120 E Lafayette St · Milford, MI 48381

$120,000

2 bd · 1.0 ba · 769 sqft · SingleFamily public records · 39 Days on market

Built 1958 8,712 sqft lot $156/sqft · 50% below area

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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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +4.4/10.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors, flippers, builders—and savvy buyers looking to create instant equity—this is an opportunity you don’t see often. Two homes, side by side, in the highly desirable Village of Milford, part of an estate offering. This former rental home is in need of updating and repairs and presents strong potential for renovation or redevelopment. The adjacent property will be listed and available for viewing in the coming weeks, offering a rare chance to acquire the neighboring parcel. Please note: mold is believed to be present in the home. Property is being sold strictly as-is. ENTER AT YOUR OWN RISK. A signed Release and Hold Harmless Agreement (Mold Disclosure and Property Entry) is required for every individual prior to entering the home. The listing agent must be present for all showings. All information is deemed reliable but not guaranteed and should be independently verified by Buyer and Buyer’s agent.

Key facts

• 8,712 sq ft lot
• Built 1958
• Listed 39 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $346 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 2.1% in Milford — 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 87/100 on livability (#17 in MI, #275 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F.
• Huron Valley Schools (suburban): math 42% / reading 56% proficiency, ranked #87 of 540 in MI (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 180 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $830 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 + 3.0% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.24% ✓
• Cap rate: 9.75%
• Cash-on-cash: 12.35%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $241,016
• List price: $120,000
• Delta: -50.21%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
120 E Lafayette St	0.00mi	2/1.0	769 (0%)	0mo	$120,000	$156	100
517 W Commerce St	0.71mi	3/1.0 (+1)	744 (-3%)	4mo	$239,900	$322	53

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: 2.0%
• Equity multiple: 1.08×
• Total profit: $2,594
• Equity at exit: $17,892

10-year hold

• IRR: 11.6%
• Equity multiple: 1.91×
• Total profit: $30,698
• Equity at exit: $10,375

Cash invested: $33,600 (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 48381

• Active inventory: 180
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,485 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$148 /mo · $1,778/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $346

Break-even live

Break-even rent $1,047

Max offer price $120,000

Occupancy floor 72%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
811 N Main St Milford, MI	1.0	1.0	740	$1,485	$2.01	1d	1	0.99mi
811 N Main St Milford, MI	1.0	1.0	740	$1,485	$2.01	43d	1	0.99mi

Listing history 3 events

1. 2026-04-18
   listed $149,900 Active 942-char remark

   Show marketing remark (922 chars)

   Investors, flippers, builders - and savvy buyers looking to create instant equity - this is an opportunity you don't see often. Two homes, side by side, in the highly desirable Village of Milford, part of an estate offering. This former rental home is in need of updating and repairs and presents strong potential for renovation or redevelopment. The adjacent property will be listed and available for viewing in the coming weeks, offering a rare chance to acquire the neighboring parcel. Please note: mold is believed to be present in the home. Property is being sold strictly as-is. ENTER AT YOUR OWN RISK. A signed Release and Hold Harmless Agreement (Mold Disclosure and Property Entry) is required for every individual prior to entering the home. The listing agent must be present for all showings. All information is deemed reliable but not guaranteed and should be independently verified by Buyer and Buyer's agent.

2. 2026-04-18
   listed $149,900 Active 922-char remark

   Show marketing remark (922 chars)

   Investors, flippers, builders - and savvy buyers looking to create instant equity - this is an opportunity you don't see often. Two homes, side by side, in the highly desirable Village of Milford, part of an estate offering. This former rental home is in need of updating and repairs and presents strong potential for renovation or redevelopment. The adjacent property will be listed and available for viewing in the coming weeks, offering a rare chance to acquire the neighboring parcel. Please note: mold is believed to be present in the home. Property is being sold strictly as-is. ENTER AT YOUR OWN RISK. A signed Release and Hold Harmless Agreement (Mold Disclosure and Property Entry) is required for every individual prior to entering the home. The listing agent must be present for all showings. All information is deemed reliable but not guaranteed and should be independently verified by Buyer and Buyer's agent.

3. 2026-04-17
   historical $149,900 922-char remark

   Show marketing remark (922 chars)

   Investors, flippers, builders - and savvy buyers looking to create instant equity - this is an opportunity you don't see often. Two homes, side by side, in the highly desirable Village of Milford, part of an estate offering. This former rental home is in need of updating and repairs and presents strong potential for renovation or redevelopment. The adjacent property will be listed and available for viewing in the coming weeks, offering a rare chance to acquire the neighboring parcel. Please note: mold is believed to be present in the home. Property is being sold strictly as-is. ENTER AT YOUR OWN RISK. A signed Release and Hold Harmless Agreement (Mold Disclosure and Property Entry) is required for every individual prior to entering the home. The listing agent must be present for all showings. All information is deemed reliable but not guaranteed and should be independently verified by Buyer and Buyer's agent.

ⓘ 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: $1,778 · $148/mo
• Projected year-2 tax: $1,813 · $151/mo
• Expected delta: +$35/yr (+$3/mo · 2.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,820
• − Mortgage interest: −$6,722
• − Property taxes: −$1,778
• − Insurance: −$600
• − Repairs & maintenance: −$1,426
• − Management: −$1,426
• − Depreciation: −$3,491
• Taxable income: $2,378
• Est. tax owed @ 24.0%: −$571
• After-tax cash flow: $3,578/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: Huron Valley Schools
• NCES district ID: 2618990
• Math proficiency: 42% ▼ -8.00%
• Reading proficiency: 56% ▼ -3.00%
• Median HH income: $76,011
• Composite: 44.39/100
• National rank: #2815
• State rank: #87 of 540 in MI

Livability — Milford

• Score: 87/100
• State rank: #17
• US rank: #275

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milford, MI
• Population (ZIP): 13,737

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 (89%)
• Race & ethnicity: White 89% Two or more races 7% Hispanic / Latino 4% Asian 1%
• Common ancestry: Romanian 11% Iranian 4% Slovak 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Other Indo-European 1% Spanish 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: ▼ -303.22%
• Current HPI: 200.4953
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

3 events — show timeline

• 2026-04-18 Listed $149,900 REALCOMP
• 2026-04-18 Listed $149,900 MiRealSource-MiMLS
• 2026-04-17 Coming Soon $149,900 MiRealSource-MiMLS

Property tax history

+0.4%/yr

Latest (2025): $1,778 · -18.0% YoY. Source: county tax records.