164 Spring Park · Walled Lake, MI 48390

$239,900

3 bd · 1.0 ba · 1,019 sqft · SingleFamily public records · 11 Days on market

Built 1958 0.35 ac lot Est $217k · 11% over

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Why this score? — see what drove the D- 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 +12.1/30.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• DSCR +3.6/10.0
• 1% rule +2.9/10.0
• ARV discount +2.8/15.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sharp and clean 3-bedroom ranch located on . 35-acre lot (69x221). 3 car wide driveway leading to a 700 square foot garage. Back yard is fenced and includes a shed. Roof on home was done in 2025. complete tear off with some wood replacement. A/C unit was also replaced in 2025. Inside of home has a large open concept kitchen that that has been updated with new granite countertops with large undermount sink. Stainless steel appliances include self-cleaning oven, dishwasher, and hood fan. New faucet and Garbage disposal. Luxury vinyl plank flooring throughout kitchen and in the front entry. New carpet in living room, hallway and all 3 bedrooms. Bathroom has new tub surround and re-glazed bathtub.

Key facts

• 0.35 acre lot
• 2 garage spots
• Built 1958

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-53 ($-640/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (20.6% below list).
• Recommended offer: $190k (20.6% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.8% in Walled Lake — 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 75/100 on livability (#157 in MI, #3,969 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D, health & safety D, commute F.
• Walled Lake Consolidated Schools (suburban): math 52% / reading 60% proficiency, ranked #58 of 540 in MI (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.0%/yr); 166 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $97k; list at $240k implies a 147% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $190,404 (20.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.79% ✗
• Cap rate: 6.03%
• Cash-on-cash: -0.95%
• DSCR: 0.96
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $217,047
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
234 Spring Park	0.07mi	3/1.0	1,032 (+1%)	11mo	$189,000	$183	86
451 Gamma Rd	0.51mi	3/1.0	1,040 (+2%)	7mo	$295,000	$284	67
1241 Delta Rd	0.46mi	3/1.0	1,040 (+2%)	20mo	$175,000	$168	59
657 Lucille Dr	0.61mi	3/1.0	1,084 (+6%)	5mo	$137,000	$126	56
1202 Sigma Rd	0.48mi	3/1.0	989 (-3%)	24mo	$243,888	$247	53
406 Common St	0.47mi	2/1.0 (-1)	1,108 (+9%)	11mo	$236,000	$213	49
759 Woods Ct	0.54mi	2/1.5 (-1)	1,042 (+2%)	23mo	$185,000	$178	45
1428 N Pontiac Trl	0.60mi	2/1.5 (-1)	1,145 (+12%)	6mo	$245,000	$214	39

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 · 1.04% rent growth · sell at horizon

5-year hold

• IRR: -20.0%
• Equity multiple: 0.32×
• Total profit: $-45,986
• Equity at exit: $35,770

10-year hold

• IRR: -17.5%
• Equity multiple: 0.12×
• Total profit: $-59,081
• Equity at exit: $20,742

Cash invested: $67,172 (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 48390

• Rents YoY: 1.0%
• Active inventory: 166
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,904 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$199 /mo · $2,394/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $-53

Break-even live

Break-even rent $1,972

Max offer price $230,480

Occupancy floor 98%

Sensitivity live

Price	-10% $82	-5% $15	+0% $-53	+5% $-121	+10% $-189
Rent	-10% $-204	-5% $-129	+0% $-53	+5% $22	+10% $97
Rate	-1.0pp $67	-0.5pp $8	base $-53	+0.5pp $-115	+1.0pp $-179

