922 Addison St · Adrian, MI 49221

$75,000

2 bd · 1.0 ba · 1,026 sqft · SingleFamily · 17 Days on market

Built 1953 7,841 sqft lot Est $114k · 34% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Calling investors! Home features 2 bedroom, large 3 season room, and attached 2 car garage. With some TLC you can realize the great potential of this property. Seller will consider cash purchase only.

Key facts

• 7,841 sq ft lot
• 2 garage spots
• Built 1953

Property features AI

Finance

• Other: Subdivision listed as NONE; Cross streets: E Siena Heights Drive & Mulberry St
• Financial info: No financial details provided
• HOA & community: Property is part of a homeowners association

Exterior

• Parking: Attached garage with 2 spaces
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Above-grade finished area reported (approximately 1,026 square feet)
• Exterior features: Paved public road access; Lot dimensions approximately 60 x 132; Zoned residential

Interior

• Kitchen: No kitchen appliance list provided
• Bedrooms: 4 total rooms (includes bedrooms and living spaces)
• Flooring: No flooring information provided
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No central cooling
• Interior features: Gas water heater; Full basement
• Laundry & utility: No laundry or utility appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $740 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.1% 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.
• Adrian School District (town): math 25% / reading 35% proficiency, ranked #370 of 540 in MI (top 68%) — 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 $519 of loan paydown is wiped out by about $2k 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 $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,875 (1.5% below list)

Questions for the listing agent

1. Built in 1953 — 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: 2.00% ✓
• Cap rate: 18.14%
• Cash-on-cash: 42.30%
• DSCR: 2.88
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $113,886
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
831 E Maumee St	0.58mi	3/1.0 (+1)	1,008 (-2%)	1mo	$143,900	$143	65
428 Elm Street St	0.44mi	3/1.0 (+1)	1,040 (+1%)	11mo	$140,000	$135	63
803 E Butler St	0.42mi	2/1.0	1,120 (+9%)	6mo	$128,000	$114	60
822 Elm St	0.22mi	3/1.0 (+1)	1,175 (+14%)	4mo	$135,000	$115	58
1025 Frank St	0.64mi	2/1.0	1,002 (-2%)	14mo	$111,300	$111	55
210 Elm St	0.55mi	2/1.0	950 (-7%)	12mo	$33,000	$35	52
817 Ormsby St	0.29mi	3/1.0 (+1)	1,160 (+13%)	16mo	$30,000	$26	46
209 Sarah St	0.61mi	2/1.0	916 (-11%)	11mo	$116,000	$127	44
909 Comstock St	0.37mi	2/2.0	1,167 (+14%)	15mo	$105,000	$90	43
709 E Front St	0.54mi	2/1.0	1,178 (+15%)	10mo	$115,000	$98	42
316 S Dean St	0.67mi	3/1.0 (+1)	1,145 (+12%)	11mo	$98,900	$86	36
627 Frank St	0.75mi	2/1.0	1,156 (+13%)	18mo	$112,500	$97	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.0%
• Equity multiple: 2.67×
• Total profit: $34,971
• Equity at exit: $11,183

10-year hold

• IRR: 45.4%
• Equity multiple: 5.34×
• Total profit: $91,069
• Equity at exit: $6,485

Cash invested: $21,000 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,500 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$20 /mo · $242/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $740

Break-even live

Break-even rent $563

Max offer price $75,000

Occupancy floor 46%

Sensitivity live

Price	-10% $783	-5% $761	+0% $740	+5% $719	+10% $698
Rent	-10% $622	-5% $681	+0% $740	+5% $799	+10% $859
Rate	-1.0pp $778	-0.5pp $759	base $740	+0.5pp $721	+1.0pp $701

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: $18,750
• Closing costs: $2,250
• 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	24d	1	0.57mi

Listing history 14 events

1. 2026-06-18
   days on market $75,000 Active 17 DOM
2. 2026-06-17
   days on market $75,000 Active 16 DOM
3. 2026-06-16
   days on market $75,000 Active 15 DOM
4. 2026-06-15
   days on market $75,000 Active 14 DOM
5. 2026-06-13
   days on market $75,000 Active 12 DOM
6. 2026-06-12
   days on market $75,000 Active 11 DOM
7. 2026-06-09
   days on market $75,000 Active 8 DOM
8. 2026-06-09
   status $75,000 Active 7 DOM
9. 2026-06-08
   days on market $75,000 Active Under Contract 7 DOM
10. 2026-06-07
    days on market $75,000 Active Under Contract 6 DOM
11. 2026-06-07
    days on market $75,000 Active Under Contract 5 DOM
12. 2026-06-04
    statusdays on market $75,000 Active Under Contract 2 DOM
13. 2026-06-01
    remarks 201-char remark

    Show marketing remark (201 chars)

    Calling investors! Home features 2 bedroom, large 3 season room, and attached 2 car garage. With some TLC you can realize the great potential of this property. Seller will consider cash purchase only.

14. 2026-06-01
    listed $75,000 Active 1 DOM

    Show marketing remark (201 chars)

    Calling investors! Home features 2 bedroom, large 3 season room, and attached 2 car garage. With some TLC you can realize the great potential of this property. Seller will consider cash purchase only.

ⓘ 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: $242 · $20/mo
• Projected year-2 tax: $699 · $58/mo
• Expected delta: +$456/yr (+$38/mo · 188.2%)

ⓘ 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 3/10 Moderate 7 d/yr ≥100°F today · 16 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: −$4,201
• − Property taxes: −$242
• − Insurance: −$375
• − Repairs & maintenance: −$1,440
• − Management: −$1,440
• − Depreciation: −$2,182
• Taxable income: $8,120
• Est. tax owed @ 24.0%: −$1,949
• After-tax cash flow: $6,934/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: Adrian School District
• NCES district ID: 2601950
• Math proficiency: 25% ▼ -1.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $41,288
• Composite: 25.33/100
• National rank: #7480
• State rank: #370 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

• Census place: Adrian, MI
• 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

+0.0% since first listed

3 events — show timeline

• 2026-06-01 Listed $75,000 REALCOMP
• 2026-06-01 Listed $75,000 MiRealSource-MiMLS
• 2020-02-24 Sold (Public Records) $75,000 Public Records

Property tax history

-18.3%/yr

Latest (2025): $242 · +0.0% YoY. Source: county tax records.