2612 Miller Ave · Ann Arbor, MI 48103

$320,000

4 bd · 1.0 ba · 1,508 sqft · SingleFamily public records · 53 Days on market

Built 1935 0.29 ac lot $212/sqft · 28% below area Est $444k · 28% under ↓ 7% since listing

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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 +16.4/30.0
• ARV discount +15.0/15.0
• Schools +6.5/10.0
• DSCR +5.1/10.0
• Livability +4.4/5.0
• 1% rule +4.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 4-bedroom home ideally located near downtown Ann Arbor! This well-loved property has been in the same family for many years and is now ready for its next chapter. Featuring a fully fenced yard—perfect for outdoor enjoyment, pets, or entertaining—along with a detached garage for added convenience. Inside, you’ll find a functional layout that includes a dedicated dining room and a full basement offering additional storage. The home offers great potential and is ready for your personal touch. A wonderful opportunity to own in a prime location and create new memories for years to come!

Key facts

• Full basement
• Fully fenced yard
• Detached garage

Tags

• FULLY FENCED YARD
• DETACHED GARAGE
• DEDICATED DINING ROOM
• FULL BASEMENT

Property features AI

Finance

• Other: Subdivision: GARDEN HOMES; Cross streets: Miller Ave and Maple Rd
• HOA & community: Homeowners association present

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Two levels
• Construction: Vinyl siding; Block foundation; Built above grade with finished living area (square footage not listed)
• Exterior features: Fenced yard; Paved road access

Interior

• Kitchen: Microwave, Oven, Range, Refrigerator, Dishwasher not listed
• Bedrooms: Total of 8 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Dryer, Washer, Microwave, Oven, Refrigerator, Range; Has basement with crawl space and block construction
• Laundry & utility: Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $320k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (9.2% below list).
• Recommended offer: $291k (9.2% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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 flat; 228 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• This rent runs 30% of the median local income ($116k/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 $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $290,624 (9.2% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.91% ✗
• Cap rate: 6.97%
• Cash-on-cash: 2.41%
• DSCR: 1.11
• GRM: 9.2

CMA / ARV

• ARV (median comp): $443,819
• List price: $320,000
• Delta: -27.90%
• 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
916 Patricia Ave	0.23mi	3/1.5 (-1)	1,531 (+2%)	4mo	$430,000	$281	77
2105 Foss Ct	0.44mi	3/1.5 (-1)	1,495 (-1%)	0mo	$394,000	$264	71
1025 Duncan St	0.51mi	4/2.0	1,616 (+7%)	1mo	$515,000	$319	59
1115 Western Dr	0.28mi	4/2.0	1,716 (+14%)	6mo	$307,000	$179	55
1006 Duncan St	0.56mi	3/2.0 (-1)	1,564 (+4%)	6mo	$410,000	$262	54
637 Ironwood Dr	0.64mi	4/2.0	1,368 (-9%)	2mo	$389,999	$285	49
1785 Miller Ave	0.73mi	3/2.0 (-1)	1,456 (-3%)	7mo	$489,000	$336	46
2675 Valley Dr	0.75mi	3/2.0 (-1)	1,400 (-7%)	0mo	$452,500	$323	44
706 Leona Dr	0.69mi	3/2.0 (-1)	1,692 (+12%)	1mo	$498,000	$294	38
1800 Cooley Ave	0.63mi	3/2.0 (-1)	1,714 (+14%)	2mo	$505,000	$295	38
1610 Saunders Cres	0.61mi	3/1.0 (-1)	1,724 (+14%)	6mo	$440,000	$255	37
2221 Walter Dr	0.64mi	3/2.0 (-1)	1,287 (-15%)	1mo	$390,000	$303	36

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 · 0.12% rent growth · sell at horizon

5-year hold

• IRR: -15.6%
• Equity multiple: 0.46×
• Total profit: $-48,595
• Equity at exit: $47,713

10-year hold

• IRR: -12.9%
• Equity multiple: 0.34×
• Total profit: $-59,330
• Equity at exit: $27,668

Cash invested: $89,600 (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 48103

• Rents YoY: 0.1%
• Active inventory: 228
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,906 medium
• Mortgage (P&I): −$1,678
• Tax from tax record: −$305 /mo · $3,655/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$610
• Net cashflow: $180

Break-even live

Break-even rent $2,678

Max offer price $320,000

Occupancy floor 89%

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2546 Pamela Ave Ann Arbor, MI	3.0	1.0	1050	$2,300	$2.19	43d	1	0.37mi
831 Loyola Dr Ann Arbor, MI	3.0	2.0	1813	$3,250	$1.79	43d	1	1.09mi
2855 Whippoorwill Ln Ann Arbor, MI	3.0	2.5	1724	$3,200	$1.86	13d	1	1.27mi

