859 Lake Michigan Dr NW · Grand Rapids, MI 49504

$180,000

3 bd · 1.5 ba · 1,655 sqft · SingleFamily public records · 12 Days on market

Built 1927 5,200 sqft lot

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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 +22.6/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +6.0/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3 bed 2 bath home is located in a great area! This home could use a little TLC. The bedrooms and full bath are upstairs. Main floor is kitchen, dining room, living room and 1/2 bath. Fenced yard and garage. Sale is subject to Probate Court Approval. All offers will be reviewed on November 19 at 8:00am. Home is being sold as-is.

Key facts

• 5,200 sq ft lot
• Garage
• Pool

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $306 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Cap rate 8.3% 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 (+2.6%/yr); 153 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 82% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• This rent runs 34% of the median local income ($70k/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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 31y 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 $56k; list at $180k implies a 224% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,000

Questions for the listing agent

1. Built in 1927 — 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: 1.10% ✓
• Cap rate: 8.34%
• Cash-on-cash: 7.29%
• DSCR: 1.32
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.64% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.80×
• Total profit: $-10,331
• Equity at exit: $26,839

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $13,376
• Equity at exit: $15,563

Cash invested: $50,400 (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 49504

• Rents YoY: 2.6%
• Active inventory: 153
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,983 high
• Mortgage (P&I): −$944
• Tax from tax record: −$241 /mo · $2,893/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $306

Break-even live

Break-even rent $1,595

Max offer price $180,000

Occupancy floor 80%

Sensitivity live

Price	-10% $408	-5% $357	+0% $306	+5% $255	+10% $204
Rent	-10% $150	-5% $228	+0% $306	+5% $385	+10% $463
Rate	-1.0pp $397	-0.5pp $352	base $306	+0.5pp $260	+1.0pp $212

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 Gold Ave NW Grand Rapids, MI	3.0	1.0	1112	$1,549	$1.39	44d	1	0.26mi
18 Indiana Ave SW Grand Rapids, MI	2.0	1.0	1100	$1,395	$1.27	44d	1	0.28mi
601 Lake Michigan Dr NW Unit 601-403 Grand Rapids, MI	2.0	1.0	1100	$2,150	$1.95	44d	1	0.35mi
608 Bridge St NW Grand Rapids, MI	2.0	1.0	1100	$1,595	$1.45	44d	1	0.42mi
700 Broadway Ave NW Unit 1 Grand Rapids, MI	4.0	2.0	1450	$2,795	$1.93	44d	1	0.83mi
201 Michigan St NW Grand Rapids, MI	1.0–2.0	1.0–2.0	981	$2,800	$2.85	44d	10	0.92mi
146 Monroe Center St NW Grand Rapids, MI	2.0	2.0	2167	$4,200	$1.94	44d	1	0.94mi
120 Monroe Center St NW Grand Rapids, MI	2.0	2.0	1225	$1,695	$1.38	44d	1	0.98mi
1044 Muskegon Ave NW Unit 2 Grand Rapids, MI	3.0	1.0	1100	$1,800	$1.64	44d	1	1.13mi
240 Ionia Ave SW Grand Rapids, MI	1.0–2.0	1.0–2.0	922	$1,280	$1.39	44d	2	1.18mi
101 Division Ave S Grand Rapids, MI	2.0	2.0	1250	$1,302	$1.04	44d	1	1.18mi
27 Library St NE #501 Grand Rapids, MI	2.0	2.0	1109	$2,925	$2.64	44d	1	1.19mi
26 Cherry St SW Grand Rapids, MI	1.0–2.0	1.0–2.0	878	$1,275	$1.45	44d	2	1.21mi
209 Division Ave S Grand Rapids, MI	1.0–3.0	1.0–2.0	1180	$1,495	$1.27	21d	2	1.23mi
900 Leonard St NW Grand Rapids, MI	2.0	1.0–2.0	720	$2,850	$3.96	3d	10	1.24mi
350 Ionia Ave SW Grand Rapids, MI	2.0–3.0	2.0–3.0	1400	$1,350	$0.96	11d	2	1.25mi
816 Kensington Ave SW Grand Rapids, MI	3.0	1.0	1600	$1,750	$1.09	21d	1	1.29mi
1001 Monroe Ave NW #202 Grand Rapids, MI	2.0	2.0	1333	$2,645	$1.98	44d	1	1.29mi
728 Fairview Ave NE Grand Rapids, MI	4.0	2.0	2000	$2,100	$1.05	44d	1	1.32mi
734 Crosby St NW Unit 1 Grand Rapids, MI	3.0	1.0	1057	$1,800	$1.70	44d	1	1.38mi
17 Lafayette Ave SE Grand Rapids, MI	2.0	1.0–2.0	720	$2,125	$2.95	44d	7	1.45mi
927 Arianna St NW Grand Rapids, MI	4.0	3.0	1500	$3,000	$2.00	44d	1	1.47mi

Listing history 22 events

1. 2025-11-19
   status Pending 336-char remark

   Show marketing remark (334 chars)

   This 3 bed 2 bath home is located in a great area! This home could use a little TLC. The bedrooms and full bath are upstairs. Main floor is kitchen, dining room, living room and 1/2 bath. Fenced yard and garage. Sale is subject to Probate Court Approval. All offers will be reviewed on November 19 at 8:00am. Home is being sold as-is.

