243 W Webster St · Ferndale, MI 48220

$250,000

4 bd · 2.0 ba · 1,290 sqft · SingleFamily public records · 12 Days on market

Built 1923 4,356 sqft lot $194/sqft · at area comps Est $282k · 11% 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 +12.6/15.0
• Cash flow +10.1/30.0
• Livability +4.5/5.0
• Rent growth +4.1/5.0
• 1% rule +3.7/10.0
• DSCR +2.9/10.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Duplex bungalow in Ferndale offers a fantastic investment opportunity with upper and lower units in a prime location close to everything Ferndale has to offer. Large covered front porch welcomes you into the lower unit with a bright living room and original hardwood floors that flow into a matching dining room featuring a built-in window bench. Nicely sized kitchen with ample cabinetry and tile flooring leads to an enclosed back porch ideal for additional storage and easy access to the backyard. Two nice sized bedrooms with hardwood floors share a full bath down the hallway. Head up to the second floor unit to find a spacious central living room with hardwood floors and a bonus carpeted nook, a bright eat-in kitchen, a full bath, and a bedroom with French doors leading out to a private balcony overlooking the tree-lined street. Shared full basement provides laundry hookups and plenty of storage space. Fenced backyard, shared between both units, offers a patio area and mature shade trees. Located just a short distance from downtown Ferndale's shops, restaurants, and nightlife. Welcome Home!

Key facts

• 4,356 sq ft lot
• Built 1923
• Listed 12 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Brick construction
• Construction: Block foundation
• Exterior features: Fenced yard; Paved road access; Patio and porch (covered, enclosed), ground-level entry with steps

Interior

• Kitchen: Free-standing gas oven; Free-standing refrigerator; Microwave; Dishwasher; Disposal
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Balcony; Lighting; Covered, enclosed patio/porch; Unfinished basement
• Laundry & utility: Washer; Dryer (ENERGY STAR qualified dryer); Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-148 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $217k (13.1% below list).
• Recommended offer: $217k (13.1% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.
• 10 sale attempts since 11y 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.
• Current owner paid $116k; list at $250k implies a 116% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $217,146 (13.1% 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 1923 — 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: 0.87% ✗
• Cap rate: 5.58%
• Cash-on-cash: -2.54%
• DSCR: 0.89
• GRM: 9.6

CMA / ARV

• ARV (median comp): $281,700
• List price: $250,000
• Delta: -11.25%
• 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
3127 W 8 Mile Rd	0.31mi	3/2.0 (-1)	1,274 (-1%)	3mo	$113,000	$89	76
301 Spencer St	0.27mi	4/2.0	1,386 (+7%)	0mo	$355,000	$256	75
201 E Bennett Ave	0.27mi	3/2.0 (-1)	1,200 (-7%)	3mo	$199,900	$167	69
230 Allen St	0.43mi	3/1.0 (-1)	1,249 (-3%)	0mo	$252,000	$202	65
320 W Hazelhurst St	0.56mi	4/1.5	1,376 (+7%)	2mo	$312,000	$227	59
2444 Woodstock Dr	0.23mi	3/1.5 (-1)	1,451 (+12%)	3mo	$258,000	$178	59
448 Wordsworth St	0.43mi	3/1.0 (-1)	1,182 (-8%)	1mo	$255,000	$216	56
186 Jewell St	0.21mi	3/1.0 (-1)	1,100 (-15%)	1mo	$250,000	$227	56
410 Stratford Rd	0.75mi	3/1.5 (-1)	1,302 (+1%)	1mo	$360,000	$276	56
20441 Gardendale St	0.59mi	4/1.5	1,400 (+8%)	1mo	$130,000	$93	55
718 Meadowdale St	0.54mi	3/1.0 (-1)	1,200 (-7%)	2mo	$290,000	$242	52
265 W Hazelhurst St	0.51mi	3/2.0 (-1)	1,467 (+14%)	2mo	$295,000	$201	46

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: -16.6%
• Equity multiple: 0.39×
• Total profit: $-42,530
• Equity at exit: $37,276

