23442 Melville Ave · Hazel Park, MI 48030

$99,000

2 bd · 1.0 ba · 729 sqft · SingleFamily public records · 99 Days on market

Built 1951 4,356 sqft lot Est $123k · 20% under

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Why this score? — see what drove the B 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 +27.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +8.5/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

What a fantastic opportunity. Some of the work has already been started and this darling Hazel Park ranch is just waiting for you to finish it. Hardwood in the living room and bedrooms. Light and bright with tons of windows. Partially updated kitchen with crisp white cabinets. Partially updated bath with modern grey decor. Subject to court approval.

Key facts

• 4,356 sq ft lot
• Built 1951
• Listed 99 days

Tags

• HARDWOOD IN LIVING ROOM
• PARTIALLY UPDATED KITCHEN
• PARTIALLY UPDATED BATH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 6.3% in Hazel Park — 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 (#65 in MI, #1,385 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, schools D.
• Hazel Park School District (suburban): math 10% / reading 24% proficiency, ranked #490 of 540 in MI (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.9%/yr); 135 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $684 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 15y 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 $38k; list at $99k implies a 164% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $90,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — 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. 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: 1.35% ✓
• Cap rate: 9.91%
• Cash-on-cash: 12.90%
• DSCR: 1.57
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $123,201
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23442 Melville Ave	0.00mi	2/1.0	729 (0%)	0mo	$90,000	$123	100
23815 Dormont Ave Ave	0.17mi	2/1.0	720 (-1%)	8mo	$122,000	$169	83
23440 Couzens Ave	0.49mi	2/1.0	745 (+2%)	2mo	$110,000	$148	72
1320 E Goulson Ave	0.54mi	2/1.0	726 (-0%)	7mo	$136,000	$187	68
1706 E Pearl Ave	0.59mi	3/1.0 (+1)	728 (-0%)	3mo	$165,000	$227	65
23818 Tawas Ave	0.66mi	2/1.0	716 (-2%)	3mo	$190,000	$265	64
2120 Pearl Ave	0.64mi	2/1.0	756 (+4%)	1mo	$113,000	$149	63
23131 Tawas Ave	0.69mi	2/1.0	737 (+1%)	5mo	$53,550	$73	62
967 E Shevlin Ave	0.74mi	2/1.0	733 (+0%)	5mo	$130,000	$177	60
694 E Morehouse Ave	0.69mi	2/1.0	761 (+4%)	8mo	$100,000	$131	54
23441 Hazelwood Ave	0.72mi	2/1.0	790 (+8%)	0mo	$142,500	$180	52
1424 E Harry Ave	0.74mi	1/1.0 (-1)	643 (-12%)	10mo	$65,000	$101	33

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 · 2.9% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.10×
• Total profit: $2,874
• Equity at exit: $14,761

10-year hold

• IRR: 12.2%
• Equity multiple: 1.96×
• Total profit: $26,665
• Equity at exit: $8,560

Cash invested: $27,720 (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 48030

• Rents YoY: 2.9%
• Active inventory: 135
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,338 high
• Mortgage (P&I): −$519
• Tax from tax record: −$199 /mo · $2,382/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $298

Break-even live

Break-even rent $961

Max offer price $99,000

Occupancy floor 73%

Sensitivity live

Price	-10% $354	-5% $326	+0% $298	+5% $270	+10% $242
Rent	-10% $192	-5% $245	+0% $298	+5% $351	+10% $404
Rate	-1.0pp $348	-0.5pp $323	base $298	+0.5pp $272	+1.0pp $246

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1770 E Woodward Heights Blvd Unit C1 Hazel Park, MI	1.0	1.0	550	$1,350	$2.45	25d	1	0.20mi
1770 E Woodward Heights Blvd Unit C6 Hazel Park, MI	1.0	1.0	550	$1,100	$2.00	25d	1	0.20mi
1770 E Woodward Heights Blvd Hazel Park, MI	1.0–2.0	1.0	712	$1,400	$1.96	5d	1	0.20mi
1045 E Woodward Heights Blvd Hazel Park, MI	1.0–2.0	1.0	715	$1,209	$1.69	25d	3	0.55mi
23115 Tawas Ave Hazel Park, MI	2.0	1.0	706	$1,375	$1.95	25d	1	0.69mi
23773 Hazelwood Ave Hazel Park, MI	2.0	1.0	671	$1,400	$2.09	13d	1	0.73mi
1621 E Evelyn Ave Hazel Park, MI	2.0	1.0	749	$1,295	$1.73	18d	1	0.87mi
21516 Dequindre Rd Warren, MI	1.0–2.0	1.0	837	$1,375	$1.64	22d	1	0.90mi
1211 E Bernhard Ave Hazel Park, MI	2.0	1.0	721	$1,500	$2.08	25d	1	1.08mi
21155 Warner Ave Warren, MI	2.0	1.0	756	$1,029	$1.36	25d	1	1.11mi
27 E Milton Ave Hazel Park, MI	1.0	1.0	568	$1,050	$1.85	15d	1	1.40mi

Listing history 30 events

1. 2026-03-27
   status Pending
2. 2026-03-27
   historical
3. 2026-03-11
   status Pending 351-char remark

   Show marketing remark (351 chars)

   What a fantastic opportunity. Some of the work has already been started and this darling Hazel Park ranch is just waiting for you to finish it. Hardwood in the living room and bedrooms. Light and bright with tons of windows. Partially updated kitchen with crisp white cabinets. Partially updated bath with modern grey decor. Subject to court approval.

