1110 Hotop Ave · Kalamazoo, MI 49048

$125,000

4 bd · 2.0 ba · 1,649 sqft · SingleFamily public records · 308 Days on market

Built 1890 0.25 ac lot Est $183k · 32% under ↓ 7% since listing

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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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Schools +4.7/10.0
• Rent growth +4.5/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come see this quaint 2 unit home in the heart of Kalamazoo! Just a short drive away from all the amenities of the city, this home is a great investment opportunity. The floor unit opens into a cozy living space and dining area, which leads into the kitchen. This unit features 2 bedrooms and a laundry area as well. The upstairs unit opens into the kitchen, and branches off into the living room, 2 bedrooms, and a bathroom. Come see this Kalamazoo Promise eligible home today! Note: the owner has received $1800 a month in rental income for the past 3 years. The current long-term tenant would like to stay.

Key facts

• Laundry area
• Dining area
• Cozy living space

Tags

• KALAMAZOO PROMISE ELIGIBLE
• INVESTMENT OPPORTUNITY
• COZY LIVING SPACE
• DINING AREA
• LAUNDRY AREA

Property features AI

Finance

• Financial info: Annual tax amount listed

Exterior

• Parking: 2 parking spaces
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: Residential income property; Multi-family
• Construction: Wood siding construction
• Exterior features: Lot approximately 0.25 acres (66 x 165)

Interior

• Interior features: Has heating; Forced air heating; Natural gas heating; Has basement (partial, with crawl space)
• Laundry & utility: Dedicated laundry room

🏷️ Possibly a rental listed for sale. The $125,000 price doesn't fit this home's estimated sale value (~$183,039) 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 $125k.

Deal economics

• At list price, monthly cash flow is $412 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 4.1% 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 fast (+7.9%/yr); 154 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• This rent runs 32% of the median local income ($60k/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 $864 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $35k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 308 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $35k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 308 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.29% ✓
• Cap rate: 10.25%
• Cash-on-cash: 14.14%
• DSCR: 1.63
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $183,039
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
407 Phelps Ave	0.40mi	4/2.0	1,650 (+0%)	2mo	$189,900	$115	80
903 Southworth Ter	0.36mi	4/2.0	1,722 (+4%)	3mo	$179,900	$104	73
702 Charlotte Ave	0.15mi	3/2.5 (-1)	1,478 (-10%)	7mo	$180,000	$122	62
601 Chicago Ave	0.69mi	4/2.5	1,750 (+6%)	2mo	$218,000	$125	54
1618 Charles Ave	0.44mi	4/1.5	1,521 (-8%)	15mo	$163,500	$107	52
907 Southworth Ter	0.36mi	3/2.0 (-1)	1,782 (+8%)	16mo	$167,000	$94	51
917 Southworth Ter	0.38mi	3/2.0 (-1)	1,788 (+8%)	16mo	$45,000	$25	50
611 Fenimore Ave	0.63mi	3/1.5 (-1)	1,540 (-7%)	4mo	$223,000	$145	50
705 Fenimore Ave	0.63mi	4/1.5	1,490 (-10%)	8mo	$135,000	$91	46
814 Fenimore Ave	0.67mi	3/1.0 (-1)	1,616 (-2%)	14mo	$180,000	$111	45
927 Albert Ave	0.56mi	3/1.5 (-1)	1,404 (-15%)	3mo	$182,000	$130	40
1824 Junction Ave	0.70mi	3/1.0 (-1)	1,450 (-12%)	16mo	$157,900	$109	25

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 · 7.88% rent growth · sell at horizon

5-year hold

• IRR: 9.8%
• Equity multiple: 1.41×
• Total profit: $14,361
• Equity at exit: $18,638

10-year hold

• IRR: 22.7%
• Equity multiple: 3.41×
• Total profit: $84,233
• Equity at exit: $10,808

Cash invested: $35,000 (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 49048

• Rents YoY: 7.9%
• Active inventory: 154
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,616 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$157 /mo · $1,885/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $412

Break-even live

Break-even rent $1,094

Max offer price $125,000

Occupancy floor 69%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1928 Colgrove Ave Kalamazoo, MI	1.0–3.0	1.0–2.0	912	$1,390	$1.52	13d	13	1.05mi
722 W Kalamazoo Ave Unit 2 Kalamazoo, MI	3.0	1.0	1800	$1,600	$0.89	21d	1	1.38mi
708 Elizabeth St Kalamazoo, MI	3.0	1.5	1128	$1,250	$1.11	13d	1	1.41mi

