1138 Mckinley Ct SE · Grand Rapids, MI 49506

$149,900

3 bd · 1.0 ba · 948 sqft · SingleFamily public records · 2 Days on market

Built 1900 2,309 sqft lot Est $278k · 46% under

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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 +29.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great Flip opportunity. Cul-de-sac street located by Lake Dr / Fuller Ave. Solid 3 bedroom, 1 bath. Appliances included, Newer Furnace installed by the VA. Off Street Parking. Home is being sold as is. Call today for your personal private showing.

Key facts

• Newer furnace
• Off street parking
• Cul-de-sac street

Tags

• CUL-DE-SAC STREET
• NEWER FURNACE
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $551 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 10.7% 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 (+6.9%/yr); 202 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 81% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,253 units permitted in Kent County in 2024 (969 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 $4k 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 + 6.9% rent growth), your $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 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.
• Current owner paid $24k; list at $150k implies a 525% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,900

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: 1.25% ✓
• Cap rate: 10.70%
• Cash-on-cash: 15.74%
• DSCR: 1.70
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $277,764
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
638 Gladstone Dr SE	0.70mi	3/1.5	1,008 (+6%)	6mo	$295,000	$293	50
312 Rosewood Ave SE	0.64mi	2/1.0 (-1)	1,001 (+6%)	18mo	$280,000	$280	41

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 · 6.92% rent growth · sell at horizon

5-year hold

• IRR: 10.7%
• Equity multiple: 1.44×
• Total profit: $18,445
• Equity at exit: $22,351

10-year hold

• IRR: 22.5%
• Equity multiple: 3.27×
• Total profit: $95,349
• Equity at exit: $12,961

Cash invested: $41,972 (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 49506

• Rents YoY: 6.9%
• Active inventory: 202
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,879 high
• Mortgage (P&I): −$786
• Tax from tax record: −$85 /mo · $1,025/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $551

Break-even live

Break-even rent $1,182

Max offer price $149,900

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1333 Wealthy St SE Unit 2 Grand Rapids, MI	2.0	1.0	1113	$1,900	$1.71	44d	1	0.21mi
1400 Wealthy St SE Grand Rapids, MI	2.0	1.0	907	$1,925	$2.12	3d	1	0.29mi
1114 Dunham St SE Unit 1 Grand Rapids, MI	2.0	1.0	894	$1,300	$1.45	44d	1	0.37mi
11 Fuller Ave SE Apt 204 Grand Rapids, MI	2.0	1.5	880	$1,850	$2.10	44d	1	0.42mi
638 Wealthy St SE Unit A Grand Rapids, MI	2.0	2.0	1000	$2,100	$2.10	44d	1	0.64mi
547 Cherry St SE Grand Rapids, MI	2.0	1.0	521	$1,250	$2.40	44d	1	0.80mi
357 Madison Ave SE Grand Rapids, MI	1.0–2.0	1.0–2.0	692	$1,595	$2.30	44d	4	0.98mi
1542 Michigan St NE Grand Rapids, MI	3.0	1.0–2.0	836	$1,895	$2.27	3d	6	1.04mi
345 State St SE Grand Rapids, MI	2.0	2.0	1107	$1,280	$1.16	44d	2	1.05mi
434 Worden St SE Unit 2 Grand Rapids, MI	2.0	1.0	900	$1,495	$1.66	44d	1	1.07mi
855 Michigan St NE Unit 205 Grand Rapids, MI	2.0	1.0	813	$1,575	$1.94	44d	1	1.08mi
216 Lafayette Ave SE Grand Rapids, MI	2.0	1.5	1000	$1,395	$1.40	44d	1	1.08mi
507 Eastern Ave NE #2 Grand Rapids, MI	2.0	1.0	710	$1,495	$2.11	44d	1	1.18mi
17 Lafayette Ave SE Grand Rapids, MI	2.0	1.0–2.0	720	$2,125	$2.95	44d	7	1.20mi
840 Lafayette Ave SE Unit 2 Grand Rapids, MI	3.0	1.0	950	$1,600	$1.68	44d	1	1.23mi
414 Benson Ave NE Grand Rapids, MI	1.0–3.0	1.0–2.0	1110	$2,673	$2.41	44d	14	1.24mi
90 Wealthy St SE Grand Rapids, MI	2.0	1.0–2.0	602	$1,850	$3.07	3d	10	1.35mi
138 Fulton St E Unit 2 Grand Rapids, MI	2.0	1.0	800	$1,800	$2.25	44d	1	1.35mi
209 Division Ave S Grand Rapids, MI	1.0–3.0	1.0–2.0	1180	$1,495	$1.27	21d	2	1.44mi
26 Cherry St SW Grand Rapids, MI	1.0–2.0	1.0–2.0	878	$1,275	$1.45	44d	2	1.47mi
27 Library St NE #501 Grand Rapids, MI	2.0	2.0	1109	$2,925	$2.64	44d	1	1.49mi

Listing history 18 events

1. 2026-04-06
   status Pending 247-char remark

   Show marketing remark (247 chars)

   Great Flip opportunity. Cul-de-sac street located by Lake Dr / Fuller Ave. Solid 3 bedroom, 1 bath. Appliances included, Newer Furnace installed by the VA. Off Street Parking. Home is being sold as is. Call today for your personal private showing.

