20604 Elkhart St · Harper Woods, MI 48225

$120,000

3 bd · 1.0 ba · 858 sqft · SingleFamily public records · 453 Days on market

Built 1939 5,227 sqft lot

---

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 +24.7/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

TENANT OCCUPIED!! Calling Investors!! This Section 8 tenant has occupied the property since 2/1/2018 and is currently paying $1,200 a month on a mont-to-month basis. This bungalow features 3 bedrooms, 1 bath, and a full basement

Key facts

• 5,227 sq ft lot
• Built 1939
• Listed 452 days

Property features AI

Exterior

• Home design: Single-family residence; Residential property
• Construction: Built in 1939; Aluminum siding
• Exterior features: Lot about 0.12 acres; Public water

Interior

• Bedrooms: Primary bedroom (8 x 16); Bedroom 2 (10 x 10); Bedroom 3 (10 x 10)
• Bathrooms: 1 full bathroom (primary bathroom listed)
• Heating & cooling: Forced air heating
• Interior features: Five total rooms; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $251 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#199 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, health & safety D+, schools D-.
• Harper Woods School District (suburban): math 4% / reading 15% proficiency, ranked #524 of 540 in MI (top 97%) — 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 fast (+5.1%/yr); 134 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 453 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 17y ago 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.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 453 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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. 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: 1.15% ✓
• Cap rate: 8.81%
• Cash-on-cash: 8.98%
• DSCR: 1.40
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $66,066
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20300 Mccormick St	0.27mi	3/1.0	940 (+10%)	1mo	$60,000	$64	71
20301 Kenosha St	0.17mi	3/1.0	949 (+11%)	5mo	$57,000	$60	71
11035 Worden St	0.55mi	3/1.0	834 (-3%)	3mo	$55,000	$66	67
19239 Beaconsfield St	0.64mi	3/1.0	900 (+5%)	5mo	$100,000	$111	58
6156 Lodewyck St	0.72mi	3/1.0	900 (+5%)	1mo	$51,000	$57	58
10945 Peerless St	0.51mi	3/1.0	964 (+12%)	2mo	$54,000	$56	54
11490 Somerset Ave	0.68mi	3/1.0	915 (+7%)	4mo	$70,000	$77	54
11017 Worden St	0.56mi	3/1.0	961 (+12%)	0mo	$47,500	$49	53
19372 Kenosha St	0.73mi	3/1.0	900 (+5%)	5mo	$155,000	$172	53
19381 Kenosha St	0.73mi	2/1.0 (-1)	892 (+4%)	2mo	$104,000	$117	53
19397 Washtenaw St	0.71mi	2/1.5 (-1)	900 (+5%)	5mo	$105,000	$117	47
19720 Woodside St	0.52mi	3/1.5	975 (+14%)	5mo	$142,900	$147	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 · 5.1% rent growth · sell at horizon

5-year hold

• IRR: -0.3%
• Equity multiple: 0.99×
• Total profit: $-430
• Equity at exit: $17,892

10-year hold

• IRR: 11.4%
• Equity multiple: 1.99×
• Total profit: $33,113
• Equity at exit: $10,375

Cash invested: $33,600 (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 48225

• Rents YoY: 5.1%
• Active inventory: 134
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,381 high
• Mortgage (P&I): −$629
• Tax from tax record: −$161 /mo · $1,927/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $251

Break-even live

Break-even rent $1,063

Max offer price $120,000

Occupancy floor 77%

Sensitivity live

Price	-10% $319	-5% $285	+0% $251	+5% $217	+10% $183
Rent	-10% $142	-5% $197	+0% $251	+5% $306	+10% $360
Rate	-1.0pp $312	-0.5pp $282	base $251	+0.5pp $220	+1.0pp $189

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20461 Kingsville St Harper Woods, MI	4.0	1.0	1100	$1,399	$1.27	15d	1	0.18mi
19203 Edgefield St Harper Woods, MI	2.0	1.0	1100	$1,100	$1.00	25d	1	0.31mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	4d	1	0.44mi
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	5d	1	0.50mi
21401 Kingsville St Harper Woods, MI	2.0	1.0	944	$1,200	$1.27	25d	1	0.51mi
10542 Lanark St Detroit, MI	3.0	1.0	1023	$1,250	$1.22	44d	1	0.54mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	25d	1	0.57mi
17720 Chester St Detroit, MI	2.0	1.0	986	$1,250	$1.27	44d	1	0.63mi
17710 Chester St Detroit, MI	2.0	1.0	984	$1,250	$1.27	44d	1	0.63mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	44d	1	0.64mi
6301 Lodewyck St Detroit, MI	3.0	1.0	1084	$1,300	$1.20	13d	1	0.66mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	18d	1	0.70mi
6175 Marseilles St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	44d	1	0.74mi
19365 Kingsville St Harper Woods, MI	4.0	1.5	996	$1,650	$1.66	15d	1	0.77mi
6325 Neff Ave Detroit, MI	3.0	1.0	1000	$1,500	$1.50	3d	1	0.79mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	13d	1	0.84mi
6181 Neff Ave Detroit, MI	3.0	1.0	1102	$1,299	$1.18	18d	1	0.85mi
5915 Farmbrook St Detroit, MI	3.0	1.5	1000	$1,250	$1.25	25d	1	0.88mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	18d	1	0.89mi
6304 Bluehill St Detroit, MI	3.0	1.0	1088	$1,500	$1.38	44d	1	0.90mi
20015 Lochmoor St Harper Woods, MI	3.0	1.0	1006	$1,500	$1.49	17d	1	0.90mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	44d	1	0.93mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	15d	1	0.93mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	44d	1	0.93mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	44d	1	0.94mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	0.95mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	13d	1	0.99mi
22144 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,350	$1.65	18d	1	1.02mi
22144 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,350	$1.65	3d	1	1.02mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	12d	1	1.03mi
5786 Neff Ave Detroit, MI	3.0	1.5	1100	$1,225	$1.11	17d	1	1.03mi
22148 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,250	$1.53	3d	1	1.03mi
22148 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,250	$1.53	18d	1	1.03mi
5955 Guilford St Detroit, MI	3.0	1.0	802	$1,400	$1.75	18d	1	1.03mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	44d	1	1.07mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	44d	1	1.08mi
10037 Grayton St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	4d	1	1.11mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	18d	1	1.17mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	18d	1	1.26mi
20600 Balfour St Harper Woods, MI	1.0–2.0	1.0–2.0	971	$1,640	$1.69	0d	14	1.28mi

