1908 Elizabeth Ln · Georgetown, MI 49428-7734

$250,000

2 bd · 2.0 ba · 900 sqft · Condo · 15 Days on market

Built 1987 $278/sqft · 74% above area Est $237k · 6% over $205/mo HOA · 9% of rent

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Why this score? — see what drove the D 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 +10.7/30.0
• Schools +5.3/10.0
• ARV discount +5.0/15.0
• Appreciation +5.0/10.0
• 1% rule +4.2/10.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome Home To Pine Grove Estates! Super nice floor plan in this beautiful condominium features a main floor with large primary bedroom on the main level with bay window overlooking yard. There's a full bath and a main floor laundry (also could be downstairs), a large living room with glass doors connecting to a lovely three-seasons room/porch. Nice convenient kitchen with all major appliances included and a good size eating area. The daylight lower level has a finished family room and an additional good-sized bedroom another full bathroom plus a really nice size workshop with bench or storage room. The lower level bathroom could accommodate a laundry area if desired. The property shows very well and clean and ready for new owners! See this one today!

Key facts

• Three-seasons room
• Main floor laundry
• Finished family room

Tags

• MAIN FLOOR LAUNDRY
• THREE-SEASONS ROOM
• FINISHED FAMILY ROOM
• WORKSHOP WITH BENCH
• GOOD SIZE EATING AREA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $-120 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $233k (6.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (8.2% below list).
• Recommended offer: $230k (8.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Jenison Public Schools (suburban): math 57% / reading 66% proficiency, ranked #36 of 540 in MI (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: 1 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,237 units permitted in Ottawa County in 2024 (443 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $8k appreciation (3.0% local appreciation)).
• Ottawa County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y 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 $82k; list at $250k implies a 203% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $229,500 (8.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.92% ✗
• Cap rate: 5.72%
• Cash-on-cash: -2.05%
• DSCR: 0.91
• GRM: 9.1

CMA / ARV

• ARV (median comp): $236,645
• List price: $250,000
• Delta: 5.64%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.6%
• Equity multiple: 1.32×
• Total profit: $22,657
• Equity at exit: $112,411

10-year hold

• IRR: 8.6%
• Equity multiple: 2.31×
• Total profit: $91,594
• Equity at exit: $173,238

Cash invested: $70,000 (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 49428-7734

• Active inventory: 1
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,295 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$205
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $-120

Break-even live

Break-even rent $2,446

Max offer price $232,687

Occupancy floor —

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7202 Melody Ln Jenison, MI	3.0	1.0	1002	$2,295	$2.29	2d	1	1.37mi

HOA detail condo

• Monthly dues: $205 · $2,460/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-09
   listing id $250,000 Pending 15 DOM
2. 2026-05-06
   status Pending 762-char remark

   Show marketing remark (762 chars)

   Welcome Home To Pine Grove Estates! Super nice floor plan in this beautiful condominium features a main floor with large primary bedroom on the main level with bay window overlooking yard. There's a full bath and a main floor laundry (also could be downstairs), a large living room with glass doors connecting to a lovely three-seasons room/porch. Nice convenient kitchen with all major appliances included and a good size eating area. The daylight lower level has a finished family room and an additional good-sized bedroom another full bathroom plus a really nice size workshop with bench or storage room. The lower level bathroom could accommodate a laundry area if desired. The property shows very well and clean and ready for new owners! See this one today!

3. 2026-05-06
   status Pending 762-char remark

   Show marketing remark (762 chars)

   Welcome Home To Pine Grove Estates! Super nice floor plan in this beautiful condominium features a main floor with large primary bedroom on the main level with bay window overlooking yard. There's a full bath and a main floor laundry (also could be downstairs), a large living room with glass doors connecting to a lovely three-seasons room/porch. Nice convenient kitchen with all major appliances included and a good size eating area. The daylight lower level has a finished family room and an additional good-sized bedroom another full bathroom plus a really nice size workshop with bench or storage room. The lower level bathroom could accommodate a laundry area if desired. The property shows very well and clean and ready for new owners! See this one today!

4. 2026-05-06
   status Pending

   Show marketing remark (762 chars)

   Welcome Home To Pine Grove Estates! Super nice floor plan in this beautiful condominium features a main floor with large primary bedroom on the main level with bay window overlooking yard. There's a full bath and a main floor laundry (also could be downstairs), a large living room with glass doors connecting to a lovely three-seasons room/porch. Nice convenient kitchen with all major appliances included and a good size eating area. The daylight lower level has a finished family room and an additional good-sized bedroom another full bathroom plus a really nice size workshop with bench or storage room. The lower level bathroom could accommodate a laundry area if desired. The property shows very well and clean and ready for new owners! See this one today!