Listing history 18 events

1. 2026-06-18
   days on market $320,000 Active 53 DOM
2. 2026-06-17
   days on market $320,000 Active 52 DOM
3. 2026-06-16
   days on market $320,000 Active 51 DOM
4. 2026-06-15
   days on market $320,000 Active 50 DOM
5. 2026-06-14
   days on market $320,000 Active 48 DOM
6. 2026-06-10
   days on market $320,000 Active 45 DOM
7. 2026-06-09
   days on market $320,000 Active 44 DOM
8. 2026-06-08
   days on market $320,000 Active 43 DOM
9. 2026-06-07
   pricedays on market $320,000 Active 42 DOM
10. 2026-06-03
    days on market $330,000 Active 38 DOM
11. 2026-06-02
    days on market $330,000 Active 37 DOM
12. 2026-06-01
    days on market $330,000 Active 36 DOM
13. 2026-05-31
    days on market $330,000 Active 35 DOM
14. 2026-05-30
    days on market $330,000 Active 34 DOM
15. 2026-05-04
    price $335,000 615-char remark

    Show marketing remark (615 chars)

    Charming 4-bedroom home ideally located near downtown Ann Arbor! This well-loved property has been in the same family for many years and is now ready for its next chapter. Featuring a fully fenced yard—perfect for outdoor enjoyment, pets, or entertaining—along with a detached garage for added convenience. Inside, you’ll find a functional layout that includes a dedicated dining room and a full basement offering additional storage. The home offers great potential and is ready for your personal touch. A wonderful opportunity to own in a prime location and create new memories for years to come!

16. 2026-05-03
    price $335,000 597-char remark
17. 2026-04-27
    listed $345,000 Active 615-char remark

    Show marketing remark (615 chars)

    Charming 4-bedroom home ideally located near downtown Ann Arbor! This well-loved property has been in the same family for many years and is now ready for its next chapter. Featuring a fully fenced yard—perfect for outdoor enjoyment, pets, or entertaining—along with a detached garage for added convenience. Inside, you’ll find a functional layout that includes a dedicated dining room and a full basement offering additional storage. The home offers great potential and is ready for your personal touch. A wonderful opportunity to own in a prime location and create new memories for years to come!

18. 2026-04-27
    listed $345,000 Active 597-char remark

    Show marketing remark (615 chars)

    Charming 4-bedroom home ideally located near downtown Ann Arbor! This well-loved property has been in the same family for many years and is now ready for its next chapter. Featuring a fully fenced yard—perfect for outdoor enjoyment, pets, or entertaining—along with a detached garage for added convenience. Inside, you’ll find a functional layout that includes a dedicated dining room and a full basement offering additional storage. The home offers great potential and is ready for your personal touch. A wonderful opportunity to own in a prime location and create new memories for years to come!

ⓘ 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: $3,655 · $305/mo
• Projected year-2 tax: $4,291 · $358/mo
• Expected delta: +$637/yr (+$53/mo · 17.4%)

ⓘ 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 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,875
• − Mortgage interest: −$17,925
• − Property taxes: −$3,655
• − Insurance: −$1,600
• − Repairs & maintenance: −$2,790
• − Management: −$2,790
• − Depreciation: −$9,309
• Taxable loss: −$3,194
• Est. tax savings @ 24.0%: +$767
• After-tax cash flow: $2,926/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): 55,054
• Household income: $116,194
• Rent vs Own: 33.5% rent · 66.5% own
• Severe rent burden: 2033.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Asian 10% Two or more races 9% Hispanic / Latino 6% Black 6%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 6% Slovak 3% Iranian 3%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 83% English-only · Spanish 4% Chinese 3% Other Indo-European 2%

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: ▼ -472.49%
• Current HPI: 244.6891
• Rent YoY: ▲ 0.12%
• 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

-7.2% since first listed

8 events — show timeline

• 2026-06-05 Price Changed $320,000 MiRealSource-MiMLS
• 2026-06-05 Price Changed $320,000 REALCOMP
• 2026-05-20 Price Changed $330,000 MiRealSource-MiMLS
• 2026-05-20 Price Changed $330,000 REALCOMP
• 2026-05-04 Price Changed $335,000 MiRealSource-MiMLS
• 2026-05-03 Price Changed $335,000 REALCOMP
• 2026-04-27 Listed $345,000 MiRealSource-MiMLS
• 2026-04-27 Listed $345,000 REALCOMP

Property tax history

+3.7%/yr

Latest (2025): $3,655 · +2.4% YoY. Source: county tax records.