115 Meerse St SE · Grand Rapids, MI 49507

$170,000

4 bd · 2.0 ba · 1,149 sqft · SingleFamily public records · 1 Days on market

Built 1900 7,500 sqft lot Est $236k · 28% 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 +8.2/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Two-unit investment opportunity! Each unit features 2 bedrooms, 1 full bath, a living room, and kitchen. The lower unit is located on the main level and includes access to a deck off the kitchen, while the upper unit occupies the second floor. The home has a shared main entry with separate private doors to each unit. Additional features include a covered front porch, basement with washer and dryer hookups, and separate furnaces and water heaters for each unit. There is no garage, but a small shed provides additional storage. Property is currently tenant-occupied with a month-to-month lease in place. Tenant would like to remain. Tenant rights apply. Limited showing times available and tenant may be present during showings. Please review all lease terms prior to submitting an offer. For more information or to schedule a private showing, please call.

Key facts

• Covered front porch
• Access to a deck
• Separate furnaces

Tags

• ACCESS TO A DECK
• COVERED FRONT PORCH
• SEPARATE FURNACES
• SEPARATE WATER HEATERS
• SMALL SHED

🏷️ Possibly a rental listed for sale. The $170,000 price doesn't fit this home's estimated sale value (~$235,545) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $732 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 11.5% 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 fast (+4.7%/yr); 178 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• This rent runs 44% of the median local income ($61k/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 $1k of loan paydown is wiped out by about $5k 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 + 4.7% rent growth), your $48k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 15 sale attempts since 35y 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 $170,000

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: 1.32% ✓
• Cap rate: 11.46%
• Cash-on-cash: 18.46%
• DSCR: 1.82
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $235,545
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 Honeoye St SW	0.33mi	3/1.0 (-1)	1,068 (-7%)	2mo	$235,000	$220	62
318 Wesley St SE	0.59mi	3/2.0 (-1)	1,234 (+7%)	4mo	$300,000	$243	52
133 Wesley St SE	0.49mi	3/1.0 (-1)	1,228 (+7%)	7mo	$252,350	$205	51
234 Celia St SE	0.48mi	3/1.0 (-1)	1,216 (+6%)	12mo	$235,000	$193	49
252 Wesley St SE	0.57mi	3/1.0 (-1)	1,180 (+3%)	13mo	$260,000	$220	49
12 Celia St SW	0.44mi	3/2.0 (-1)	1,006 (-12%)	6mo	$173,000	$172	49
511 Mae-thy	0.68mi	4/1.0	1,048 (-9%)	4mo	$255,000	$243	46
123 Wesley St SE	0.48mi	3/1.0 (-1)	1,200 (+4%)	20mo	$226,000	$188	45
27 Exchange St SE	0.70mi	3/1.0 (-1)	1,266 (+10%)	0mo	$200,000	$158	41
464 Van Allen St SE	0.74mi	3/1.0 (-1)	1,222 (+6%)	8mo	$277,000	$227	39
21 Frontenac St SE	0.75mi	3/1.0 (-1)	1,020 (-11%)	10mo	$145,000	$142	30
120 Lemyra St SE	0.60mi	3/1.5 (-1)	1,289 (+12%)	21mo	$197,000	$153	27

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 · 4.74% rent growth · sell at horizon

5-year hold

• IRR: 12.0%
• Equity multiple: 1.48×
• Total profit: $23,040
• Equity at exit: $25,348

10-year hold

• IRR: 22.2%
• Equity multiple: 3.04×
• Total profit: $96,948
• Equity at exit: $14,698

Cash invested: $47,600 (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 49507

• Rents YoY: 4.7%
• Active inventory: 178
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $2,249 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$82 /mo · $987/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $732

