231 W Bennett Ave · Ferndale, MI 48220

$130,000

4 bd · 2.0 ba · 1,762 sqft · SingleFamily public records · 25 Days on market

Built 1926 6,534 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.5/5.0
• Rent growth +4.1/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home has endless potential! The next lucky owner of this home has the opportunity to truly show the character of this 100-year-old home. With a kitchen, bathroom, and two bedrooms upstairs, this home could easily be rented out as a duplex once updated. You will find hardwood floors on the first floor, built in shelves in the back formal living room and in the first-floor hallway, and a fenced in yard. Subject to court-probate approval. Home being sold as-is. All chattel to stay in the home. Exclusions include record player in living room, and two dressers in dining room.

Key facts

• Built in shelves
• Hardwood floors
• Fenced in yard

Tags

• HARDWOOD FLOORS
• BUILT IN SHELVES
• FENCED IN YARD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $856 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.2% vs local median 4.5% in Ferndale — 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 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; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent runs 31% of the median local income ($90k/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 $899 of loan paydown is wiped out by about $4k 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 + 6.2% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,050 (1.5% below list)

Questions for the listing agent

1. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.81% ✓
• Cap rate: 14.20%
• Cash-on-cash: 28.23%
• DSCR: 2.26
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $285,444
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
287 Fielding. St	0.21mi	3/2.5 (-1)	1,762 (0%)	3mo	$331,000	$188	80
2548 Woodstock Dr	0.12mi	4/2.5	1,997 (+13%)	4mo	$237,000	$119	67
370 Channing St	0.40mi	3/1.0 (-1)	1,821 (+3%)	2mo	$295,000	$162	65
19960 Lichfield Rd	0.56mi	3/1.5 (-1)	1,755 (-0%)	4mo	$230,000	$131	63
378 Fielding St	0.28mi	3/2.0 (-1)	1,594 (-10%)	7mo	$203,400	$128	60
233 Silman St	0.35mi	3/2.0 (-1)	1,970 (+12%)	0mo	$382,000	$194	58
19939 Lichfield Rd	0.59mi	3/2.0 (-1)	1,801 (+2%)	8mo	$370,000	$205	58
770 Meadowdale St	0.70mi	3/1.0 (-1)	1,779 (+1%)	0mo	$260,000	$146	57
398 W Hazelhurst St	0.74mi	3/1.5 (-1)	1,784 (+1%)	4mo	$317,500	$178	53
615 E Webster St	0.40mi	3/1.0 (-1)	1,580 (-10%)	4mo	$195,000	$123	52
335 Laprairie St	0.45mi	3/1.0 (-1)	1,553 (-12%)	1mo	$236,000	$152	50
559 Gardendale St	0.68mi	3/2.0 (-1)	1,530 (-13%)	7mo	$325,000	$212	36

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: 26.3%
• Equity multiple: 2.14×
• Total profit: $41,517
• Equity at exit: $19,383

10-year hold

• IRR: 36.0%
• Equity multiple: 4.89×
• Total profit: $141,608
• Equity at exit: $11,240

Cash invested: $36,400 (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: 4.6×

Monthly cashflow live

• Estimated rent: $2,358 high
• Mortgage (P&I): −$682
• Tax from tax record: −$270 /mo · $3,242/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $856

Break-even live

Break-even rent $1,274

Max offer price $130,000

Occupancy floor 59%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2554 Woodstock Dr Highland Park, MI	3.0	1.5	1929	$2,250	$1.17	14d	1	0.13mi
351 Edgewood Pl Unit 2 Ferndale, MI	3.0	2.0	1600	$2,200	$1.38	18d	1	0.29mi
1330 E Chesterfield St Ferndale, MI	4.0	2.0	1795	$2,800	$1.56	1d	1	0.78mi
320 E Troy St Ferndale, MI	4.0	2.0	1627	$2,200	$1.35	43d	1	0.90mi
329 W Muir Ave Hazel Park, MI	4.0	2.0	1606	$2,000	$1.25	10d	1	1.03mi
631 Shasta Pl Ferndale, MI	3.0	2.0	1317	$2,100	$1.59	43d	1	1.03mi
574 W Golden Gate Highland Park, MI	3.0	1.0	1315	$1,300	$0.99	43d	1	1.50mi

