912 Joslin St SE · Grand Rapids, MI 49507

$260,000

3 bd · 1.0 ba · 1,553 sqft · SingleFamily public records · 5 Days on market

Built 1939 5,130 sqft lot $167/sqft · 25% above area Est $278k · 7% under

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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 +12.3/30.0
• ARV discount +10.5/15.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• DSCR +3.6/10.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Adorable and full of character, this charming home welcomes you, from the moment you step through the arched front door. The living room features hardwood floors and a cozy wood-burning fireplace, flowing into a spacious dining area with access to a lovely 3-season sun porch. The updated kitchen offers new cabinets, countertops, and fresh paint. The main bathroom has been beautifully refreshed with a new vanity, mirror, tub, and surround. Two well-sized main floor bedrooms both feature hardwood floors, with the second offering its own 3-season porch and slider to the deck and stone patio. Upstairs you'll find a third bedroom, while the lower level includes a rec room, half bath, ample storage space and laundry. No offers to be reviewed prior to Tuesday, May 19 at 2pm.

Key facts

• 3 season sun porch
• Arched front door
• New cabinets

Tags

• ARCHED FRONT DOOR
• HARDWOOD FLOORS
• WOOD BURNING FIREPLACE
• 3 SEASON SUN PORCH
• UPDATED KITCHEN
• NEW CABINETS

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Natural gas connected
• Home design: Single family residence; Residential property; Built in 1939
• Construction: Vinyl siding; Shingle roof; Full basement
• Exterior features: Sidewalk

Interior

• Kitchen: Dishwasher; Double oven; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Garage door opener; Fireplace; Window treatments; Total of 8 rooms
• Laundry & utility: Washer; Dryer; Natural gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $-49 ($-586/yr) — negative.
• To cash-flow at today's rent, offer at most $251k (3.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (17.3% below list).
• Recommended offer: $215k (17.3% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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; 6 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 42% 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 $2k of loan paydown is wiped out by about $8k 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 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 14 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 $180k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $215,127 (17.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1939 — 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. 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: 0.83% ✗
• Cap rate: 6.07%
• Cash-on-cash: -0.80%
• DSCR: 0.96
• GRM: 10.1

CMA / ARV

• ARV (median comp): $278,270
• List price: $260,000
• Delta: -6.57%
• Verdict: FAIR
• Comps: 20 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -15.7%
• Equity multiple: 0.43×
• Total profit: $-41,405
• Equity at exit: $38,767

10-year hold

• IRR: -4.6%
• Equity multiple: 0.67×
• Total profit: $-23,754
• Equity at exit: $22,480

Cash invested: $72,800 (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: 10.1×

Monthly cashflow live

• Estimated rent: $2,151 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$276 /mo · $3,318/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $-49

Break-even live

Break-even rent $2,213

Max offer price $251,380

Occupancy floor 97%

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1031 Merrifield St SE Grand Rapids, MI	3.0	2.0	1238	$2,300	$1.86	14d	1	0.12mi
1057 Griggs St SE Grand Rapids, MI	2.0	1.0	1100	$1,550	$1.41	43d	1	0.51mi
2551 Eastern Ave SE Unit 1 Grand Rapids, MI	3.0	2.0	1600	$2,100	$1.31	43d	1	0.52mi
1400 Rossman Ave SE Grand Rapids, MI	3.0	1.0	1400	$2,200	$1.57	43d	1	1.15mi
1027 Underwood Ave SE Grand Rapids, MI	4.0	2.0	1600	$2,300	$1.44	14d	1	1.40mi
425 Woodlawn St SE Grand Rapids, MI	4.0	1.0	2072	$2,200	$1.06	43d	1	1.48mi

Listing history 26 events

1. 2026-05-14
   listed $260,000 Active 778-char remark

   Show marketing remark (778 chars)

   Adorable and full of character, this charming home welcomes you, from the moment you step through the arched front door. The living room features hardwood floors and a cozy wood-burning fireplace, flowing into a spacious dining area with access to a lovely 3-season sun porch. The updated kitchen offers new cabinets, countertops, and fresh paint. The main bathroom has been beautifully refreshed with a new vanity, mirror, tub, and surround. Two well-sized main floor bedrooms both feature hardwood floors, with the second offering its own 3-season porch and slider to the deck and stone patio. Upstairs you'll find a third bedroom, while the lower level includes a rec room, half bath, ample storage space and laundry. No offers to be reviewed prior to Tuesday, May 19 at 2pm.

