Score
0Grand Rapids, MI
119 Grove St NE
200K
3 beds
2 baths
1,234 sqft
3 bd • 2 ba • 1,234 sf
This analysis was generated on 1/29/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$199,900
Price/Sq.Ft
$162
Year Built
1910
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Affordable price point for a duplex: At $199,900, this duplex offers an opportunity for investors to enter the market at a lower price point. The price per square foot is $161.99, which is competitive for the Grand Rapids market. The property has been listed for 12 days, which may suggest a strong initial interest from buyers.
• Recent renovations: The new roof, siding, and windows installed in 2017, along with the lower unit remodel in 2022, address major structural and cosmetic concerns. These upgrades reduce the likelihood of immediate large repair costs, and may attract a higher quality tenant.
• Location in Creston: The property is located in the Creston neighborhood, which is a desirable area in Grand Rapids. The property is also located near Center For Economicology (Rating 8/10, 0.4 miles away), City High Middle School (Rating 9/10, 0.4 miles away), and Palmer School (Rating 6/10, 0.5 miles away).
The Bad
• Limited information on current rental income: The property description mentions increased rents after the 2022 remodel of unit 1, but does not provide specific current rental income figures. This lack of transparency makes it difficult to assess the property's immediate cash flow potential. Investors would need to investigate current market rent for 2-unit properties in the neighborhood.
• No detailed room information: The lack of room details makes it difficult to evaluate the layout and usability of each unit. Buyers cannot determine the number of bedrooms and bathrooms each unit contains, which impacts rental value and appeal. This may require an in person visit to evaluate the property accurately.
• Older property: Built in 1910, the property may have outdated systems and require ongoing maintenance or potential upgrades beyond the recent improvements. This can add to the overall cost of ownership, and may require a more thorough inspection to uncover any hidden issues.
The Ugly
• Potential for hidden costs due to age: The property's age (built in 1910) means it may have outdated systems (plumbing, electrical) that require costly repairs or upgrades. Older homes are also more susceptible to issues like lead paint and radon. A thorough inspection is essential to identify and budget for these potential issues.
• Increase in listing price: The 33.4% increase in the listing price from $149,900 to $199,900 within a few months may be a red flag for some investors. A large increase in a short period of time may suggest overpricing or an attempt to capitalize on market trends, which can pose a risk to buyers.
• Lack of detailed information on the upper unit: The description only mentions that the lower unit was remodeled. There is no information about the condition or updates to the upper unit, which may need renovations. This lack of information may indicate that the upper unit is in need of updates, and the costs of these updates should be considered when calculating the overall investment.
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Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
• Investors seeking a cash-flowing duplex in a stable market: The property's recent renovations, combined with its location in the Creston neighborhood, make it an attractive option for investors. The lower unit remodel in 2022 suggests potential for higher rents, and the property's price point under $200,000 is relatively accessible. The median income of $59,261 in Grand Rapids indicates a stable rental market.
• Buyers looking for a property with minimal immediate maintenance: The new roof, siding, and windows installed in 2017, along with the lower unit remodel in 2022, reduce the need for immediate large-scale repairs. This is beneficial for those seeking a relatively hassle-free investment property.
• Buyers comfortable with older properties: The property's construction year of 1910 means that the structure will require ongoing maintenance and upkeep. Buyers interested in historic properties, with a willingness to address potential issues that arise, may find this appealing.
Not For
• Buyers looking for a newly built or modern property: Given that the property was built in 1910, it will likely have older infrastructure and may require more maintenance than newer constructions. Buyers seeking modern amenities might find this property unsuitable.
• Buyers who need a large property: With 1234 sqft total, this property might not be suitable for buyers looking for extensive living space.
• Buyers on a very tight budget: While the listing price is under $200,000, the total cost of ownership, including potential maintenance and updates (especially given the age), may be higher than anticipated.
