3250 Alice St · Dearborn, MI 48124

$199,900

3 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 3 Days on market

Built 1948 6,098 sqft lot Est $199k · at est.

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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).

• Cash flow +14.5/30.0
• ARV discount +7.2/15.0
• DSCR +4.4/10.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Quaint bungalow in great west Dearborn neighborhood. Newer carpet, cove ceilings, clean and well maintained. Basement PF w/ bath. Deep lot with 2 car detached garage and no neighbors behind. Occupancy could be sooner. C of O is ready for new owner.

Key facts

• New furnace
• Finished upper level
• Updated kitchen

Tags

• NEW MAIN SEWER LINE
• NEW FURNACE
• NEW GARAGE DOOR WITH REMOTE
• HARDWOOD FLOORING THROUGHOUT
• FINISHED UPPER LEVEL
• UPDATED KITCHEN

Property features AI

Exterior

• Parking: Detached 2-car garage with electricity
• Utilities: Public water; Public sewer at street; Natural gas; Electric service (garage electric)
• Home design: Residential property; 1.5-story structure; Built in 1948; Basement foundation
• Construction: Aluminum siding; Basement (partially finished)
• Exterior features: Aluminum exterior; Fenced yard; Patio; Porch

Interior

• Kitchen: Ceramic floor; Kitchen approx. 9 x 14; Range/Oven; Microwave; Refrigerator; Dishwasher; Disposal
• Bedrooms: Bedroom 1 (entry level) with wood flooring, approx. 12 x 13; Bedroom 2 (entry level) with wood flooring, approx. 9 x 11; Bedroom 3 (second level) with laminate flooring, approx. 18 (width)
• Flooring: Wood flooring in primary rooms and main bath; Laminate flooring in one bedroom; Ceramic in kitchen; Linoleum in basement bathroom
• Bathrooms: 2 full bathrooms; Main-level bathroom with wood flooring, approx. 13 x 14; Basement bathroom with linoleum flooring, approx. 5 x 6
• Heating & cooling: Forced air heating; Natural gas heating fuel; Central air conditioning; Ceiling fan(s); Gas water heater
• Interior features: 6 total rooms; Partially finished basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $44 ($528/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 $181k (9.5% below list).
• Recommended offer: $181k (9.5% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.3% in Dearborn — 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 80/100 on livability (#84 in MI, #1,904 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D.
• Dearborn City School District (urban): math 26% / reading 39% proficiency, ranked #325 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Whitmorebolles Elementary School (math 22% / reading 32%, grade F, #923 of 1,397 statewide, top 69%, 299 students, 69% FRL); Smith Middle School (math 24% / reading 40%, grade F, #317 of 493 statewide, top 65%, 465 students, 62% FRL); Edsel Ford High School (math 20% / reading 43%, grade F, #425 of 713 statewide, top 60%, 1,639 students, 68% FRL) — zoned schools at 67% FRL track the district average.
• Market conditions: Rents rising (+3.6%/yr); 152 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 21y ago; this cycle's ask is 82% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $105k; list at $200k implies a 91% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $180,861 (9.5% below list)

Questions for the listing agent

1. Built in 1948 — 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. 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?
5. 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.
6. 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.
7. 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: 0.90% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.94%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $198,744
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2931 Katherine St	0.24mi	3/2.0	1,197 (+2%)	2mo	$262,500	$219	80
3131 Mckinley St	0.35mi	3/1.0	1,110 (-6%)	2mo	$200,000	$180	72
21230 Audette St	0.25mi	4/2.0 (+1)	1,248 (+6%)	1mo	$202,500	$162	68
20728 Carlysle St	0.39mi	3/1.0	1,087 (-8%)	2mo	$185,000	$170	67
4196 Clippert St	0.62mi	3/1.0	1,243 (+6%)	2mo	$189,500	$152	60
3020 Williams St	0.15mi	2/1.5 (-1)	1,352 (+15%)	2mo	$220,000	$163	59
2829 Bennett St	0.71mi	3/1.0	1,244 (+6%)	1mo	$209,900	$169	57
4205 Katherine St	0.65mi	3/1.5	1,080 (-8%)	1mo	$205,000	$190	54
22923 Columbia St	0.73mi	3/3.0	1,100 (-6%)	1mo	$229,000	$208	46
4204 Hipp St	0.70mi	4/1.0 (+1)	1,296 (+10%)	1mo	$95,000	$73	45
4204 Hipp St	0.70mi	4/1.0 (+1)	1,296 (+10%)	1mo	$95,000	$73	45
4408 Gertrude St	0.67mi	3/1.0	1,000 (-15%)	1mo	$155,000	$155	42

