tomo logo

$480,000

Beds
5
Baths
2.5
sq ft
2,589

227 James Ave SE, Grand Rapids, MI 49503

227 James Ave SE

Grand Rapids, MI 49503

  • 98 days on market
    • Price drop $10,000↓
Motivated seller. Price dropped significantly below market value. House to be taken off the market at Thanksgiving and relisted at market price in spring. Conservative estimate for renting the 1 bedroom unit on Airbnb is 40k annually! Live for FREE in a 5 bedroom historic home in just a short walk from the wealthy corridor! This Could be Grand Rapids Finest Legal Airbnb! (City of GR restricts Short Term Rentals to just one bedroom in an already owner occupied dwelling.) This incredible home has a fully functioning 1 bedroom apartment directly attached! A lot of love and care has gone into remodeling! Reclaimed boards and lane markers from a bowling alley built in the 70's add character to the kitchen island.Original light fixtures throughout. Easy to convert back to single family. Lots of room to build a garage with plenty of off street parking.

Details

Property type

Single Family Residence

Est. home value

$514,004

Lot size

6,098 sq ft

Price per sq ft

$186

Year built

1890

Annual property taxes

$8,451

Price History

11/06/2024
Realcomp

Realcomp #65024042812

Price change
$480,000
-2.04%
09/13/2024
Realcomp

Realcomp #65024042812

Price change
$490,000
-3.92%
08/15/2024
Realcomp

Realcomp #65024042812

Listed
$510,000
+20%

Schools & Community

Neighborhood: 

East Hills

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

School district: 

Grand Rapids

Negotiation Insights

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Seller could get up to

$93,700
Asking price
$480,000
Closing costs (~8% of asking)
-$38,400
Est. remaining loan balance
-$347,900
Cash to seller
$93,700

This is an estimate of how much the seller could receive at closing after paying off the outstanding mortgage.

Seller’s Loan History

Lender

Inlanta Mortgage Inc

Loan start date

June 2022

Original loan amount

$361,250

Est. remaining balance

$347,900

Interest rate

5%

Loan type

New Conventional, 30 year

Seller

Moriah Davis and Steven Davis

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

Similar Homes Nearby

Realcomp
$525,000
5 bd
|
2 ba
|
1,862 sq ft
|
House

437 Rosewood Ave SE, Grand Rapids, MI 49506

Realcomp
$435,000
3 bd
|
2.5 ba
|
2,313 sq ft
|
House

922 Calvin Ave SE, Grand Rapids, MI 49506

Realcomp
$424,900
4 bd
|
2 ba
|
2,222 sq ft
|
House

435 Ethel Ave SE, Grand Rapids, MI 49506

Status: Active

Tomo last checked: 11/22/2024 at 4:20 AM

Listing updated: 11/07/2024 at 11:00 AM

Listed by: Jonathan Hazeltine, Phone #: (616) 308-7946

MLS: Realcomp #65024042812

Realcomp logo