349 Greenly St · Adrian, MI 49221

$89,900

3 bd · 1.0 ba · 984 sqft · SingleFamily · 91 Days on market

Built 1940 8,712 sqft lot Est $149k · 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 +29.7/30.0
• 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

3 bed, 1 bath ranch with 1-car detached garage. Features deck, shed, and nice-sized backyard. Located in Adrian Public Schools.

Key facts

• Shed
• Backyard
• Deck

Tags

• DECK
• SHED
• BACKYARD

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Built above grade with finished area of 984 (square feet)
• Exterior features: Deck; Shed(s); Public maintained road

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Gas water heater; Concrete basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $326 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $82k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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; 2 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 18y ago; this cycle's ask has dropped $25k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $81,809 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.52% ✓
• Cap rate: 10.65%
• Cash-on-cash: 15.56%
• DSCR: 1.69
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $148,584
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
338 Greenly St	0.03mi	2/1.0 (-1)	994 (+1%)	8mo	$125,000	$126	85
559 Northwestern Dr	0.33mi	3/1.0	1,008 (+2%)	3mo	$130,000	$129	78
528 Stockford Dr	0.30mi	3/1.0	988 (+0%)	8mo	$170,000	$172	78
218 Greenly St	0.15mi	3/1.0	1,080 (+10%)	1mo	$163,000	$151	75
321 Cherry St	0.11mi	2/1.5 (-1)	912 (-7%)	1mo	$110,000	$121	75
371 Riverside Ave	0.50mi	3/1.0	988 (+0%)	3mo	$160,000	$162	73
155 S Scott St	0.61mi	3/1.5	988 (+0%)	3mo	$160,000	$162	66
631 St Joseph St	0.18mi	3/1.0	1,100 (+12%)	9mo	$135,000	$123	65
547 Riverside Ave	0.54mi	4/1.0 (+1)	1,090 (+11%)	3mo	$145,500	$133	49
905 Sheffield Ave St	0.57mi	4/1.0 (+1)	1,102 (+12%)	0mo	$166,500	$151	48
565 Riverside Ave	0.56mi	4/3.0 (+1)	1,131 (+15%)	1mo	$168,500	$149	36
447 Allis St	0.63mi	2/1.0 (-1)	889 (-10%)	18mo	$135,000	$152	35

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: 6.4%
• Equity multiple: 1.25×
• Total profit: $6,324
• Equity at exit: $13,404

10-year hold

• IRR: 15.9%
• Equity multiple: 2.30×
• Total profit: $32,692
• Equity at exit: $7,773

Cash invested: $25,172 (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: 5.5×

Monthly cashflow live

• Estimated rent: $1,368 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$245 /mo · $2,942/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $326

Break-even live

Break-even rent $954

Max offer price $89,900

Occupancy floor 71%

Sensitivity live

Price	-10% $377	-5% $352	+0% $326	+5% $301	+10% $276
Rent	-10% $218	-5% $272	+0% $326	+5% $380	+10% $434
Rate	-1.0pp $372	-0.5pp $349	base $326	+0.5pp $303	+1.0pp $279

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	0.81mi
413 E Maple Ave Unit 2 Adrian, MI	2.0	1.0	652	$1,200	$1.84	24d	1	0.81mi

Listing history 50 events

1. 2026-06-18
   days on market $89,900 Active 91 DOM
2. 2026-06-17
   days on market $89,900 Active 90 DOM
3. 2026-06-16
   days on market $89,900 Active 89 DOM
4. 2026-06-16
   price $89,900 Active 88 DOM
5. 2026-06-15
   days on market $99,900 Active 88 DOM
6. 2026-06-13
   days on market $99,900 Active 86 DOM
7. 2026-06-12
   days on market $99,900 Active 85 DOM
8. 2026-06-09
   days on market $99,900 Active 82 DOM
9. 2026-06-08
   days on market $99,900 Active 81 DOM
10. 2026-06-07
    days on market $99,900 Active 80 DOM
11. 2026-06-07
    days on market $99,900 Active 79 DOM
12. 2026-06-04
    days on market $99,900 Active 76 DOM
13. 2026-06-02
    days on market $99,900 Active 75 DOM
14. 2026-06-01
    days on market $99,900 Active 74 DOM
15. 2026-05-31
    days on market $99,900 Active 73 DOM
16. 2026-05-31
    days on market $99,900 Active 72 DOM
17. 2026-05-12
    price $99,900 127-char remark

    Show marketing remark (127 chars)

    3 bed, 1 bath ranch with 1-car detached garage. Features deck, shed, and nice-sized backyard. Located in Adrian Public Schools.

