617 Forest St · Kalamazoo, MI 49008

$153,000

3 bd · 3.0 ba · 1,476 sqft · SingleFamily public records · 13 Days on market

Built 1895 5,227 sqft lot Est $145k · 6% over

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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).

• Cash flow +21.9/30.0
• DSCR +7.0/10.0
• 1% rule +5.8/10.0
• ARV discount +4.9/15.0
• Schools +4.7/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 Unit apartment building available in the Vine Neighborhood, downtown Kalamazoo. Building is a mix of an efficiency, a 1 bedroom/1 bath and a 2 bedroom/1 bath unit. Plenty of off street parking. Gas is paid by tenants. All other utilities paid by owner.

Key facts

• Off street parking
• 5,227 sq ft lot
• 4 parking spots

Tags

• OFF STREET PARKING

Property features AI

Finance

• Other: Located near Oak and S Westnedge
• Financial info: Unit rents: Efficiency $725; 2-bedroom unit $775; 2-bedroom unit $900; Annual tax noted

Exterior

• Parking: Four unpaved parking spaces
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Phone available; Sewer connected/available
• Home design: Multi-family residential income property; Zoned Light Industry
• Construction: Aluminum siding
• Exterior features: Composition roof; Public maintained road frontage; Lot about 0.12 acres (44 x 119.42 feet)

Interior

• Bedrooms: One efficiency unit; Two 2-bedroom units
• Bathrooms: Three 1-bath units (one in each unit)
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Partial basement

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $153k.

Deal economics

• At list price, monthly cash flow is $240 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $153k).
• Cap rate 8.2% vs local median 3.5% 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 (+2.4%/yr); 119 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).

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.
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 22 sale attempts since 36y 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.
• Current owner paid $60k; list at $153k implies a 155% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $153,000

Questions for the listing agent

1. Built in 1895 — 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: 1.08% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.72%
• DSCR: 1.30
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $144,648
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
726 Forest St	0.09mi	4/1.5 (+1)	1,437 (-3%)	2mo	$133,000	$93	79
1411 Oak St	0.07mi	3/2.0	1,389 (-6%)	6mo	$79,900	$58	78
1009 Oak St	0.21mi	4/2.0 (+1)	1,526 (+3%)	7mo	$141,000	$92	70
514 Forest St	0.08mi	3/1.5	1,323 (-10%)	6mo	$130,000	$98	68
819 Oakland Dr	0.46mi	3/2.0	1,510 (+2%)	7mo	$125,000	$83	65
1606 Merrill St	0.24mi	3/1.0	1,344 (-9%)	3mo	$291,000	$217	64
1317 John St	0.52mi	4/2.0 (+1)	1,428 (-3%)	0mo	$187,000	$131	61
612 Oak St	0.50mi	4/2.0 (+1)	1,540 (+4%)	2mo	$145,000	$94	59
2313 S Westnedge Ave	0.72mi	4/2.0 (+1)	1,540 (+4%)	5mo	$240,000	$156	46
213 W Belmont St	0.62mi	3/1.0	1,373 (-7%)	6mo	$53,000	$39	46
519 Walnut Ct	0.65mi	3/1.0	1,344 (-9%)	1mo	$162,600	$121	46
1420 Hillcrest Ave	0.74mi	3/1.5	1,687 (+14%)	8mo	$295,000	$175	29

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 · 2.41% rent growth · sell at horizon

5-year hold

• IRR: -6.6%
• Equity multiple: 0.76×
• Total profit: $-10,451
• Equity at exit: $22,813

10-year hold

• IRR: 2.3%
• Equity multiple: 1.16×
• Total profit: $6,751
• Equity at exit: $13,229

Cash invested: $42,840 (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 49008

• Rents YoY: 2.4%
• Active inventory: 119
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,654 high
• Mortgage (P&I): −$802
• Tax from tax record: −$201 /mo · $2,411/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $240

Break-even live

Break-even rent $1,351

Max offer price $153,000

Occupancy floor 80%

Sensitivity live

Price	-10% $327	-5% $283	+0% $240	+5% $197	+10% $153
Rent	-10% $109	-5% $175	+0% $240	+5% $305	+10% $371
Rate	-1.0pp $317	-0.5pp $279	base $240	+0.5pp $200	+1.0pp $160

