51 Henderson St · Pontiac, MI 48341

$120,000

3 bd · 1.0 ba · 1,309 sqft · SingleFamily public records · 63 Days on market

Built 1910 5,227 sqft lot $92/sqft · 13% below area Est $137k · 13% 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 +13.2/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

* Back on market due to buyer financing * Welcome to this spacious, colonial home with the lot next door at 55 Henderson being included in the sale. This home is waiting for a handy first time homebuyer or an experienced investor to put the finishing touches. Along with being located close to major freeways and downtown, this home is just what you need. Schedule your showing today.

Key facts

• 5,227 sq ft lot
• 2 garage spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 6.7% in Pontiac — 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 64/100 on livability (#499 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety D, schools F, crime F.
• Pontiac City School District (urban): math 8% / reading 17% proficiency, ranked #514 of 540 in MI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 100 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent runs 36% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y 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.
• Current owner paid $38k; list at $120k implies a 216% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.28% ✓
• Cap rate: 10.85%
• Cash-on-cash: 16.27%
• DSCR: 1.72
• GRM: 6.5

CMA / ARV

• ARV (median comp): $137,312
• List price: $120,000
• Delta: -12.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
143 Thorpe St	0.28mi	3/1.0	1,247 (-5%)	2mo	$174,900	$140	77
75 Green St	0.27mi	3/1.0	1,218 (-7%)	2mo	$113,000	$93	74
105 Augusta Ave	0.26mi	3/1.5	1,231 (-6%)	3mo	$114,000	$93	73
27 Crawford St	0.50mi	3/1.0	1,302 (-0%)	4mo	$94,000	$72	73
69 Lincoln St	0.17mi	3/2.0	1,211 (-8%)	7mo	$175,000	$145	70
63 Mark Ave	0.31mi	3/1.0	1,444 (+10%)	1mo	$61,000	$42	68
176 Chippewa Rd	0.74mi	3/1.0	1,288 (-2%)	1mo	$199,900	$155	62
167 Mark Ave	0.36mi	3/2.0	1,415 (+8%)	4mo	$162,000	$114	62
140 W Howard St	0.74mi	3/1.5	1,288 (-2%)	5mo	$105,000	$82	57
175 S Johnson St	0.47mi	4/3.0 (+1)	1,313 (+0%)	13mo	$155,000	$118	54
24 Utica Rd	0.67mi	3/1.0	1,370 (+5%)	10mo	$90,500	$66	53
160 Chippewa Rd	0.72mi	3/2.5	1,500 (+15%)	0mo	$250,000	$167	36

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: 7.3%
• Equity multiple: 1.28×
• Total profit: $9,540
• Equity at exit: $17,892

10-year hold

• IRR: 16.6%
• Equity multiple: 2.36×
• Total profit: $45,567
• Equity at exit: $10,375

Cash invested: $33,600 (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 48341

• Active inventory: 100
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,532 high
• Mortgage (P&I): −$629
• Tax from tax record: −$76 /mo · $907/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $455

