1053 Sheldon Ave SE · Grand Rapids, MI 49507

$129,900

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 34 Days on market

Built 1890 7,797 sqft lot $135/sqft · 39% below area Est $213k · 39% 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 +28.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.3/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special with endless potential! Located in the heart of Grand Rapids, this 3 bedroom, 1 bathroom home is ready for a complete transformation. Whether you're an investor searching for your next flip or rental property, or a buyer looking for a blank canvas to create a personalized home from the ground up, this property offers a great opportunity. The home needs a full remodel but features a functional layout and plenty of possibilities to add value. Conveniently located near downtown Grand Rapids, parks, restaurants, and major highways. Bring your vision, creativity, and tools to unlock the potential of 1053 Sheldon Avenue SE! CAUTION WALKING: walking this home may be dangerous and the seller and listing agent are not responsible for any injuries; bathroom does not currently have a floor.

Key facts

• Near restaurants
• Near parks
• Functional layout

Tags

• HEART OF GRAND RAPIDS
• FUNCTIONAL LAYOUT
• CONVENIENTLY LOCATED
• NEAR DOWNTOWN GRAND RAPIDS
• NEAR PARKS
• NEAR RESTAURANTS

Property features AI

Exterior

• Utilities: Natural gas connected
• Home design: Ranch-style single family residence; Located on 0.18 acre lot; Public water
• Construction: Vinyl siding; Composition roof; Built in 1890
• Exterior features: Paved road access; Sidewalk; Wooded lot

Interior

• Kitchen: Kitchen
• Bedrooms: Primary bedroom; Two additional bedrooms
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating
• Interior features: Six total rooms; Partial Michigan-style basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $437 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 fast (+4.7%/yr); 178 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 31% of the median local income ($61k/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 $898 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 + 4.7% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 38y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $130k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $126,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.23% ✓
• Cap rate: 10.33%
• Cash-on-cash: 14.40%
• DSCR: 1.64
• GRM: 6.8

CMA / ARV

• ARV (median comp): $212,597
• List price: $129,900
• Delta: -38.90%
• Verdict: UNDERPRICED
• Comps: 10 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.74% rent growth · sell at horizon

5-year hold

• IRR: 6.6%
• Equity multiple: 1.26×
• Total profit: $9,580
• Equity at exit: $19,369

10-year hold

• IRR: 17.4%
• Equity multiple: 2.54×
• Total profit: $56,159
• Equity at exit: $11,231

Cash invested: $36,372 (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 49507

• Rents YoY: 4.7%
• Active inventory: 178
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,597 high
• Mortgage (P&I): −$681
• Tax from tax record: −$90 /mo · $1,080/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $437