4. 2026-03-11
   status Pending

   Show marketing remark (351 chars)

   What a fantastic opportunity. Some of the work has already been started and this darling Hazel Park ranch is just waiting for you to finish it. Hardwood in the living room and bedrooms. Light and bright with tons of windows. Partially updated kitchen with crisp white cabinets. Partially updated bath with modern grey decor. Subject to court approval.

5. 2026-02-18
   status Active 351-char remark

   Show marketing remark (351 chars)

   What a fantastic opportunity. Some of the work has already been started and this darling Hazel Park ranch is just waiting for you to finish it. Hardwood in the living room and bedrooms. Light and bright with tons of windows. Partially updated kitchen with crisp white cabinets. Partially updated bath with modern grey decor. Subject to court approval.

6. 2026-02-18
   status Active

   Show marketing remark (351 chars)

   What a fantastic opportunity. Some of the work has already been started and this darling Hazel Park ranch is just waiting for you to finish it. Hardwood in the living room and bedrooms. Light and bright with tons of windows. Partially updated kitchen with crisp white cabinets. Partially updated bath with modern grey decor. Subject to court approval.

7. 2026-02-05
   historical 351-char remark

   Show marketing remark (351 chars)

   What a fantastic opportunity. Some of the work has already been started and this darling Hazel Park ranch is just waiting for you to finish it. Hardwood in the living room and bedrooms. Light and bright with tons of windows. Partially updated kitchen with crisp white cabinets. Partially updated bath with modern grey decor. Subject to court approval.

8. 2026-01-12
   status Active 351-char remark

   Show marketing remark (351 chars)

   What a fantastic opportunity. Some of the work has already been started and this darling Hazel Park ranch is just waiting for you to finish it. Hardwood in the living room and bedrooms. Light and bright with tons of windows. Partially updated kitchen with crisp white cabinets. Partially updated bath with modern grey decor. Subject to court approval.

9. 2026-01-12
   status Active

   Show marketing remark (351 chars)

   What a fantastic opportunity. Some of the work has already been started and this darling Hazel Park ranch is just waiting for you to finish it. Hardwood in the living room and bedrooms. Light and bright with tons of windows. Partially updated kitchen with crisp white cabinets. Partially updated bath with modern grey decor. Subject to court approval.

10. 2025-11-27
    status Active Under Contract
11. 2025-11-19
    historical Active Under Contract

    Show marketing remark (351 chars)

    What a fantastic opportunity. Some of the work has already been started and this darling Hazel Park ranch is just waiting for you to finish it. Hardwood in the living room and bedrooms. Light and bright with tons of windows. Partially updated kitchen with crisp white cabinets. Partially updated bath with modern grey decor. Subject to court approval.

12. 2025-11-19
    historical Accepting Backup Offers 351-char remark

    Show marketing remark (351 chars)

    What a fantastic opportunity. Some of the work has already been started and this darling Hazel Park ranch is just waiting for you to finish it. Hardwood in the living room and bedrooms. Light and bright with tons of windows. Partially updated kitchen with crisp white cabinets. Partially updated bath with modern grey decor. Subject to court approval.

13. 2025-11-18
    historical
14. 2025-11-12
    listed $99,000 Active

    Show marketing remark (351 chars)

    What a fantastic opportunity. Some of the work has already been started and this darling Hazel Park ranch is just waiting for you to finish it. Hardwood in the living room and bedrooms. Light and bright with tons of windows. Partially updated kitchen with crisp white cabinets. Partially updated bath with modern grey decor. Subject to court approval.

15. 2025-11-12
    listed $99,000 Active 351-char remark

    Show marketing remark (351 chars)

    What a fantastic opportunity. Some of the work has already been started and this darling Hazel Park ranch is just waiting for you to finish it. Hardwood in the living room and bedrooms. Light and bright with tons of windows. Partially updated kitchen with crisp white cabinets. Partially updated bath with modern grey decor. Subject to court approval.

16. 2017-01-10
    soldstatus $37,500 Sold 164-char remark

    Show marketing remark (164 chars)

    Ranch style home with updated kitchen and bath, newer flooring, freshly painted and more. Located near schools, shopping, public transportation, and major freeways.

17. 2017-01-10
    soldstatus $37,500 Closed

    Show marketing remark (164 chars)

    Ranch style home with updated kitchen and bath, newer flooring, freshly painted and more. Located near schools, shopping, public transportation, and major freeways.