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
831 N Pontiac Trl Unit 108 Walled Lake, MI	3.0	2.0	924	$1,579	$1.71	13d	1	0.09mi
406 Legato Dr Walled Lake, MI	2.0	2.0	1402	$1,999	$1.43	44d	1	0.37mi
1527 Mariner Dr Walled Lake, MI	2.0	1.5	946	$1,800	$1.90	44d	1	0.90mi
2158 Hidden Meadows Dr Unit C Walled Lake, MI	2.0	1.5	1425	$1,650	$1.16	4d	1	1.04mi
2177 Decker Rd Walled Lake, MI	2.0	1.0	900	$1,200	$1.33	44d	1	1.05mi
2175 Decker Rd Walled Lake, MI	2.0	1.0	875	$1,200	$1.37	25d	1	1.13mi
2161 Decker Rd Unit 24 Walled Lake, MI	2.0	1.0	950	$1,200	$1.26	44d	1	1.13mi

Listing history 8 events

1. 2026-02-19
   status Pending 702-char remark

   Show marketing remark (702 chars)

   Sharp and clean 3-bedroom ranch located on . 35-acre lot (69x221). 3 car wide driveway leading to a 700 square foot garage. Back yard is fenced and includes a shed. Roof on home was done in 2025. complete tear off with some wood replacement. A/C unit was also replaced in 2025. Inside of home has a large open concept kitchen that that has been updated with new granite countertops with large undermount sink. Stainless steel appliances include self-cleaning oven, dishwasher, and hood fan. New faucet and Garbage disposal. Luxury vinyl plank flooring throughout kitchen and in the front entry. New carpet in living room, hallway and all 3 bedrooms. Bathroom has new tub surround and re-glazed bathtub.

2. 2026-02-19
   status Pending

   Show marketing remark (702 chars)

   Sharp and clean 3-bedroom ranch located on . 35-acre lot (69x221). 3 car wide driveway leading to a 700 square foot garage. Back yard is fenced and includes a shed. Roof on home was done in 2025. complete tear off with some wood replacement. A/C unit was also replaced in 2025. Inside of home has a large open concept kitchen that that has been updated with new granite countertops with large undermount sink. Stainless steel appliances include self-cleaning oven, dishwasher, and hood fan. New faucet and Garbage disposal. Luxury vinyl plank flooring throughout kitchen and in the front entry. New carpet in living room, hallway and all 3 bedrooms. Bathroom has new tub surround and re-glazed bathtub.

3. 2026-02-08
   listed $239,900 Active 702-char remark

   Show marketing remark (702 chars)

   Sharp and clean 3-bedroom ranch located on . 35-acre lot (69x221). 3 car wide driveway leading to a 700 square foot garage. Back yard is fenced and includes a shed. Roof on home was done in 2025. complete tear off with some wood replacement. A/C unit was also replaced in 2025. Inside of home has a large open concept kitchen that that has been updated with new granite countertops with large undermount sink. Stainless steel appliances include self-cleaning oven, dishwasher, and hood fan. New faucet and Garbage disposal. Luxury vinyl plank flooring throughout kitchen and in the front entry. New carpet in living room, hallway and all 3 bedrooms. Bathroom has new tub surround and re-glazed bathtub.

4. 2026-02-08
   listed $239,900 Active

   Show marketing remark (702 chars)

   Sharp and clean 3-bedroom ranch located on . 35-acre lot (69x221). 3 car wide driveway leading to a 700 square foot garage. Back yard is fenced and includes a shed. Roof on home was done in 2025. complete tear off with some wood replacement. A/C unit was also replaced in 2025. Inside of home has a large open concept kitchen that that has been updated with new granite countertops with large undermount sink. Stainless steel appliances include self-cleaning oven, dishwasher, and hood fan. New faucet and Garbage disposal. Luxury vinyl plank flooring throughout kitchen and in the front entry. New carpet in living room, hallway and all 3 bedrooms. Bathroom has new tub surround and re-glazed bathtub.

