24114 Pennie St · Dearborn Heights, MI 48125

$119,999

3 bd · 1.0 ba · 943 sqft · SingleFamily public records · 3 Days on market

Built 1966 4,792 sqft lot Est $162k · 26% 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 +26.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +8.2/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

1000 SQ FOOT BRICK RANCH. BRAND NEW WINDOWS AND AC UNIT. THIS WAS A RENTAL PROPERTY. LANDLORD WAS GETTING 1,650 A MONTH FOR IT. HOME NEEDS A LITTLE TLC. HOME BEING SOLD * * AS IS * * . BUYER TO BRING THE HOME UP TO CITY CODE.

Key facts

• 4,792 sq ft lot
• Built 1966
• Listed 3 days

Property features AI

Finance

• Other: Property listed by RE/MAX Team 2000

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level with ground-level entry; Approximately 1,000 above-grade finished square feet; Brick exterior
• Construction: Brick construction; Slab foundation
• Exterior features: Paved road access; Lot dimensions approximately 40.2 x 119.9 (0.11 acre); No pool

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Six total rooms

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 $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 9.4% vs local median 5.5% in Dearborn Heights — 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 79/100 on livability (#82 in MI, #1,885 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, crime D+, employment D+.
• Westwood Community School District (suburban): math 6% / reading 11% proficiency, ranked #529 of 540 in MI (top 98%) — 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: Rents rising (+2.0%/yr); 137 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 32% of the median local income ($60k/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 $829 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 20y 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 $100k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price.

Recommended offer $119,999

Questions for the listing agent

1. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D 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: 1.32% ✓
• Cap rate: 9.36%
• Cash-on-cash: 10.95%
• DSCR: 1.49
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $162,196
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5952 Banner St	0.46mi	3/1.0	949 (+1%)	1mo	$144,000	$152	77
24426 Lehigh St	0.34mi	4/1.0 (+1)	922 (-2%)	1mo	$165,000	$179	74
25036 Colgate St	0.60mi	3/1.0	945 (+0%)	1mo	$85,000	$90	70
4165 Westpoint St	0.40mi	3/1.0	847 (-10%)	1mo	$170,000	$201	64
4140 Syracuse St	0.48mi	3/1.0	860 (-9%)	2mo	$150,000	$174	62
4145 Parker St	0.73mi	3/1.0	976 (+4%)	1mo	$195,000	$200	59
23300 N Brookside Dr	0.58mi	3/1.0	1,026 (+9%)	0mo	$155,000	$151	58
24301 Stanford St	0.34mi	2/1.0 (-1)	824 (-13%)	2mo	$155,000	$188	56
25038 Annapolis St	0.46mi	2/1.0 (-1)	841 (-11%)	1mo	$125,000	$149	54
23245 Annapolis St	0.59mi	2/1.0 (-1)	870 (-8%)	1mo	$150,000	$172	54
24304 Carlysle St	0.68mi	2/1.0 (-1)	895 (-5%)	2mo	$137,000	$153	53
25513 Annapolis St	0.72mi	3/1.0	1,040 (+10%)	2mo	$152,000	$146	48

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 · 2.03% rent growth · sell at horizon

5-year hold

• IRR: -1.1%
• Equity multiple: 0.96×
• Total profit: $-1,355
• Equity at exit: $17,892

10-year hold

• IRR: 7.5%
• Equity multiple: 1.54×
• Total profit: $18,186
• 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 48125

• Rents YoY: 2.0%
• Active inventory: 137
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,585 high
• Mortgage (P&I): −$629
• Tax from tax record: −$266 /mo · $3,192/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $307

Break-even live

Break-even rent $1,197

Max offer price $119,999

Occupancy floor 76%

Sensitivity live

Price	-10% $375	-5% $341	+0% $307	+5% $273	+10% $239
Rent	-10% $181	-5% $244	+0% $307	+5% $369	+10% $432
Rate	-1.0pp $367	-0.5pp $337	base $307	+0.5pp $275	+1.0pp $244

