231 Academy St · Ferndale, MI 48220

$299,000

4 bd · 1.5 ba · 1,874 sqft · SingleFamily public records · 49 Days on market

Built 1938 5,227 sqft lot $160/sqft · 6% below area Est $321k · 7% under

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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 +11.4/30.0
• ARV discount +10.6/15.0
• Livability +4.5/5.0
• Rent growth +4.1/5.0
• DSCR +3.3/10.0
• 1% rule +2.8/10.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home! Great location close to downtown Ferndale and all the activities that this vibrant town offers. Charming Cape Cod offers a large updated kitchen with upgraded appliances. Quality cabinets with custom granite counters and backsplash. Spacious dining room with natural wood flooring. Relaxing living room with hardwood flooring. The primary first-floor bedroom is large with hardwood flooring. Luxurious first-floor bathroom features a step-in jetted garden tub plus a full standalone walk-in shower. Enjoy the spacious upper 2 bedrooms with built-in bench seating and a beautiful remodeled full bathroom. Updated windows, newer driveway, newer custom vinyl privacy fence, and much more. Attractive private backyard with a convenient shed and entertaining-sized deck make for enjoyable, relaxing days. You will enjoy all the great restaurants, shops, breweries, theater, and live activities. Don't miss this one, plus a 1 Year Home Warranty. Note: New AC condensing unit being installed.

Key facts

• Hardwood flooring
• Custom counters
• Spacious dining room

Tags

• LARGE UPDATED KITCHEN
• QUALITY CABINETS
• CUSTOM COUNTERS
• SPACIOUS DINING ROOM
• NATURAL WOOD FLOORING
• HARDWOOD FLOORING

Property features AI

Exterior

• Parking: Driveway; No garage
• Utilities: Public water; Public sewer; Circuit breaker electrical service; Cable available
• Home design: Single family residence; One and one half stories; Ground-level entry with steps; Residential property
• Construction: Aluminum and vinyl siding; Asphalt roof; Block foundation; Partially finished full basement; Home warranty included; Approximately 1,500 above-grade finished square feet and 400 below-grade finished square feet
• Exterior features: Covered patio/porch; Deck; Porch; Back yard fencing (fenced); Level lot; Paved road

Interior

• Kitchen: Dishwasher; Disposal; Free-standing gas range; Free-standing refrigerator; Stainless steel appliances; Gas water heater
• Bedrooms: Total rooms: 7
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: High-speed internet; Therapeutic whirlpool
• Laundry & utility: Laundry room with washer hookup and gas dryer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $280k (6.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $233k (21.9% below list).
• Recommended offer: $233k (21.9% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 4.5% in Ferndale — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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

• It's been on market 49 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y ago; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $138k; list at $299k implies a 117% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $233,410 (21.9% 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. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.78% ✗
• Cap rate: 5.87%
• Cash-on-cash: -1.50%
• DSCR: 0.93
• GRM: 10.7

CMA / ARV

• ARV (median comp): $321,271
• List price: $299,000
• Delta: -6.93%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
370 Channing St	0.47mi	3/1.0 (-1)	1,821 (-3%)	2mo	$295,000	$162	64
233 Silman St	0.44mi	3/2.0 (-1)	1,970 (+5%)	0mo	$382,000	$194	64
621 W Hazelhurst St	0.49mi	4/2.5	1,758 (-6%)	0mo	$475,000	$270	63
1250 Orchard St	0.65mi	4/2.0	1,937 (+3%)	0mo	$320,000	$165	62
418 E Woodland St	0.57mi	3/2.0 (-1)	1,815 (-3%)	2mo	$360,000	$198	60
770 Meadowdale St	0.54mi	3/1.0 (-1)	1,779 (-5%)	0mo	$260,000	$146	59
923 Gardendale St	0.55mi	3/2.0 (-1)	1,992 (+6%)	0mo	$375,000	$188	57
490 E Cambourne Dr	0.39mi	3/1.5 (-1)	1,650 (-12%)	2mo	$332,500	$202	56
619 Withington St	0.71mi	4/2.0	1,971 (+5%)	2mo	$425,000	$216	55
1184 E Troy St	0.60mi	4/2.0	2,065 (+10%)	2mo	$378,200	$183	52
465 Pearson St	0.37mi	3/2.0 (-1)	1,600 (-15%)	1mo	$395,000	$247	51
449 E Oakridge St	0.72mi	3/2.5 (-1)	2,081 (+11%)	0mo	$654,900	$315	39

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: -15.4%
• Equity multiple: 0.43×
• Total profit: $-47,318
• Equity at exit: $44,582

10-year hold

• IRR: -2.4%
• Equity multiple: 0.81×
• Total profit: $-15,505
• Equity at exit: $25,852

Cash invested: $83,720 (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: 10.7×

