5845 Miller Rd · Dearborn, MI 48126

$117,000

2 bd · 1.0 ba · 918 sqft · Townhouse public records · 20 Days on market

Built 1931 1,742 sqft lot $127/sqft · 18% below area Est $142k · 18% 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 +26.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +6.6/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Prime Investment Opportunity! Solid brick townhouse located in a high-demand East Dearborn pocket. At $125k, this well-maintained property offers incredible upside. Features include 2 spacious bedrooms, a versatile attic loft (perfect for a 3rd functional space), and a private backyard with a durable cement patio. High-efficiency layout with an unfinished basement and laundry area. Ideally situated near major shopping hubs and roadways, ensuring high rental demand and long-term appreciation. Add this East Dearborn gem to your portfolio before it's gone. Home sold in 'as is' condition. Send offers to listing agent by email.

Key facts

• Laundry area
• Private backyard
• Unfinished basement

Tags

• SOLID BRICK TOWNHOUSE
• VERSATILE ATTIC LOFT
• PRIVATE BACKYARD
• DURABLE CEMENT PATIO
• UNFINISHED BASEMENT
• LAUNDRY AREA

Property features AI

Finance

• Other: Property listed as residential, single family
• Financial info: Financial details not provided
• HOA & community: HOA details not provided

Exterior

• Parking: No garage
• Security: Security details not provided
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Ground-level entry with steps; Brick exterior
• Construction: Brick construction; Block foundation; Built year not provided; Roof details not provided
• Exterior features: Covered porch; Paved road access; Lot dimensions approximately 18 x 90 (0.04 acres)

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: Bedrooms info not provided
• Flooring: Flooring details not provided
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fan(s); No central cooling
• Interior features: 7 total rooms; Unfinished basement
• Laundry & utility: Laundry details not provided

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $117k.

Deal economics

• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $117k).
• Recommended offer: $115k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.3% in Dearborn — 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 80/100 on livability (#84 in MI, #1,904 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D, schools D-.
• Dearborn City School District (urban): math 26% / reading 39% proficiency, ranked #325 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+13.2%/yr); 102 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• This rent runs 39% of the median local income ($42k/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 $809 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $33k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 12y ago; this cycle's ask has dropped $8k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $117k implies a 160% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,245 (1.5% below list)

Questions for the listing agent

1. Built in 1931 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.16% ✓
• Cap rate: 9.41%
• Cash-on-cash: 11.12%
• DSCR: 1.49
• GRM: 7.2

CMA / ARV

• ARV (median comp): $141,997
• List price: $117,000
• Delta: -17.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 5.6%
• Equity multiple: 1.23×
• Total profit: $7,531
• Equity at exit: $17,445

10-year hold

• IRR: 19.0%
• Equity multiple: 2.95×
• Total profit: $64,003
• Equity at exit: $10,116

Cash invested: $32,760 (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 48126

• Rents YoY: 13.2%
• Active inventory: 102
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,354 high
• Mortgage (P&I): −$614
• Tax from tax record: −$104 /mo · $1,242/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $304

Break-even live

Break-even rent $969

Max offer price $117,000

Occupancy floor 73%

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: $29,250
• Closing costs: $3,510
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6225 Middlesex St Unit 5 Dearborn, MI	2.0	1.0	700	$950	$1.36	4d	1	0.78mi
6225 Middlesex St Unit 5 Dearborn, MI	2.0	1.0	700	$950	$1.36	12d	1	0.78mi
7100 Freda St Dearborn, MI	1.0	1.0	900	$895	$0.99	43d	3	0.89mi
4326 Maple St Dearborn, MI	2.0	1.5	873	$1,695	$1.94	24d	1	1.01mi
6406 Mead St Dearborn, MI	2.0	1.0	904	$1,100	$1.22	24d	1	1.24mi
4810 Ternes St Dearborn, MI	2.0	1.0	720	$1,350	$1.88	17d	1	1.25mi
4819 Woodworth St Dearborn, MI	2.0	1.0	800	$1,700	$2.12	12d	1	1.35mi
14500 Prospect St Dearborn, MI	1.0	1.0	745	$1,145	$1.54	43d	1	1.35mi

Listing history 29 events

1. 2026-06-02
   status $117,000 Pending 20 DOM
2. 2026-06-01
   days on market $117,000 Active 20 DOM

   Show marketing remark (630 chars)

   Prime Investment Opportunity! Solid brick townhouse located in a high-demand East Dearborn pocket. At $125k, this well-maintained property offers incredible upside. Features include 2 spacious bedrooms, a versatile attic loft (perfect for a 3rd functional space), and a private backyard with a durable cement patio. High-efficiency layout with an unfinished basement and laundry area. Ideally situated near major shopping hubs and roadways, ensuring high rental demand and long-term appreciation. Add this East Dearborn gem to your portfolio before it's gone. Home sold in 'as is' condition. Send offers to listing agent by email.

3. 2026-05-31
   days on market $117,000 Active 19 DOM
4. 2026-05-12
   listed $125,000 Active 597-char remark

   Show marketing remark (630 chars)

   Prime Investment Opportunity! Solid brick townhouse located in a high-demand East Dearborn pocket. At $125k, this well-maintained property offers incredible upside. Features include 2 spacious bedrooms, a versatile attic loft (perfect for a 3rd functional space), and a private backyard with a durable cement patio. High-efficiency layout with an unfinished basement and laundry area. Ideally situated near major shopping hubs and roadways, ensuring high rental demand and long-term appreciation. Add this East Dearborn gem to your portfolio before it's gone. Home sold in 'as is' condition. Send offers to listing agent by email.