Break-even live

Break-even rent $956

Max offer price $120,000

Occupancy floor 65%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23 Henry Clay Ave Unit 1 Pontiac, MI	3.0	1.0	1200	$1,450	$1.21	17d	1	0.32mi
38 Spokane Dr Pontiac, MI	2.0	1.0	1000	$1,000	$1.00	43d	1	0.53mi
60 Waldo St Pontiac, MI	3.0	1.0	1100	$1,500	$1.36	4d	1	0.55mi
74 E Iroquois Rd Pontiac, MI	3.0	1.0	1661	$1,695	$1.02	24d	1	0.59mi
99 Chippewa Rd Pontiac, MI	4.0	1.0	1315	$1,750	$1.33	24d	1	0.66mi
223 Tucker St Pontiac, MI	2.0	2.5	1295	$1,700	$1.31	17d	1	0.73mi
5 Wenonah Dr Pontiac, MI	4.0	1.5	1749	$2,000	$1.14	43d	1	0.83mi
27 Sylvan Pontiac, MI	2.0	1.5	1370	$1,175	$0.86	12d	1	1.02mi
949 Boston Ave Waterford Twp, MI	2.0	1.0	1320	$1,150	$0.87	43d	1	1.05mi
949 Boston Ave Unit 1 Waterford Township, MI	2.0	1.0	1220	$1,150	$0.94	21d	1	1.05mi
4000 Winston Dr Pontiac, MI	2.0	1.5	1032	$515	$0.50	2d	1	1.11mi
49 Oakhill St Pontiac, MI	3.0	1.0	1200	$1,575	$1.31	24d	1	1.11mi
995 Lakeview St Waterford, MI	2.0	1.5	884	$1,375	$1.56	24d	1	1.18mi
65 Whitfield St Pontiac, MI	3.0	1.0	924	$1,175	$1.27	43d	1	1.23mi
249 W Wilson Ave Unit 1 Pontiac, MI	3.0	1.0	900	$1,540	$1.71	43d	1	1.34mi
91 Waterly Ave Waterford, MI	3.0	1.5	1550	$1,660	$1.07	1d	1	1.39mi
59 N Lynn Ave Waterford, MI	3.0	1.0	1300	$2,100	$1.62	2d	1	1.48mi

Listing history 25 events

1. 2026-06-13
   statusdays on market $120,000 Pending 63 DOM
2. 2026-06-09
   days on market $120,000 Active Under Contract 61 DOM
3. 2026-06-08
   days on market $120,000 Active Under Contract 60 DOM
4. 2026-06-07
   days on market $120,000 Active Under Contract 59 DOM
5. 2026-06-04
   days on market $120,000 Active Under Contract 56 DOM
6. 2026-06-03
   days on market $120,000 Active Under Contract 55 DOM
7. 2026-06-02
   days on market $120,000 Active Under Contract 54 DOM
8. 2026-06-01
   days on market $120,000 Active Under Contract 53 DOM
9. 2026-05-31
   days on market $120,000 Active Under Contract 52 DOM
10. 2026-04-28
    status Active 385-char remark

    Show marketing remark (385 chars)

    * Back on market due to buyer financing * Welcome to this spacious, colonial home with the lot next door at 55 Henderson being included in the sale. This home is waiting for a handy first time homebuyer or an experienced investor to put the finishing touches. Along with being located close to major freeways and downtown, this home is just what you need. Schedule your showing today.

11. 2026-04-28
    status Active 385-char remark

    Show marketing remark (385 chars)

    * Back on market due to buyer financing * Welcome to this spacious, colonial home with the lot next door at 55 Henderson being included in the sale. This home is waiting for a handy first time homebuyer or an experienced investor to put the finishing touches. Along with being located close to major freeways and downtown, this home is just what you need. Schedule your showing today.

12. 2026-04-24
    historical Accepting Backup Offers 385-char remark

    Show marketing remark (385 chars)

    * Back on market due to buyer financing * Welcome to this spacious, colonial home with the lot next door at 55 Henderson being included in the sale. This home is waiting for a handy first time homebuyer or an experienced investor to put the finishing touches. Along with being located close to major freeways and downtown, this home is just what you need. Schedule your showing today.

13. 2026-04-24
    historical Active Under Contract 385-char remark

    Show marketing remark (385 chars)

    * Back on market due to buyer financing * Welcome to this spacious, colonial home with the lot next door at 55 Henderson being included in the sale. This home is waiting for a handy first time homebuyer or an experienced investor to put the finishing touches. Along with being located close to major freeways and downtown, this home is just what you need. Schedule your showing today.

14. 2026-04-10
    listed $120,000 Active 385-char remark

    Show marketing remark (385 chars)

    * Back on market due to buyer financing * Welcome to this spacious, colonial home with the lot next door at 55 Henderson being included in the sale. This home is waiting for a handy first time homebuyer or an experienced investor to put the finishing touches. Along with being located close to major freeways and downtown, this home is just what you need. Schedule your showing today.

