49 Richton St · Highland Park, MI 48203

$47,500

4 bd · 1.5 ba · 1,547 sqft · SingleFamily public records · 8 Days on market

Built 1909 4,356 sqft lot $31/sqft · 31% below area Est $68k · 31% 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

PICTURE ARE FROM THE PAST. Occupancy: Non-paying occupant (s) present. .. Broker and Seller assumes no responsibility and makes no guarantees, representations, warranties (express, implied or otherwise). All offers should be submitted via email to: anthony. [email protected] accompanied by a current pre-approval and/or proof of funds. $2,500 EMD ''Earnest Money Deposit'' to be held by Listing Broker and must be received within 48 NO EXCEPTIONS. BATVAI/IDRBNG SOLD AS IS WHERE IS

Key facts

• 4,356 sq ft lot
• Built 1909
• Listed 7 days

Property features AI

Exterior

• Utilities: Public water
• Home design: Single-family residence; Residential property
• Construction: Built in 1909; Brick, vinyl siding and other exterior materials; Asphalt roof
• Exterior features: 0.1-acre lot

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating
• Interior features: 6 total rooms; Full basement
• Laundry & utility: Natural gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $48k.

Deal economics

• At list price, monthly cash flow is $989 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $48k).
• Cap rate 31.3% 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: 218 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $1,727/mo this rent would consume 54% 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 $328 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 24 sale attempts since 6y 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: property tax is 2.7% of price; built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $47,500

Questions for the listing agent

1. Built in 1909 — 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. 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?
5. 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?
6. 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.
7. 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.
8. 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: 3.64% ✓
• Cap rate: 31.27%
• Cash-on-cash: 89.22%
• DSCR: 4.97
• GRM: 2.3

CMA / ARV

• ARV (median comp): $68,357
• List price: $47,500
• Delta: -48.80%
• 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
193 Massachusetts St	0.48mi	3/1.5 (-1)	1,548 (+0%)	4mo	$59,900	$39	69
81 Richton St	0.07mi	5/1.5 (+1)	1,776 (+15%)	3mo	$48,000	$27	65
189 Tuxedo St	0.33mi	3/1.0 (-1)	1,425 (-8%)	4mo	$25,000	$18	61
194 Farrand Park	0.57mi	4/2.0	1,610 (+4%)	5mo	$189,000	$117	60
219 Waverly St	0.60mi	3/1.0 (-1)	1,557 (+1%)	6mo	$145,000	$93	59
535 Woodland St	0.53mi	3/2.0 (-1)	1,472 (-5%)	2mo	$170,000	$115	58
202 Farrand Park	0.58mi	3/1.0 (-1)	1,482 (-4%)	4mo	$40,000	$27	55
213 Avalon St	0.45mi	3/2.5 (-1)	1,404 (-9%)	1mo	$139,000	$99	54
225 Farrand Park	0.64mi	3/1.0 (-1)	1,458 (-6%)	2mo	$20,000	$14	52
600 Harmon St	0.70mi	4/1.0	1,375 (-11%)	6mo	$57,000	$41	42
1220 Lawrence St	0.64mi	3/1.0 (-1)	1,382 (-11%)	5mo	$5,000	$4	41
215 Winona St	0.70mi	3/2.0 (-1)	1,759 (+14%)	1mo	$115,000	$65	37

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: 89.9%
• Equity multiple: 5.16×
• Total profit: $55,337
• Equity at exit: $7,082

10-year hold

• IRR: 92.8%
• Equity multiple: 10.74×
• Total profit: $129,505
• Equity at exit: $4,107

Cash invested: $13,300 (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: 218
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,727 high
• Mortgage (P&I): −$249
• Tax from tax record: −$107 /mo · $1,280/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $989

