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$329,000

Sale Pending
2432 Madison Ave SE, Grand Rapids, MI 49507
4 Beds
2 Baths
2,142 Square Feet
0.12 Acres Lot
Built in 1929
Sale Pending
Units n/a
Checked: 21 hours ago
Updated: Jul 08, 2025 at 03:08AM

Investment Summary


Monthly Cash Flow
-$279
Cap Rate
5.1%
Cash-on-Cash Return
-4.4%
Debt Coverage Ratio
0.83
Internal Rate of Return (5 years)
-0.3%

Property Description


0.12 Acres Lot
Built in 1929
Sale Pending
Units n/a

Welcome to 2432 Madison Avenue SE! Classic charm meets modern living, in this 4 Bedroom, 2 full bath home in the Garfield Park neighborhood, near Alger Heights, right across from Brookside Elementary. Natural light-filled spaces, Central Air, a convenient mudroom, and cozy breakfast nook. Timeless touches like hardwood floors, curved archways, and high ceilings add depth of character throughout. Updates include a new roof, garage door, a renovated lower-level family room, many replacement windows, new kitchen flooring, water line replacement, and Cat6 ran to each floor for faster internet speeds. With generous living space, backyard, basement, and garage, conveniently placed between the charms of Garfield Park, and all the shopping that 28th St has to offer!

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Location


Property Details


Parking

  • Description: Detached
  • Details: Detached, Concrete
  • Garage Spaces: 2
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 4

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 9
  • # of Stories: 2
  • Basement: Yes
  • Basement Description: Daylight, Full

Exterior Features

  • Roof Material: Composition

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 411807404004
  • Lot Size: 5227 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Traditional
  • Year Built: 1929

Tax Information

  • Annual Tax: $3,823

Utilities

  • Water & Sewer: Public
  • Heating: Natural Gas, Forced Air
  • Cooling: Ceiling Fan(s), Central Air

Location

  • County: Kent

Listing Details


Listed by:
Nathan Cohn
Keller Williams GR East
(616) 570-8369

Source:
Southwestern Michigan Association of REALTORS
MLS#: 25028679
Southwestern Michigan Association of REALTORS

Investment Summary


Monthly Cash Flow
-$279
Cap Rate
5.1%
Cash-on-Cash Return
-4.4%
Debt Coverage Ratio
0.83
Internal Rate of Return (5 years)
-0.3%

Purchase Details

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Purchase price:
$329,000
Amount financed:
-$263,200
Down payment:
$65,800
Closing costs:
$9,870
Rehab costs:
$0
Initial cash invested:
$75,670
Square feet:
2,142
Cost per square foot:
$154
Monthly rent per square foot:
$1.17

Financing Details

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Loan amount:
$263,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$1,685
Property tax:
$319
Insurance:
$175
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,179

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,500 $30,000
Vacancy loss: (6%)
6% -$150 -$1,800
Operating income:
$2,350 $28,200

Operating Expenses


% Rent Monthly Yearly
Property taxes: (13%)
13%-$319-$3,823
Insurance: (7%)
7%-$175-$2,100
Property management: (8%)
8%-$200-$2,400
Repairs & maintenance: (5%)
5%-$125-$1,500
Capital expenditures: (5%)
5%-$125-$1,500
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (38%)
38%-$944-$11,323

Cash Flow


Monthly Yearly
Net operating income:
$1,406 $16,872
Mortgage payments:
-$1,685 -$20,220
Cash flow:
$279 $3,348