1635 Naomi Ave · Adrian, MI 49221

$15,000

3 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 17 Days on market

Built 1940 5,663 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3 bedroom, 1 bath home presents a strong value add opportunity for investors or buyers looking to build equity through renovation. While the home is in need of significant updates, it offers over 1,000 square feet, a large lot, and a welcoming front porch. The current seller has already completed a major improvement with a new roof installed in February 2023. With the right vision, this property has excellent potential as a profitable flip, rental, or long term hold. Cash offers only. No entry will be permitted without a signed Property Entry Hold Harmless and Liability Waiver Agreement (attached in MLS). Multiple offer situation - Highest and Best CASH offers deadline is Monday, April 6th 2026 at 11:00 AM One time showing investor open house Friday, April 3, 2026 11:00 am to 11:30am. Must sign Hold Harmless and Liability Waiver Agreement before entry.

Key facts

• Large lot
• New roof
• 5,663 sq ft lot

Tags

• LARGE LOT
• WELCOMING FRONT PORCH
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $15k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $15k).
• Recommended offer: $15k (1.5% below list) — sets the bar for market timing.
• Cap rate 89.5% vs local median 5.7% in Adrian — 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 69/100 on livability (#342 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime F, commute F.
• Madison School District (Lenawee) (town): math 34% / reading 51% proficiency, ranked #195 of 540 in MI (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 214 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 137 units permitted in Lenawee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $104 of loan paydown is wiped out by about $450 of value loss. Plan a longer hold.
• Lenawee County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y 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 $6k; list at $15k implies a 161% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.8% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $14,775 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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 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: 10.00% ✓
• Cap rate: 89.47%
• Cash-on-cash: 297.07%
• DSCR: 14.22
• GRM: 0.8

CMA / ARV

• ARV (on-the-fly): $111,888
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1580 Naomi Ave	0.04mi	2/1.0 (-1)	1,056 (+5%)	11mo	$22,000	$21	76
831 E Maumee St	0.65mi	3/1.0	1,008 (0%)	1mo	$143,900	$143	69
1046 Railroad St	0.39mi	2/1.0 (-1)	1,008 (0%)	14mo	$60,000	$60	65
1025 Frank St	0.49mi	2/1.0 (-1)	1,002 (-1%)	14mo	$111,300	$111	60
316 S Dean St	0.38mi	3/1.0	1,145 (+14%)	11mo	$98,900	$86	51
428 Elm Street St	0.74mi	3/1.0	1,040 (+3%)	11mo	$140,000	$135	51
2751 Cloverdale Ave	0.42mi	2/1.0 (-1)	916 (-9%)	14mo	$142,400	$155	49
209 Sarah St	0.47mi	2/1.0 (-1)	916 (-9%)	11mo	$116,000	$127	48
2739 Drexel Blvd	0.36mi	4/1.0 (+1)	1,122 (+11%)	15mo	$32,500	$29	47
547 Tabor St	0.73mi	2/1.0 (-1)	974 (-3%)	11mo	$55,000	$56	46
810 E Beecher St	0.68mi	3/2.0	1,124 (+12%)	0mo	$155,000	$138	45
210 Elm St	0.74mi	2/1.0 (-1)	950 (-6%)	12mo	$33,000	$35	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 16.20×
• Total profit: $63,839
• Equity at exit: $2,237

10-year hold

• IRR: —
• Equity multiple: 34.58×
• Total profit: $141,056
• Equity at exit: $1,297

Cash invested: $4,200 (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 49221

• Active inventory: 214
• Price-to-rent: 0.8×

Monthly cashflow live

• Estimated rent: $1,500 medium
• Mortgage (P&I): −$79
• Tax from tax record: −$60 /mo · $724/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $1,040

Break-even live

Break-even rent $184

Max offer price $15,000

Occupancy floor 26%

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
413 E Maple Ave Unit 1 Adrian, MI	2.0	1.0	826	$1,500	$1.82	23d	1	0.98mi

Listing history 15 events

1. 2026-04-06
   status Pending

   Show marketing remark (870 chars)

   This 3 bedroom, 1 bath home presents a strong value add opportunity for investors or buyers looking to build equity through renovation. While the home is in need of significant updates, it offers over 1,000 square feet, a large lot, and a welcoming front porch. The current seller has already completed a major improvement with a new roof installed in February 2023. With the right vision, this property has excellent potential as a profitable flip, rental, or long term hold. Cash offers only. No entry will be permitted without a signed Property Entry Hold Harmless and Liability Waiver Agreement (attached in MLS). Multiple offer situation - Highest and Best CASH offers deadline is Monday, April 6th 2026 at 11:00 AM One time showing investor open house Friday, April 3, 2026 11:00 am to 11:30am. Must sign Hold Harmless and Liability Waiver Agreement before entry.