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 · 3.57% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.49×
• Total profit: $-28,515
• Equity at exit: $29,806

10-year hold

• IRR: -4.4%
• Equity multiple: 0.70×
• Total profit: $-16,770
• Equity at exit: $17,284

Cash invested: $55,972 (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 48124

• Rents YoY: 3.6%
• Active inventory: 152
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,809 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$253 /mo · $3,038/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $44

Break-even live

Break-even rent $1,753

Max offer price $199,900

Occupancy floor 93%

Sensitivity live

Price	-10% $157	-5% $101	+0% $44	+5% $-13	+10% $-69
Rent	-10% $-99	-5% $-27	+0% $44	+5% $115	+10% $187
Rate	-1.0pp $145	-0.5pp $95	base $44	+0.5pp $-8	+1.0pp $-60

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21337 Audette St Dearborn, MI	3.0	1.0	964	$1,850	$1.92	45d	1	0.25mi
3620 Monroe St Dearborn, MI	3.0	2.0	1100	$1,800	$1.64	12d	1	0.32mi
20728 Carlysle St Dearborn, MI	3.0	1.0	1087	$1,850	$1.70	0d	1	0.40mi
2825 Queen St Dearborn, MI	2.0	1.0	1000	$1,299	$1.30	45d	1	0.80mi
2823 Queen St Dearborn, MI	3.0	2.0	1400	$1,599	$1.14	19d	1	0.80mi
4638 Gertrude St Dearborn Heights, MI	3.0	1.0	1020	$1,700	$1.67	6d	1	0.83mi
4757 Dudley St Dearborn Heights, MI	3.0	1.0	995	$1,350	$1.36	12d	1	0.85mi
4810 Campbell St Dearborn Heights, MI	3.0	1.0	1000	$1,700	$1.70	0d	1	0.86mi
2631 Woodside St Dearborn, MI	3.0	1.0	894	$1,650	$1.85	0d	1	0.91mi
4914 Gertrude St Dearborn Heights, MI	2.0	1.0	908	$1,230	$1.35	19d	1	0.93mi
3901 Academy St Dearborn Heights, MI	4.0	2.0	1400	$2,100	$1.50	0d	1	0.97mi
4934 McKinley St Dearborn Heights, MI	3.0	1.0	1051	$1,700	$1.62	0d	1	1.00mi
22340 Park St Dearborn, MI	2.0	1.0	1056	$1,350	$1.28	6d	1	1.02mi
4681 Weddell St Dearborn Heights, MI	3.0	1.0	860	$1,600	$1.86	0d	1	1.04mi
4704 Jackson St Dearborn Heights, MI	3.0	1.0	1000	$1,500	$1.50	23d	1	1.08mi
4631 Ziegler St Dearborn Heights, MI	3.0	1.0	1050	$1,650	$1.57	45d	1	1.09mi
1008 S Military St Dearborn, MI	2.0	1.5	1500	$2,295	$1.53	45d	1	1.13mi
22700 Garrison St Dearborn, MI	1.0–2.0	1.0	780	$1,550	$1.99	45d	2	1.27mi
4481 Westpoint St Dearborn Heights, MI	3.0	2.0	768	$1,549	$2.02	16d	1	1.35mi
24154 Dartmouth St Dearborn, MI	2.0	1.0	950	$1,275	$1.34	16d	1	1.41mi
21954 Morley Ave #108 Dearborn, MI	2.0	1.0	1000	$1,750	$1.75	26d	1	1.44mi
24442 Union St Dearborn, MI	3.0	1.5	1000	$1,900	$1.90	0d	1	1.49mi
4565 Fleming St Dearborn Heights, MI	3.0	1.0	1200	$1,600	$1.33	12d	1	1.50mi

