369 Puritan St · Highland Park, MI 48203

$70,000

6 bd · 2.0 ba · 2,016 sqft · SingleFamily public records · 19 Days on market

Built 1916 3,049 sqft lot Est $135k · 48% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Here is a great opportunity to start or add to your rental portfolio. Both units are rented on a month to month lease. The bottom unit gets $650, the top unit gets $550. Well below market rate. This is a package deal with 371 Puritan right next door. The buyer will receive a warranty deed. The buyer is to pay a $495 transaction fee to Downtown Realty.

Key facts

• 3,049 sq ft lot
• Built 1916
• Listed 18 days

Property features AI

Finance

• Other: Above-grade finished area approximately 2,037 square feet; Lot roughly 30 x 100 (0.07 acres)
• Financial info: Annual tax noted

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family residential property; Two stories; Located in THE PURITAN SUB subdivision; Zoned for multifamily
• Construction: Aluminum siding; Brick/mortar foundation
• Exterior features: Paved road access; Pets not allowed

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; No cooling
• Interior features: Unfinished basement

🏷️ Possibly a rental listed for sale. The $70,000 price doesn't fit this home's estimated sale value (~$135,072) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $844 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 20.8% vs local median 14.2% in Highland Park — 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 73/100 on livability (#214 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools F, crime F, employment F.
• Market conditions: 216 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $1,640/mo this rent would consume 51% of the median local household income ($38k/yr) (locally 1192% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago 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.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,950 (1.5% below list)

Questions for the listing agent

1. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 2.34% ✓
• Cap rate: 20.76%
• Cash-on-cash: 51.68%
• DSCR: 3.30
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $135,072
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
138 Moss St	0.38mi	5/2.5 (-1)	1,864 (-8%)	22mo	$125,000	$67	44
203 Puritan St	0.27mi	5/1.5 (-1)	2,266 (+12%)	19mo	$145,000	$64	44
16814 Normandy St	0.71mi	5/2.5 (-1)	2,022 (+0%)	21mo	$273,900	$135	42
16523 LA Salle Ave	0.62mi	5/1.5 (-1)	1,936 (-4%)	19mo	$125,000	$65	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 49.6%
• Equity multiple: 3.16×
• Total profit: $42,421
• Equity at exit: $10,437

10-year hold

• IRR: 55.1%
• Equity multiple: 6.42×
• Total profit: $106,182
• Equity at exit: $6,052

Cash invested: $19,600 (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 48203

• Home prices YoY: -23.3%
• Active inventory: 216
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,640 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$55 /mo · $665/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $844

Break-even live

Break-even rent $572

Max offer price $70,000

Occupancy floor 44%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
106 Geneva St Highland Park, MI	5.0	1.0	1920	$1,450	$0.76	11d	1	0.52mi

Listing history 5 events

1. 2026-06-13
   days on market $70,000 Active 19 DOM
2. 2026-06-09
   days on market $70,000 Active 15 DOM
3. 2026-06-08
   days on market $70,000 Active 14 DOM
4. 2026-06-07
   remarks 353-char remark
5. 2026-06-07
   listed $70,000 Active 13 DOM

ⓘ 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: $665 · $55/mo
• Projected year-2 tax: $872 · $73/mo
• Expected delta: +$206/yr (+$17/mo · 31.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,682
• − Mortgage interest: −$3,921
• − Property taxes: −$665
• − Insurance: −$350
• − Repairs & maintenance: −$1,575
• − Management: −$1,575
• − Depreciation: −$2,036
• Taxable income: $9,560
• Est. tax owed @ 24.0%: −$2,294
• After-tax cash flow: $7,834/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)

No district data.

Livability — Highland Park

• Score: 73/100
• State rank: #214
• US rank: #5271

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Highland Park, MI
• County: Wayne County · 1,562,939 people
• City population: 572,865
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 20,049
• Household income: $38,404
• Rent vs Own: 48.7% rent · 51.3% own
• Severe rent burden: 1192.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (85%)
• Race & ethnicity: Black 85% White 8% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% French/Haitian/Cajun 1%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.13%
• Current HPI: 297.0176
• Rent YoY: —
• 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

+12.9% since first listed

11 events — show timeline

• 2026-06-04 Relisted — MiRealSource-MiMLS
• 2026-06-04 Relisted — REALCOMP
• 2025-07-28 Listing Removed — MiRealSource-MiMLS
• 2025-07-19 Listed $70,000 REALCOMP
• 2025-07-18 Listed $70,000 MiRealSource-MiMLS
• 2023-05-05 Listing Removed — MiRealSource-MiMLS
• 2023-05-05 Listing Removed — REALCOMP
• 2023-04-28 Listed $70,000 MiRealSource-MiMLS
• 2023-04-28 Listed $70,000 REALCOMP
• 2004-05-18 Sold (Public Records) $62,000 Public Records
• 2004-05-18 Sold (Public Records) $62,000 Public Records

Property tax history

-6.7%/yr

Latest (2025): $665 · -20.0% YoY. Source: county tax records.