18. 2016-11-30
    status Pending

    Show marketing remark (164 chars)

    Ranch style home with updated kitchen and bath, newer flooring, freshly painted and more. Located near schools, shopping, public transportation, and major freeways.

19. 2016-11-30
    status Pending 164-char remark

    Show marketing remark (164 chars)

    Ranch style home with updated kitchen and bath, newer flooring, freshly painted and more. Located near schools, shopping, public transportation, and major freeways.

20. 2016-11-01
    listed $49,000 Active

    Show marketing remark (164 chars)

    Ranch style home with updated kitchen and bath, newer flooring, freshly painted and more. Located near schools, shopping, public transportation, and major freeways.

21. 2016-11-01
    listed $49,000 Active 164-char remark

    Show marketing remark (164 chars)

    Ranch style home with updated kitchen and bath, newer flooring, freshly painted and more. Located near schools, shopping, public transportation, and major freeways.

22. 2011-12-02
    soldstatus $11,000
23. 2011-12-02
    soldstatus $11,000
24. 2011-11-22
    historical
25. 2011-10-28
    listed $12,500
26. 2011-10-28
    listed $12,500
27. 1995-08-03
    soldstatus $31,500
28. 1987-02-01
    soldstatus $27,900
29. 1976-10-01
    soldstatus $17,612
30. 1972-05-01
    soldstatus $16,500

ⓘ 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: $2,382 · $199/mo
• Projected year-2 tax: $2,382 · $199/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 6/10 Major FEMA zone X (unshaded) · 66% 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: $16,056
• − Mortgage interest: −$5,546
• − Property taxes: −$2,382
• − Insurance: −$495
• − Repairs & maintenance: −$1,284
• − Management: −$1,284
• − Depreciation: −$2,880
• Taxable income: $2,184
• Est. tax owed @ 24.0%: −$524
• After-tax cash flow: $3,053/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: Hazel Park School District
• NCES district ID: 2618030
• Math proficiency: 10% ▼ -2.00%
• Reading proficiency: 24% ▲ 1.00%
• Median HH income: $36,181
• Composite: 14.05/100
• National rank: #9466
• State rank: #490 of 540 in MI

Livability — Hazel Park

• Score: 81/100
• State rank: #65
• US rank: #1385

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hazel Park, MI
• County: Oakland County · 1,009,092 people
• City population: 14,963
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 14,963
• Household income: $67,073
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 432.0

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 (74%)
• Race & ethnicity: White 74% Two or more races 10% Black 10% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 11% Slovak 3% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% Arabic 1% Russian/Polish/Slavic 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: ▼ -184.32%
• Current HPI: 285.5923
• Rent YoY: ▲ 2.90%
• 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

+500.0% since first listed

30 events — show timeline

• 2026-03-27 Pending — REALCOMP
• 2026-03-27 Listing Removed — REALCOMP
• 2026-03-11 Pending — MiRealSource-MiMLS
• 2026-03-11 Pending — REALCOMP
• 2026-02-18 Relisted — MiRealSource-MiMLS
• 2026-02-18 Relisted — REALCOMP
• 2026-02-05 Listing Removed — MiRealSource-MiMLS
• 2026-01-12 Relisted — MiRealSource-MiMLS
• 2026-01-12 Relisted — REALCOMP
• 2025-11-27 Relisted — REALCOMP
• 2025-11-19 Contingent — REALCOMP
• 2025-11-19 Contingent — MiRealSource-MiMLS
• 2025-11-18 Listing Removed — REALCOMP
• 2025-11-12 Listed $99,000 REALCOMP
• 2025-11-12 Listed $99,000 MiRealSource-MiMLS
• 2017-01-10 Sold (MLS) $37,500 MiRealSource-MiMLS
• 2017-01-10 Sold (MLS) $37,500 REALCOMP
• 2016-11-30 Pending — MiRealSource-MiMLS
• 2016-11-30 Pending — REALCOMP
• 2016-11-01 Listed $49,000 MiRealSource-MiMLS
• 2016-11-01 Listed $49,000 REALCOMP
• 2011-12-02 Sold (MLS) $11,000 REALCOMP
• 2011-12-02 Sold (MLS) $11,000 MiRealSource-MiMLS
• 2011-11-22 Listing Removed — MiRealSource-MiMLS
• 2011-10-28 Listed $12,500 REALCOMP
• 2011-10-28 Listed $12,500 MiRealSource-MiMLS
• 1995-08-03 Sold (Public Records) $31,500 Public Records
• 1987-02-01 Sold (Public Records) $27,900 Public Records
• 1976-10-01 Sold (Public Records) $17,612 Public Records
• 1972-05-01 Sold (Public Records) $16,500 Public Records

Property tax history

+6.3%/yr

Latest (2025): $2,382 · +24.8% YoY. Source: county tax records.