Monthly cashflow live

• Estimated rent: $2,334 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$256 /mo · $3,076/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $-105

Break-even live

Break-even rent $2,467

Max offer price $280,455

Occupancy floor 100%

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
320 E Troy St Ferndale, MI	4.0	2.0	1627	$2,200	$1.35	44d	1	0.13mi
351 Edgewood Pl Unit 2 Ferndale, MI	3.0	2.0	1600	$2,200	$1.38	18d	1	0.65mi
2705 Inman St Ferndale, MI	3.0	2.5	1429	$3,195	$2.24	2d	1	0.74mi
2803 Grayson St Ferndale, MI	3.0	2.0	1274	$2,000	$1.57	44d	1	0.81mi
2554 Woodstock Dr Highland Park, MI	3.0	1.5	1929	$2,250	$1.17	15d	1	0.86mi
631 Shasta Pl Ferndale, MI	3.0	2.0	1317	$2,100	$1.59	44d	1	0.98mi
2186 Garfield St Ferndale, MI	3.0	1.0	1300	$1,750	$1.35	24d	1	1.14mi
1330 E Chesterfield St Ferndale, MI	4.0	2.0	1795	$2,800	$1.56	2d	1	1.15mi
2420 Woodward Hts Ferndale, MI	3.0	1.0	1316	$2,200	$1.67	24d	1	1.15mi
1557 Leroy St Ferndale, MI	3.0	2.0	1380	$2,523	$1.83	5d	1	1.21mi
1414 Owana Ave Royal Oak, MI	3.0	1.0	1489	$1,675	$1.12	22d	1	1.38mi
329 W Muir Ave Hazel Park, MI	4.0	2.0	1606	$2,000	$1.25	11d	1	1.38mi

Listing history 37 events

1. 2026-06-18
   days on market $299,000 Active 49 DOM
2. 2026-06-17
   days on market $299,000 Active 48 DOM
3. 2026-06-16
   days on market $299,000 Active 47 DOM
4. 2026-06-15
   days on market $299,000 Active 46 DOM
5. 2026-06-13
   days on market $299,000 Active 44 DOM
6. 2026-06-13
   days on market $299,000 Active 43 DOM
7. 2026-06-09
   days on market $299,000 Active 40 DOM
8. 2026-06-08
   days on market $299,000 Active 39 DOM
9. 2026-06-07
   days on market $299,000 Active 38 DOM
10. 2026-06-04
    days on market $299,000 Active 35 DOM
11. 2026-06-03
    days on market $299,000 Active 34 DOM
12. 2026-06-02
    days on market $299,000 Active 33 DOM
13. 2026-06-01
    days on market $299,000 Active 32 DOM
14. 2026-05-31
    days on market $299,000 Active 31 DOM
15. 2026-04-30
    listed $329,000 Active 966-char remark

    Show marketing remark (999 chars)

    Welcome home! Great location close to downtown Ferndale and all the activities that this vibrant town offers. Charming Cape Cod offers a large updated kitchen with upgraded appliances. Quality cabinets with custom granite counters and backsplash. Spacious dining room with natural wood flooring. Relaxing living room with hardwood flooring. The primary first-floor bedroom is large with hardwood flooring. Luxurious first-floor bathroom features a step-in jetted garden tub plus a full standalone walk-in shower. Enjoy the spacious upper 2 bedrooms with built-in bench seating and a beautiful remodeled full bathroom. Updated windows, newer driveway, newer custom vinyl privacy fence, and much more. Attractive private backyard with a convenient shed and entertaining-sized deck make for enjoyable, relaxing days. You will enjoy all the great restaurants, shops, breweries, theater, and live activities. Don't miss this one, plus a 1 Year Home Warranty. Note: New AC condensing unit being installed.

16. 2026-04-30
    listed $329,000 Active 966-char remark

    Show marketing remark (999 chars)

    Welcome home! Great location close to downtown Ferndale and all the activities that this vibrant town offers. Charming Cape Cod offers a large updated kitchen with upgraded appliances. Quality cabinets with custom granite counters and backsplash. Spacious dining room with natural wood flooring. Relaxing living room with hardwood flooring. The primary first-floor bedroom is large with hardwood flooring. Luxurious first-floor bathroom features a step-in jetted garden tub plus a full standalone walk-in shower. Enjoy the spacious upper 2 bedrooms with built-in bench seating and a beautiful remodeled full bathroom. Updated windows, newer driveway, newer custom vinyl privacy fence, and much more. Attractive private backyard with a convenient shed and entertaining-sized deck make for enjoyable, relaxing days. You will enjoy all the great restaurants, shops, breweries, theater, and live activities. Don't miss this one, plus a 1 Year Home Warranty. Note: New AC condensing unit being installed.

