705 Pearl St · Ypsilanti, MI 48197

$229,900

5 bd · 2.0 ba · 1,562 sqft · SingleFamily public records · 73 Days on market

Built 1880 8,276 sqft lot Est $343k · 33% 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).

• ARV discount +15.0/15.0
• Cash flow +10.9/30.0
• Livability +4.0/5.0
• 1% rule +3.9/10.0
• Rent growth +3.3/5.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 5 bedroom home featuring an updated kitchen with dishwasher and updated bath, all within walking distance to campus. Large deck, high ceilings, spacious room sizes. Property is leased to August 2027 ($28,740/yr). Tenants pay gas, electric, and water/sewer.

Key facts

• Large deck
• Updated bath
• Updated kitchen

Tags

• UPDATED KITCHEN
• UPDATED BATH
• WALKING DISTANCE TO CAMPUS
• LARGE DECK
• HIGH CEILINGS

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (7.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (11.3% below list).
• Recommended offer: $204k (11.3% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.8% in Ypsilanti — 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 81/100 on livability (#71 in MI, #1,539 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment D-.
• Ypsilanti Community Schools (suburban): math 11% / reading 20% proficiency, ranked #501 of 540 in MI (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.4%/yr); 245 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• This rent runs 33% of the median local income ($74k/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 $7k 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 73 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y ago; this cycle's ask has dropped $19k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $230k implies a 382% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $203,823 (11.3% 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. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
3. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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?
8. 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.
9. 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.
10. 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: 0.89% ✗
• Cap rate: 5.76%
• Cash-on-cash: -1.91%
• DSCR: 0.92
• GRM: 9.4

CMA / ARV

• ARV (median comp): $343,034
• List price: $229,900
• Delta: -32.98%
• 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
112 Perrin St	0.12mi	4/2.0 (-1)	1,447 (-7%)	4mo	$272,000	$188	74
418 Pearl St	0.19mi	5/3.0	1,495 (-4%)	14mo	$277,000	$185	68
924 Congress St	0.21mi	4/2.0 (-1)	1,638 (+5%)	11mo	$310,000	$189	67
118 Linden Ct	0.24mi	4/1.0 (-1)	1,445 (-8%)	3mo	$378,500	$262	65
916 Pearl St	0.18mi	4/2.0 (-1)	1,684 (+8%)	13mo	$330,750	$196	62
431 S Hamilton St	0.55mi	5/2.0	1,600 (+2%)	12mo	$250,000	$156	61
502 Ferris St	0.22mi	4/2.0 (-1)	1,714 (+10%)	14mo	$260,000	$152	57
315 1st Ave	0.38mi	4/1.0 (-1)	1,442 (-8%)	4mo	$135,000	$94	57
423 N Hamilton St	0.41mi	4/2.0 (-1)	1,778 (+14%)	3mo	$169,000	$95	50
476 Hawkins St	0.57mi	4/2.0 (-1)	1,624 (+4%)	20mo	$245,000	$151	45
1355 Lathers Ave	0.71mi	4/3.5 (-1)	1,648 (+6%)	6mo	$350,000	$212	42
15 N Wallace Blvd	0.55mi	4/2.0 (-1)	1,710 (+10%)	19mo	$320,000	$187	38

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 · 3.36% rent growth · sell at horizon

5-year hold

• IRR: -19.0%
• Equity multiple: 0.33×
• Total profit: $-42,931
• Equity at exit: $34,279

10-year hold

• IRR: -10.6%
• Equity multiple: 0.34×
• Total profit: $-42,289
• Equity at exit: $19,878

Cash invested: $64,372 (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 48197

• Rents YoY: 3.4%
• Active inventory: 245
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,038 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$411 /mo · $4,935/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $-102

Break-even live

Break-even rent $2,168

Max offer price $211,801

Occupancy floor —

Sensitivity live

Price	-10% $28	-5% $-37	+0% $-102	+5% $-168	+10% $-233
Rent	-10% $-263	-5% $-183	+0% $-102	+5% $-22	+10% $59
Rate	-1.0pp $13	-0.5pp $-44	base $-102	+0.5pp $-162	+1.0pp $-223

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
222 N Summit St Ypsilanti, MI	4.0	2.0	1650	$2,400	$1.45	19d	1	0.21mi
312 Ballard St Ypsilanti, MI	4.0	3.0	1390	$1,699	$1.22	14d	1	0.28mi
138 Hawkins St Ypsilanti, MI	4.0	2.0	1500	$1,950	$1.30	19d	1	0.37mi
434 N Hamilton St Ypsilanti, MI	4.0	1.0	1228	$1,700	$1.38	19d	1	0.44mi
1000 N Huron River Dr Ypsilanti, MI	1.0–4.0	1.0–4.0	937	$2,616	$2.79	3d	1	0.95mi