5. 2026-05-12
   listed $125,000 Active 591-char remark

   Show marketing remark (630 chars)

   Prime Investment Opportunity! Solid brick townhouse located in a high-demand East Dearborn pocket. At $125k, this well-maintained property offers incredible upside. Features include 2 spacious bedrooms, a versatile attic loft (perfect for a 3rd functional space), and a private backyard with a durable cement patio. High-efficiency layout with an unfinished basement and laundry area. Ideally situated near major shopping hubs and roadways, ensuring high rental demand and long-term appreciation. Add this East Dearborn gem to your portfolio before it's gone. Home sold in 'as is' condition. Send offers to listing agent by email.

6. 2026-03-23
   historical
7. 2026-03-23
   historical
8. 2026-03-14
   listed $135,000 Active
9. 2026-03-14
   listed $135,000 Active
10. 2026-03-12
    historical
11. 2026-03-01
    historical
12. 2026-03-01
    historical
13. 2025-09-20
    status Active
14. 2025-09-19
    historical
15. 2025-09-09
    listed $144,000 Active
16. 2025-09-09
    listed $144,000 Active
17. 2024-05-21
    historical
18. 2024-05-21
    historical
19. 2024-05-17
    listed $135,000 Active
20. 2024-05-17
    listed $135,000 Active
21. 2024-05-15
    historical
22. 2024-05-15
    historical
23. 2014-12-11
    soldstatus $45,000
24. 2014-11-17
    soldstatus $45,000
25. 2014-11-17
    soldstatus $45,000
26. 2014-06-11
    historical
27. 2014-04-17
    listed $45,000
28. 2014-04-17
    listed $45,000
29. 1992-03-13
    soldstatus $33,000

ⓘ 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: $1,242 · $104/mo
• Projected year-2 tax: $1,522 · $127/mo
• Expected delta: +$280/yr (+$23/mo · 22.5%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,246
• − Mortgage interest: −$6,554
• − Property taxes: −$1,242
• − Insurance: −$585
• − Repairs & maintenance: −$1,300
• − Management: −$1,300
• − Depreciation: −$3,404
• Taxable income: $1,862
• Est. tax owed @ 24.0%: −$447
• After-tax cash flow: $3,197/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: Dearborn City School District
• NCES district ID: 2611600
• Math proficiency: 26% ▼ -14.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $46,884
• Composite: 27.93/100
• National rank: #6864
• State rank: #325 of 540 in MI

Livability — Dearborn

• Score: 80/100
• State rank: #84
• US rank: #1904

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dearborn, MI
• County: Wayne County · 1,562,939 people
• City population: 86,476
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 51,997
• Household income: $42,140
• Rent vs Own: 43.4% rent · 56.6% own
• Severe rent burden: 2742.0

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 (90%)
• Race & ethnicity: White 90% Two or more races 4% Black 3% Asian 2% Hispanic / Latino 1%
• Common ancestry: Arab 8% Romanian 2% Armenian 1%
• Foreign-born: 43% · Canada, South Korea
• Languages at home: 26% English-only · Arabic 70% Other Indo-European 2% Spanish 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: ▼ -266.09%
• Current HPI: 241.0732
• Rent YoY: ▲ 13.15%
• 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

+254.5% since first listed

30 events — show timeline

• 2026-06-01 Pending — MiRealSource-MiMLS
• 2026-06-01 Pending — REALCOMP
• 2026-05-29 Price Changed $117,000 MiRealSource-MiMLS
• 2026-05-28 Price Changed $117,000 REALCOMP
• 2026-05-12 Listed $125,000 REALCOMP
• 2026-05-12 Listed $125,000 MiRealSource-MiMLS
• 2026-03-23 Listing Removed — MiRealSource-MiMLS
• 2026-03-23 Listing Removed — REALCOMP
• 2026-03-14 Listed $135,000 MiRealSource-MiMLS
• 2026-03-14 Listed $135,000 REALCOMP
• 2026-03-12 Coming Soon — MiRealSource-MiMLS
• 2026-03-01 Listing Removed — REALCOMP
• 2026-03-01 Listing Removed — MiRealSource-MiMLS
• 2025-09-20 Relisted — REALCOMP
• 2025-09-19 Listing Removed — REALCOMP
• 2025-09-09 Listed $144,000 MiRealSource-MiMLS
• 2025-09-09 Listed $144,000 REALCOMP
• 2024-05-21 Listing Removed — MiRealSource-MiMLS
• 2024-05-21 Listing Removed — REALCOMP
• 2024-05-17 Listed $135,000 MiRealSource-MiMLS
• 2024-05-17 Listed $135,000 REALCOMP
• 2024-05-15 Coming Soon — MiRealSource-MiMLS
• 2024-05-15 Coming Soon — REALCOMP
• 2014-12-11 Sold (Public Records) $45,000 Public Records
• 2014-11-17 Sold (MLS) $45,000 MiRealSource-MiMLS
• 2014-11-17 Sold (MLS) $45,000 REALCOMP
• 2014-06-11 Listing Removed — MiRealSource-MiMLS
• 2014-04-17 Listed $45,000 MiRealSource-MiMLS
• 2014-04-17 Listed $45,000 REALCOMP
• 1992-03-13 Sold (Public Records) $33,000 Public Records

Property tax history

-1.9%/yr

Latest (2025): $1,242 · +2.3% YoY. Source: county tax records.