Break-even live

Break-even rent $475

Max offer price $47,500

Occupancy floor 38%

Sensitivity live

Price	-10% $1,016	-5% $1,002	+0% $989	+5% $975	+10% $962
Rent	-10% $852	-5% $921	+0% $989	+5% $1,057	+10% $1,125
Rate	-1.0pp $1,013	-0.5pp $1,001	base $989	+0.5pp $977	+1.0pp $964

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: $11,875
• Closing costs: $1,425
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
41 Richton St Highland Park, MI	5.0	2.0	1871	$1,800	$0.96	15d	1	0.02mi
41 Richton St Highland Park, MI	5.0	2.0	1871	$1,800	$0.96	2d	1	0.02mi
64 Glendale St Highland Park, MI	4.0	1.0	1464	$1,500	$1.02	11d	1	0.31mi
101 Colorado St Unit NA Highland Park, MI	4.0	1.5	1695	$1,780	$1.05	0d	1	0.36mi
165 Rhode Island St Highland Park, MI	4.0	1.5	1639	$1,200	$0.73	18d	1	0.44mi
520 Englewood St Detroit, MI	4.0	1.5	1086	$1,725	$1.59	25d	1	0.55mi
168 Beresford St Highland Park, MI	4.0	1.0	1541	$1,475	$0.96	18d	1	0.68mi
613 Belmont St Detroit, MI	3.0	1.0	1100	$1,350	$1.23	18d	1	0.76mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,850	$1.68	25d	1	0.79mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,750	$1.59	44d	1	0.79mi
505 Westminster St Detroit, MI	3.0	1.0	1700	$1,400	$0.82	18d	1	0.90mi
330 Westminster St Unit NA Detroit, MI	3.0	1.0	1995	$1,900	$0.95	44d	1	0.90mi
330 Westminster St Detroit, MI	3.0	1.0	1995	$1,900	$0.95	24d	1	0.90mi
9844 Woodrow Wilson St Detroit, MI	3.0	1.0	1187	$1,300	$1.10	13d	1	0.93mi
1929 Calvert Ave Unit 2 Detroit, MI	3.0	1.0	1414	$1,199	$0.85	16d	1	1.07mi
216 Holbrook Unit Na Detroit, MI	4.0	2.0	2000	$2,200	$1.10	2d	1	1.16mi
216 Holbrook St Detroit, MI	4.0	2.0	2000	$2,000	$1.00	22d	1	1.16mi
1926 Clements St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	6d	1	1.16mi
1926 Clements St Unit 1926 Detroit, MI	3.0	1.0	1150	$1,250	$1.09	21d	1	1.16mi
419 King St Detroit, MI	3.0	1.0	1668	$2,300	$1.38	11d	1	1.23mi
2474 Fullerton St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	16d	1	1.33mi
8416 Brush St Detroit, MI	3.0	1.5	1200	$2,200	$1.83	2d	1	1.45mi
528 E Philadelphia St Detroit, MI	3.0	1.0	1625	$2,400	$1.48	2d	1	1.45mi
8410 Brush St Detroit, MI	3.0	2.5	1300	$2,200	$1.69	2d	1	1.45mi
242 Ferris St Highland Park, MI	3.0	1.0	1192	$1,275	$1.07	0d	1	1.46mi

