1509 E Stadium Blvd · Ann Arbor, MI 48104

$599,000

5 bd · 2.5 ba · 2,160 sqft · SingleFamily public records · 1 Days on market

Built 1950 7,841 sqft lot $277/sqft · 33% below area Est $898k · 33% under ↓ 11% 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).

• ARV discount +15.0/15.0
• Cash flow +14.8/30.0
• Schools +6.5/10.0
• DSCR +4.5/10.0
• Livability +4.4/5.0
• 1% rule +4.0/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Burns Park living at its finest, where timeless charm meets modern convenience in one of Ann Arbor's most sought-after neighborhoods. Located at 1509 E Stadium Blvd, this beautifully maintained, turnkey home offers the space, flexibility, and thoughtful updates today's buyers are searching for. With 5 bedrooms (which includes a versatile bonus room accessed through one of the bedrooms) this home adapts effortlessly to your lifestyle, whether you need a home office, nursery, or private retreat. A rare and highly desirable feature, the first-floor accessible primary suite with a barrier free shower provides accessibility and ease, complemented by a convenient main-level laundry. Downstairs, a finished basement expands your living space even further and includes a second laundry area, perfect for busy households. Step outside to enjoy your fully fenced backyard, ideal for entertaining, pets, or play.

Key facts

• Barrier free shower
• Finished basement
• Main-level laundry

Tags

• BARRIER FREE SHOWER
• MAIN-LEVEL LAUNDRY
• FINISHED BASEMENT
• SECOND LAUNDRY AREA
• FULLY FENCED BACKYARD

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath single-family listed at $599k.

Deal economics

• At list price, monthly cash flow is $168 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $538k (10.1% below list).
• Recommended offer: $538k (10.1% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 2.5% in Ann Arbor — 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 88/100 on livability (#10 in MI, #155 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living D.
• Ann Arbor Public Schools (urban): math 71% / reading 81% proficiency, ranked #6 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising (+1.3%/yr); 149 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• At $5,384/mo this rent would consume 101% of the median local household income ($64k/yr) (locally 5044% 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 $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $538,379 (10.1% below list)

Questions for the listing agent

1. Built in 1950 — 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. Schools are A-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?
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: 0.90% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.20%
• DSCR: 1.05
• GRM: 9.3

CMA / ARV

• ARV (median comp): $898,366
• List price: $599,000
• Delta: -27.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1615 E Stadium Blvd	0.14mi	4/2.5 (-1)	2,064 (-4%)	2mo	$500,000	$242	80
2505 Brockman Blvd	0.48mi	5/2.0	2,180 (+1%)	2mo	$800,000	$367	72
1605 E Stadium Blvd	0.09mi	4/2.5 (-1)	2,407 (+11%)	1mo	$650,000	$270	70
1006 Granger Ave	0.47mi	5/3.5	2,080 (-4%)	7mo	$910,000	$438	62
1914 Crestland Dr	0.53mi	5/2.5	2,204 (+2%)	14mo	$624,100	$283	60
1704 Shadford Rd	0.21mi	4/2.5 (-1)	2,454 (+14%)	6mo	$1,070,000	$436	58
1054 Ferdon Rd	0.52mi	4/2.0 (-1)	2,118 (-2%)	11mo	$800,000	$378	56
1210 Henry St	0.28mi	4/3.5 (-1)	1,887 (-13%)	1mo	$647,000	$343	56
1215 Brooklyn Ave	0.33mi	4/2.0 (-1)	1,884 (-13%)	6mo	$623,500	$331	51
2107 Ferdon Rd	0.40mi	4/2.0 (-1)	2,391 (+11%)	6mo	$633,000	$265	51
1506 Golden Ave	0.40mi	4/3.5 (-1)	1,906 (-12%)	14mo	$780,000	$409	41
929 Olivia Ave	0.67mi	5/2.5	2,478 (+15%)	12mo	$1,125,000	$454	34

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 · 1.28% rent growth · sell at horizon

5-year hold

• IRR: -16.3%
• Equity multiple: 0.43×
• Total profit: $-95,456
• Equity at exit: $89,313

10-year hold

• IRR: -11.3%
• Equity multiple: 0.37×
• Total profit: $-105,436
• Equity at exit: $51,791

Cash invested: $167,720 (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 48104

• Rents YoY: 1.3%
• Active inventory: 149
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $5,384 high
• Mortgage (P&I): −$3,141
• Tax from tax record: −$694 /mo · $8,329/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,131
• Net cashflow: $168

Break-even live

Break-even rent $5,171

Max offer price $599,000

Occupancy floor 92%

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1119 Granger Ave Ann Arbor, MI	4.0	2.0	2200	$3,900	$1.77	21d	1	0.41mi
1102 S Forest Ave Ann Arbor, MI	6.0	2.0	1911	$8,400	$4.40	21d	1	0.58mi
2225 S State St Ann Arbor, MI	1.0–4.0	1.0–3.5	1242	$3,539	$2.85	14d	25	0.69mi
524 S Forest Ave Unit 524-A Ann Arbor, MI	6.0	2.0	1650	$8,250	$5.00	44d	1	1.04mi
616 Monroe St Unit 616-C Ann Arbor, MI	6.0	2.0	1436	$8,020	$5.58	44d	1	1.05mi
911 S Main St Ann Arbor, MI	6.0	6.0	1775	$1,300	$0.73	44d	1	1.23mi
911 S Main St Unit 201 Ann Arbor, MI	6.0	6.0	1824	$8,100	$4.44	44d	1	1.24mi
720 S Main St Ann Arbor, MI	4.0	1.0	1800	$3,550	$1.97	44d	1	1.32mi
600 S Main St Ann Arbor, MI	4.0	2.0	1455	$5,030	$3.46	14d	3	1.38mi