Break-even live

Break-even rent $1,322

Max offer price $170,000

Occupancy floor 62%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3466 Reiser Ave SW Grand Rapids, MI	3.0	1.0	723	$1,995	$2.76	10d	1	0.97mi
950 Merritt St SE Grand Rapids, MI	3.0	1.0	1000	$2,100	$2.10	43d	1	1.31mi
1031 Merrifield St SE Grand Rapids, MI	3.0	2.0	1238	$2,300	$1.86	14d	1	1.31mi

Listing history 32 events

1. 2026-04-09
   soldstatus $190,000
2. 2026-03-05
   status Pending

   Show marketing remark (859 chars)

   Two-unit investment opportunity! Each unit features 2 bedrooms, 1 full bath, a living room, and kitchen. The lower unit is located on the main level and includes access to a deck off the kitchen, while the upper unit occupies the second floor. The home has a shared main entry with separate private doors to each unit. Additional features include a covered front porch, basement with washer and dryer hookups, and separate furnaces and water heaters for each unit. There is no garage, but a small shed provides additional storage. Property is currently tenant-occupied with a month-to-month lease in place. Tenant would like to remain. Tenant rights apply. Limited showing times available and tenant may be present during showings. Please review all lease terms prior to submitting an offer. For more information or to schedule a private showing, please call.

3. 2026-03-05
   status Pending 859-char remark

   Show marketing remark (859 chars)

   Two-unit investment opportunity! Each unit features 2 bedrooms, 1 full bath, a living room, and kitchen. The lower unit is located on the main level and includes access to a deck off the kitchen, while the upper unit occupies the second floor. The home has a shared main entry with separate private doors to each unit. Additional features include a covered front porch, basement with washer and dryer hookups, and separate furnaces and water heaters for each unit. There is no garage, but a small shed provides additional storage. Property is currently tenant-occupied with a month-to-month lease in place. Tenant would like to remain. Tenant rights apply. Limited showing times available and tenant may be present during showings. Please review all lease terms prior to submitting an offer. For more information or to schedule a private showing, please call.

4. 2026-03-04
   listed $170,000 Active

   Show marketing remark (859 chars)

   Two-unit investment opportunity! Each unit features 2 bedrooms, 1 full bath, a living room, and kitchen. The lower unit is located on the main level and includes access to a deck off the kitchen, while the upper unit occupies the second floor. The home has a shared main entry with separate private doors to each unit. Additional features include a covered front porch, basement with washer and dryer hookups, and separate furnaces and water heaters for each unit. There is no garage, but a small shed provides additional storage. Property is currently tenant-occupied with a month-to-month lease in place. Tenant would like to remain. Tenant rights apply. Limited showing times available and tenant may be present during showings. Please review all lease terms prior to submitting an offer. For more information or to schedule a private showing, please call.

5. 2026-03-04
   listed $170,000 Active 859-char remark

   Show marketing remark (859 chars)

   Two-unit investment opportunity! Each unit features 2 bedrooms, 1 full bath, a living room, and kitchen. The lower unit is located on the main level and includes access to a deck off the kitchen, while the upper unit occupies the second floor. The home has a shared main entry with separate private doors to each unit. Additional features include a covered front porch, basement with washer and dryer hookups, and separate furnaces and water heaters for each unit. There is no garage, but a small shed provides additional storage. Property is currently tenant-occupied with a month-to-month lease in place. Tenant would like to remain. Tenant rights apply. Limited showing times available and tenant may be present during showings. Please review all lease terms prior to submitting an offer. For more information or to schedule a private showing, please call.

6. 2015-02-13
   historical
7. 2015-02-12
   historical
8. 2015-02-12
   historical
9. 2015-02-12
   historical
10. 2015-01-31
    historical
11. 2015-01-31
    historical
12. 2009-05-06
    soldstatus $14,444
13. 2008-09-12
    listed $28,000
14. 2006-10-09
    soldstatus $93,000
15. 2006-10-04
    soldstatus $93,000
16. 2006-09-29
    soldstatus $94,900
17. 2006-09-29
    soldstatus $94,900
18. 2006-05-01
    listed $92,900
19. 2006-05-01
    listed $92,900
20. 2006-05-01
    listed $92,900
21. 2005-10-28
    listed $99,900
22. 1995-09-27
    historical
23. 1995-06-27
    listed $49,900
24. 1995-06-27
    listed $49,900
25. 1995-06-27
    listed $49,900
26. 1995-03-20
    listed $52,900
27. 1995-03-12
    historical
28. 1994-12-12
    listed $54,900
29. 1994-12-12
    listed $54,900
30. 1991-07-12
    soldstatus $55,900
31. 1991-04-10
    listed $55,900
32. 1991-01-09
    listed $55,900