Demographics
Area Median Income
$59,261
Property History
Price History
Ownership Timeline
$142,000Cash Purchase
Sep 20, 20211120 Realtyone LlcNice Alterman, Dean Strupp
Warranty Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
May 7, 2018Adam Whitney, Erin Whitney11320 Realtystoine Llc
Quit Claim Deed
Non-Arm's Length Transactions
$80,000Financed
May 3, 2018119 Grove Llc, Steve O CapekAdam Whitney, Erin Whitney
Warranty Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Apr 12, 2007Diane L Parks Capek, Diane ParksStephen O Capek
Quit Claim Deed
Non-Arm's Length Transactions
$0Cash Purchase
Apr 3, 2004Steven O Capek, Stephen Capek119 Grove Llc
Quit Claim Deed
Non-Arm's Length Transactions
Property Taxes
$0
2024 Tax Assessment
Assessed Value$66,600
Tax Rate0.00%
Sunlight Analysis
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Sunlight Analysis
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Risk Assessment
Climate Risks
airMINIMAL
2 bad air quality days per year
heatMINIMAL
7 extreme heat days per year
98th percentile: 96°F
windMINIMAL
Insurance: Recommended
floodMINIMAL
FEMA Zone: Minimal Risk Area
Insurance: Optional
fireMINIMAL
Insurance: Optional
Risk Analysis
• Potential for hidden issues due to age: Despite recent updates, the property's age (built in 1910) may mean there are underlying issues (e.g. lead paint, radon) that require attention. Pre-1978 homes are more likely to have lead paint, and radon testing is crucial in Michigan. A thorough inspection is necessary.
• Uncertainty regarding current rental income: While the description mentions increased rents after the 2022 remodel, the specific current rental income is not provided. Investors should verify the current rental rates and occupancy to ensure they meet their financial goals.
• Market competition: The Grand Rapids market can be competitive, so investors should be prepared to act quickly. The 12 days on market may suggest a high level of competition or a need for more due diligence.
Insurance
Annual Cost
$720
$60 per month
Cost & Affordability
Monthly Costs
Breakdown of estimated monthly expenses for this property
Monthly Payment
$0
* Estimated at 1% of home value annually. Actual costs may vary.
Not Included in Estimate
• Utilities (electricity, gas, water, internet)
• Home improvements and upgrades
• Landscaping and yard maintenance
• Pest control and home services
• Emergency repairs and replacements
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Schools
Financials
Monthly Costs
Market Rent (3 bed)
Get a detailed estimate on Zillow®$1,576
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$199,900
Price/sqft
$162
Layout
3 bd•2 ba
Days on market
12 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$344,300
41.9%
Your price is 41.9% below average
Median Price
$362,000
44.8%
Based on 6 recent sales
Price per Sq.Ft
$278
41.7%
Your price is 41.7% below average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 940 Monroe #105, Grand Rapids, MI 49503 | $354,900 | 1,215 | 2 | 2 | $29280.3% | 11/14/2024 |
| 940 Monroe Avenue NW #105, Grand Rapids, MI 49503 | $354,900 | 1,215 | 2 | 2 | $29280.3% | 11/14/2024 |
| 600 Broadway #420, Grand Rapids, MI 49504 | $372,000 | 1,302 | 3 | 2 | $28676.4% | 11/25/2024 |
| 600 Broadway Avenue NW #420, Grand Rapids, MI 49504 | $372,000 | 1,302 | 3 | 2 | $28676.4% | 11/25/2024 |
| 333 Florence Court NE, Grand Rapids, MI 49505 | $250,000 | 1,258 | 3 | 2 | $19922.7% | 10/29/2024 |
| 542 Fairview #2, Grand Rapids, MI 49503 | $362,000 | 1,151 | 2 | 2 | $31594.1% | 11/15/2024 |
940 Monroe #105, Grand Rapids, MI 49503
Price: $354,900
Sq.Ft: 1,215
Beds/Baths: 2/2
$/Sq.Ft:
$29280.3%
Sale Date: 11/14/2024
940 Monroe Avenue NW #105, Grand Rapids, MI 49503
Price: $354,900
Sq.Ft: 1,215
Beds/Baths: 2/2
$/Sq.Ft:
$29280.3%
Sale Date: 11/14/2024
600 Broadway #420, Grand Rapids, MI 49504
Price: $372,000
Sq.Ft: 1,302
Beds/Baths: 3/2
$/Sq.Ft:
$28676.4%
Sale Date: 11/25/2024
600 Broadway Avenue NW #420, Grand Rapids, MI 49504
Price: $372,000
Sq.Ft: 1,302
Beds/Baths: 3/2
$/Sq.Ft:
$28676.4%
Sale Date: 11/25/2024
333 Florence Court NE, Grand Rapids, MI 49505
Price: $250,000
Sq.Ft: 1,258
Beds/Baths: 3/2
$/Sq.Ft:
$19922.7%
Sale Date: 10/29/2024
542 Fairview #2, Grand Rapids, MI 49503
Price: $362,000
Sq.Ft: 1,151
Beds/Baths: 2/2
$/Sq.Ft:
$31594.1%
Sale Date: 11/15/2024
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