Break-even live

Break-even rent $1,045

Max offer price $129,900

Occupancy floor 68%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
840 Lafayette Ave SE Unit 2 Grand Rapids, MI	3.0	1.0	950	$1,600	$1.68	43d	1	0.29mi
19 La Belle St SE Grand Rapids, MI	2.0	1.0	846	$1,045	$1.24	43d	1	0.41mi
434 Worden St SE Unit 2 Grand Rapids, MI	2.0	1.0	900	$1,495	$1.66	43d	1	0.45mi
1309 Madison Ave SE Grand Rapids, MI	1.0–2.0	1.0	775	$1,560	$2.01	2d	1	0.54mi
90 Wealthy St SE Grand Rapids, MI	2.0	1.0–2.0	602	$1,850	$3.07	3d	10	0.75mi
400 Grant St SW Unit 2 Grand Rapids, MI	2.0	1.0	1000	$1,500	$1.50	2d	1	0.76mi
350 Ionia Ave SW Grand Rapids, MI	2.0–3.0	2.0–3.0	1400	$1,074	$0.77	11d	2	0.82mi
357 Madison Ave SE Grand Rapids, MI	1.0–2.0	1.0–2.0	692	$1,595	$2.30	43d	4	0.83mi
640 Eastern Ave SE Unit 2D Grand Rapids, MI	1.0	1.0	609	$1,295	$2.13	43d	1	0.95mi
240 Ionia Ave SW Grand Rapids, MI	1.0–2.0	1.0–2.0	922	$1,280	$1.39	43d	2	0.95mi
216 Lafayette Ave SE Grand Rapids, MI	2.0	1.5	1000	$1,395	$1.40	43d	1	0.97mi
459 Dickinson St SE Grand Rapids, MI	2.0	1.0	731	$1,195	$1.63	43d	1	0.97mi
209 Division Ave S Grand Rapids, MI	1.0–3.0	1.0–2.0	1180	$1,218	$1.03	21d	2	0.99mi
638 Wealthy St SE Unit A Grand Rapids, MI	2.0	2.0	1000	$2,100	$2.10	43d	1	0.99mi
26 Cherry St SW Grand Rapids, MI	1.0–2.0	1.0–2.0	878	$1,275	$1.45	43d	2	1.00mi
470 Market Ave SW Grand Rapids, MI	2.0	1.0–2.0	622	$2,090	$3.36	2d	17	1.04mi
242 Elm St SW Grand Rapids, MI	2.0	1.5	1100	$3,200	$2.91	2d	1	1.07mi
345 State St SE Grand Rapids, MI	2.0	2.0	1107	$1,280	$1.16	43d	2	1.08mi
410 Eastern Ave SE Unit 2 Grand Rapids, MI	1.0	1.0	600	$1,195	$1.99	43d	1	1.11mi
547 Cherry St SE Grand Rapids, MI	2.0	1.0	521	$1,250	$2.40	43d	1	1.18mi
17 Lafayette Ave SE Grand Rapids, MI	2.0	1.0–2.0	720	$2,125	$2.95	43d	7	1.22mi
138 Fulton St E Unit 2 Grand Rapids, MI	2.0	1.0	800	$1,800	$2.25	43d	1	1.25mi
20 Fulton St E Grand Rapids, MI	1.0	1.0	687	$1,750	$2.55	43d	1	1.25mi
2040 Division Ave S Unit 207 Grand Rapids, MI	2.0	1.0	768	$1,703	$2.22	2d	1	1.29mi
2040 Division Ave S Unit 205 Grand Rapids, MI	1.0	1.0	719	$1,490	$2.07	2d	1	1.29mi
1114 Dunham St SE Unit 1 Grand Rapids, MI	2.0	1.0	894	$1,300	$1.45	43d	1	1.32mi
27 Library St NE #501 Grand Rapids, MI	2.0	2.0	1109	$2,925	$2.64	43d	1	1.36mi

Listing history 36 events

1. 2026-06-18
   days on market $129,900 Active 34 DOM
2. 2026-06-17
   days on market $129,900 Active 33 DOM
3. 2026-06-16
   days on market $129,900 Active 32 DOM
4. 2026-06-15
   days on market $129,900 Active 31 DOM
5. 2026-06-14
   days on market $129,900 Active 29 DOM
6. 2026-06-13
   days on market $129,900 Active 28 DOM
7. 2026-06-10
   days on market $129,900 Active 26 DOM
8. 2026-06-09
   days on market $129,900 Active 25 DOM
9. 2026-06-08
   days on market $129,900 Active 24 DOM
10. 2026-06-07
    days on market $129,900 Active 23 DOM
11. 2026-06-05
    days on market $129,900 Active 20 DOM
12. 2026-06-03
    days on market $129,900 Active 19 DOM
13. 2026-06-03
    days on market $129,900 Active 18 DOM
14. 2026-06-01
    days on market $129,900 Active 17 DOM
15. 2026-05-31
    days on market $129,900 Active 16 DOM
16. 2026-05-15
    listed $139,900 Active 807-char remark

    Show marketing remark (807 chars)

    Investor special with endless potential! Located in the heart of Grand Rapids, this 3 bedroom, 1 bathroom home is ready for a complete transformation. Whether you're an investor searching for your next flip or rental property, or a buyer looking for a blank canvas to create a personalized home from the ground up, this property offers a great opportunity. The home needs a full remodel but features a functional layout and plenty of possibilities to add value. Conveniently located near downtown Grand Rapids, parks, restaurants, and major highways. Bring your vision, creativity, and tools to unlock the potential of 1053 Sheldon Avenue SE! CAUTION WALKING: walking this home may be dangerous and the seller and listing agent are not responsible for any injuries; bathroom does not currently have a floor.

17. 2026-05-15
    listed $139,900 Active 807-char remark

    Show marketing remark (807 chars)

    Investor special with endless potential! Located in the heart of Grand Rapids, this 3 bedroom, 1 bathroom home is ready for a complete transformation. Whether you're an investor searching for your next flip or rental property, or a buyer looking for a blank canvas to create a personalized home from the ground up, this property offers a great opportunity. The home needs a full remodel but features a functional layout and plenty of possibilities to add value. Conveniently located near downtown Grand Rapids, parks, restaurants, and major highways. Bring your vision, creativity, and tools to unlock the potential of 1053 Sheldon Avenue SE! CAUTION WALKING: walking this home may be dangerous and the seller and listing agent are not responsible for any injuries; bathroom does not currently have a floor.