Listing history 8 events

1. 2026-04-28
   status Pending 582-char remark

   Show marketing remark (582 chars)

   This home has endless potential! The next lucky owner of this home has the opportunity to truly show the character of this 100-year-old home. With a kitchen, bathroom, and two bedrooms upstairs, this home could easily be rented out as a duplex once updated. You will find hardwood floors on the first floor, built in shelves in the back formal living room and in the first-floor hallway, and a fenced in yard. Subject to court-probate approval. Home being sold as-is. All chattel to stay in the home. Exclusions include record player in living room, and two dressers in dining room.

2. 2026-04-28
   status Pending

   Show marketing remark (582 chars)

   This home has endless potential! The next lucky owner of this home has the opportunity to truly show the character of this 100-year-old home. With a kitchen, bathroom, and two bedrooms upstairs, this home could easily be rented out as a duplex once updated. You will find hardwood floors on the first floor, built in shelves in the back formal living room and in the first-floor hallway, and a fenced in yard. Subject to court-probate approval. Home being sold as-is. All chattel to stay in the home. Exclusions include record player in living room, and two dressers in dining room.

3. 2026-04-03
   listed $130,000 Active 582-char remark

   Show marketing remark (582 chars)

   This home has endless potential! The next lucky owner of this home has the opportunity to truly show the character of this 100-year-old home. With a kitchen, bathroom, and two bedrooms upstairs, this home could easily be rented out as a duplex once updated. You will find hardwood floors on the first floor, built in shelves in the back formal living room and in the first-floor hallway, and a fenced in yard. Subject to court-probate approval. Home being sold as-is. All chattel to stay in the home. Exclusions include record player in living room, and two dressers in dining room.

4. 2026-04-03
   listed $130,000 Active

   Show marketing remark (582 chars)

   This home has endless potential! The next lucky owner of this home has the opportunity to truly show the character of this 100-year-old home. With a kitchen, bathroom, and two bedrooms upstairs, this home could easily be rented out as a duplex once updated. You will find hardwood floors on the first floor, built in shelves in the back formal living room and in the first-floor hallway, and a fenced in yard. Subject to court-probate approval. Home being sold as-is. All chattel to stay in the home. Exclusions include record player in living room, and two dressers in dining room.

5. 2026-03-10
   historical
6. 2026-03-10
   historical
7. 2026-03-10
   listed $104,500
8. 2026-03-10
   historical

ⓘ 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: $3,242 · $270/mo
• Projected year-2 tax: $3,242 · $270/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 2/10 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: $28,291
• − Mortgage interest: −$7,282
• − Property taxes: −$3,242
• − Insurance: −$650
• − Repairs & maintenance: −$2,263
• − Management: −$2,263
• − Depreciation: −$3,782
• Taxable income: $8,809
• Est. tax owed @ 24.0%: −$2,114
• After-tax cash flow: $8,163/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

+24.4% since first listed

8 events — show timeline

• 2026-04-28 Pending — MiRealSource-MiMLS
• 2026-04-28 Pending — REALCOMP
• 2026-04-03 Listed $130,000 REALCOMP
• 2026-04-03 Listed $130,000 MiRealSource-MiMLS
• 2026-03-10 Listing Removed — MiRealSource-MiMLS
• 2026-03-10 Listed $104,500 MiRealSource-MiMLS
• 2026-03-10 Listing Removed — MiRealSource-MiMLS
• 2026-03-10 Listing Removed — REALCOMP

Property tax history

+1.7%/yr

Latest (2025): $3,242 · +2.0% YoY. Source: county tax records.