2. 2026-04-06
   status Pending 870-char remark

   Show marketing remark (870 chars)

   This 3 bedroom, 1 bath home presents a strong value add opportunity for investors or buyers looking to build equity through renovation. While the home is in need of significant updates, it offers over 1,000 square feet, a large lot, and a welcoming front porch. The current seller has already completed a major improvement with a new roof installed in February 2023. With the right vision, this property has excellent potential as a profitable flip, rental, or long term hold. Cash offers only. No entry will be permitted without a signed Property Entry Hold Harmless and Liability Waiver Agreement (attached in MLS). Multiple offer situation - Highest and Best CASH offers deadline is Monday, April 6th 2026 at 11:00 AM One time showing investor open house Friday, April 3, 2026 11:00 am to 11:30am. Must sign Hold Harmless and Liability Waiver Agreement before entry.

3. 2026-03-20
   listed $15,000 Active

   Show marketing remark (870 chars)

   This 3 bedroom, 1 bath home presents a strong value add opportunity for investors or buyers looking to build equity through renovation. While the home is in need of significant updates, it offers over 1,000 square feet, a large lot, and a welcoming front porch. The current seller has already completed a major improvement with a new roof installed in February 2023. With the right vision, this property has excellent potential as a profitable flip, rental, or long term hold. Cash offers only. No entry will be permitted without a signed Property Entry Hold Harmless and Liability Waiver Agreement (attached in MLS). Multiple offer situation - Highest and Best CASH offers deadline is Monday, April 6th 2026 at 11:00 AM One time showing investor open house Friday, April 3, 2026 11:00 am to 11:30am. Must sign Hold Harmless and Liability Waiver Agreement before entry.

4. 2026-03-20
   listed $15,000 Active 870-char remark

   Show marketing remark (870 chars)

   This 3 bedroom, 1 bath home presents a strong value add opportunity for investors or buyers looking to build equity through renovation. While the home is in need of significant updates, it offers over 1,000 square feet, a large lot, and a welcoming front porch. The current seller has already completed a major improvement with a new roof installed in February 2023. With the right vision, this property has excellent potential as a profitable flip, rental, or long term hold. Cash offers only. No entry will be permitted without a signed Property Entry Hold Harmless and Liability Waiver Agreement (attached in MLS). Multiple offer situation - Highest and Best CASH offers deadline is Monday, April 6th 2026 at 11:00 AM One time showing investor open house Friday, April 3, 2026 11:00 am to 11:30am. Must sign Hold Harmless and Liability Waiver Agreement before entry.

5. 2018-01-25
   historical
6. 2018-01-25
   historical
7. 2018-01-03
   price $12,900
8. 2017-12-04
   listed $12,900
9. 2017-12-04
   listed $14,900 Active
10. 2017-10-05
    historical
11. 2017-10-05
    historical
12. 2017-09-19
    listed $24,900 Active
13. 2017-09-19
    listed $24,900
14. 2015-08-14
    soldstatus $5,755
15. 2015-04-02
    listed $13,900

ⓘ 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: $724 · $60/mo
• Projected year-2 tax: $724 · $60/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,000
• − Mortgage interest: −$840
• − Property taxes: −$724
• − Insurance: −$75
• − Repairs & maintenance: −$1,440
• − Management: −$1,440
• − Depreciation: −$436
• Taxable income: $13,044
• Est. tax owed @ 24.0%: −$3,131
• After-tax cash flow: $9,346/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: Madison School District (Lenawee)
• NCES district ID: 2622320
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 51% ▼ -5.00%
• Median HH income: $37,961
• Composite: 35.35/100
• National rank: #4959
• State rank: #195 of 540 in MI

Livability — Adrian

• Score: 69/100
• State rank: #342
• US rank: #8722

Category grades

Amenities D Commute F Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 41,041
• Population (ZIP): 41,041

Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 14% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 6% Arabic 1%

Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -143.64%
• Current HPI: 237.3796
• 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

+7.9% since first listed

15 events — show timeline

• 2026-04-06 Pending — REALCOMP
• 2026-04-06 Pending — MiRealSource-MiMLS
• 2026-03-20 Listed $15,000 MiRealSource-MiMLS
• 2026-03-20 Listed $15,000 REALCOMP
• 2018-01-25 Listing Removed — MiRealSource-MiMLS
• 2018-01-25 Listing Removed — REALCOMP
• 2018-01-03 Price Changed $12,900 MiRealSource-MiMLS
• 2017-12-04 Listed $14,900 MiRealSource-MiMLS
• 2017-12-04 Listed $12,900 REALCOMP
• 2017-10-05 Listing Removed — MiRealSource-MiMLS
• 2017-10-05 Listing Removed — REALCOMP
• 2017-09-19 Listed $24,900 MiRealSource-MiMLS
• 2017-09-19 Listed $24,900 REALCOMP
• 2015-08-14 Sold (MLS) $5,755 REALCOMP
• 2015-04-02 Listed $13,900 REALCOMP

Property tax history

+3.8%/yr

Latest (2025): $724 · -43.2% YoY. Source: county tax records.