2. 2025-11-19
   status Pending 334-char remark

   Show marketing remark (334 chars)

   This 3 bed 2 bath home is located in a great area! This home could use a little TLC. The bedrooms and full bath are upstairs. Main floor is kitchen, dining room, living room and 1/2 bath. Fenced yard and garage. Sale is subject to Probate Court Approval. All offers will be reviewed on November 19 at 8:00am. Home is being sold as-is.

3. 2025-11-19
   status Pending

   Show marketing remark (334 chars)

   This 3 bed 2 bath home is located in a great area! This home could use a little TLC. The bedrooms and full bath are upstairs. Main floor is kitchen, dining room, living room and 1/2 bath. Fenced yard and garage. Sale is subject to Probate Court Approval. All offers will be reviewed on November 19 at 8:00am. Home is being sold as-is.

4. 2025-11-05
   listed $180,000 Active 336-char remark

   Show marketing remark (334 chars)

   This 3 bed 2 bath home is located in a great area! This home could use a little TLC. The bedrooms and full bath are upstairs. Main floor is kitchen, dining room, living room and 1/2 bath. Fenced yard and garage. Sale is subject to Probate Court Approval. All offers will be reviewed on November 19 at 8:00am. Home is being sold as-is.

5. 2025-11-05
   listed $180,000 Active 334-char remark

   Show marketing remark (334 chars)

   This 3 bed 2 bath home is located in a great area! This home could use a little TLC. The bedrooms and full bath are upstairs. Main floor is kitchen, dining room, living room and 1/2 bath. Fenced yard and garage. Sale is subject to Probate Court Approval. All offers will be reviewed on November 19 at 8:00am. Home is being sold as-is.

6. 2025-11-05
   listed $180,000 Active

   Show marketing remark (334 chars)

   This 3 bed 2 bath home is located in a great area! This home could use a little TLC. The bedrooms and full bath are upstairs. Main floor is kitchen, dining room, living room and 1/2 bath. Fenced yard and garage. Sale is subject to Probate Court Approval. All offers will be reviewed on November 19 at 8:00am. Home is being sold as-is.

7. 2015-01-31
   historical
8. 2015-01-31
   historical
9. 1997-05-30
   soldstatus $55,500
10. 1997-05-30
    soldstatus $55,500
11. 1996-07-30
    listed $54,500
12. 1996-07-30
    listed $54,500
13. 1996-06-04
    historical
14. 1996-03-04
    listed $54,900
15. 1996-03-04
    listed $54,900
16. 1996-03-01
    historical
17. 1995-08-31
    listed $55,900
18. 1995-08-31
    listed $55,900
19. 1995-03-17
    soldstatus $49,900
20. 1995-03-17
    soldstatus $49,900
21. 1995-01-10
    listed $54,900
22. 1995-01-10
    listed $54,900

ⓘ 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: $2,893 · $241/mo
• Projected year-2 tax: $2,893 · $241/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 6/10 Major FEMA zone D · 73% 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: $23,793
• − Mortgage interest: −$10,083
• − Property taxes: −$2,893
• − Insurance: −$900
• − Repairs & maintenance: −$1,903
• − Management: −$1,903
• − Depreciation: −$5,236
• Taxable income: $874
• Est. tax owed @ 24.0%: −$210
• After-tax cash flow: $3,467/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): 40,036
• Household income: $70,119
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 2132.0

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 (70%)
• Race & ethnicity: White 70% Hispanic / Latino 16% Two or more races 10% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Romanian 11% Iranian 10% Lithuanian 3%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 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: ▼ -274.76%
• Current HPI: 313.231
• Rent YoY: ▲ 2.64%
• 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

+227.9% since first listed

22 events — show timeline

• 2025-11-19 Pending — REALCOMP
• 2025-11-19 Pending — MiRealSource-MiMLS
• 2025-11-19 Pending — SW Michigan MLS
• 2025-11-05 Listed $180,000 SW Michigan MLS
• 2025-11-05 Listed $180,000 MiRealSource-MiMLS
• 2025-11-05 Listed $180,000 REALCOMP
• 2015-01-31 Listing Removed — SW Michigan MLS
• 2015-01-31 Listing Removed — SW Michigan MLS
• 1997-05-30 Sold (MLS) $55,500 REALCOMP
• 1997-05-30 Sold (MLS) $55,500 SW Michigan MLS
• 1996-07-30 Listed $54,500 REALCOMP
• 1996-07-30 Listed $54,500 SW Michigan MLS
• 1996-06-04 Listing Removed — REALCOMP
• 1996-03-04 Listed $54,900 REALCOMP
• 1996-03-04 Listed $54,900 SW Michigan MLS
• 1996-03-01 Listing Removed — REALCOMP
• 1995-08-31 Listed $55,900 REALCOMP
• 1995-08-31 Listed $55,900 SW Michigan MLS
• 1995-03-17 Sold (MLS) $49,900 REALCOMP
• 1995-03-17 Sold (MLS) $49,900 SW Michigan MLS
• 1995-01-10 Listed $54,900 REALCOMP
• 1995-01-10 Listed $54,900 SW Michigan MLS

Property tax history

+5.2%/yr

Latest (2025): $2,893 · -5.2% YoY. Source: county tax records.