5. 2026-04-21
   listed $250,000 Active 762-char remark

   Show marketing remark (762 chars)

   Welcome Home To Pine Grove Estates! Super nice floor plan in this beautiful condominium features a main floor with large primary bedroom on the main level with bay window overlooking yard. There's a full bath and a main floor laundry (also could be downstairs), a large living room with glass doors connecting to a lovely three-seasons room/porch. Nice convenient kitchen with all major appliances included and a good size eating area. The daylight lower level has a finished family room and an additional good-sized bedroom another full bathroom plus a really nice size workshop with bench or storage room. The lower level bathroom could accommodate a laundry area if desired. The property shows very well and clean and ready for new owners! See this one today!

6. 2026-04-21
   listed $250,000 Active 762-char remark

   Show marketing remark (762 chars)

   Welcome Home To Pine Grove Estates! Super nice floor plan in this beautiful condominium features a main floor with large primary bedroom on the main level with bay window overlooking yard. There's a full bath and a main floor laundry (also could be downstairs), a large living room with glass doors connecting to a lovely three-seasons room/porch. Nice convenient kitchen with all major appliances included and a good size eating area. The daylight lower level has a finished family room and an additional good-sized bedroom another full bathroom plus a really nice size workshop with bench or storage room. The lower level bathroom could accommodate a laundry area if desired. The property shows very well and clean and ready for new owners! See this one today!

7. 2026-04-21
   listed $250,000 Active

   Show marketing remark (762 chars)

   Welcome Home To Pine Grove Estates! Super nice floor plan in this beautiful condominium features a main floor with large primary bedroom on the main level with bay window overlooking yard. There's a full bath and a main floor laundry (also could be downstairs), a large living room with glass doors connecting to a lovely three-seasons room/porch. Nice convenient kitchen with all major appliances included and a good size eating area. The daylight lower level has a finished family room and an additional good-sized bedroom another full bathroom plus a really nice size workshop with bench or storage room. The lower level bathroom could accommodate a laundry area if desired. The property shows very well and clean and ready for new owners! See this one today!

8. 2009-10-22
   soldstatus $82,500
9. 2009-10-22
   soldstatus $82,500
10. 2009-10-02
    listed $86,000
11. 2009-10-02
    listed $86,000
12. 2005-05-25
    soldstatus $129,000
13. 2005-05-25
    soldstatus $129,000
14. 2005-04-14
    listed $129,900
15. 2005-04-14
    listed $129,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,540
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,203
• − Management: −$2,203
• − HOA: −$2,460
• − Depreciation: −$7,273
• Taxable loss: −$5,603
• Est. tax savings @ 24.0%: +$1,345
• After-tax cash flow: $-91/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: Jenison Public Schools
• NCES district ID: 2619830
• Math proficiency: 57% ▼ -3.00%
• Reading proficiency: 66% ▼ -3.00%
• Median HH income: $58,030
• Composite: 53.06/100
• National rank: #1517
• State rank: #36 of 540 in MI

Livability — Georgetown

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Jenison, MI

Population outlook (Ottawa County) Hauer SSP2

• Today (2025): 313,561 people
• By 2030: 330,027 · +5.3%
• By 2040: 361,118 · +15.2%
• By 2050: 388,414 · +23.9%
• By 2075: 452,175 · +44.2%
• By 2100: 473,041 · +50.9%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+92.5% since first listed

14 events — show timeline

• 2026-05-06 Pending — REALCOMP
• 2026-05-06 Pending — MiRealSource-MiMLS
• 2026-05-06 Pending — SW Michigan MLS
• 2026-04-21 Listed $250,000 SW Michigan MLS
• 2026-04-21 Listed $250,000 MiRealSource-MiMLS
• 2026-04-21 Listed $250,000 REALCOMP
• 2009-10-22 Sold (MLS) $82,500 REALCOMP
• 2009-10-22 Sold (MLS) $82,500 SW Michigan MLS
• 2009-10-02 Listed $86,000 REALCOMP
• 2009-10-02 Listed $86,000 SW Michigan MLS
• 2005-05-25 Sold (MLS) $129,000 REALCOMP
• 2005-05-25 Sold (MLS) $129,000 SW Michigan MLS
• 2005-04-14 Listed $129,900 REALCOMP
• 2005-04-14 Listed $129,900 SW Michigan MLS