1454 Leroy St · Ferndale, MI 48220

$285,000

4 bd · 1.0 ba · 1,664 sqft · SingleFamily public records · 12 Days on market

Built 1948 6,098 sqft lot Est $319k · 11% under

---

Why this score? — see what drove the D+ 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 +12.7/30.0
• ARV discount +12.4/15.0
• Livability +4.5/5.0
• Rent growth +4.1/5.0
• DSCR +3.8/10.0
• 1% rule +3.3/10.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ferndale's leading home seller presents this corner lot bungalow with beautiful hardwood floors, a spacious back family room, and a detached two-car garage. Bright living room with a large picture window flows into a central dining room featuring a classic chandelier and a charming glass French door at the staircase. Kitchen offers stainless steel appliances, wood cabinetry, and tile backsplash. Open back family room provides great additional living space with a ceiling fan, multiple windows, and access to the back deck. Two entry-level bedrooms with hardwood floors share a full tile bath down the hallway. Head upstairs to a large primary bedroom that spans the entire second floor with built-in dresser drawers and carpet. Full basement provides laundry and plenty of storage space. Fenced backyard with a wood deck, garden area, and brick paver walkway. Close to downtown Ferndale shops, restaurants, and parks. Welcome Home!

Key facts

• Wood cabinetry
• Corner lot
• Hardwood floors

Tags

• CORNER LOT
• HARDWOOD FLOORS
• BACK FAMILY ROOM
• STAINLESS STEEL APPLIANCES
• WOOD CABINETRY
• TILE BACKSPLASH

Property features AI

Finance

• Other: Lot approximately 0.14 acre (50 x 121); Subdivision: LEGGETT FARM

Exterior

• Parking: Detached 2-car garage; Paved access
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half story; Ground-level entry with steps; Aluminum siding
• Construction: Block foundation
• Exterior features: Covered porch; Deck; Fenced yard

Interior

• Kitchen: Dishwasher; Free-standing gas oven; Free-standing refrigerator; Microwave
• Bedrooms: Total of 7 rooms (bedrooms included)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Gas water heater; Disposal; Partially finished basement; Interior lighting
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $285k.

Deal economics

• At list price, monthly cash flow is $-31 ($-374/yr) — negative.
• To cash-flow at today's rent, offer at most $279k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (17.3% below list).
• Recommended offer: $236k (17.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.5% in Ferndale — 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 90/100 on livability (#8 in MI, #103 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: schools D+.
• Ferndale Public Schools (suburban): math 18% / reading 39% proficiency, ranked #366 of 540 in MI (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.2%/yr); 171 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent runs 31% of the median local income ($90k/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 $9k of value loss. Plan a longer hold.
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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 $156k; list at $285k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,810 (17.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1948 — 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 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.83% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.47%
• DSCR: 0.98
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $319,488
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1705 W Troy St	0.26mi	3/2.0 (-1)	1,674 (+1%)	2mo	$322,000	$192	77
1915 Central St	0.32mi	3/1.0 (-1)	1,624 (-2%)	2mo	$280,000	$172	74
1310 Pinecrest Dr	0.25mi	3/1.5 (-1)	1,731 (+4%)	2mo	$264,900	$153	73
1677 Pearson St	0.20mi	3/2.0 (-1)	1,815 (+9%)	0mo	$295,000	$163	66
8121 Cloverdale Ave	0.43mi	5/2.0 (+1)	1,765 (+6%)	1mo	$212,000	$120	60
23045 Sherman St	0.34mi	3/1.0 (-1)	1,468 (-12%)	1mo	$226,000	$154	59
985 W Hazelhurst St	0.39mi	3/2.5 (-1)	1,550 (-7%)	2mo	$400,000	$258	58
550 Pinecrest Dr	0.54mi	3/1.5 (-1)	1,547 (-7%)	1mo	$387,400	$250	56
1060 W Hazelhurst St	0.31mi	3/2.0 (-1)	1,874 (+13%)	1mo	$366,000	$195	54
621 W Hazelhurst St	0.66mi	4/2.5	1,758 (+6%)	0mo	$475,000	$270	53
705 W Breckenridge St	0.52mi	3/1.5 (-1)	1,462 (-12%)	2mo	$346,000	$237	47
21025 Glen Lodge Rd	0.68mi	3/2.0 (-1)	1,774 (+7%)	2mo	$201,500	$114	47

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 · 6.24% rent growth · sell at horizon

5-year hold

• IRR: -13.6%
• Equity multiple: 0.50×
• Total profit: $-40,241
• Equity at exit: $42,494

