3140 Nordman Rd · Ann Arbor, MI 48108

$140,000

2 bd · 1.0 ba · 735 sqft · SingleFamily public records · 4 Days on market

Built 1920 8,712 sqft lot Est $277k · 49% 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 +25.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +7.1/10.0
• Schools +6.5/10.0
• Livability +4.4/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare opportunity to secure a buildable lot within Ann Arbor city limits. This 66' x 132' parcel presents an excellent setting for constructing your new custom home or developing an investment property. Located in an established neighborhood, the site offers convenient access to city amenities, schools, parks, and transportation. Utilities are already in place, and the newer garage remains in good condition. The existing house is a tear-down, providing a clean slate to build new. Don't miss the chance to create a personalized residence in a highly sought-after community with limited available land.

Key facts

• Personalized home
• Newer garage
• 8,712 sq ft lot

Tags

• PERSONALIZED HOME
• NEWER GARAGE
• ESTABLISHED COMMUNITY

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Natural gas connected
• Home design: Single-family residence; Residential property; Built in 1920
• Construction: Shingle siding; Shingle roof
• Exterior features: Paved road access; 0.2-acre lot

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating
• Interior features: Seven total rooms; Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 8.9% vs local median 2.5% in Ann Arbor — 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 88/100 on livability (#10 in MI, #155 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living D.
• Ann Arbor Public Schools (urban): math 71% / reading 81% proficiency, ranked #6 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising fast (+5.7%/yr); 151 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).

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.
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 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.
• Current owner paid $66k; list at $140k implies a 112% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,000

Questions for the listing agent

1. Built in 1920 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 1.21% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.41%
• DSCR: 1.42
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $277,095
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3334 Platt Rd	0.26mi	1/1.0 (-1)	750 (+2%)	12mo	$282,800	$377	70
2893 Parkwood Ave	0.52mi	2/1.0	720 (-2%)	19mo	$167,000	$232	57
3172 Edgewood Dr	0.66mi	2/1.5	700 (-5%)	11mo	$318,000	$454	50
2958 Shady Ln	0.72mi	2/1.0	834 (+14%)	5mo	$195,000	$234	40

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 · 5.72% rent growth · sell at horizon

5-year hold

• IRR: 1.1%
• Equity multiple: 1.04×
• Total profit: $1,747
• Equity at exit: $20,874

10-year hold

• IRR: 13.5%
• Equity multiple: 2.22×
• Total profit: $47,748
• 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 48108

• Rents YoY: 5.7%
• Active inventory: 151
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,700 high
• Mortgage (P&I): −$734
• Tax from tax record: −$243 /mo · $2,912/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $308

Break-even live

Break-even rent $1,310

Max offer price $140,000

Occupancy floor 77%

Sensitivity live

Price	-10% $387	-5% $347	+0% $308	+5% $268	+10% $228
Rent	-10% $173	-5% $240	+0% $308	+5% $375	+10% $442
Rate	-1.0pp $378	-0.5pp $343	base $308	+0.5pp $271	+1.0pp $234

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 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2716 Packard St Ann Arbor, MI	1.0–2.0	1.0	862	$1,350	$1.57	45d	1	0.49mi
2824 Whitewood St Ann Arbor, MI	1.0	1.0	619	$1,600	$2.58	22d	1	0.72mi
3510 Pheasant Run Cir Ann Arbor, MI	1.0–2.0	1.0	825	$1,445	$1.75	45d	13	0.98mi
3510 Pheasant Run Cir Ann Arbor, MI	1.0–2.0	1.0	825	$1,405	$1.70	15d	10	0.98mi
2960 Birch Hollow Dr Ann Arbor, MI	1.0–2.0	1.0	718	$1,299	$1.81	15d	3	1.00mi
2001 Huron Pkwy Ann Arbor, MI	1.0–2.0	1.0	688	$1,700	$2.47	22d	24	1.15mi
2572 Carpenter Rd Ann Arbor, MI	1.0–2.0	1.0	786	$1,799	$2.29	22d	9	1.22mi
2021 Medford Rd Ann Arbor, MI	1.0–3.0	1.0–2.0	937	$1,618	$1.73	22d	5	1.22mi
1533 Pine Valley Blvd Ann Arbor, MI	1.0–2.0	1.0–1.5	827	$1,725	$2.09	45d	1	1.23mi

Listing history 4 events

1. 2026-06-07
   remarks 699-char remark
2. 2026-06-07
   statusdays on market $140,000 Pending 4 DOM
3. 2026-06-03
   remarks 450-char remark
4. 2026-06-03
   listed $140,000 Active 1 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: $2,912 · $243/mo
• Projected year-2 tax: $2,912 · $243/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 ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,396
• − Mortgage interest: −$7,842
• − Property taxes: −$2,912
• − Insurance: −$700
• − Repairs & maintenance: −$1,632
• − Management: −$1,632
• − Depreciation: −$4,073
• Taxable income: $1,606
• Est. tax owed @ 24.0%: −$385
• After-tax cash flow: $3,305/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: Ann Arbor Public Schools
• NCES district ID: 2602820
• Math proficiency: 71% ▲ 5.00%
• Reading proficiency: 81% ▲ 11.00%
• Median HH income: $60,768
• Composite: 65.34/100
• National rank: #487
• State rank: #6 of 540 in MI

Livability — Ann Arbor

• Score: 88/100
• State rank: #10
• US rank: #155

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ann Arbor, MI
• County: Washtenaw County · 306,860 people
• City population: 163,747
• Metro: Ann Arbor, MI
• Population (ZIP): 27,666
• Household income: $89,355
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 1390.0

Population outlook (Washtenaw County) Hauer SSP2

• Today (2025): 402,878 people
• By 2030: 424,104 · +5.3%
• By 2040: 464,633 · +15.3%
• By 2050: 504,728 · +25.3%
• By 2075: 614,463 · +52.5%
• By 2100: 676,181 · +67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 58% Black 16% Asian 14% Two or more races 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 5% Italian 2% Slovak 2%
• Foreign-born: 23% · China, Canada, South Korea
• Languages at home: 72% English-only · Arabic 5% Other Indo-European 5% Chinese 5%

Political lean MEDSL · Washtenaw

• 2024 margin: Solid D (+44.4) · D 71.0% · R 26.6% · Other 2.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 41.0pp · 2024: 44.4pp
• All cycles: 2024: D+44.4 2020: D+46.6 2016: D+41.5 2012: D+36.0 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -221.96%
• Current HPI: 216.8067
• Rent YoY: ▲ 5.72%
• Metro: Ann Arbor, 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

+169.2% since first listed

9 events — show timeline

• 2026-06-02 Listed $140,000 MiRealSource-MiMLS
• 2026-06-02 Listed $140,000 MiRealSource-MiMLS
• 2026-06-02 Listed $140,000 REALCOMP
• 2026-06-02 Listed $140,000 REALCOMP
• 2026-06-02 Listed $140,000 SW Michigan MLS
• 2026-06-02 Listed $140,000 SW Michigan MLS
• 1992-04-03 Sold (Public Records) $66,000 Public Records
• 1992-04-03 Sold (Public Records) $66,000 Public Records
• 1989-05-01 Sold (Public Records) $52,000 Public Records

Property tax history

+3.8%/yr

Latest (2024): $2,912 · +8.6% YoY. Source: county tax records.