21548 Doepfer Rd · Warren, MI 48091

$115,000

3 bd · 1.5 ba · 1,217 sqft · SingleFamily public records · 28 Days on market

Built 1940 10,454 sqft lot $94/sqft · 27% below area Est $159k · 27% under

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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 +20.7/30.0
• ARV discount +15.0/15.0
• 1% rule +7.6/10.0
• DSCR +6.6/10.0
• Livability +3.7/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 4-bedroom, 2-bath bungalow is a streamlined addition to any portfolio, offering four bedrooms within a functional 1,217 sq. ft. footprint. The layout features a primary suite with its own private bathroom—a high-value amenity for tenants. Situated on a large, fenced lot, the property is already generating immediate cash flow with established tenants in place, making it a low-friction "turnkey" acquisition with long-term stability and built-in demand. AGENTS PLEASE READ AGENT REMARKS PRIOR TO SCHEDULING A SHOWING.

Key facts

• 0.24 acre lot
• Built 1940
• Listed 28 days

Property features AI

Finance

• Other: Subdivision: S/P # 04 WARREN; Cross streets: Toepfer / Mound
• HOA & community: Homeowners association present

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-and-a-half story
• Construction: Vinyl siding; Slab foundation; Built area above grade: 1,217 (square feet)
• Exterior features: Fenced yard; Public-maintained road access

Interior

• Bedrooms: 4 total rooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Gas water heater; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $90 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 5.2% in Warren — 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 74/100 on livability (#171 in MI, #4,491 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, amenities D, employment D.
• Fitzgerald Public Schools (urban): math 8% / reading 23% proficiency, ranked #503 of 540 in MI (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.4%/yr); 168 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• This rent runs 32% of the median local income ($54k/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 $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 32y 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 $98k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,275 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 D 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: 1.26% ✓
• Cap rate: 7.92%
• Cash-on-cash: 5.83%
• DSCR: 1.26
• GRM: 6.6

CMA / ARV

• ARV (median comp): $158,510
• List price: $115,000
• Delta: -27.45%
• 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
21852 Cyman Ave	0.28mi	3/2.0	1,150 (-6%)	2mo	$133,000	$116	74
22546 Ira Blvd	0.46mi	3/1.0	1,204 (-1%)	0mo	$168,000	$140	74
20817 Atlantic Ave	0.34mi	3/1.0	1,284 (+6%)	0mo	$105,000	$82	73
22373 Cyman Ave	0.42mi	3/2.0	1,192 (-2%)	3mo	$215,000	$180	73
21067 Albany Ave	0.49mi	3/1.5	1,260 (+4%)	4mo	$159,900	$127	68
21603 Sunset Ave	0.39mi	3/1.0	1,105 (-9%)	7mo	$170,000	$154	58
20225 Moenart St	0.67mi	3/1.5	1,300 (+7%)	0mo	$105,000	$81	57
21485 Blackmar Ave	0.33mi	2/1.0 (-1)	1,329 (+9%)	8mo	$100,000	$75	56
20811 Sunset Ave	0.52mi	3/1.0	1,090 (-10%)	3mo	$122,000	$112	54
21029 Blackmar Ave	0.41mi	3/1.0	1,062 (-13%)	6mo	$120,000	$113	53
3754 Wasmund Ave	0.64mi	4/1.0 (+1)	1,271 (+4%)	5mo	$86,000	$68	51
3641 Berkshire Ave	0.72mi	3/2.0	1,284 (+6%)	6mo	$100,000	$78	50

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 · 2.35% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.58×
• Total profit: $-13,666
• Equity at exit: $17,147

10-year hold

• IRR: -3.7%
• Equity multiple: 0.76×
• Total profit: $-7,598
• Equity at exit: $9,943

Cash invested: $32,200 (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 48091

• Rents YoY: 2.4%
• Active inventory: 168
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,448 high
• Mortgage (P&I): −$603
• Tax from tax record: −$336 /mo · $4,037/yr
• Insurance: −$48
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $90