5. 2026-02-07
   historical $239,900 702-char remark

   Show marketing remark (702 chars)

   Sharp and clean 3-bedroom ranch located on . 35-acre lot (69x221). 3 car wide driveway leading to a 700 square foot garage. Back yard is fenced and includes a shed. Roof on home was done in 2025. complete tear off with some wood replacement. A/C unit was also replaced in 2025. Inside of home has a large open concept kitchen that that has been updated with new granite countertops with large undermount sink. Stainless steel appliances include self-cleaning oven, dishwasher, and hood fan. New faucet and Garbage disposal. Luxury vinyl plank flooring throughout kitchen and in the front entry. New carpet in living room, hallway and all 3 bedrooms. Bathroom has new tub surround and re-glazed bathtub.

6. 1997-04-16
   soldstatus $97,126
7. 1996-10-08
   soldstatus $98,190
8. 1993-07-22
   soldstatus $89,900

ⓘ 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: $2,394 · $199/mo
• Projected year-2 tax: $3,044 · $254/mo
• Expected delta: +$650/yr (+$54/mo · 27.2%)

ⓘ 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 2/10 Low 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,848
• − Mortgage interest: −$13,438
• − Property taxes: −$2,394
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,828
• − Management: −$1,828
• − Depreciation: −$6,979
• Taxable loss: −$4,818
• Est. tax savings @ 24.0%: +$1,156
• After-tax cash flow: $516/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: Walled Lake Consolidated Schools
• NCES district ID: 2635160
• Math proficiency: 52% ▼ -4.00%
• Reading proficiency: 60% ▼ -1.00%
• Median HH income: $69,184
• Composite: 49.57/100
• National rank: #1987
• State rank: #58 of 540 in MI

Livability — Walled Lake

• Score: 75/100
• State rank: #157
• US rank: #3969

Category grades

Amenities D Commute F Cost of living A+ Crime A+ Employment C Housing A+ Health & safety D User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Walled Lake, MI
• County: Oakland County · 1,009,092 people
• City population: 24,118
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 23,939
• Household income: $91,381
• Rent vs Own: 25.3% rent · 74.7% own
• Severe rent burden: 514.0

Population outlook (Oakland County) Hauer SSP2

• Today (2025): 1,335,747 people
• By 2030: 1,375,100 · +2.9%
• By 2040: 1,435,385 · +7.5%
• By 2050: 1,469,250 · +10.0%
• By 2075: 1,531,946 · +14.7%
• By 2100: 1,450,485 · +8.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Asian 7% Two or more races 4% Hispanic / Latino 4% Black 3%
• Common ancestry: Romanian 12% Lithuanian 4% Slovak 3%
• Foreign-born: 16% · Canada, Vietnam, Dominican Republic
• Languages at home: 82% English-only · Other Indo-European 3% Other Asian/Pacific 3% Russian/Polish/Slavic 3%

Political lean MEDSL · Oakland

• 2024 margin: D (+10.6) · D 54.4% · R 43.8% · Other 1.9%
• 2008→2024 swing: -3.9pp toward R · 2008: 14.5pp · 2024: 10.6pp
• All cycles: 2024: D+10.6 2020: D+14.1 2016: D+8.1 2012: D+8.1 2008: D+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -344.88%
• Current HPI: 180.9641
• Rent YoY: ▲ 1.04%
• Metro: Detroit-Warren-Dearborn, MI
• 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

+166.9% since first listed

8 events — show timeline

• 2026-02-19 Pending — MiRealSource-MiMLS
• 2026-02-19 Pending — REALCOMP
• 2026-02-08 Listed $239,900 MiRealSource-MiMLS
• 2026-02-08 Listed $239,900 REALCOMP
• 2026-02-07 Coming Soon $239,900 MiRealSource-MiMLS
• 1997-04-16 Sold (Public Records) $97,126 Public Records
• 1996-10-08 Sold (Public Records) $98,190 Public Records
• 1993-07-22 Sold (Public Records) $89,900 Public Records

Property tax history

-0.1%/yr

Latest (2025): $2,394 · +2.9% YoY. Source: county tax records.