Listing history 17 events

1. 2026-06-18
   pricedays on marketlisting id $599,000 Active 1 DOM

   Show marketing remark (921 chars)

   Welcome to Burns Park living at its finest, where timeless charm meets modern convenience in one of Ann Arbor's most sought-after neighborhoods. Located at 1509 E Stadium Blvd, this beautifully maintained, turnkey home offers the space, flexibility, and thoughtful updates today's buyers are searching for. With 5 bedrooms (which includes a versatile bonus room accessed through one of the bedrooms) this home adapts effortlessly to your lifestyle, whether you need a home office, nursery, or private retreat. A rare and highly desirable feature, the first-floor accessible primary suite with a barrier free shower provides accessibility and ease, complemented by a convenient main-level laundry. Downstairs, a finished basement expands your living space even further and includes a second laundry area, perfect for busy households. Step outside to enjoy your fully fenced backyard, ideal for entertaining, pets, or play.

2. 2026-06-15
   days on market $649,900 Active 38 DOM
3. 2026-06-14
   days on market $649,900 Active 36 DOM
4. 2026-06-10
   days on market $649,900 Active 33 DOM
5. 2026-06-09
   days on market $649,900 Active 32 DOM
6. 2026-06-08
   days on market $649,900 Active 31 DOM
7. 2026-06-07
   days on market $649,900 Active 30 DOM
8. 2026-06-03
   days on market $649,900 Active 26 DOM
9. 2026-06-02
   days on market $649,900 Active 25 DOM
10. 2026-06-01
    days on market $649,900 Active 24 DOM
11. 2026-05-31
    days on market $649,900 Active 23 DOM
12. 2026-05-30
    days on market $649,900 Active 22 DOM
13. 2026-05-08
    listed $672,900 Active 1439-char remark
14. 2026-05-08
    listed $672,900 Active 1450-char remark
15. 2026-05-08
    listed $672,900 Active
16. 2026-05-04
    historical $672,900
17. 2026-05-04
    historical $672,900 1450-char remark

ⓘ 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: $8,329 · $694/mo
• Projected year-2 tax: $8,777 · $731/mo
• Expected delta: +$448/yr (+$37/mo · 5.4%)

ⓘ 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 3/10 Moderate 7 d/yr ≥100°F today · 15 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: $64,605
• − Mortgage interest: −$33,553
• − Property taxes: −$8,329
• − Insurance: −$2,995
• − Repairs & maintenance: −$5,168
• − Management: −$5,168
• − Depreciation: −$17,425
• Taxable loss: −$8,034
• Est. tax savings @ 24.0%: +$1,928
• After-tax cash flow: $3,948/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: Ann Arbor Public Schools
• NCES district ID: 2602820
• Math proficiency: 71% ▲ 5.00%
• Reading proficiency: 81% ▲ 11.00%
• Median HH income: $60,768
• Composite: 65.34/100
• National rank: #487
• State rank: #6 of 540 in MI

Livability — Ann Arbor

• Score: 88/100
• State rank: #10
• US rank: #155

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ann Arbor, MI
• County: Washtenaw County · 306,860 people
• City population: 163,747
• Metro: Ann Arbor, MI
• Population (ZIP): 43,979
• Household income: $64,231
• Rent vs Own: 63.1% rent · 36.9% own
• Severe rent burden: 5044.0

Population outlook (Washtenaw County) Hauer SSP2

• Today (2025): 402,878 people
• By 2030: 424,104 · +5.3%
• By 2040: 464,633 · +15.3%
• By 2050: 504,728 · +25.3%
• By 2075: 614,463 · +52.5%
• By 2100: 676,181 · +67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Asian 12% Two or more races 6% Hispanic / Latino 5% Black 5%
• Common ancestry: Romanian 7% Italian 3% Lithuanian 3%
• Foreign-born: 13% · China, Canada, South Korea
• Languages at home: 83% English-only · Chinese 4% Other Indo-European 3% Spanish 3%

Political lean MEDSL · Washtenaw

• 2024 margin: Solid D (+44.4) · D 71.0% · R 26.6% · Other 2.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 41.0pp · 2024: 44.4pp
• All cycles: 2024: D+44.4 2020: D+46.6 2016: D+41.5 2012: D+36.0 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -489.48%
• Current HPI: 246.6752
• Rent YoY: ▲ 1.28%
• Metro: Ann Arbor, 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

-11.0% since first listed

10 events — show timeline

• 2026-06-18 Listed $599,000 REALCOMP
• 2026-06-18 Listed $599,000 MiRealSource-MiMLS
• 2026-06-18 Listed $599,000 SW Michigan MLS
• 2026-06-15 Listing Removed — MiRealSource-MiMLS
• 2026-05-24 Price Changed $649,900 MiRealSource-MiMLS
• 2026-05-23 Price Changed $649,900 REALCOMP
• 2026-05-23 Price Changed $649,900 SW Michigan MLS
• 2026-05-08 Listed $672,900 REALCOMP
• 2026-05-08 Listed $672,900 MiRealSource-MiMLS
• 2026-05-04 Coming Soon — MiRealSource-MiMLS

Property tax history

+3.7%/yr

Latest (2025): $8,329 · +2.4% YoY. Source: county tax records.