Listing history 27 events

1. 2026-06-21
   days on market $120,000 Active 453 DOM
2. 2026-06-18
   days on market $120,000 Active 450 DOM
3. 2026-06-17
   days on market $120,000 Active 449 DOM
4. 2026-06-16
   days on market $120,000 Active 448 DOM
5. 2026-06-15
   days on market $120,000 Active 447 DOM
6. 2026-06-13
   days on market $120,000 Active 445 DOM
7. 2026-06-13
   days on market $120,000 Active 444 DOM
8. 2026-06-09
   days on market $120,000 Active 441 DOM
9. 2026-06-08
   days on market $120,000 Active 440 DOM
10. 2026-06-07
    days on market $120,000 Active 439 DOM
11. 2026-06-04
    days on market $120,000 Active 436 DOM
12. 2026-06-03
    days on market $120,000 Active 435 DOM
13. 2026-06-02
    days on market $120,000 Active 434 DOM
14. 2026-06-01
    days on market $120,000 Active 433 DOM
15. 2026-05-31
    days on market $120,000 Active 432 DOM
16. 2025-03-25
    listed $120,000 Active 228-char remark

    Show marketing remark (228 chars)

    TENANT OCCUPIED!! Calling Investors!! This Section 8 tenant has occupied the property since 2/1/2018 and is currently paying $1,200 a month on a mont-to-month basis. This bungalow features 3 bedrooms, 1 bath, and a full basement

17. 2025-03-25
    listed $120,000 Active

    Show marketing remark (228 chars)

    TENANT OCCUPIED!! Calling Investors!! This Section 8 tenant has occupied the property since 2/1/2018 and is currently paying $1,200 a month on a mont-to-month basis. This bungalow features 3 bedrooms, 1 bath, and a full basement

18. 2025-03-25
    listed $120,000 Active 228-char remark

    Show marketing remark (228 chars)

    TENANT OCCUPIED!! Calling Investors!! This Section 8 tenant has occupied the property since 2/1/2018 and is currently paying $1,200 a month on a mont-to-month basis. This bungalow features 3 bedrooms, 1 bath, and a full basement

19. 2025-01-31
    historical
20. 2025-01-31
    historical
21. 2024-01-29
    listed $120,000 Active
22. 2024-01-29
    listed $120,000 Active
23. 2020-01-17
    soldstatus $2,519,353
24. 2009-09-15
    soldstatus $14,900
25. 2009-06-17
    listed $14,900
26. 2006-03-13
    soldstatus $66,000
27. 1993-06-04
    soldstatus $55,900

ⓘ 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: $1,927 · $161/mo
• Projected year-2 tax: $1,927 · $161/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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,575
• − Mortgage interest: −$6,722
• − Property taxes: −$1,927
• − Insurance: −$600
• − Repairs & maintenance: −$1,326
• − Management: −$1,326
• − Depreciation: −$3,491
• Taxable income: $1,184
• Est. tax owed @ 24.0%: −$284
• After-tax cash flow: $2,732/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: Harper Woods School District
• NCES district ID: 2617760
• Math proficiency: 4% ▼ -7.00%
• Reading proficiency: 15% ▼ -9.00%
• Median HH income: $46,155
• Composite: 8.8/100
• National rank: #9892
• State rank: #524 of 540 in MI

Livability — Harper Woods

• Score: 73/100
• State rank: #199
• US rank: #5054

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harper Woods, MI
• County: Wayne County · 1,562,939 people
• City population: 16,098
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 16,098
• Household income: $61,750
• Rent vs Own: 33.8% rent · 66.2% own
• Severe rent burden: 410.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (65%)
• Race & ethnicity: Black 65% White 28% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 4% Lithuanian 1% German 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Arabic 2% Spanish 1%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -150.40%
• Current HPI: 181.4961
• Rent YoY: ▲ 5.10%
• 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

+114.7% since first listed

12 events — show timeline

• 2025-03-25 Listed $120,000 REALCOMP
• 2025-03-25 Listed $120,000 MiRealSource-MiMLS
• 2025-03-25 Listed $120,000 SW Michigan MLS
• 2025-01-31 Listing Removed — REALCOMP
• 2025-01-31 Listing Removed — MiRealSource-MiMLS
• 2024-01-29 Listed $120,000 MiRealSource-MiMLS
• 2024-01-29 Listed $120,000 REALCOMP
• 2020-01-17 Sold (Public Records) $2,519,353 Public Records
• 2009-09-15 Sold (MLS) $14,900 REALCOMP
• 2009-06-17 Listed $14,900 REALCOMP
• 2006-03-13 Sold (Public Records) $66,000 Public Records
• 1993-06-04 Sold (Public Records) $55,900 Public Records

Property tax history

+6.0%/yr

Latest (2025): $1,927 · -46.7% YoY. Source: county tax records.