10-year hold

• IRR: -3.1%
• Equity multiple: 0.76×
• Total profit: $-16,666
• Equity at exit: $21,615

Cash invested: $70,000 (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: 9.6×

Monthly cashflow live

• Estimated rent: $2,171 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$449 /mo · $5,383/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $-148

Break-even live

Break-even rent $2,359

Max offer price $223,805

Occupancy floor —

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
351 Edgewood Pl Unit 2 Ferndale, MI	3.0	2.0	1600	$2,200	$1.38	18d	1	0.16mi
320 E Troy St Ferndale, MI	4.0	2.0	1627	$2,200	$1.35	43d	1	0.75mi
1330 E Chesterfield St Ferndale, MI	4.0	2.0	1795	$2,800	$1.56	1d	1	0.88mi
631 Shasta Pl Ferndale, MI	3.0	2.0	1317	$2,100	$1.59	43d	1	0.91mi
20038 Santa Rosa Dr Detroit, MI	3.0	1.0	927	$1,300	$1.40	17d	1	0.94mi
501 E Breckenridge St Ferndale, MI	3.0	1.0	946	$1,800	$1.90	24d	1	0.96mi
329 W Muir Ave Hazel Park, MI	4.0	2.0	1606	$2,000	$1.25	11d	1	1.13mi
1820 E Troy St Ferndale, MI	3.0	1.0	1167	$1,500	$1.29	5d	1	1.13mi
20045 Greenlawn St Detroit, MI	3.0	1.0	925	$1,350	$1.46	43d	1	1.32mi
266 W Goulson Ave Hazel Park, MI	3.0	1.0	942	$1,600	$1.70	22d	1	1.35mi
1557 Leroy St Ferndale, MI	3.0	2.0	1380	$2,523	$1.83	5d	1	1.36mi
2705 Inman St Ferndale, MI	3.0	2.5	1429	$3,195	$2.24	1d	1	1.37mi
20110 Northlawn St Detroit, MI	3.0	1.0	1100	$1,350	$1.23	17d	1	1.40mi
2803 Grayson St Ferndale, MI	3.0	2.0	1274	$2,000	$1.57	43d	1	1.41mi
407 E Hayes Ave Hazel Park, MI	3.0	1.0	1000	$1,750	$1.75	24d	1	1.44mi
19986 Cherrylawn St Detroit, MI	4.0	1.5	1144	$1,700	$1.49	17d	1	1.49mi

Listing history 26 events

1. 2026-05-15
   listed $250,000 Active 1106-char remark

   Show marketing remark (1106 chars)

   Duplex bungalow in Ferndale offers a fantastic investment opportunity with upper and lower units in a prime location close to everything Ferndale has to offer. Large covered front porch welcomes you into the lower unit with a bright living room and original hardwood floors that flow into a matching dining room featuring a built-in window bench. Nicely sized kitchen with ample cabinetry and tile flooring leads to an enclosed back porch ideal for additional storage and easy access to the backyard. Two nice sized bedrooms with hardwood floors share a full bath down the hallway. Head up to the second floor unit to find a spacious central living room with hardwood floors and a bonus carpeted nook, a bright eat-in kitchen, a full bath, and a bedroom with French doors leading out to a private balcony overlooking the tree-lined street. Shared full basement provides laundry hookups and plenty of storage space. Fenced backyard, shared between both units, offers a patio area and mature shade trees. Located just a short distance from downtown Ferndale's shops, restaurants, and nightlife. Welcome Home!

2. 2026-05-15
   listed $250,000 Active 1106-char remark

   Show marketing remark (1106 chars)

   Duplex bungalow in Ferndale offers a fantastic investment opportunity with upper and lower units in a prime location close to everything Ferndale has to offer. Large covered front porch welcomes you into the lower unit with a bright living room and original hardwood floors that flow into a matching dining room featuring a built-in window bench. Nicely sized kitchen with ample cabinetry and tile flooring leads to an enclosed back porch ideal for additional storage and easy access to the backyard. Two nice sized bedrooms with hardwood floors share a full bath down the hallway. Head up to the second floor unit to find a spacious central living room with hardwood floors and a bonus carpeted nook, a bright eat-in kitchen, a full bath, and a bedroom with French doors leading out to a private balcony overlooking the tree-lined street. Shared full basement provides laundry hookups and plenty of storage space. Fenced backyard, shared between both units, offers a patio area and mature shade trees. Located just a short distance from downtown Ferndale's shops, restaurants, and nightlife. Welcome Home!