Break-even live

Break-even rent $1,334

Max offer price $115,000

Occupancy floor 89%

Sensitivity live

Price	-10% $155	-5% $122	+0% $90	+5% $57	+10% $25
Rent	-10% $-24	-5% $33	+0% $90	+5% $147	+10% $204
Rate	-1.0pp $148	-0.5pp $119	base $90	+0.5pp $60	+1.0pp $30

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21410 Panama St Warren, MI	3.0	1.0	900	$1,600	$1.78	25d	1	0.33mi
20794 Audrey Ave Warren, MI	3.0	1.0	954	$1,350	$1.42	44d	1	0.34mi
21465 Syracuse Ave Warren, MI	3.0	1.0	990	$1,375	$1.39	44d	1	0.41mi
21456 Syracuse Ave Warren, MI	3.0	1.0	1152	$1,595	$1.38	2d	1	0.44mi
21456 Syracuse Ave Warren, MI	3.0	1.0	1160	$1,595	$1.38	44d	1	0.44mi
22580 Masch Ave Warren, MI	3.0	1.0	988	$1,450	$1.47	25d	1	0.49mi
22622 Panama Ave Warren, MI	3.0	1.5	920	$1,395	$1.52	11d	1	0.56mi
20263 Caldwell St Detroit, MI	3.0	1.0	909	$1,350	$1.49	17d	1	0.70mi
23378 Cunningham Ave Warren, MI	3.0	1.0	1140	$1,500	$1.32	3d	1	0.78mi
20058 Bloom St Detroit, MI	4.0	1.0	1350	$1,450	$1.07	17d	1	0.79mi
3951 Los Angeles Ave Warren, MI	3.0	1.0	1258	$1,500	$1.19	25d	1	0.89mi
19930 Binder St Detroit, MI	3.0	1.0	1000	$1,450	$1.45	17d	1	1.01mi
3840 Bart Ave Warren, MI	3.0	1.0	1062	$1,350	$1.27	25d	1	1.04mi
20000 Norwood St Detroit, MI	3.0	1.5	1150	$1,200	$1.04	25d	1	1.05mi
19450 Fenelon St Detroit, MI	3.0	1.0	1062	$1,384	$1.30	5d	1	1.10mi
21155 Warner Ave Warren, MI	2.0	1.0	756	$1,029	$1.36	25d	1	1.13mi
20255 Harned St Detroit, MI	3.0	1.0	1000	$1,374	$1.37	17d	1	1.17mi
19361 Moenart St Unit 1 Detroit, MI	2.0	1.0	1000	$1,100	$1.10	24d	1	1.20mi
7043 Meadow Ave Warren, MI	2.0	1.0	911	$1,274	$1.40	44d	1	1.22mi
7060 Victory Ave Warren, MI	3.0	1.0	945	$1,450	$1.53	12d	1	1.23mi
19415 Gable St Detroit, MI	3.0	1.0	1000	$1,373	$1.37	25d	1	1.28mi
19450 Norwood St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	5d	1	1.28mi
19694 Gallagher St Detroit, MI	3.0	1.0	1000	$1,150	$1.15	15d	1	1.28mi
19260 Bloom St Detroit, MI	3.0	1.0	1100	$1,350	$1.23	5d	1	1.30mi
7275 Chalmers Ave Warren, MI	2.0	1.0	703	$1,200	$1.71	25d	1	1.33mi
6847 Continental Ave Warren, MI	4.0	1.0	1000	$1,595	$1.59	0d	1	1.33mi
2709 Capitol Ave Warren, MI	3.0	2.0	1056	$1,649	$1.56	44d	1	1.34mi
7511 Toepfer Rd Warren, MI	3.0	1.0	1032	$1,199	$1.16	22d	1	1.35mi
19162 Conley St Detroit, MI	2.0	1.0	1000	$1,300	$1.30	44d	1	1.36mi
19360 Revere St Detroit, MI	3.0	1.0	1050	$1,250	$1.19	25d	1	1.38mi
21516 Dequindre Rd Warren, MI	1.0–2.0	1.0	837	$1,375	$1.64	22d	1	1.40mi
2034 John B Ave Warren, MI	3.0	1.0	920	$1,261	$1.37	44d	1	1.41mi
7568 Hudson Ave Unit 2 Warren, MI	2.0	1.0	1415	$900	$0.64	5d	1	1.42mi
7568 Hudson Ave Unit 1 Warren, MI	3.0	1.0	1415	$1,100	$0.78	5d	1	1.42mi
19995 Goddard St Detroit, MI	4.0	1.0	1292	$1,400	$1.08	22d	1	1.44mi
18891 Moenart St Detroit, MI	3.0	1.0	1150	$1,300	$1.13	2d	1	1.48mi
18891 Moenart St Detroit, MI	3.0	1.0	870	$1,195	$1.37	17d	1	1.48mi
18884 Bloom St Detroit, MI	3.0	1.0	979	$975	$1.00	22d	1	1.50mi
18884 Bloom St Detroit, MI	3.0	1.0	979	$975	$1.00	44d	1	1.50mi