Listing history 23 events

1. 2026-06-21
   days on market $229,900 Active 73 DOM
2. 2026-06-18
   days on market $229,900 Active 70 DOM
3. 2026-06-17
   pricedays on market $229,900 Active 69 DOM
4. 2026-06-16
   days on market $249,000 Active 68 DOM
5. 2026-06-15
   days on market $249,000 Active 67 DOM
6. 2026-06-13
   days on market $249,000 Active 65 DOM
7. 2026-06-09
   days on market $249,000 Active 61 DOM
8. 2026-06-08
   days on market $249,000 Active 60 DOM
9. 2026-06-07
   days on market $249,000 Active 59 DOM
10. 2026-06-04
    days on market $249,000 Active 56 DOM
11. 2026-06-03
    days on market $249,000 Active 55 DOM
12. 2026-06-02
    days on market $249,000 Active 54 DOM
13. 2026-06-01
    days on market $249,000 Active 53 DOM
14. 2026-05-31
    days on market $249,000 Active 52 DOM
15. 2026-04-09
    listed $249,000 Active 265-char remark

    Show marketing remark (265 chars)

    Spacious 5 bedroom home featuring an updated kitchen with dishwasher and updated bath, all within walking distance to campus. Large deck, high ceilings, spacious room sizes. Property is leased to August 2027 ($28,740/yr). Tenants pay gas, electric, and water/sewer.

16. 2026-04-09
    listed $249,000 Active 265-char remark

    Show marketing remark (265 chars)

    Spacious 5 bedroom home featuring an updated kitchen with dishwasher and updated bath, all within walking distance to campus. Large deck, high ceilings, spacious room sizes. Property is leased to August 2027 ($28,740/yr). Tenants pay gas, electric, and water/sewer.

17. 2011-02-10
    soldstatus $47,700
18. 2011-02-10
    soldstatus $47,700
19. 2010-12-20
    listed $47,700
20. 2010-12-20
    listed $47,700
21. 2002-10-30
    soldstatus $155,000
22. 1990-01-24
    soldstatus $59,900
23. 1990-01-24
    soldstatus $45,000

ⓘ 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: $4,935 · $411/mo
• Projected year-2 tax: $4,935 · $411/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥99°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: $24,459
• − Mortgage interest: −$12,878
• − Property taxes: −$4,935
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,957
• − Management: −$1,957
• − Depreciation: −$6,688
• Taxable loss: −$5,105
• Est. tax savings @ 24.0%: +$1,225
• After-tax cash flow: $-4/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: Ypsilanti Community Schools
• NCES district ID: 2636630
• Math proficiency: 11% ▼ -8.00%
• Reading proficiency: 20% ▼ -3.00%
• Median HH income: $37,759
• Composite: 12.98/100
• National rank: #9572
• State rank: #501 of 540 in MI

Livability — Ypsilanti

• Score: 81/100
• State rank: #71
• US rank: #1539

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ypsilanti, MI
• County: Washtenaw County · 306,860 people
• City population: 105,769
• Metro: Ann Arbor, MI
• Population (ZIP): 66,525
• Household income: $73,737
• Rent vs Own: 46.1% rent · 53.9% own
• Severe rent burden: 3134.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 57% Black 23% Two or more races 9% Hispanic / Latino 8% Asian 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 5% Slovak 3% Lithuanian 3%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 84% English-only · Spanish 4% Other Indo-European 3% Arabic 3%

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: ▼ -223.94%
• Current HPI: 217.0173
• Rent YoY: ▲ 3.36%
• 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

+315.7% since first listed

9 events — show timeline

• 2026-04-09 Listed $249,000 REALCOMP
• 2026-04-09 Listed $249,000 MiRealSource-MiMLS
• 2011-02-10 Sold (MLS) $47,700 REALCOMP
• 2011-02-10 Sold (MLS) $47,700 MiRealSource-MiMLS
• 2010-12-20 Listed $47,700 REALCOMP
• 2010-12-20 Listed $47,700 MiRealSource-MiMLS
• 2002-10-30 Sold (Public Records) $155,000 Public Records
• 1990-01-24 Sold (Public Records) $45,000 Public Records
• 1990-01-24 Sold (Public Records) $59,900 Public Records

Property tax history

+1.6%/yr

Latest (2025): $4,935 · -3.1% YoY. Source: county tax records.