2. 2026-05-14
   listed $260,000 Active 778-char remark

   Show marketing remark (778 chars)

   Adorable and full of character, this charming home welcomes you, from the moment you step through the arched front door. The living room features hardwood floors and a cozy wood-burning fireplace, flowing into a spacious dining area with access to a lovely 3-season sun porch. The updated kitchen offers new cabinets, countertops, and fresh paint. The main bathroom has been beautifully refreshed with a new vanity, mirror, tub, and surround. Two well-sized main floor bedrooms both feature hardwood floors, with the second offering its own 3-season porch and slider to the deck and stone patio. Upstairs you'll find a third bedroom, while the lower level includes a rec room, half bath, ample storage space and laundry. No offers to be reviewed prior to Tuesday, May 19 at 2pm.

3. 2026-05-14
   listed $260,000 Active

   Show marketing remark (778 chars)

   Adorable and full of character, this charming home welcomes you, from the moment you step through the arched front door. The living room features hardwood floors and a cozy wood-burning fireplace, flowing into a spacious dining area with access to a lovely 3-season sun porch. The updated kitchen offers new cabinets, countertops, and fresh paint. The main bathroom has been beautifully refreshed with a new vanity, mirror, tub, and surround. Two well-sized main floor bedrooms both feature hardwood floors, with the second offering its own 3-season porch and slider to the deck and stone patio. Upstairs you'll find a third bedroom, while the lower level includes a rec room, half bath, ample storage space and laundry. No offers to be reviewed prior to Tuesday, May 19 at 2pm.

4. 2019-03-20
   soldstatus $180,000
5. 2019-03-13
   soldstatus $180,000
6. 2019-03-13
   soldstatus $180,000 Sold
7. 2019-02-11
   status Pending
8. 2019-02-07
   listed $159,900
9. 2019-02-07
   listed $159,900 Active
10. 2019-02-07
    listed $159,900
11. 2015-02-07
    historical
12. 2007-04-30
    historical
13. 2007-03-23
    listed $110,000
14. 2007-03-23
    listed $110,000
15. 2004-03-26
    soldstatus $133,500
16. 2004-03-26
    soldstatus $133,500
17. 2003-12-06
    listed $127,500
18. 2003-12-06
    listed $127,500
19. 1997-09-10
    soldstatus $80,000
20. 1997-09-10
    soldstatus $80,000
21. 1997-08-05
    listed $82,900
22. 1997-08-05
    listed $82,900
23. 1995-06-30
    soldstatus $71,500
24. 1995-06-30
    soldstatus $71,500
25. 1995-05-05
    listed $71,500
26. 1995-05-05
    listed $71,500

ⓘ 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: $3,318 · $276/mo
• Projected year-2 tax: $3,661 · $305/mo
• Expected delta: +$343/yr (+$29/mo · 10.3%)

ⓘ 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,815
• − Mortgage interest: −$14,564
• − Property taxes: −$3,318
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,065
• − Management: −$2,065
• − Depreciation: −$7,564
• Taxable loss: −$5,061
• Est. tax savings @ 24.0%: +$1,215
• After-tax cash flow: $629/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

+263.6% since first listed

29 events — show timeline

• 2026-05-20 Pending — MiRealSource-MiMLS
• 2026-05-20 Pending — REALCOMP
• 2026-05-20 Pending — SW Michigan MLS
• 2026-05-14 Listed $260,000 SW Michigan MLS
• 2026-05-14 Listed $260,000 REALCOMP
• 2026-05-14 Listed $260,000 MiRealSource-MiMLS
• 2019-03-20 Sold (Public Records) $180,000 Public Records
• 2019-03-13 Sold (MLS) $180,000 SW Michigan MLS
• 2019-03-13 Sold (MLS) $180,000 REALCOMP
• 2019-02-11 Pending — SW Michigan MLS
• 2019-02-07 Listed $159,900 MiRealSource-MiMLS
• 2019-02-07 Listed $159,900 SW Michigan MLS
• 2019-02-07 Listed $159,900 REALCOMP
• 2015-02-07 Listing Removed — SW Michigan MLS
• 2007-04-30 Listing Removed — REALCOMP
• 2007-03-23 Listed $110,000 REALCOMP
• 2007-03-23 Listed $110,000 SW Michigan MLS
• 2004-03-26 Sold (MLS) $133,500 REALCOMP
• 2004-03-26 Sold (MLS) $133,500 SW Michigan MLS
• 2003-12-06 Listed $127,500 REALCOMP
• 2003-12-06 Listed $127,500 SW Michigan MLS
• 1997-09-10 Sold (MLS) $80,000 REALCOMP
• 1997-09-10 Sold (MLS) $80,000 SW Michigan MLS
• 1997-08-05 Listed $82,900 REALCOMP
• 1997-08-05 Listed $82,900 SW Michigan MLS
• 1995-06-30 Sold (MLS) $71,500 REALCOMP
• 1995-06-30 Sold (MLS) $71,500 SW Michigan MLS
• 1995-05-05 Listed $71,500 REALCOMP
• 1995-05-05 Listed $71,500 SW Michigan MLS

Property tax history

+7.6%/yr

Latest (2025): $3,318 · +2.4% YoY. Source: county tax records.