15. 2026-04-10
    listed $120,000 Active 385-char remark

    Show marketing remark (385 chars)

    * Back on market due to buyer financing * Welcome to this spacious, colonial home with the lot next door at 55 Henderson being included in the sale. This home is waiting for a handy first time homebuyer or an experienced investor to put the finishing touches. Along with being located close to major freeways and downtown, this home is just what you need. Schedule your showing today.

16. 2026-04-07
    historical $120,000 385-char remark

    Show marketing remark (385 chars)

    * Back on market due to buyer financing * Welcome to this spacious, colonial home with the lot next door at 55 Henderson being included in the sale. This home is waiting for a handy first time homebuyer or an experienced investor to put the finishing touches. Along with being located close to major freeways and downtown, this home is just what you need. Schedule your showing today.

17. 2017-12-12
    soldstatus $38,000 Sold
18. 2017-12-12
    soldstatus $38,000 Closed
19. 2017-11-27
    status Pending
20. 2017-11-27
    status Pending
21. 2017-11-13
    listed $39,900 Active
22. 2017-11-13
    listed $39,900 Active
23. 2015-04-13
    soldstatus $25,000
24. 1998-12-30
    soldstatus $25,400
25. 1989-11-20
    soldstatus $13,000

ⓘ 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: $907 · $76/mo
• Projected year-2 tax: $1,377 · $115/mo
• Expected delta: +$471/yr (+$39/mo · 51.9%)

ⓘ 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: $18,384
• − Mortgage interest: −$6,722
• − Property taxes: −$907
• − Insurance: −$600
• − Repairs & maintenance: −$1,471
• − Management: −$1,471
• − Depreciation: −$3,491
• Taxable income: $3,723
• Est. tax owed @ 24.0%: −$894
• After-tax cash flow: $4,572/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: Pontiac City School District
• NCES district ID: 2628740
• Math proficiency: 8% ▼ -5.00%
• Reading proficiency: 17% ▼ -3.00%
• Median HH income: $33,888
• Composite: 10.12/100
• National rank: #9802
• State rank: #514 of 540 in MI

Livability — Pontiac

• Score: 64/100
• State rank: #499
• US rank: #14703

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pontiac, MI
• County: Oakland County · 1,009,092 people
• City population: 44,593
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 18,924
• Household income: $51,390
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 833.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Black 57% White 22% Hispanic / Latino 12% Two or more races 11% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Slovak 2% Romanian 1% Swiss 1%
• Foreign-born: 10% · Canada
• Languages at home: 86% English-only · Spanish 9% Other Indo-European 1% Other Asian/Pacific 1%

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: ▼ -204.11%
• Current HPI: 257.8941
• 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

+823.1% since first listed

16 events — show timeline

• 2026-04-28 Relisted — MiRealSource-MiMLS
• 2026-04-28 Relisted — REALCOMP
• 2026-04-24 Contingent — MiRealSource-MiMLS
• 2026-04-24 Contingent — REALCOMP
• 2026-04-10 Listed $120,000 REALCOMP
• 2026-04-10 Listed $120,000 MiRealSource-MiMLS
• 2026-04-07 Coming Soon $120,000 MiRealSource-MiMLS
• 2017-12-12 Sold (MLS) $38,000 MiRealSource-MiMLS
• 2017-12-12 Sold (MLS) $38,000 REALCOMP
• 2017-11-27 Pending — MiRealSource-MiMLS
• 2017-11-27 Pending — REALCOMP
• 2017-11-13 Listed $39,900 MiRealSource-MiMLS
• 2017-11-13 Listed $39,900 REALCOMP
• 2015-04-13 Sold (Public Records) $25,000 Public Records
• 1998-12-30 Sold (Public Records) $25,400 Public Records
• 1989-11-20 Sold (Public Records) $13,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $907 · -9.3% YoY. Source: county tax records.