3. 2026-05-15
   listed $250,000 Active

   Show marketing remark (1106 chars)

   Duplex bungalow in Ferndale offers a fantastic investment opportunity with upper and lower units in a prime location close to everything Ferndale has to offer. Large covered front porch welcomes you into the lower unit with a bright living room and original hardwood floors that flow into a matching dining room featuring a built-in window bench. Nicely sized kitchen with ample cabinetry and tile flooring leads to an enclosed back porch ideal for additional storage and easy access to the backyard. Two nice sized bedrooms with hardwood floors share a full bath down the hallway. Head up to the second floor unit to find a spacious central living room with hardwood floors and a bonus carpeted nook, a bright eat-in kitchen, a full bath, and a bedroom with French doors leading out to a private balcony overlooking the tree-lined street. Shared full basement provides laundry hookups and plenty of storage space. Fenced backyard, shared between both units, offers a patio area and mature shade trees. Located just a short distance from downtown Ferndale's shops, restaurants, and nightlife. Welcome Home!

4. 2026-05-15
   listed $250,000 Active

   Show marketing remark (1106 chars)

   Duplex bungalow in Ferndale offers a fantastic investment opportunity with upper and lower units in a prime location close to everything Ferndale has to offer. Large covered front porch welcomes you into the lower unit with a bright living room and original hardwood floors that flow into a matching dining room featuring a built-in window bench. Nicely sized kitchen with ample cabinetry and tile flooring leads to an enclosed back porch ideal for additional storage and easy access to the backyard. Two nice sized bedrooms with hardwood floors share a full bath down the hallway. Head up to the second floor unit to find a spacious central living room with hardwood floors and a bonus carpeted nook, a bright eat-in kitchen, a full bath, and a bedroom with French doors leading out to a private balcony overlooking the tree-lined street. Shared full basement provides laundry hookups and plenty of storage space. Fenced backyard, shared between both units, offers a patio area and mature shade trees. Located just a short distance from downtown Ferndale's shops, restaurants, and nightlife. Welcome Home!

5. 2026-05-08
   historical $250,000 1106-char remark

   Show marketing remark (1106 chars)

   Duplex bungalow in Ferndale offers a fantastic investment opportunity with upper and lower units in a prime location close to everything Ferndale has to offer. Large covered front porch welcomes you into the lower unit with a bright living room and original hardwood floors that flow into a matching dining room featuring a built-in window bench. Nicely sized kitchen with ample cabinetry and tile flooring leads to an enclosed back porch ideal for additional storage and easy access to the backyard. Two nice sized bedrooms with hardwood floors share a full bath down the hallway. Head up to the second floor unit to find a spacious central living room with hardwood floors and a bonus carpeted nook, a bright eat-in kitchen, a full bath, and a bedroom with French doors leading out to a private balcony overlooking the tree-lined street. Shared full basement provides laundry hookups and plenty of storage space. Fenced backyard, shared between both units, offers a patio area and mature shade trees. Located just a short distance from downtown Ferndale's shops, restaurants, and nightlife. Welcome Home!

6. 2026-05-08
   historical $250,000 1106-char remark

   Show marketing remark (1106 chars)

   Duplex bungalow in Ferndale offers a fantastic investment opportunity with upper and lower units in a prime location close to everything Ferndale has to offer. Large covered front porch welcomes you into the lower unit with a bright living room and original hardwood floors that flow into a matching dining room featuring a built-in window bench. Nicely sized kitchen with ample cabinetry and tile flooring leads to an enclosed back porch ideal for additional storage and easy access to the backyard. Two nice sized bedrooms with hardwood floors share a full bath down the hallway. Head up to the second floor unit to find a spacious central living room with hardwood floors and a bonus carpeted nook, a bright eat-in kitchen, a full bath, and a bedroom with French doors leading out to a private balcony overlooking the tree-lined street. Shared full basement provides laundry hookups and plenty of storage space. Fenced backyard, shared between both units, offers a patio area and mature shade trees. Located just a short distance from downtown Ferndale's shops, restaurants, and nightlife. Welcome Home!

