162 Puritan St · Highland Park, MI 48203

$140,000

4 bd · 2.0 ba · 1,781 sqft · SingleFamily · 60 Days on market

Built 1918 Fair condition 5,663 sqft lot $79/sqft · at area comps Est $136k · at est.

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Why this score? — see what drove the C 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 +23.3/30.0
• DSCR +7.5/10.0
• ARV discount +6.3/15.0
• 1% rule +6.1/10.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming home 4 beds 2 baths located in Highland Park this well-maintained property w Enjoy the convenience of being close to fantastic restaurants, shops, major highways, and more. Don't miss the opportunity!!!

Key facts

• 5,663 sq ft lot
• Built 1918
• Listed 60 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $140k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $256 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 14.2% in Highland Park — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $1,549/mo this rent would consume 48% 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 $968 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

• It's been on market 60 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.11% ✓
• Cap rate: 8.49%
• Cash-on-cash: 7.84%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (median comp): $136,251
• List price: $140,000
• Delta: 2.75%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
161 Eason St	0.09mi	3/2.0 (-1)	1,848 (+4%)	8mo	$138,000	$75	78
163 Moss St	0.03mi	3/1.0 (-1)	1,678 (-6%)	4mo	$191,000	$114	77
83 Midland St	0.20mi	3/1.5 (-1)	1,664 (-7%)	1mo	$150,000	$90	72
225 Moss St	0.12mi	3/1.5 (-1)	1,654 (-7%)	14mo	$65,000	$39	64
214 Moss St	0.11mi	3/3.5 (-1)	1,864 (+5%)	15mo	$235,000	$126	64
138 Moss St	0.07mi	5/2.5 (+1)	1,864 (+5%)	22mo	$125,000	$67	63
123 Florence St	0.24mi	3/1.5 (-1)	1,900 (+7%)	14mo	$92,500	$49	60
41 Ferris St	0.40mi	4/1.5	1,855 (+4%)	22mo	$169,900	$92	54
44 Grove St	0.39mi	3/1.0 (-1)	1,646 (-8%)	10mo	$8,000	$5	52
127 Cedarhurst St	0.67mi	3/2.5 (-1)	1,752 (-2%)	20mo	$55,000	$31	42
156 Hill St	0.67mi	3/1.5 (-1)	1,639 (-8%)	11mo	$154,000	$94	40
15398 Wabash St	0.74mi	3/2.0 (-1)	1,836 (+3%)	21mo	$30,000	$16	38

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: -4.3%
• Equity multiple: 0.84×
• Total profit: $-6,350
• Equity at exit: $20,874

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $15,572
• Equity at exit: $12,105

Cash invested: $39,200 (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: 7.5×

Monthly cashflow live

• Estimated rent: $1,549 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $256

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 78%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 10 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	10d	1	0.32mi
326 Eason St Highland Park, MI	3.0	1.0	1256	$1,300	$1.04	17d	1	0.35mi
16503 Linwood St Detroit, MI	4.0	2.0	2415	$1,800	$0.75	3d	1	1.04mi
168 Beresford St Highland Park, MI	4.0	1.0	1541	$1,475	$0.96	17d	1	1.10mi
64 Glendale St Highland Park, MI	4.0	1.0	1464	$1,500	$1.02	10d	1	1.12mi
574 W Golden Gate Highland Park, MI	3.0	1.0	1315	$1,300	$0.99	43d	1	1.19mi
101 Colorado St Unit NA Highland Park, MI	4.0	1.5	1695	$1,500	$0.88	24d	1	1.31mi
41 Richton St Highland Park, MI	5.0	2.0	1871	$1,800	$0.96	1d	1	1.41mi
41 Richton St Highland Park, MI	5.0	2.0	1871	$1,800	$0.96	14d	1	1.41mi
165 Rhode Island St Highland Park, MI	4.0	1.5	1639	$1,200	$0.73	17d	1	1.42mi

Listing history 4 events

1. 2026-05-05
   status Pending 227-char remark

   Show marketing remark (228 chars)

   Welcome to this charming home 4 beds 2 baths located in Highland Park this well-maintained property w Enjoy the convenience of being close to fantastic restaurants, shops, major highways, and more. Don't miss the opportunity!!!

2. 2026-05-05
   status Pending 228-char remark

   Show marketing remark (228 chars)

   Welcome to this charming home 4 beds 2 baths located in Highland Park this well-maintained property w Enjoy the convenience of being close to fantastic restaurants, shops, major highways, and more. Don't miss the opportunity!!!

3. 2026-03-06
   listed $140,000 Active 227-char remark

   Show marketing remark (228 chars)

   Welcome to this charming home 4 beds 2 baths located in Highland Park this well-maintained property w Enjoy the convenience of being close to fantastic restaurants, shops, major highways, and more. Don't miss the opportunity!!!

4. 2026-03-06
   listed $140,000 Active 228-char remark

   Show marketing remark (228 chars)

   Welcome to this charming home 4 beds 2 baths located in Highland Park this well-maintained property w Enjoy the convenience of being close to fantastic restaurants, shops, major highways, and more. Don't miss the opportunity!!!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 15 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: $18,587
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$1,487
• − Management: −$1,487
• − Depreciation: −$4,073
• Taxable income: $898
• Est. tax owed @ 24.0%: −$216
• After-tax cash flow: $2,858/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This home requires moderate renovations to improve its exterior and interior condition, enhancing its resale and rental value.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major exterior brick — Exposed and deteriorating
• Major flooring — Worn carpet
• Major interior walls — Peeling paint

Value-add opportunities

• Both paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both replace worn flooring — New flooring improves living space and adds value
• Both repair exterior siding and brick — Restores home's exterior and enhances curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
exterior brick · Exposed and deteriorating	Major	$15,000–50,000
flooring · Worn carpet	Major	$15,000–50,000
interior walls · Peeling paint	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both replace worn flooring — New flooring improves living space and adds value ↑
• Both repair exterior siding and brick — Restores home's exterior and enhances curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-05 Pending — MiRealSource-MiMLS
• 2026-05-05 Pending — REALCOMP
• 2026-03-06 Listed $140,000 REALCOMP
• 2026-03-06 Listed $140,000 MiRealSource-MiMLS