2. 2026-04-06
   status Pending 247-char remark

   Show marketing remark (247 chars)

   Great Flip opportunity. Cul-de-sac street located by Lake Dr / Fuller Ave. Solid 3 bedroom, 1 bath. Appliances included, Newer Furnace installed by the VA. Off Street Parking. Home is being sold as is. Call today for your personal private showing.

3. 2026-04-06
   status Pending

   Show marketing remark (247 chars)

   Great Flip opportunity. Cul-de-sac street located by Lake Dr / Fuller Ave. Solid 3 bedroom, 1 bath. Appliances included, Newer Furnace installed by the VA. Off Street Parking. Home is being sold as is. Call today for your personal private showing.

4. 2026-04-01
   listed $149,900 Active 247-char remark

   Show marketing remark (247 chars)

   Great Flip opportunity. Cul-de-sac street located by Lake Dr / Fuller Ave. Solid 3 bedroom, 1 bath. Appliances included, Newer Furnace installed by the VA. Off Street Parking. Home is being sold as is. Call today for your personal private showing.

5. 2026-04-01
   listed $149,900 Active 247-char remark

   Show marketing remark (247 chars)

   Great Flip opportunity. Cul-de-sac street located by Lake Dr / Fuller Ave. Solid 3 bedroom, 1 bath. Appliances included, Newer Furnace installed by the VA. Off Street Parking. Home is being sold as is. Call today for your personal private showing.

6. 2026-04-01
   listed $149,900 Active

   Show marketing remark (247 chars)

   Great Flip opportunity. Cul-de-sac street located by Lake Dr / Fuller Ave. Solid 3 bedroom, 1 bath. Appliances included, Newer Furnace installed by the VA. Off Street Parking. Home is being sold as is. Call today for your personal private showing.

7. 2015-01-30
   historical
8. 2015-01-29
   historical
9. 1994-12-21
   soldstatus $24,000
10. 1994-12-21
    soldstatus $24,000
11. 1994-03-09
    listed $24,900
12. 1994-03-09
    listed $24,900
13. 1993-02-14
    historical
14. 1992-05-14
    listed $22,900
15. 1992-05-14
    listed $22,900
16. 1992-03-01
    historical
17. 1991-06-01
    listed $26,000
18. 1991-06-01
    listed $26,000

ⓘ 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: $1,025 · $85/mo
• Projected year-2 tax: $1,666 · $139/mo
• Expected delta: +$642/yr (+$53/mo · 62.7%)

ⓘ 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 ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,549
• − Mortgage interest: −$8,397
• − Property taxes: −$1,025
• − Insurance: −$750
• − Repairs & maintenance: −$1,804
• − Management: −$1,804
• − Depreciation: −$4,361
• Taxable income: $4,410
• Est. tax owed @ 24.0%: −$1,058
• After-tax cash flow: $5,549/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): 34,673
• Household income: $118,131
• Rent vs Own: 24.9% rent · 75.1% own
• Severe rent burden: 544.0

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: Predominantly White (76%)
• Race & ethnicity: White 76% Black 11% Two or more races 7% Hispanic / Latino 4% Asian 2%
• Common ancestry: Iranian 16% Romanian 6% Italian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -367.25%
• Current HPI: 316.2553
• Rent YoY: ▲ 6.92%
• 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

+476.5% since first listed

18 events — show timeline

• 2026-04-06 Pending — REALCOMP
• 2026-04-06 Pending — MiRealSource-MiMLS
• 2026-04-06 Pending — SW Michigan MLS
• 2026-04-01 Listed $149,900 SW Michigan MLS
• 2026-04-01 Listed $149,900 MiRealSource-MiMLS
• 2026-04-01 Listed $149,900 REALCOMP
• 2015-01-30 Listing Removed — SW Michigan MLS
• 2015-01-29 Listing Removed — SW Michigan MLS
• 1994-12-21 Sold (MLS) $24,000 REALCOMP
• 1994-12-21 Sold (MLS) $24,000 SW Michigan MLS
• 1994-03-09 Listed $24,900 REALCOMP
• 1994-03-09 Listed $24,900 SW Michigan MLS
• 1993-02-14 Listing Removed — REALCOMP
• 1992-05-14 Listed $22,900 REALCOMP
• 1992-05-14 Listed $22,900 SW Michigan MLS
• 1992-03-01 Listing Removed — REALCOMP
• 1991-06-01 Listed $26,000 REALCOMP
• 1991-06-01 Listed $26,000 SW Michigan MLS

Property tax history

+1.8%/yr

Latest (2025): $1,025 · -1.2% YoY. Source: county tax records.