tomo logo

$490,000

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

  • 34 days on market
    • Price drop $20,000↓
Imagine living 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!Gross Airbnb income could easily bring in 50k year which should more than cover the mortgage! 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

$190

Year built

1890

Annual property taxes

$8,451

Price History

09/13/2024
Realcomp

Realcomp #65024042812

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

Realcomp #65024042812

Listed
$510,000
+20%
06/02/2022
Realcomp

Realcomp #65022008112

Sold
$425,000
+74.9%

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

$101,927
Asking price
$490,000
Closing costs (~8% of asking)
-$39,200
Est. remaining loan balance
-$348,873
Cash to seller
$101,927

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

$348,873

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

Price drop
Realcomp
$576,000
4 bd
|
2 ba
|
2,675 sq ft
|
House

18 Prospect Ave SE, Grand Rapids, MI 49503

Realcomp
$518,000
3 bd
|
2.5 ba
|
2,600 sq ft
|
House

2115 Romence Dr NE, Grand Rapids, MI 49503

Status: Active

Tomo last checked: 09/19/2024 at 7:15 PM

Listing updated: 09/16/2024 at 1:51 PM

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

MLS: Realcomp #65024042812

Realcomp logo