17. 2008-08-01
    soldstatus $137,500
18. 2008-07-24
    soldstatus $137,500

    Show marketing remark (407 chars)

    DELIGHTFUL BUNGALOW - TASTEFULLY UPDATED THROUGHOUT. KIT W/ TRAVERTINE FLRS, GARDEN WINDOW, STONE COUNTERS. 1ST FLR MSTR SUITE, BATH W/ NEW & FANTASTIC TUB, SHOWER & SINK. NEW WALNUT INT DRS, NEW ROOF (1 YR), COPPER PLUMBING AND A SPRINKLER SYSTEM. 2ND NEW FULL BATH WITH FLAIR ON THE 2ND FLR & PART FIN BSMT. SELLERS WILL PAY FOR LAWNCARE FOR THE ENTIRE SUMMER-WHAT A BONUS. GREAT YARD.

19. 2008-04-15
    listed $149,900

    Show marketing remark (407 chars)

    DELIGHTFUL BUNGALOW - TASTEFULLY UPDATED THROUGHOUT. KIT W/ TRAVERTINE FLRS, GARDEN WINDOW, STONE COUNTERS. 1ST FLR MSTR SUITE, BATH W/ NEW & FANTASTIC TUB, SHOWER & SINK. NEW WALNUT INT DRS, NEW ROOF (1 YR), COPPER PLUMBING AND A SPRINKLER SYSTEM. 2ND NEW FULL BATH WITH FLAIR ON THE 2ND FLR & PART FIN BSMT. SELLERS WILL PAY FOR LAWNCARE FOR THE ENTIRE SUMMER-WHAT A BONUS. GREAT YARD.

20. 2008-04-10
    historical
21. 2008-04-10
    historical
22. 2008-03-12
    listed $159,999
23. 2008-03-12
    listed $159,999
24. 2008-03-11
    historical
25. 2007-10-10
    listed $159,999
26. 2003-09-17
    soldstatus $152,913
27. 2003-06-30
    soldstatus $152,913
28. 2003-06-30
    soldstatus $152,913
29. 2003-05-11
    historical
30. 2003-04-16
    listed $155,000
31. 2003-01-02
    listed $155,000
32. 2000-06-05
    soldstatus $118,000
33. 1999-06-24
    soldstatus $65,000
34. 1996-06-11
    soldstatus $44,000
35. 1994-11-01
    soldstatus $32,000
36. 1994-11-01
    soldstatus $48,000
37. 1986-09-01
    soldstatus $32,000

ⓘ 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: $3,076 · $256/mo
• Projected year-2 tax: $3,840 · $320/mo
• Expected delta: +$764/yr (+$64/mo · 24.8%)

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,009
• − Mortgage interest: −$16,749
• − Property taxes: −$3,076
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,241
• − Management: −$2,241
• − Depreciation: −$8,698
• Taxable loss: −$6,490
• Est. tax savings @ 24.0%: +$1,558
• After-tax cash flow: $298/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

+834.4% since first listed

25 events — show timeline

• 2026-05-24 Price Changed $299,000 MiRealSource-MiMLS
• 2026-05-23 Price Changed $299,000 REALCOMP
• 2026-04-30 Listed $329,000 REALCOMP
• 2026-04-30 Listed $329,000 MiRealSource-MiMLS
• 2008-08-01 Sold (Public Records) $137,500 Public Records
• 2008-07-24 Sold (MLS) $137,500 REALCOMP
• 2008-04-15 Listed $149,900 REALCOMP
• 2008-04-10 Listing Removed — REALCOMP
• 2008-04-10 Listing Removed — MiRealSource-MiMLS
• 2008-03-12 Listed $159,999 REALCOMP
• 2008-03-12 Listed $159,999 MiRealSource-MiMLS
• 2008-03-11 Listing Removed — REALCOMP
• 2007-10-10 Listed $159,999 REALCOMP
• 2003-09-17 Sold (Public Records) $152,913 Public Records
• 2003-06-30 Sold (MLS) $152,913 MiRealSource-MiMLS
• 2003-06-30 Sold (MLS) $152,913 REALCOMP
• 2003-05-11 Listing Removed — MiRealSource-MiMLS
• 2003-04-16 Listed $155,000 MiRealSource-MiMLS
• 2003-01-02 Listed $155,000 REALCOMP
• 2000-06-05 Sold (Public Records) $118,000 Public Records
• 1999-06-24 Sold (Public Records) $65,000 Public Records
• 1996-06-11 Sold (Public Records) $44,000 Public Records
• 1994-11-01 Sold (Public Records) $48,000 Public Records
• 1994-11-01 Sold (Public Records) $32,000 Public Records
• 1986-09-01 Sold (Public Records) $32,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $3,076 · +2.1% YoY. Source: county tax records.