10-year hold

• IRR: -0.5%
• Equity multiple: 0.96×
• Total profit: $-2,828
• Equity at exit: $24,642

Cash invested: $79,800 (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 48220

• Rents YoY: 6.2%
• Active inventory: 171
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,358 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$281 /mo · $3,369/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $-31

Break-even live

Break-even rent $2,398

Max offer price $279,496

Occupancy floor 96%

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1557 Leroy St Ferndale, MI	3.0	2.0	1380	$2,523	$1.83	4d	1	0.09mi
631 Shasta Pl Ferndale, MI	3.0	2.0	1317	$2,100	$1.59	43d	1	0.51mi
23511 Majestic St Oak Park, MI	3.0	1.0	1100	$1,750	$1.59	24d	1	0.86mi
20110 Northlawn St Detroit, MI	3.0	1.0	1100	$1,350	$1.23	17d	1	1.09mi
320 E Troy St Ferndale, MI	4.0	2.0	1627	$2,200	$1.35	43d	1	1.11mi
351 Edgewood Pl Unit 2 Ferndale, MI	3.0	2.0	1600	$2,200	$1.38	17d	1	1.17mi
19986 Cherrylawn St Detroit, MI	4.0	1.5	1144	$1,700	$1.49	17d	1	1.19mi
20009 Wisconsin St Detroit, MI	3.0	1.5	1051	$1,400	$1.33	17d	1	1.21mi
24051 Geneva St Oak Park, MI	3.0	1.5	2052	$1,800	$0.88	43d	1	1.26mi
25090 Woodward Ave Royal Oak, MI	1.0–3.0	1.0–2.5	1146	$4,195	$3.66	1d	13	1.39mi
2705 Inman St Ferndale, MI	3.0	2.5	1429	$3,195	$2.24	1d	1	1.42mi
2554 Woodstock Dr Highland Park, MI	3.0	1.5	1929	$2,250	$1.17	14d	1	1.43mi
159 Allenhurst Ave Royal Oak, MI	3.0	2.0	1955	$2,700	$1.38	1d	1	1.45mi
21850 Coolidge Hwy #203 Oak Park, MI	3.0	2.0	1100	$1,700	$1.55	4d	1	1.50mi

Listing history 21 events

1. 2026-06-17
   status $285,000 Pending 12 DOM

   Show marketing remark (935 chars)

   Ferndale's leading home seller presents this corner lot bungalow with beautiful hardwood floors, a spacious back family room, and a detached two-car garage. Bright living room with a large picture window flows into a central dining room featuring a classic chandelier and a charming glass French door at the staircase. Kitchen offers stainless steel appliances, wood cabinetry, and tile backsplash. Open back family room provides great additional living space with a ceiling fan, multiple windows, and access to the back deck. Two entry-level bedrooms with hardwood floors share a full tile bath down the hallway. Head upstairs to a large primary bedroom that spans the entire second floor with built-in dresser drawers and carpet. Full basement provides laundry and plenty of storage space. Fenced backyard with a wood deck, garden area, and brick paver walkway. Close to downtown Ferndale shops, restaurants, and parks. Welcome Home!

2. 2026-06-17
   days on market $285,000 Active Under Contract 12 DOM

   Show marketing remark (935 chars)

   Ferndale's leading home seller presents this corner lot bungalow with beautiful hardwood floors, a spacious back family room, and a detached two-car garage. Bright living room with a large picture window flows into a central dining room featuring a classic chandelier and a charming glass French door at the staircase. Kitchen offers stainless steel appliances, wood cabinetry, and tile backsplash. Open back family room provides great additional living space with a ceiling fan, multiple windows, and access to the back deck. Two entry-level bedrooms with hardwood floors share a full tile bath down the hallway. Head upstairs to a large primary bedroom that spans the entire second floor with built-in dresser drawers and carpet. Full basement provides laundry and plenty of storage space. Fenced backyard with a wood deck, garden area, and brick paver walkway. Close to downtown Ferndale shops, restaurants, and parks. Welcome Home!

3. 2026-06-16
   days on market $285,000 Active Under Contract 11 DOM
4. 2026-06-15
   days on market $285,000 Active Under Contract 10 DOM
5. 2026-06-13
   days on market $285,000 Active Under Contract 8 DOM
6. 2026-06-13
   days on market $285,000 Active Under Contract 7 DOM
7. 2026-06-09
   days on market $285,000 Active Under Contract 4 DOM
8. 2026-06-08
   statusdays on market $285,000 Active Under Contract 3 DOM

   Show marketing remark (935 chars)

   Ferndale's leading home seller presents this corner lot bungalow with beautiful hardwood floors, a spacious back family room, and a detached two-car garage. Bright living room with a large picture window flows into a central dining room featuring a classic chandelier and a charming glass French door at the staircase. Kitchen offers stainless steel appliances, wood cabinetry, and tile backsplash. Open back family room provides great additional living space with a ceiling fan, multiple windows, and access to the back deck. Two entry-level bedrooms with hardwood floors share a full tile bath down the hallway. Head upstairs to a large primary bedroom that spans the entire second floor with built-in dresser drawers and carpet. Full basement provides laundry and plenty of storage space. Fenced backyard with a wood deck, garden area, and brick paver walkway. Close to downtown Ferndale shops, restaurants, and parks. Welcome Home!