ⓘ 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: $987 · $82/mo
• Projected year-2 tax: $1,802 · $150/mo
• Expected delta: +$816/yr (+$68/mo · 82.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 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: $26,988
• − Mortgage interest: −$9,523
• − Property taxes: −$987
• − Insurance: −$850
• − Repairs & maintenance: −$2,159
• − Management: −$2,159
• − Depreciation: −$4,945
• Taxable income: $6,364
• Est. tax owed @ 24.0%: −$1,527
• After-tax cash flow: $7,258/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): 38,487
• Household income: $61,461
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 1625.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Hispanic / Latino 31% Black 31% White 30% Two or more races 21%
• Hispanic origin (detail): Mexican 18% Puerto Rican 3% Dominican 1%
• Common ancestry: Iranian 8% Romanian 2% Lithuanian 1%
• Foreign-born: 18% · Canada
• Languages at home: 71% English-only · Spanish 23% Arabic 1% Other Indo-European 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: ▼ -301.99%
• Current HPI: 325.3878
• Rent YoY: ▲ 4.74%
• 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

+239.9% since first listed

32 events — show timeline

• 2026-04-09 Sold (Public Records) $190,000 Public Records
• 2026-03-05 Pending — REALCOMP
• 2026-03-05 Pending — MiRealSource-MiMLS
• 2026-03-04 Listed $170,000 REALCOMP
• 2026-03-04 Listed $170,000 MiRealSource-MiMLS
• 2015-02-13 Listing Removed — SW Michigan MLS
• 2015-02-12 Listing Removed — SW Michigan MLS
• 2015-02-12 Listing Removed — SW Michigan MLS
• 2015-02-12 Listing Removed — SW Michigan MLS
• 2015-01-31 Listing Removed — SW Michigan MLS
• 2015-01-31 Listing Removed — SW Michigan MLS
• 2009-05-06 Sold (MLS) $14,444 SW Michigan MLS
• 2008-09-12 Listed $28,000 SW Michigan MLS
• 2006-10-09 Sold (Public Records) $93,000 Public Records
• 2006-10-04 Sold (MLS) $93,000 SW Michigan MLS
• 2006-09-29 Sold (MLS) $94,900 REALCOMP
• 2006-09-29 Sold (MLS) $94,900 SW Michigan MLS
• 2006-05-01 Listed $92,900 REALCOMP
• 2006-05-01 Listed $92,900 SW Michigan MLS
• 2006-05-01 Listed $92,900 SW Michigan MLS
• 2005-10-28 Listed $99,900 SW Michigan MLS
• 1995-09-27 Listing Removed — REALCOMP
• 1995-06-27 Listed $49,900 REALCOMP
• 1995-06-27 Listed $49,900 SW Michigan MLS
• 1995-06-27 Listed $49,900 SW Michigan MLS
• 1995-03-20 Listed $52,900 SW Michigan MLS
• 1995-03-12 Listing Removed — REALCOMP
• 1994-12-12 Listed $54,900 REALCOMP
• 1994-12-12 Listed $54,900 SW Michigan MLS
• 1991-07-12 Sold (MLS) $55,900 SW Michigan MLS
• 1991-04-10 Listed $55,900 SW Michigan MLS
• 1991-01-09 Listed $55,900 SW Michigan MLS

Property tax history

+2.2%/yr

Latest (2025): $987 · -1.2% YoY. Source: county tax records.