13499 Heritage St · Flat Rock, MI 48117

$39,900

3 bd · 2.0 ba · 1,344 sqft · SingleFamily · 76 Days on market

Built 1998 Average condition 4,356 sqft lot $30/sqft · 76% below area ↓ 17% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +2.8/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

SELLER FINANCING AVIALABLE. Updated Palm Harbor home on a quiet perimeter lot in The Orchards, a gated 55+ community in Carleton. This spacious home features a newer roof and windows, and a large living room that flows seamlessly into the dining area and island kitchen. The kitchen offers abundant cabinet and counter space, perfect for everyday use or entertaining guests. The primary suite includes a walk-in closet and a large en suite bath with a double vanity, shower, and relaxing garden tub, plus a convenient door directly into the laundry room. Two additional bedrooms share a full bath, offering plenty of space for guests or hobbies. Enjoy privacy with no neighbors behind and extra storage with the large shed. This age-restricted gated senior community offers outstanding amenities including a clubhouse, fitness center, heated outdoor pool, and organized activities designed to keep residents active and connected. Garages and carports can be built on your site for added convenience. Lot rent is $710 a month Schedule your showing today and see why this home is the perfect blend of comfort, space, and convenience!

Key facts

• Double vanity
• Quiet perimeter lot
• Newer roof

Tags

• QUIET PERIMETER LOT
• NEWER ROOF
• ABUNDANT CABINET SPACE
• WALK-IN CLOSET
• LARGE EN SUITE BATH
• DOUBLE VANITY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $40k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $908 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $38k (6.0% below list) — sets the bar for market timing.
• Cap rate 33.6% vs local median 2.7% in Flat Rock — 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 74/100 on livability (#177 in MI, #4,594 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Flat Rock Community Schools (suburban): math 26% / reading 37% proficiency, ranked #326 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 40 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 264 units permitted in Monroe County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Monroe County population projected at -20% 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $10k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $37,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 3.76% ✓
• Cap rate: 33.62%
• Cash-on-cash: 97.58%
• DSCR: 5.34
• GRM: 2.2

CMA / ARV

• ARV (median comp): $168,427
• List price: $39,900
• Delta: -76.31%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3713 Watermill Ln	0.37mi	3/2.0	1,232 (-8%)	2mo	$85,000	$69	67

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: 98.6%
• Equity multiple: 5.60×
• Total profit: $51,418
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 11.68×
• Total profit: $119,371
• Equity at exit: $3,450

Cash invested: $11,172 (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 48117

• Active inventory: 40
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,499 medium
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $908

Break-even live

Break-even rent $349

Max offer price $39,900

Occupancy floor 34%

Sensitivity live

Price	-10% $936	-5% $922	+0% $908	+5% $895	+10% $881
Rent	-10% $790	-5% $849	+0% $908	+5% $968	+10% $1,027
Rate	-1.0pp $929	-0.5pp $919	base $908	+0.5pp $898	+1.0pp $888

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3211 Will Carleton Rd Flat Rock, MI	2.0–3.0	2.0	1391	$1,499	$1.08	0d	1	1.41mi

Listing history 26 events

1. 2026-06-21
   days on market $39,900 Active 76 DOM
2. 2026-06-18
   days on market $39,900 Active 73 DOM
3. 2026-06-17
   days on market $39,900 Active 72 DOM
4. 2026-06-16
   days on market $39,900 Active 71 DOM
5. 2026-06-15
   days on market $39,900 Active 70 DOM
6. 2026-06-13
   pricedays on market $39,900 Active 68 DOM
7. 2026-06-09
   days on market $45,900 Active 64 DOM
8. 2026-06-08
   days on market $45,900 Active 63 DOM
9. 2026-06-07
   days on market $45,900 Active 62 DOM
10. 2026-06-04
    days on market $45,900 Active 59 DOM
11. 2026-06-03
    days on market $45,900 Active 58 DOM
12. 2026-06-02
    days on market $45,900 Active 57 DOM
13. 2026-06-01
    days on market $45,900 Active 56 DOM
14. 2026-05-31
    days on market $45,900 Active 55 DOM
15. 2026-05-07
    price $45,900 1131-char remark

    Show marketing remark (1132 chars)

    SELLER FINANCING AVIALABLE. Updated Palm Harbor home on a quiet perimeter lot in The Orchards, a gated 55+ community in Carleton. This spacious home features a newer roof and windows, and a large living room that flows seamlessly into the dining area and island kitchen. The kitchen offers abundant cabinet and counter space, perfect for everyday use or entertaining guests. The primary suite includes a walk-in closet and a large en suite bath with a double vanity, shower, and relaxing garden tub, plus a convenient door directly into the laundry room. Two additional bedrooms share a full bath, offering plenty of space for guests or hobbies. Enjoy privacy with no neighbors behind and extra storage with the large shed. This age-restricted gated senior community offers outstanding amenities including a clubhouse, fitness center, heated outdoor pool, and organized activities designed to keep residents active and connected. Garages and carports can be built on your site for added convenience. Lot rent is $710 a month Schedule your showing today and see why this home is the perfect blend of comfort, space, and convenience!