9. 2026-06-07
   pricedays on marketlisting id $285,000 Active 2 DOM
10. 2026-06-04
    days on market $300,000 Active 16 DOM
11. 2026-06-03
    days on market $300,000 Active 15 DOM
12. 2026-06-02
    days on market $300,000 Active 14 DOM
13. 2026-06-01
    days on market $300,000 Active 13 DOM
14. 2026-05-31
    days on market $300,000 Active 12 DOM
15. 2026-05-15
    historical $300,000 948-char remark
16. 2001-06-05
    soldstatus $156,500
17. 1999-10-01
    soldstatus $137,900
18. 1995-10-30
    soldstatus $80,000
19. 1981-04-01
    soldstatus $36,900
20. 1979-08-01
    soldstatus $36,900
21. 1979-04-01
    soldstatus $34,000

ⓘ 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: $3,369 · $281/mo
• Projected year-2 tax: $3,879 · $323/mo
• Expected delta: +$510/yr (+$43/mo · 15.1%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,297
• − Mortgage interest: −$15,964
• − Property taxes: −$3,369
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,264
• − Management: −$2,264
• − Depreciation: −$8,291
• Taxable loss: −$5,280
• Est. tax savings @ 24.0%: +$1,267
• After-tax cash flow: $893/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: Ferndale Public Schools
• NCES district ID: 2614280
• Math proficiency: 18% ▼ -3.00%
• Reading proficiency: 39% ▲ 5.00%
• Median HH income: $56,069
• Composite: 25.46/100
• National rank: #7449
• State rank: #366 of 540 in MI

Livability — Ferndale

• Score: 90/100
• State rank: #8
• US rank: #103

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ferndale, MI
• County: Oakland County · 1,009,092 people
• City population: 21,527
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 21,527
• Household income: $89,881
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 670.0

Population outlook (Oakland County) Hauer SSP2

• Today (2025): 1,335,747 people
• By 2030: 1,375,100 · +2.9%
• By 2040: 1,435,385 · +7.5%
• By 2050: 1,469,250 · +10.0%
• By 2075: 1,531,946 · +14.7%
• By 2100: 1,450,485 · +8.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 15% Two or more races 6% Hispanic / Latino 5% Asian 3%
• Common ancestry: Romanian 11% Lithuanian 6% Slovak 3%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Oakland

• 2024 margin: D (+10.6) · D 54.4% · R 43.8% · Other 1.9%
• 2008→2024 swing: -3.9pp toward R · 2008: 14.5pp · 2024: 10.6pp
• All cycles: 2024: D+10.6 2020: D+14.1 2016: D+8.1 2012: D+8.1 2008: D+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -394.92%
• Current HPI: 273.0986
• Rent YoY: ▲ 6.24%
• 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

+738.2% since first listed

17 events — show timeline

• 2026-06-17 Pending — MiRealSource-MiMLS
• 2026-06-17 Pending — REALCOMP
• 2026-06-08 Contingent — MiRealSource-MiMLS
• 2026-06-08 Contingent — REALCOMP
• 2026-06-05 Listing Removed — MiRealSource-MiMLS
• 2026-06-05 Listing Removed — REALCOMP
• 2026-06-05 Listed $285,000 REALCOMP
• 2026-06-05 Listed $285,000 MiRealSource-MiMLS
• 2026-05-20 Listed $300,000 MiRealSource-MiMLS
• 2026-05-20 Listed $300,000 REALCOMP
• 2026-05-15 Coming Soon — MiRealSource-MiMLS
• 2001-06-05 Sold (Public Records) $156,500 Public Records
• 1999-10-01 Sold (Public Records) $137,900 Public Records
• 1995-10-30 Sold (Public Records) $80,000 Public Records
• 1981-04-01 Sold (Public Records) $36,900 Public Records
• 1979-08-01 Sold (Public Records) $36,900 Public Records
• 1979-04-01 Sold (Public Records) $34,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $3,369 · +1.5% YoY. Source: county tax records.