1% in Kalamazoo — 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 76/100 on livability (#141 in MI, #3,492 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Kalamazoo Public Schools (urban): math 43% / reading 72% proficiency, ranked #71 of 540 in MI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.4%/yr); 109 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• At $2,286/mo this rent would consume 49% of the median local household income ($56k/yr) (locally 1184% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 210 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 3y 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 1885 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 210 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 1885 — 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: 1.53% ✓
• Cap rate: 12.47%
• Cash-on-cash: 22.07%
• DSCR: 1.98
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $244,330
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
435 Skirrow Pl	0.14mi	3/1.0	2,088 (-9%)	7mo	$149,900	$72	65
1414 Low Rd	0.53mi	3/2.0	2,304 (-0%)	16mo	$304,500	$132	59
303 W Walnut St	0.28mi	3/2.0	2,472 (+7%)	19mo	$254,900	$103	57
1112 Merrill St	0.35mi	3/1.0	2,162 (-6%)	15mo	$228,500	$106	55
955 Austin St	0.50mi	3/1.0	1,967 (-15%)	14mo	$144,000	$73	34
806 W South St	0.61mi	4/2.0 (+1)	2,034 (-12%)	24mo	$235,000	$116	25

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 · 6.41% rent growth · sell at horizon

5-year hold

• IRR: 18.6%
• Equity multiple: 1.79×
• Total profit: $32,882
• Equity at exit: $22,216

10-year hold

• IRR: 29.3%
• Equity multiple: 4.05×
• Total profit: $127,439
• Equity at exit: $12,883

Cash invested: $41,720 (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 49001

• Rents YoY: 6.4%
• Active inventory: 109
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,286 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$195 /mo · $2,344/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $767

Break-even live

Break-even rent $1,315

Max offer price $149,000

Occupancy floor 61%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 Rose Pl Kalamazoo, MI	2.0	2.0	1695	$1,200	$0.71	21d	1	0.15mi
525 S Burdick St Kalamazoo, MI	2.0	2.0	1555	$2,928	$1.88	13d	2	0.43mi
125 S Kalamazoo Mall Kalamazoo, MI	2.0	2.0	1833	$3,088	$1.68	13d	1	0.68mi
722 W Kalamazoo Ave Unit 2 Kalamazoo, MI	3.0	1.0	1800	$1,600	$0.89	21d	1	0.91mi

Listing history 50 events

1. 2026-06-18
   days on market $149,000 Active 210 DOM
2. 2026-06-17
   days on market $149,000 Active 209 DOM
3. 2026-06-16
   days on market $149,000 Active 208 DOM
4. 2026-06-15
   days on market $149,000 Active 207 DOM
5. 2026-06-14
   days on market $149,000 Active 205 DOM
6. 2026-06-13
   days on market $149,000 Active 204 DOM
7. 2026-06-10
   days on market $149,000 Active 202 DOM
8. 2026-06-09
   days on market $149,000 Active 201 DOM
9. 2026-06-08
   days on market $149,000 Active 200 DOM
10. 2026-06-07
    days on market $149,000 Active 199 DOM
11. 2026-06-05
    days on market $149,000 Active 196 DOM
12. 2026-06-03
    days on market $149,000 Active 195 DOM
13. 2026-06-02
    days on market $149,000 Active 194 DOM
14. 2026-06-01
    days on market $149,000 Active 193 DOM
15. 2026-05-31
    days on market $149,000 Active 192 DOM
16. 2026-05-30
    days on market $149,000 Active 191 DOM
17. 2025-11-20
    listed $149,000 Active 355-char remark

    Show marketing remark (355 chars)

    2305 sqft house a detached mother-in-law suite. The property was never rented before, family members lived on the property. FURNACE 2021 WINDOWS 2018. 5 BEDROOM, 1 OFFICE ROOM, LIVING-ROOM, Family -room, 2 KITCHEN, DECK. Great potencial, house need TLC. 2 DIFERENTS ELECTRIC METERS. The house need TLC, AS IS. QUITE ST, WALKING DISTANCE TO WESTNEGDE PARK.

18. 2025-11-20
    listed $149,000 Active 355-char remark

    Show marketing remark (355 chars)

    2305 sqft house a detached mother-in-law suite. The property was never rented before, family members lived on the property. FURNACE 2021 WINDOWS 2018. 5 BEDROOM, 1 OFFICE ROOM, LIVING-ROOM, Family -room, 2 KITCHEN, DECK. Great potencial, house need TLC. 2 DIFERENTS ELECTRIC METERS. The house need TLC, AS IS. QUITE ST, WALKING DISTANCE TO WESTNEGDE PARK.

19. 2025-11-20
    listed $149,000 Active

    Show marketing remark (355 chars)

    2305 sqft house a detached mother-in-law suite. The property was never rented before, family members lived on the property. FURNACE 2021 WINDOWS 2018. 5 BEDROOM, 1 OFFICE ROOM, LIVING-ROOM, Family -room, 2 KITCHEN, DECK. Great potencial, house need TLC. 2 DIFERENTS ELECTRIC METERS. The house need TLC, AS IS. QUITE ST, WALKING DISTANCE TO WESTNEGDE PARK.

