1021 Sherman St SE · Grand Rapids, MI 49506

$240,000

4 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 8 Days on market

Built 1915 3,398 sqft lot $204/sqft · 47% below area Est $466k · 49% under

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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 +18.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.9/10.0
• 1% rule +4.3/10.0
• 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

Enjoy the best of Grand Rapids living just minutes from the vibrant Wealthy Street district, Eastown, downtown, parks, restaurants, and coffee shops. This move-in-ready 4-bedroom, 2-bath home was remodeled in 2018 with updated electrical, PEX plumbing, insulation, vinyl windows, kitchen and bathrooms. The main floor features an open flow between the living, dining, and kitchen spaces, complete with stainless steel appliances, butcher block countertops, and luxury vinyl plank flooring. Upstairs you will find 3 bedrooms and a full bath. A 1-stall garage, fenced rear yard and rear ramp entry add convenience and functionality. A great opportunity to own an updated home close to all the attractions. * * BONUS!! This property qualifies for a $15,000 down payment assistance grant for income qualified Owner Occupied Conventional Mortgaged Buyers. Call for details. Take advantage of this amazing free equity! * *

Key facts

• 3,398 sq ft lot
• Garage
• Built 1915

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; High-speed internet available; Natural gas water heater
• Home design: Traditional single-family residence; 1,176 total building area; Built in 1915
• Construction: Wood siding exterior; Asphalt/composition roof; Wood-frame construction
• Exterior features: Paved road access; Lot is approximately 0.08 acres

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Ramped entrance; Full Michigan-style basement; Screens, replacement and insulated windows with window treatments; 8 total rooms
• Laundry & utility: Washer; Dryer; Laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (6.7% below list).
• Recommended offer: $224k (6.7% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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); 209 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $2k of loan paydown is wiped out by about $7k 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 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 12 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $223,942 (6.7% below list)

Questions for the listing agent

1. Built in 1915 — 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: 0.93% ✗
• Cap rate: 7.51%
• Cash-on-cash: 4.35%
• DSCR: 1.19
• GRM: 8.9

CMA / ARV

• ARV (median comp): $466,262
• List price: $240,000
• Delta: -46.38%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
638 Gladstone Dr SE	0.74mi	3/1.5 (-1)	1,008 (-14%)	6mo	$295,000	$293	30
417 Gladstone Dr SE	0.73mi	3/1.5 (-1)	1,288 (+10%)	17mo	$430,000	$334	29

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: -5.5%
• Equity multiple: 0.79×
• Total profit: $-14,253
• Equity at exit: $35,785

10-year hold

• IRR: 8.1%
• Equity multiple: 1.72×
• Total profit: $48,204
• Equity at exit: $20,751

Cash invested: $67,200 (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: 209
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,239 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$167 /mo · $2,005/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $243

Break-even live

Break-even rent $1,931

Max offer price $240,000

Occupancy floor 84%

Sensitivity live

Price	-10% $379	-5% $311	+0% $243	+5% $176	+10% $108
Rent	-10% $67	-5% $155	+0% $243	+5% $332	+10% $420
Rate	-1.0pp $364	-0.5pp $304	base $243	+0.5pp $181	+1.0pp $118

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
258 Orchard Hill St SE Grand Rapids, MI	3.0	1.0	1300	$1,900	$1.46	45d	1	0.43mi
325 Norwood Ave SE Grand Rapids, MI	3.0	1.5	1398	$2,700	$1.93	24d	1	0.72mi
840 Lafayette Ave SE Unit 2 Grand Rapids, MI	3.0	1.0	950	$1,600	$1.68	45d	1	0.93mi
1400 Rossman Ave SE Grand Rapids, MI	3.0	1.0	1400	$2,200	$1.57	45d	1	1.17mi
209 Division Ave S Grand Rapids, MI	1.0–3.0	1.0–2.0	1180	$1,495	$1.27	22d	2	1.32mi
350 Ionia Ave SW Grand Rapids, MI	2.0–3.0	2.0–3.0	1400	$1,350	$0.96	12d	2	1.35mi
1542 Michigan St NE Grand Rapids, MI	3.0	1.0–2.0	836	$1,895	$2.27	4d	6	1.38mi
414 Benson Ave NE Grand Rapids, MI	1.0–3.0	1.0–2.0	1110	$2,673	$2.41	45d	14	1.40mi

