493 Luther Ave · Pontiac, MI 48341

$169,900

3 bd · 1.0 ba · 859 sqft · SingleFamily public records · 1 Days on market

Built 1968 4,356 sqft lot Est $124k · 37% over

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Why this score? — see what drove the F 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 +15.0/30.0
• DSCR +4.6/10.0
• 1% rule +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

REMODELED HOME! DOUBLE LOT. NEWLY REMODELED HOME WITH NEW KITCHEN WITH GRANITE COUNTERS AND APPLIANCES. REMODELED FULL BATHROOM WITH CERAMIC TILES AND EXTRA LARGE SHOWER. NEW SIDING. NEW GUTTERS. NEW TRIM AND DOORS. NEW WINDOWS AND NEWER ROOF, BATVAI

Key facts

• New kitchen
• Extra large shower
• Double lot

Tags

• DOUBLE LOT
• NEW KITCHEN
• GRANITE COUNTERS
• REMODELED FULL BATHROOM
• CERAMIC TILES
• EXTRA LARGE SHOWER

Property features AI

Finance

• Other: Residential property
• Financial info: Annual taxes reported

Exterior

• Parking: No garage
• Utilities: Public water available; Public sewer available
• Home design: Single-family residence; One level; Ground-level entry
• Construction: Aluminum siding and brick exterior; Block foundation; Approximately 900 square feet above grade finished; 600 square feet below grade finished
• Exterior features: Paved road access; Lot dimensions approximately 40 x 112 (0.1 acre)

Interior

• Bedrooms: Total of 4 rooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No central cooling
• Interior features: Partially finished basement; Basement present

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $54 ($645/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (12.5% below list).
• Recommended offer: $149k (12.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#499 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety D, schools F, crime F.
• Pontiac City School District (urban): math 8% / reading 17% proficiency, ranked #514 of 540 in MI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 100 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent runs 35% of the median local income ($51k/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 $1k of loan paydown is wiped out by about $5k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 2y 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 $66k; list at $170k implies a 159% gain — meaningful room to come down on a strong offer.

Recommended offer $148,658 (12.5% below list)

Questions for the listing agent

1. Built in 1968 — 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 F-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. 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?
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: 6.67%
• Cash-on-cash: 1.35%
• DSCR: 1.06
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $123,696
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
486 Fildew Ave	0.20mi	3/1.0	890 (+4%)	0mo	$110,845	$125	84
466 Wyoming Ave	0.23mi	3/1.0	883 (+3%)	5mo	$98,000	$111	80
466 Colorado Ave	0.19mi	3/1.0	888 (+3%)	6mo	$138,000	$155	80
470 Fildew Ave	0.20mi	3/1.0	890 (+4%)	8mo	$135,000	$152	78
481 Harvey Ave	0.28mi	2/1.0 (-1)	887 (+3%)	1mo	$75,000	$85	76
196 Luther Ave	0.57mi	3/1.0	869 (+1%)	0mo	$125,000	$144	71
605 Nebraska Ave	0.33mi	3/1.0	912 (+6%)	6mo	$75,000	$82	70
519 Highland Ave	0.30mi	3/1.0	936 (+9%)	3mo	$134,715	$144	68
288 Hughes Ave	0.57mi	2/1.0 (-1)	851 (-1%)	6mo	$108,000	$127	62
534 Nevada Ave	0.34mi	3/1.0	978 (+14%)	7mo	$152,000	$155	55
460 Nevada Ave	0.33mi	2/1.0 (-1)	737 (-14%)	3mo	$100,000	$136	54
285 Bondale Ave	0.45mi	2/1.0 (-1)	973 (+13%)	3mo	$145,000	$149	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.49×
• Total profit: $-24,121
• Equity at exit: $25,333

10-year hold

• IRR: -5.4%
• Equity multiple: 0.65×
• Total profit: $-16,641
• Equity at exit: $14,690