20. 2025-08-31
    historical
21. 2025-08-30
    historical
22. 2024-08-12
    listed $150,000 Active
23. 2024-08-12
    listed $150,000 Active
24. 2024-07-25
    historical
25. 2024-07-24
    historical
26. 2024-03-31
    historical
27. 2024-03-30
    historical
28. 2024-02-16
    listed $169,000 Active
29. 2024-02-16
    listed $169,000 Active
30. 2023-11-16
    historical
31. 2023-11-16
    listed $169,000 Active
32. 2023-11-16
    listed $169,000 Active
33. 2023-11-16
    historical
34. 2023-11-08
    price $174,000
35. 2023-11-07
    price $174,000
36. 2023-11-07
    price $174,000
37. 2023-10-02
    listed $179,000 Active
38. 2023-10-02
    listed $179,000 Active
39. 2023-10-01
    historical
40. 2023-09-30
    historical
41. 2023-09-28
    historical
42. 2023-09-28
    listed $179,900 Active
43. 2023-09-28
    listed $179,900 Active
44. 2023-09-28
    historical
45. 2023-08-11
    status Active
46. 2023-08-11
    status Active
47. 2023-08-03
    status Pending
48. 2023-08-03
    status Pending
49. 2023-07-26
    listed $179,000 Active
50. 2023-07-26
    listed $179,000 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: $2,344 · $195/mo
• Projected year-2 tax: $2,344 · $195/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,436
• − Mortgage interest: −$8,346
• − Property taxes: −$2,344
• − Insurance: −$745
• − Repairs & maintenance: −$2,195
• − Management: −$2,195
• − Depreciation: −$4,335
• Taxable income: $7,276
• Est. tax owed @ 24.0%: −$1,746
• After-tax cash flow: $7,462/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: Kalamazoo Public Schools
• NCES district ID: 2619950
• Math proficiency: 43% ▲ 13.00%
• Reading proficiency: 72% ▲ 33.00%
• Median HH income: $35,291
• Composite: 47.48/100
• National rank: #2275
• State rank: #71 of 540 in MI

Livability — Kalamazoo

• Score: 76/100
• State rank: #141
• US rank: #3492

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kalamazoo, MI
• County: Kalamazoo County · 224,317 people
• City population: 121,397
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 20,946
• Household income: $56,432
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 1184.0

Population outlook (Kalamazoo County) Hauer SSP2

• Today (2025): 280,982 people
• By 2030: 292,068 · +3.9%
• By 2040: 312,191 · +11.1%
• By 2050: 331,196 · +17.9%
• By 2075: 379,021 · +34.9%
• By 2100: 396,579 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 58% Black 22% Hispanic / Latino 15% Two or more races 5% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Romanian 6% Iranian 4% Slovak 3%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 11% Arabic 2% Other Indo-European 1%

Political lean MEDSL · Kalamazoo

• 2024 margin: D (+17.7) · D 58.0% · R 40.3% · Other 1.7%
• 2008→2024 swing: -1.8pp toward R · 2008: 19.5pp · 2024: 17.7pp
• All cycles: 2024: D+17.7 2020: D+18.7 2016: D+12.8 2012: D+13.3 2008: D+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -264.90%
• Current HPI: 206.9355
• Rent YoY: ▲ 6.41%
• Metro: Kalamazoo-Portage, 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

-16.8% since first listed

34 events — show timeline

• 2025-11-20 Listed $149,000 REALCOMP
• 2025-11-20 Listed $149,000 SW Michigan MLS
• 2025-11-20 Listed $149,000 MiRealSource-MiMLS
• 2025-08-31 Listing Removed — MiRealSource-MiMLS
• 2025-08-30 Listing Removed — REALCOMP
• 2024-08-12 Listed $150,000 REALCOMP
• 2024-08-12 Listed $150,000 MiRealSource-MiMLS
• 2024-07-25 Listing Removed — MiRealSource-MiMLS
• 2024-07-24 Listing Removed — REALCOMP
• 2024-03-31 Listing Removed — MiRealSource-MiMLS
• 2024-03-30 Listing Removed — REALCOMP
• 2024-02-16 Listed $169,000 MiRealSource-MiMLS
• 2024-02-16 Listed $169,000 REALCOMP
• 2023-11-16 Listing Removed — MiRealSource-MiMLS
• 2023-11-16 Listed $169,000 MiRealSource-MiMLS
• 2023-11-16 Listed $169,000 REALCOMP
• 2023-11-16 Listing Removed — REALCOMP
• 2023-11-08 Price Changed $174,000 MiRealSource-MiMLS
• 2023-11-07 Price Changed $174,000 REALCOMP
• 2023-11-07 Price Changed $174,000 SW Michigan MLS
• 2023-10-02 Listed $179,000 MiRealSource-MiMLS
• 2023-10-02 Listed $179,000 REALCOMP
• 2023-10-01 Listing Removed — MiRealSource-MiMLS
• 2023-09-30 Listing Removed — REALCOMP
• 2023-09-28 Listing Removed — MiRealSource-MiMLS
• 2023-09-28 Listed $179,900 MiRealSource-MiMLS
• 2023-09-28 Listed $179,900 REALCOMP
• 2023-09-28 Listing Removed — REALCOMP
• 2023-08-11 Relisted — REALCOMP
• 2023-08-11 Relisted — MiRealSource-MiMLS
• 2023-08-03 Pending — REALCOMP
• 2023-08-03 Pending — MiRealSource-MiMLS
• 2023-07-26 Listed $179,000 MiRealSource-MiMLS
• 2023-07-26 Listed $179,000 REALCOMP

Property tax history

+3.7%/yr

Latest (2025): $2,344 · -12.3% YoY. Source: county tax records.