Listing history 31 events

1. 2026-05-01
   listed $115,000 Active 539-char remark

   Show marketing remark (539 chars)

   This 4-bedroom, 2-bath bungalow is a streamlined addition to any portfolio, offering four bedrooms within a functional 1,217 sq. ft. footprint. The layout features a primary suite with its own private bathroom—a high-value amenity for tenants. Situated on a large, fenced lot, the property is already generating immediate cash flow with established tenants in place, making it a low-friction "turnkey" acquisition with long-term stability and built-in demand. AGENTS PLEASE READ AGENT REMARKS PRIOR TO SCHEDULING A SHOWING.

2. 2026-05-01
   listed $115,000 Active 533-char remark

   Show marketing remark (539 chars)

   This 4-bedroom, 2-bath bungalow is a streamlined addition to any portfolio, offering four bedrooms within a functional 1,217 sq. ft. footprint. The layout features a primary suite with its own private bathroom—a high-value amenity for tenants. Situated on a large, fenced lot, the property is already generating immediate cash flow with established tenants in place, making it a low-friction "turnkey" acquisition with long-term stability and built-in demand. AGENTS PLEASE READ AGENT REMARKS PRIOR TO SCHEDULING A SHOWING.

3. 2026-03-06
   historical
4. 2026-02-07
   listed $136,000 Active
5. 2026-02-06
   listed $136,000 Active
6. 2022-03-15
   soldstatus $98,000
7. 2021-01-07
   soldstatus $100,000
8. 2016-10-14
   soldstatus $243,500
9. 2014-05-16
   soldstatus $850
10. 2014-05-07
    historical
11. 2014-04-23
    listed $850
12. 2013-05-18
    soldstatus $210,000
13. 2013-01-04
    soldstatus $9,500
14. 2012-10-19
    listed $8,900
15. 2012-10-19
    historical
16. 2012-10-19
    historical
17. 2012-09-21
    listed $8,900
18. 2012-09-21
    listed $8,900
19. 2001-11-02
    soldstatus $58,900
20. 1998-07-23
    soldstatus $58,900
21. 1998-07-10
    historical
22. 1998-06-25
    listed $58,900
23. 1995-12-06
    soldstatus $52,900
24. 1995-11-09
    soldstatus $52,900
25. 1995-03-30
    soldstatus $34,000
26. 1995-03-27
    historical
27. 1995-03-27
    listed $52,900
28. 1995-03-18
    soldstatus $34,000
29. 1994-09-16
    listed $45,000
30. 1989-04-17
    soldstatus $35,000
31. 1988-05-11
    soldstatus $35,000

ⓘ 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: $4,037 · $336/mo
• Projected year-2 tax: $4,037 · $336/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 9/10 Extreme FEMA zone X (unshaded) · 99% 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 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,375
• − Mortgage interest: −$6,442
• − Property taxes: −$4,037
• − Insurance: −$1,372
• − Repairs & maintenance: −$1,390
• − Management: −$1,390
• − Depreciation: −$3,345
• Taxable loss: −$602
• Est. tax savings @ 24.0%: +$145
• After-tax cash flow: $1,224/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: Fitzgerald Public Schools
• NCES district ID: 2614460
• Math proficiency: 8% ▼ -8.00%
• Reading proficiency: 23% ▼ -11.00%
• Median HH income: $34,828
• Composite: 12.67/100
• National rank: #9608
• State rank: #503 of 540 in MI