18. 2026-05-12
    price $99,900

    Show marketing remark (127 chars)

    3 bed, 1 bath ranch with 1-car detached garage. Features deck, shed, and nice-sized backyard. Located in Adrian Public Schools.

19. 2026-03-18
    listed $115,000 Active 127-char remark

    Show marketing remark (127 chars)

    3 bed, 1 bath ranch with 1-car detached garage. Features deck, shed, and nice-sized backyard. Located in Adrian Public Schools.

20. 2026-03-18
    listed $115,000 Active

    Show marketing remark (127 chars)

    3 bed, 1 bath ranch with 1-car detached garage. Features deck, shed, and nice-sized backyard. Located in Adrian Public Schools.

21. 2021-01-22
    soldstatus $117,300
22. 2021-01-19
    soldstatus $117,300 Sold 293-char remark

    Show marketing remark (293 chars)

    Welcome home to this cozy ranch style home on Adrian's west side. 3 bedrooms, 1 bath sitting on a full basement with a fenced in yard! The new driveway was just poured this spring and the garage is heated too! So much potential with this one, schedule you're showing today before its too late!

23. 2021-01-19
    soldstatus $117,300 Closed

    Show marketing remark (293 chars)

    Welcome home to this cozy ranch style home on Adrian's west side. 3 bedrooms, 1 bath sitting on a full basement with a fenced in yard! The new driveway was just poured this spring and the garage is heated too! So much potential with this one, schedule you're showing today before its too late!

24. 2021-01-18
    status Pending 293-char remark

    Show marketing remark (293 chars)

    Welcome home to this cozy ranch style home on Adrian's west side. 3 bedrooms, 1 bath sitting on a full basement with a fenced in yard! The new driveway was just poured this spring and the garage is heated too! So much potential with this one, schedule you're showing today before its too late!

25. 2021-01-18
    status Pending

    Show marketing remark (293 chars)

    Welcome home to this cozy ranch style home on Adrian's west side. 3 bedrooms, 1 bath sitting on a full basement with a fenced in yard! The new driveway was just poured this spring and the garage is heated too! So much potential with this one, schedule you're showing today before its too late!

26. 2020-12-01
    historical Contingent - Continue To Show 293-char remark

    Show marketing remark (293 chars)

    Welcome home to this cozy ranch style home on Adrian's west side. 3 bedrooms, 1 bath sitting on a full basement with a fenced in yard! The new driveway was just poured this spring and the garage is heated too! So much potential with this one, schedule you're showing today before its too late!

27. 2020-12-01
    historical Keep Showing-Contgcy Appl

    Show marketing remark (293 chars)

    Welcome home to this cozy ranch style home on Adrian's west side. 3 bedrooms, 1 bath sitting on a full basement with a fenced in yard! The new driveway was just poured this spring and the garage is heated too! So much potential with this one, schedule you're showing today before its too late!

28. 2020-11-24
    price $110,000

    Show marketing remark (293 chars)

    Welcome home to this cozy ranch style home on Adrian's west side. 3 bedrooms, 1 bath sitting on a full basement with a fenced in yard! The new driveway was just poured this spring and the garage is heated too! So much potential with this one, schedule you're showing today before its too late!

29. 2020-11-24
    price $110,000 293-char remark

    Show marketing remark (293 chars)

    Welcome home to this cozy ranch style home on Adrian's west side. 3 bedrooms, 1 bath sitting on a full basement with a fenced in yard! The new driveway was just poured this spring and the garage is heated too! So much potential with this one, schedule you're showing today before its too late!

30. 2020-11-16
    listed $115,000 Active 293-char remark

    Show marketing remark (293 chars)

    Welcome home to this cozy ranch style home on Adrian's west side. 3 bedrooms, 1 bath sitting on a full basement with a fenced in yard! The new driveway was just poured this spring and the garage is heated too! So much potential with this one, schedule you're showing today before its too late!

31. 2020-11-16
    listed $115,000 Active

    Show marketing remark (293 chars)

    Welcome home to this cozy ranch style home on Adrian's west side. 3 bedrooms, 1 bath sitting on a full basement with a fenced in yard! The new driveway was just poured this spring and the garage is heated too! So much potential with this one, schedule you're showing today before its too late!