7. 2025-12-08
   historical
8. 2025-10-31
   price $255,000
9. 2025-10-30
   price $255,000
10. 2025-07-15
    status Active
11. 2025-07-15
    status Active
12. 2025-06-21
    status Pending
13. 2025-06-21
    status Pending
14. 2025-06-21
    historical
15. 2025-06-07
    listed $260,000 Active
16. 2025-06-07
    listed $260,000 Active
17. 2016-01-05
    soldstatus $115,500
18. 2015-12-22
    soldstatus $115,500 Sold
19. 2015-12-22
    soldstatus $115,500 Closed
20. 2015-11-16
    status Pending
21. 2015-11-16
    historical
22. 2015-10-12
    listed $119,900 Active
23. 2015-10-12
    listed $119,900 Active
24. 2000-11-22
    soldstatus $96,000
25. 1998-07-02
    soldstatus $23,000
26. 1998-06-01
    soldstatus $23,000

ⓘ 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: $5,383 · $449/mo
• Projected year-2 tax: $5,383 · $449/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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,058
• − Mortgage interest: −$14,004
• − Property taxes: −$5,383
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,085
• − Management: −$2,085
• − Depreciation: −$7,273
• Taxable loss: −$6,021
• Est. tax savings @ 24.0%: +$1,445
• After-tax cash flow: $-334/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

+987.0% since first listed

33 events — show timeline

• 2026-05-27 Pending — REALCOMP
• 2026-05-26 Pending — MiRealSource-MiMLS
• 2026-05-19 Contingent — MiRealSource-MiMLS
• 2026-05-19 Contingent — REALCOMP
• 2026-05-19 Contingent — MiRealSource-MiMLS
• 2026-05-19 Contingent — REALCOMP
• 2026-05-19 Listing Removed — MiRealSource-MiMLS
• 2026-05-15 Listed $250,000 MiRealSource-MiMLS
• 2026-05-15 Listed $250,000 MiRealSource-MiMLS
• 2026-05-15 Listed $250,000 REALCOMP
• 2026-05-15 Listed $250,000 REALCOMP
• 2026-05-08 Coming Soon — MiRealSource-MiMLS
• 2026-05-08 Coming Soon $250,000 MiRealSource-MiMLS
• 2025-12-08 Listing Removed — MiRealSource-MiMLS
• 2025-10-31 Price Changed $255,000 MiRealSource-MiMLS
• 2025-10-30 Price Changed $255,000 REALCOMP
• 2025-07-15 Relisted — MiRealSource-MiMLS
• 2025-07-15 Relisted — REALCOMP
• 2025-06-21 Pending — MiRealSource-MiMLS
• 2025-06-21 Pending — REALCOMP
• 2025-06-21 Listing Removed — REALCOMP
• 2025-06-07 Listed $260,000 REALCOMP
• 2025-06-07 Listed $260,000 MiRealSource-MiMLS
• 2016-01-05 Sold (Public Records) $115,500 Public Records
• 2015-12-22 Sold (MLS) $115,500 REALCOMP
• 2015-12-22 Sold (MLS) $115,500 MiRealSource-MiMLS
• 2015-11-16 Pending — MiRealSource-MiMLS
• 2015-11-16 Listing Removed — REALCOMP
• 2015-10-12 Listed $119,900 MiRealSource-MiMLS
• 2015-10-12 Listed $119,900 REALCOMP
• 2000-11-22 Sold (Public Records) $96,000 Public Records
• 1998-07-02 Sold (Public Records) $23,000 Public Records
• 1998-06-01 Sold (Public Records) $23,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $5,383 · +1.8% YoY. Source: county tax records.