Livability — Warren

• Score: 74/100
• State rank: #171
• US rank: #4491

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warren, MI
• County: Macomb County · 638,552 people
• City population: 114,937
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 30,696
• Household income: $54,230
• Rent vs Own: 35.1% rent · 64.9% own
• Severe rent burden: 1296.0

Population outlook (Macomb County) Hauer SSP2

• Today (2025): 925,296 people
• By 2030: 948,226 · +2.5%
• By 2040: 983,961 · +6.3%
• By 2050: 1,010,200 · +9.2%
• By 2075: 1,076,222 · +16.3%
• By 2100: 1,077,065 · +16.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Black 25% Asian 19% Two or more races 5% Hispanic / Latino 3% Native American 2%
• Common ancestry: Romanian 7% Lithuanian 2% Slovak 1%
• Foreign-born: 16% · Canada
• Languages at home: 77% English-only · Other Indo-European 14% Other Asian/Pacific 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Macomb

• 2024 margin: R (+13.7) · D 42.2% · R 55.9% · Other 1.9%
• 2008→2024 swing: -22.3pp toward R · 2008: 8.6pp · 2024: -13.7pp
• All cycles: 2024: R+13.7 2020: R+8.1 2016: R+11.6 2012: D+4.0 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -199.66%
• Current HPI: 177.9273
• Rent YoY: ▲ 2.35%
• 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

+228.6% since first listed

33 events — show timeline

• 2026-05-29 Pending — REALCOMP
• 2026-05-29 Pending — MiRealSource-MiMLS
• 2026-05-01 Listed $115,000 MiRealSource-MiMLS
• 2026-05-01 Listed $115,000 REALCOMP
• 2026-03-06 Listing Removed — MiRealSource-MiMLS
• 2026-02-07 Listed $136,000 REALCOMP
• 2026-02-06 Listed $136,000 MiRealSource-MiMLS
• 2022-03-15 Sold (Public Records) $98,000 Public Records
• 2021-01-07 Sold (Public Records) $100,000 Public Records
• 2016-10-14 Sold (Public Records) $243,500 Public Records
• 2014-05-16 Sold (MLS) $850 MiRealSource-MiMLS
• 2014-05-07 Listing Removed — MiRealSource-MiMLS
• 2014-04-23 Listed $850 MiRealSource-MiMLS
• 2013-05-18 Sold (Public Records) $210,000 Public Records
• 2013-01-04 Sold (MLS) $9,500 REALCOMP
• 2012-10-19 Listing Removed — REALCOMP
• 2012-10-19 Listing Removed — MiRealSource-MiMLS
• 2012-10-19 Listed $8,900 REALCOMP
• 2012-09-21 Listed $8,900 REALCOMP
• 2012-09-21 Listed $8,900 MiRealSource-MiMLS
• 2001-11-02 Sold (Public Records) $58,900 Public Records
• 1998-07-23 Sold (MLS) $58,900 MiRealSource-MiMLS
• 1998-07-10 Listing Removed — MiRealSource-MiMLS
• 1998-06-25 Listed $58,900 MiRealSource-MiMLS
• 1995-12-06 Sold (Public Records) $52,900 Public Records
• 1995-11-09 Sold (MLS) $52,900 MiRealSource-MiMLS
• 1995-03-30 Sold (Public Records) $34,000 Public Records
• 1995-03-27 Listed $52,900 MiRealSource-MiMLS
• 1995-03-27 Listing Removed — MiRealSource-MiMLS
• 1995-03-18 Sold (MLS) $34,000 MiRealSource-MiMLS
• 1994-09-16 Listed $45,000 MiRealSource-MiMLS
• 1989-04-17 Sold (Public Records) $35,000 Public Records
• 1988-05-11 Sold (Public Records) $35,000 Public Records

Property tax history

+11.3%/yr

Latest (2025): $4,037 · +2.6% YoY. Source: county tax records.