Listing history 50 events

1. 2026-06-21
   days on market $47,500 Active 8 DOM
2. 2026-06-18
   days on market $47,500 Active 5 DOM
3. 2026-06-17
   days on market $47,500 Active 4 DOM
4. 2026-06-16
   days on market $47,500 Active 3 DOM
5. 2026-06-15
   days on market $47,500 Active 2 DOM
6. 2026-06-13
   pricestatusdays on marketlisting id $47,500 Active 1 DOM
7. 2026-05-19
   historical
8. 2026-04-23
   price $35,000
9. 2026-04-23
   price $35,000
10. 2026-04-23
    price $35,000
11. 2026-04-18
    price $38,000
12. 2026-04-17
    price $38,000
13. 2026-04-17
    price $38,000
14. 2026-03-14
    price $42,500
15. 2026-03-14
    price $42,500
16. 2026-03-14
    price $42,500
17. 2026-02-06
    status Active
18. 2026-02-06
    status Active
19. 2026-01-28
    status Pending
20. 2026-01-28
    status Pending
21. 2026-01-28
    historical
22. 2026-01-11
    price $52,000
23. 2026-01-11
    price $52,000
24. 2026-01-10
    price $52,000
25. 2025-11-15
    listed $57,000 Active
26. 2025-11-15
    listed $57,000 Active
27. 2025-10-26
    historical
28. 2025-10-25
    historical
29. 2025-08-29
    price $55,555
30. 2025-08-28
    price $55,555
31. 2025-08-28
    price $55,555
32. 2025-05-21
    status Active
33. 2025-05-21
    historical
34. 2025-04-28
    status Active
35. 2025-04-28
    status Active
36. 2025-04-26
    historical
37. 2025-04-25
    historical
38. 2025-03-08
    price $38,472
39. 2025-03-08
    price $38,472
40. 2025-03-07
    price $38,472
41. 2025-01-27
    listed $24,683 Active
42. 2025-01-27
    listed $24,683 Active
43. 2022-12-14
    historical
44. 2022-12-08
    historical
45. 2022-12-08
    historical
46. 2022-12-06
    price $89,900
47. 2022-12-06
    price $89,900
48. 2022-09-16
    price $98,900
49. 2022-09-16
    price $98,900
50. 2022-08-29
    price $99,900

ⓘ 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: $1,280 · $107/mo
• Projected year-2 tax: $1,280 · $107/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 ≥96°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: $20,725
• − Mortgage interest: −$2,661
• − Property taxes: −$1,280
• − Insurance: −$238
• − Repairs & maintenance: −$1,658
• − Management: −$1,658
• − Depreciation: −$1,382
• Taxable income: $11,849
• Est. tax owed @ 24.0%: −$2,844
• After-tax cash flow: $9,022/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
• 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