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: $38,250
• Closing costs: $4,590
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
807 Central Park Cir Kalamazoo, MI	1.0–3.0	1.0–2.0	1089	$2,345	$2.15	14d	12	0.35mi
211 Rose Pl Kalamazoo, MI	2.0	2.0	1695	$1,200	$0.71	22d	1	0.43mi
1512 S Burdick St Kalamazoo, MI	3.0	1.0	887	$1,250	$1.41	14d	1	0.48mi
2002 S Westnedge Ave Kalamazoo, MI	2.0	1.0	900	$1,250	$1.39	22d	2	0.55mi
525 S Burdick St Kalamazoo, MI	2.0	2.0	1555	$2,928	$1.88	14d	2	0.72mi
816 W Main St Kalamazoo, MI	3.0	1.0	1005	$1,100	$1.09	22d	1	0.90mi
838 W Main St Kalamazoo, MI	4.0	1.0	1470	$1,300	$0.88	22d	1	0.92mi
125 S Kalamazoo Mall Kalamazoo, MI	2.0	2.0	1833	$3,088	$1.68	14d	1	0.95mi
232 Woodward Ave Unit 5 Kalamazoo, MI	2.0	1.0	1400	$999	$0.71	14d	1	1.01mi
722 W Kalamazoo Ave Unit 2 Kalamazoo, MI	3.0	1.0	1800	$1,600	$0.89	22d	1	1.08mi
310 E Michigan Ave Kalamazoo, MI	2.0	2.0	1100	$1,385	$1.26	22d	1	1.11mi
2725 S Burdick St Kalamazoo, MI	2.0	1.0	1000	$1,250	$1.25	14d	1	1.26mi
23 Ridgewood St Kalamazoo, MI	2.0	1.0	1100	$1,295	$1.18	22d	1	1.27mi
611 Whites Rd Kalamazoo, MI	1.0–2.0	1.0	963	$1,449	$1.50	14d	4	1.36mi
525 E Ransom St Kalamazoo, MI	1.0–2.0	1.0–2.0	807	$1,625	$2.01	22d	1	1.48mi

Listing history 10 events

1. 2026-06-21
   days on market $153,000 Active 13 DOM
2. 2026-06-18
   days on market $153,000 Active 10 DOM
3. 2026-06-17
   days on market $153,000 Active 9 DOM
4. 2026-06-16
   days on market $153,000 Active 8 DOM
5. 2026-06-15
   days on market $153,000 Active 7 DOM
6. 2026-06-14
   days on market $153,000 Active 5 DOM
7. 2026-06-13
   days on market $153,000 Active 4 DOM
8. 2026-06-10
   days on market $153,000 Active 2 DOM
9. 2026-06-09
   remarks 254-char remark
10. 2026-06-09
    listed $153,000 Active 1 DOM

ⓘ 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: $2,411 · $201/mo
• Projected year-2 tax: $2,411 · $201/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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: $19,853
• − Mortgage interest: −$8,570
• − Property taxes: −$2,411
• − Insurance: −$765
• − Repairs & maintenance: −$1,588
• − Management: −$1,588
• − Depreciation: −$4,451
• Taxable income: $480
• Est. tax owed @ 24.0%: −$115
• After-tax cash flow: $2,765/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): 16,137
• Household income: $74,943
• Rent vs Own: 33.8% rent · 66.2% own
• Severe rent burden: 513.0

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: Predominantly White (75%)
• Race & ethnicity: White 75% Black 12% Two or more races 6% Hispanic / Latino 5% Asian 3%
• Common ancestry: Iranian 5% Slovak 3% Romanian 3%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 91% English-only · Spanish 2% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -170.52%
• Current HPI: 230.6876
• Rent YoY: ▲ 2.41%
• 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