Cash invested: $47,572 (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 48341

• Active inventory: 100
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,487 high
• Mortgage (P&I): −$891
• Tax from tax record: −$159 /mo · $1,907/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $54

Break-even live

Break-even rent $1,419

Max offer price $169,900

Occupancy floor 91%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
594 Colorado Ave Pontiac, MI	3.0	1.0	1008	$1,075	$1.07	24d	1	0.27mi
460 Nebraska Ave Pontiac, MI	2.0	1.0	665	$1,050	$1.58	43d	1	0.30mi
471 Montana Ave Pontiac, MI	3.0	1.0	1017	$1,599	$1.57	43d	1	0.37mi
611 Montana Ave Pontiac, MI	3.0	1.0	1112	$1,350	$1.21	43d	1	0.42mi
2083 S Telegraph Rd Bloomfield Twp, MI	1.0–2.0	1.0–2.0	938	$2,200	$2.34	1d	24	0.45mi
249 W Wilson Ave Unit 1 Pontiac, MI	3.0	1.0	900	$1,540	$1.71	43d	1	0.65mi
900 Martin Luther King Jr Blvd S Pontiac, MI	1.0–2.0	1.0	800	$1,065	$1.33	5d	1	0.91mi
1240 Wagner Ave Bloomfield Hills, MI	2.0	1.0	704	$1,550	$2.20	43d	1	1.41mi

Listing history 12 events

1. 2026-06-17
   pricestatusdays on marketlisting id $169,900 Active 1 DOM
2. 2026-06-01
   pricestatus $176,000 Pending 12 DOM
3. 2026-05-31
   days on market $169,900 Active 12 DOM
4. 2026-05-19
   listed $169,900 Active

   Show marketing remark (250 chars)

   REMODELED HOME! DOUBLE LOT. NEWLY REMODELED HOME WITH NEW KITCHEN WITH GRANITE COUNTERS AND APPLIANCES. REMODELED FULL BATHROOM WITH CERAMIC TILES AND EXTRA LARGE SHOWER. NEW SIDING. NEW GUTTERS. NEW TRIM AND DOORS. NEW WINDOWS AND NEWER ROOF, BATVAI

5. 2026-05-19
   listed $169,900 Active 250-char remark

   Show marketing remark (250 chars)

   REMODELED HOME! DOUBLE LOT. NEWLY REMODELED HOME WITH NEW KITCHEN WITH GRANITE COUNTERS AND APPLIANCES. REMODELED FULL BATHROOM WITH CERAMIC TILES AND EXTRA LARGE SHOWER. NEW SIDING. NEW GUTTERS. NEW TRIM AND DOORS. NEW WINDOWS AND NEWER ROOF, BATVAI

6. 2024-06-11
   soldstatus $65,500 Sold 495-char remark

   Show marketing remark (495 chars)

   This three bedroom, one bathroom home is near necessary neighborhood amenities and close to shopping. Home will need some repairs and upgrades. Opportunity for a fix and flip or rental hold. Buyer should check with City for acceptable uses. REO Occupied Reserve Auction – NO ACCESS OR VIEWINGS of this property. Please DO NOT DISTURB the occupant. "As is" sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property upon closing.

7. 2024-06-11
   soldstatus $65,500 Closed

   Show marketing remark (495 chars)

   This three bedroom, one bathroom home is near necessary neighborhood amenities and close to shopping. Home will need some repairs and upgrades. Opportunity for a fix and flip or rental hold. Buyer should check with City for acceptable uses. REO Occupied Reserve Auction – NO ACCESS OR VIEWINGS of this property. Please DO NOT DISTURB the occupant. "As is" sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property upon closing.

8. 2024-05-17
   status Pending

   Show marketing remark (495 chars)

   This three bedroom, one bathroom home is near necessary neighborhood amenities and close to shopping. Home will need some repairs and upgrades. Opportunity for a fix and flip or rental hold. Buyer should check with City for acceptable uses. REO Occupied Reserve Auction – NO ACCESS OR VIEWINGS of this property. Please DO NOT DISTURB the occupant. "As is" sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property upon closing.