18. 2026-05-15
    listed $139,900 Active

    Show marketing remark (807 chars)

    Investor special with endless potential! Located in the heart of Grand Rapids, this 3 bedroom, 1 bathroom home is ready for a complete transformation. Whether you're an investor searching for your next flip or rental property, or a buyer looking for a blank canvas to create a personalized home from the ground up, this property offers a great opportunity. The home needs a full remodel but features a functional layout and plenty of possibilities to add value. Conveniently located near downtown Grand Rapids, parks, restaurants, and major highways. Bring your vision, creativity, and tools to unlock the potential of 1053 Sheldon Avenue SE! CAUTION WALKING: walking this home may be dangerous and the seller and listing agent are not responsible for any injuries; bathroom does not currently have a floor.

19. 2015-02-05
    historical
20. 2015-01-28
    historical
21. 2015-01-28
    historical
22. 2015-01-28
    historical
23. 2005-07-08
    soldstatus $70,000
24. 2005-05-16
    historical
25. 2004-12-16
    listed $66,900
26. 2004-12-16
    listed $66,900
27. 1998-04-14
    soldstatus $35,500
28. 1998-04-14
    soldstatus $35,500
29. 1997-12-09
    listed $34,900
30. 1997-12-09
    listed $34,900
31. 1989-09-19
    listed $15,000
32. 1989-09-19
    listed $15,000
33. 1989-02-23
    listed $15,000
34. 1989-02-23
    listed $15,000
35. 1988-08-03
    listed $15,000
36. 1988-08-03
    listed $15,000

ⓘ 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: $1,080 · $90/mo
• Projected year-2 tax: $1,540 · $128/mo
• Expected delta: +$460/yr (+$38/mo · 42.6%)

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

Taxation est. · year 1

• Rental income: $19,169
• − Mortgage interest: −$7,276
• − Property taxes: −$1,080
• − Insurance: −$650
• − Repairs & maintenance: −$1,533
• − Management: −$1,533
• − Depreciation: −$3,779
• Taxable income: $3,316
• Est. tax owed @ 24.0%: −$796
• After-tax cash flow: $4,443/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): 38,487
• Household income: $61,461
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 1625.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Hispanic / Latino 31% Black 31% White 30% Two or more races 21%
• Hispanic origin (detail): Mexican 18% Puerto Rican 3% Dominican 1%
• Common ancestry: Iranian 8% Romanian 2% Lithuanian 1%
• Foreign-born: 18% · Canada
• Languages at home: 71% English-only · Spanish 23% Arabic 1% 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: ▼ -301.99%
• Current HPI: 325.3878
• Rent YoY: ▲ 4.74%
• 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

+766.0% since first listed

24 events — show timeline

• 2026-05-27 Price Changed $129,900 MiRealSource-MiMLS
• 2026-05-27 Price Changed $129,900 REALCOMP
• 2026-05-27 Price Changed $129,900 SW Michigan MLS
• 2026-05-15 Listed $139,900 SW Michigan MLS
• 2026-05-15 Listed $139,900 REALCOMP
• 2026-05-15 Listed $139,900 MiRealSource-MiMLS
• 2015-02-05 Listing Removed — SW Michigan MLS
• 2015-01-28 Listing Removed — SW Michigan MLS
• 2015-01-28 Listing Removed — SW Michigan MLS
• 2015-01-28 Listing Removed — SW Michigan MLS
• 2005-07-08 Sold (Public Records) $70,000 Public Records
• 2005-05-16 Listing Removed — REALCOMP
• 2004-12-16 Listed $66,900 REALCOMP
• 2004-12-16 Listed $66,900 SW Michigan MLS
• 1998-04-14 Sold (MLS) $35,500 REALCOMP
• 1998-04-14 Sold (MLS) $35,500 SW Michigan MLS
• 1997-12-09 Listed $34,900 REALCOMP
• 1997-12-09 Listed $34,900 SW Michigan MLS
• 1989-09-19 Listed $15,000 REALCOMP
• 1989-09-19 Listed $15,000 SW Michigan MLS
• 1989-02-23 Listed $15,000 REALCOMP
• 1989-02-23 Listed $15,000 SW Michigan MLS
• 1988-08-03 Listed $15,000 REALCOMP
• 1988-08-03 Listed $15,000 SW Michigan MLS

Property tax history

+1.4%/yr

Latest (2025): $1,080 · +2.7% YoY. Source: county tax records.