+850.0% since first listed

81 events — show timeline

• 2026-06-12 Listed $47,500 SW Michigan MLS
• 2026-06-12 Listed $47,500 MiRealSource-MiMLS
• 2026-06-12 Listed $47,500 REALCOMP
• 2026-05-19 Listing Removed — MiRealSource-MiMLS
• 2026-04-23 Price Changed $35,000 MiRealSource-MiMLS
• 2026-04-23 Price Changed $35,000 REALCOMP
• 2026-04-23 Price Changed $35,000 SW Michigan MLS
• 2026-04-18 Price Changed $38,000 MiRealSource-MiMLS
• 2026-04-17 Price Changed $38,000 REALCOMP
• 2026-04-17 Price Changed $38,000 SW Michigan MLS
• 2026-03-14 Price Changed $42,500 MiRealSource-MiMLS
• 2026-03-14 Price Changed $42,500 REALCOMP
• 2026-03-14 Price Changed $42,500 SW Michigan MLS
• 2026-02-06 Relisted — MiRealSource-MiMLS
• 2026-02-06 Relisted — REALCOMP
• 2026-01-28 Pending — MiRealSource-MiMLS
• 2026-01-28 Pending — REALCOMP
• 2026-01-28 Listing Removed — REALCOMP
• 2026-01-11 Price Changed $52,000 MiRealSource-MiMLS
• 2026-01-11 Price Changed $52,000 REALCOMP
• 2026-01-10 Price Changed $52,000 SW Michigan MLS
• 2025-11-15 Listed $57,000 REALCOMP
• 2025-11-15 Listed $57,000 MiRealSource-MiMLS
• 2025-10-26 Listing Removed — MiRealSource-MiMLS
• 2025-10-25 Listing Removed — REALCOMP
• 2025-08-29 Price Changed $55,555 MiRealSource-MiMLS
• 2025-08-28 Price Changed $55,555 REALCOMP
• 2025-08-28 Price Changed $55,555 SW Michigan MLS
• 2025-05-21 Relisted — REALCOMP
• 2025-05-21 Listing Removed — REALCOMP
• 2025-04-28 Relisted — REALCOMP
• 2025-04-28 Relisted — MiRealSource-MiMLS
• 2025-04-26 Listing Removed — MiRealSource-MiMLS
• 2025-04-25 Listing Removed — REALCOMP
• 2025-03-08 Price Changed $38,472 REALCOMP
• 2025-03-08 Price Changed $38,472 MiRealSource-MiMLS
• 2025-03-07 Price Changed $38,472 SW Michigan MLS
• 2025-01-27 Listed $24,683 REALCOMP
• 2025-01-27 Listed $24,683 MiRealSource-MiMLS
• 2022-12-14 Rental Removed — REALSOURCE
• 2022-12-08 Listing Removed — MiRealSource-MiMLS
• 2022-12-08 Listing Removed — REALCOMP
• 2022-12-06 Price Changed $89,900 MiRealSource-MiMLS
• 2022-12-06 Price Changed $89,900 REALCOMP
• 2022-09-16 Price Changed $98,900 MiRealSource-MiMLS
• 2022-09-16 Price Changed $98,900 REALCOMP
• 2022-08-29 Price Changed $99,900 MiRealSource-MiMLS
• 2022-08-29 Price Changed $99,900 REALCOMP
• 2022-08-16 Listed $60,000 MiRealSource-MiMLS
• 2022-08-16 Listed $60,000 REALCOMP
• 2021-07-08 Sold (MLS) $43,000 MiRealSource-MiMLS
• 2021-07-08 Sold (MLS) $43,000 REALCOMP
• 2021-06-23 Pending — MiRealSource-MiMLS
• 2021-06-23 Pending — REALCOMP
• 2021-05-10 Listed $50,000 MiRealSource-MiMLS
• 2021-05-10 Listed $50,000 REALCOMP
• 2021-03-15 Price Changed $59,900 MiRealSource-MiMLS
• 2021-03-15 Listing Removed — REALCOMP
• 2021-03-15 Price Changed $59,900 REALCOMP
• 2021-03-15 Listing Removed — MiRealSource-MiMLS
• 2021-01-05 Price Changed $36,000 MiRealSource-MiMLS
• 2021-01-04 Price Changed $36,000 REALCOMP
• 2020-12-22 Listing Removed — REALCOMP
• 2020-12-22 Listing Removed — MiRealSource-MiMLS
• 2020-12-10 Listed $42,400 MiRealSource-MiMLS
• 2020-12-10 Listed $42,400 REALCOMP
• 2020-12-07 Listed $42,400 MiRealSource-MiMLS
• 2020-12-07 Listed $42,400 REALCOMP
• 2020-11-05 Listing Removed — REALCOMP
• 2020-11-05 Listing Removed — MiRealSource-MiMLS
• 2020-10-14 Price Changed $72,900 MiRealSource-MiMLS
• 2020-10-14 Price Changed $72,900 REALCOMP
• 2020-08-27 Price Changed $45,000 MiRealSource-MiMLS
• 2020-08-26 Price Changed $45,000 REALCOMP
• 2020-08-20 Relisted — MiRealSource-MiMLS
• 2020-07-24 Relisted — REALCOMP
• 2020-07-14 Listing Removed — REALCOMP
• 2020-07-14 Listing Removed — MiRealSource-MiMLS
• 2020-06-24 Listed $59,900 MiRealSource-MiMLS
• 2020-06-24 Listed $59,900 REALCOMP
• 2019-11-29 Sold (MLS) $5,000 MiRealSource-MiMLS

Property tax history

+2.3%/yr

Latest (2025): $1,280 · -18.5% YoY. Source: county tax records.