+219.4% since first listed

69 events — show timeline

• 2026-06-08 Listed $153,000 REALCOMP
• 2026-06-08 Listed $153,000 MiRealSource-MiMLS
• 2026-05-14 Listing Removed — MiRealSource-MiMLS
• 2026-03-23 Relisted — MiRealSource-MiMLS
• 2026-03-23 Relisted — REALCOMP
• 2026-03-21 Pending — REALCOMP
• 2026-03-21 Listing Removed — REALCOMP
• 2026-03-16 Pending — REALCOMP
• 2026-03-16 Pending — MiRealSource-MiMLS
• 2026-03-11 Listing Removed — REALCOMP
• 2025-11-26 Listed $153,000 REALCOMP
• 2025-11-26 Listed $153,000 MiRealSource-MiMLS
• 2025-11-23 Listing Removed — MiRealSource-MiMLS
• 2025-11-22 Listing Removed — REALCOMP
• 2025-11-18 Price Changed $153,000 MiRealSource-MiMLS
• 2025-11-18 Price Changed $153,000 REALCOMP
• 2025-10-20 Price Changed $157,400 REALCOMP
• 2025-10-20 Price Changed $157,400 MiRealSource-MiMLS
• 2025-09-23 Price Changed $162,235 MiRealSource-MiMLS
• 2025-09-23 Price Changed $162,235 REALCOMP
• 2025-08-22 Listed $167,250 REALCOMP
• 2025-08-22 Listing Removed — MiRealSource-MiMLS
• 2025-08-22 Listed $167,250 MiRealSource-MiMLS
• 2025-08-21 Listing Removed — REALCOMP
• 2025-08-19 Price Changed $167,250 MiRealSource-MiMLS
• 2025-08-19 Price Changed $167,250 REALCOMP
• 2025-07-21 Price Changed $172,450 MiRealSource-MiMLS
• 2025-07-21 Price Changed $172,450 REALCOMP
• 2025-06-26 Price Changed $177,757 MiRealSource-MiMLS
• 2025-06-25 Price Changed $177,757 REALCOMP
• 2025-06-03 Price Changed $183,250 MiRealSource-MiMLS
• 2025-06-02 Price Changed $183,250 REALCOMP
• 2025-04-22 Listed $188,922 REALCOMP
• 2025-04-22 Listing Removed — MiRealSource-MiMLS
• 2025-04-22 Listed $188,922 MiRealSource-MiMLS
• 2025-04-21 Listing Removed — REALCOMP
• 2025-03-22 Price Changed $194,775 MiRealSource-MiMLS
• 2025-03-22 Price Changed $194,775 REALCOMP
• 2025-02-19 Price Changed $201,000 MiRealSource-MiMLS
• 2025-02-19 Price Changed $201,000 REALCOMP
• 2025-01-23 Price Changed $207,000 MiRealSource-MiMLS
• 2025-01-23 Price Changed $207,000 REALCOMP
• 2024-12-23 Price Changed $213,400 MiRealSource-MiMLS
• 2024-12-23 Price Changed $213,400 REALCOMP
• 2024-11-21 Listed $220,000 REALCOMP
• 2024-11-21 Listed $220,000 MiRealSource-MiMLS
• 2024-08-01 Rental Removed $725 APPFOLIO
• 2024-06-25 Listed for Rent $725 APPFOLIO
• 2024-06-19 Rental Removed $725 APPFOLIO
• 2024-04-24 Rental Removed $725 APPFOLIO
• 2024-04-24 Listed for Rent $725 APPFOLIO
• 2024-04-18 Listed for Rent $775 APPFOLIO
• 2024-04-05 Rental Removed $725 APPFOLIO
• 2024-03-30 Listed for Rent $725 APPFOLIO
• 2024-03-14 Rental Removed $775 APPFOLIO
• 2024-02-04 Listed for Rent $775 APPFOLIO
• 2023-08-29 Rental Removed $750 APPFOLIO
• 2023-08-24 Price Changed $750 APPFOLIO
• 2023-08-03 Listed for Rent — APPFOLIO
• 2023-07-25 Rental Removed — APPFOLIO
• 2014-10-17 Listing Removed — SW Michigan MLS
• 2013-09-05 Sold (Public Records) $60,000 Public Records
• 2013-08-15 Sold (MLS) $60,000 REALCOMP
• 2013-08-15 Sold (MLS) $60,000 SW Michigan MLS
• 2013-02-15 Listed $68,900 REALCOMP
• 2013-02-15 Listed $68,900 SW Michigan MLS
• 1999-06-08 Listed $74,900 SW Michigan MLS
• 1991-02-19 Sold (MLS) $1 SW Michigan MLS
• 1990-11-08 Listed $47,900 SW Michigan MLS

Property tax history

+4.6%/yr

Latest (2025): $2,411 · +8.8% YoY. Source: county tax records.