16. 2026-05-07
    price $45,900 1132-char remark

    Show marketing remark (1132 chars)

    SELLER FINANCING AVIALABLE. Updated Palm Harbor home on a quiet perimeter lot in The Orchards, a gated 55+ community in Carleton. This spacious home features a newer roof and windows, and a large living room that flows seamlessly into the dining area and island kitchen. The kitchen offers abundant cabinet and counter space, perfect for everyday use or entertaining guests. The primary suite includes a walk-in closet and a large en suite bath with a double vanity, shower, and relaxing garden tub, plus a convenient door directly into the laundry room. Two additional bedrooms share a full bath, offering plenty of space for guests or hobbies. Enjoy privacy with no neighbors behind and extra storage with the large shed. This age-restricted gated senior community offers outstanding amenities including a clubhouse, fitness center, heated outdoor pool, and organized activities designed to keep residents active and connected. Garages and carports can be built on your site for added convenience. Lot rent is $710 a month Schedule your showing today and see why this home is the perfect blend of comfort, space, and convenience!

17. 2026-04-06
    listed $49,900 Active 1132-char remark

    Show marketing remark (1131 chars)

    SELLER FINANCING AVIALABLE. Updated Palm Harbor home on a quiet perimeter lot in The Orchards, a gated 55+ community in Carleton. This spacious home features a newer roof and windows, and a large living room that flows seamlessly into the dining area and island kitchen. The kitchen offers abundant cabinet and counter space, perfect for everyday use or entertaining guests. The primary suite includes a walk-in closet and a large en suite bath with a double vanity, shower, and relaxing garden tub, plus a convenient door directly into the laundry room. Two additional bedrooms share a full bath, offering plenty of space for guests or hobbies. Enjoy privacy with no neighbors behind and extra storage with the large shed. This age-restricted gated senior community offers outstanding amenities including a clubhouse, fitness center, heated outdoor pool, and organized activities designed to keep residents active and connected. Garages and carports can be built on your site for added convenience. Lot rent is $710 a month Schedule your showing today and see why this home is the perfect blend of comfort, space, and convenience!

18. 2026-04-06
    listed $49,900 Active 1131-char remark

    Show marketing remark (1131 chars)

    SELLER FINANCING AVIALABLE. Updated Palm Harbor home on a quiet perimeter lot in The Orchards, a gated 55+ community in Carleton. This spacious home features a newer roof and windows, and a large living room that flows seamlessly into the dining area and island kitchen. The kitchen offers abundant cabinet and counter space, perfect for everyday use or entertaining guests. The primary suite includes a walk-in closet and a large en suite bath with a double vanity, shower, and relaxing garden tub, plus a convenient door directly into the laundry room. Two additional bedrooms share a full bath, offering plenty of space for guests or hobbies. Enjoy privacy with no neighbors behind and extra storage with the large shed. This age-restricted gated senior community offers outstanding amenities including a clubhouse, fitness center, heated outdoor pool, and organized activities designed to keep residents active and connected. Garages and carports can be built on your site for added convenience. Lot rent is $710 a month Schedule your showing today and see why this home is the perfect blend of comfort, space, and convenience!

19. 2026-04-06
    historical

    Show marketing remark (1131 chars)

    SELLER FINANCING AVIALABLE. Updated Palm Harbor home on a quiet perimeter lot in The Orchards, a gated 55+ community in Carleton. This spacious home features a newer roof and windows, and a large living room that flows seamlessly into the dining area and island kitchen. The kitchen offers abundant cabinet and counter space, perfect for everyday use or entertaining guests. The primary suite includes a walk-in closet and a large en suite bath with a double vanity, shower, and relaxing garden tub, plus a convenient door directly into the laundry room. Two additional bedrooms share a full bath, offering plenty of space for guests or hobbies. Enjoy privacy with no neighbors behind and extra storage with the large shed. This age-restricted gated senior community offers outstanding amenities including a clubhouse, fitness center, heated outdoor pool, and organized activities designed to keep residents active and connected. Garages and carports can be built on your site for added convenience. Lot rent is $710 a month Schedule your showing today and see why this home is the perfect blend of comfort, space, and convenience!