Listing history 3 events

1. 2026-06-21
   statusdays on marketlisting id $199,900 Active 3 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $199,900 Coming Soon 1 DOM

ⓘ 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: $3,038 · $253/mo
• Projected year-2 tax: $3,058 · $255/mo
• Expected delta: +$20/yr (+$2/mo · 0.7%)

ⓘ 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 ≥98°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: $21,703
• − Mortgage interest: −$11,198
• − Property taxes: −$3,038
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,736
• − Management: −$1,736
• − Depreciation: −$5,815
• Taxable loss: −$2,820
• Est. tax savings @ 24.0%: +$677
• After-tax cash flow: $1,205/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: Dearborn City School District
• NCES district ID: 2611600
• Math proficiency: 26% ▼ -14.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $46,884
• Composite: 27.93/100
• National rank: #6864
• State rank: #325 of 540 in MI

Livability — Dearborn

• Score: 80/100
• State rank: #84
• US rank: #1904

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dearborn, MI
• County: Wayne County · 1,562,939 people
• City population: 86,476
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 34,479
• Household income: $81,796
• Rent vs Own: 18.1% rent · 81.9% own
• Severe rent burden: 444.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 7% Hispanic / Latino 5% Black 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 12% Lithuanian 4% Slovak 3%
• Foreign-born: 10% · Canada
• Languages at home: 82% English-only · Arabic 12% Spanish 2% Other Indo-European 2%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -278.39%
• Current HPI: 204.5229
• Rent YoY: ▲ 3.57%
• 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

+40.3% since first listed

23 events — show timeline

• 2026-06-17 Coming Soon $199,900 MiRealSource-MiMLS
• 2017-09-21 Sold (Public Records) $104,900 Public Records
• 2017-08-31 Sold (MLS) $104,900 REALCOMP
• 2017-08-31 Sold (MLS) $104,900 MiRealSource-MiMLS
• 2017-07-24 Pending — MiRealSource-MiMLS
• 2017-07-17 Relisted — MiRealSource-MiMLS
• 2017-07-07 Pending — MiRealSource-MiMLS
• 2017-07-05 Listed $109,900 REALCOMP
• 2017-07-05 Listed $109,900 MiRealSource-MiMLS
• 2012-01-27 Sold (Public Records) $68,400 Public Records
• 2011-12-26 Sold (MLS) $67,000 REALCOMP
• 2011-12-26 Sold (MLS) $67,000 MiRealSource-MiMLS
• 2011-11-12 Listing Removed — MiRealSource-MiMLS
• 2011-07-05 Listed $69,900 REALCOMP
• 2011-07-05 Listed $69,900 MiRealSource-MiMLS
• 2011-05-12 Sold (MLS) $28,710 REALCOMP
• 2011-05-12 Sold (MLS) $28,710 MiRealSource-MiMLS
• 2011-04-19 Listing Removed — MiRealSource-MiMLS
• 2011-04-14 Listed $28,710 REALCOMP
• 2011-04-14 Listed $28,710 MiRealSource-MiMLS
• 2005-09-07 Sold (Public Records) $142,500 Public Records
• 2005-07-07 Sold (MLS) $142,500 REALCOMP
• 2005-05-01 Listed $142,500 REALCOMP

Property tax history

+2.0%/yr

Latest (2025): $3,038 · +2.3% YoY. Source: county tax records.