9. 2024-05-17
   status Pending 495-char remark

   Show marketing remark (495 chars)

   This three bedroom, one bathroom home is near necessary neighborhood amenities and close to shopping. Home will need some repairs and upgrades. Opportunity for a fix and flip or rental hold. Buyer should check with City for acceptable uses. REO Occupied Reserve Auction – NO ACCESS OR VIEWINGS of this property. Please DO NOT DISTURB the occupant. "As is" sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property upon closing.

10. 2024-05-08
    listed $63,400 Active 495-char remark

    Show marketing remark (495 chars)

    This three bedroom, one bathroom home is near necessary neighborhood amenities and close to shopping. Home will need some repairs and upgrades. Opportunity for a fix and flip or rental hold. Buyer should check with City for acceptable uses. REO Occupied Reserve Auction – NO ACCESS OR VIEWINGS of this property. Please DO NOT DISTURB the occupant. "As is" sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property upon closing.

11. 2024-05-08
    listed $63,400 Active

    Show marketing remark (495 chars)

    This three bedroom, one bathroom home is near necessary neighborhood amenities and close to shopping. Home will need some repairs and upgrades. Opportunity for a fix and flip or rental hold. Buyer should check with City for acceptable uses. REO Occupied Reserve Auction – NO ACCESS OR VIEWINGS of this property. Please DO NOT DISTURB the occupant. "As is" sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property upon closing.

12. 1996-06-10
    soldstatus $19,000

ⓘ 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: $1,907 · $159/mo
• Projected year-2 tax: $2,262 · $188/mo
• Expected delta: +$355/yr (+$30/mo · 18.6%)

ⓘ 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 2/10 Low 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,839
• − Mortgage interest: −$9,517
• − Property taxes: −$1,907
• − Insurance: −$850
• − Repairs & maintenance: −$1,427
• − Management: −$1,427
• − Depreciation: −$4,943
• Taxable loss: −$2,231
• Est. tax savings @ 24.0%: +$536
• After-tax cash flow: $1,180/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: Pontiac City School District
• NCES district ID: 2628740
• Math proficiency: 8% ▼ -5.00%
• Reading proficiency: 17% ▼ -3.00%
• Median HH income: $33,888
• Composite: 10.12/100
• National rank: #9802
• State rank: #514 of 540 in MI

Livability — Pontiac

• Score: 64/100
• State rank: #499
• US rank: #14703

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pontiac, MI
• County: Oakland County · 1,009,092 people
• City population: 44,593
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 18,924
• Household income: $51,390
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 833.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Black 57% White 22% Hispanic / Latino 12% Two or more races 11% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Slovak 2% Romanian 1% Swiss 1%
• Foreign-born: 10% · Canada
• Languages at home: 86% English-only · Spanish 9% Other Indo-European 1% Other Asian/Pacific 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: ▼ -204.11%
• Current HPI: 257.8941
• Rent YoY: —
• 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

+794.2% since first listed

9 events — show timeline

• 2026-05-19 Listed $169,900 MiRealSource-MiMLS
• 2026-05-19 Listed $169,900 REALCOMP
• 2024-06-11 Sold (MLS) $65,500 MiRealSource-MiMLS
• 2024-06-11 Sold (MLS) $65,500 REALCOMP
• 2024-05-17 Pending — MiRealSource-MiMLS
• 2024-05-17 Pending — REALCOMP
• 2024-05-08 Listed $63,400 MiRealSource-MiMLS
• 2024-05-08 Listed $63,400 REALCOMP
• 1996-06-10 Sold (Public Records) $19,000 Public Records

Property tax history

+12.6%/yr

Latest (2025): $1,907 · +23.5% YoY. Source: county tax records.