Listing history 25 events

1. 2026-06-18
   days on market $125,000 Active 308 DOM
2. 2026-06-17
   days on market $125,000 Active 307 DOM
3. 2026-06-16
   days on market $125,000 Active 306 DOM
4. 2026-06-15
   days on market $125,000 Active 305 DOM
5. 2026-06-14
   days on market $125,000 Active 303 DOM
6. 2026-06-13
   days on market $125,000 Active 302 DOM
7. 2026-06-10
   days on market $125,000 Active 300 DOM
8. 2026-06-09
   days on market $125,000 Active 299 DOM
9. 2026-06-08
   days on market $125,000 Active 298 DOM
10. 2026-06-07
    days on market $125,000 Active 297 DOM
11. 2026-06-05
    days on market $125,000 Active 294 DOM
12. 2026-06-03
    days on market $125,000 Active 293 DOM
13. 2026-06-02
    days on market $125,000 Active 292 DOM
14. 2026-06-01
    days on market $125,000 Active 291 DOM
15. 2026-05-31
    days on market $125,000 Active 290 DOM
16. 2026-05-30
    days on market $125,000 Active 289 DOM
17. 2025-12-12
    price $125,000 608-char remark

    Show marketing remark (608 chars)

    Come see this quaint 2 unit home in the heart of Kalamazoo! Just a short drive away from all the amenities of the city, this home is a great investment opportunity. The floor unit opens into a cozy living space and dining area, which leads into the kitchen. This unit features 2 bedrooms and a laundry area as well. The upstairs unit opens into the kitchen, and branches off into the living room, 2 bedrooms, and a bathroom. Come see this Kalamazoo Promise eligible home today! Note: the owner has received $1800 a month in rental income for the past 3 years. The current long-term tenant would like to stay.

18. 2025-12-11
    price $125,000
19. 2025-10-14
    price $140,000 608-char remark

    Show marketing remark (608 chars)

    Come see this quaint 2 unit home in the heart of Kalamazoo! Just a short drive away from all the amenities of the city, this home is a great investment opportunity. The floor unit opens into a cozy living space and dining area, which leads into the kitchen. This unit features 2 bedrooms and a laundry area as well. The upstairs unit opens into the kitchen, and branches off into the living room, 2 bedrooms, and a bathroom. Come see this Kalamazoo Promise eligible home today! Note: the owner has received $1800 a month in rental income for the past 3 years. The current long-term tenant would like to stay.

20. 2025-10-13
    price $140,000
21. 2025-08-14
    listed $160,000 Active

    Show marketing remark (608 chars)

    Come see this quaint 2 unit home in the heart of Kalamazoo! Just a short drive away from all the amenities of the city, this home is a great investment opportunity. The floor unit opens into a cozy living space and dining area, which leads into the kitchen. This unit features 2 bedrooms and a laundry area as well. The upstairs unit opens into the kitchen, and branches off into the living room, 2 bedrooms, and a bathroom. Come see this Kalamazoo Promise eligible home today! Note: the owner has received $1800 a month in rental income for the past 3 years. The current long-term tenant would like to stay.

22. 2025-08-14
    listed $160,000 Active 608-char remark

    Show marketing remark (608 chars)

    Come see this quaint 2 unit home in the heart of Kalamazoo! Just a short drive away from all the amenities of the city, this home is a great investment opportunity. The floor unit opens into a cozy living space and dining area, which leads into the kitchen. This unit features 2 bedrooms and a laundry area as well. The upstairs unit opens into the kitchen, and branches off into the living room, 2 bedrooms, and a bathroom. Come see this Kalamazoo Promise eligible home today! Note: the owner has received $1800 a month in rental income for the past 3 years. The current long-term tenant would like to stay.

23. 2022-12-06
    historical
24. 2022-09-23
    price $135,000
25. 2022-07-07
    listed $135,000 Active

ⓘ 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: $1,885 · $157/mo
• Projected year-2 tax: $1,905 · $159/mo
• Expected delta: +$20/yr (+$2/mo · 1.1%)

ⓘ 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 · 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: $19,398
• − Mortgage interest: −$7,002
• − Property taxes: −$1,885
• − Insurance: −$625
• − Repairs & maintenance: −$1,552
• − Management: −$1,552
• − Depreciation: −$3,636
• Taxable income: $3,146
• Est. tax owed @ 24.0%: −$755
• After-tax cash flow: $4,193/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): 22,791
• Household income: $60,454
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 835.0

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 (67%)
• Race & ethnicity: White 67% Black 20% Hispanic / Latino 7% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Iranian 6% Romanian 4% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 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: ▼ -205.26%
• Current HPI: 180.4766
• Rent YoY: ▲ 7.88%
• 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

-7.4% since first listed

9 events — show timeline

• 2025-12-12 Price Changed $125,000 MiRealSource-MiMLS
• 2025-12-11 Price Changed $125,000 REALCOMP
• 2025-10-14 Price Changed $140,000 MiRealSource-MiMLS
• 2025-10-13 Price Changed $140,000 REALCOMP
• 2025-08-14 Listed $160,000 REALCOMP
• 2025-08-14 Listed $160,000 MiRealSource-MiMLS
• 2022-12-06 Listing Removed — MiRealSource-MiMLS
• 2022-09-23 Price Changed $135,000 SW Michigan MLS
• 2022-07-07 Listed $135,000 MiRealSource-MiMLS

Property tax history

+3.8%/yr

Latest (2025): $1,885 · +3.0% YoY. Source: county tax records.