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 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4481 Westpoint St Dearborn Heights, MI	3.0	2.0	768	$1,549	$2.02	15d	1	0.30mi
24684 Lehigh St Dearborn Heights, MI	4.0	1.0	878	$1,600	$1.82	12d	1	0.39mi
25016 Lehigh St Dearborn Heights, MI	2.0	1.0	1000	$1,400	$1.40	5d	1	0.48mi
24601 Andover Dr Dearborn Heights, MI	3.0	1.5	1092	$1,700	$1.56	2d	1	0.49mi
24154 Dartmouth St Dearborn, MI	2.0	1.0	950	$1,275	$1.34	15d	1	0.54mi
5845 Michael St Taylor, MI	2.0	1.0	618	$1,325	$2.14	5d	1	0.67mi
24442 Union St Dearborn, MI	3.0	1.5	1000	$1,900	$1.90	2d	1	0.74mi
3809 Heritage Pkwy Dearborn, MI	2.0	1.5	1035	$1,400	$1.35	44d	1	0.75mi
3755 Heritage Pkwy Dearborn, MI	2.0	1.0	830	$1,450	$1.75	44d	1	0.80mi
3763 Heritage Pkwy Dearborn, MI	2.0	1.5	1035	$1,450	$1.40	44d	1	0.83mi
4934 McKinley St Dearborn Heights, MI	3.0	1.0	1051	$1,700	$1.62	2d	1	1.00mi
25722 Carlysle St Dearborn Heights, MI	3.0	1.0	1040	$1,450	$1.39	18d	1	1.05mi
26089 Lehigh St Inkster, MI	2.0	1.0	900	$1,295	$1.44	18d	1	1.06mi
26159 Stanford St Inkster, MI	4.0	1.0	1056	$1,350	$1.28	5d	1	1.16mi
4757 Dudley St Dearborn Heights, MI	3.0	1.0	995	$1,350	$1.36	11d	1	1.27mi
3620 Monroe St Dearborn, MI	3.0	2.0	1100	$1,800	$1.64	10d	1	1.33mi
2825 Queen St Dearborn, MI	2.0	1.0	1000	$1,299	$1.30	44d	1	1.34mi
26382 Colgate St Inkster, MI	2.0	1.0	850	$935	$1.10	24d	1	1.36mi
25745 Princeton St Dearborn Heights, MI	3.0	1.0	1080	$1,500	$1.39	11d	1	1.40mi
4810 Campbell St Dearborn Heights, MI	3.0	1.0	1000	$1,700	$1.70	2d	1	1.43mi
4914 Gertrude St Dearborn Heights, MI	2.0	1.0	908	$1,230	$1.35	18d	1	1.49mi
4638 Gertrude St Dearborn Heights, MI	3.0	1.0	1020	$1,700	$1.67	5d	1	1.49mi

Listing history 5 events

1. 2026-06-18
   status $119,999 Pending 3 DOM
2. 2026-06-18
   days on market $119,999 Active 3 DOM
3. 2026-06-17
   days on market $119,999 Active 2 DOM
4. 2026-06-15
   remarks 229-char remark

   Show marketing remark (229 chars)

   1000 SQ FOOT BRICK RANCH. BRAND NEW WINDOWS AND AC UNIT. THIS WAS A RENTAL PROPERTY. LANDLORD WAS GETTING 1,650 A MONTH FOR IT. HOME NEEDS A LITTLE TLC. HOME BEING SOLD * * AS IS * * . BUYER TO BRING THE HOME UP TO CITY CODE.

5. 2026-06-15
   listed $119,999 Active 1 DOM

   Show marketing remark (229 chars)

   1000 SQ FOOT BRICK RANCH. BRAND NEW WINDOWS AND AC UNIT. THIS WAS A RENTAL PROPERTY. LANDLORD WAS GETTING 1,650 A MONTH FOR IT. HOME NEEDS A LITTLE TLC. HOME BEING SOLD * * AS IS * * . BUYER TO BRING THE HOME UP TO CITY CODE.

ⓘ 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: $3,192 · $266/mo
• Projected year-2 tax: $3,192 · $266/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,015
• − Mortgage interest: −$6,722
• − Property taxes: −$3,192
• − Insurance: −$600
• − Repairs & maintenance: −$1,521
• − Management: −$1,521
• − Depreciation: −$3,491
• Taxable income: $1,969
• Est. tax owed @ 24.0%: −$472
• After-tax cash flow: $3,207/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: Westwood Community School District
• NCES district ID: 2611640
• Math proficiency: 6% ▼ -6.00%
• Reading proficiency: 11% ▼ -6.00%
• Median HH income: $36,350
• Composite: 7.06/100
• National rank: #9967
• State rank: #529 of 540 in MI

Livability — Dearborn Heights

• Score: 79/100
• State rank: #82
• US rank: #1885

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dearborn Heights, MI
• County: Wayne County · 1,562,939 people
• City population: 61,771
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 22,125
• Household income: $60,195
• Rent vs Own: 32.1% rent · 67.9% own
• Severe rent burden: 654.0

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 White (76%)
• Race & ethnicity: White 76% Black 10% Two or more races 9% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 11% Arab 3% Slovak 2%
• Foreign-born: 11% · Canada
• Languages at home: 82% English-only · Arabic 13% Spanish 3% Russian/Polish/Slavic 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: ▼ -214.70%
• Current HPI: 218.4698
• Rent YoY: ▲ 2.03%
• 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

+41.2% since first listed

14 events — show timeline

• 2026-06-15 Listed $119,999 REALCOMP
• 2026-06-15 Listed $119,999 MiRealSource-MiMLS
• 2021-10-28 Sold (Public Records) $100,000 Public Records
• 2021-10-22 Sold (MLS) $100,000 MiRealSource-MiMLS
• 2021-10-22 Sold (MLS) $100,000 REALCOMP
• 2021-09-27 Listing Removed — MiRealSource-MiMLS
• 2021-09-27 Listed $109,900 MiRealSource-MiMLS
• 2021-09-27 Listing Removed — REALCOMP
• 2021-09-27 Listed $109,900 REALCOMP
• 2009-03-30 Sold (MLS) $22,500 REALCOMP
• 2009-02-20 Listed $25,900 REALCOMP
• 2006-08-15 Sold (Public Records) $86,000 Public Records
• 2006-04-28 Sold (MLS) $86,000 REALCOMP
• 2006-01-03 Listed $85,000 REALCOMP

Property tax history

+5.5%/yr

Latest (2025): $3,192 · +3.5% YoY. Source: county tax records.