20. 2026-04-06
    historical

    Show marketing remark (1131 chars)

    SELLER FINANCING AVIALABLE. Updated Palm Harbor home on a quiet perimeter lot in The Orchards, a gated 55+ community in Carleton. This spacious home features a newer roof and windows, and a large living room that flows seamlessly into the dining area and island kitchen. The kitchen offers abundant cabinet and counter space, perfect for everyday use or entertaining guests. The primary suite includes a walk-in closet and a large en suite bath with a double vanity, shower, and relaxing garden tub, plus a convenient door directly into the laundry room. Two additional bedrooms share a full bath, offering plenty of space for guests or hobbies. Enjoy privacy with no neighbors behind and extra storage with the large shed. This age-restricted gated senior community offers outstanding amenities including a clubhouse, fitness center, heated outdoor pool, and organized activities designed to keep residents active and connected. Garages and carports can be built on your site for added convenience. Lot rent is $710 a month Schedule your showing today and see why this home is the perfect blend of comfort, space, and convenience!

21. 2026-03-29
    price $49,900
22. 2026-03-29
    price $49,900
23. 2026-03-01
    price $52,900
24. 2026-03-01
    price $52,900
25. 2025-10-06
    listed $55,000 Active
26. 2025-10-06
    listed $55,000 Active

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,988
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,439
• − Management: −$1,439
• − Depreciation: −$1,161
• Taxable income: $10,916
• Est. tax owed @ 24.0%: −$2,620
• After-tax cash flow: $8,282/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 · 12 photos

Average 55/100 Moderate rehab

This home requires moderate renovations to update the kitchen and bathrooms, which will significantly increase its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate kitchen countertops — dated and in need of replacement
• Moderate kitchen appliances — dated and in need of replacement
• Minor bathroom fixtures — standard fixtures

Value-add opportunities

• Resale update kitchen with new cabinets, countertops, and appliances — modern kitchen will attract more buyers
• Resale update bathrooms with new fixtures and possibly a shower/tub combo — updated bathrooms will appeal to buyers
• Both paint interior walls — fresh paint will improve curb appeal and interior aesthetics
• Both replace carpeting with hardwood or tile — updated flooring will improve both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
kitchen countertops · dated and in need of replacement	Moderate	$3,000–15,000
kitchen appliances · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · standard fixtures	Minor	$500–3,000
Total estimated repair cost · 4 items		$9,500–48,000

Value-add ROI direction

• Resale update kitchen with new cabinets, countertops, and appliances — modern kitchen will attract more buyers ↑
• Resale update bathrooms with new fixtures and possibly a shower/tub combo — updated bathrooms will appeal to buyers ↑
• Both paint interior walls — fresh paint will improve curb appeal and interior aesthetics ↑
• Both replace carpeting with hardwood or tile — updated flooring will improve both resale and rental value ↑

ⓘ 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)

• District: Flat Rock Community Schools
• NCES district ID: 2607080
• Math proficiency: 26% ▼ -7.00%
• Reading proficiency: 37% ▼ -2.00%
• Median HH income: $55,015
• Composite: 27.89/100
• National rank: #6871
• State rank: #326 of 540 in MI

Livability — Flat Rock

• Score: 74/100
• State rank: #177
• US rank: #4594

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 23,935
• Population (ZIP): 10,199

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 144,439 people
• By 2030: 140,033 · -3.1%
• By 2040: 128,408 · -11.1%
• By 2050: 115,024 · -20.4%
• By 2075: 87,273 · -39.6%
• By 2100: 63,110 · -56.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3% Black 2%
• Common ancestry: Romanian 10% Lithuanian 6% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Monroe

• 2024 margin: Strong R (+27.1) · D 35.7% · R 62.9% · Other 1.4%
• 2008→2024 swing: -31.5pp toward R · 2008: 4.3pp · 2024: -27.1pp
• All cycles: 2024: R+27.1 2020: R+22.6 2016: R+22.1 2012: D+1.0 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -150.05%
• Current HPI: 172.9092
• Rent YoY: —
• Metro: —
• 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

-16.5% since first listed

12 events — show timeline

• 2026-05-07 Price Changed $45,900 MiRealSource-MiMLS
• 2026-05-07 Price Changed $45,900 REALCOMP
• 2026-04-06 Listed $49,900 REALCOMP
• 2026-04-06 Listing Removed — REALCOMP
• 2026-04-06 Listing Removed — MiRealSource-MiMLS
• 2026-04-06 Listed $49,900 MiRealSource-MiMLS
• 2026-03-29 Price Changed $49,900 MiRealSource-MiMLS
• 2026-03-29 Price Changed $49,900 REALCOMP
• 2026-03-01 Price Changed $52,900 MiRealSource-MiMLS
• 2026-03-01 Price Changed $52,900 REALCOMP
• 2025-10-06 Listed $55,000 REALCOMP
• 2025-10-06 Listed $55,000 MiRealSource-MiMLS