32. 2018-05-24
    soldstatus $79,900
33. 2018-05-21
    soldstatus $79,900
34. 2018-05-21
    soldstatus $79,900 Closed
35. 2018-04-05
    status Pending
36. 2018-03-30
    price $79,900
37. 2018-03-20
    price $84,900
38. 2018-02-26
    listed $79,900
39. 2018-02-26
    listed $89,900 Active
40. 2018-02-22
    historical
41. 2018-02-22
    historical
42. 2018-01-23
    price $92,875
43. 2017-10-18
    listed $94,875 Active
44. 2017-10-18
    listed $92,875
45. 2009-12-07
    soldstatus $45,000
46. 2009-12-07
    soldstatus $45,000
47. 2009-11-16
    historical
48. 2009-04-20
    listed $45,000
49. 2009-04-20
    listed $45,000
50. 2009-03-18
    historical

ⓘ 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: $2,942 · $245/mo
• Projected year-2 tax: $2,942 · $245/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 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: $16,412
• − Mortgage interest: −$5,036
• − Property taxes: −$2,942
• − Insurance: −$450
• − Repairs & maintenance: −$1,313
• − Management: −$1,313
• − Depreciation: −$2,615
• Taxable income: $2,744
• Est. tax owed @ 24.0%: −$659
• After-tax cash flow: $3,258/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

+25.0% since first listed

41 events — show timeline

• 2026-05-12 Price Changed $99,900 MiRealSource-MiMLS
• 2026-05-12 Price Changed $99,900 REALCOMP
• 2026-03-18 Listed $115,000 REALCOMP
• 2026-03-18 Listed $115,000 MiRealSource-MiMLS
• 2021-01-22 Sold (Public Records) $117,300 Public Records
• 2021-01-19 Sold (MLS) $117,300 MiRealSource-MiMLS
• 2021-01-19 Sold (MLS) $117,300 REALCOMP
• 2021-01-18 Pending — REALCOMP
• 2021-01-18 Pending — MiRealSource-MiMLS
• 2020-12-01 Contingent — REALCOMP
• 2020-12-01 Contingent — MiRealSource-MiMLS
• 2020-11-24 Price Changed $110,000 MiRealSource-MiMLS
• 2020-11-24 Price Changed $110,000 REALCOMP
• 2020-11-16 Listed $115,000 MiRealSource-MiMLS
• 2020-11-16 Listed $115,000 REALCOMP
• 2018-05-24 Sold (Public Records) $79,900 Public Records
• 2018-05-21 Sold (MLS) $79,900 MiRealSource-MiMLS
• 2018-05-21 Sold (MLS) $79,900 REALCOMP
• 2018-04-05 Pending — MiRealSource-MiMLS
• 2018-03-30 Price Changed $79,900 MiRealSource-MiMLS
• 2018-03-20 Price Changed $84,900 MiRealSource-MiMLS
• 2018-02-26 Listed $89,900 MiRealSource-MiMLS
• 2018-02-26 Listed $79,900 REALCOMP
• 2018-02-22 Listing Removed — MiRealSource-MiMLS
• 2018-02-22 Listing Removed — REALCOMP
• 2018-01-23 Price Changed $92,875 MiRealSource-MiMLS
• 2017-10-18 Listed $94,875 MiRealSource-MiMLS
• 2017-10-18 Listed $92,875 REALCOMP
• 2009-12-07 Sold (MLS) $45,000 REALCOMP
• 2009-12-07 Sold (MLS) $45,000 MiRealSource-MiMLS
• 2009-11-16 Listing Removed — MiRealSource-MiMLS
• 2009-04-20 Listed $45,000 REALCOMP
• 2009-04-20 Listed $45,000 MiRealSource-MiMLS
• 2009-03-18 Listing Removed — REALCOMP
• 2009-03-17 Listing Removed — MiRealSource-MiMLS
• 2008-12-17 Listed $74,900 MiRealSource-MiMLS
• 2008-12-17 Listed $74,900 REALCOMP
• 2008-12-02 Listing Removed — REALCOMP
• 2008-12-01 Listing Removed — MiRealSource-MiMLS
• 2008-10-04 Listed $79,900 REALCOMP
• 2008-10-04 Listed $79,900 MiRealSource-MiMLS

Property tax history

+8.5%/yr

Latest (2025): $2,942 · +13.9% YoY. Source: county tax records.