Listing history 32 events

1. 2026-06-13
   statusdays on market $240,000 Pending 8 DOM
2. 2026-06-10
   days on market $240,000 Active 6 DOM
3. 2026-06-09
   days on market $240,000 Active 5 DOM
4. 2026-06-08
   days on market $240,000 Active 4 DOM
5. 2026-06-07
   days on market $240,000 Active 3 DOM
6. 2026-06-05
   remarks 699-char remark
7. 2026-06-05
   pricedays on marketlisting id $240,000 Active 1 DOM
8. 2026-05-31
   days on market $250,000 Active 93 DOM
9. 2026-05-15
   price $250,000 961-char remark
10. 2026-05-15
    price $250,000 961-char remark
11. 2026-05-15
    price $250,000
12. 2026-03-20
    price $265,000 961-char remark
13. 2026-03-20
    price $265,000 961-char remark
14. 2026-03-20
    price $265,000
15. 2026-02-27
    listed $270,000 Active 961-char remark
16. 2026-02-27
    listed $270,000 Active 961-char remark
17. 2026-02-27
    listed $270,000 Active
18. 2026-01-12
    historical $1,900
19. 2025-10-24
    listed $1,900
20. 2025-10-23
    historical $1,900
21. 2025-09-11
    listed $1,900
22. 2024-08-22
    historical $1,900
23. 2024-08-03
    listed $1,900
24. 2022-07-09
    price $1,700
25. 2015-02-08
    historical
26. 2015-02-07
    historical
27. 2009-03-08
    historical
28. 2008-09-08
    listed $64,900
29. 2008-09-08
    listed $64,900
30. 2007-07-31
    historical
31. 2007-01-31
    listed $68,000
32. 2007-01-31
    listed $68,000

ⓘ 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: $2,005 · $167/mo
• Projected year-2 tax: $2,851 · $238/mo
• Expected delta: +$845/yr (+$70/mo · 42.2%)

ⓘ 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: $26,873
• − Mortgage interest: −$13,444
• − Property taxes: −$2,005
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,150
• − Management: −$2,150
• − Depreciation: −$6,982
• Taxable loss: −$1,058
• Est. tax savings @ 24.0%: +$254
• After-tax cash flow: $3,175/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

+252.9% since first listed

31 events — show timeline

• 2026-06-14 Pending — REALCOMP
• 2026-06-12 Pending — MiRealSource-MiMLS
• 2026-06-12 Pending — SW Michigan MLS
• 2026-06-04 Listed $240,000 SW Michigan MLS
• 2026-06-04 Listed $240,000 MiRealSource-MiMLS
• 2026-06-04 Listed $240,000 REALCOMP
• 2026-06-01 Listing Removed — MiRealSource-MiMLS
• 2026-05-31 Listing Removed — REALCOMP
• 2026-05-15 Price Changed $250,000 MiRealSource-MiMLS
• 2026-05-15 Price Changed $250,000 REALCOMP
• 2026-05-15 Price Changed $250,000 SW Michigan MLS
• 2026-03-20 Price Changed $265,000 MiRealSource-MiMLS
• 2026-03-20 Price Changed $265,000 REALCOMP
• 2026-03-20 Price Changed $265,000 SW Michigan MLS
• 2026-02-27 Listed $270,000 REALCOMP
• 2026-02-27 Listed $270,000 MiRealSource-MiMLS
• 2026-01-12 Rental Removed $1,900 RentEngineListings
• 2025-10-24 Listed for Rent $1,900 RentEngineListings
• 2025-10-23 Rental Removed $1,900 TENANTTURNER2
• 2025-09-11 Listed for Rent $1,900 TENANTTURNER2
• 2024-08-22 Rental Removed $1,900 APPFOLIO
• 2024-08-03 Listed for Rent $1,900 APPFOLIO
• 2022-07-09 Price Changed $1,700 RENT.
• 2015-02-08 Listing Removed — SW Michigan MLS
• 2015-02-07 Listing Removed — SW Michigan MLS
• 2009-03-08 Listing Removed — REALCOMP
• 2008-09-08 Listed $64,900 REALCOMP
• 2008-09-08 Listed $64,900 SW Michigan MLS
• 2007-07-31 Listing Removed — REALCOMP
• 2007-01-31 Listed $68,000 REALCOMP
• 2007-01-31 Listed $68,000 SW Michigan MLS

Property tax history

+15.2%/yr

Latest (2025): $2,005 · +2.7% YoY. Source: county tax records.